The Park National Bank of Chicago was ordered to cease payments by the Comptroller of the Currency (suspended) on June 20, 1890 due to large loans on doubtful security and questionable assets. Directors later decided not to resume business and a receiver (Gilbert B. Shaw) was appointed July 21, 1890. Newspaper reports mention depositors at the door but the suspension was by government action rather than a depositor-driven run.
Events (4)
1.May 11, 1886Chartered
Source
historical_nic
2.June 20, 1890Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller of the Currency on report of the bank examiner citing large loans on doubtful security and questionable collaterals and securities.
Newspaper Excerpt
The Park National Bank of this city closed its doors this morning. A notice posted on the door says that it is in charge of J. D. Sturgis, National Bank Examiner.
Source
newspapers
3.July 14, 1890Receivership
Source
historical_nic
4.July 21, 1890Receivership
Newspaper Excerpt
The Comptroller of the Currency has appointed Gilbert B. Shaw receiver of the Park National Bank of Chicago, Ill.
Source
newspapers
Newspaper Articles (22)
1.June 21, 1890Wheeling RegisterWheeling, WV
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CLOSED ITS DOORS. THE PARK NATIONAL BANK OF CHICAGO COLLAPSES. A Crowd of Depositors Surround Its Place of Business-The Cause of Drop Attributed to the Ignorance of the President in Banking Affairs. CHICAGO, June 20.-The Park National Bank of this city, closed its doors this morning, and a crowd of depositors now surrounds its place of business. The causes of the failure are not yet known. A notice posted on the door says that it isin charge of J. D. Sturgis, National Bank Examiner. Charles P. Packard is its president. It has been organized only a few years. Its stock sold at par yesterday. Ne statement of the assets or liabilities are attainable at this time. The bank is not an important one, its capital stock being only $200,000. The failure was not unexpected in banking circles. Its president made considerable money in the hat business, and took CHARGE OF THE BANK without it is said, sufficient knowledge of banking. The result was that its loan department was understood to be conducted less strictly than conservative bankers consider necessary, with the result of getting a rather poor line of paper. The Comptroller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner, who has been investigating its affairs for the past two weeks, and who is not altogether satisfied with the character of its assets. It is impossible, the Comptroller says, to tell now the extent of the bank's failure, because of the questionable value of some of the collaterals and securities. The Comptroller says that'a receiver will certainly be appointed, unless there is a change of management and a liberal contribution of new capital to put the bank on a sound financial basis. The Comptroller says that it is not likely that the failure will affect any other institution. President Paceer maintains that the bank is perfectly solvent, and that it will be reopened for business in'a few days. It is stated that the Park National was the victim of several large business failures, which have operated to deplete its resources.
2.June 21, 1890New-York TribuneNew York, NY
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A CHICAGO NATIONAL BANK IN TROUBLE. REASONS ASSIGNED FOIR THE FAILURE-THE PRESIDENT SAYS THE BANK IS SOLVENT. Chicago, June 20.-The Park National Bank of this city closed its doors this morning. A notice posted on the door stated that it is in charge of J. D. Sturgis, National bank examiner. Charles P. Packard is its president. It has been organized only a few years. Its stock was sold at par yesterday. The bank is not an important one, its capital stock being only $200.000. Its last statement, made on May 17, showed: Loans and discounts, $630,000; cash and cash items, $206,938; surplus fund, $210,000: undivided profits, $18,440; individual deposits, $397,000; demand eer. tificates of deposit, $91,164 certified checks, $11,281 due other National banks, $26,230; due State banks and bankers, $101,773; notes and bills rediscounted. $37,250; bills payable, $50,000. The failure was not unexpected. Its president made considerable money in the hat business, and took charge of the bank without, it is sald, sufficient knowledge of banking. The bank is not a member of the Clearing House, and its clearings have been made through the Commercial National. Its New-York correspondent. according to "The Bankers' Almanac," is the National Park Bank President Packard maintains that his bank is perfectly solvent and that it will be reopened for business in a few days. Many reasons for the failure are assigned by bankers who assert that they have a knowledge of the Park National and its affairs. One of the principal causes is said to be the Fort Sheridan contract which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no returns have been received. It is also stated that the Park National has lost money heavily by several large business failures. The first creditor to take action against the bank after the doors were clesed was Alfred Peats, who sued out an attachment for $1,400, but as the bank was in the hands of a United States official. the attachment was not served. Washington, June 20.-The Controller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner who has been investigating its affairs for the last two weeks, and who is not altogether satisfied with the character of its assets. It appears, the Controller adds, that the bank has made large loans on doubtful security, and that some of the officers of the bank have been heavy borrowers on its account.
3.June 21, 1890Rock Island Daily ArgusRock Island, IL
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ABBREVIATED TELEGRAMS. The striking switchmen at Cleveland have returned to work at an increase in wages. It is proposed to run Gen Daniel E. Sickles for mayor of New York on a citizens' ticket. The safe of Lewis Biller, a Kansas City bookmaker, was robbed Thursday night of over $4,000. It turns out that the sole donor of the cottage at Cape May to Mrs. Harrison is George W. Childs. The glass workers not eligible for membership in the old union of glass workers are going to organize a union of their own. At Elko, Nev., Friday, Josiah Potts and his wife Elizabeth were hanged for the murder of Miles Fawcett in January, 1888. Failures during the past seven days for the United States, 178. For the corresponding week of last year the figures were 195. Alderman McAbee and Michael J. Corcoran, of Chicago, accused of election frauds in that city, were acquitted by the jury Friday. Over 1,000 of the business men and bankers of Nebraska have issued an address against a prohibition constitutional amendment. The town of Milaca, on the Eastern Minnesota railway, seventy-five miles north of St. Paul, was nearly destryed by fire Friday night. Six Italian and twenty-six Hungarian immigrants were detained at New York Friday on suspicion of being imported contract laborers. It is reported in New York that the Germ an government is buying gold by millions in that city. Within the past week $2,254.000 has been shipped to Germany. In his annual address before the Michigan State Medical society, Dr. Frothingham. the president, declared homeopathic physicians to be charlatans and quacks. The Park National bank, of Chicago, suspended payment Friday on orders from the comptroller of the currency at Washington. No statement of its affairs has been made. The case of Robert Osborne vs. William Lockhart, involving the title to some valuable iron land in the Duluth land district, was decided Friday by Secretary Noble in favor of Lockhart. Incited thereto by the destruction of grain by rats the farmers in the vicinity of Golconda, Ills., went into the rat-killing business and have destroyed up to latest advices nearly 1,000 of the rodents. A party of mask ed men in Glascock county, Ga., nearly whipped to death a Mormon who had been preaching the doctrine of the saints in that county. He was then tarred and feathered and ordered to leave.
4.June 21, 1890The SunNew York, NY
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FAILURE OF A CHICAGO BANK. The Park National Closed by the Comptroller of the Currency. CHICAGO, June 20.-The Park National Bank of this city closed its doors this morning and is now in charge of J. D. Sturgis. national bank examiner. Charles P. Packard is the bank's President. The bank was organized only a few years ago, and was not an important one. its capital stock being only $200.000. The stock sold at par yesterday. The failure was not unexpected in banking circles. President Packard made considerable money in the hat business. and took charge of the bank. it is said, without sufficient knowledge of the business. It is said that the loan department was conducted less strictly than conservative bankers consider necessary. The Park National is not a member of the Clearing House. and its clearings have been made through the Commercial National. Its New York correspondent, according to the Bankers' Almanac. IS the National Park Bank. A great many reasons for the failure are assigned by bankers. One of the principal causes is said to be the Fort Sheridan contract. which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no returns have been received. It is also said that the Park National's resources were depleted by large business failures. The first creditor to take action against the bank after the doors were closed was Alfred Peats, who sued out an attachment for $1.400. but as the bank was in the hands of a United States official the attachment was not served. WASHINGTON, June 20.-The Comptroller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner. who has been investigating its affairs for the past two weeks. and who is not altogether satisfied with thecharacter of its assets. It is impossible. the Comptroller says, to tell now the extent of the bank's failure. because of the questionable value of some of the collaterals and securities. It appears. the Comptroller says. that the bank has made large loans on doubtful securi1y, and that some of the officers of the bank have been heavy borrowers on its account. The bank's deposits amount to $500,000. A lawyer representing the directors had an interview with the Comptroller to-day and requested all proper indulgence in their efforts to put the bank on its feet again. The Comptroller says that a receiver will certainly be appointed unless there is a change of management and a liberal contribution of new capital to put the bank on a sound financial basis. He does not think the failure will injure any other bank.
5.June 21, 1890The Salt Lake HeraldSalt Lake City, UT
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Why the Bank Was Closed. WASHINGTON, June 20.-The comptroller of the currency says he closed the Park National bank of Chicago on the report of the bank examiner that it had large loans on doubtful security, and that a receiver will be appointed unless, the management is changed and additional money put in.
6.June 21, 1890Pittsburg DispatchPittsburgh, PA
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CLOSED ITS DOORS. THE CONTROLLER OF CURRENCY ORDERS THE PARK NATIONAL Of Chicago to Cease Operations-The Causes Which Led to This Action Said to be Lack of Proper Securities-A Receiver to be Appointed. CHICAGO, June 20.-The Park National Bank, of this city, closed its doors this morning, and a crowd of depositors now surround its place of business. Charles P. Packard is its president. It has been organized only a few years. Its stock sold at par yesterday. The failure was not unexpected in banking circles. Its President made considerable money in the hat business, and took charge of, the bank, without, it is said, sufficient knowledge of banking. The result was that its loan department was understood tc be conducted less strictly than conservative bankers consider necessary, with the result of getting a rather poor line of paper. President Packer maintains that his bank is perfectly solvent and that it will be reopened for business in a few days. A great many reasons for the failure are assigned by bankers, who claim to have a knowledge of the Park National and its affairs. One of the principal causes is said to be the Fort Sheridan contract, which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no money returns have been received. It is also stated that the Park National was the victim of several large business failures which have operated to deplete its resources. The first creditor to take action against the bank after the doors were closed was Alfred Peats, who sued out an attachment for $4,100, but, as the bank was in the hands of a United States official, the attachment was not served. A telegram from Washington says: The "Controller of the Currency said that his action in closing the Park National Bank of Chicago was based on the report of the Bank Examiner, who has been investigating its affairs for the past two weeks and who is not altogether 8 itisfied with the character of its assets. It is impossible, the Controller says. to tell now the extent of the bank's failure because of the questionable value of some of the collaterais and securities. The papers are of other cities, and not being properly listed their value cannot be estimated with any reliability. It appears the Controller says that the bank has made large loans on doubtful securities, and that some of the officers of the bank have been heavy borrowers on its account. The bank has a capital of $200,000, and its deposits amount to $500,000. A lawyer representing the directors had an interview with the Controller to-day, and requested all proper indulgence in their efforts to put the bank on its feet again. The Controller says that a receiver will certainly be appointed, unless there is a change of management, and a liberal contribution of new capital to put the bank on a sound financial basis.
Not an Important Concern. CHICAGO, ILL., June 20.-The Park national bank of this ctiy, which closed doors to-day, is not an important one, the capital stock being only $200,000. The failure was not unexpected in banking circles. The president made considerable money in the hat business and took charge of the bank without-it is said-sufficient knowledge of the banking business. The result was that its loan department was understood to be conducted less strictly than conservative bankers considered necessary with the result of getting a rather poor line of paper. President Parker maintains that his bank is perfectly solvent, nnd that it will be opened in a few days. One of the reasons assigned for the failure is that it was a vietim of several large ailures, which depleted its resources.
8.June 27, 1890St. Paul Daily GlobeSaint Paul, MN
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Anxious to Resume Business. WASHINGTON, D.C., June 26.-The comptroller of the currency said this afternoon that the officers of the Park National Bank of Chicago, which suspended a few days ago, are trying to rehabilitate its finances so as to resume business, and he is disposed to give them an opportunity to do so. The bank will not be placed in the hands of a receiver unless it is found to be necessary.
9.June 28, 1890The Ottawa Free TraderOttawa, IL
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ganization will be the Glass House Employes' Association. Yesterday the contest bet ween Speaker Reed and the house over the matter of the record of Wednesday came to an end, the record as amended by Mr. Mills being approved by a vote of 132 to 130, eight Republicans voting with the Democrats. The house then determined to consider the conference (silver) bill. The Park National bank, Chicago, suspended payment yesterday on orders from the comptroller of the currency at Washington. No statement of the bank's affairs has been made, which is in the hands of Bank Examiner J. D. Sturges. McCabe and Corcoran, tried this week on charge of election frauds, were yesterday equitted. This is a victory for Senator Duncan, late of this city, who was Corcoran's counsel. The miners imprisoned in the Dunbar mine are still hemmed in behind a heavy wall of slate. It was thought they could be reached at midnight last night. The World's Fair committee on buildings and grounds have reported to the whole committee in favor of the Lake Front as the site for the great fair. Six Italian and twenty-six Hungarian immigrants were detained at New York to-day on suspicion of being imported contract laborers. The striking switchmen at Cleveland and Pittsburgh have returned to work, with slight advantages gained. The Louisiana legislature (house) has passed the lottery bill to its third reading, by a vote of 62 to 34.
10.June 28, 1890The Semi-Weekly TribuneGreat Falls, MT
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Chicago's Broken Bank, WASHINGTON, June 26.-The comptroller of the currency said this afternoon that the officers of the Park National bank of Chicago, which suspended a few days ago, are trying to put it on a sound basis, so as to resume .business, and he was disposed to given them an opportunity to do so. The bank will not be placed in the hands of a receiver unless it is found necessary.
11.July 6, 1890The Anaconda StandardAnaconda, MT
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Won't Resume Business. CHICAGO, July 5.-It was definitely announced at the Park National bank today that the directors have decided not to resume business. No receiver has yet been appointed and no further order has been received from the comptroller.
12.July 6, 1890St. Paul Daily GlobeSaint Paul, MN
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Will Not Resume Business. CHICAGO, July 5.-lt was definitely announced at the Park National bank to-day that the directors have decided not to resume business. No receiver has yet been appointed, and no further order has been received from the comptroller.
13.July 7, 1890The Morning CallSan Francisco, CA
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A Burst Bank. CHICAGO, July 6.-It was definitely announced at the Park National Bank yesterday that the Directors have decided not to resume business. No receiver has yet been appointed and no further orders were received from the Comptroller of the Currency.
14.July 21, 1890The Indianapolis JournalIndianapolis, IN
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Will Pay Dollar for Dollar. CHICAGO, Ill., July 19.-A committee recently appointed at a meeting of depositors in the Park National Bank, now in charge of the local federal bank examiner, having conferred with the directors, reports to the depositors that if the assets are as represented the bank will be enabled to pay dollar for dollar. The committee expresses the opinion that it will be for the best interests of the depositors that a receiver be appointed at once.
1/2 Receiver Appointed. WASHINGTON, D. C., July 21.-The Comptroller of the Currency has appointed Gilbert R. Shaw receiver of the Park National Bank of Chicago, Ill. The appointment was delayed several days in order to allow the directors a chance to restore the bank to a business basis. They were unable to do this, however, and it WSS thought best to wind up the bank's affairs.
16.July 22, 1890Richmond DispatchRichmond, VA
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A Receiver for Chicago's Park Bank. WASHINGTON. D. C., July 21.-The Comptroller of the Currency has appointed Gilbert B. Shaw receiver of the Park National Bank of Chicago, Ill. The appointment was delaved several days in order to allow the directors a chance to restore the bank to a business basis. They were unable to do this, however, and it was thought best to wind up the bank's affairs.
17.July 22, 1890Rock Island Daily ArgusRock Island, IL
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Receiver for a Chicago Bank. WASHINGTON CITY, July 22.-Gilbert B. Shaw has been appointed receiver of the Park National bank of Chicago.
18.July 23, 1890The Semi-Weekly TribuneGreat Falls, MT
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TELEGRAPHIC BRIEFS. Tin ore is being mined in San Bernardino county, Cal. Cardinal Gibbons says it is the duty of every good citizen to see the best men elected to office. John Taylor, colored, fatally stabbed John Mitchel at Cincinnati yesterday. The international navigation'of theZambesi river will shortly be proclaimed. The Emperor Frederick of Germany is visiting Gibraltar. Gilbert B. Shaw has been appointed receiver of the Park National bank at Chicago. It is understood that the national election bill has been completed and will be reported to the senate caucus as soon as it can be called. The proprietors of three newspapers at Malta have been excommunicated for publishing abuse of the pope and the bishop of Malta. It is said that the reports of war between Guatamala and San Salvador must refer to some internal strife in the latter country, as the two nations are at peace. The sixtieth anniversary of Belgium independence and twenty-fifth year of the reign of King Leopold were observed yesterday with a Te Deum service in the cathedral. Representative Comstock has introduced in congress & bill authorizing the secretary cf agriculture to establish uniform grades of all kinds of grains transported from one state to another, or to any foreign country. In Buenos Ayers the gold premium, Saturday, was 205 per cent. The vote on the original package bill will be taken in the house today, and on the bankruptcy bill Thursday.
19.July 26, 1890Baxter Springs NewsBaxter Springs, KS
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WASHINGTON NOTES. COLONEL TICHENOR, who was recently appointed a member of the board of general appraisers, has tendered the President his resignation as Assistant Secretary of the Treasury. SECRETARY OF THE INTERIOR NOBLE has sent a note to Congress asking for the immediate appropriation of $5,000 to buy food for starving Sisseton Indians in South Dakota. THE House Committee on Elections has decided two more contested cases in favor of the Republican contestants. They were the Florida case of Goodrich vs. Bullock, decision in favor of Goodr ch, and the West Virginia case of McGinnis vs. Alderson, decision in favor of McGinnis. THE Department of State has received a dispatch from the American Minister at The Hague, stating that the Netherlands Government has abolished the tolls on the North sea canal. COLONEL T. G. MORROW, editor of the Washington Sunday Gazette, is dead. GILBERT R. SHAW has been appointed receiver of the Park National Bank of Chicago. REPRESENTATIVE COMSTOCK has introduced a bill authorizing the Secretary of Agriculture to establish uniform grades of all kinds of grains transported from one State to another, or any foreign country, which shall be known as American grades. THE Comptroller of the Currency has issued a call for a statement of the condition of the National banks at the close of business Friday, July 18.
20.June 6, 1893Wheeling RegisterWheeling, WV
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CONCERNING BUSINESS AND FINANCE. CHICAGO, June 5.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000, liabilities, $105,000. CHICAGO, June 5.-Meadowcroft Brothers & Co., private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their as-ets and liabilities were not stated. An application for a receiver for the firm has been filed in court. The bank occupies the quarters formerly occupied by the Park National Bank, which failed some time ago. Norman E. Crandall has been appointed receiver. The bill for a receiver filed by Charles Meadowcroft, a member of the firm, gives as a cause of the inability to reorganize the bank a death of his father, Robert Mea which occurred the 13th of F The failure of Herman S on Saturday also had an upon the fail in of the
21.November 23, 1895The Norfolk VirginianNorfolk, VA
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A Banker Charged With Perjury. Chicago, Nov. 22.-Melville P. Roberts, a banker, who was president of the Thirty-first Street Bank, which failed during the panic, was arrested this afternoon charged with perjury in a case tried November 1st. wherein Roberts was sued by the Commercial National Bank for $20,000. A warrant alleging perjury was also issued for the arrest of C. P. Parker. who was president of the Park National Bank. which also went to the walls during the panic.
22.November 24, 1895The San Francisco CallSan Francisco, CA
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PERJURY Is ALLEGED. Warrants for the Arrest of Two Presi. dents of Defunct Banks. CHICAGO, ILL., Nov. 23.-Melville P. Roberts, a banker, who was president of the Thirty-first-street Bank, which failed during the panic, was arrested this afternoon on a bench warrant issued by Judge Hutchinson charging perjury in a case tried November 1 wherein Roberts was sued by the Commercial National Bank for $20,000. A warrant alleging perjury was also issued for the arre stof C. P. Packer, who was president of the Park National Bank which also went to the wall during the panic. CANDIDATES FOR READING CLERK Two Californians Said to Be Aspirants for the Place. WASHINGTON, D. C., Nov. 23.-J. C.
