4203. Bank of Chicago (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 22, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
0bb64c31

Response Measures

None

Description

Contemporary articles (Chicago Tribune July 1874 and others) state the Bank of Chicago (formerly National Loan and Trust Company) went into voluntary liquidation/closed, assigned to an assignee and suspended operations. Cause is described as financial embarrassments stemming from the panic of 1873 and inability to collect outstanding accounts. No discrete depositor run on this specific bank is described in these articles.

Events (4)
1. September 22, 1873 Other
Newspaper Excerpt
There was general apprehension ... there will be no panic, and no rush on the banks, unless upon the savings institutions. ... W. II. PARK, Cashier of the Bank of Chicago, ... insisting upon requiring notice for the withdrawal of deposits, according to their respective rules.
Source
newspapers
2. July 11, 1874 Receivership
Newspaper Excerpt
When the bank went into voluntary liquidation it assigned all its property to Mr. Coates for the payment of its creditors. ... Mr. Coates was appointed Assignee Friday afternoon, and immediately thereafter closed the bank.
Source
newspapers
3. July 12, 1874 Suspension
Cause
Macro News
Cause Details
Financial embarrassments arising from the post-1873 panic — inability to collect outstanding accounts and shortage of cash led to voluntary suspension/liquidation.
Newspaper Excerpt
Friday THE BANK WENT INTO LIQUIDATION, and Mr. I. P. Coates was appointed Assignee, with full power to convert the assets into cash. ... Reporter-Your bank has formally suspended? Mr. Ellis-Yes; we have only received special deposits for some time.
Source
newspapers
4. July 24, 1874 Other
Newspaper Excerpt
The Bank of Chicago, formerly the National Loan and Trust Company, has suspended, owing to financial embarrassments growing out of the panic.
Source
newspapers

Newspaper Articles (6)
1. September 22, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 22, 1873

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argued in time The same amounts of gold and currency that were in the country a fortnight Ago aro hold here to-day. The result has been A transfer of if no panio disturbing all only transfer, possession, business relations and that be created, affects only those immediately interested in the fortunes of one firm. But there was A GENERAL APPREHENSION that, owing to the excitement which some were endeavoring to increaso and extend and intensify, there be a run on the savings banks of the city tooutside of the officers and managers would day, and, and of interest these institutions, there was much anxiety expressed as to the result of such a movement. The of the savings banks, the and determining to managers possibilities, provide appreciating for their own safety and the security of their depositors, held a consultation yesterday, and resolved upon the adop& course as was both within the law and best as trustees of for tion the of such guardianship the treasures they hold. Their action is elsewhere reported. While it may not be denied that there was expressed yesterday & feeling of doubt in view of possible contingencies, it cannot be affirmed that there was anything approaching excitement or alarm. Men discussed THE FINANCIAL SITUATION quietly and deliberately, but not with the perfect confidence that mark predictions of ord! ary business. on the subject were in but conducted nor Conversations whispers, neither in boisterous moderate touce, as is the wont of the usual times, by couples, or in email knota. If appearances yesterday be any indication of results to-day, there will be no panic, and no rush on the banks, unless upon the savings institutions. All probability of such an attompted "run" is forestalled in the action of these institutions. A TRIBUNE reporter conversed with a number of the of the savings banks yesterday, and they the case: We receive and we pay heavy expenses mallmanagers pay thus interest, pithily put deposits. for the We agement of our institutions. To do this, of course, we cannot afford to let money lie idle in our vaults. We must invest it at remunerative rates. In doing BO, we endeavor to loan on the best terms compatible with for our depositors. This money must on a reasonable time, and in on domand. Our unperfect be immediately loaned security depositors cannot be must called derstand this. Our security is good, but we cannot pay at once all depositors out of our reserve funds." ACTION OF THE HAVINGS RANKS, The following is the result of the meeting of the officera of the avings banks yeaterday : SAVING DEPOSITE.-To allay all unnecessary excitement, and in the interest of the public and our depositors, and to prevent the possibility of any party obtaining an advantage over another, and to protect of the savings banks of the City of Chiby the officers whose names are hereto, will, from and after scribed cago, the rights represented all, this date, insist subupon requiring notice for the withdrawal of deposits, according to their respective rules. D. D. SPENCER, President State Savings Institution. JOHN C. HAINES, President of Fidelity Bank and Hafo Depository. SYDNEY MYERS, Cashier Merchants', Farmers' & Mechanica' Savings Bank, FRED. MEYER, Cashier Commercial Loan Company. F. C. TAYLOR, Vice-President Cook County Savings Bank. HENRY GREENEDAUX, President German Savings Bank. FRANCIS LACKNER, President German-American Savings Bank. 8. W. RAWHON, President Union Trust Company. CARL F. W. JUNGE, Treasurer Chicago Savings Institution and Trust Company. J. YOUNG SOAMMON, President Havings Department of the Marine Company of Calcago. H. A. WARE, Cashier City Savings Bank. W. II. PARK, Cashier of the Bank of Chicago, JAMES W. BCOVILLE, President of the Prairio State Loan and Trust Company. LAST EVENING it was reported that a tologram from President Grant, directed to & prominent financior of this city, bad been received in the afternoon, stating that the President would to-day order the immediate issue of the $14,000,000 reserve fund In order to afford relief. reported. from

2. October 8, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, October 8, 1873

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THE FINANCIAL CRASH. At the Stock Exchange. Diffenity. Looking to New York for a Solution of the NEW YORK, Sept. 30.-At the resumption of business at the Stock Exchange, Smith & Severe received cheers. The impression prevails that all the leading houses will pull through. is unsettled but improved. still Sterling M. The stock market is Western with3,P. excitement and closes firm. 91 out at 661: Rock Island, PaUnion Lake Shore. quoted 74} Union Pacific, 19g cific Mail, 33. was made in the order United enApplication Circuit Court to-day foran Currency States the Comptroller of the the Comjoining of the Bank of from proceeding and monwealth the Receiver also further for a citation in the of the vacated and the to matters show be cause the why bank, and Receivershipshould appointment that denot and void, on the ground of never refused to any notes. The clared the banks circulating null redeem citation October was 7th. its and made returnable is in motion and granted Money unlock the currency. events of it is hoped, will day the day, 2a3 premium early in the Money Sterling, big busines, but commision. Greenbacks, closed nominal. closed 61. at dull, No #a] special feature in gold. Governments nothing CHICAGO, doing. Sept. States 30. The/Union quiet. National bank has gone into liquidation. MEMPHIS, Sept. 30. At a large meeting mornof Commerce this a to consider the financial was received from resolution ing, at the Chamber the situation, would banks not of to the effect that they to the the city but would open in addition to be suspend, business, an exchange account moving usual in kind, for the purpose of cotton. paid Which was unanimously adopted by the Chamber. More Workmen Discharged. YORK, Oct. -The Grant locomo- dis NEW works at Patterson, New Jersey, 400 tive 170, and the Delaware tunnel of workmen, charged on account of the scarcity currency. The Cummings Car Company, trouble of Jer- is City, has suspended, the comthat sey a large amount due from railroad panies cannot be collected. WASHINGTON, Oct.1 -The financialsit- new closed yesterday, without any The liquidation of Bank of Chicago, a National features. uation had excitement. the Union rather depressing effect but caused looking to anxiety exists, and all are Much New York for a solution of the difficulty Oct. -Matters are orders proCINCINNATI, quietly, with more jobbing the and ceeding but little disposition to operate on usual large scale. Brighter Prospects, CHICAGO, Oct. 1.-The financial much situahere this morning presents a The tion prospect than yesterday. of currency million dollars being receipts brighter Some three continue reported deposits large. yesterday, while demands upon have aloff, in fact some banks are falling begun to furnish their customers The ready their usual accommodations. before with is that it will not be long channels. prospect will resume its wonted Bank that the Third business in a few It will business is resume stated National another days, proba- week. by the beginning of grain bly is much firmer feeling in the in market, There with an advancing tendency prices. Attempt to Force Jay Cooke & Co. into Bankruptry, PHILADELPHIA, Oct. 1.-In the Codwal- United Cates Circuit Court before Judge States order was granted last week upon Jay der, an of Edward Wilson to show why they a Cooke petition & Co., which against should was not to adjudicated bankrupts, continbe been returned to-day but was of debt ued have until next week at the request and by consent of the petitioner. ors NEW YORK, Oct. 1.-There was very feeling in financial circles to-day, event. quiet absence of any exciting suspended with firm an of Northrup & Chick influThe but the failure had no the Staock Exchange as ence on the suspension by the withdrawal of had this morning no stocks, deposits. being the caused in firm forwas another sharp advance leading There exchange to-day, and the 1071 for eign advanced their rates to bankers sterling, and 109 for sight, & sixty days suspension of Henry Clews Stock Ex. Co. was The officially announced in the change bank to-day. officers report that the coun- deThe for currency to be sent to the banks mand has fallen off. Several town have telegraphed to try out of banks others stop have fur- rether shipments and some York. turned greenbacks total amount to New paid on account at noon The with interest is $29,945.74 Beginning to Resume. MEMPHIS, Oct. 2.-The First National Bank has YORK, resumed. Oct. 2.-The Danford Loco- the NEW Works is only working half of in motive time. They have plenty of cashed. money but can't get their checks bank LOUISVILLE, Oct. The Planters' the Peoples' Bank and the Louis- from Bank, City National Bank, withdrew that ville Clearing House, on the combination ground; the was no necssity for a by there and the Clearing House was abolished mutual consent. HOME NEWS.

3. July 12, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, July 12, 1874

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LOCAL MISCELLANY. THE BANK OF CHICAGO. The Bank of Chicago, formerly the National Loan and Trust Company, is no more. Although 1 survived the panic, fate has overtaken the institution, and it ie, virtually, no more. This bank was started several years ago by a stock company, and obtained a liberal charter. One depaitment was devoted to general business, and another to savings and special deposits. Suits have been brought against the concern, to compel delivery of small deposits, in several of the Justices' Courts, but no definite result has been reached in any of the cases. Friday THE BANK WENT INTO LIQUIDATION, and Mr. 1. P. Coates was appointed Assignee, with full power to convert the assets into cash. A TRIBUNE reporter was detailed last evening to interview MR. THOMAS H. ELLIS, President of the defunct institution, relative to the entire business. He found Mr. Ellis at his residence, No. 448 West Washington street, and Ellis, I have come from THE out how that assignment of had ther following conversation with him: your bank property was arranged? Mr. Ellis-1t was done in the interest of all depositors. Suits have been brought against us from time to time, and, although we have paid about $450,000 out of our own resources, many claims remain still unsatisfied. This being the case, #0 thought that the most honorable course to pursue would be to hand all our assets over to some first-class man. with power to pay every claim, without preference, 80 far as the money would go. Reporter-Your bank came through the panic all square? Mr. Ellis-Yes, but for all that the panic affected it. We found it impossible to collect outstanding accounts, and one bank in this city still holds $52,000 of our money, and will not give it up. Reporter-Have you any objection to naming that bank ? Mr. Ellis-It is the Third National. There is a controversy between us, but Mr. Coates will soon settle the matter one way or the other. Reporter-Your bank has formally suspended? Mr. Ellis-Yes; we have only received special deposits for some time. I request you to state that we made the unreserved consignment of all our property to Mr. Coates for the best interests of all our depositors and creditors. Reporter-Theie is no chance of resumption then? Mr. Ellis-None at all. The stockholders have all lost heavily, very havily some of them. We shall be satisfied if we can meet the claims upon us. We are willing to give up everything. MR. COATES. A reporter also called upon the Assignee, Mr. IssacP. Coates. at his residence on Michgan avenue. near Twenty-fifth street. He stated that he was appointed Assignee Friday afternoon, and immediately thereafter closed the bank. and locked up everything. He had not vet examined the accounts of the institution, but there were considerable assets, consisting of 10:es, credits, and real estate. There was no cash on hand when the assignment was made. If the assets were all good, the creditors would love very little. The bank had been doing a very small business lately, and they had been gradually liquidating. He would have the accounts and books examined immediately, and give a full statement of the affairs of the bank to the public as soon as possible.

4. July 24, 1874 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, July 24, 1874

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FINANCIAL AND INDUSTRIAL. -The Bank of Chicago, formerly the National Loan and Trust Company, has suspended, owing to financial embarrassments growing out of the panic. -Hundreds of European immigrants are now returning to their native country. More are now leaving than arriving. The failure to find employment these hard times is the occasion of this.

5. September 10, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 10, 1874

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# THE GAGE CASE. Waiting for Judge Dickoy's Opinion. Shrinkage in the Value of Securities. The stirring events, many of them of a similar character, that have happened throughout the country since the Gage dofalcation came to light, have caused that occurrence to be temporarily lost sight of by the public in general, and probably there could not be found twenty people in Chiengo who could tell offhand anywhere near how the matter stands at present as between Mr. David A. Gage, his bondsmen, and the city authorities. The subject will be soon revived, however, and it will then appear to what extent the city is to be reimbursed by the personal effects of the defaulter, and also the amount for which his bondsmen will be hold responsible. THE TRUST DEED executed by Mr. Gage and his wife has now expired, and it rests with the City Comptroller to proceed and sell for the city's benefit such of the property as has not been disposed of by Mr. Taylor, the Trustee. On the 27th of December, 1878, there was held at the Grand Pacific Hotel a meeting for the purpose of concluding the legal forms necessary to turn over to the city the property which Mr. Gage had offered to give up toward the payment of his deficiency as City Treasurer. At that meeting there were present Judge Norton, then Corporation Counsel, B. G. Caulfield, acting as his associate, Mr. D. A. Gage, and his counsel, Mr. Mattock. Mr. George Taylor, City Comptroller under the administration of Mayor Mason, was agreed upon as Trustee, and the trust deed was then delivered. According to its terms, various described lots and pieces of land, houses, etc., were conveyed in trust to Mr. Taylor, to be by him sold for the benefit of the City of Chicago. THE PROPERTY described in the trust deed was estimated in value as follows: Atwood farm, 254 acres (no incumbrance).....$200,000 Thirty acres in village of Lyons, containing two lime-kilns, engine-house, and seven houses rented at $1,500 (no incumbrance).... 15,000 Michigan avenue houses (no incumbrance).... 40,000 Parmeles stables property, 110x150 feet, corner of Franklin and Jackson streets...... 25,000. Total.....$280,000 Among the clauses and conditions in the deed was the following: Provided, however, and it is expressly agreed by the said David A. Gage, that this conveyance is not to be in any sense a satisfaction of any part of said indebtedness, nor shall the same be taken as any cause for any delay or interference with any other measures said city may have taken, or may take, to secure or to collect said indebtedness or any part thereof. Then follows a clause waiving exemption of homestead, etc. The deed continues as follows: In case said real estate shall not be sold in accordance with the provisions hereclubefore set forth, within the period of eight months from the date hereof, then said Comptroller shall have the power to order a peremptory sale thereof on such terms as shall to him seem best for the interests of the said City of Chicago. In witness whereof, etc, (Signed,) DAVID A. GAGE, ELIZA M. GAGE. PERSONAL PROPERTY. The following personal property, not necessary to be put on record, was turned over on a bill of sale and assigned to the Trustee: Bonds of the Chicago & Great Western Railroad Company (Riverside)................$350,000 Interest of 821 shares of church property at Riverside.. 4,000 Two notes of C. L. Woodman & Co., dated Nov. 1, 1873, at three and six months, $5,000 each 10,000 City of Chiengo vouchers in the hands of D. A. Gage..... 12,000 Insurance on his own life (not valued). 75,000 Total. $451,000 The valuation placed upon their personal property by the city authorities was $101,000, leaving out the $75,000 of life-insurance, which is a contingent security. SECURITIES TRANSFERRED. The following securities were also transferred to the Trustee: Bond of Second National Bank, with good sureties................ $115,000 Bond of Manufacturers' National Bank... 16,000 Bond of Bank of Chicago.. 15,000 Bond of Badger's Bank,. 2,500 Total. $147,500 The estimated value of the total amount turned over was as follow: Real property... $230,000 Personal property. 101,000 Bonds of suspended banks. 147,500 Total... $528,500 THE AMOUNT OF DEFICIENCY claimed by Mr. O'Hara in his demand upon Mr. Gage was $507,703.68, leaving an estimated balance of $10,796.42 in Mr. Gage's favor. That

6. May 20, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, May 20, 1875

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nance on the Tremoval of night-soil, which was 1 laid over. Adjourned. h THE COURTS. $ a Faint Hope for the Creditors of the T Hank of Chicago-Judgments and & New Mults. The Bank of Chicago better known AR the National Loan and Trust Company, in connection with the State Insurance Company, had its day in court yesterday to the disgust of its former Assignee, Issac P. Costes. When the bank went into vol1 untary liquidation it assigned all its property to Mr. Coates for the payment of its creditors. But 0 they fallod to get paid as fast an they desired, and one of thom, Alexander Cunningham, filed & creditor's bill on behalf of himself and all other creditors who chose to Join. Some time after, D. L. Hough, Esq., was appointed Itecolver by Judge Moora. Mr. Coates, howover, claimed be had the Lost right to the bank's property, and refused to delivor it over. A motion was made Tuesday for a rule on him to surrender. and yosterday Judge Moore decided it by granting the rule desired. It was claimed on the part of the complainant in the creditor's bill that Mr. Coates was in effect play.ug into the hands of the bank officers, and had grossly neglected to do his daty, and also that individual creditors had been taking care of their private interests ability. by suing the stockbolders on their individual liBy the order of the Judge, Mr. Coates is required to surrender every book or paper and all assets of every kind he may have belonging to the bank, and the unfortanate policy-boide.s of the State Insurance Company may hope to get & sinal drop or comfort in due titne. DIVORCES. f Henry B. Brush complains that bis wife, t Marian. has descried him, and ne therefore asks for a divorce. UNITED STATES COURTS. William Graif began a muit for 83,500 against T. C. Es.or, P. C. Goble. and W. R. England. BANKRUPTCY ITEMS. e Richards. Shaw, Fiten, & Winstow, claiming $403.97, and Eddv. Harvey & Uniter, claiming $75, filed au involuntary pasition agains; U. 11. Hatlated, a merchant of Morris, LII. They 5 charge that the debtor, about the 1st of May, made a traudulent assignment of all his gooda to Samuel Ward. A rule to show cause May 31 and injunction were Issued. or Sidner P. L. Underwood, a member of the Board of Trade, Illed # Detaion to 00 declared & 2 banarupt. Ца schedules show dobts amounting to about $35,000, and no assots to meet them. of The bankrupt was a insurer of Underwood, Burton & Co., and also of Underwood, Herron & Co. The CABO was referred to the Register. Smith. Jacob Gale WAS appointed Assignee of J. G. SUPERIOR COURT IN BRIEF. n, Horace Burton sued isaac Myer, W. Forrey, and Janies Baxter for $1,200. 6 Fried & Co. began a Buit for $2,000 against Isaao S. Rosebury and C. 11. Faich. er CRIMINAL COURT. William Armstrong pleaded guilty to the lar0ceny of two colls, and was seatenced to three 00 years at Joliet. Another indictment for bur0glary was stricken from the douzet, with leave to reinstate. d Matthew Barth pleaded guilty to burglary, and was remained for sentence. Another indict11, docset. ment for the same offense was stracken from the Charles Baker pleaded guilty to the larcenv of a sot of HAID from A. and A. Gran 115, and was sentenced to cighteen months in tuo l'enttentiary. It John Purwick was tried for the larceny of leadhe pipe from the home of Samiel Jacobs, found y, nguilty, and went to the Helorin School for four years. of & Mary Mallen pleaded guilty to the larceny of be two pieces of eno:u from T. Puolps & Co., and was remained for sentence. John Home was thed for the larceny of n via 10 quantity of clotuing, lound guilty, and remandod for sentence. of In the case of William Wray, for burglary, he mation was made for continuance, and the case m passed until the 23th inst. The attorneys of B. K. Turner, the alleged IEdeed-forger, were in couit vesterday to argue by the motion for a change of venue. The motion was passed until this morning. go The Grand Jury was discharged at noon of yesterday withou: completing the investigation of the Weich-Davian Casj, owing to the ausence all of material witnesses. The caso will occupy the nd attention of the next jury. THE GALL. JUDGE Garr-177, 187. 191 103, 193, 190, 200, 201, 203, 205 to 203, 210 to 214. JUDGE JAMESON-38, 42, 12½, 15, 40, 49, 51, 53. 031/2. 54 to G4. JUDGE Moons-40, 47. 48, 40. all Lie Judoa Roomas-146, 117, 153 to 175. JUDGMENTS. Supraion COUNT-COSPLSON-Haiman Lowry vs. Thomas S. Dickurson, $163,57,-Pridp Russed V3. of Menry and Freder.cke Breyer, $131.52 to JUDGE GART-U. M. Stemuardt 0: al. vs. John I. Wildams, $317.-F. M. Hale et at VS. Francis E. Hinckley, $1.1.-Urane Brothers Manufacturing Company als vs. Onicago Class and Water Works Construction Company, $3,000,21,-Jatnes McGinley, use of J. T. Mo. he Cord vs. Horace A. Huriburt, J. G. Curtise, E. F. std Lawrence, and Rodman Carter, $70). Cincuir COURT-COWFESSIONS-John Rowle VS. August C. H. Kraft, JUDGE Rooras-National Bink of North America vs, Nathau Blayer, debt $345,002.43, and damages $3,170.71. entire.-Daniel Metwen VA. A. T. Daty, $103.Citizens' National Bank of Fairbault Va, Ira Hohnes, $3,418,05,-11.1 I. Morgan vs. Thomas D. Boyder and the J. L. Los, $1,173,75,-John Knight vs. John Eabert, $1,1 9.40.-Handy, Simmons & Co. vs. George R. Clarge, Rouben P. Liyton, and O. P. Hilva,$130,-J. F. Norton YS. Monroe W. Johnson, $580.60.-L. B. Shepard et al., va. Francis cas Agnew, Jacger. $1.0.0,05 $204.10.-Thomas Nicholes et al. vs. Henry