4308. Chicago Trust & Savings Bank (Chicago, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 5, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 9a9fc9a1

Response Measures

None

Description

Articles (Dec 5–7, 1893) report Judge Horton appointed William M. Robertson receiver for the Chicago Trust & Savings Bank after directors charged President Daniel H. Tolman with misappropriation. Directors had already decided to cease business and had been paying depositors for several months. No bank run is described; the bank was placed in receivership/closed.

Events (1)

1. December 5, 1893 Receivership

Newspaper Excerpt: Judge Horton this evening appointed William M. Robertson receiver for the Chicago Trust & Savings Bank. His appointment was the result of proceedings in chancery against Daniel H. Tolman, president of the institution.
Source: newspapers

Newspaper Articles (10)

1. December 6, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, December 6, 1893

Click image to open full size in new tab

Article Text

CHARGES AGAINST TOLMAN. Trustees Allege Tolman Misappropriated the Bank's Funds. CHICAGO, Dec. 5.-William M. Robertson is in possession of the Chicago Trust & Savings bank as receiver. He was appointed by Judge Horton late this evening in a chancery proceeding begun by the bank against Daniel H. Tolman, president of the institution. This action was the outcome of a regular meeting of the board of directors held at the office today, at which a set of resolu. tions were adopted charging Tolman with mismanagement, converting and misappropriating large sums of money belonging to the bank by transferring thereto large amounts of commercial paper that was uncollectible and using the money of the bank to further his individual interests.

2. December 6, 1893 The Sun New York, NY

Click image to open full size in new tab

Article Text

A Bank Ruined by Its President. CHICAGO, Dec. 5.-Judge Horton this evening appointed William M. Robertson receiver for the Chicago Trust and Savings Bank. His appointment was the result of proceedings in chancery against Daniel H. Tolman. President of the institution. This action was the outcome of the regular meeting of the Board of Directors held to-day. at which resolutions were adopted charging Tolman with mismanagement and converting and misappropriating large sums of money belonging to the bank.

3. December 6, 1893 The Times Richmond, VA

Article from The Times, December 6, 1893

Click image to open full size in new tab

Article Text

RECEIVER APPOINTED. Outcome of the Chi ago Trust and Savings Bank's Complications. CHICAGO, ILL., Dec. 5.-Judge Horton late this evening appointed William M. Robertson receiver for the Chicago Trust and Stvings Bank. His appointment was the result of proceedings in chancery against Daniel H. Tolman, president of the institution. This action was the outcome of the regular meeting of the board of directors held to-day, at which a set of resolutions was adopted charging Tolman with mismanagement and converting and misappropriating large sums of money belonging to the bank. It is charged against Tolman that about the year 1890 he received permission to make a special deposit of $200,000, on which the bank was to pay him 8 per cent. interest, and he turned over to the bank uncollected notes bearing interest at 7 per cent., and credited himself with their face value. In his transactions with the bank over these uncollectable papers the officials declare that he has secured in interest and otherwise at least $500,000. Several months ago the board of directors decided to cease business, pay the depositors, wind up its affairs, and distribute the assets among the stockholders: In conformity with this, business was stopped, and for several months the bank has been paying off its depositors.

4. December 6, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, December 6, 1893

Click image to open full size in new tab

Article Text

MISMANAGED BANK. Chicago Trust and Savings Bank in the Hands of a Receiver. CHICAGO, Dec. 5.-William M. Robertson was appointed receiver of the Chicago Trust and Savings bank this afternoon. This action was the outcome of a regular meeting of the board of directors held today. The directors passed a resolution declaring that Daniel H. Tolman, the president, has mismanaged the affairs of the bank and converted large sums of money belonging to the bank by transferring large amounts of commercial paper that was uncollectible and using the money of the bank to further his individual interests. The bank came here from Pittsfield, III., in 1885, and at the time of the removal the capital stock was increased from $5,000 to $250,000. fully paid up. The. bill states that in 1886 the capital stock was increased to $500,000, but that no new capital was paid in, each of the stockholders being given a double amount of stock. Several mouths ago the directors decided to cease business and distribute the assets among the stockholders. In conformity with this, business was stopped, and for several months the bank has been paying off its depositors. The bill then sets out that President Tolman has informed the directors that he is an unpaid depositor of the bank to the amount of $175,000, that his brother, S. A. Tolman, is an unpaid depositor also to the amount of $25,000, that there is about $30,000 owing to savings depositors and that the entire assets consist of a little over $600,000. This amount, Mr. Tolman is credited with saying. consists of notes and bills receivable, a large majority of which is past due and uncollected, and that it is doubtful if the stockholders will receive anything when the business is settled up. The directors claim that Tolman has grossly mismanaged the concern, and that there is no money due him.

5. December 6, 1893 The Morning News Savannah, GA

Article from The Morning News, December 6, 1893

Click image to open full size in new tab

Article Text

RUINED BY ITS PRESIDENT. The Chicago Trust and Savings Bank in a Receiver's Hands. Chicago, Dec. 5.-Judge Horton late this afternoon appointed William M. Robertson receiver for the Chicago Trust and Saving's Bank. His appointment was the result of proceedings in chancery against Daniel H. Tolman, the president of the institution. This action was the outcome of a regular meeting of the board of directors. held to-day, at which a set of resolutions were adopted, charging Tolman with mismanagement, and converting and misap propriating a large sum of money belonging to the bank. It is charged against him that about 1890 he received permission to make a śpecial deposit of $200,000, on which the bank was to pay him 8 per cent. interest, and he turned over to the bank uncollectable notes, bearing interest at 7 per cent., and credited himself with their face value. In his trànsactions with the bank over these uncollectable papers, the officials declare that he has secured in interest and otherwise at least $500,000. Several months ago the board of directors decided to cease business, pay off the depositors, wind up its affairs. and distribute the assets among the stockholders. In conformity with this, business was stopped, and for several months the bank has been paying off its depositors.

6. December 7, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, December 7, 1893

Click image to open full size in new tab

Article Text

Receiver for n Chicago Bank. CHICAGO, Dec. 7.-William M. Robertson was appointed receiver of the Chicago Trust and Savings bank during the afternoon. This action was the outcome of a regular meeting of the board of directors. The directors passed a resolution declaring that Daniel H. Tolman, the president, has mismanaged the affairs of the bank and converted large sums of money belonging to the bank by transferring large amounts of commercial paper that was uncollectable and using the money of the bank to further his individual interests.

7. December 8, 1893 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, December 8, 1893

Click image to open full size in new tab

Article Text

NEWS IN BRIEF. La grippe is epidemic at St. Joseph, Mo. A child was fatally scalded at Sedalia, Mo. The city treasurer at Nashville, Ills. has been found to be short in his accounts. At Camden, N. J., Wm. Kairer, a banker, was shot and killed in his own house by a burglar. James Youngblood is under arrest at Fort Smith, Ark., for holding up and robbing a postmaster. The last indictment againstex-Treasurer Ed T. Noland was dismissed in the Cole county, Missouri, circuit court. Webster Withers, collector of internal revenue at Kansas City, has ap pointed Thomas H. Cox deputy for Springfield. Ex-President Cryder of the Madison Square bank. New York, charged with felony, surrendered himself. George Landerdale, who lives near Brenham, Tex., hid $1300 of his savings in a hole in the ground. The hole is now empty. The Kansas City court of appeals has decided that a man who invites a party of friends to his room at a hotel for a social game of poker is a gambler. William Robertson was appointed a receiver for the Chicago Trust and Savings bank. A big row has developed in the figl against the new assessment at Ced. Rapids, Ia. The United States cutter Grant le' the New York navy yard on a 14,000 mile cruise. Miss Annie Challen of Falcott, W Va., died from hydrophobia. Glassworks in Ohio, by resuming op erations on Monday, gave employment to 800 men. The Missouri fund commissioners have issued a call for $214,000 outstanding state bonds. Ellsworth Ingalls of Atchison was ap pointed receiver of the assigned bank of Norton, Kan. A delegation from Canada is going through Iowa and Kansas to see how prohibition works. Wisconsin's World's fair building was sold to Dr. C.H. Willoughby of Chicago for $1610. Colonel Porter Ingraux, probably the oldest lawyer in Georgia, died at his home in Columbus. At Bluefield, W. Va., two children were burned to death in adjoining houses at nearly the same time. The resumption of work in the vari ous industrial concerns throughout th country indicates improved conditions. The shortage of City Treasurer Wehmeyer at Nashville, Ills., proves to be $520.04. He is not likely to be prosecuted. G. N. Hart Drug Co. have recently made handsome improvements in their elegant store, and since this Santa Claus has moved in, and will make headquarters here with his beautiful Xmas pretties until after the holidays. Call to see him. tf.

8. December 14, 1893 River Falls Journal River Falls, WI

Article from River Falls Journal, December 14, 1893

Click image to open full size in new tab

Article Text

WEST AND SOUTH. AT Portland, Ore., Mrs. George H. Williams, a religious enthusiast, finished a forty-day fast and resumed eating. IN the Michigan peninsula 8,000 persons were said to be in need of assist. ance. A BILL providing for the issue of currency notes by state banks was passed by the Georgia house. IN Cincinnati a den where counterfeit nickels, dimes, quarters and halves were being made was discovered and the counterfeiters arrested. THE Minnekahta state bank at Hot Springs, S. D., closed its doors. IN the cellar of his employer's store at Omaha Martin Anderson murdered an unidentified woman and then kille 1 himself. THE Journeyman Barbers' National union at its meeting in Cincinnati decided to favor Sunday closing of shops everywhere. JOSEPH B. DOE, of Wisconsin, has been nominated to be assistant secretary of war. A RECEIVER was named for the Chicago trust and savings bank. THE oldest lady in New Orleans (Mrs. Lydia Rezau) died at her home, aged nearly 102 years. She witnessed Washington's funeral. FIRE destroyed the Southern female university at Birmingham, Ala., and Minnie Dean was fataily burned and several other girls were seriously injured. IN the navy yards at Norfolk, Va., fire did damage of nearly $300,000. It originated in cotton waste. FIRE destroyed the stables and barns of the Consolidated Street Traction Railway company in Dallas, Tex., to gether with thirty cars and sixty mules. SOME 700 families applied to the township authorities at Springfield, 0., for aid. Ar the Michigan City (Ind.) penitentiary 100 cases of grip were reported. A MOB beat to death Bob Greenwood, a negro, in Cross county, Ark., because his family offended the wife of a white neighbor named Wilson. THE value of all the exhibits at the world's fair was estimated at $14,000,000, and the customs duties unid to the United States government amount to $484,170

9. December 14, 1893 Warren Sheaf Warren, MN

Article from Warren Sheaf, December 14, 1893

Click image to open full size in new tab

Article Text

WEST AND SOUTH. IN the Cherokee strip John Davis was horribly burned and his wife and child cremated in a prairie fire. STABLES near Burlington, Ia.. were burned and fourteen valuable horses perished in the flames. AT Portland, Ore., Mrs. George H. Williams, a religious enthusiast, finished a forty-day fast and resumed eating. IN the Michigan peninsula 8,000 persons were said to be in need of assistance. A BILL providing for the issue of currency notes by state banks was passed by the Georgia house. IN Cincinnati a den where counterfeit nickels, dimes, quarters and halves were being made was discovered and the counterfeiters arrested. THE Mianekahta state bank at Hot Springs, S. D., closed its doors. A RECEIVER was named for the Chicago trust and savings bank. IN the cellar of his employer's store at Omaha Martin Anderson murdered an unidentified woman and then killed himself. THE Journeyman Barbers' National union at its meeting in Cincinnati decided to favor Sunday closing of shops everywhere. JOSEPH B. DOE, of Wisconsin, has been nominated to be assistant secretary of war. THE oldest lady in New Orleans (Mrs. Lydia Rezau) died at her home. aged nearly 102 years. She witnessed Washington's funeral

10. December 16, 1893 The Cape Girardeau Democrat Cape Girardeau, MO

Article from The Cape Girardeau Democrat, December 16, 1893

Click image to open full size in new tab

Article Text

WEST AND SOUTH. A RECEIVER was named for the Chicago trust and savings bank. THE oldest lady in New Orleans (Mrs. Lydia Rezau) died at her home, aged nearly 102 years. She witnessed Washington's funeral. FIRE destroyed the Southern female university at Birmingham, Ala., and Minnie Dean was fatally burned and several other girls were seriously injured. IN the navy yards at Norfolk, Va., fire did damage of nearly $300,000. It originated in cotton waste. FIRE destroyed the stables and barns of the Consolidated Street Traction Railway company in Dallas, Tex., together with thirty cars and sixty mules. Some 700 families applied to the township authorities at Springfield, C, for aid