Cook County National Bank (Chicago, IL)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
January 19, 1875
Location
Chicago, Illinois (41.850, -87.650)
Bank Type
national
Charter Number
1845

Metadata

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Public signal of financial health, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
14.9%
Date receivership started
1875-02-01
Date receivership terminated
1883-11-20
OCC cause of failure
Losses
Share of assets assessed as good
30.7%
Share of assets assessed as doubtful
61.8%
Share of assets assessed as worthless
7.5%

Notes

Shareholders voted voluntary liquidation after suspension; receiver later appointed.

Events (5)

1. July 8, 1871 Chartered
Source
historical_nic
2. January 19, 1875 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals and decline in deposits tied to uncommercial bills receivable, illiquid securities, refusal of promised advances by insurer; deposits fell sharply over two weeks.
Measures
Shareholders decided to go into voluntary liquidation; bank temporarily closed.
Newspaper Excerpt
Its deposits have run down from $1,150,000 ... to about $850,000, or about $300,000 in a fortnight.
Source
newspapers
3. January 19, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed precipitous deposit withdrawals and refusal of expected aid/advances (Charter Oak Life Insurance refusal), prompting vote to liquidate.
Newspaper Excerpt
The Cook County National bank of Illinois in this city suspended payment yesterday.
Source
newspapers
4. February 1, 1875 Receivership
Newspaper Excerpt
The Comptroller ... has appointed A. H. Burley receiver of the Cook County National Bank, Chicago.
Source
newspapers
5. February 1, 1875 Receivership
Source
historical_nic

Newspaper Articles (25)

Article from The Daily State Journal, October 18, 1871

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THE WRIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA, &C.

Washington, October 17.--The President to-day, after reciting the causes and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartanburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the orders of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the Ku-Klux act of Congress during the continuance of the "rebellion" in said counties. The Attorney-General has a dispatch from North Mississippi that five Ku-Klux with disguises complete have been captured. Seven hundred and fifty thousand dollars in revenue stamps were found safe in the government vault in Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved, and are paying every dollar on demand. A good feeling prevails. [Signed] H. R. Hurlbut, Comptroller of Currency."

Mexican Affairs. Havana, October 17.-A steamer just arrived from Vera Cruz brings late dates from the Mexican capital. Juarez had been re-elected President by Congress, receiving 108 votes-all that were cast. The opposition abstained from voting. Everything was quiet in the city. The telegraph wire between the capital and Matamoras had been cut by Trevina.

Telegraphic Summary. Eighty Catholic children have arrived at Cincinnati from Chicago, and have been committed to the care of the bishop. The cholera has again appeared in an epidemie form in Constantinople. Sixty deaths have occurred in two days, nine of whom are Englishmen. Hon. James McNab, Governor of Nova Scotia, is dead. The preparations for the exposition of the Industrial Association of Georgia, to be held in Savannah on the 21st of November, are nearly complete. A suit has been instituted in the Federal Court at Memphis, Tenn., against Gen. Forrest and others, by Capt. Houston, of the steamer Hester, for arms destroyed some years ago by disguised men. A dispatch from Raleigh states that the exhibition of the North Carolina State Fair at that place is unsurpassed in every respect. The sub-Ku-Klux Committee has been investigating at Montgomery, Ala., whence they go to Demopolis, in the same State, and thence return to Washington. Four deaths from yellow fever have occurred in Charleston during the past two days. The Security Insurance Company has suspended. Fires are raging in Deer and Harrison Creek Valley; extending to Jefferson county, Nebraska. The loss is estimated at $50,000. A later dispatch from Glocester, Canada, says an American fleet of four vessels is outside, and that any attempt to seize the "Horton" will meat with disastrious defeat. The vessels spoke the "Horton," but did not see the British gunboats.


Article from The Rock Island Daily Argus, September 25, 1873

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Banks In Chicago all Suspended.

Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.


Article from Wilmington Daily Commercial, September 26, 1873

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From Chicago, TWO BANK FAILURES REPORTED. CHICAGO, Sept. 26. The Second and the Manufacturers' National Banks have failed. STILL MORE SUSPENSIONS. The Cook County National Bank has suspended. Three other National Banks havealso suspend ed.


Article from The Rock Island Daily Argus, September 29, 1873

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A Better Look There seems to be a more hopeful financial feeling in New York and Chicago. The Union National and the Cook County National resumed this morning. The Union National is the bank with which the First National in this city does business and of course that releases their balances SO they can be used. Mitchell & Lynde do business with the First National, in Chicago, and that bank did not suspend at all. The Third National, in Chicago, has suspended. That is the bank with which the Rock Island National does business-but it is believed to be a perfectly sound institution, and the suspension is thought to be merely temporary. The question is being raised as to the effect of these suspensions. It is held by some that it vitiates their organization and will compel them to wind up, if prosecuted. But we presume no one will be technical if they resume very soon. The Moline National (Wheelock's bank) has got the "age" of all of them in this county, for that institution never suspended at all.


Article from The Middlebury Register, September 30, 1873

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lo, lowa. Sept 26.-Prot. J. W. Bailey ascended from the fair grounds Wednesday with a hot air balloon, hanging by his hands to the cross-bar beneath. Just as the balloon started it took fire near the mouth, and Bailey did not apparently no- tice the fire until he was too high to let go with safety, but hung on until he had reached an altitude of twelve or fifteen hundred feet, when the canvas that held the hoop from which he was suspended burned away and he fell, reaching the earth a quarter of a mile from the point of starting. His body was frightfully mangled and his legs were driven into the hard ground up to his knees.

There is a rumor afloat that the east- ern directors of nearly all the western railroads have resolved to raise the price of carrying graiu, this fall, on account of the abundant crops. We don't believe it but if the report proves true, these direc- tors will find it about the dearest piece of business they ever went into. Such an extortion won't be submitted to just now, and would produce music by the entire band. There is a decidediy unhealthy fever prevailing all over the country, and an act of this kind would bring on scenes of lawlessness in which no one could fore- see the end. [Chippewa (Wis.) Herald

Don Piatt writes that Henry Watter- son was "most grossly imposed upon" about Gen. Schenck's status in London According to Don, the general, "in hi popularity and influence, compares favor- ably with Charles Francis Adams, Rever- dy Johnson or Mr. Motley. If an ac- complished gentleman, of easy, agreeable manners, added to recognized ability, can redeem a position false in itself and ab- surd in its workings, Robert C. Schenck is the man."

FEARFUL DEATH

Joseph Benton, aged 18, a young miner, met a fearful death at Fitts's shaft in Mineville, on the eve of the 15th. He had just come up in the bucket, contrary to orders, and upon ar- riving at the top, instead of getting out upon the landing with the others, commit- ed the fatal error, in the darkness, of teaping back into the pit, and was dashed iu pieces on the rocks 150 feet below.

LIST OF FAILED BANKS

Chicago, Sept. 26. The following is a correct list of banks which have suspended in this city; Union National Bank, Cooke Coun- ty National Bank, Second National Bank, Manufacturers' National Bank of Com- merce.

A POLYGLOT BUSINESS

The wide-spread influence of American skill and enterprise has outstripped the comprehen- sions of the Americans themselves. The fabrics of our mills clothe the savages of both continents. They wrap the loins of Africa, and the tawny skins of South A- merican pampas. But wider still are spread the products of our skill in medi- cines. A late visit to Dr. J. C. Ayer & Co's laboratory and office in Lowell, show- ed us that the whole surface of the inhab- itable globe pays it tribute there; there they eater to and serve the requirements of all nations. Their publications are in the many tongues that widely severed peoples use. Their letters must be read from and witten in many languages, for which there sit a long range of corres- pondents with the indispensable accom- plishments for their duties. Their daily mail of half a bushel of letters brings them advices, orders and remittances from the circle of the world. We were over- whelmed with amazement, and our read- ers would be by an inspection of this won- derfully extensive, health dealing enter- prise. - Holy Springs (Miss.) Conserva- titive

To break up Colds, Fevers, Inflamatory and Bitious Attacks, take a fuil cathartic dose of Dr. Pierce's Pleasant Purgative


Article from The Rutland Daily Globe, September 30, 1873

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Prospects in Chicago

RESUMPTION OF SUSPENDED BANKS. CHICAGO, Sept. 29. Financial prospects in this city this morning are decidedly brighter. Union National, Cook County National and National Bank of Commerce, opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money, there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be larger -not less than three millions having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But it all tends to relieve the present stringency. So tar as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.


Article from The New York Herald, September 30, 1873

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certifica cneck plan has been adopted for large sums. Confidence Returning in Chicago. CHICAGO, III., Sept. 29, 1873. The financial prospects in this city this morning are decidedly brighter. The Union National, the Cook County National and the National Bank of Commerce opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be large, not less than $3,000,000 having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But'it ail tends to relieve the present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.


Article from Chicago Daily Tribune, September 30, 1873

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LAWRENCE, KS.

Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.


Article from Chicago Daily Tribune, September 30, 1873

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SAN FRANCISCO.

Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ¾ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged


Article from Burlington Weekly Free Press, October 3, 1873

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SUSPENSION OF THE CHICAGO BANKS. - A

A telegram received Saturday from Chicago announces that all the banks in that city have suspended.


Article from Chicago Daily Tribune, October 14, 1873

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ovor proceding days. While thero was gront con- fidence in the solvency of our banks, thoro was much intorost folt to see what developments would be made during the carlior hours of the oponing-day. At the usual hour this morning overy bank and banker in the Olearing-Houso Association, twonty-ono in number, commenced full and unequivocal resumption.

THERE WAS NO ΕΧΟΙΤΕMENT,

thero was nothing about the appearance of the bank that indicated a run; the business of the day commenced and continued to the close with a degroo of quiet that was remarkable. So far as is known, there was not an anxions depositor presented himself at the banks. The amount drawn by depositora was probably less than usual on Monday. Cortainly it did not ex- coed the usual demands of the average busi- noss day of the week. While this was true, the deposits of currency were liboral and boyond the expectation of the banks. Tho largost number of the bankers report that they recoived more currency than they paid out. Ono of the National Banks received in currency $100,- 000 more than they were called on to pay. The entisfactory results of the forenoon put

A NEW FACE ON THE MEROHANTS

who assembled on 'Change. The attendance was larger than it had been for days, and overy per- son seemed to be encouraged. The gen- eral markots woro improved in tone, and the impression prevailed that we had en- torod fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking bours all acknowlodged that the success of the first day of curronoy ro- sumption had been comploto.

THE LOAN-CERTIFICATES.

Of $462,000 in Clearing-House certificates, $165,000 wero canceled to-day, leaving less than $300,000 of cortificates unredeemed. Of the lattor amount, under the ac- tion of the Clearing-House, 25 por cont will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the cortificatos. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period theroin named.


Article from The Star, January 19, 1875

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LAST EDITION

BY TELEGRÅPH. Bank Suspension. CHICAGO, Jan. 19.-The Cook County Mational bank of Illinois in this city suspended payment yesterday.


Article from The Daily Argus, January 20, 1875

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THE Cook COUNTY NATIONAL BANK

OF CHICAGO. CHICAGO, January 19, 1875, I regret 10 Inform the public that this bank has been compelled to temporarily close its business.-Promised and expected aid was refused at the last moment. I can assure depositors that no loss can occur to them, their payment being only a question of time. For this reason, the shareholders of this bank have decided to go into voluntary liquidation, as provided in such cases by the National Currency act. B. F. ALLEN, President. We greatly regret the embarrassment that has come upon the Cook county National and its esteemed President. Mr. Allen came to Chicago from Iowa in June, 1873, having purchased a controlling interest in that bank, and at once became its President, Shortly afterwards came the great panic, which he weathered bravely and successfully at the time, but from the ef fects of which he never fully recovered, and his present embarrassments are traceable to that disastrous event. The bank having now gone into liquidation, by yote of its stockholders, its affairs will, it is probable, be speedily wound up, and its depositors paid in full. Mr. Allen expresses his entire confidence in his ability to settle with all his creditors and the creditors of the bank without loss to any, and that he will in the end be left with a very handsome individual property,-Chicago Journal, 19th.


Article from New-York Tribune, January 20, 1875

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THE CHICAGO BANK SUSPENSION

THE COOK COUNTY NATIONAL BANK GOES INTO VOLUNTARY LIQUIDATION - UNCOMMERCIAL CHARACTER OF ITS BILLS RECEIVABLE-ITS SECURITIES NOT READILY NEGOTIABLE. CHICAGO, Jan. 19. - The decision of the stockholders of the Cook County National Bank of Chtcago, Monday evening, to go into voluntary liquidation has excited no surprise in business circles in this city. It has long been believed to be in an unsound condition, and its failure endangers no interest here. What the effect on the State National Bank of Des M ines may be is uncertain. Mr. Allen's present banking house in Des Moines closed its doors to-day, and the New-York house, Allen, Stephens & Co., is thought here to be in a dubions condition. The value of the assets of the bank cannot be determined until the Government examiner has concluded his investigations. Its deposits have run down from $1,150,000 at the date of its last statement, Dec. 31, 1874, to about $850,000, or about $300,000 in a fortnight. About $400,000 is due to Iowa bankers. and about $200,000 to city depositors. The immediate cause of the suspension is said to be the refusal of the Charter Oak Life Insurance Company to allow the bank to continue to draw on It for advances promised on the security of Iowa mortgages. Senator Logan was a stockholder in the bank, and it was made a Government depository for $150,000, but it never realized what was expected from its political connections. The bank has had some newspaper affiliation, that were unprofitable. It was also associated with railway speculations, and the disastrous corn corner of last Fall, and in general the management showed an unsafe tendency to go outside of regular banking operations. Mr. B. F. Alten, its President, QWNS most of the stock of the bank, and intends to devote as much as necessary of his private fortune to paying off the depositors. He has had the reputation of being worth $3,000,000 or $4,000,000, but this is now believed to be far boyond the mark. His means are almost all in mortgages on Iowa lands, in Iowa lands, and in is vast miscellany of speculative stocks and bonds. The bank was seriously hurt by the panic, and has failed to recover, owing to the uncommercial character of its bills receivable, and the unnegotiable character of its securities. The great bulk of its capital and deposits are probably in such securities. Tue notice posted on its doors informs the public that it is owing to non-receipt of promised and expected aid that the shereholders have voted to go into liquidation under the National Currency act. Depositors are assured that their payment in full 18 only & question of time. DES MOINÉS BUSINESS MEN EXPRESS CONFIDENCE IN MR. B. F. ALLEN. CHICAGO. Jan. 19.-A special dispatch from Des Moines, Iowa, says a meeting of business men of that city to-day adopted resolutions expressing entire confidence in the ability of Mr. B. F. Allen, President of the Cook County National Bank, to pay all creditors of these institutions. Mr. Allen is a gentleman possessed of large personal wealth. having, it is stated, in addition to other property, 60,000 acres of valuable land in Iowa, entirely clear of incumbrances, and it is confidently asserted by those in a position to know that no creditor of the bank of which he was President will lose a dollar.


Article from Ottumwa Weekly Courier, January 27, 1875

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One hundred and fifty of the business men of Des Moines publish a card in the State Register stating that they "have entire confidence in the business capacity, integrity, and individual solvency" of B. F. Allen, President of the suspended Cook county National Bank, of Chicago.


Article from Knoxville Journal, January 28, 1875

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The Cook County National Bankof Chicago, of which B. F. Allen, formerly of Des Moines, was President, gave notice of suspension and going into liquidation under the National Banking law, on the 19th. Mr. Allen owned two-thirds of its stock. He assures his depositors that they will be paid in full. He has since resigned the Presidency of two banks at Des Moines.


Article from Ottumwa Weekly Courier, February 3, 1875

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The Cook County Bank

CHICAGO, Jan. 28 - A Wa-hington special says the Comptroller, having received a report from Bank Examiner Spink, in regard to the condition of the Cook County National Bank, has appointed A. H. Burley receiver of that bank.


Article from The Wheeling Daily Intelligencer, February 5, 1875

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WASHINGTON

WASHINGTON, February 4.-The House Committee on Appropriations has agreed to appropriate $3,000,000 for the judiciary, and on Monday to hear a representation of the bank note companies and of the Treasury Department on the subjeet of government printing. The Ways and Means Committee, at the conclusion of a long session to-day on the taxation and revenue question, had an open session, when Wm. G. Tenney was further examined regarding the certificates of deposit issued by Jay Cooke & Co. in favor of John L. Schumaker Nothing new was elicited. The Comptroller of the Currency has apppinted Alex. H. Burley as receiver of the Cook County National Bank, Chicago. TARIFF BILL THE COMMITTEE. The Committee on Ways and Means considered the tariff question to-day and took various notes, which developed the fact that ten and coffee will not be taxed 114 an independent proposition, but will be if some of the other articles now free are included with them. So such a tax on ten and coffee is conditional. A minority of the committee are-opposed to any new tariff'bill, but there seems to be no doubt that if bill will be reported probably by Monday next. The Commissioner of Internal Revenue will to-day or to-morrow appear before the committee to explain as to what additional taxes may be imposed on articles connected with his bureau. There are at least 2,000 people in and immediately surrounding the Hall of the House and the lobbies running around the galleries are crowded with persons endeavoring to obtain admission, which is utterly impossible. The attendance is the largest this winter. Perfect order prevails. The floor of the House presents pretty much the usual appearance. A number of its clerks, ex-members, and others entitled to the floor, are in the outer circle of sents, among whom are Reverdy Johnson and Vice President Wilson. The House Committee on Naval-Affairs has decided that while the testimony shows that Dr. Beattic paid State Senator Graham of Virginia $1,700 to procure the appointment of a cadet to the Naval Academy, it fails to sustain the charge that Representative Stewart received any portion of the money. ) The Senate Committee on Territories to-day agreed to report and recommend B the passage of a bill to create the territorg of Pembina out of the northern half of Dakota. The House Committee on Appropriations expect to report early next week n bill making an appropriation for the sundry civil expenses of the Government. The aggregate amount will be about $22,000,000.


Article from The Andrew County Republican, February 19, 1875

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FINANCIAL AND INDUSTRIAL.

-B. F. Allen, of the Cook County National Bank of Chicago, recently suspended, admits owing a little over a million and a half dollars, but claims to have assets above this of over eight hundred thousand dollars.

-Bradbury Brothers, heavy New York dry goods dealers, have failed. Liabilities, $170,000.


Article from New-York Tribune, March 4, 1875

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A SUIT CONCERNING THE COOK COUNTY BANK OF CHICAGO. An important order has just been obtained from Judge Donohue of the Supreme Court, in the case of the New-York State Loan and Trust Company against the Cook County National Bank of Chicago and F. B. Allen, William A. Stephens, and Herman Blennerhassett. The Chicago and Pacitic Railroad Company got their own note for $40,000 discounted by the Cook County National Bank, and deposited with them 40 of their first mortgage bonds as collaterals. Part of this note was taken up by the Company, and, T. S. Dobbins, President of the railroad company gave his individual notes for the rest, $20,000. the collateral remaining in the hands of the bank, and of Alien, Stephens & Co. Mr. Alien being the President of the bink. The New-York State Loan and Trust Company received these notes of Dobbins as collateral, with other things, for a IV ances to the Cook County Bank of $54,450 33. The Trust Company sues to have these first mortgage bonds declared to be collateral to the notes held by them as collateral. and have obtained from Judge Donohue an order enjoining Alien, Stephens & Co. from transferring those bonds. and appointing Coles Morris as receiver of them until the determination of the suit.


Article from Ottumwa Weekly Courier, March 17, 1875

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The Allen Bankruptcy Case

The bankruptcy case against B. F. Allen came up before Judge Love, of the U.S. District Court, in this,city yesterday, on the order to show cause, if any, why the creditors petition should not be granted. Messrs. Phillips, and Phillips, of Des Moines, represented the petitioners, and Messrs. Gatch and Wright, of Des Moines appeared for the defense. Monroe, Bisbee & Ball, of Chicago representing the Cook County Nstional Bank, made an application to prove up the claim of the Bank against the estate of Allen. The claim is based upon the depositions of Bank Examiner Alfred Spink and Receiver A. H. Burley, who set forth in their affidavits that they have fully examined the books, accounts and papers of said Bank and find that B. F. Allen is indebted to the Cook County National Bank in the eum of at least $849,841.94; also that Allen is liable to said Bank or to its Receiver for the benefit of its creditors in the further sum of $238,800, for stock held in his own name, and that it will require every dollar of stock liability and much more to pay the indebtedness of said Bank. The application was placed on file and will come up for hearing on Tuesday, the 16th, to which time the case was continued, on the motion of the defendant.-Gate City.


Article from The Star, May 18, 1875

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LAST EDITION

BY TELEGRAPH. Philadelphia, May 18.-The suspension of Chandler, Hart & Co,, one of the largest boot and shoe firms of this city, is announced to-day. Their liabilities will amount to $125,000. WASHINGTON, D.C., May 18.-The National Lodge Knights of Pythias is now in session here, representing thirty-four State jurisdictions. It is presided over by Supreme Chancellor Davis. TYRONE, PA., May 18.-Mingo Parks, the leader in the present mining disturbances here, has fled the country to avoid arrest.-Several boxes of arms and ammunition passed through here yesterday for Clearfield county. LONDON, May 18-The City and County Bank of London suspended payment today. The failure is not regarded na important, and created no excitement. The paid-up capital of the bank is £28,000.The Erie. Railroad report was published here to-day. NEW YORK, May 18.-There are rumors to-day that frauds in importations of crape and mourning goods have been discovered, having extended. through the past two years. An appraiser in the Department of Customs in this city and one of the examiners has resigned. WASHINGTON, May 18.-A Havana letter states that highway robbèries and murders are S0 frequent lately in the streets of that city, that the acting Captain General, who was himself robbed in the street, of his watch and jewelry, worth fourteen hundred dollars, has ordered all culprits hereafter to be tried by military authorities. MEMPHIS, May 18.-Major John Pressley Strange, for many years a leading dry-goods merchant of this city, and during the late war Adjutant General on the staff of Lieut. Gen. Forrest, died last night, of consumption, aged 53 years. His death has cast a gloom over the city, as few men were so universally admired and respected as was the deceased. CHICAGO, ILL., May 18.-The published statement of the National Banks in this city show' that there has been an increase of $3,600,000 in the loans, and an increase of $186,000 in the deposits, also an increase of the capital surplus of $125,000 since March 1st. There has been an apparent decrease of capital during the year of $404,000, owing to the closing up of the Cook County National and Mechanics' National.


Article from Ottumwa Weekly Courier, March 1, 1876

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THE Chicago Tribune says the receiver appointed, has completed his examination into the affairs of the Cook County National Bank, of Chicago, and finds its liabilities to exceed its assets by $1,496,348. That paper also states that Mr. B. F. Allen's homestead in Des Moines will also be taken into account among his assets. He claims it to be exempt on the ground that he had never lost his residence in Iows, and that the homestead is therefore exempt. It is alleged, however, that he voted in Chicago in 1874, and. that not being registered, he swore in his vote.


Article from Daily Globe, March 3, 1880

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U. S. SUPREME COURT. A Batch of Opinions of Interest to National Bank Officers and Assessors. WASHINGTON, March 2.-The following opinions have been rendered by the supreme court: No. 270-The Central Trust Company, New York, receivers, etc., appellant, vs. the First National Bank of Wyandotte. An appeal from the eircuit court of the United States for the northern district of Illinois. This was a suit brought by the Wyandotte bank to recover possession of a certain note for $5,000 with collaterals given by it to the Cook County National bank of Chicago, and by the latter transferred in violation of an agreement with the Wyandotte bank to the New York State Loan & Trust company, of which plaintiff in error is receiver. This court holds First-That as between the complainant and the Cook County bank there is a prefect defense against the note to the extent of $4,868, which amount stood to the credit of the Wyandotte bank on the books of the Cook County bank at the time of the latter's failure. Second-That plaintiff in error can claim no more or greater right than the Cook County bank had, and that complainants are therefore entitled to a return of the note and collaterals on the payment of the sum of $132. The decree of the lower court is therefore affirmed, with costs.


Article from Pittsburg Dispatch, March 18, 1890

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A BANK WRECKER RETURNS

D. D. Spencer Returns to Chicago After an Absence of Thirteen Years. CHICAGO, March 17.-D. D. Spencer, to whose bad management was attributed the ruin and misery which followed the collapse of the Cook County National Bank and the State Savings Institution in 1877, arrived in Chicago after an absence of over 13 years. As a banker Spencer's career is without a parallel in the history of Chicago and almost of the entire country. In the ruin of the institutions which collapsed under his management, the savings of many hundreds of people were swallowed up, and widespread misery were entailed. As President of the State Sayings Institution he loaned immense sums to himself on promissory notes and worthless paper, with the result that the institution soon went down. The Cook County National Bank had failed in the panic 0! 1872. Just before the crash of the State Savings Institution Spencer absconded and located in Stuttgart, Germany, where he has lived since that time until recently, when he returned to this country. The indictments which were found against him at the time of the failure have long been stricken from the docket.