4020. State Savings Institution (Chicago, IL)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
November 1, 1882*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
0e51817e9c5a9632

Response Measures

None

Description

Articles (Dec 1882) describe the State Savings Institution of Chicago failing, its president D. D. Spencer absconding to Europe, a receiver appointed, and dividends being paid to creditors. No explicit contemporaneous 'run' or crowd withdrawals are described in the texts provided; the institution appears to have failed and been wound up under a receiver. OCR errors in the articles corrected (e.g., 'States Savings Institution' -> 'State Savings Institution'; Spencer = D. D. Spencer).

Events (2)

1. November 1, 1882* Suspension
Cause
Bank Specific Adverse Info
Cause Details
President D. D. Spencer absconded; bank was insolvent with large bad notes (e.g., a $750,000 note), leading to collapse and suspension of payments.
Newspaper Excerpt
A smash up occurre... among Chicago's banks The was States Savings Institution among the wreck. its liabilities about $5 000,000. Its President. Mr. Spencer is a fugitive in foreign land
Source
newspapers
2. December 4, 1882 Receivership
Newspaper Excerpt
The receiver of the bank Judge ... has already paid the creditors 45 per cent. dividends and the final dividend be paid Saturday the last of the assets were disposed of, consisting 'bills receivable, etc.' . One of Spencer's notes was for over $750,000. This was sold for $800 ... $10,000 note sold ... Of course these notes were bought up by Mr. Spencer's friends ... the receiver of the exploded institution and the attorney had an interview ... the motion was to dismiss the indictments against Spencer ... the judge declined ... will hear all that could be said in favor of it in open court next Tuesday morning.
Source
newspapers

Newspaper Articles (3)

Article from Public Ledger, December 7, 1882

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Article Text

CHICAGO LETTER Correspondence Public Ledger. CHICAGO, December 4, 1882 Another Southern outrage. course this is what It would have been styled if the same had occurred in any part of the South, The day before Thanksgi ving bloody drama com menced in Uhicago and ended yesterday The first act was the smasning in man's skull by gru named Bell Allen, the victim being Joe Dehlman who had succeed him as porter on palace car The next act was an attempt to arrest the culprit, made by several officers one of whom, named U. E. Wright was killed. The third act was other attempt to arrest the desperado In this another office was severely shot His name is Mulvihill, The by last aot was the discovery named Long Fred boy of the whereabonts of the culprit in hen coop. By this time ten thousand people had g thered and the greatest excitement prevailed The final was enacted by eral officers rid diing the carcass of the demon with ballets, and then carting away the lifeless body to the stationhouse is likely young Lang will get the $500 reward offered for inform tion leading to the arrest of the desperado Two officers have been di missed from the force for showing the white feather at the killing right Their names are Fletcher and Foley Surgeant Wheeler gets the credit of doing the first fisal pirt of the shooting in the last act of the play. He put five bul lets into the anatomy of the trans gressor of the law This prompt execution of the law will save a good deal of trouble and expense to the city and county Ex Governor Calhoun of Manitoba, is in Uuicago Hister in of five years expired few days ago James Cox Aikens is his successor. His ex excellence speaks in high praise of the future of that revion Ex Governor St. John, of Kansas is in the city He says the temperane cause is very strong in K Kinsas, and that his late defeat Was person mat ter and fight against himself and not ag inst the mperance party. The end of the world at an early date 18 prediated by Rev. E Baile Smith, of Middletown Conn now Bejourning in Chicago The reveren gentleman is the repr esentative of new organization the Catholic Apos solie church He believes Christ will soon be among us. Chicago is sore in need of some such holy visita tion. Sir Eiwin Johnson, an English military General note and ber of the East Indian government in Chieszo He has : high opinion General Sherman and of West Point military scademy A smarh up occurre few THETS age among Chicago's tanks The was States Savings Institution among the wreck. its liabilities about $5 000,000. Its President. Mr. Spencer is a fugitive in foreign land The receiver of the bank Judge Ois has already paid he creditors 45 per cent. six dends and the final dividend be paid Saturday the last of the assets were disposed of, consisting "bills receivable. etc. One of Spencer's notea was for over $750 000. This was sold for $800 A to an unknown person $10,000 note sold or $3. Of course these notes were bought up by Mr. Spencer's friends, and in due time he will walk the streets of Chicago as independently as if he was not the prime factor in causing untold misery to thousands of our hard working people. All on board go down to watery grave. This is the terrible news that reaches Chicago, telling of the burgiog of the R.G. Peters. and the loss of all on board, some persons in all. about forty miles east Milwiukee The Captain of the illfried craft was named Olsen. No particulars at this writing. The intended marriage of Senator D&7id Davis, as arranged by some newspapers, is pronounced by that gentleman unadultera.ed fiction Hon. Joseph M dill, of the Chicago Tribune, is prominearly spoken of for the United States Senate from Illinois Certainly his fidelity to the party should be re. warded by suitable honors from the Republicans Judge R.J. Pendergast. of Cook county, Illinois, 18 only 28 years 0 age The Democrats recently honored him with his present position He is a good lawyer and a gentleman with few prers. Sin Ah Y on is before the Chicago Courts on a charge of murdering brother celestial Highwaymen of Chicago 'held up Rev.S H. Meade, the other night, and robbed The President's message as it ap pears i in the evening papers, is ously commented on. Some consider it "very evasive' on the tariff ques tion, while others think it O. in all its beariogs Certainly t would miracle every one could be pleased Mr Arthur is as much entitled to his views as any other sovereign, and should get as much credit for sin cerify as those who eriticize his paper During our latc war the stay at were excellent generals after battle Mr Arthur is only consequently he cannot please every one who has a policy." Major Soth Hanchett, the newly elected Republicin Sheriff of Cook county, Illinois, part of which Chicago is a mber of the Ancier Order of United Workmen. They banquetted him the other Heisa good fellow A Confederat bullet deprived him of an arm during the little disturbance. The prominent lawyers of Chicago lately honored with a banquet, Hon T.H. Drummond, of Portland, Me and Hon. H C, Hutchins, of Boston Too much 'combusted two firm lately in Uhicago Kreigh & Davie and E 8 and U.W. Richards, are the unfortunates He is an angel. Colonel R W Ricaby, a prominent lawyer of Chi eago, has gone up the golden stairs Hewas native of Hilladale, Mich and represented that State city a fishring soldier during the war the re ellion. He was a splendi men Over 347 steamers and 791 sailing vessels arrived in the port of Chicago the season just ended The toonage was 456.979 These craft brought into our port, among other things, 126,079


Article from Stephens City Star, December 9, 1882

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Article Text

# THE NEWS. The following is the text of the ordinance which has been presented in the Bundesrath forbidding the importation of American pork: 1. The importation from America of pigs, pork, bacon and sausages of all kinds is forbidden. 2. The Chancellor is empowered to permit exceptions to the prohibitive rule subject to the necessary measures of control. 3. The restrictive ordinance of June 25, 1880, in respect to the importation of American pork and sausages, is abolished. 4. The present ordinance comes into force thirty days after its promulgation. A woman named Kathi, one of twenty-six women arrested several months ago for poisoning their husbands, has been hanged. She confessed to having murdered two husbands. Four of the other women have been convicted. Rear Admiral Wyman has been stricken with paralysis, and is in a critical condition. The municipal bank of Skopin, in the Province of Riazan, has failed for over twelve million pounds, ruining the whole town as well as hundreds of families elsewhere. Among the natural curiosities of the yellowstone Park, Superintendent Conger, in his annual report to the Secretary of the Interior, mentions "a deep and rapid river of boiling water, 200 feet wide." He complains of the wanton and apparently purposeless depredations committed by tourists. A deputy United States marshal arrested Dr. Charles J. Eastman, the executive head or dean of the Bellevue Medical College, in Boston, on the charge of using the mails with intent to defraud. He was ordered to furnish bonds in $700. In a letter to the St. Louis Post-Dispatch, Joseph Pulitzer alleges that in the spring of 1881 Mr. MacVeagh had a warrant issued for the arrest of Stephen W. Dorsey, but the latter went on to Washington and saw Garfield and the warrant was never served. MacVeagh denies it. At the sale of the securities of the State Savings Bank in Chicago the note of D. D. Spencer, its absconding president, for $750,000, was knocked down to a countryman for $801. Judge Dykman, of the Supreme Court in New York, has decided that telegraph companies who set poles in front of premises must make equitable compensation therefor. Samuel Bigbee has been elected chief justice of the Supreme Court of the Cherokeo Nation, and J. Calls and J. B. Mayo associate justices.


Article from Omaha Daily Bee, June 27, 1885

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Article Text

PLEADING FOR SPENCER, AN INDICTED CHICAGO BANK WRECKER WANTS A CLEAR FIELD. Special Telegram to The BEE. CHICAGO, Ill., June 26,-A motion was made in Judge Moran's court this morning that will revive in many minds the bitter memories of the days of the great monetary panic. In August, 1877, when bank failures were of daily occurrence, the people were nevertheless thunderstruck to learn that the state savihgs institution which they even then regarded as infallible was dead broke and that the president, D. D, Spencer had sailed for Europe. presumably with all the cash that was left in the safes. The failure affected all classes, but especially the poor, and popular indignation and rage ran so high that if Spencer could have been caught he would infallibly have hanged to the nearest lamp post. He was immediately indicted, but concealed his whereabouts in Europe for years, until all thoughts of extradition were abandoned. Sometimes he was reported to be living in great style, and then again it was said that he was living in the greatest destitution and his family with him. However that may be be now hankers to come back to Chicago. Accor dingly this morning judge Goudy receiver of the exploded institution and the attorney had aninterview with States Attorney Grinnell, and the three had a long palaver at a sidebar with Judge Moran, the purport of which all four modestly declined to communicate to reporters. It was learned, nevertheless, that the motion was to dismiss the indictments against Spencer, so as to enable that worthy to return to Chicago without running any risk of continuing his journey to Joliet. The judge declined to take such step secretly and off handed, but promised that he would hear all that could be said in favor of it in open court next Tuesday morning.