4397. Farmers Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 13, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
b82a2df5

Response Measures

None

Description

Multiple contemporaneous reports (June 1873) state the Farmers Bank on Clark and Lake streets suspended payment to-day and closed its doors. Articles describe proprietors (two brothers) beginning business with no capital, using deposits to live on and suffering losses; liabilities small and to be made up by stockholders. No mention of a depositor run; the bank suspended and closed. OCR discrepancies in reported deposit/liability amounts across articles ($5,000 vs $7,000 vs $17,000) appear in the sources but do not change that the bank suspended and closed.

Events (1)

1. June 13, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Proprietors (two brothers) began business with little or no capital, diverted deposits for personal use and suffered losses, forcing suspension and closure.
Newspaper Excerpt
CHICAGO, June 13.-The Farmers Bank, a small institution on the corner o. Clark and Lake streets, suspended payment to-day and closed its doors.
Source
newspapers

Newspaper Articles (3)

Article from The Wheeling Daily Register, June 14, 1873

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Article Text

CHICAGO. A Bank Suspended. CHICAGO, June 13.-The Farmers Bank, a small institution on the corner o. Clark and Lake streets, suspended payment to-day and closed its doors. It was formerly located on the west side near Betbel Home, and received most of its buisness from depositors of savings. By sailors moving from there this business fell off, and some losses caused it to close its doors. The total liabilities are not over $5,000, and they will be made up by the stockholders.


Article from Daily Kennebec Journal, June 20, 1873

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Article Text

AFTERNOON TELEGRAMS. New York. 19. A Washington special says that the government has decided to withhold from the Union Pacific Company, patents for about a million acres of land in Nebraska, included in the original grant, until receiving satisfactory information that the road has been completed in accordance with the terms of the law. An investigation of the affairs of the suspended Farmers' bank at Chicago shows that the proprietors, two brothers, began business without a dollar, secured deposits of about $7,000 and have lived in style on the revenues derived from the constant turning of this amount. Consul General Lucca of Italy publishes an article asserting that the sufferings of the Italian children, brought here as slaves, have not been exaggerated in the least, but so far from being to blame in the matter, he has been doing his utmost to stop the inhuman traffic. As tne result the Italian Parliament has just passed an act making the trading in children a felony, and severely punishing not only those who employ them but the parents who consent to their employment.


Article from The Home Journal, July 10, 1873

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Article Text

WEST. -Extensive forest fire are reported all over the country, and in Michigan, especially, a repetition of 1871 has bern feared. Supplies and of all kinds had been sent from Marquett the towns surrounding, for the use of the sufferers. -In investigation of the affairs of the 8118pended Farmer's Bank at Chicago shows that the proprietors, two brothers, Ten Eyek, began business without a dollar. They secured in deposits of about $17,000, and have lived style on the revenue derived from the constant turning of this small am ount. -Meetings have been held in Chicago for the purpose of taking steps to organizea comto build a direct trunk line of railway pany from Chicago to the southeast Atlantic coast. The route proposed is through Indianapolis, Lexington, Ky., Knoxville, Tenn., Augusta, Ga., and then connect with present lines to Savannah, Port Royal, and Charleston. The air-line distance between Chicago and Savannah is 787 miles. Hon. T. L. Coll, of the board of Indian commissioners, write to commissioner Smith, of the Indian bureau, that the special commission to the Sioux Indians report success in their missoin, and that the Northern Pacific railroad will be safe from attack this season. FOREIGN INTELLIGENCE. -The affairs of Spain are still chaotic, and the air is full of rumors of possible combinations. The ministry with which Margill began the week went out of the office quietly June 22, upon a vote of the Cortes expressing confidence in the present government, but authorizing Senor Margill, president of the ministry, to form a new one in case of a crisis. The hint was taken, and Margill was at once left free to look up a new cabinet. -Jackson S. Shultz had been requested to remain as United States commissioner at Vienna, but in the event of his retiracy, Garret- It son of Cleveland, will be his successor. would be no surprise if, as stated, Minister Gav's official life should be terminated at the close of the exposition. The fact is known here that when he was appointed, about four years ago, he said he desired to remain abroad will only about half the time. His retirement be voluntary, without intimation from the administration in that direction, -Prince Bismarck has declared in the German parliment that it remains impossible in the present circumstances to fill up the post of German envoy to the Vatican. The government of the empire, he added, would take no part in the next election to the papacy; but, after that event, they would take steps to ascertain whether the successor to Pope PiusIX. had been legally chosen. -In Canada, very destructive brush fires have been raging through the country north and northeast of Toronto. Reports from Aurora, Fenton Falls, and other towns, covering a of over sixty miles, state that thouacres of timber, together sande stretch of with have crops, been fences, farm-houses, barns, etc., swept away. Some lives have been lost. The loss is probably about $600,000. A fire in the woods in Kent county, New Brunswick, swept the line of the Inter-Colonial railway, now under construction there, for a considerable distance, destroying store-houses, shanties, and other inflammable matter, in its progress. The loss, chiefly to the railway conductors, is heavy. -The Italian senate has finally passed, by a very decided vote, the measure providing for the suppression of religious corporations, and the bill now only awaits tho royal eanction to become a law. This is one of the severest blows yet delivered at the temporal power of the Romish church. -Mexico has not been as successful as Prussia in repressing the disturbances that would naturally follow the expulsion of the Jesuits. In Orizaba the Protestant bishop has been compelled to flee for his life from the infuriaCatholics, in another town a riot has ocand the country curred, ted throughout condition precarious the Protestent clergy are in a 80 that the present ministry is summoned by the press to take measures for their protecion or to retire in favor of one that will do so. GENERAL INTELLIGENCE. -The first comptroller has issued a circular to several United States marshals, announcing