4273. Chemical National Bank (Chicago, IL)

View Charter #4666 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 4666
Charter Number: 4666
Start Date: May 8, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: ba878135

Response Measures

Full suspension, Books examined

Other: Directors later abandoned resumption attempt; receiver appointed by Comptroller.

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1893-07-21
Date receivership terminated: 1900-05-02
OCC cause of failure: Fraud
Share of assets assessed as good: 47.0%
Share of assets assessed as doubtful: 30.3%
Share of assets assessed as worthless: 22.7%

Description

Newspaper accounts (May 8–10, 1893) describe heavy runs (Saturday and Monday) that exhausted the bank's cash and led to suspension on May 9. Comptroller/Examiner took possession and the World's Fair branch was closed; later efforts to reorganize failed and the Comptroller appointed a receiver in July 1893, so the bank did not successfully resume and was placed in receivership.

Events (5)

1. December 15, 1891 Chartered

Source: historical_nic

2. May 8, 1893 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals (runs) driven by poor investments/accumulation of paper and general monetary stringency; runs on Saturday and Monday exhausted funds.
Measures: Attempted to obtain clearing-house loan; later secured exposition-branch deposits by turning over securities to Equitable Trust Company; stockholders agreed to assessments to make good impaired capital; officials and examiners took charge.
Newspaper Excerpt: The Chemical National bank applied today to the clearing house for a loan of several thousand dollars... Heavy runs of Saturday and Monday were the cause of suspension
Source: newspapers

3. May 9, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed the heavy runs and inability to realize on accumulated paper/poor loans and investments; examiner assumed control and doors were closed (including World's Fair branch).
Newspaper Excerpt: The business of the Chemical National Bank of Chicago is suspended and I am in possession in the interest of the controller of the currency. JAMES D. STURGISS, National Bank Examiner.
Source: newspapers

4. July 20, 1893 Receivership

Newspaper Excerpt: the directors of the Chemical National Bank of Chicago have abandoned the attempt to reopen that bank... The controller of the currency today appointed Mr. John P. Hopkins ... receiver of the Chemical National Bank of Chicago, Ill.
Source: newspapers

5. July 21, 1893 Receivership

Source: historical_nic

Newspaper Articles (25)

1. May 9, 1893 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, May 9, 1893

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FAILURES. ROCHESTER, N. Y., May 8 - George A. Crouch, Jr., a lumber dealer, has assigned. The assets are $100,000 and the liabitities less, Dullness in real estate is the cause. CHICAGO, May S. The Chemical National bank applied today to the clearing house for a loan of several thousand dollars. Vice President Gage of the First National and President Lombard of the National Bank of America were appointed a committee to examine the Chemical's credit. Their report was positive that the condition of the bank was not such as would warrant them in authorizing a loan. The Chemical is not a member of the clearing house. A branch of the bank located at the world's fair grounds, and which has the exclusive privilege of the banking business there, has been thoroughly secured, and none of the depositors here can suffer. It was late this evening before the action of the clearing house was decided upon. Bank Examiner Sturgis will take charge of the bank immediately. The causes leading to the trouble are said to be an accumulation of paper upon which the bank has been unable to easily realize No estimate of the liabilities or assets can be given tonight. TRENTON N. J., May 8. - The Ott & Brewer Pottery company went into the hands of a receiver today, on Mr. Brewer's application. The petition estimates the liabilities at $137,000. The assets are not stated Ex Sheriff Wright was appointed receiver. Mr. Brewer, who is an ex-congressman, while in congress was a champiou of the protective tariff system, and in his petition says that bis failure is due to the great depression of trade and uncertainty as to the future. The firm is one of the oldest in the country. ROCHESTER, N. Y., May S.The patent medicine man H. H. Warner today filed a general assignment for the benefit of his creditors. No statement is given. He had succeeded in gaining time from his heaviest creditors, but was brought down by suits for jadgments brought at the time of the Yates failura

2. May 9, 1893 Evening Star Washington, DC

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STATE FUNDS TIED UP Closing of the bank on the Exposition Grounds. SPANISH EMBASSY HERE PROPOSED American Ladies Presented to Queen Victoria. WORLD'S FAIR BANK CLOSED. Uneasiness Felt by Some of the Depositors. WORLD'S FAIR GROUNDS, CHICAGO, May 9.Among the exhibits at the exposition today was a national bank under suspension. The exhibit was not an attractive or pleasing one in the eyes of the foreigners who had their money on deposit. but the fears of not getting it back were unfounded, The world's fair branch of the Chemical National Bank of Chicago, now in the hands of its doors the second Uncle Sam, floor usually opened D, on of pavilion administration building, at 9 o'clock The news to into directors known had decided go that liquidation the bank was to most of the English-speak= ing before the hour arrived. depositors They long had banking read in the morning papers that ample securities had been turned over to the Equitable Trust Company to cover the money on deposit at the exposition branch, but they thought it would be a good idea to drop into the bank this morning and see if they could get a little money to pay current expenses. Among the earliest callers was National and State Commissioner John B. Thatcher of New York. The state funds of the world's fair expenses on deposit in the bank were in late name, although he is not treasurer. The commissioner smiled and said he wasn't concerned about the safety of the state's money intrusted to him, but he intended to present a check for $9,749. which was all New York had on deposit. just a a formality to show that he had done his duty, When Mr. Thatcher handed the check to Paying Teller Jareus that gentleman replied that the bank was not open. So the commissioner waited for something to tur up. H. H. Kern.o of the Kansas commissioners, who is also superintendent of the state building. was anxious about the $1,100 of state money, and he talked dubiously about getting it out quickly, if at all. He presented a check for 8475, but did not get the cash He deposited 81,100 Saturday and felt a little blue. The chances a if the bank doesn't pay it," said the commissioner, "that I will have to make it good. The Kansas people are peculiar that way. The fund of $65,000 is nearly exhausted, and I doubt if we shall have money enough to pay all our bills if I do get this $1,100. THE BANK CLOSED. The doors of the Chemical National Bank in this city did not open for business this morning. This notice was posted on the door of the bank: "The business of the Chemical Bank of is suspended and I am in Chicago, the interest National possession in of controller of the currency. JAMES D. STURGISS, National Bank Examiner. A statement of assets and liabilities of the bank will probably be given out this afternoon. THE BRANCH CLOSED. At 9:25 came a telephone message from Cashier Baden at the down-town office of the suspended bank to close the doors of the exposition branch. This was done and soon there was a line of anxious, complaining depositors, some representing themselves and others states or concerns. They wanted to get in close to the paying teller's window. but he talked to those who understood English in a reassuring was and some went away. The paying teller said he would have paid the checks presented before the doors were closed, but he had not the combination to the vault. Treasurer Seaberger of the exposition was an early caller. He said he had a small account with the bank. but was confident every depositor would be paid in full and quickly. The question of a successor to the Chemical National Bank at the fair is one to be decided by the directory at its next meeting. The United States government national mission. Missouri board and other commoney the bank. The Chemical $10,000 for its ing Bank business paid in privilege states National of have doin the world's fair always done a good of the bank people will and troubles foreigners has begin business. when grounds, The the from the midway plaisance villages, or no English and learn of the able bank who speak has natures. little suspension. have excit- The a good deal of their money in large and small accounts, and the depositors will want it back in a hurry. LARGE ATTENDANCE After the first open night the attendance this morning was large, considering the thousands came night. Their visit who their appetite last only whetted for more. and the weather. barring the standing breeze the lake. was favorable for another big dav. Among the early visitors were the Vermont officials and members of the Press Association of that state, who came to take part in the dedication of the Vermont building tomorrow. The party WHR: Gov. Fuller, Lieut. Gov. Stanban, Secretary of State Congressman Grout, ex-Gova. Diland lingham, Brownell, Farnham Pingree.

3. May 10, 1893 The Herald Los Angeles, CA

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NOT A BAD FAILURE. The Chemical National Bank will Pay Dollar for Dollar. CHICAGO, May 9.-As soon as the news of trouble in the affairs of the Chemical National bank became known at the world's fair grounds, this morning, anxious crowde gathered around the branch of the bank, which is the official bank of the world's fair, and located in the administration building. The bank doors, however, were tightly closed, and nobody could learn anything as to the prospects of getting money, though simultaneously with the notice of the difficulty in which the bank was placed, it was said the depositors in the branch had been fully served. It was a quiet crowd, most of the depositors being Americans, but some foreign depositors animadverted somewhat severely on the exposition management for giving official sanction to the bank which they took for a guarantee. The cashier of the branch had gone to the main bank to consult with the afficials, and till he returned no one at the branch could get any information. It appears that some foreigners deposited in the main bank down town, which complicates matters. As anticipated, the main bank also closed doors. The capital of the bank is $1,000,000. It has deposits something over $900,000. The bank is not a member of the clearing house. The failure had no effect in financial circles. Poor judgment in making loans and the monetary stringency are the cause of the failure. Bank Examiner Sturges said it is not e bad failure, but from what he knows 80 far thinks it is a complete one, to the point that resumption of business is not at all likely, He gave assurance that the depositors would not lose anything. President Curry said the depositors would receive 100 cents on the dollar, and within four or five days could be paid at least one-third of their claims. Heavy runs of Saturday and Monday were the cause of suspension; had they had two days more they would have tided over the difficulty. The general opinion among financial men is that the trouble came through bad management and poor investments. The world's fair directors have made ample provision for the payment of all the foreign commissioners and foreign exhibitors who had deposted funds in the world's fair branch of the bank. They will be paid in full and at once from the assests of the bank. In addie tion to this 30 Chicago men, representy ing as may millions of capital, have pert sonally guaranteed the payment of all President Higinbotham of the local t world's fair directory, and President e Palmer of the national commission de0 clare the management has done nothing to make the world's fair responsible for the debts of the Chemical National bank. WASHINGTON, May 9.-The failure of the Chemical National bank of Chicago was not unexpected here, in view of the recent report of the examiner.

4. May 10, 1893 The Morning News Savannah, GA

Article from The Morning News, May 10, 1893

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A CHICAGO BANK FAILS. It Had a Branch Office on the World's Fair Grounds. Chicago, May 9.-Among the exhibits at the exposition to-day was a national bank under suspension. The exhibit was not an attractive or pleasing one in the eyes of the foreigners who had money on deposit, but the fears of not getting it back are unfounded. The world's fair branch of the Chemical National Bank of Chicago, now in the hands of Uncle Sam, usually opened its doors on the second floor of the pavilion d'Administration building at 9 o'clock. At 9:25 o'clock came a telephone message from Cashier Baden at the downtown office of the suspended bank to close the doors of the exposition branch. This was done and soon there was a line of anxious, `complaining depositors, some representing themselves, and others states or concerns. They wanted to get in close to the paying teller's window, but he talked to those who understood English in a reassuring way, and some went away. The paying teller said he would have paid checks presented before the doors were closed, but he had not the combination to the vault. SEABERGER NOT ALARMED. Treasurer Seaberger of the exposition was an early caller. He said he had a small account with the bank, but was confident every depositor would be paid in full and quickly. The question of a successor to the Chemical National Bank at the fair is one to be decided by the directory at its next meeting. The United States government national commission, the Missouri board and other states have money in the bank. The Chemical National Bank paid $10,000 for the privilege of doing business in the world's fair grounds and has always done a good business. The troubles of the bank people will begin when the foreigners from the Midway plaisance villages, who speak little or no English and have excitable natures, learn of the suspension. The bank has a good deal of their money in large and small accounts and the depositors will want it back in a hurry. THE DOWNTOWN BANK CLOSED: The doors of the Chemical National Bank did not open for business this morning, This notice was posted on the door of the bank: The business of the Chemical National Bank of Chicago is suspended and I am in possession in the interest of the controller JAMES D. STURGESS, of the currency. National Bank Examiner. In conversation with a reporter this afternoon, President Higinbotham of the world's fair directory denied that the council of administration had in any way indorsed the Chemical National's branch at the fair grounds. Bank Examiner Sturgis said to-night that it would be at least a week before of he could prepare statements the assets and liabilities. The only thing he learned to-day was the amount of cash on hand. What the figure was he refused to say. It is probable that the world's fair directors will devise some means for the relief of the bank's customers. The banking concession at the grounds will be promptly awarded to some concern of undoubted standing.

5. May 10, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, May 10, 1893

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CHICAGO FAILURE Chemical National Bank, With a Capital of $1,000,000, Goes to the Wall. Said the Depositors Will Be Paid in Full-Had a World's Fair Branch. Warner, of Patent Medicine Fame, Forced to the Wall by Creditors. CHICAGO, May 10.-The Chemical National bank of this city, which established a branch at Jackson park where world's fair concessionaires have been depositing their cash, has closed its doors. It is said the depositors will lose nothing. The deposits of its world's fair branch have been secured. Will Pay in Full. "Within four or fine days we will have enough money to pay one-third of our depositors," said Mr. Corry to a reporter for The United Press, "and in time every creditor will receive 100 cents on the dollar. This bank has good backing, and its stockholders, who are solid business men, will make good every one of its debts. A levy will be made on the stockholders of 10 or 15 per cent. and as, under the banking act, they are responsible for double their stock, it is only a question of time when everybody will be paid in full. The reason we suspended business was because the extraordinarily heavy runs of Saturday and Monday exhausted our funds.

6. May 10, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, May 10, 1893

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THE Chemical Bank of Chicago, which had the World's Fair branch, has suspended, but the president says all depositors will receive their money in full. This is a bad note for the fair, but there is the peculiar comfort that it had not ac cumulated enough money to cause either great loss or distress. The fair has not opened prosperously. If it is to be a great success there must be a great change somewhere.

7. May 10, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, May 10, 1893

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An Anxious Crowd Gather at the World's Fair Branch, THE SIOUX CITY FAILURES. Liabilities of the Union Loan and Trust Company $8,000,000. Comptroller of Currency Eckles Will Have Banks Examined Semi Annually - No Two Successive Examinations by the Same Man. 9.-As soon as of in the affairs CHICAGO, the trouble May of the the Chemi- news cal National bank became known on the World's fair grounds this morning, an crowd gathered the which is anxious branch of bank, around the located official the in bank of the World's fair and is the building. were tightly however, administration closed, and The nobody doors, could learn anything as to the prospects of getting money, though simultaneously with notice of the the is it was bank the placed difficulty said the in deposit- secured. which ors in the branch had been fully It was a quiet crowd, most of the depositors being American, but some of the foreign depositors animadverted management somewhat severely on the exposition for giving official sanction to a bank which they took for a guarantee. had deposited with the bank of money Most of the foreigners and their letters credit were honored at that institution. As soon as it became generally known that the bank was closed a crowd gathered the doors pafor the tiently around appearance and of waited Cashier Brayton. That gentleman did not put in an appearance, having been summoned down town to consult with officials of the bank. Strenuous efforts were made by the deto get in but the clerks kept the doors for a time but it was prevailed positors when locked. Considerable stated things that excitement the quieted bank to in full. comexpected down positors, however, pay refused Some them to of from be the out deforted, as a great many of of town had no means to replenish their exchequer at short notice. At a meeting of the national commission ais afternoon the matter was brought up by Commissioner Gammon of Oklahoma, who offered a resolution reciting the fact of the failure and asking the appointment of a committee of six to investigate the matter and report as to the advisability of permitting the bank to resume business on the grounds. Several disseating voices were heard to the effect that the commission had no to the but number were it had. After a right an investigate equal lengthy debate affairs of the positive the resolu- bank tion was adopted and the committee appointed. As anticipated the main bank has closed. The capital of the bank is $1,000,000. It has deposits amounting to something over $900,000. It is expected the depositors will be paid in full. The bank was not a member of the clearing house. The failure had no effect in financial circles. Poor judgment in making loans and the monetary stringency are the causes of the failure. President Bigginbotham of the local World's fair directory and President Palmer, of the national commission, declare that the management has done nothing to make the World's fair responsible for the debt of the Chemical National bank. A telegram from Washington says: The failure of the Chemical National bank, Chicago, was not unexpected here in view of the recent report of the examiner. Bank Examiner Sturgis said it is not a bad failure, but from what he knows so far he thinks it is a complete one, and to such a point that a resumption of business is not at all likely. He gave assurance that depositors would not lose anything. President Curry said depositors would receive one hundred cents on the dollar, and that within four or five days they would be paid at least one-third of their claims. The heavy runs of Saturday and Monday were the cause of the suspension. Had they had two days more they would have tided over the difficulty. The general opinion among financial men is that the trouble came through bad management and poor investments. The World's fair directors have made ample provision for the payment of all foreign commissioners and foreign exhibitors who had deposited funds in the World's fair branch of the bank. They will be paid in full at once from the assets of the bank. In addition to this thirty Chicago men representing as many millions of capital have personally guaranteed the payment of all moneys due foreigners.

8. May 10, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 10, 1893

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FINANCIAL New York. NEW YORK, May 9.-The stock market was erratic in its movements throughout the day. There were sharp rallies at intervals, but the tendency of prices in the main was downward, owing to reports that the government crop report to be issued tomorrow will be most unfavorable, and the collapse of the Chemical National bank of Chicago. which led to rumors affecting the credit of other financial institutions of that city. The decline at the start was equal to 37/8 in National Cordage, 21/2 in Sugar, and 1/2 to 2 per cent in the remainder of the list. Before the expiration of the first half-hour, American Sugar suddenly rose from 871/2 to 91, and a sharp rally ensued in sympathy, but the closing of the National Cordage transfer books, the rumors that the amount of the company's paper outstanding was far in excess of recent estimates and reports, which were subsequently denied, that application had been made for a receiver for the Distilling and Cattle Feeding company, plunged the market once more into depression. As compared with the final quotations of yesterday, National"Cordage preferred dropped 22 points to 38, common 43/6 to 121/2; Distilling and Cattle Feeding. 31/6 to 181/2; General Electric, 51/4 to 758/4: American Sugar, 45/8 to 85%; Northern Pacific preferred, 21/9 to 345/; Rock Island, 21/2 to -7034 Omaha, 23/4 to 433/4; Lackawanna, 21/2 to 13014 and America Cotton Oil, 61/2 to 331/2. The losses to the remainder of the list were 1/2 to 2 per cent. The lowest quotations were touched after delivery hour. During the last fifteen minutes of business a rally of 1/4 to 11/2 per cent occurred, and the market left off steadier in tone at the rally. The borrowing demand was unusually active, showing that an extra large short interest exists. Cordage preferred and Burlington & Quincy commanded 1/8 per diem for use, and Western Union, Rock Island, General Electric, St. Paul and Louisville & Nashville lent flat. The Total Sales of Stocks

9. May 12, 1893 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, May 12, 1893

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CHICAGO, May 11-Tue tional bank of this city suspended today The bank had offices in the Insurance exchange. The deposits are $1,400,000 and the capital $1,000,000. Rumors that the institution was in trouble have been current for the last week. It did business with small country banks, and was not in of esteem with the other banking concerns the city. Bank Examiner Sturgis assumed charge of the bank shortly after total the suspension was announced. The assets of the bank are placed at $2,250,000 the liabilities at $1,500,000. There run on the of the Chemical National, closing been and a constant bank since and close that the is what determined the directors to the doors. The Columbia was not a member of the clearing house. Lyman,J. Gage says that it made application for memberbut. after an examination affairs, it was ship of the a bank's year ago, statement denied. Presi- that dent Wiggins has issued a all the depositers will be paid in full. The president said that the immediate cause of the failure was the bringing of and & suit against it by the Sioux City Loan Trust company, which failed a few days The Sioux City concern at the time ago. of its collapse had $35,000 deposited in this the Columbia bank. When a draft for amount was presented the Columbia people refused payment, claiming that they had loans outstanding against the Sioux City company which equaled the amount the of the latter's deposit. The news of suit caused a run on the Chicago institution, which they were unable to stand. INDIANAPOLIS, Ind., May 11.-The Capital National bank suspended this morn- the inz. The statement is given out that saspension was caused by the suspension of the Chemical National bank of Chicago, which banked owed the Capital National large sum of money. The bank also H carried a large amount of the Premier Steel company's paper. The latter concern Friwent into the hands of a receiver last The bank is the depository for the a of building associations, of the suspension announcement day. number and came as a great shock to the people. A statement issued by the officers of fall- the Capital National bank states that the Chemiis due to the suspension of the cal ure National bank of Chicago, with which it had a deposit of $79,000. The statement liabilities further that the assets and says of the bank at the close of yesterday's business were $1,465,962 each. The officers the of the bank think that the affairs of be bank are in such shape that they can settled up without injury to the business interests of Indianapolis. The bank was not a member of the clearing house. None of the other banks here feel that there is any cause whatever for alarm regarding financial matters. WILMINGTON, Del., May 11.-R. R. Robinson & Co., bankers and brokers, of this city, failed today. The liabilities are at estimated at $300,000 and the assets $100,000. DeHaven and Townsend of Philadelphia the principal creditors. Their claims of amount are to about $60,000. The causes the failure, as explained by the firm, the are follows: The indorsement of notes, decline as in the stock market, carrying the stocks for customers and protecting stocks of customers without being taken protected by them. The sheriff has The charge of all the property of the firm. The failure has been expected for weeks. outstandinclude real property and in assets accounts. The firm was organized and ing and consists of H. C. Robinson his 1848, J. Norris Robinson. It is thought that son, the firm ultimately will be put on foot again. SIOUX CITY, Ia., May 11.-A receiver today appointed for the Sioux stock- City was works. on application of the Engine The assets of the company are at piaced holders. at $231,000 and the liabilities to the The failure is charged Sioux $200,000. City National bank, which failed to give credit for $35,000. Assignee Hubbard of the Union Trust Loan Trust company, the Hedges filed an and and D. Hedges, today schedcompany of the values of the assets Union estimate uled in the three assignments. The at $1,Loan company's assets are placed of $1,against an original estimare at $7,351,574, The liabilities are placed origin468,038. The assets of D. Hedges, down to 000,000. placed at $2,247,000. are cut at ally and the liabilities are placed $307,577, The Hedges Trust company's $1,022,000. estimated at $475,000 originally, discrepanassets, cut down to $183,018. The the are in both the latter cases lie between cies face value of securities and the assignee's estimate of their value.

10. May 12, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, May 12, 1893

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BANK FAILURES. Columbia National at Chicago and Capital National at Indianapolis Suspend. Liabilities of the Latter Are Over a Million, With Assets a Quarter of That Sum. Actual Condition of the Columbia National Not Yet Given Out. ab INDIANAPOLIS, May 12.-The Capita National bank of this city has suspended payments. No statement has yet been given out. The suspension was caused by the failure of the Chemical National bank of Chicago, and the Premier steel works of this city. The Chemical bank is a debtor to the Capital National to the extent of at least $90,000. The liabilities of the bank are about $1,050,000. The paid up capital stock is $300,000, and the assets are estimated at $250,000.

11. May 12, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 12, 1893

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FORCED TO SUSPEND. The Columbia National Bank, at Chicago, Closes Its Doors. CHICAGO, May 11.-The Columbia National bank of this city suspended today. The bank had offices in the Insurance Exchange. The deposits were $1,400,000 and the capital $1 000,000. Rumors that the institution was in trouble have been current for nearly a week. It did business with small country banks and was not in esteem with the other banking concerns of the city. As to the cause of the failure, those who should know say that collections on loans have been poor. The officers of the bank are T. Everingham, president; W. G. Bentley, vice president; Zimri Diggins, cashier; John T. Green, assistant cashier. Notices announcing the suspension of the bank were posted on the doors, and a few moments later James D. Sturges, bank examiner, assumed control in the interest of depositors and under authority of the comptroller of currency. The Columbia National was reorganized two years ago, out of theold United States National bank. Estimates by bankers intimate with its affairs make this showing: Assets, $2,250,000; liabilities, $1,500,000. A constant run on the bank since the announcement of the Chemical suspension decided the directors to close the doors. A call for help was made, but, as the bankers were not notified until this morning, insufficient time was allowed for an investigation and the request was denied. The Colnmbia was not a member of the clearing house. Zimri Dwiggins, the cashier of the Columbia, assigns as the immediate cause of the failure of his bank the suit which was brought against it by the Sioux City Loan and Trust company, which failed a few days ago. The Columbia was the Chicago bank with which the Sioux City concern did business, and their deposit in the bank at the time of their collapse in Sioux City amounted to $35,000. A draft was drawn on the Columbia for this amount. When the draft was presented by a man from Iowa the bank refused payment, claiming that it had loans outstanding against the Sioux City company which equaled the amount of their deposit. Immediately on this refusal of the bank to honor the draft, the company entered suit against the bank. The news of the suit spread and caused a run on the bank, which they were unable to withstand. A meeting of the officers and directors was held this afternoon. and at its con. clusion it was announced that the bank would probably resume business in a short time. Cashier Preston, of the Metropolitan National bank, through which the Columbia National cleared, said tonight that the failure was not a bad one, and that he saw no reason why the suspension should be anything but temporary. WASHINGTON, May 11.-Comptroller Eckels has designated D. A. Cook, bank examiner for Illinois outside of the city of Chicago, to take charge of the Columbia National Bank of Chicago. He has also telegraphed Hugh Young, bank examiner for Western Pennsylvania, residing at Pittsburg, to proceed at once to Indianapolis and take charge of the Capital National bank, of that city. Comptroller Eckels was today advised that the stockholders of the Chemical National Bank of Chicago, whose failure was recently announced, will make good the impaired capital as soon as the exact amount can be ascertained, and the bank will resuine busiit is ness. Every cent, asserted, that the will de- be paid, and it is understood positors at the world's fair branch have already been paid.

12. May 13, 1893 Macon Beacon Macon, MS

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Saturday May 13, 1893. James Rencher, the negro who assassinated Mr. R. P. Hairston, a merchant near Hayesville, Ala., was hung in Eutaw yesterday. Carlyle Harris, the wife murderer was electrcuted last Monday. With his last words he protested his innocence. The Bankers' Magazine is authority for the statement that the farm mortgages of Kausas amount to $236,000,000; Indiana, $640.000.000; Iowa. $567,000,000; Michigan, $500,000,000; Ohio, $1,431,000.000. At 6 per cent per annum $202,000,000 to pay the interest on these fiye States alone. Will Bradley, of Jackson, Miss., died yesterday of throat trouble, caused by excessive use of cigarettes, The Federal Grand Jury at Jackson found 185 true bills, mostly for illicit traffic in whiskey, and nine for driving settlers off of homesteads. The Chemical national Bank of Chicago, wiil resume business in a few days. Every cent of depositors will be paid. The New Orleans Item, published the charter of the "Sherronse Medi-Co., limited," successors to Techenor & Sherrouse proprietors of the famous anticeptic, Col. A. Y. Harper, the great states rights man, has been appointed to a position under the first assistant post master general. Two editors in Mississippi have received the rewards they justly deserved. Capt. J. S. McNeilly has been appointed Marshal of the Southern District of Miss., and Capt. R. W. Bauks has been appointed Receiver of public moneys at Jackson.

13. May 18, 1893 The Somerset Reporter Skowhegan, ME

Article from The Somerset Reporter, May 18, 1893

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The exhibit made at Chicago in rotten banking is not very creditable to any city. The Chemical national bank has suspended and the Columbian national bank with a dozen or two small banks in surrounding cities connected with the latter. The Columbian was patronized by the World's Fair managers but if they are going to make a financial exhibit they should select better material.

14. May 19, 1893 New-York Tribune New York, NY

Article from New-York Tribune, May 19, 1893

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ANOTHER WESTERN BANK GOES DOWN. THE EVANSTON NATIONAL OF ILLINOIS CLOSED -GRAIN DEALER'S IN TROUBLE. Chicago, May 18 (Special).-Some more of the aftermath of the Chemical and Columbia National Bank failures came to the surface 10-day. The Evanston National Bank, of Evanston, which did business with the Chemical, falled to open this morning, the following notice, signed by Henry Wells, the president. being posted on the door: "Owing to heavy drains made upon our deposits and the stringency of the money market this bank suspends payment. Depositors will be paid in full." All the men connected with the bank declare that depositors will be paid in full and that the bank will reopen in three days. The capital stock of the institution is $100,000. The last public statement was made March 6, when the amount of deposits was given ás $161,023 81 Since that time, however, the bank has been in bad standing. and depositors have gradually drawn out. Since Monday the bank. paper has not been accepted by the Chicago Clearing House. Rumors of the shakiness of the bank have been current for the last week or so. The concern cleared through the Chemical National until that bank falled. Then the officials of the Evanston Bank requested the privilege of clearing through the Metropolitan Bank, which consented to pay their checks as long as they kept enough money at the Metropolitan to cover all claims. Yesterday their deposit became exhausted and the local bank refused to honor any more of the Evanston Bank's checks. Bank Examiner Caldwell was seen In regard to the cause of the suspension and gave the following statement: "I received orders yesterday from Washington to examine the bank and did so. On reporting Its condition to Controller Eckels, I received orders to close the bank at once. The bank was suffering from a run and did not have the money on hand to pay out. As matters stand. there is $60,000 in deposits unpaid. I see no reason, so far, for depositors not being paid In full." N. A. Hill, vice-pre-ident, attributed the sudden run the failure of the Chemical at Chicago. "We did not to lose much by that failure, but It was known here that the Chemical was our correspondent," said he. This scared depositors and they began drawing out money faster than we could realize on our securities." "Was there no other reason for the run ?" Hill was asked. After some hesitation he replied: "Well, I suppose our president's trouble with a number of lumber deals he was in hastened matters. He was a heavy loser by the failure of the Cafro Lumber Company. and was also a loser in several other lumber failures. These matters became noised about and the run began." Among the business men about town the suspension is thought to have been caused by poor financiering methods. This afternoon the Board of Trade firm of N. 11. Warren & Co. closed Its deals. The firm has been on the bull side of corn for a long time-in fact, ever since the market was in the 50s-and the drop since has been rapidly exhausting its ready means. The crowning trouble was the fact that their funds were locked up in the Columbia Bank. As the firm was not in a position to respond to additional calls, those having trades with it deemed it predent to close them out. So at the start there was free selling for this account, and July touched 42 cents. About 600,000 bushels were closed out on the firm's account. The failure-If such it may be calledproduced very little excitement.

15. June 9, 1893 The Sun New York, NY

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PANIC ALLAYED. The Knn on Chicago Banks at an End-Bank and Commercial Failures. CHICAGO. June 8. - Tho run on the savings banks of this city has exhausted itself. There was no real local cause for the excitement. The failure of the Dwiggins bank was no cause for alarm. The closing of the Chemical Bank entailed no loss to depositors, and the Institutions presided over by Schaffner and Meadowcraft Brothers were of an entirely different class. being houses for the handling of commercial paper." The banks stood the assaults upon them firmly and furnished additional proof that the confidence heretofore placed in them is really deserved. The result should be so convincing as to prevent any other drain upon teem in response to idle reports which have only an imaginary foundaion. Conrad Niehoff. private banker. at 49 La Salle street, suspended businessthis morning. An assignment for the benefit of all creditors WAS filed in the County Court transferring the banker's property to Adam W. Jaeger as assignee. The assets are scheduled at $90,000 and liabilities at $60,000. The refusal of the bank through which Niehoff cleared to pay checks caused the trouble. The bank was conducted under the title of Conrad Niehoff & Co., but the banker had no associate in business. Ferdinand Gehrke. who has been doing a private banking business at 1,207 Milwaukee avenue, has assigned to Hans N. Neilson. The liabilities are placed at $33,000 and the assets at $40,000. The State street jewelry firm of Keuhne & Kappleman was forced to suspend business this morning. Their assets are placed at $30.000. while the liabilities are said not to exceed $20,000. The failure was caused by the firm's inability to meet paper held by one of the banks. an extension of which was refused. The American Trust and Savings Bank. assignee of Herman SchafTner it Co., filed a petition before Judge Scales to-day. asking for instructions as to what disposition should be made of a large number of notes which had been placed in the hands of the bank for collection and to be sold. The Court ordered that the note of $2,000 left by W. W. Bell be turned over to him at once. Schaffner's disappearance is as mysterious as ever. The derby hat found in an empty boat off Diversey street has been found to flt the head of the body taken from the lake on Tuesday. and young Schaffner says itwas not his father's hat anyway. President John J. Mitchell of the Illinois Trust and Savings Bank sent to-day a check for $500 to the Policemen's Benevolent Association. The check was pinned to a personal letter addressed to the Chief. in which the donor explained that the check was a contribution. suggested by the kind. courteous. and gentlemanly conduct of the police who were detailed at the bank during the recent run. The contribution is the largest ever received for the fund at one time. OTHER BUSINESS TROUBLES. ASHLAND, Wis.. June 8.-The Bank of Washburn closed its doors yesterday morning. The officers say the suspension is only temporary and is on account of financial stringency and the bank will reopen in a few days. It is a private institution, with a stated capital of $25,000. and a surplus of $12.000. The deposits are about $40,000. A. C. Robert. the President, says depositors will be paid in full. SHELL LAKE. Wis.. June 8--Owing to the failure of the bank of A. C. Probert at Washburn. the Shell Lake Savings Bank. of which he is the principal owner. suspended yesterday. It is said the depositors will be paid in full. The assets and liabilities are not known. MILWAUKEE. June 8.-T. H. Brown & Co.. carriage manufacturers. have assigned to O. L. Rosecranz. who gave bonds for $75,000.

16. June 16, 1893 The Sun New York, NY

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BANKS IN TROUBLE. The First National of Arkansas City, Kan., Closes Its Doors. ARKANSAS CITY. Kan.. June 15.--The First National Bank of Arkansas City. Kan.. closed its doors to-day. It was organized June 30. 1885. with a capital stock of $50,000. which it afterward increased to $125,000. When examined in December. 1892. it had a capital of $125,000 and surplus and profits as shown by its books mounting to about $90,000. but the Examiner's report showed that excessive loans and discounts to the amount of $180,000 had been made to ten parties. and that loans and discounts to the amount of $60,000 had been made to the President. William Steeth. the cashier. H. P. Farrar. and the assistant cashier. F. W. Farrar. The Examiner estimated that losses to the extent of $140,000 had been sustained by the bank. and the Comptroller. in criticising the report then made. directed the bank to use its surplus and profits to charge off $90,000 of this estimated loss. and gave notice of an assessment of $50,000 upon the bank to make good the impairment of capital shown to this amount. The bank WAS again examined on April 20. and the Examiner. being still of the opinion that the capital was impaired by losses sustained upon its Assets. the Comptroller thereupon notifled the bank that the assessment must be paid in by the shareholders without further delay. The closing of the bank is due to the fact that having most of its resources tied up in loans and other investments which could not be converted into cash. it was unable to respond to the demands of depositors, the bulk of the deposits being payable on demand. The President and the cashier appear to have been the main managers of the bank. and to their conduct of affairs in a large measure is due the condition which brought about the collapse of it. This afternoon Comptroller Eckels appointed Hiram Walworth of Plattsburgh, N.Y., receiver of the bank. ST. LOUIS, June 15.-8. Bonham. banker. at Fairfield. Ills., has failed. INDIANAPOL'S June 15.-The Comptroller of the Currency has extended the time for reopening the Capital National Bank until Monday next. at which time it will resume. The bank now has $500.00 in its vaults, and the directors announce that it will have $750,000 with which to open its doors. sufficient to pay every depositor on sight. ANDERSON. Ind.. June 5.-The Farmers' and Merchants State Bank at Fairmount, Grant County, just north of here. closed its doors yestorday and assigned to Philip Matthew of Marion. Ind. Quite a crowd of farmers rushed for the bank and threatened to use dynamite under it. Alpheus Henley. J. E. Winslow, and Lovi Scott are its officers. It had a paid-up capital of $50,000. with a surplus of $5,000 at the last report. CHICAGO. June 15.-Atn meeting of thestockholders of the Chemical National Bank yesterday it was decided to resume business. Steps were taken toward reorganization WESTON. O., June exchange Banking Company of this place has closed its doors. The bank had a run and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar. BOSTON. June 15.-Receiver Trask of the Order of the Unity has discovered a defleit in the treasury accounts of the order amounting to between $18,000 and $20,000. He also reports the destruction or concealment of important books and vouchers. Charles A. Klinnton. Suprame Treasurer of the order. through whose hands all the money passed. has been missing from his residence in Somerville for nearly a fortnight and cannot be found.

17. July 19, 1893 Waterbury Evening Democrat Waterbury, CT

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Chemical Bank Cannot Resume Now. CHICAGO, July 19.-The - committee having in charge the reorganization of the Chemical National bank. which suspended sometime since, has decided that resumption of business is not practicable at the present time.

18. July 21, 1893 Richmond Dispatch Richmond, VA

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ECKELS TO DENVER. Policy of the Administration with Reference to Broken Banks. [By telegraph to the Dispatch.] WASHINGTON, D. C., July 20.-Mr. James H. Eckels, Comptroller of the Currency, immediately on his return from New York this morning, addressed to the National-Bank Examtner at Denver 8 dispatch defining the policy of the administration wich reference to insoivent bank. ing institutions generally as follows: Frank Adams, National-Bank Examiner, Denver. Col.: "I wish you would announce to the officers of the banks which have failed in Denver that It is my intention to lend them every aid possible looking towards speedy resumption on their part, and that I shall grant to them sufficient time to enable their not only to collect in such amounts as are speedily collectable but to get together such amounts of money as will enable them to open upon a small basis. It seems to me that such citizens as have. by their fooilsh course of conduct in withdrawing deposits from banks which have 80 long enjoyed their complete confidence, brought about this condition ought. in view of the damage they have done their city, as quickly as possible repair it by standing ready to deposit with them. I fully appreclate all the circumstan es of the situation, and that no unnecessary loss may be entailed you to as assistants to proand moneys comare tect authorized paper collect employ in the most petent and trustworthy employees in such institutions. I have also ordered Examiner McHugh, of Iowa, to report at once to assist you. 1 desire that this telegram be given to the press at Denver, evidencing as it does that the Comptroller has faith in the ability of the banks of Deaver to resume and that it 18 his desire to lend them every assistance consistent with his official duty." When asked to express more fully his views on the condition of aff Ars, Mr. Eskels said the failures in Denver yesterday, like a number of other national-bank failures, were caused by no fault of the bank officials, but through a foolish and uncailed-for lack of confidence on the part of depositors. "It is my intention." he said. "where a bank has been properly conducted, and where the assets under ordinary circumstances would have permitted it to remain solvent, to give the institution every opportunity to resume business. Ail the Denver banks that faile1 were well conducted. and every opportunity will be given them to reopen. The people who have cause this Denver disaster by foolish runs should do all they can to help the banks to resume." The Comptroller has been notified that the directors of the Chemical National Bank of Chicago have abandoned the attempt to reopen that bank. They were unable to collect the assessments required. GOOD EFFECT OF THE NEWS. DENVER, COL., July 2Q.-The cheering news from Washington had a wonderful effect upon Denver this morning. The dispatch from Comp. troller-of-the-Currency Eckels to the effect that he would give every possible aid to the banks of the city was applauded on every side. The newspapers are running off extras announcing the news, and already things begin to wear a bright aspect. The officers of the severalclosed banks all notify the public that they will be able to pay every cent due to customers. though in some cases it will take some time to realize on securities.

19. July 21, 1893 The Morning News Savannah, GA

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ECKELS SENDS GOOD CHEER. The Government to Stand By the Denver Banks. Each of Them to Be Given Every Opportunity to Resume Business-All of Them in Good Condition if the People Would Keep Cool-The City Much More Cheerful on the Receipt of the Good News. Washington, July 20.-James H. Eckels, controller of the currency, immediately on his return from New York, this morning addressed to the national bank examiner at Denver, a dispatch defining the policy of the administration; with reference to insolvent banking institutions generally, as follows: Frank Adams, National Bank Examiner, Denver. Col.: I wish you would announce to the officers of the banks which have failed in Denver that it is my intention to lend them every aid possible, looking towards speedy resumption on their part, and that shall them sufficient them not to collect as are grant only to in such time amounts to together enable speedily collectible, but to get such amounts of money as will enable them to openupon a small basis. It seems to me that such citizens as s have by their foolish course of conduct in withdrawing deposits from banks which so long enjoyed their complete confidence and brought about this condition ought, in view of the damage they have done their city, as quickly as possible to repair it by standing ready to deposit with them. fully appreciate all the circumstances of the situation. and that no unnecessary loss be entailed, you are authorized to emto paper collect the trustworthy may ploy as in assistants, moneys, employes protect most in such competent institutions. and and have also ordered Examiner McHugh, of Iowa. to report at once to assist you. I desire that this telegram be given to the press at Denver, evidencing, as it does, that the controller has faith in the ability of the banks of Denver to resume, and of his desire todend them every assistance consistent with his official duty THE ASSETS ALL RIGHT. When asked to express more fully his views on the condition of affairs, Controller Eckels said the failures in Denver yesterday, like a number of other national bank failures, were caused by no fault of the bank officials, but through foolish and uncalled for lack of confidence on the part of depositors. "It is my intention," he said, "where a bank has been properly conducted and whose assets under ordinary circumstances would have permitted it to remain solvent, to give the institution every opportunity to resume business. All the Denver banks that failed were well conducted, and every opportunity will be given them to reopen. The people who have caused this Denver disaster by foolish runs should do all they can to help the banks to resume." The controller has been notified that the directors of theChomieal-National bank of Chicago have abondoned their attempt to reopen that bank. They were unable to collect the assessments required. A GOOD EFFECT ON DENVER. Denver, Col., July 20.-The cheering news from Washington has had a wonderful effect upon Denver this morning. The dispatch from the controller of the currency to the effect that he would give every possible aid to the banks of this city is applauded on every side. Bank Examiner Adams, to whom the telegram was addressed, is besieged by excited people anxious to hear confirmation of the good report and get an expression from him. Mr. Eckels comments on the foolish course of those Denver citizens who had lost confidence in the banks are looked upon as being most righteous. Newspapers are running off extras announcing the news, and already things begin to wear a brighter aspect. The officers of the closed banks notify the public that they will be able to pay every cent due to customers, but in some cases it will take some time to realize on their securities. It is learned that heavy withdrawals have been made from the banks during the past few months, which would indicate that some of the far-seeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. the run being made principally by the working people and poorer classes of customers. The newspapers feel greatly the distress, every daily excepting one having curtailed expenses by reducing in size or using smaller type. OTHER WESTERN TROUBLES. Washington, July 20. -Western business stroubles are reported as follows: The banking houses of J. B. Wheeler & Co., at Colorado City and Manitou did not open to-day. Their branch at Aspen closed yesterday. The private banking house of T. A. Kent at Cheyenne, Wy., did not open today and is in the hands of an assignee. At Grand Junction, Col., the First National Bank failed to open its doors today. As soon as this became known business men began depositing in the Mesa County Bank in order to made its credit good.

20. July 21, 1893 Evening Star Washington, DC

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National Bank Matters. The controller of the currency today appointed Mr. John P. Hopkins of Kensington, Chicago, III., receiver of the Chemical National Bank of Chicago, III. The controller has been advised that the First National Bank of Cheyenne, Wyo., has closed its doors to business, The controller of the currency has authorized the First National Bank of San Bernardino, Cal., and the First National Bank of Santa Ana, Cal., to reopen their doors for business, These banks have complied with the requirements imposed by the controller and are reported by the bank examiner to be in satisfactory condition with unimpaired capital. The controller of the currency has ordered a dividend of 30 per cent in favor of the creditors of the Evanston National Bank of Evanston, III. The checks for the payment of the dividend will be distributed on or about August 1 by the examiner at the bank of Evanston. The controller of the currency has been advised that the Farmers' National Bank of Henrietta, Tex., has closed its doors to business.

21. December 30, 1893 Chicago Eagle Chicago, IL

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the strict line of business. His record as receiver of the Chemical National Bank shows him to be a master in the line of finance, and should reassure the tax-payers of Chicago against the forebodings of the prophets of evil.

22. January 5, 1894 Bismarck Weekly Tribune Bismarck, ND

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nexed to Chicago, and for five years he was treasurer of the school board of Hyde Park and Calumet. In 1889, when the annexa-tion fever was epidemic, Mr. Hopkins was chairman of the annexation committee and the success of the movement was largely attributed to his endeavors. Since that time he has been influential in Democratic councils. He was a delegate to the last Democratic national convention and chairman of the Chicago campaign committee during the canvass. He has been president of the Cook County Democracy for several years and is a member of the Iroquois club, the "silk stocking" Democratic organization. Last July Comptroller Eckels appointed him receiver of the Chemical National bank. Mr. Hopkins is a well to do man. His money is all invested in his business, where it has been made. The only real estate he owns is the lot in Kensington on which his store stands.

23. February 8, 1894 The Pacific Commercial Advertiser Honolulu, HI

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dling lumber for the Pullman Car company. He was rapidly promoted, however, first to timekeeper and then to paymaster. After he had held the latter position for about five years he resigned and went into business for himself, organizing the Arcade Trading company. The firm did a general merchandising business in Pullman for a year and then changed its name to the Secord-Hopkins company and moved to Kensington, where it now has the largest retail store in Chicago south of Twenty-second street. As early as 1883 Mr. Hopkins took an interest in the politics of Hyde Park, not then annexed. In 1885 he was elected treasurer of the village. Three years later he aspired to the position of delegate from his district to the Democratic national convention, being defeated by A. W. Green after a contest which won the admiration of local Democratic leaders, who hastened to make a friend of the young man. Since that time he has been influential in Democratic counsels and has figured on important committees. Last year he was chairman of the local campaign committee. He is the president of the Cook County Democracy and a member of the Iroquois club, the "silk stocking" Democratic organization. Rain or shine, he never fails to turn out with the Cook County Marching club. Although liberal in his views, he does not use tobacco or liquor. Three years ago he was a candidate for the Democratic nomination for sheriff and was defeated by Frank Lawler. President Cleveland knew Hopkins as a boy in Buffalo and cordially welcomed him to the White House. Last July Comptroller Eckels appointed Hopkins receiver of the Chemical National bank, the appointment being construed as an expression of confidence on the part of the administration.

24. March 7, 1894 The Wadsworth Dispatch Wadsworth, NV

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dling lumber for the Pullman Car company. He was rapidly promoted, however, first to timekeeper and then to paymaster. After he had held the latter position for about five years he resigned and went into business for himself, organizing the Arcade Trading company. The firm did a general merchandising business in Pullman for a year and then changed its name to the Secord-Hopkins company and moved to Kensington, where it now has the largest retail store in Chicago south of Twenty-second street. As early as 1883 Mr. Hopkins took an interest in the politics of Hyde Park. not then annexed. In 1885 he was elected treasurer of the village. Three years later he aspired to the position of delegate from his district to the Democratic national convention, being defeated by A. W. Green after a contest which won the admiration of local Democratic leaders, who hastened to make a friend of the young man. Since that time he has been influential in Democratic counsels and has figured on important committees. Last year he was chairman of the local campaign committee. He is the president of the Cook County Democracy and a member of the Iroquois club, the "silk stocking" Democratic organization. Rain or shine, he never fails to turn out with the Cook County Marching club. Although liberal in his views, he does not use tobacco or liquor: Three years ago he was a candidate for the Democratic nomination for sheriff and was defeated by Frank Lawler. President Cleveland knew Hopkins as a boy in Buffalo and cordially welcomed him to the White House. Last July Comptroller Eckels appointed Hopkins receiver of the Chemical National bank, the appointment being construed as an expression of confidence on the part of the administration.

25. January 16, 1895 The Manning Times Manning, SC

Article from The Manning Times, January 16, 1895

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# Bankrupting a State, PIERRE, S. D., Jan. 9.--State Treasurer Taylor, who should have turned over his cash to his successor yesterday, failed to appear and his bank, the Redfield National Bank, has closed its doors. When last heard of Taylor was in New York. On Saturday he should have had $350,000, and should have paid $190,000 Saturday to take up funding warrants in New York. His bonds are $350,000, but will stand 50 per cent. shrinkage. It has been known for some time that Treasurer Taylor was hard pressed. He was caught in the Chemical National Bank failure at Chicago for a large amount and he lost $20,000 in the bank at Milbank, and $10,000 in that at Geldsberg, which failed during the panic. Altogether he lost $100,000. The First National Bank at Redfield, Taylor's bank, closed its doors yesterday. The bank is in good condition and it is thought will pay all its debts. The banks at Pierre will not lose anything. If the defalcation is as large as the bondsmen believe, it will place the State in a very embarrassing position. No warrants or bonds can be sold, and there is a considerable deficiency in the revenue. Without this it would have been a difficult problem to make both ends meet; now it is impossible. Taylor has always had a reputation as a financier and a man of integrity. The school fund may lose $50,000.