Fidelity Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 20, 1887
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 02bbf515

Response Measures

None

Description

Article (Wheeling Register, 1887-10-11) describes the 'Fidelity Bank Failure' in Chicago tied to embezzlement and mismanagement by Harper and others. No run or depositor panic is described — this is a bank-specific insolvency leading to failure/closure. OCR errors in the article (e.g., 'Fldelity') corrected.

Events (2)

1. October 20, 1887 Receivership

Newspaper Excerpt: It is understood that Ammi Baldwin late cashier of the detunet Fidelity Bank, has made a statement of the affairs in the institution...the crash came.
Source: newspapers

2. October 20, 1887 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged embezzlement and extensive mismanagement by Harper and others; hypothecation of stock and accommodation paper leading to insolvency.
Newspaper Excerpt: THE CASHIER'S TALE. Ammi Baldwin Tells the Story of the Fldelity Bank Failure. CHICAGO October 20.-A Cincinnati, O special says:
Source: newspapers

Newspaper Articles (1)

1. October 11, 1887 Wheeling Register Wheeling, WV

Article from Wheeling Register, October 11, 1887

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Article Text

THE CASHIER'S TALE. Ammi Baldwin Tells the Story of the Fldelity Bank Failure. CHICAGO October 20.-A Cincinnati, O special says: It is understood that Ammi Baldwin late cashier of the detunet Fidelity Bank, has made a statement of the affairs in the institution, which gives an inside view. It begins with giving some views regarding the condition of the the Third National Bank, in which Baldwin was cashier. In 1881, he says, Hendy, Harper and others were eugaged in the big wheat deal at Chicago and one night tound the bank with only $1,600 in cash on hand. Some of the directors wen tot Chicago that night and by 11 a Di. the next day had telegraphed $325,000 to the bank and saved it. Other directors never knew until now, how nearly their bank was wrecked Baldwin's brother, also in that bank. embezzled $18,000 Ammi covered it up for him. be says, with the help of Aarper and others, and then got into Harper's hands When the latter founded the Fidelity he took Baldwin along with him. The Fidelity was run on wind and by the one-manpower of Harper alone, who knew all the details attended to all the business and kept all the secrets of the business, save such as he shared with Miss Josie Holmes, the exchange clerk Harper was bound to keep the stock of the bank up and at the premium and bought everybody's stock who wanted to sell. Baldwin was sick and absent for a few weeks, and on his return found Harper had assumed the duties of casbier, and continued to do 80 on the plea of relieving Baldwin of hard work. Harper's institutions all seemed to have unlimited credit at the bank, and Harper himself had balances of $100,000 or so on hand nearly all the time. The money seems now to have come mostly the bank's of from from hypothecating the discounting accommodation stock, and paper, yet 80 adroitly was it all done that Baldwin did not suspect the true state of affairs until the erash came. He had often heard Ben Hopkins, the assistant cashier, say that Harper must be worth at least $5,000,000.