4038. Traders National Bank (Chicago, IL)

View Charter #966 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
966
Charter Number
966
Start Date
September 1, 1873*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
ffe181d549512cbc

Response Measures

None

Description

The articles collectively describe the Traders (Traders'/Traders' National) Bank in Chicago collapsing in October 1888 with a receiver appointed and litigation/examination following. There is no clear contemporaneous description of a depositor run that led to suspension; the bank was placed in receivership (closure) due to insolvency/poor management and the president's illness and apparent mismanagement/possible misappropriation. Some sources in the set refer to the bank as a private/state bank while others call it the Traders' National Bank; I mark bank_type unknown because the articles conflict. An earlier 1873 article mentions a Traders bank suspension/voluntary liquidation — likely a separate episode or earlier incarnation; I include it as an additional event rather than the decisive 1888 failure.

Events (6)
1. April 1, 1865 Chartered
Source
historical_nic
2. September 1, 1873* Suspension
Cause
Bank Specific Adverse Info
Cause Details
In 1873 the bank (per interview) faced heavy demands from country correspondents, large outstanding obligations and reduced cash; directors determined a temporary suspension and then voluntary liquidation was entered into (securities said good but funds unavailable).
Newspaper Excerpt
We have gone into voluntary liquidation, and cannot resume the banking business.
Source
newspapers
3. September 4, 1878 Voluntary Liquidation
Source
historical_nic
4. October 2, 1888 Receivership
Newspaper Excerpt
Hiram McChesney was appointed receiver of the Traders' Bank... McChesney gave a bond of $500,000 and was ordered to take charge of all the bank's effects. The liabilities are said to be $1,000,000; assets at present unknown; the failure is said to have been caused by the illness of the president of the bank. Receiver Smith's first report... large discrepancies between trial or ledger balances and the actual amount which he is unable to account for. The assets are shown to be $901,630; liabilities, $896,888; ... Rutter's indebtedness to the bank is $153,320. Among the assets is a note for $15,000, made by Cashier Tallman, and an overdraft for $18,000 ... strange discrepancies are found in the accounts. Depositors Very Angry—... deposits amounted to about $900,000. The bank had about $90,000 in good and available securities and deposits on hand. The deposits on Monday, the day of the suspicion, amounted to $130,000. Byron L. Smith, receiver of the defunct Traders' Bank... was present to explain Alexander Sullivan's bank accounts in 1882. (collective excerpts from Oct 2–16, 1888 articles.)
Source
newspapers
5. October 2, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cash-flow insolvency and poor management after long illness of President J. O. Rutter; liabilities exceeded assets and assets were being consumed by expenses and possibly misappropriation or accounting discrepancies, prompting petition for a receiver and suspension of operations and closing by court order.
Newspaper Excerpt
Hiram McChesney was appointed receiver of the Traders' Bank... The liabilities are on the verge of $1,000,000.
Source
newspapers
6. October 9, 1888 Other
Newspaper Excerpt
Depositors Very Angry—Denunciation of the Officers—Bad Prospect. ... The deposits on Monday, the day of the suspicion, amounted to $130,000. The proposition to pay back this amount met with much opposition from the other depositors. ... examination before a master in chancery of cashier Tallman, of the lately collapsed Traders' bank. (Judge Sheperd made an order for an examination.)
Source
newspapers

Newspaper Articles (17)
1. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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servatism would insure our success. Reporter-How have your operations been to-day? Mr. Wheeler-The demand upon us has been heavy, and our cash balances have been reduced over $400,000. We have felt utterly unable, in view of the outstanding amount, to maintain such heavy drafts while unable to collect outstanding obligations due. Reporter-Are your securities good, and does the bank think it will be able to discharge all obligations ? Mr. Wheeler-We have no doubt of either, and to this the personal word of our Directors and stockholders is pledged. Reporter-What was the amount of your obligations at the time of your first suspension ? Mr. Wheeler-I cannot tell that. It was so large compared with our immediately available funds as to make a temporary suspension a necessity. Reporter-In that conclusion, were the Directors of the bank unanimous? Did they agree with Mr. Coolbaugh? Mr. Wheeler-We agreed with Mr. Coolbaugh, and believed in the soundness of his judgment. Reporter-What was the immediate occasion of your suspension, aside from the general seeming adversity? Mr. Wheeler-We had a very large country correspondence, and were dealing with banks throughout the Northwestern country. Here are 250 country banks, howling for money and clamoring for currency, and their demands were importunate. They looked to us to supply them, and called upon us in an emergency which neither we nor any other bankers in the country had anticipated in time. Reporter-When you received on the day of your suspension a telegram from a leading New York bank an authority to call upon them for $500,000, would it not have been possible for you to have availed yourself of this credit, and maintained your own standing? Mr. Wheeler-No, sir; on that credit we could not have drawn currency, which was the article immediately demanded. We had not the available current funds to continue business, and had continued against our better judgments in the hope of unity of action among local bankers which would have afforded some solution of the difficulty. But without this we were compelled to act upon our own responsibility, and assumed a position which we regretted, but felt necessitous. Reporter-There have been rumors, Mr. Wheeler, that the bank or its officers have of late been largely engaged in speculations. Is there any foundation for this report? Mr. Wheeler-No, sir. The bank has not engaged in any speculations, nor has any of its officers. Reporter-To be more specific; has the bank or any of its officers engaged in corn speculations since the commencement of the present crisis? Mr. Wheeler-Neither the bank nor its officers have. Reporter-What are your obligations? Mr. Wheeler-I believe we owe about $3,800,000. Reporter-What is the sum of cash on hand? Mr. Wheeler-I do not know exactly. Our balance of cash on hand from the time of former suspension has been reduced over $400,000. We may have now $600,000. Perhaps not so much. Reporter-Will you be able to realize on collaterals and resume ? Mr. Wheeler-This we do not anticipate. Our securities are good, and we expect to be able to pay obligations. But we have gone into voluntary liquidation, and cannot resume the banking business. ### THE COMMERCIAL NATIONAL folks were happy and serene. Feeling confident of the subsiding of the waves, and that they were in a safe harbor yesterday, this bank was paying in full the checks of every depositor. A large number of new accounts were opened with them during the day, and deposits had been very largely in excess of payments. So strong and confident were they that even discounting had been resumed to some extent and in a safe way. Mr. Eames, the President, spoke in a most confident manner of the present, and looked forward to only brighter and better realizations in the immediate future. ### AT THE TRADERS NATIONAL full business was resumed without asking favors, and every draft of a depositor was honored, while the deposits for the day were greatly in excess of the withdrawals. Without seeking (as none of the banks did) new accounts, a number were opened, and the affable President, Mr. J. O. Rutter, to use a hackneyed expression, which the reporter could never see any sense in, but which he uses in deference to popular judgment, -looked" as smiling as a basket of chips." ### THE NATIONAL BANK OF COMMERCE reopened its doors for business yesterday, and was pursuing very much the course adopted by the Union National. It did not attempt to clear at the Clearing-House, but over its counters met and responded to every obligation. In a day or two it will resume in full the ordinary course of business, as its affairs are reported in excellent shape. ### AT THE CENTRAL NATIONAL matters seemed to be moving easily along. The President was chatting cheerfully with his customers, none of whom looked as if they were overburdened with the unhappy train of thought which arises upon the return on a business man's hands of a quantity of what he vainly considered negotiable paper. An interview with the President satisfied the reporter that, in the financial ship Mr. Endicott was sailing, everything was taut and trim. She had weathered the breakers, and, with a skillful pilot and leadsman, would cast anchor shortly in a safe harbor. The result of the panic, he said, would be that it would teach the people not to carry too much sail, and, with this result attained, even though much distress must come before it is accomplished, the panic would be by no means an unmixed evil. We thought one of the great evils which prevailed among bankers at the present day was the prevalent desire to do "a big business." Many bankers with limited capital are running a very large and not very safe business, the profits of which could be realized out of a much smaller one. Mr. Endicott explained a system by which loan certificates might be issued on a basis which could hardly fail to be agreeable to all the banks, but, now that the time for their necessity may be considered past, it is hardly worth while mentioning. More than that, the strong point of the system is the depositing by the bank requiring such certificates, in addition to a set proportion of securities, 25 per cent of the amount of the securities in currency. With regard to the position of the banks, Mr. Endicott, who illustrates his explanations with a freeness of nautical expression that would do credit to a Marryatt or Fenimore Cooper, stated that every day showed an improvement, his customers willingly doing all they could to make matters move smoothly. Highly pleased with the result of this interview, the reporter moved eastward to ### THE CITY NATIONAL BANK where the President was busily engaged transacting the business of a little knot of customers. Their little wants having been apparently supplied by that gentleman, he began to at once express his satisfaction at the way in which the week had opened. "Things," he said, "looked well on Saturday, but they look better now." The cash resources of the bank were increasing daily, and he felt now that he was safe on Saturday in thinking that the end of the trouble had been reached. In his opinion the final result of the present trouble will be the end of the currency question. When everything came to be rearranged and in running order once more,

2. August 1, 1874 The Hickman Courier Hickman, KY
Article from The Hickman Courier, August 1, 1874

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MISCELLANEOUS. Bristow consents that Spinner shall have the selecting of his own clerks. The last suviving sister of the late Edgar Allen Poe died at Washington last week, aged 68. There have been about one thousand applications for office under the district comThe aggregate amount due the clerks of the late board of public works, including the engineer department and employes under the superintendent of property, is $1,207, 393. Mr. Price McGrath, says that Tom Bowling has been turned out, and will not run again this year. Perhaps he will never grace the turf more. Slight hopes, however, are still entertained for his recovery. A dangerous counterfeit having appeared on the five dollar notes of the Traders deNational bank of Chicago, the treasu partment offers one-half per cent. premium, for the return of the genuine five dollar notes of that bank to the department for destruction. The attention of bank officers is especially called to the necessity of retiring these notes, which will entirely prevent the circulation of counterfeità. In the case of the Union Trust Company of New York vs. the Rock Island & St. Louis railway, brought in the United States court, to foreclose the nine million dollars trust deeds against the company, and for the appointment of a receiver, Judge Blodgett has dismissed the bill on the ground that the necessary number of bondholders had not joined in the request to foreclose as to former defaults in interest. The bids for the five per cent. funded loan forwarded from New York, representing those filed by foreign bankers for European markets as well as those for domestic holdings, will aggregate not less than $80,000,000. The large bids will come from syndicates which have been formed, the principal one representing a combination of German bankers, and to each of those bids will be attached a condition that the bidders are to have a call on the entire remainder of the loan so that should the secretary accept any one of the bids, it would be to the exclusion of all others. A dividend of five per cent., authorized by the committee of creditors of Jay Cooke & Co., has not yet been paid, the register having deubts as to its binding effect upon him. He has, however, proceeded with the necessary calculations, so that there should be no delay if the court ordered him to proceed. In the meantime the funds in his hands have increased to such an amount as will warrant the payment of seven instead of five per cont. It is believed that he will bring the matter before the court when its opinion can be obtained, and if a proper order is made, payment will be proceeded with as early as possible. The lieutenant governor of Mississippi has telegraphed that he has sent to the president by mail a statement 'of affairs at Vicksburg, which led him to apprehend disturbance of the peace, which, owing to the unorganized state of the militia, he would be unable to suppress. The mayor and postmaster of Vicksburg have on the other hand telegraphed to the president protesting against the sending of troops to that city, as such an act would have the effect of increasing the excitement, as there are no indications of an outbreak. The secretary of war, in view of the protest of the mayor of Vicksburg and the postmaster at that city against sending troops there, has countermanded his order directing troops to proceed to that place ntil the full particulars of the whole trouble be received from the acting governor.

3. January 1, 1881 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 1, 1881

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the bank resumed business they renewed their relations with it. The business of the bank for the year 1880 shows an Increase of 50 per cent over that of the previous year, With the Increase of trade In Chicago, and the demand for safe and reliable banks. the continued prosperity of the Traders Bank is assured. PRESTON, KEAN & CO. Among other Indications of a healthy development In the department of finance, It may be mentioned that the banking house of Preston, Kenn & Co., 100 Washington street, averageil In their deposit line. for the latter half of the year, about 81,500,000, being an increase of nbout (N) per cent on the business of 1870, accompanied by something llke a corresponding gain In the department of foreign exchange over the transactions of that Interesting branch of the business for any preceding year. Preston, Kenn & Co. conduct business in three leading divisions,banking, security, and foreign exchange,and while, ns stated, the development of volume in the foreign transactions, and the standing average of deposits have been of marked character. the department of securities Is assigned grent prominence. Government, manicipal, State, and county obilizations, the negotiable securities of the Nation, constitute a primary interest. n specialty, so to speak, in the business of the house. The tratisactions in this department figure high in the millions, and are also largely In excess of any preceding or recent year. THE INTERNATIONAT. BANK, situated on Lit Salle street, opposit the Cham her of Commerce, nlways considered one of the soundest banking Institutions of this city, has during the last few years stepped stenility forward to the front rank of our banks. Since 1877 its deposits have Increased threfold, aim are nownpprouching the third million, while its general business and earnIngs have kept pace with this development. One of the leading branches of this bank is Its foreign exchauge business, which, although actual figures are withheld, may be said to amount to many millions. The list of Directors and stockholders of this bank is nn unusually strong one, comprising some of the wealthiest and most prominent business-men and capitalists of this city. ILLINOIS TRUST & SAVINGS BANK. This is the best-known savings Institution In Chicago. It occupies the old Fidelity Building, Nos. 145 and 147 Randolph street: has It cash capital of $100,000 invested In U.S Government bonds, held at par: also a surplus fund of $10,000. It loans only on cash collaterals, Investing but n small part of its funds on long-time real-estate loans, and none whatever on personal security. Moreover, has always had the courage to reduce the rate of Interest paid to depositors when occasion required, preferring rather to lose patronage than to hold depositors by giving n larger premium than first-class securities would return. To this line of policy, ad hered to by the Directors and stockholders, among whom are some of our best business men and capitalists, may be attributed Its success In meeting all emergencies that have arisen, as during the past seven years It has never failed to meet every call of its patrons In full on demand. The fact of Its savings deposits having Increased 150 per cent since Jan. 1, 1850, Is further proof of the confidence reposed In It by the public and Its growing popularity. THE FIDELITY SAFE-DEPOPIT COMPANY VAULTS The above popular Institution was the first one built in Chlengo,--It being open to the public in June, 1871, or four months prior to the great fire. These voults became very popular nt once, and fully verified their fire-proof qualities by preserving their contents Intact. When first opened the vaults contalned 1,068 separate safes, and since then they have Increased the number four times, and have now an order in the manufacturer's hands for 1,000 more safes. These will soon e be placed In position, and when they are they will make n total of over 4,500 separate safes, thus showing the rapidly-liicreasing popularity of the Fidelity Voults. Matthew Latlin, Esq., Is the President of the Company: Van II. Higgins, Treasurer, and Robert Boyd the manager, These vaults are ns proof against thieves as ingainst fire. It is advisable to call early and secure one of the new sates.

4. October 3, 1888 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 3, 1888

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BANK FAILURE. The Traders' Bank, of Chicago, Placed in a Receiver's Hauds-Liabilities, $1,000.000. CHICAGO, Oct. 2-Hiram McChesney was appointed receiver of the Traders' Bank, corner of Madison and Lasaile streets, this morning, by Judge Shepard, under a petition filed by Thomas P. Tollman, the cashier. Mr. McChesney gave a bond for $500,000 and was ordered to take charge of all the effects that belong to the bank, or are held by it in trust. The news was received with a great deal of surprise and floated around with the usual swiftness of a rumor among the lawyers, and caused more than one to excuse himself from & case and hurry around to protect clients who were the bank's creditors. The liabilities are on the verge of $1,000,000. In his petition for a receiver. Mr. Tollman says that the bank, which is a private one, has done a general bank business: that Joseph C. Rutter has been president and the petitioner cashier for ten years. The capital stock is $200,000, divided into 2,000 shares, of which Mr. Rutter holds 1,500 and Mr. Tollman 500. There were no other shareholders. For six months, be says, Mr. Rutter, the president, has been an invalid and incapable of attending to the affairs of the bank. He has gradually grown worse, until now he is dangerously ill and wholly unable to even consider or consult with the cashier concerning the business, or the management, or any of the details of the corporation's business. At present, he says, there is no hope of the recovery or even the improvement of Mr. Rutter. He is unconscious. and has been so for thirty hours. Up to the time of his sickness Mr. Rutter was the active head of the house, but since his illness the management has been wholly on the hands of Mr. Tollman. In spite of his efforts, he says, he has been unable to build up the business of the bank, the liabilities continue to exceed the assets, and unless immediate steps are taken to collect and preserve the assets, irreparable damage and loss will result to both the creditors and shareholders of the bank. The business now shows a steady decrease, Mr. Tollman says, and the assets are being rapidly consumed and eaten up in the expenses of the management, while the liabilities are steadily increasing. The assets he places nominally at $099,386.29, consisting of cash and bills recoivable The trouble is that a great portion of this is not available, and cannot be used readily to assist the bank under its old management. Cashier Tollman, when asked about the matter, declared that the flurry in wheat had nothing whatever to do with the failure, which was due entirely to poor business and Mr. Rutter's illness. He said that if all that is due the bank can be collected the debts can be paid in full. They are mostly to small depositors in this city and in the farming districts and towns of northern Illinois. The bank was originally organized in Freeport, III., and was subsequently removed to this city. bringing its country trade with it. It is organized under the State banking law. It is not believed that the failure will affect any other bank or individual of any considerable financial standing.

5. October 4, 1888 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, October 4, 1888

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A FINANCIAL WRECK. The Traders' National Bank of Chicago Goes to the Wall---Liabilities, $1,000,000. CHICAGO, Oct. 4.-Hiram McChesney has been appointed receiver of the Traders' bank, corner of Madison and La Salle streets, by Judge Shepard under a petition filed by Thomas P. Tollman, cashier. McChesney gave a bond of $500,000 and was ordered to take charge of all the bank's effects. The liabilities are said to be $1,000,000; assets at present unk wn. The failure is said to have beer caused by the illness of the president of the bank. In his petition Thomas E. Tollman says that the president of the bank, Joseph O. Rutter, who holds most of the stock, has for six months been an invalid and incapable of attending to the affairs of the bank. Siuce his illness the management has been wholly in his (Tollman's) hands, and in spite of his efforts the business has run down and the liabilities continue to exceed the assets. Mr. Tollman says the assets are being rapidly consumed in the expenses of the management, while the liabilities are increasing.

6. October 5, 1888 The Washington Critic Washington, DC
Article from The Washington Critic, October 5, 1888

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number of clever imitations of the toms stamps used on imported ciga On the original are the words " Man facturers of imported tobacco," and the counterfeit " Manufactured of i ported tobacco." The bogus stamps : made by a New York house and are I used to evade payment of duty, but a put upon boxes containing inferior ( mestic goods in order to delude the pi chaser into the belief that he is buyi a genuine Havana weed. The firm w be prosecuted. It is officially stated that the Frer Government was much surprised by impression produced abroad by Pr dent Carnot's decree in regard to 1 eigners intending to reside in Fran It is pointed out that former cabin have examined the question and co to a favorable conclusion in regard to No foreign power has offered any obs vation to the government in relat to the decree, the legality of which based upon article 471 of the pe code. Jubilee Juggins," the young Engl plunger, whose real name is Benson, reached the end of his money and is n living on an allowance of $20 a we He got rid of $2,000,000 in two yes His horses are being sold, and one them, Hazelmere, brought $10,000 Tatterall's a few days ago. Bens manages to look like a prosperous m as the vast wardrobe that he purcha in the days of his prosperity is still from exhausted. The New York Star says: The na of Fred May has been stricken from list of members of the Manhattan C by the discipline committee. The H cific charge against Mr. May was n payment of dues, although it is g crally understood that the unenvia notoriety which he has gained was real cause of his dismissal." Gov. Foraker, of Ohio, delivered " bloody-shirt" speech at Bridgep Conn., Wednesday evening. The vi lence of the speaker induced P. T. B num to leave the platform as one of vice-presidents. Dr. Warner, who president of the Young Men's Christ Association, was also made uncomf able by the speaker's vituperative tir against tariff reform. The steamer State of Georgia, f New York September 20, about wl some fears were beginning to be fel consequence of the length of her age, arrived at Glasgow yesterday me ing. James B. Curtis, 55 years old, of S amanca, N. Y., a guest at the Gra Central Hotel, New York City, shot h self through the head yesterday, bl ing out his brains. He left a letter his son in which he stated that he crazy. The commissioners to examine claims against the estate of Wm. G of Boston. the defaulting mill treasu who killed himself. have filed their The claims amount to nea port. $750,000, Governor Hill's enemies are mal desperate efforts to defeat him. T many will hold its convention toto nominate a candidate for ma The County Democracy will hold t convention on Saturday. George Leblanche, the marine, several other gentlemen" of the r were each sentenced yesterday to sl terms in the penitentiary in New Y for aiding and abetting the recent fen prize fight. Sarah Crutcher. of Bardstown. ] widow of James Crutcher. a revolut ary soldier, and who had drawn a sion since 1853. is dead, at the age eighty-eight years. Harry Cox, a landed proprietor Somerset and a noted foot-ball pla was lost while traveling in the Caue Mountains. A party of guides is missing. The monument over the grave of ( George E. Pickett, in Hollywood Co tery, Richmond, will be unveiled v imposing ceremonies to-day. Col. F. T. Warburton. British V Consul at Newport News. has institu a suit for $20,000 damages against teen prominent citizens of that place Shanklin & Austin's banking ho at Trenton. Mo., has closed its doors, ing forced to suspend by the failure the Traders' Bank, of Chicago. G. Anson Belcher, an aged crip yesterday attempted to commit sui at his home in Saratoga, N. Y., by ting an artery in his wrist. The Hotel Elmwood, at Glen's F N. Y., formerly known as the Elmw Seminary for Young Ladies, was yes day destroyed by fire. The British royal yacht Victoria Albert will arrive at Flushing on Em Fine

7. October 10, 1888 The Memphis Appeal Memphis, TN
Article from The Memphis Appeal, October 10, 1888

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THE TRADERS' BANK. Depositors Very Angry-Denunciation of the Officers-Bad Prospect. CHICAGO, III., Oct. 9.-The depositors of the Traders' bank had a meeting last night which was largely attended. The committee appointed at the Saturday night meeting had not finished its work. According to the receiver the deposits amounted to about $900,000. The bank had about $90,000 in good and available securities and deposits on hand. The deposits on Monday, the day of the suspicion, amounted to $130,000. The proposition to pay back this amount met with much opposition from the otherdepositors. The assets of the bank also comprise a piece of real estate supposed to be worth $30,000. The notes deemed good amounted to $275,000. Several speeches were made, some of them bitterly denouncing the officers of the bank and urging criminal proceedings. Various propositions to hire attorneys, etc., were left in the hands of the committee. Judge Sheperd today made an order for an examination before a master in chancery of cashier Tallman, of the lately collapsed Traders' bank. The examination will be held this afternoon.

8. October 11, 1888 The Iowa Plain Dealer Cresco, New Oregon, IA
Article from The Iowa Plain Dealer, October 11, 1888

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WEST AND SOUTH. WHILE intoxicated on tue2d Jacob Kafer committed suicide by hanging at Fort Wayne, Ind. He was a wealthy bachelor, and no cause could be assigned. ON the 2d William H. Smith and Caper Westdorfer were struck by lightning and killed near Evansville, Ind. ON the 3d Gold Leaf beat the world's one mile pacing record for three-year-olds on the Napa (Cal.) track, making 2: 15. THE doors of the banking house of Shanklin & Austen. of Trenton, the oldest bank in Northern Missouri, were closed on the 3d, owing to the failure of the Traders' Bank, of Chicago. THERE was intense excitement again on the Chicago Board of Trade on the 3d, December wheat reaching $1.18. THE Virginia State exposition opened at Richmond on the 3d with twenty thousand visitors. ON the 3d the American Bakers' Association met in annual session at Cincinnati. GOVERNOR GORDON and other Democratic State officials of Goorgia were re-elected on the 3d without opposition. ON the: counterfeitforeign cigar stamps were discovered in Chicago, and counterfeit bills were also being circulated. THE Executive Committee of the Amorican partv on the 3d selected P. D. Wigginton, of California. to fill the vacancy occasioned by Judge Greer's declination of the Vice-Presidential nomination coach w stage ##########

9. October 11, 1888 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, October 11, 1888

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The Traders' Bank Failure. Receiver Smith, of the Traders' Bank, of Chicago, pronounces it a bad failure. Joseph O. Rutter, the bank's late President, is dead. It is supposed that the determination of the bank's condition will now be speedy, as the money affairs of the late Traders' President were so closely connected with the bank that a settlement of the complications of the latter could not be made without an examination of Mr. Rutter's estate.

10. October 12, 1888 The United Opinion Bradford, VT
Article from The United Opinion, October 12, 1888

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Wednesday, Oct. 10. Schleyer, the inventor of Volapuk, is dead. Two New York newsboys were burned to death. The two chief street car systems of Chicago are tied up. Four German war ships have been ordered to Zanzibar. Three lines restored rates from St. Louis to New York. The collapsed Traders' bank of Chicago makes a poor showing of assets. King Otho of Bavaria is sinking deeper and deeper in his religious mania. Ex-Queen Isabella of Spain has returned to Paris. She will give receptions during the winter. Emporer William has summoned Co nt Herbert Bismarck from Pesth to Styria by telegraph. The proposition that Emperor Francis Joseph crown himself King of Bohemia causes a sensation. It has been decided to greatly increase the strength of the German expedition for the relief of Emin Bey. The senate has passed a bill correcting the error in connection with the time of meeting of presidential electors. Superintendent Fry is made general manager of the Missouri, Kansas and Texas railroad under the receivers. The senate tariff bill will not be passed this session. Practically the session of the senate will end in about ten days. Premier Floquet has decided that foreign-

11. October 16, 1888 The Morning News Savannah, GA
Article from The Morning News, October 16, 1888

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TRICKS OF THE TRADE. A Remarkable State of Affairs Developed by a Bank Failure. CHICAGO, Oct. 15.-Receiver Smith's first report of the Trader's bank affairs was filed in the supreme court this afternoon. He says that on taking possession be was furnished with a trial balance purporting to have been taken from the ledger of the bank, but there appears to be large discrepancies between such trial or ledger balances and the actual amount which he is unable to account for. The charter of the bank requires it to be managed by thirteen trustess. Only three were elected, and they wereJ. O. Rutter, Thomas P. Tallman and Albert Smith. As trustees or directors, these gentlemen elected themselves president, cashier and assistant cashier, respectively, about ten years ago. The trustees then passed this resolution: Resolved, That all matters connected with the administration of the Traders' bank be placed under the entire charge of the president and cashier. After that the trustees never held another meeting, and the bank has been run ever since by Rutter and Tallman.

12. October 17, 1888 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, October 17, 1888

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-A large crack in the sternpost of the steel cruiser Baltimore will delay the completion of that vessel several months. -Mr. Justice Matthews, of the United States Supreme Court, is dangerously ill. -Latest reports of the Mud Run disaster place the number of dead at sixty-three, and other deaths are likely to occur among those injured. The number of the latter run up into the hundreds. -The cattle steamer Robert B. Carson sank near Evansville, Indiana. Fifty head of cattle perished. The crew reached shore in safety. -James F. Farley, of Philadelphia, who killed a half breed Indian at Petersboro, Ont., in self defence, last summer, was found guilty of murder and sentenced to be hanged. -Lumber rafting by sea is to be tried on the Pacific coast. It should be safer business there than in the treacherous weather of the East, and the scheme of rafting from Puget Sound to Chilean ports looks feasible enough. -The Bay Valley Bank at Woodbine and the Caldwell Bank at Logan, Iowa, closed their doors, and Judge King was appointed receiver. Both banks were operated |by the same firm. The total deposits will exceed $50,000. -Judge Sawyer of the United States Circuit Court has issued two writs of habeas corpus to test tho validity of the Chinese Excinsion act. -President Adams of the Union Pacific railroad declares that the Interstate Commerce law is responsible for the demoralization in railroad affairs. -The Southern Homeopathic Association, in session at Louisville, protests against the efforts of the allopaths to license all physicians by a State board, and asks that all schools be given an equal repr sentation. -Toronio nas quarantined against Buffalo, owing to the small pox there. -A negro named McCondon was shot and killed at Birmingham, Ala., by a party of four negroes, who took him to the woods and made away with him. -The steamer Cainbro from Skeena River, ran ashore in Granville Channel River. She was loaded with 3,500 cases of salmon. The passengers and crew were got off safely. -John Fitzgerald, 2 boatman of Staten Island, N. Y., and a Swedish woman named Anna, the cook at Hoffman Island in New York harbor, in attempting to go to the island in a small boat, were blown out to sea by the strong northwest wind, and have not been seen since. -Mrs. Mary E. Lieff, of Newburg, N. Y., gave her 10-weeks'-old child a teaspoonful of a soothing syrup to quiet it while she did her housework. During the day it died. The Coroner's jury found a verdict that it died from opiates in the syrup. -John Cunningham, mate of the schooner Carrie M. Bailey, dreamed that his vessel was in a storm and he was trying to reach the deck. In his dream he jumped from a three story window and received fatal injuries. -Harvey Wolff, a depositor in the Trader's Bank, Chicago, which recently failed, has applied to the court for an immediate examination into the affairs of the bank. He alleges the deposits were fraudulently misappropriabd. His deposit amounted to $34,000. -Frederick Lincoln, of Boston. tired of life, Hospital a Come of all of bemlock, and onfor: manual

13. October 17, 1888 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, October 17, 1888

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THE "BUSTED" BANKS. Strange Discrepencies Developed-A Sensation Expected. CHICAGO, October 16.-The receiver of the Traders' Bank made a partial report to the court this morning. The assets are shown to be $901,630; liabilities, $896,888; this is exclusive of $636,000 bills receivable and $45,000 checks which bear the endorsement of the bank and which should go into its liabilities. Rutter's indebtedness to the bank is $153,320. Among the assets is a note for $15,000, made by Cashier Tallman, and an overdraft for $18,000 in the name of a man acting as agent for an unknown principal. A number of strange discrepencies are found in the accounts. A SENSATION EXPECTED. PITTSBURG, October 16.-A most sensational phase of the Farmers and Merchants' Bank suspension is very likely to crystallize soon in at least one person's arrest for misappropriation of the bank's funds. Nobody doubts that a large amount of money is to be accounted for, prcbably $215,000, possibly more.

14. December 5, 1888 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, December 5, 1888

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INJUNCTION GRANTED. A New York Bank Bestrained From Collectlog a $23,000 Note. CHICAGO, ILL, Dec. -Judge Shepard to-day granted an injunction restraining the Seaboard National Bank of New York from collecting & certain note for $20,000 held by that bank. Mr. Smith, receiver of the Traders Bank here states that Septemberj15 the banking firm of Samuel H. Watsou & Sons of Vinton, Iowa, executed the note to the Traders Bank payable in ninety days. At the time ot the failure of the Traders Bank Watson & Sons had a balance due them as depositors of $4614. This amount they now claim and are entitled to as an offset on their note, but the note was sentsometime before the Traders' failure to the Seaboard National as collateral security for any indebtedness from the Traders' Bank to it. It now holds the note, and it is claimed intends to collect the full amount of the note. The receiver claimed that instead of there being any indebtedness from the Traders' to the Seaboard Bank the latter is really in debted to the Traders' in the sum of about $27,000. He, therefore, not only asked for an injunction against the New York bank, but also against the firm of S. P. Watson & Co., to restrain them from paying any money to the Seaboard Bank. The latter W&S also granted.

15. May 31, 1889 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, May 31, 1889

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named He denied knowing Coughlin intimately. He continued: "I don't see how any one can suspect me of having been sent to take Dr. Cronin away from home. Cronin knew me, and had told me that he had heard I was sent out here to assas. sinate him. It isn't likely that he would have taken a lonely ride with mei thought that.' "When did he tell you that you had been sent to :ill him? "It was ope night in the latter part of February-February 25, I think. I had been in Curry's kaleon and left there with Tom Conway. We met Dr Crosin and Mortimer Scanlau ex Clark and Randolph streets and stopped to talk. Cronin touched me on the shoulder and said: 'McGeehan, I understand you have been saying some pretty hard things about me. I said, 'I don't think I have.' Then he said: 'I understand you have been sent out here to assassinate me.' I said to him: 'You must be a fool. Hereafter, when you see me on the street, don't speak to me; I want nothing more to to with you. And then I walked away from him. "Did you have any quarrel with him in front of the Chicago Opera-House block?" "Never; I never met him there." "What is your opinion of the murder of Dr. Cronin?" Well, I think it's a case of personal spitework, Do you think it was the work of an Irish organization? "I do not. I know something about the inside workings of the Irish society and I know that expulsion is the severest penalty that be executed against a member. State's-Attorney Longenecker had a long chat Wednesday afternoon with Byron I. Smith, receiver of the Traders' Bank: Mortimer Scanlan, the criminal court bailiff, and Patrick Cavanaugh The object of the conference was to lay before the State's Attorney certain facts about the individual accounts with the defunct Traders' Bank The State's Attorney was requested to seize the bank's books and submit them to the grand jury forthwith It was asserted that he would find in them evidence proving what Dr. Cronin had been claiming for years before death-viz that Alexander Sullivan had been guilty of a huge embezzlement of funds while he was a member of the Clanna-Gael triumvirate. The substance of the stories of Scanlan and Cavanaugh is that Sullivan went and demanded from Patrick who was then an $100,000 to to French Egan, Paris capital, exile carry in men out the the aims of the physical force in America He demanded the money to meet certain expenditures which had been planned in a convention of representative members of the ClanMr. Scanlan to over the money, fused na-Gael pay Egan, and asserts, then Irish Sul- rethreatened to disrupt every in America unless his was complied society livan speedily with demand He to the fact that and growing pointed large there element was disamong a righ-Americans which was satisfied with the management of National affairs and was ready to revolt as soon leader appeared to direct them. A whole week was consumed in discussing the Mr. demand of Sullivan, and in the end Egan was convinced that it would be be wise to consult with his colleagues told fore making his final decision. He his visitor plainly that he was op- of posed to granting 80 large a sum but for any purpose he to abide by the money was willing whatever, knowledge decision of men who had as close a as of the needs of the order other himself submit at home the and abroad He offered to proposition to Bheridan, the famous No. 1" of the Pheenix Park Invincibles force and the leader of the physical to men in Ireland Sullivan agreed called this offer. and Sheridan was Within to Paris from Ireland by telegraph bea week after all the facts had been laid defore him be decided that the money manded had better be paid in order to con- in ciliate all factions of the Clan-na-Gael Egan America Scanian asserts that that paid Sullivan $100,000 in cash. and Chihe the full amount to be. cago. Instead, however, of paid brought the of the money society, ing to the local treasury turned Sestian says that only $18,000 was over, the other $82,000 being account deposited fn Sullivan's personal Bank Scanian months ago when to fact the several Traders' discovered receiver. the concern this and into the bands of the pasted by permission he made a thorough of when examination of the hooks in the interest Dr. Crouts and other prominent Irishmen Mr Smith confirmed the story about the of the $89. to 8 be was unable to deposit account, but Sallivan tell personal tea how money was disposed of except a general the way that ft had been drawn out by means of checks He offered to submit the books to the grand jury and also to assist in the examination of them for the purpose as of clearing up any mystery that might tach to the transaction Judge Longemecker listened attentively asking numerous questions and when Bonnian hai concluded he promised to give the request his serious and immediate conderation

16. June 6, 1889 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, June 6, 1889

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eTHE CRONIN CASE. n d Sullivan Seems to be Somess what Involved. e d DAMAGING INQUEST EVIDENCE. y e The Clan-na-Gael Dragged Into the e Case by Certain Members of the Fraternity. |Associated Press Dispatches to the HERALD. CHICAGO, June 5.-Just before the in(7) quest over Dr. Cronin was ended for today, the books of the Traders' Bank of Chicago were brought into the court room by order of Judge Shepard. Byron O. Smith, receiver of the bank, was present to explain their bearing on the case. By checks on file and the ledger entries, it was shown that in the summer of 1882 Alexander Sullivan had altogether $100,000 in the bank. Of this money, $10,000 and more was in his individual account, the rest was credited to Alexander Sullivan as agent. By September 6, 1882, this money had been drawn out on checks made payable to J. L. Lester & Co., brokers. It was the intention of the Coroner to summon the members of the firm. to probe the matter further. Patrick McGarry, Michael Barry, Maurice Morris and Joseph O'Byrne, all members of the Clan-na-Gael and frien de of Dr. Cronin, gave testimony to the general effect that Dr. Cronin had said to them, at different times, hat he expected Alexander Sullivan to instigate some one to kill him. All were asked if they had ever heard one of the threats against the doctor's life by Mr. Sullivan, and each replied in the negative. Thomas J. Conway, a Clan-na-Gael man, testified that he had overheard McGeehan, the Philadelphian, say that he had come West under orders from the Executive Committee of the Clan. At a meeting of Camp 24, Conway continued a resolution regretting Cronin's death was opposed because, perhaps, the Executive Committee had proof toshow that Cronin was a British spy. Alexander Sullivan's attention was called to the testimony of Receiver Smith this afternoon, at the inquest. Mr. ] Sullivan said: "There was nothing whatever in the Traders' Bank account which could not and would not be satisfactorily explained whenever any proper judicial proceeding required it. At any time during the past six years he could have obtained and destroyed checks, if he so e desired, but, as there was nothing to conceal, anybody having any right to an explanation can give it and will do 80 at F the proper time."

17. June 12, 1889 The True Northerner Paw Paw, MI
Article from The True Northerner, June 12, 1889

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# WERE THEY IRISH FUNDS? Alexander Sullivan Paid $100,000 to a Commission Firm. At the Coroner's inquest on the body of Dr. Cronin, murdered at Chicago, Byron L, Smith, receiver of the defunct Traders' Bank of Chicago, was present to explain Alexander Sullivan's bank accounts in 1882. He came into the court-room with three ponderous ledgers and a package of checks. He read several checks which had been drawn by Alexander Sullivan as agent, and cashed by the bank in 1832. The total amount of these checks signed by Alexander Sullivan as agent, and payable to T. J. Lester & Co.' the brokers, was $90,000. It was made evident from these proofs that this large amount had been invested by Mr. Sullivan on 'Change. Mr. Smith then proceeded to show that John Monroe & Co., bankers, New York City, had turned over to "Windes & Co.," which in this instance means Alexander Sullivan. Clan-na-Gael funds to the amount of $100,000. In one of the ledgers extracts were read