Commercial Loan Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: December 21, 1875
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: a94c9df6

Response Measures

Full suspension

Description

Newspapers report heavy depositors at the Commercial Loan Company's office and that the bank shut up and suspended on the 21st. Reports also mention an assignee (Mr. Harvoy) and winding up of affairs, indicating closure/receivership following bank-specific losses from advances to a Construction Company/Illinois River Railway. OCR errors in articles corrected (e.g., 'shut up' = suspended; 'Assignee' referenced).

Events (3)

1. December 21, 1875 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors alarmed by the bank's entanglement with the Illinois River Railway and Construction Company and large advances (about $85,000) believed unrecoverable; reports of troubled railroad and legal disputes undermined confidence.
Newspaper Excerpt: QUITE A LARGE CROWD OF DEPOSITORS, mostly Gormans, sadly disposed themselves in front of the Commercial Loan Company's office, on the North Side, yesterday, lamenting their ill-fortune
Source: newspapers

2. December 21, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended operations amid losses and litigation connected to advances to the Construction Company and railroad disputes; stockholders removed construction company's president same day and bank 'shut up'.
Newspaper Excerpt: The Commercial Loan Company and Savings Bank of Chicago suspended on the 21st.
Source: newspapers

3. December 22, 1875 Receivership

Newspaper Excerpt: Mr. Harvoy, the Assignee, is a good man, and will undoubtedly wind up the affairs as quickly and as satisfactorily as possible. ... At a meeting of the stockholders of the Construction Company held Monday, Buchanan was deposed from the Presidency. The same day the bank shut up.
Source: newspapers

Newspaper Articles (3)

1. December 22, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 22, 1875

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1 am otro of theunfortunate Stocknolders myself. Reporter-Is there anything clso regarding this matter which may be of interest ? Mr. M.-Nothing that I can think of. Mr. Harvoy, the Assignee, is a good man, and will undoubtedly wind up the affairs as quickly and as satisfactorily as possible. The reporter then withdrow. M. D. DUCHANAN. Last evening, about 8 o'clock, a TRIBUNE roporter called at the residence of M. D. Buchanan, Vico-President and Manager of the institution, No. 102 Ashland avenue. The Informationgatherer rang the bell, and a servant opened the door, when the reporter asked for Mr. Buchanan. She said she would go up-stairs and see if he was in. There was a short argument at the head of the staire between a man and the aforesaid servant-girl. She came down again and stated that Mr. Buchanan was not in. Reporter-When will he return ? Servant-I can't tell. At this stage an aged man trotted down stairs, when the following dialogue took place Old Man-What do you want Reporter-I want to NOO Mr. Buchanan. 0. M.-What paper do you represent? THE TRIBUNE. O.M.-Well, you can't 800 Mr. Buchauan. R.-1s he in the house ? 0. M.-No, sir. R-When will he be in ? o. M.-1 don't know. R.-Where has he gone ? o. M.-1 don't know anything about it. What do you want to know, anyhow ? IL-I want Mr. Buchauan to explain certain statements. o. M.-THE TRIBUNE contained all the statements Tuesday that Mr. Buchauan will make. R.-What time will Mr. Buchanan be in ? o. M.-1 don't know. I can't tell you. The reporter then left. Ho returned again several times during the ovening. At 10:30 ho made HIS LAST CALL. The house was then brilliantly lighted up an if for a fpto. At the first ring of the bell footstops were heard in the ball-way, and, of course, an answer was expected to the ring. Instead, howover, the hall-light was suddenly turned out. Another pull at the bell followed, and as if by a concerted movement, the entire building WAB turned into the blackest darkness within and curtains suddenly dropped. It was pretty evident that M. D. Bucbanan was in the house, and had been all the ovening, but probably he did not caro about being bothered by interviewors, No has had full control of the bank for some time. Dr. Tolman Whoeler was Presulent, but did not take an active part in the business. He is now lying very seriously ill at his residence, No. 259 Ontario street. It was specially upfortunate in the intereste of the public that Mr. Buchauan could not be found, as that gentleman could have explained what seems like a muddlo in connection with the affairs of the company, the Illinois Ilivor Railway, and the Construction Company. This Illinois River Road, which has been figuring MO much in the courts of late, is a little line running down into the coal country about midway between the Rock Island and the Alton Roads. Following the example of the Union Pacific and other lines, this road had to have a Construction Bompany to build it, and of that Company Buchanan, also a large stockholder in the Commercial Loan Company, was President. The Construction Company got A large part of its pay in bonds of the railroad, which do not at this moment, and never did, possess the value of refined gold. llonco, to get money to build the road, n is believed the bank made advances amounting to about $85,000 to the Construction Company. and with this Burn it wont on with its contract. Lately the railroad-which was, it is alleged, improperly sold out to the Alton & Ht. Louis-and the Construction Company have been In every court in Cook County, except the Justice and Criminal Courts, all sides making charges which shake one's faith in the morality of railroad men. At A meeting of the stockholders of the Construetion Company hold Monday, Buchausu was deposed from the Presidency. The sanio day the bank shut up. It does not follow, however, that there was any connection between the two events. From the outangled condition of the railroad and the Construction Company, it 18 safe to assume that the bank will not get any money out of thom but Mr. Buchanan is understood to be wealthy, and can take care of the indebtedness. QUITE A LARGE CROWD OF DEPORITORS, mostly Gormans, sadly disposed themselves in front of the Commercial Loan Company's office, on the North Hide, yesterday, lamenting their ill-fortune and expressing themselves in choice language, as the idea that their hard-earned earnings were gobe, perhaps forever, recurred to their desponding uniuds. A far different

2. December 30, 1875 The Toledo Chronicle Toledo, IA

Article from The Toledo Chronicle, December 30, 1875

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and Bosnia, Sultan's unworthy firman, They dence. delr rejected sundry reforms, had formed as a provisGovernment. ship Goliath British training on the morning Gravesend that at at was reported flames. 22d. merished It in the of dispatch had been says that had SHANGHAI Chen appointed (China) Lang Ministers Pin and to Yung the 22dsays WASHINGTON States. telegram involving of the the question right cases, to regulate rates of railroads, Granger of States would be furthe the Court.on before Supreme January Bristow report that Secretary to the Union Pacific ted to be paid sum adjudged Company the is pronoun pronounced Supreme Court dispatch of the GAS-MAIN running Washington under Federal Mass., exploded South Boston, the pavement under for tearing up buried ee Many were was badly debris. foreman distance. A grain-house killea. cred and were the blown into of victims the drowned. The number the morning ascertained up Killed, 20; fatalslightly as seriously follows: hurt, 9: and tured. 4: were missing persons blown into to addition have been those already at of Brandywine, It 22d. depositors Bank Pa failed would on the be paid in present at the seventh ESIDENT GRANT annual was dinner of in New York, other England Society distinguished Many responded to toasts. attended and named Augusta, Ga., recently two men fought a wounded, Rateliffe which the next former day. in felt was shock pistois, in and died the Rich 22d. the general, earthquake on the night shock of the being felt has Xingo HARTRANFT pardoned of the miners together and several Clearfield others County, purposes. Pa., eted in for riotous Circuit (Mo.) IT in the St. Missouri Louis State Lottery, charg against the Miller & Co., d by Murray, of their fran with usurpation for judgment against of the ouster, All on appeal the 22d was taken to Court Loan suspended Company Commercial Chicago depositors Bank of thought that on realize It was about eighty cents freights advance in between railroad the East been lately routes established. 23d says rt-six Turks special had of recently the been some murder It conspiracy subjects of Turkey of MonteChristian that the Prince of $1,000,0 would soon negotiated interfere loan in behalf of St. Peters winians had been received 23d of at the complete rhboring tribes Russia, of on the the Khokand had also rebellion been very great on REPORT prevailed in Havana had reached and schooner, Wm. M. Tweed had been seen New Yorkers. of annual the report Southern just published the during considered cases, nearly $4,000, the of the date the report in had considered to be were still waiting allowed The number of claims about disallowed Claims to the involving amount of $3,300,000 the on believed in Boston lost by the losion be would number of lives reduced to who were reported had persons appeared all safe. of the Executive Committee at sitting Society, Fair gricultural decided to hold the 18. State The had not commencing been decided Sept. upon up to Fran the ATCHES were 23d received from at San San in progress revolution was Indians revolt, Mexico. The Pesquiera Yagui to tax on special othern and Gov. the carry from Judge Knight, ircuit instructions Court, Chief of the 23d Police notiof St. Louis, on Missouri further managers of the selling of tickets rings that would no be permitted. Society Horticultural January Iowa at Des State Moines on the 18th, dispatch (Egypt) RDING to Cairo consisting was an expedition for Abys 24th about to start by every Gen. Stone. men would officer be in the accompanied Khedive's service, a well and historian HON EARL STANHOPE, essayist, died the 24th of on (Malacca) telegram Kintah NANG the capture of of nounces troops and the flight ders Palane. 26th RLIN dispatch of the of that city American residents to protest against Ameri ed meeting press on racter of the in German their comments on mer Haven plot. newspaper RENNER, German arrested and ondent, has been in Bosnia, man ere. by Turkish Government troops has been asked Barcelona royal entirely palace destroyed at by fire on the

3. December 30, 1875 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, December 30, 1875

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was carried. At the conclusion of some subsequent remarks Mr. Beecher said: If such an advisory council should say another investigation is necessary, I would say, Do Do it.' If they should say not, I certainly should not object." Mr. Shearman resigned the office of Clerk of the church organization, and Mr. Thomas J. Tilney was chosen to succeed him. Early on the morning of the 18th the United States Express car on the St. Louis, Kansas City & Northern train, en route for St. Louis, was entered, between Ferguson and Jennings' Station, by two or three masked men, the messenger, Charles Kinkaid, thrown into a large packing-box which the robbers emptied for the purpose, and the safe robbed of between $10,000 and $20,000 in money and valuables. D. A. Ross & Co., large lumber manufact urers and dealers, of Detroit, Mich., have failed. Liabilities placed at $300,000 and assets at $400,000. A fire in Little Rock, Ark., on the morning of the 20th destroyed the Gazette block, burn. ing up the office of that paper and inflicting a loss of several thousand dollars on the OCcupants of the building. Severe cold weather was experienced in many sections of the East on the 20th. The mercury ranged from ten degrees below zero in Boston and vicinity to thirty-five degrees below at Skowhegan, Me., forty-one below at Littleton, N. H., and forty-three below at St. Johnsbury, Vt. A report that Secretary Bristow had ordered to be paid to the Union Pacific Railway ComDaDy the sum adjudged due by the Supreme Court is pronounced erroneous by a Washington telegram of the 22d. A large gas-main running under Federal street, in South Boston, Mass., exploded on the 22d with a loud report, tearing up the pavement for a long distance. The street was thronged with people at the time, and many were buried under the debris. A grainhouse was badly shattered and the foreman instantly killed. A number of persons were blown into the water and drowned. The number of victims as far as ascertained up to the morning of the 23d was as follows: Killed. 20; fatally injured, 4; seriously hurt, 9; slightly, 3. Seven persons were missing and were supposed to have been blown into the water, in addition to those already taken therefrom. The Bank of Brandywine, at West Chester, Pa., made assignments, on the 22d, for the benefit of its creditors. It was thought depositors would be paid in full. A suit in the Circuit Court at St. Louis against the Missouri State Lottery, managed by Murray, Miller & Co., charging them with usurpation of their franchise and praying for judgment of ouster, was decided on the 22d against the defendants. An appeal was taken to the Supreme Court. The Commercial Loan Company and Sav. ings Bank of Chicago suspended on the 21st. It was reported that depositors would realize about eighty cents on the dollar of their claims. An advance in railroad freights over the different routes between the East and West has been recently established. At Augusta, Ga., two men named Tilley and Ratcliffe recently fought a duel with pistols, in which the former was badly wounded. He died the following day. A violent earthquake shock was felt in Richmond, Va., on the night of the 22d. The guests at the different hotels were so alarmed from the rocking of the buildings as to assemble in the parlors en deshabille, ready to leave. The alarm was general, the shock be ing felt in all parts of the city, and citizens leaving their domiciles in fright. The Governor of Pennsylvania has pardoned Xingo Parks and several others of the miners convicted in Clearfield County of con spiring together for riotous purposes.