4367. Dime Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 28, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
67f186ab

Response Measures

Capital injected, Partial suspension, Books examined

Other: Stockholders paid a 50% assessment to recapitalize the bank; later court-appointed receiver (Ralph Metcalf) closed the bank and arranged dividend payments.

Description

Depositors rushed the Dime Savings Bank after failures/liquidation of nearby Chicago banks (Atlas National, National Bank of Illinois) precipitated loss of confidence. Bank invoked the 90-day withdrawal notice (suspension) on Dec 28, 1896, stockholders later paid a 50% assessment to shore up the bank and some limited payments were allowed, but a receiver was appointed Jan 30, 1897 and the bank was closed. Cause classified as contagion from other local bank failures.

Events (3)

1. December 28, 1896 Run
Cause
Local Banks
Cause Details
Loss of confidence following failures/liquidation of other Chicago banks (Atlas National, National Bank of Illinois) led depositors to withdraw or file 90-day notices.
Measures
Bank invoked the ninety-day withdrawal notice rule (suspended immediate payments) and assured depositors; later stockholders paid a 50% assessment to strengthen the bank.
Newspaper Excerpt
There was a steady stream of depositors today during banking hours. The majority of the Dime Savings Bank depositors have already filed their withdrawal notices.
Source
newspapers
2. December 28, 1896 Suspension
Cause
Local Banks
Cause Details
Suspension under statutory 90-day withdrawal notice invoked amid runs and general panic tied to recent local bank failures (Atlas National, National Bank of Illinois).
Newspaper Excerpt
Dime Savings bank payments are suspended under the ninetyday withdrawal notice clause granted in the statutes to savings banks.
Source
newspapers
3. January 30, 1897 Receivership
Newspaper Excerpt
Judge Froman today appointed Ralph Metcalf receiver for the Dime Savings Bank ... The posting of the receivership notice on the door of the bank did not create any excitement on the street, and the depositors ... were in a condition to receive the news as the only logical ending of the bank's embarrassment.
Source
newspapers

Newspaper Articles (23)

Article from Evening Star, December 28, 1896

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NINETY-DAY NOTICE DEMANDED. Steady Stream of Depositors at a Chieago Savings Bank. CHICAGO, December 28.-In pursuance of an agreement among directors of the Dime Savings Bank, who held a secret session this morning, a general meeting of the creditors was called for this afternoon at 3 o'clock. Treasurer Geo. W. Reed's window is barricaded and payments are suspended under the ninety-day withdrawal notice clause, granted in the statutes to savings banks. The majority of the Dime Savings Bank depositors have already filed their withdrawal notices. There was a steady stream of depositors today during banking hours. They were assured that the issuing of the notices was in no way an indication of the bank's inability to meet all demands for money, but simply a means of self-protection against violent durries. Nearly all of the depositors are laboring people.


Article from The Seattle Post-Intelligencer, December 29, 1896

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BUSINESS TROUBLES. I Chicago Dime Savings Bank. CHICAGO, Dec. 28.-Dime Savings bank payments are suspended under the ninetyday withdrawal notice clause granted in the statutes to savings banks. W. C. D. Grannis, president of the Atlas National, is vice president of the Dime Savings bank, and several directors of the Atlas National are also on the directory of the savings bank. The officials of the Atlas National vigorously deny that the Atlas liquidation has in any way influenced the course of the Dime Savings bank. At the latter a persistent silence was maintained. A majority of the depositors have filed withdrawal notices. There was a steady stream today during banking hours. They were assured that the Issuing of the notice was no indication of inability to meet demands for money, but simply was a means of protection against violent flurries. Nearly all the depositors are laboring people. At a meeting of the directors held this afternoon It was said that the bank was in good condition and would weather the storm in good shape. No particular plan was decided on. and the bank will continue business as usual. The Atlas Liquidation. WASHINGTON, Dec. 28.-Comptroller Dokels said today that the closing of the Atlas National bank of Chicago was entirely voluntary, and the information he had received indicated that all the bank's creditore would receive payment in full and that tis affairs would be settled promptly. Mr. Eckels said that in his opinion the stockholders eventually would realize 100 per cent. The last public statement of the condition of the Atlas National bank was given in response to the call of Comptroller Eckels, after the National Bank of IIIInois closed. and involved dealings up to the close of business December 17 last. The report follows: Resources-Loans and discounts, $1,941,742.59; overdrafts, $7,620.47; United States and other bonds, $59,384; premium on bonds, $3,350: real estate, furniture and fixtures, $57,177.81: redemption fund. $2,250; cash and sight exchange, $820,638.63 total. $2,892,063.39. LiabilitiesCapital stock, $700,000; surplus fund. $140,000; undivided profits, $49,081.23: circulation, $42,430: bills payable, $100,000; deposits, $1,860,412.16: total, $2,892,063.39. Van Northwick Brothers Assign. BATAVIA. III., Dec. 28-The liquidation of the Atlas bank of Chicago has precipitated the suspension of the Van Nortwick bank of Batavia, and the assignment of William 8. and James Van Nortwick of all their vast property Interests, aggregating $2,500,000. to the Equitable Trust Company. of Chicago. Articles of assignment were filed in the Kane county court at Geneva and were three in number, William M. and John 8. Van Norwick each assigning 0.8 individuals and the two assigning as & firm. Their schedule of indebtedness was not filed with the articles of assignment, but the liabilities are said to aggregate $2,000,-


Article from Alexandria Gazette, December 29, 1896

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THE BANKS IN TROUBLE-The Atlas National Bank of Chicago yesterday began paying offits depositors preparatory to retiring from business. This is partly a result of the recent failure of the National Bank of Illinois. The Dime Savings Bank of Chicago took advantage of the ninety-day withdrawal notice law and suspended payment. The Bank of Superior, at West Superior, Wis., suspended payment on account of a run with which it was threatened. The Scandia Bank of Minneapolis also suspended payment, being unable to realize on assets. The McCoy Banking Company, of Independence, Mo., want into voluntary dation yesterday. It is said that are of the Security Mortgage Texas, eastern The failure of a suspension The assets -tgages


Article from Delaware Gazette and State Journal, December 31, 1896

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ATT $ Arthur Lingard died at Lancaster, Years' 107 page NO Gen. John Meredith Read, American diplomatist, died in Paris Sunday. Capt. Ziba Taylor, a ferryboat pilot, died in Camden, N. J., on Saturday. Frank Bodine was drowned Monday in the Toms river while skating. The court bouse at Binghamton, N. Y., was destroyed by fire Monday night. The doors of the Seandia Bank in Minneapolis, Minn., were closed Monday. Duncan Elliot's residence, near West Kepung period SEM "I "I Checker, Loss, $50,000. Prof. Emil Du Bois-Raymond, a distinguished physiologist, died in Berlin on Saturday. Allen Hubbs of Palmyra, N. J., died on Saturday of injuries sustained by being struck by a train. A fire in the postoffice block at A mesbury, Mass, Sunday, damaged property valued at $60,000. William Livenstein, president pro tem of the Virginia State Senate, died in Richmond on Saturday. The Windsor Hotel and seven or eight business houses at Pottsdam, N. Y., were burned on Saturday night. Alfred R. Tubbs, a California cordage manufacturer and "Forty-niner," died in San Francisco on Saturday. Anticipating a run, Monday, the Bank of Superior. in Superior, Wis., did not open its doors for business. Luiu Stultz committed suicide in a fit of anger because her parents reproved her, at Delaware, O., Monday. By the burning of a number of stores and dwellings at Rendham, Pa., 11 families were Monday made homeless. Sir John Brown. one of the first men in Great Britain to advocate the plating of warships with armor, died on Saturday. In the United States court in Louisville, Ky., on Monday, Judge Barr ordered the sale of the Ohio Valley railroad. Charles W. Hoffman, LL. D., for 26 years librarian of the supreme court of the United States, died at Frederick, Md., Sunday. A semi official denial is given to the report that the late Alfred Nobel left his fortune of $10,000,000 to the Stockholm University. Depositors in the Dime Savings Bank in Chicago were yesterday notified that 90 days' notice will be required for the withdrawal of funds. It was announced Monday that the boycott against the Clover Leaf route (Toledo, St. Louis & Kansas City railroad) has been removed. The Governor of Georgia has pardoned Harry Hill and Sidney Lascelles, alias 'Lord Beresford, " both of whom were convicted of forgery. Up to Monday there had been 2,094 cases and 1,494 deaths from the bubonic plague in Bombay. People are still fleeing from the city. The schooner Elizabeth Foster was towed into Gloucester, Mass., Monday in a leaking condition and with her crew badly frost-bitten. During a raid on a low drinking re19210 no Louis 7S 188T a! 1208 Detective John Payton was fatally shot "рерипом SEM others OM7 pue Three masked men, armed with revolvers, entered the saloon of Mrs. Mary Bernbardt. Chicago, on Sunday night and robbed the place of 84 O. The Belgium Minister, Alfred Leghait, presented to President Cleveland on Saturday his letters of recall. He is to be transferred to St. Petersburg. A resolution was introduced in the Boston Board of Aldermen Monday for the purchase by the city of a controlling interest in the West End street railway. Judge Owens of Owensboro, Ky., Monday ordered the grand jury to lay aside all other business until they indicted the lynchers of Alfred Holt, colored. The ice on the Susquehanna river at earl B that 40191 os s! "BJ Columbia of sleighs has superseded the steam ferry in conveying passengers to Wrightsville. JBOU mine coal P u! exploine UR Eg Princeton, Ind., on Saturday, six men were killed, one person was buried beyond hope of recovery and eight men were injured. Gregor Kriechbaum and his wife, an aged couple who lived over a grocery pournq 0.10M "I at Johnstine 10 0.018 to death Monday by a fire which destroyed the store. z. H. York was arrested in Chicago on Saturday while claiming an express package which was found to contain four photographic counterfeits of


Article from The Providence News, January 1, 1897

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Stockholders Furnish the Money Needed. Chicago Dime Savings Bank Now on Solid Basis. Assessment of Fifty Per Cent. Was Paid by Stockholders. CHICAGO, Jan. 1.-The Dime Savings Bank has been saved, it is announced, by the sacrifice of the stock holders who have gone down into their pockets and paid the assessment of some 50 per cent. The examination of Auditor Gore is understood to have shown a large deficiency in the assets and rather than have the institution close its doors leaving its 4000 depositors to suffer, the directors put the bank on its feet. So successful were they that the State auditor gave his full endorsement to the new condition of the, institution. The cash reserve was increased to over 25 per cent. of the deposits as compared with the legal reserve of 15 per cent. for savings banks. Just how soon the 90-day notice for depositors will be witndrawn has not been determined. It is stated the Dime Savings bank will soon be sold to some one of the stronger banks.


Article from The Daily Morning Journal and Courier, January 2, 1897

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SAVINGS BANK SAVED. The Stockholders Pay an Assessment of Fifty Per Cent. Chicago, Jan. 1.-The Dime Savings bank has been saved, it is said, by the sacrifice of the stockholders, who have gone down into their pockets and paid an assessment of some 50 per cent. The examination of Auditor Gore is understood to have shown a large deficiency in the bank's assets, and rather than have the institution close its doors, leaving its 4,000 depositors to suffer, the directors put the bank on its feet. So successful were they that the state auditor gave his full endorsement to the new condition of the institution. The cash reserve was increased to over 25 per cent. of the deposits, as compared with the legal reserve of 15 per cent. for savings banks. Just how the ninety-day notice for depositors will be withdrawn had not been determined. It is said that the Dime Savings bank will soon be sold to some one of the stronger banks.


Article from The Democratic Advocate, January 2, 1897

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More Prosperity(?) Norton & Company who run the Lockport flouring mills in Chicago, Illinois, have failed. The mills have been running for over 40 years. The Atlas National Bank, of Chicago, decided to retire from business. The Clearing House Commit. tee, at a special meeting Saturday night, decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is in the neighborhood of $600,000. A receiver was appointed at Dallas, Texas, on Saturday, for the Security Mortgage and Trust Company. It is said that the liabilities will reach $2,000,000, and the assets about $1,000,000. A receiver has been appointed for the Columbus and Hocking Coal and Iron Company, at Columbus, Ohio. It is said that the failure of the Security Mortgage and Trust Company of Dallas, Texas, will cause a loss of $1,500,000 to Eastern and foreign capitalists. The Dime Savings Bank of Chicago took advantage of the ninety-day withdra notice law and suspended payment. The Bank of Superior, at West Superior, Wis., suspended payment on account of a run with which it was threatened. The Scandia Bank of Minneapolis also suspended payment, being unable to realize on assets. C. H. Hardish, Roanoke, Virginia, merchandise, has failed. The Commercial National Bank closed on Tuesday. The Lehigh Mills, in South Easton, Pa., manufacturers of cotton goods, have shut down for four months. Depression in business is given as the cause of the shut down. One hundred employes are affected. The plant was started 100 years ago, and this is the first shut down it has experienced. Ogle McCullough, stationer, Elkton, Md., has failed. Van Nortwick Bros., bankers at Batavia, III., and holders of large property interests in several States, have mades assignment. The Columbia National Bank and the Washington Bank, a State institution, have closed their doors at Minneapolis. Lane county, Kansas, has been declared insolvent. The Alva Hubbard Heating Company and Snellenberger & Son, wholesale dry goods, etc., Baltimore, Md., have assigned. A receiver has been appointed at Sioux City, Iowa, for the Farmers' Trust Co., of that place. Isaac Prager & Sons, of Parkersburg, West Virginia, a retail dry goods firm of long standing, has assigned. Estimated liabilities are $100,000; assets about the same. Pheasant & Wagner, owners of large general merchandise stores in Hollidaysburg, Pa., and in Kipple, Blair county, failed, in consequence of the recent suspension of the banking house of Gardner, Morrow & Co. The liabilitles are $12,000: assets $18,000. M. J. Rosenberg, trading as Milton & Co., retail clothiers, Philadelplia, Pa., have failed. The Anhor Grain Company, operating on the West Superior Board of Trade, has made an assignment. D. V. Iseman, one of the leading clothiers of Newport News, Va., has assigned. Charles G. Ross, surviving partner of Chas. G. Ross & Co., dry goods commission merchant, of New York, has assigned. Everett's Hotel, Vesey and Barclay streets, New York, one of the oldest and best-known establishments of its kind in that city, is closed. In Austin, Tex., G. A. Bahn, leading jeweler, has made an assignment.


Article from The Norfolk Virginian, January 6, 1897

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CONDITIONS ARE EASIER. The Dime Savings Bank. of Chicago, is Making Demands. Chicago, Jan. 5.--The rules requiring ninety days' notice for the withdrawal of deposits is being relaxed at the Dime Savings Bank for needy depositors, and considerable money was paid out yesterday for the first time since the suspension of the Bank of Illinois, This action was the result of the recent strengthening of the institution by the assessment of 50 per cent on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time at least.


Article from The Times, January 6, 1897

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Time Limit Removed. CHICAGO, Jan. 5.-The rules requiring ninety days for the notice for the withdrawal of deposits is being relaxed at the Dime Savings Banks for needy depositors, and considerable money was paid out yesterday for the first time since the suspension of the National Bank of Illinois, This action was the result of the recent strengthening of the institution by the assessment of 50 per cent. on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time being.


Article from The Morning News, January 6, 1897

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NINETY DAY'S RULE RELAXED. Needy Depositors Allowed to Draw Out Their Money. Chicago, Jan. 5.-The rules requiring ninety days' notice for the withdrawal of deposits it being relaxed at the Dime Savings Bank for needy depositors, and considerable money was paid out yesterday, for the first time since the suspension of the National Bank of Illinois. This action was the result of the recent strengthening of the institution by the assessment of 50 per cent. on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time being.


Article from The Globe-Republican, January 7, 1897

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LATE NEWS NOTES. Nashville, Tenn., had a $400,000 fire. During 1896 English railway receipts increased $16,000,000. The health of the crazy King Otto of Bavaria has remarkably improved of late. General Daniel E. Sickles is very ill from the effects of overwork in the recent campaign. As the result of a telephone war Northern Michigan towns are enjoying free telephones. Governor Leedy, of Kansas, will continue the police board system of the cities of the first-class. It is said that Mr. Bryan is using his influence in Kansas for John Atwood for United States senator. The Western Paper Bag company of Chicago. one of the Van Nortwick plants, is in the hands of a receiver. Lord Penrhyn has closed down his state quarries in Wales and thrown 5,000 men out of work rather than give in to the union. Attorney General Boyle of Kansas has appointed George R. Snelling of Anthony. a Silver Republican, assistant attorney general. The Pennsylvania senatorial contest is very warm. Wanamaker and Penrose are the only candidates. Quay is working for Penrose. The increase in the French army is to be offset in Germany by a similar increase in the army and navy atacost of 50,000,000 marks. Nearly every oatmeal and cereal mill in the United States has just entered into a trust, and prices will be advanced. Jimmy Duffy, a featherweight pugilist, of Boston was killed in a ten round contest with George Justice in New York. Miss Emma Spreckels, daughter of the sugar multi-millionaire, was secretly married to Thomas Watson, a grain broker, of San Francisco. The Omaha Savings bank has failed. Liabilities, $890,000; assets, over $1,000,000. White Hall, Mich., Savings bank failed. Citizens' National bank of Fargo, N. D., failed. It is practically decided that J. T. Lloyd of Shelbyville is to be the Democratic nominee for congress in the First Missouri district to succeed the late R. P. Giles. The six davs' international bicycle race was won by Waller, the "Flying Dutchman" by one and one-half laps ahead of Harry Maddox. Waller 874 miles, 5 laps. Maddox 874 miles, 3½ laps. The Illinois Steel company has given notice of a cut in wages, to go into effect on February 1, from the highest salaried employe down to the rawest recruit. The cut is to be from 10 to 50 per cent. The Bayview mills at Milwankee have received similar notice. A canvass of the members of the New York legislature shows that Tom Platt has a walk away for senator. Mr. Hanna has accepted an invitation to attend the dinner in honor of the event on January 26. The New York Tribune charges that the sugar trust has bought up the California legislature and will elect Samuel Shortridge, the counsel of John C. Spreckels, United States senator to succeed Perkins, who was thought to be sure of re-election. Henry Husted, cashier Union County National bank, Liberty, Ind., committed suicide by hanging. Ilis accounts all straight. Nellie Uren. 19 years of age, and Obbie Heath. 18, of Chicago, decided to commit suicide together because their parents opposed their marriage. The boy watched the girl kill herself by drinking carbolic acid, and then backed out at the last minute. On January 1. Missouri had a balance in the treasury of $577,463.05, with a bonded debt of $5,000,000, bearing interest at the rate of 3½ per cent. and all subject to call at the option of the state. Senator Wolcott of Colorado is going to Europe to confer with bimetallists on the subject of a monetary conference. The silver senators have unanimously decided to oppose all confirmations of appointments to office made in place of silver men who were removed because of their support of Bryan. A Cleveland justice court hasdecided that Chairman Hanna's son must pay his election bets. Burglars blew open the safe of the bank of Alma, Mo., with dynamite and stole $1,S00. Two Chinamen were murdered and robbed by unknown parties at Butte, Mont. William G. Park of Duluth committed suicide rather than stand prosecution for stealing $8,000 from the sugar trust. Thomas Kay of Mound City, Kan., got ten years for killing his wife and then burning the body. He is 79 years old. County Teasurer Jenrigan, of Austin, Texas, shot himself. He was $6,000 short. Two negroes are under arrest for causing the Cahaba River, Ala, railroad wreck. Eugene V. Debs has left the Populist party and is now a straight Socialist. The directors of the Dime Savings bank of Chicago saved the institution by paying in an assessment of fifty per cent. The Farmers' and Merchants' bank


Article from The Yale Expositor, January 8, 1897

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NEWSY CONDENSATIONS. The complete offic al canvass of the vote at the recent election gives MeKinley 7,101,401 votes; Bryan 6,470,656. Fifty-four families were driven out of their homes during zero weather and at night by the burning of two large apartment houses on West Fifteenth street, New York City. Carnegie is to have strong opposition in the manufacture of armor plate in an immense new plant to be erected at Pittsburg by the Firth-Sterling Steel Co., composed of eastern and English capitalists. An impenetrable fog settled upon New York for a whole day preventing the operation of the ferries and causing an almost total suspension of traffic in the harbor, and on the streets the situation was not much better. Senator Wolcott, of Colorado, is taking a trip to Europe and it is asserted that he goes with President-elect McKinley's approval to confer with leading statesmen and diplomats upon the subject of an international bimetallic conference. A Washington dispatch says Li Hung Chang's visit to England and the United States has already borne fruit in a decision of the Chinese government to establish schools for the teaching of the English language and western sciences in all of the principal cities of the country. It is said that the intention eventually is to substitute English for Chinese. While Mrs. Daniel Myron, of Kalamazoo, was away from home, some one entered her house and completely demolished every piece of furniture, bedding, pictures, carpets, etc., doing damage to the amount of $700. The intruders cut in the wall with a knife in large letters, the word "Revenge." There is no clue to the hoodlums and Mrs. Myron has not an enemy so far as known. The prospects of the 1,000 people in burned-out town of Ontonagon are very blue. No manufactory seems inclined to locate there, notwithstanding it is one of the finest harbors on Lake Superior. Many of the burnedout families are still dependent upon the relief committee. The 12 business houses which have rebuilt are doing but little business, but the 13 saloons appear to be thriving. Secretary of State Gardner reports that there are 506,779 families in Michigan, and the average number of persons belonging to each is 4.42. There are 23,094 more families than dwellings. The numbers of families increased 118,031 from 1890 to 1896. There are 182,409 families in incorporated cities. The average number to a family there is 4.50; in the country, 4.38. There are an average of 4.63 persons in each dwelling in Michigan. The St. Joseph Valley railroad has had much trouble trying to fill up sink holes near Benton Harbor. Hundreds of carloads of dirt have quickly disappeared. Dozens of piles have been driven, one above the other. yet no bottom found. It is said that several piles, which were marked, were found floating in Lake Michigan soon afterwards, having evidently passed through a subterranean river. The recent heavy failures of the Illinois National and the Atlas National banks, at Chicago, have caused several other disasters. Otto Wasmansdorff, a well-known banker, grew despondent over his losses and suicided by shooting. The Dime Savings bank was reported to be heavily involved in the failures and experienced a very severe run. Wm. M. and J. S. Van Nortwick. of Batavia, 111., have been forced to make an assignment owing to their Josses.


Article from The Yale Expositor, January 8, 1897

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Jos. Hasford and Duncan Stuart were rowing in a canvas boat near Williamston when it overturned and Hasford was drowned. Stuart had a narrow escape. Nils Nilson has brought a charge of adultery against Dr. G. Fremont Knowles, one of the leading physicians of Manistee, naming Mrs. Nilson as co-respondent. She claims that the doctor exercised a hypnotic power over her, while the doctor says it is a case of blackmail. The Dime Savings bank, of Chicago, is in trouble and when an account of it was published in the Detroit papers the newsboys almost caused a run on the Dime Savings bank of Detroit by merely calling, "All about the Dime Savings bank trouble." Many people thought it referred to the De troit bank.


Article from The Madison Daily Leader, January 11, 1897

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Going Out of Business. CHICAGO, Jan. 11.-The Dime Savings bank, with its 4,000 depositors, one of the oldest exclusive savings banks in Chicago, will go out of existence before the expiration of the 90day notice which has been required of depositors since the suspension of the National Bank of Illinois.


Article from The Abbeville Press and Banner, January 13, 1897

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Domestic. The long threatened split in Tammany Hall, New York City, came when Henry D. Purroy, with several district leaders, openly bolted the organization and announced that he would form a new Tammany. Isaac Zuker was sentenced to thirty-six years' imprisonment for arson by Judge Fursman, in the Criminal Branch of the Supreme Court, New York City. Burglars entered the branch office of the Metropolitan Insurance Company, in West Forty-second street, New York City, and after blowing open a big safe in front of an open window stole $1500 in cash and valuable jewelry. Mrs. James Abercrombie Burden, wife of a millionaire iron founder. was attacked on Fifth avenue, in New York City, in broad daylight, by a highwayman, who flourished a knife, threw her down and ran off with her pocketbook. He was captured by Policeman Young after a hot chase. The Columbia National and Washington Banks of Minneapolis. the Commercial National Bank of Roanoke, Va., and the Van Nortwick Bank at Batavia, III, closed. Fire destroyed the electric light plant in Newark, N.J., and the city and'several nearby towns were left in darkness for a right. Isnac Zuker was convicted of arson in the first degree in having planned the burning of his building in New York City in January, 1892. The Atlas National Bank, of Chicago, Ill., began liquidating its affairs, and the Dime Savings Bank, of the same city, required depositors to give ninety days' notice of withdrawals. Three masked men, armed with revolvers, entered the saloon of Mrs. Mary Bernhardt, In Chicago, at 11 o'clock p. m., and robbed the place of $450. Mrs. Bernhardt was bebind the bar when the men came in, and two patrons of the place were sitting at a table playing dominoes. Two men were killed and another was fatally shot in a general fight six miles north of Mount Vernon. Ky. The dead are A. Rowland and Jack Rigsby. The wounded man is Greeley Lear. The fight began at a merrymaking. and was fought out on the highway in Kentucky feudal fashion between opposing factions. At Superior, Wis.. anticipating a run, the Bank of Superior did not open for business. Henry S. Butler is assignee. and has assumed charge of the bank's affairs. The failure is due to poor business and heavy withdrawals since recent failures in St. Paul and Chicago. The capital of the bank was $25,000, with a surplus of $6000. The deposits were nearly $100,000, including $13,210 of city funds. More than $1,500.000 was voted to hospitals, asylums and other charitable institutions for 1897 by the Board of Estimate, of New York City. The Lehigh Mills, in South Easton, Penn., manufacturers of cotton goods, have shut down for four months. and there is said to be but little prospect of a resumption at the end of that period. Depression in business is given as the cause of the shut-down, and one hundred employes are affected. The plant was started nearly one hundred years ago, and this is the first shut-down it has experienced. City Treasurer Turner. of Boston. Mass., opened bids for $1,890,000 3½ per cent. and four per cent. ten, twenty, and thirty year loans. The contract was awarded to Blake Brothers and R. L. Day. whose bid was $1,944,286 for the entire loan. The Scandia Bank, of Minneapolis, Minn., closed its doors. It was organized fifteen years ago by M. Grinager, a prominent Scandinavian politician. who died in 1893. Its President is R. Sunde, who came to Minneapolis ten years ago from Wilmar. Minn., where he had made a fortune as a money lender. Thomas J. O'Malley, a Chicago Alderman, has been indicted for the murder of "Gus" Colliander, in an election booth in 1894. A mail train from the West was robbed at one of the New York City stations and a large sum of money taken from letters addressed to New York firms. The letters, without in. closures, were found in the lower bay. Mrs. Agnes Antoinette Halpin, wife of ex. Assemblyman William Halpin, died in New York City of nervous exhaustion, collapse and gastritis, caused by the excessive use of Jamaica ginger. This habit is said to be prevalent in many places. The West End Street Railway Company of Boston, on which a strike occurred recently, discharged 700 union men, including the members of the Conference Committee and officers of the union. The Board of Directors of the Security Mortgage and Trust Company, Dallas, Texas, made application for the appointment of a receiver. The liabilitieso the company are, approximately, $2,000,000. Georgia's alleged titled convict, "Lord Beresford, as Sidney Lascelles called himself, was madea freeman by act of Governor Atkinson, who took pity upon him and pardoned him for his model conduct while in prison. The Atlas National Bank, Chicago, decided not to open its doors again, and the Clearing House will advance $600,000 tc help it pay all claims on demand. The bank has a capital of $700,000. W. C. D. Grannis is President. Thesecurities were examined and found to be ample to pay all claims in full.


Article from Kansas Agitator, January 29, 1897

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Goldbug Good Times. D. J. Bear, of Richmond, Va., jeweler, failed here Monday for $15,000. The Security, Mortgage and Trust Company of Dallas, Tex., has failed. Phelps & Co., grain brokers of Salt Lake City, have failed with liabilities of $10,000. The McCoy Banking Company of Independence, Mo., has gone into voluntary liquidation. The Bank of West Superior, Wisconsin, capital $50,000 and $50,000 surplus, has suspended operations. The Columbus and Hocking Valley Coal and Iron Company has passed into the hands of a receiver. The Scandia Bank, of Minneapolis, Minn., with a capital of $60,000, has suspended payments. The Laconia Car company of Laconia, N. H., has been petitioned into an involuntary insolvency. Chicago's charity ball is likely to be postponed on account of the financial and business troubles there. The Parsons-Pelletier Dry Goods company, one of the largest houses of the kind in Sioux City, Iowa, have failed. White & Howe company of Sioux City, Iowa, shoe dealers, have assigned Creditors are mostly eastern shoe firms. The American Banking and Trust company of Auburn, Me., has closed its doors and made application for a receiver. The Excelsior Machine and Boiler Works company of Chicago failed Monday. Assets and liabilities each about $40,000. Dallas Wightman, a cloak manufacturer of Rochester, N. Y., has assigned. Assets between $20,000 and $25,000; liabilities $15,000. Solomon Sales of New York, wholegale and retail dealer in meats and provisions, has assigned to Charles A. Hess without preferences. The Calumet State Bank at Blue Island, III., has failed. A statement was filed, showing that the assets are $87,069 and the liabilities $68,000. J. J. Wright & Stokes of Richmond, Va., manufacturers of harness, have assigned for $18,000. Mr. Stokes made a personal assignment for $16,000. The large retail dry goods store of M. Frank & Co. of Fort Wayne, Ind., was placed in the hands of Benjamin Rothschild as receiver Monday. One hundred and fifty men employed by the Georgetown Boot and Shoe company are on strike in Haverhill, Mass., against a reduction of wages. The Dime Savings bank of Chicago, has suspended payments under the ninety day withdrawal notice clause, granted in the statutes to savings banks.


Article from Deseret Evening News, January 30, 1897

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Receiver Appointed. CHICAGO, Jan. 80.-Judge Freeman today appointed Ralph Metcall recelver of the Dime Savings bank.


Article from Richmond Dispatch, January 31, 1897

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CHICAGO SAVINGS BANK CLOSED. No Excitement on the Street in Consequence. CHICAGO, January 30.-Judge Froman to-day appointed Ralph Metcalf receiver for the Dime Savings Bank, requiring him to give a bond for $200,000. This action was taken upon a bill filed in the Superior Court by George W. Reed, a stockholder in the concern. There was no opposition on the part of the directors, but on the contrary they came into court with an answer and consented to the appointment. Samuel G. Bailey is president and W. C. D. Grannis vice-president of the bank. Bailey claims to have resigned some months ago, and Grannis is sick in bed. The posting of the receivership notice on the door of the bank did not create any excitement on the street, and the depositors, who have been unable to get any of the money due them because of the enforcement of the ninety-day-notice rule, were in a condition to receive the news as the only logical ending of the bank's embarrassment. Receiver Metcalf, who was the newlyelected treasurer, said: "I am almost certain we will be able to pay every dollar to our 4,000 depositors."


Article from Birmingham State Herald, January 31, 1897

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HEAVY BOND REQUIRED Of the Receiver of a Dime Savings Bank-Will Pay Up In Fulk) Chicago, Jan. 30.-Judge Froman today appointed Ralph Metcalf receiver for the Dime Savings bank, requiring him to give a bond of $200,000. This action was.taken upen a bill filed in the superior court by George W. Reed, a stockholder in the concern. There was no opposition on the part of the directors, but, on the contrary, they came into court with an answer, and consented to the appointment. Samuel G. Bailey is president, and W. C. D. Grannis, vice-president of the bank. Bailey claims to have resigned some months ago, and Grannis is sick in bed. The posting of the receivership notice on the door of the bank did not create any excitement on the street, and the depositors who have been unable to get any of the money due them because of the enforcement of the minety-day notice were in a condition to receive the news as the only logical ending of the bank's embarrassment. Receiver Metcalf, who was the newly elected treasurer, said: "I am almost certain we will be able to pay every dollar to our 4,000 depositors."


Article from The Salt Lake Herald, January 31, 1897

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CHICAGO BANK FAILURE. DIME SAVINGS BANK CLOSES ITS DOORS. Usual Assertion That the Depositors Will Be Paid in Full-But They Will Have to Wait. Chicago, Jan. 30.-Judge Freeman today appointed Ralph Metcalf receiver for the Dime Savings bank, requiring him to give a bond of $200,000. This action was taken upon a bill filed in the superior court by George W. Reed, a stockholder in the concern. There was no opposition on the part of the directors, but on the contrary they came into court with an answer and consented to the appointment. It is admitted by the answer that there is due depositors and others $365,000, and that there is only $125,000 in cash on hand. It is asserted, however, that there are assets consisting of securities and real es tate. The answer and the bill are silent as to the amount and character of the assets, the defendant relying on an assertion that the bank will pay in full. In November last, says the bill, a bank examiner was sent to look into the affairs of the bank and he reported the capital was impaired. The state auditor required a money deposit of $80,000, and this was promptly supplied by the directors. In fact, the stockholders have been required to put up $150,000 within a short period of time in order to keep the bank afloat. This led to a controversy between the officers of the bank. If the cash on hand is paid out to depositors at once it will make a dividend of 30 per cent. After that the question of pa more depends upon the value of 1 curities held by the bank and the bility of realizing upon them. If Stude of the securities have, as one rumor has it, greatly depreciated in value, the promiso of full payment is not likely to be redeemed. The bank has been regarded in financial circles as being practically out of business since the Atlas National bank went into voluntary liquidation. Officers and directors of the Dime bank were also connected with the management of the Atlas, and the Dime's fund was largely loaned through the Atlas. The posting of the receivership notice on the door of the bank did not create any excitement on the street, and the depositors, who have been unable to get any of the money due them because of the enforcement of the 90-day notice, were in a condition to receive the news as the only logical ending of the bank's embarrassment. Receiver Metcalf, who was the newly-elected treasurer, said: "1 am almost certain we will be able to pay every dollar to our 4,000 depositors. As soon as I can get an order from the court. I will pay 50 per cent of the deposits." The directors assert in the bill that all depositors will be paid in full.


Article from The Topeka State Journal, February 5, 1897

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A BANK IS IN DANGER. Depositors In the Burst Dime Savings Bank, Chicago, Worked Up to a High State of Anger. TO HOLD A MEETING Next Sunday to Denounce the Owners of the Bank. Depositors Were Mainly People of Small Means. Chicago, Feb. 5.-One thousand depositors in the lamented Dime Savings bank will gather in mass meeting on Sunday, exchange indignant views regarding the directors of the shattered institution and take definite action. This meeting was called at a preliminary conference last night at the Sherman house, during which the directors were denounced as scoundrels, theives and liars. Fifty persons who had never met one another before constituted last night's meeting and arranged for the larger one. When they reached the clubroom at the Sherman house they sat around for an hour to order. Every one wanted to do something, waiting for somebody to call the meeting, to get his money back, but did not know how. At last a lawyer present, who said he was not a depositor started the ball. Before the meeting adjourned this backward gathering was applauding the denuciatory speeches with all vigor. "It is enough to make Anarchists of poor people,' James R. Conrad, No. 673 East Sixty-third street, exclaimed. and the depositors cheered. We must do up a few of these rascals and show the whole country that the poor people cannot be robbed in this way while the big 'stiffs' who do it strut around town." Every few minutes. some one wanted to institute criminal proceedings against the directors, but the lawyers present, who came to represent clients, they said, were strongly opposed to such a course, as it was a sure means of losing what there was left in the bank. The failure of the criminal proceedings in the Kean crash in 1890, in the Schaffner failure of 1893, and the pardoning of the Meadowcrofts after depositors had spent over $5,000 in securing their conviction, were urged as examples of what might be expected. Others wanted Receiver Metcalf removed. but again the lawyers pointed out that such an attempt would be wasting money, and that it did not make much difference, as the receiver was under bonds. One depositor asked if he lost any of his legal rights if he took the 30 per cent dividend. He was told to get what he could when he could, for the bank might never pay another cent. The saving of deposits since December 21. when the ninety-day notice was posted, was denounced as a scheme to head off criminal proceedings after the failure for receiving deposits within thirty days after insolvency. To get the interests of the 4,000 depositors in the failed bank into better shape, a committee was appointed to see the receiver and the directors and to report at a meeting to be held in Aldine hall, No. 77 Randolph street, on next Sunday afternoon at 2:30 o'clock. The following were named as this committee: J. M. Etlinger, George B. Smith, H. M. Seliman, J. G. Harris and L. P. Biller. For chairman of the meeting J. G. Harris was selected. The Dime Savings bank began paying a 30 per cent dividend to depositors yesterday. When the bank doors were opened in the morning a crowd of anxious men, women and boys gathered at the steps. There was a rush and crush in the effort to get into the lobby, and the jam at the door continued all day. Two policemen stood inside with positive instructions to let in only a few people at a time. When 3 o'clock came the doors were promptly barred. Some women who had stood on the cold, wet stones since morning were turned away without having received the meager portion of their savings which had been promised them. The process of giving out the cash was SO slow that comparatively few depositors were able to take advantage of the order of the court instructing the payment. Many feeble women were compelled to leave in order to avoid the crush of the crowd that surged around the door. The gathering of depositors presented a picture which emphasized the fact that the shutting down of the bank was a terrrible hardship to thousands. Scarcely a well-dressed man or woman appeared in a score of depositors. Calloused hands hoarded the little savings which were locked away from them in the iron vaults of the bank. Some of the creditors of the institution were compelled to walk down town yesterday morning from Lake View, from Woodlawn and from distances far on the west side because they had not money enough to pay car fare. Working women who shivered and waited in the crowd outside the bank door for hours told stories of painful deprivations caused by the result of "impairment of the bank's capital. Rents were foreclosed, insurance payments were lapsing, credit had been exhausted at the grocer's and baker's and at the coal dealer's. Medical bills had taken away what other money they had, and in some cases needed medical attention was denied by reason of previous overconfidence in the Dime Savings bank.


Article from The Pioche Weekly Record, February 18, 1897

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TELEGRAPHIC NEWS. Condensed Telegraphic Reports of Late Events. BRIEF SPARKS FROM THE WIRES. Budget of News For Easy Digestion-All Parts of the Country RepresentedInteresting Items. Governor Sadler of Nevada has signed the bill legalizing prize fig its. W. G. Harrington & Co., jewelers, have assigned at Columbus, Assets, $25,000, liabilities, $17,000. The people of Alabama are so much opposed to the Australian ballot system that it will probably be abandoned. e Ira D. Sankey, the revivalist, is coming west on account of his wife's health and will be in San Francisco in April. The abolition of the forty days' quarantine bill wll probably result in a large cattle trade between the United 0 States and Canada. The directors of the Chicago Gas Company have declared a regular n quarterly dividend of 1½ per cent payable February 20th. r r The Homeopathic Society of Kings county, N. Y., asserts that the girls of e Brooklyn are being injured by the IS amount of study enforced at the is schools. y The Indian school that is maintained E 10 by the Government at Carlisle, Pa., has been quarantined on account of the 15 prevalence of measles among the boys and girls. m Colonel M. J. Foster of Louisiana is st at Colon, Colombia, making inquiries in connection with the quarantine at New Orleans against shipping from South d American ports. ce 11 A receiver for the Dime Savings Bank of Chicago has been appointed. The bank owes depositors $365,000, 1, and has but $175,000 cash, but claims y to be able to pay depositors in full. y 10 Charles A. Eaton & Co., who operp ates one of the largest shoe factories in or Brockton. Mass., have discharged 300 employes and issued notice that the at factory would be closed indefinitely. 1. Burglars entered the shop of the A. ee et H. Reeves Gold Leaf Manufacturing Company, 153 Fifth avenue, Chicage, and blew open the safe, securing $5000 in gold in various stages of manufac ture. The woman suffrage bill passed the Senate of Nevada by a vote of 9 to 5 id and was sent to the Assembly, where 10 it was referred to a committee. It is 11 thought it will be defeated in the Ash te sembly by a very small majority. 01 The boys' dormitory of the Genessee Wesleyan Seminary, a four-story brick 18 building at Lima, N. Y., was burned ly the other morning. One student was en injured. The valuable library was or 000. entirely destroyed. The loss is $50,is or A defalcation of $43,000 has been ne discovered in the Second National ne Bank of Parkersburg. West Va., in the de accounts of Lee McFarland. an old and to trusted clerk in charge of indivioual on deposits. McFarland had speculated ne in grain and stocks. rd ht With the intention of providing at something to occupy the minds of the ed convicts at Sing Sing Prison, New se York, a class in drawing will be rt started. Among the convicts is an n. artist and architect. There is also in of Sing Sing an Italian sculptor, who will SS. start a class in modeling clay and wax. n, Edward Batson was instantly killed and ten others seriously injured, two iiprobably fatally, at the Georgia mine, ill near Flemington, W. Va. Coal is sent th down an inclined railway by gravity ry loaded cars hauling up empty ones or er another track. When the accident roccurred thrity miners were going up on in two cars when a loaded car jumped the train. the track, crashing into the upbound all A stockman named Maxiuall


Article from The Representative, June 23, 1897

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FROM OUR EXCHANGES. A final word to you, comrade: Stand to your colors. Be a Populist as you have bravely been since the terrible days of 1891. Dont drag your creed into the mire. Don't become a Republican to spite the Democrats. You'll hurt nobody but yourself by such a mistake. You are no Republican. You oppose their principles and their class laws. You know that the Republican party . legislates for the money power of the East and North against the people of the West and South. If the People's party must die (which God forbid), what would you look like in the Republican party? What does it advocate that you approve? When has it been the friend of the South? What can you hope that it will do for the masses? Let us recognize Populism and meet the enemy once more! Don't give up the ship. The stars in their courses henor the brave, and nowhere under the sun is the time-server respected. On the platform of our convention at St. Louis sat men representing the greatest fortunes of this nation: The Sharon estate, the Hearst estate, the Huntingtons and all the Pacific California millionaires. We were not without our bonanza. The leaders of the Democratic party were there doing their secret work. The honest rank and file of the Democracy must be educated. They must be shown that no reform will ever come from the Democratic party. It has betrayed every promise. No old party ever achieved a real reform. The masses of all parties are honest. We must seek their votos, and we cannot get them by lauding the virtues of a political hariot like their party. The Republican party will not give relief. It cannot unless it accepts our policy. It dare not do that. The appointment of Gage and Sherman throws down the glove to every true patrio: They will fail. We must ally all forces and whip the Democrats in the South, and separate them from the West. Run straight tickets everywhere. No fusion. A straight fight. "He who dallies is a dastard." The battle is on and the separation of the sheep from the goats should commence.-Paul Van Dervoort. --Sentincl. That one Populist principle is beginring to impress itself on Republican minds is shown by the following from the Abilene Reflector (Rep.): "Priful tales of suffering entailed among the Chicago poor is shown by the failure of the Dime Savings bank. Thousands of needy ones had their entire savings in it and can get nothing out. One of these days Uncle Sam will develop sense enough to establish postal savings banks, operated in connection with the postoffices, and making an absolutely safe depository for the saving of the poor. Why it has been delayed so long, in view of the history of broken banks, is by no means clear."