4410. Fidelity Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: August 31, 1877
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 175cd00a

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: President Haines pledged private property to support depositors; receivership appointed by court.

Description

A depositor run began in late August 1877 (articles Aug 31–Sept 2 describe ongoing runs). The bank then closed and a petition for a receiver was filed, with the receiver appointed Sept 24–25, 1877. The institution did not resume normal operations; receiver sales and dividend distributions followed, so the episode is a run that led to suspension and permanent closure/receivership.

Events (6)

1. August 31, 1877 Run

Cause: Local Banks
Cause Details: Run began and was kept up in the aftermath of the failure of other savings institutions (State Savings Bank) and general loss of confidence in similar banks; articles note the run followed the State Savings failure and broader panic.
Measures: Paying-teller McAuley opened pay windows and paid depositors under the bank's rules; officers pledged private property (President Haines) and directors pledged to stand by the bank.
Newspaper Excerpt: THE FIDELITY, THE RUN UPON IT YESTERDAY. The panic among the depositors of the Fidelity Savings Bank continued yesterday, and the run was continuous throughout the day.
Source: newspapers

2. September 1, 1877 Run

Cause: Local Banks
Cause Details: Continued withdrawals tied to earlier panic and distrust after other institutions' failures; depositors gradually reassured by officers' pledges and payouts.
Measures: Officers paid depositors (doleing out small sums under rules); President Haines pledged private property to benefit depositors; suggestion to have committee examine bank.
Newspaper Excerpt: THE RUN. AT THE FIDELITY. There was a considerable let-up in the run upon the Fidelity Savings Bank yesterday.
Source: newspapers

3. September 24, 1877 Other

Newspaper Excerpt: Notice having been served that an injunction and Receiver had been applied for...this bank will remain closed pending the decision of that question in court. Motion was made, and as the officers of the bank made no opposition, Judge Moore decided to appoint the receiver this afternoon, by which time he hoped the officers and depositors would have agreed upon the man. The petition alleges that the officers have been sacrificing valuable securities in order to realize cash upon them, and that the bank is already insolvent. (news dispatches).
Source: newspapers

4. September 24, 1877 Suspension

Cause: Government Action
Cause Details: A petition to appoint a receiver was filed and court action taken; petition alleged officers sacrificed securities to realize cash and that the bank was insolvent, prompting closure pending court decision.
Newspaper Excerpt: Early callers at the Fidelity savings bank this morning, found its doors closed, and a hastily penned card thereon informing the depositors that as notice had been served that a petition for a receiver would be filed in a superior court to-day, the bank would remain closed.
Source: newspapers

5. September 25, 1877 Receivership

Newspaper Excerpt: Dr. V. A. Turpin was appointed receiver of the Fidelity Savings Bank, with a bond at $600,000. The appointment meets with the warmest approval, the depositors being especially pleased. (New York Herald / The Sun / Chicago reports).
Source: newspapers

6. November 23, 1879 Other

Newspaper Excerpt: The property of the Fidelity Savings Bank, including the bank building, safe depository, and Hooley's Theatre, was sold by the receiver yesterday for $230,000. A dividend of 20 per cent will be paid the Fidelity depositors in a few days, making 30 per cent paid. (Nov. 23, 1879 report).
Source: newspapers

Newspaper Articles (20)

1. August 31, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, August 31, 1877

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THE FIDELITY, THE RUN UPOS IT TESTEUDAY. The panic among the depositors of the Fidelity Savings Bank continued yesterday, and the run was' continuous throughout the day. At an early hour the crowd began to gather In the viciulty of the bank, on Randolph street, and by 10 o'clock. when the doors of the bank were thrown open, there was a line reaching around the corner of LaSalle street. On the street, In front of the bank, quite a crowd had gathered, and some curiosity-seekers were looking Intently through the barred windows. The venerable Mr. McAuley, the paying-teller, opened his window promptly on time, and the paying commenced. The routine was the same as on the previous day. The needy got all they desired, and all obtained what they were entitled to under the rules of the institution and contracts with the depositors. While the run seemed heavy. the deposits were not a few. There are plenty who have faith In the integrity of the officers of the bank, and they propose to stand by them. Thus far, since Monday, but two notices of proposals to close accounts have been received, and the two together amount to only $200. In justice to the bank officers it

2. September 1, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 1, 1877

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THE RUN. AT THE FIDELITY. There was a considerable let-up in the run upon the Fidelity Savings Bank yesterday. The crowd that gathered in the morning was not nearly so large by one-half as on the previous day, and there was less of apparent anxiety. By afternoon the crowd had so far diminished as to enable all to get lu line Juside the bank, and there were but few on the street at any time. A fair estimate would not place over seventy-five persons in line at any one time. The fact is, the depositors are commencing to find out that the Fidelity is safe. Mr. John C. Halues, the President, has lived in Chicago about forty-three years. His children were born and have grown up here, and lie has everything at stake. At the Directors' meeting, Thursday night, Mr. Haines pledged all his private property for the benefit of the depositors, If it was necessary. The excitement of the past few days has worn upon Mr. Haines, but be has kept remarkably cool under the ordeal. lle spoke rather feelingly to THE TRINUND reporter yesterday, and sald that he had lived In Chicago between fortv and furty-three years. lle had reared his children here, and no one could ever point a finger to any dishonest act of his. His property and means were pledged ito the depositors, and he would stand by them. The bank was perfectly safe and secure. It had not been tampered with, and he would never steal one dollar. Mr. Haines felt confident of the result. One thing above all others is in the bank's favor: It has paid no fancy salaries, and no one is paid except for actual services rendered. The assets, so far, are more than ample. The cash on hand is sufficient to withstand considerable of a run. The diminution in the run upon the bank shows that the depositors are commencing to feel that their money is safe. There can be no doubt as to the safety of the Fldelity, but no bank, with Its deposits invested mainly in mortgage accurities, could turn its assets into cash with advantage at very short notice. Many of those who came yesterday to draw out a portion of their money were given more than they called for. All went away satisfied and pleased after leaving McAuley, who had a good word for every depositor, The crowd was remarkably devoid of lucidents, and it was quiet and orderly, without the least ripple of x itement. It is probable that, now that the depositors have discovered that the bank is perfectly solvent. the run upon it will cease entirely to-day. The deposits yesterday were considerable, and two new accounts were opened, which shows the faith felt in the institution. AROUND THE MERCHANTS', FARMERS' & MECHANICS Savings Bank the utmost quiet provailed yesterday. The demand for money was less than it had been for several days, and scarcely equal to occasions when there was no excitement among savings depositor. The rule of the past few days was observed with all applicants, and they appeared to be satisfied. The effect upon the bank so far has not been really felt. About $0,000 has been paid out, while as much line been received on deposit. The amount which the bank has been notified would be called for at the expiration of sixty days does not exceed $5,000. Mr. Mvers does uot anticipate anything in the future outside of routine business, and is satisfied that the scare is over.

3. September 2, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 2, 1877

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LARNED'S SUGGESTION. To the Editor of The Tribune. CHICAGO, Sept. 1.-Is it not fitting that the Fidelity Savings Bank should propose to its depositors that a committee of business men should be appointed to examine its condition and make 2 report in respect to it? If it be, as claimed, safe and reliable, and with ample resources to meet all its liabilities, such an investigation and report would establish that as a fact to the satisfaction of the public; the run would cease, and the bank have a firmer position than before in the public confidence. But, in view of the abstraction by bank officers heretofore regarded as men of integrity of very large sums of money from the assets of the State Savings Bank, should not the depositors of the Fidelity demand forthwith that the "mouey be counted," that the securities be investigated, and that the real condition of the bank be ascertained definitely and bevond all doubt? The assurances of bank officers about the safety of the bank are of no value whatever. Their very position makes it impossible for them to make any other statements. 1t seems to me that all savings banks should have their affairs investigated very frequently by impartial persons appointed by law for the purpose, and without this there can never be any certainty as to their condition. But as the law makes no provision for this, and the state of things disclosed in the recent investigations of the assets of the State Savings is such as to occasion doubt and distrust iu the public mind, and the Fidelity is not paying out to its depositors their balances but doling out small sums, and inviting them to leave the rest with the bank, upon its assurance that the bank is perfectly safe, that it is the duty of that bank to invite investigation into its affairs; and to have the people whose money it seeks to retain satisfied of its solvency, and that nothing less than this ought to content its depositors. Such a course is reasonable and just. and there is no valid objection to it if the condition of that bank is such as to bear the investigation. The ígnorance not only of the depositors in all State Savings, but even of the greater portion of the officers of the bank, as to the true state of its affairs, have enabled a gross fraud to be perpetrated upon its depositors. Is not any savings bank which is not paying on demand and requiring its depositors to grant time of payment, bound in all fairness to invito a full and searching investigation of its affairs? E. C. LARNED.

4. September 2, 1877 Chicago Daily Tribune Chicago, IL

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THE RUN. IT IS PLAYED OUT. When the Fidelity opened its doors yesterday morning, the crowd waiting for admittance was not very large. The fact is, the run has speut itself, and the panic among the depositors is over. At no time were there over forty persons in the line of those desiring to draw out their money yesterday. All that came got all they wanted or expected, and none went away dissatisfied. The depositors have become satisfied :hat the bank IS safe and in good hands. The Fidelity Directors are determined to stand Lv it, and no depositor can possibly Jose a cent under the present management. The assets, of course, could not be turned into cash at a moment's notice. The bank was kept open from 6 10 S o' lock in the evening, and all who desired could draw out their money. The deposits unu-ually large. even for ordinary times, and many new accounts were opened, including one with over $1,000, another with $557.73. and another for $500. There were also quite a numher of immor accounts. Everything passed on swimmingly, and by to-morrow morning it will hardly be apparent that a run ever occurred on the Fidelitv. At a meeting of the Board of Directors of the Fidelity Savings Bank yesterdav, it was determined to reduce the rate of interest from 6 to per cent after October. At 6 per cent the Lank has not been making any money on deposits lately, and it is proposed hereafter to keep a portion of the assets in securities that shall be immediately convertible into cash. Several National Bank Presidents happened in yesterday and offere.1 aid if necessary, but were told it was not needed. At the Merchants', Farmers' & Mechanics' Bank there was little or no excitement, and all passed off as on ordinary days. But few came to withdraw their money, and the depositors were not a few. In the morning a delegation of depositors of the State Savings Institution wasted upon Mr. Myers and asked him to talk at the Tabernacle meeting, and he accepted the invitation.

5. September 24, 1877 Daily Press and Dakotaian Yankton, SD

Article from Daily Press and Dakotaian, September 24, 1877

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TELEGRAPHC. O'CLOCI P.M. MISCELLANEOUS. The Fidelity Savings Bank Closes Its Doors. A Receiver Was to have Been Appointed this Afternoon. A Two Hundred Thousand Dollar Package Stolen from a Cortland Bank. MISCELLANEOUS. A TEMPERANCE CONVENTION. Chicago, Sept. 24.-The temporance so. ciety of the northwest meet here to-morrow. THE FIDELITY SAVINGS BANK. Chicago, Sept. 24.-Early callers at the Fidelity savings bank this morning, found its doors closed, and a hastily penned card thereon informing the depositors that as notice had been served that a petition for a receiver would be filed in a superior court to-day, the bank would remain closed. Pending decision of that question in court motion was made, and as the officers of the bank made no opposition, Judge Moore decided to appoint the receiver this afternoon, by which time he hoped the officers and depositors would have agreed upon the man. The petition alleges that the officers have been sacrificing valuable securities in order to realize cash upon them, and that the bank is already insolvent. It is believed the as sets will be much larger in proportion than those of the State Savings. The last quarterly statement gives as resource: Cash and exchange $341,222; government bonds $279,432; other bonds 50,061; demand on loans secured by collaterals $224,848. time loans secured $438,749 ; first mortgage an loans or real estate $606, 362; bank and depository building, $85,878; real estate, $102,000; property account, $18, 445; safe depositing vaults $121,520. Other small items make the total of resources at $2,280,511. The liabilities were a capital of $200,000; surplus $100 000; profit loss $3,447; due depositors, $1,977,064. Total $2,280,51. OFFICERS INDICTED. The grand jury indicted Spencer, Guild and Bulkly, officers of the State savings, for the embezzlement of $700,000. None of them are in the city nor is their present whereabouts known. POISONED BY TOADSTOOLS. Cleveland, Sept. 24.-Mrs. James StClair, her two children, son and daughter, residing at 229 Lake street, in this city, were poison: ed by eating toadstools, mistaken for mushrooms, yesterday. The children died last evening and the mother is not expected to recover. AGRICULTURAL COLLEGE. The sixth annual session of the national agricultural college will be held here beginning to-morrow and lasting till the 27th inst. All agricultural societies, colleges and organizations are requested to send delegates and a large attendance is anticipated

6. September 24, 1877 The Cincinnati Daily Star Cincinnati, OH

Article from The Cincinnati Daily Star, September 24, 1877

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ANOTHER CHICAGO BANK. The Fidelity Savings Bank Closes its doors. National Associated Press to the Star. CHICAGO, Sept. 24.-The Fidelity Savings Bank closed its doors to-day. Proceedings for a receiver were instituted in the Superior Court.

7. September 24, 1877 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, September 24, 1877

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The Fidelity Savings Bank at Chicago Suspended. CHICAGO. Sept. 24.-Early callers at the Fidelity Savings bank this morning found its doors closed and a hastily penned card theron informing depositors that as notice had been served that a petition for a receiver would be filed in the superior court to day, the bank would remain closed pending the decision of that the question in court. Motion was made, and as the officers of the bank made no opposition, Judge Moore decided to appoint the receiver this afternoon, by which time he hoped the officers and depositions would have agreed upon the man. The petition alleged that the officers had been sacrifcing valuable securities in order to realize cash upon them. and that the bank is already insol. vent. It is believed that the assets will be much larger in proportion than those of the state savings bank. The last quar terly statement gives as reserves in cash and exchange $341,222: government bonds 279,432; other bonds $50,061; de wand loans, secured by coliaterals, $234,848; time loans secured $438,749; first mortgage loans on real estate $606,362; depository building $85,878; real estate $102,000; property account $18,454; safe depository vaults $121,520. Other small items make the total resources $2,280,511. d The liabilities were, capital $200,000, surplus $100,000; profit and loss $3,447; due m depositors $1,977,034. Total $2,280,511.

8. September 25, 1877 New-York Tribune New York, NY

Article from New-York Tribune, September 25, 1877

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# THE FIDELITY SAVINGS BANK would have cried, who are now trying to find out of how much they have been robbed. But it is just such blind confidence in a manage- ment that breeds scoundrels. The best of men, because they are strongly trusted, are strongly tempted, and stand in the greater need of that moral defence which constant watchfulness and publicity only can give. How serious this blow will prove to business interests, it is difficult to say. Apparently, Mr. Morton had borrowed over $1,000,000, using fraudulent certificates as security. No doubt other large sums had been borrowed upon the genuine stock, which was held worth over $1,000,000 on the very morning of the exposure, and which nobody could sell at any price that night. These large loans, for which the security has suddenly vanished, may cause some trouble. But the worst effect will be the grave distrust which must be pro- duced where Mr. Morton was held so high. Destruction of confidence, at a time when confidence is peculiarly needed, involves more than the loss of one or two millions. The event will bear good fruit, however, if it teaches men in positions of trust to beware of gambling in stocks. Like many others, it seems, Mr. Morton had faith in the coal roads, and lost largely in Philadelphia and Reading, and his earliest fraud was prompted by over- whelming losses on that stock. We shall have a better chance of financial recovery when it comes to be a rule rigidly observed by men intrusted with the care of the money of others, and rigidly enforced by stockholders, that no man in that position ought ever to indulge in speculation. This is not the first, nor by many will it be the last, of frauds arising from the same cause. The fall of the Fidelity Savings Bank has not been wholly unexpected. Though it has made a long struggle, the persistency of the run upon it, which began after the failure of the State Savings Bank, clearly indicated a general impairment of confidence. The capital was only $200,000, but it had a surplus of $98,000 more in October last, and was espe- cially well known because of the activity of its President. Its fall is not likely to cause serious disturbance at Chicago, as it will hardly occasion surprise, but every such event tends immediately to increase the drain upon New- York banks, and; more broadly, to intensify the distrust and apprehension which make a revival of business so difficult. The one thing unquestionably solid in our condition, is the enormous productivenesss of our industry. The great crops will not take to themselves wings, and vanish in a night. The yield of petroleum and of the precious metals does not cease, nor the foreign demand for our wheat and corn, cotton, provisions, and manufactured products. Faith that the country will finally recover, in spite of all its losses, is not ill-founded, for it is a faith in the great resources of the land, and in the en- terprise, invention and industry of the people. The recovery will be the more sure and steady when it comes, and will be the less liable to interruption from startling failures or shocking disclosures, for the removal of crippled firms, the closing of banks which have lost public confidence, and the exposure of men who have abused great trusts. Above all, it will be a more steady and sure recovery if the people first learn that the best of men need constant support and publicity in the management of fiduciary trusts, and that the corporation which closes its books to the public is presumably unsound.

9. September 25, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 25, 1877

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Examination Made of the Bank by an Expert During August. Formal Transfer of the State Savings to Receiver Otis. THE FIDELITY. THE CRISIS COMES. . SUSPENDED BY ORDER OF THE COURT. The crisis caine a little sooner than was crpected. That was all. There had been a general Idea that some of these fine days some depositor would present himself at the payingteller's window in the Fidelity Savings Bank, pull out of an luside pocket a well-worn and somewhat dirty expired notice," shove it In the amiable Teller's face, and demand his dueats. According to this same popular Idea, payment thereof would be relused, whereupon the said depositor would proceed in his wrath to hunt up a lawyer, who, with the glittering prospect of a big fee before his eyes, would proceed to draw up an application for a Receiver. But Albert A. and Mary A. Johnson didn't wait until their notices expired. They were not going to verify popular prediction in that way. With a singular disregard for the preconceived notions of the general public in this regard, they resolved to got ahead of evcrybody else; to take hoary old time by the forelock, as it were; to sound the bank's knell, and be in at the death before anybody else. And they carried out this resolve to their own satisfaction, and to the great delight of their dexterous legal adviser and colaborer. There were rumors on Saturday that somebody was getting the matter in the proper legal shape, and that the application would be made vesterday morning. There have been simllar rumors for the past week, but none of them could be traced to any authoritative source, and they came to be regarded as general talk. But the story which was whispered about on the airect-corners Saturday took on a more positive form, and, although a reporter sought to run It down and get at the fountain head of truth, as it were, he only brought up in the regions of rumor and speculation, which was just where he started out. Even Mr. Haines himself positively affirmed late Saturday mornIng that be know nothing about it, and that he proposed to open his bank yesterday morning and proceed with business as usual. And be was there yesterday morning as early as 9 o'clock, with his clerks and everybody else on deck, prepared, as he says, to go ahead. SOMETHING or A CROWD had gathered even at that early hour, each depositor intent on getting the first place in the line, or as near that as possible. Every last one was waiting for 10 o'clock, when the doors should open and they would file in with all eacort of two policement to take their places at the marble counter and begin another day's run. At 9:30 is minion of the law arrived. ne was admitted through the door leading into the suiety, deposit vaults, and thence suade his way back to the bank apartments proper, where he duly Informed Mr. James and his confreres that be had been deputed by Judge Moore to comeover and give noLice that a Receiver would be applied for at 10 o'clock, or shortly thereafter. According to all accounts, there were no tears shed, no particular scenes ensued, and the bank people proceeded to draw up the following notice, which door: one of the boys pasted upon the outside centre NOTICE. Notice having been served that an injunction and Receiver had been applied for before Judge Moure, of the Superior Court, this morning, this bank will be closed to await the action of the Court To say that the depositors, who crowded around the clerk and proceeded to slowly spell out the notice us be put it up, were astonished, surprised. maddened, and disgusted, would only partly express the true state of their Gelings as they realized that the crush had come. Men swore and bitterly cursed their late, while women leaned up against the stone pillars and the from casements and gave way to tears. It was the sume sud picture which has been wilneeded of late in front of the State Savings Institution and Sidney Myers' gorgeous but nonproductive bee-hive, but with this exception: nobody had run away, nobody had stolen anything, and the "bust With occasioned not by any dishonesty of the head of the banks, but by the fearful shrinkage of values, by the errors in judgment which led to bad investments. and by the daily exhaustion of the bank's financial energies through the agency of & loug-continued, steady run, precipitated and kept up DY the failure of other institutions of a like character. Naturally, then, the feeling towards Mr. Haines was not unfriendly. His depositors still had faith in his honesty, and were even disposed to look with SOMETHING LIKE HOPEFULNESS on the future, which, they believed. would see thein with the greater portion, If not all, of their money back in their own hands. During the day the crowds came and went, and, although little there was much of regret and not a

10. September 26, 1877 Ottumwa Weekly Courier Ottumwa, IA

Article from Ottumwa Weekly Courier, September 26, 1877

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The Fidelity Cone Up. Chicago, Sept. 24.-Early callers at the Fidelity Savings Bank, this morning, found its doors closed and a hastily penned card thereon informing depositors that "as notice had been served that a petition for a receiver would be filed in the Superior Court to-day the bank would remain closed pending the decision of that question." In the Court the motion was made and as the officers of the bank made no opposition Judge Moore decided to appoint the receiver this afternoon, by which time he hoped the officers and depositors would have agreed upon the man. The petition alleges that the officers have been sacrificing valuable securities in order to realize cash upon them and that the bank is already insolvent. It is believed that the assets will be much larger in proportion than those of the State Savings. The last quarterly statement gives as resources-cash and exchange $341,222 government bonds $279,432; other bonds $50,061; demand loans secured by collaterals $234,848; time loans secured $438,749 first mortgage loans on real estate $606,342; bank and depository building $85,878 real estate $102,000; property account $18,454 ; safe depository vaults $121,520; other small items make a total in resources of $2,280,511. Liabilities and capital $200,000; surplus $100,000; profit and loss $3,447 : due depositors $1,977,064; total $2,280,511. The Grand Jury hasindicted Spencer, Guild and Buckley, officers of the State Savings Bank, for embezzlement of $700,000. None of them are in the city, nor is their present whereabouts known. The 6th annual session of the National Agricultural College will be held here, beginning to-morrow, and lasting until the 27th instant. All agricultural societies, colleges, and organizations are requested to send delegates and a large attendance is anticipated. The Catholic temperance societies of the Northwest meet here to-morrow.

11. September 26, 1877 The Sun New York, NY

Article from The Sun, September 26, 1877

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CHICAGO'S BANK FAILURE. THE FIDELITY SAVINGS BANK IN THE HANDS OF 4 RECEIVER. President Haines Putting All his Private Property In the Assets and Going Down with the Bank-The Fallure Unavoidable. CHICAGO, Sept. 25.-Long before 9 o'clock yesterday morning a great crowd filled the sidewalk in front of the Fidelity Savings Bank. There was manifested a stronger determination than ever among the depositors to have their rights, despite the operation of the swindling ten per cent. rule. The crowd increased constantly until about half past 9 o'clock, when one of the clerks hurried out of the safe-deposit department of the building. and, foreing his way through the crowd to the main door of the bank, tacked up the following notice, written upon a sheet of letter paper with the bank heading: Notice having been served that an injunction and receiver will be applied for before Judge Moore of the Supe. rior Court this morning, this bank will be closed to await the action of the court. No signature was appended to the notification. The crowd seemed to divine its meaning by inspiration, and immediately there was the greatest excitement. Many of the women burst into tears, and the men vented their anger in bitter curses. Not an officer of the bank could be found upon the premises. The only means of access was by the safe-deposit building. and the door of this was doubly guarded, the watchman having orders to admit no one, Assistant Superintendent of Police Dixon, a Lieutenant, and several offi ers were on the scene to prevent disorder. At 10 o'clock Mr. Wirt Dexter appeared in the Superior Court and moved the appointment of a receiver. The Judge took the matter under advisement until to-day, when he appointed Dr. V. A. Turpin with a bond of $600,000. The appointment meets with the warmest approval. especially of the depositors. Mr. R. P. Derrickson was said to be acquainted with the condition of the bank, and the following statement made to the SUN correspondent shows the state of things in brief. Said he: "About ten days ago several friends of mine, who are depositors at the bank. came to me and made inquiries about what they should do. I visited the bank for them. The officers assured me that the bank was solvent: but in the conversation Mr. J. C. Haines said they would like to borrow $250,000 on securities to tide over the present trouble. I promised to effect the loan went to several bankers, and from them got the promise of the loan. Having so informed Mr. Haines, he said he had concluded not to borrow. as the rush was over, and he could get along without. Last Saturday these same depositors applied to me again, saving that the rules of the bank had been changed to allow them only 10 per cent. of their deposits after the expiration of notice. I again went to the bank with Mr. Haines. I told Mr. Haines that such a course was not done in good faith. and was a confession of the bank's inability to pay up. Mr. Haines assured me that the bank was sound, and invited me to examine the bank and ascertain for myself. I agreed to do so, with the understanding that if I came to the conclusion that the bank was insolvent I could speak of it. I was engaged in the examination on Friday night. and left the bank fully convinced that it could not pull through. adid not speak of this to Mr. Haines until the next day (Saturday), and then told him he ought to close the doors. It was rather hard to make Mr. Haines or the others take this view of the condition of affairs. but finally they all coincided with me." Mr. Derrickson continued: Mr. Haines has put in all his private property among the assets of the bank nothing has been kept back. He goes down with the bank. The cause of the failure IS the shrinkage in securities." What are the liabilities and assets of the bank ?" At the time the run began on the savings bank the deposits at the Fidelity amounted to $2,000,000. Since then about $700,000 been drawn out, leaving a balance of $1,300,000. The number of depositors is 7,8002 But where are the assets "I scareely know, but from sixty to ninety per cent. will be realized. The gentleman declared itas his opinion that

12. September 26, 1877 The New York Herald New York, NY

Article from The New York Herald, September 26, 1877

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A RECEIVER APPOINTED. CHICAGO, IIL, Sept. 25, 1877. In the Superior Court. this morning, Dr. V. A. Turpin was appointed receiver of the Fidelity Savings Bank, with a bond at $600,000. The appointment meets with the warmest approval, the depositors being especially pleased.

13. September 29, 1877 The News and Herald Winnsboro, SC

Article from The News and Herald, September 29, 1877

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RATES OF ADVERTISING. One square one insertion $1.00. For each subsequent insertion 50è. Obituaries and Tributes of Respect charged for as advertisements. Liberal discount made for contract dvertisements. 0 JOB WORK. Bill Heads, Letter Heads, Envelopes Posters, Cards, Invitations, Tickets, &c. neatly executed at this office,CHEAP FOR CASH. NEWS OF THE DAY. Another Ohio treasurer has defaulted. A pocket-book containing $200,000 in bonds, stocks, &c., is missing from the bank safe at Cortland, New York. The yellow fever is raging at Fernandina, Florida. Aid has been sent from Savannah, Charleston, New York and other cities. The New Jersey Republicans have nominated a dark horse, Williams for governor. He has been put up for McClellan to knock down. - Fifty thousand workingmen of Northumberland and Durham, England, gave General Grant 11 res ception at Newcastle on the 22d inst. The Chicago grand jury has indicted certain officers of the State Savings Bank for embezzlement of $700,000. None of them are in the city, nor are their whereabouts known. The Fidelity Savings Bank of the same place has also closed its doors. Gambetta, the French Republican leader, has been sentenced to 2000 francs fine and three months imprisonment, for assailing President MacMahon in a public speech. A number of Republican papers have been suspended. Very heavy frauds are reported in the management of the Philadelphia City Passenger Railway Company. Stock representing over three million dollars has been fraudulently issued, of course with the connivance of the officers, one of whom is the president of the Philadelphia Permanent Exhibition. Strenuous efforts are now making to consolidate the friends of the Texas Pacific Railroad in asking aid from Congress for its construction. A systematic plan of operation is matured, into which enters the subject of the election of a Speaker of the House favorable to the project. The New York Herald reports that there is a formidable movement on foot to defeat Gen. James A. Walker; the Democratic candidate for licutenant-governor, because he openly opposes a readjustment of the State debt. An Independent candidate is proposed. Leverrier, the great French astronomer is dead. It was he who first suggested the existence of a planet nearer the sun than Mercury, which planet was subsequently discovered and named Vulcan, and which is only 13,000,000 miles from the sun, and revolves once around it every twenty days. A telegram from General Sturgis represents that he has been reinforced. He followed the hostiles thirty-eight miles Sunday, killed five, and regained six hundred head of horses. The Crows are fighting the Nez Perces and have brought into the agency seven hundred horses. Sitting Bull, with 1,000 warriors, is in the heart of the Canadian buffalo country, near Wood Mountains. Joseph's band is heading straight north. Nearly all the northern tribos are believed to be ready for the revolt, and all can cross the Canadian border in three days, and would number over 4,000 warriors, exclusive of Sitting Bull's 1,000, and all will join the latter if it is thought politic. Sitting Bull is amply supplied with ammunition, and other tribes are rapidly pro-

14. November 21, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 21, 1877

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Total $ 47,108 The assets comprise, besides the above, office furniture and listures, the value of will 1 isnot given, also the ground lease above mentioned, the bank building. Lot 1, Block 8. of Beck's subdivision of the S. W. 14 of the S. W. 11 of Ser. 21. 33, 11, in Englewood, with house, taken on n debt for 81,500 against one Hyatt, and 2011/2 feet on Walnut street. with house. Besides the 890.47 cash in the bank. the itevelver has collected 8:00 rent and $30.00 from other sources. He has expended $11.93 for stationery, etc.: has also employed one clerk at 81.30 a day, and a bookker at the same rate. His own services the Receiver rutes at $300. In conclusion. Mr. Hinkley says that the bank ever since the expenditure of $20,851.00 for its building In 1STM has been insolvent, and at no time since been able to pay its depositors. A grave and important question arlses whether any personal Hability exists against any one on benatt of the depositors to reimburse them for their losses. Among the list of bills receivable are the following: John G. Brown, balance due, $1,225, secured by tru-t-deed: J. C. Patterson, $355.10: A. 11. Burley, na Receiver of the Cook County National Bank, $703.00 E. J. Adams, 811251: B. W. Phillips. $1,142.41; 1.. L. Greenicaf, 8742.85; Chicago Society for the New Jerusalem. $651.25: Jacob Well & Co., SUNSO: Mary Lawrence, 401. The Receiver also asks for advice as to whethor ne shall proceed to sell the furniture. lixtures, leasehold Interests, etc., at public or prirate sale, and whether be shall progeed to collert the outstanding accounts by suit. Ile also asks to have his expenses and fees allowed, and proposes heneeforth to charge 85 a day for his services. THE FIDELITY. Judge Moore gesterday entered nn order consolidating the two suits of Johnson and AnderBon against the Fidelity Savings Bank. and granting a perpetual Injunction ugainst the prosecution of suits against the stockholders of the bank. It Is expected a demurrer will be Interposed and a formal decree entered 60 that the case can nt once go to the Appellate Court. No testimony Was taken before Collector Harvey yesterday on the Habitity of the bank to pay Government taxes. be having been absent all day. The argument will be heard today. The paying-out at the Fulelity went on vesterday just about the same as on the previous day, and about noo depositors were given money. On balancing the books for Monday It was found that the payments were about 813.0.0. Yesterday would show about the same results. Mr. MeAuley noted, as n matter of interest. that the smallest sum paid to any one depositor during the day was two cents, the same being an equal and exact 10 per cent of the sum which the bank had of the depositor's. JUDGE oris, Receiver of the State Savings Institution, was not the best pleased yesterday at a statement made by one Evarts at the meeting of the Fldebty Bank depositors Monday evening. The assertion of Evarts Was that at the State " the lawvers had already eaten up half the cash deposits." Judge Otls resents this as unealledfor and false. He adds that he has paid but one lawyer's bill, and that was $30. Further, be had to offer that collections were being made better than he expected, and, In fact, matters Were getting on well.

15. November 28, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 28, 1877

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THE BANKS. ALL quier. A reporter visited all the suspended banks, National as well as savings, yesterday, but was hardly compensated In Information for the wear and tear of his constitution and shoo-leather. At the Third National, Mr. Watson was seen. He knew of nothing. No Receiver had yet been appointed. It seems, however, that telegrama have been received from Washington, stating that Huntington A. Jackson will be the successful one. Ills papers have not been made out, but they are expected here by Thursday. Regarding the Receiver of the Central, rumor bath It that Mr. Burley is the man. But he has no advices to that effect, nor could the roport be verified. As is known, he is now in charge of the bank. He has enough cash on hand to pay a dividend of 20 per cent at once. The creditors of both the Central and Third will, in time, certainly get 100 cents on the dollar. Absolutely nothing was obtainable at the savIngs banks,-that is, as to collections, dividends, etc. A female depositor dropped into the State about 1 o'clock and asked for "tho clerks." This a pretty bank." said the woman. " It is a smashed bank," rejoined the reporter. " Yes, remarked she, and I would like to get hold of some of them, wouldn't 1 smash 'em." "Them" was indefinite, 80 the reporter, not wishing to be mistaken for a bank employe, pointed out Judge Otis and Mr. Chamberlain, and withdrew. Both the gentlemen named were whole last night. There is a noticeable falling-off in the crowd at the Fidelity, though the drawing of the 10 per cent was pretty steady all day. Only a third of the depositors have thus far received what is due to them. Many, perhaps, do not yet know that the institution is in liquidation. Dr. Ward, of the Beehive, Was notified in the afternoon that the Committee appointed by the depositors will come to see him again this morning. These centlemen say they are after the fellows who hold their beads high, though they are deeply in debt, and they purpose exposing them to the community. One of the Committee, whom a reporter saw yesterday, said he didn't think any harm would be done by publishing the names of the bank's debtorsthat the money was due, and would have to be paid. W. S. Hinckley, Receiver of the Chicago SavIngra Institution & Trust Company, filed a petition yesterday setting out that among the assets of the bank are some office furniture, collectable debts, and Incumbered real estate. The debts ought to be collected and the other property sold, in his opinion, and Judge Moore gave him leave to do as he wished in the matter. John C. Winterbotham, one of the stockholders of the Fidelity Savings Bank, who has been sued by the Receiver of the bank to recover ou his statutory liability, filed his separate answer yesterday. No deals in glittering generalities, denying vaguely that he la under any moral or legal obligation to pay any of the debts of the corporation, and claiming that he was not one of the original stockholders, but purchased bis stock at the Instance of some parties connected with the management of the bank

16. March 11, 1879 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, March 11, 1879

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# THE COURTS. Record of Judgments, Now Suits, Divorce Matters, Etc. F. J. Griffin, the lawyer who objected some time ago to the proposed land compromises of the Receiver of the Fidelity Savings Bank, yesterday filed some more objections. They contain nothing new, the gist of them being that the Receiver exceeded his powers, and that the compromises are in the nature of preferential payments to some of the creditors at the expense of the others. Judge Blodgett yesterday ordered Walter S. Tuilt, the counterfeiter, to be taken to Bureau County, where he resides, there to be tried in the County Court on the question of his insanity. Judge Drummond is expected home to-morrow. The Appellate Court met yesterday afternoon, Judge Pleasants only being absent. No decisions are expected until next week. # DIVORCES. Sarah C. Coffey was married in November, 1873, to Cornelius J. Coffey, and she charges that her life ever since has been rendered miserable by his cruelty. He has been in the habit, almost daily, of beating, choking, or kicking her, and she states there has been hardly a day since their marriage that she could not show some marks of his hands or feet. He claims to have an interest in the Western Catholic newspaper, and earns over $30 a week, of which she wants a suitable slice when she gets her divorce. She also wants to resume the name of her former husband, Wyckoff. # UNITED STATES COURTS. The Washburn & Moen Manufacturing Company filed a bill yesterday against the Chicago Galvanized Wire-Fence Company, E. M. Crandall, C. H. Kirkham, J. M. Horton, E. T. Mason, and W. M. Sherman, and the same Company, with Isaac L. Ellwood, also filed a bill against the same parties to restrain them from infringing certain patents for barbed wire fences. The Connecticut Mutual Life-Insurance Company filed a bill against Redmond and Mary H. Prindiville, William D. and Mary J. Cox, the Union National Bank, the L. Wolff Manufacturing Company, and Michael Worthy to foreclose a mortgage for $6,000 on Lot 0, Block 4, in Kinzie's Addition to Chicago. # BANKRUPTCY MATTERS. In the case of the Winnesheik Insurance Company, the Assignee was authorized to compromise all doubtful claims, reporting the same to Court for confirmation, and to sell all desperate and uncollectable debts and the remaining personal property at auction, after giving three weeks' notice in newspapers published in Chicago, Freeport, Springfield, Indianapolis, Des Moines, St. Paul, and Madison. This is done with a view of making a final dividend and closing up the estate as soon as possible. Discharges were issued to C. E. Stowell and John F. Dee. # SUPERIOR COURT IN BRIEF. The J. M. W. Jones Stationery and Printing Company filed a bill against Enos Ayres, South Town Collector, to get its assessment on personal property reduced from $25,000 to $15,000, on the ground that a clerical error was made in entering the amount on the Assessor's books. Felsenthal & Kozminsky, private bankers, also complain that they were assessed on a basis of $20,000 worth of personal property, when in their return they listed only a small amount, the tax on which would not be over $100. And they don't think the Collector dealt fairly with them. # CIRCUIT COURT. Israel H. Moss, of 243 Clark street, filed a petition for habeas corpus, setting out that he is confined in jail, having been arrested on a capias at the instance of A. Wehle & Co. He charges that the affidavit on the writ issued was fatally defective, and asks to have it examined. John Perry filed a petition to be allowed to adopt a boy 17 years old named John George Perry. Morris Selz & Co. filed a bill against Collector Ayres, claiming that their personal property was returned by them to the Assessor as worth $30,000, but that by some unknown legerdemain it was raised to $80,000 without notice to them, and they are now called on to pay a tax of $3,711.06, when it should have been only $1,325.70, and they want to compromise at the latter figure. Simon, Meyer, Strauss & Co. filed a similar bill to have their assessment of $60,000 cut down to $35,000, that being the amount at which they valued their personal property. They are called on to pay $2,783.97 instead of $1,546.65. # PROBATE COURT. In the matter of the estate of Catharine Simmons, deceased, letters of administration were granted to Anne Simmons in a bond of $5,000, which was approved. In the estate of John Costello, deceased, the will was admitted to probate, and letters testamentary issued to Margaret Costello on her individual bond for $6,000, which was approved. # THE CALL JUDGE BLODGETT-Calendar of passed cases, beginning at No. 37. THE APPELLATE COURT-No. 7, Lowenthal vs. Ma ormick; 10, Honore vs. Wilshire; 15, Nyo vs. Bullock; 16, Chamberlain vs. Garrick; and 17, Haas vs. Chicago Building Society. No caso on trial. JUDGE GARY-381, 384 to 387. 300 to 393, 39%, 397 to 399, 401 to 404, 407, 408, 400, 411 to 414, 416, 417, and 410 to 422, all inclusive. No caso on trial. JUDGE JAMESON-Assists Judge Gary. No. 380, Miines vs. Jarvis on trial. JUDGE MOORE-11, 12, 13, 14. No. 10, Hal-puck vs. Karacak, on trial. JUDGE HOGERS-Set case 7,077, Heth vs. Matthews, and calendar Nos. 50, 60, 64 to 73 inclusive, except 67, 70, and 71. No. 48, Meyers vs. Smith, on trial. JUDGE BOOTH-23, 65, 67, 69. No. 64, Baldwin vs. Bundy, on trial. JUDGE MCALLASTER-170 to 198, inclusive, except 172, 173, 174, 175, 176, 181, 186, and 193. JUDGE FARWELL-80, Great Western Telegraph Company vs. Reeve. JUDGE WILLIAMS-Nos. 833, 681, 691, 1,025, 1,026, 1,035, 1,044. Judge Loonte-Common law-Nos. 1, 9, 12, 21, 26, 27, 28, 30, 37, 38, 40, 41. JUDGE KNICKERLOCKER-The call to-day is from "H" to "L." # JUDGMENTS. UNITED STATES CIRCUIT COURT JUDGE BLODGETT-Rochester Insurance Company vs. John M. Snyder, $1,500.-Rose Howe vs. Joel H. Wicker, $707.17.-Fifth National Bank vs. County of Cook, the City of Chicago, and the South Park Commissioners, $1,050.15.-First National Bank vs. Same, $2,024.00.-Fifth National Bank vs. South Park Commissioners, $474.62.-First National Bank vs. Same, $711.53. SUPERIOR COURT JUDGE GARY-Duncan McDonald vs. Daniel Gittimane and Charles Severing; verdict, $33.50.-Mattida Jamieson vs. Mrs. H. A. Austin, $18.-James Cruikshank vs. John W. Hooper, $338.81.-David Smith vs. Same, $264.38. -D. H. Dickinson vs. Tappan, McKillop & Co., $264.-Kate Cairns vs. Thomas Foster, $671.77. JUDGE JAMESON-Joseph Claus vs. Martin McCue, Bernard Steele, and Isaac Wedeles; verdict, $75. CIRCUIT COURT-CONFESSIONS-Anton Larnotte vs. August and Sophie Wilhelms, $101.75. JUDGE HOGERS-Mary Peasley vs. John H. Crawford, $41. JUDGE BOOTH-Andrew Monka vs. North Chicago Rolling Mill Company; verdict, $4,000, and motion for new trial. French and English. Chambers' Journal

17. April 6, 1879 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, April 6, 1879

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THE FIDELITY. Receiver Turpin advertises the valuable property of the Fidelity Savings Bank in THE TRIBUNE of this morning. This property is located on Randolj, streeet, between Clark and LaSalle, and fronts directly on the new CourtHouse. No better opportunity for a good investment has ever been offered to the capitalists of this city. The banking office, now occupied by the Illinois Trust and Savings Bank, is one of the best in the city, and is completely and splendidly furnished. The safe depository already vields a large income. Notwithstanding the failure of the bank and the uncertainty of the future management, it has steadily increased in its cash receipts and in the number of its patrons. It is contidently believed that its net income will be doubled within a year if the property falls into the hanci 8 of parties having the contidence of the public. Of Hooley's Theatre it is scarcely necessary to speak, except to say that it is leased for four or five years at a rental of $10,000 per year, and that it pays over and above taxes and insurance fully $S,000. The second, third, and fourth stories of these buildings are cut up into commodious offices, which, when the Court-House is finished, will doubtless add largely to the income of the investment. THE TRIBUNE hazards the prediction that the result of the sale next Thursday will justify the Receiver in the method and time he has chosen for the disposition of the property.

18. April 16, 1879 New Ulm Weekly Review New Ulm, MN

Article from New Ulm Weekly Review, April 16, 1879

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State, etc., etc. THE United States Senate, on the 10th, decided, by a vote of 85 to 28, that Charles H. Bell was entitled to a seat in that body by virtue of appointment of the Governor of New Hampshire. Mr. Bell was consequently sworn in to fill the vacancy from that State. THE Massachusetts House of Reprecentatives, on the 10th, rejected a bill to secure women the right to vote on municipal affairs in cities and towns. A bill to give women the right to vote for members of School Committees was passed. JOHN TAYLOR has been re-elected President of the Twelve Apostles and Trustee of the Mormon Church. No successor to Brigham Young, as President of the Church, has been elected. THE Fidelity Bank building, the Fidelity Safe Deposit Vaults and Hooley's Theater, property belonging to the defunct Fidelity Savings Bank of Chicago, were sold at auction, on the 10th, for the sum of $192,400. JOHN P. PHAIR, the Vermont murderer, who had been three times reprieved, was hanged, on the 10th, at the State Peniten tiary in Windsor. THE New Orleans authorities have determined to quarantine for twenty days all vessels arriving from ports in the West Indies, the Gulf of Mexico south of Texas, and South America, after the 1st of May, with the object of preventing the introduction of yellow fever. AT the rolling-mill in Cleveland, Ohio, on the 10th, a bar of iron being run through the rollers encircled a boy in its fantastic folds, and literally burned his body in two. SEVEN Indians attacked Serg't

19. November 24, 1879 New-York Tribune New York, NY

Article from New-York Tribune, November 24, 1879

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A LARGE SALE OF PROPERTY. CHICAGO, Nov. 23.-The property of the Fidelity Savings Bank, including the bank building, safe depository, and Hooley's Theatre, was sold by the receiver yesterday for $230,000. In 1877 the property was appraised at $305,000, and now brings in $2,000 rent annually. A dividend of 20 per cent will be paid the Fidelity depositors in a few days, making 30 per cent paid. It is expected that another of 15 will be forthcoming hereafter.

20. January 24, 1880 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, January 24, 1880

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IT will interest depositors In the collapsed Fidelity Savings Bank of this city to know that lawyers' fees to the amount of $17,000 have been paid since the Receiver took hold, and that the Receiver claims $6,000 a year ns his individual compensation. These charges have been allowed after examination by a Master in Chancery.