Cook County Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 21, 1870
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 3c5eafc1

Response Measures

None

Description

Article (Chicago Daily Tribune, 1876-06-27) recounts that the Cook County Savings Bank suspended on Jan. 21, 1870 and criticizes officers for mishandling deposits while the bank was failing. No contemporaneous run is described; the suspension appears tied to bank-specific insolvency/misconduct. OCR minor; I corrected punctuation but not substantive facts.

Events (1)

1. January 21, 1870 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Officers continued to solicit/misuse deposits while the bank was already in a failing situation; bank suspended due to failure/insolvency and misconduct by officers and cashier's actions described as taking deposits when bank was failing; insolvency implied by inability to meet certificates and suspension date noted in text.
Newspaper Excerpt: We have been shown the following letter, written by the Cashier of the concern only a few weeks before the bank suspended, Jan. 21, 1870:
Source: newspapers

Newspaper Articles (1)

1. June 27, 1876 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, June 27, 1876

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Article Text

FINANCE AND TRADE. A Quiet Opening-Day in Financial Circles. New York Exchange Firmer The Clearings $3,500,000. The Produce Markets Moderately Active---Wheat Weak. FINANCIAL. The only ripple on the placid surface of the local loan market was that caused by the appearance of the City Comptroller as an applicant for a loan of $1,000,000. That was the Immediate sum asked for, but the total amount that would be needed would be about 83,000,000. The application was not received favorably by the banks AR far as could be ascertained. The security for the loan-taxes to be collected-was not looked upon as good. The collection of taxes in these days of almost uni. vereal tax-fighting Is not a certainty. Furthermore. the credit of the city ns a borrower has been Injured by Its failure to meet certificates that have fallen due in the past month. The banks do not regard themselves as public Institn. tions in any such sense AB to make It their duty to advauce the funds of their depositors on doubtful security, even though It be for a patriotic purpose. In general, financial matters were dull. Good mercantile paper is in demand. and in taken at fa vorable rates. Discount lines are falling lower each week, and the surplus of loanable funds beCOMICA correspondingly burdensome. Rates of discount are 8@10 per cent. Good outside borrowers get accommodations at street rates. On the street, there Is 6 sharp inquiry for good negotiable paper. Rates are C@12 per cent. New York exchange was sold at par to 25c preminin per $1,000. There was little currency ment to the country. The clearings were $3,500,000. THE COOK COUNTY SAVINGS BANK. It doce not add anything to the credit of the officers of the Cook County Savings Bank that they maltuited deposits at A time when they knew rne bank to be In a failing situation. We have been shown the following letter, written by the Cashier of the concern only a few weeks before the bank suspended, Jan. 21, 1870: our favor of Dec. 22 line been received DEAR The paperell the haunts of our attorney for We note. He has done PO. with Interest balance we the time of payment. In all The now have on Report is It's hope you will keep this here. and let it earn you intere. # right along every signature If you have more money on hand that you ate not uslag send it to us to keep for you where " irill be wife. C. 11. MILLIKES, Cashier The italics are ours. Comment would be superfluous. THE EASTERN LOAN MARKET. The money market continues to be most abund antly supplied, and rates ruled yesterday precisely the same AR the day before, and, Indeed, as for u month past. The matne reason for this monotonous condition of affairs prevails--n lack of enterprise in the tradiar Industries. There in little or no production mont forward for a future market. Business is confired to the present market, consequently there is very little paper making, and even leve discounting. or the paper now offered from day to day. some of the brinks report that they see too little legitimate business paper reprirenting sales of goods, but that there 18 a conalderable proportion of single names and paper which represents unand merchandise. This as far as It Is general, may perhaps tie owing to a change in the system of doing business, trade In niany departments of business being done more ucarly on a cash basis, -Philadelphia Ledyer. THE BRITISH LOAN MARKET. The London correspondence of the Financial Chronicle anys, June 10: There is no fenture of Importance to notice In the money market this week. Althouch some auxiety Is still felt with regard the Issue of the Turkish dini cuity, yet the deposition and death of Sultan Abdul Azlz having led to the hope that the new Sultan will IMS able to carry out the reforms which are pre- cmineally necessary, and reform the administration of the country to such tell extent as to tree If from foreign interference. the task 1s, un. doubtedly, A difficult one, and one also which cannot be accomplished in a bilef time: but It is hoped that the new Government will make speedy and successful beginning. and Init a stop to the present doubtful and unsatisfactory state of affairs. By the nid of Hursian Intrigues, the present condition of things may be long In finding n remedy na It seems to be Hussian policy to foment disturbance but the news more recently received IN to the effect that Run. Min is becoming more isolated, and that such are the jealousies which prevail with regard othe future NOV. Freignty of the Turkish Empire, that Hussin may eventually and herself alone at the critical moment. and may, morrover, and powerful enemles, Including the Brittah fleet and British resources, allied Against her. Austria. Germany, Italy and Great Britain, Aml France.abs. cannot afford to allow Huasia to acquire Important a territory 814 the Turkleh Empire: and this bught transaite usthat the peace which now exists will not specifily broken. The British Government have Inknown, madeup their minds to a declded and bot. policy. and the course they have pursued has atready obtained for them adherente among some of the leading foreign Powers. THE NEW CASHIER. One of our banks has just selected n Cashier. He announced his Intention of running the institution on a sound and rafe basis, He proposed especially to look after paper presented for discount. A well-known customer brought in n note. The Unshier exumined it vicilantly, and. In a quiet, patronizing way. said. can you give UIR another baine on this notey Yes, if you think it neces. lary. Well, think it will be better. The zentleman went out and was vone about an hour and brought back 11 list of names full 2 yards long, which were pasted to the note. There were ten Fillions on the paper which he handed to the autouished Cashier In the meanwhile the official had learned something about his customer. He blushed. Lore off the names. and passed the paper to the credit of the customer. Boston Exchange. GOLD AND GREENBACKS. Gold was Greenbacks wure cents on the dollar in gold. PORLIGNEXCHANGE.