First National Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8
Charter Number: 2670
Start Date: December 30, 1896
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 6f9d3ba4

Response Measures

None

Description

Articles report the First National Bank of Chicago closed/failed in late 1896 and is described as having concealed adverse holdings on its books. There is mention of the bank having 'closed its doors' / 'failure' and loss of funds (University of Illinois). No clear contemporaneous description of a depositor run is given; evidence points to bank-specific insolvency and subsequent suspension/closure with receivership actions later. Dates are approximate based on newspaper publication dates.

Events (3)

1. December 30, 1896 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Articles state the bank 'failed', had liabilities and concealed holdings on its books; loss of University of Illinois funds due to its failure, indicating bank-specific insolvency.
Newspaper Excerpt: First National Bank if Chicago, ... the oldest and largest bank ... closed its doors. Three result. has immediately suspended
Source: newspapers

2. May 19, 1897 Other

Newspaper Excerpt: The loss of the funds of the University of Illinois through the failure of the First National bank of Chicago, whose president was treasurer of the university, once more emphasizes the insecurity of personal bonding.
Source: newspapers

3. * Receivership

Newspaper Excerpt: the items showing ... the failure of the old ... Bank of Illinois ... The First National Bank of Chicago ... failure ... suit of the First National bank of Chicago for the removal of the trustee will be discussed.
Source: newspapers

Newspaper Articles (4)

1. December 25, 1896 The Kinsley Graphic Kinsley, KS

Article from The Kinsley Graphic, December 25, 1896

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tions.-Post Dispatch. the items showing the elec- how Among has picked up since the Nat. business notice the failure of the oldtion we Bank of Illinois one of in ional best banking institutions deal for est and This is saying a good so great Chicago, in a Windy City with true that an a bank amount of business. defunct 'Tis instituhabalities of the added the were only $11,000.000 but liabilition to tuis"insignticant sumare banks who the closed a ties of the other result two of the failure of their First doors National as Bank of III. was The $1, libalites the of one of these banks making in of the other $400,000 13,000,000 200,000 liabilites of almost is quite 111 all institutions. And yet it these that there are Republicans believe in probable city of Kinsley who banks. in the idea of national national the mossback few weeks ago a business Just in a Kalisas City failed. ruining thereby many are continually failing They of their failure the caused by a bank suffering bank speculation enterprises officers. through Not- The is and far reaching. talk of withstanding appalling. the usual cheap on dea large per cent often done. paying to creditors it 18 not people posits hard working economical the sudThe by for the rainy day, coveted who illness lay and mishar, a long who suffer den are the ones recall excursion, Not one of us but can expermost. within our personal whom instances of elderly persons to ruin ience loss meant certan financial unfortsmall been caught in these Eckels who have failures. Comptroller of unate speaking of the First cannot National now in the full amount that a Ill., stated says for it is discovered made be of such holdings were not concealed to part appear on the books but in another account. for its judgment on them silver. voting Perhaps against Bryan and free organs of gold. continue monometallism their The permant policy of the opposition as a to the carrying out an inRepublican pledge to promote a coinage agreement as to metals. ternational the two money illratio between doing these organs display Some of In so and bad morals. Republitemper apply ugly epithets to advothem bimetalists and all of them compact. can violation of a solemn than the display somethig more and a structure-something far more cate bad And temper they defective blemishes import- moral than either of these ugly sagacant exhibit a lack of political control they which would, it they could his party ity action of McKinley and about, in the extremely likely to unlimited bring and a be few years. coinage the free, plan embodied in by independent Chicago platform and voted for the more than 6.000,000 citizens. warrant organs with out any These assume that the Republican national whatever month was a of for all time to triump against last gilver monomealism verdict and in favor of gold truth is come and a day. The that for ever know, as everybody knows, votes cast they the almost 14.000,000 less that of the 150,000 more or were only for Palmer and Buckner as went for gold monometallism won given The party that not permanancy. victory achieved its triumph, of the but as the friend but sil- for as the enemy for monometellism. plan ver; not for the only prictical Withbimetallism maintaining bimetallism. internaof pledge to promote an hostout the argreement on a platform who tional future chance f or silver, have believes ile to any that McKinley would been elected? These organs of gold mononmetali- the Repallege as a reason why pledge ism party should break its an is no chance of arrangement. discussed this is ublican that international heretofore there securing there allegation The Post a has and. demonstrated that bimetallic seutiand growing Europe, strong ment not only in continental But for the In Great Britian. that but of argument let us suppose Europe sake no chance open that and there accepted is gold monometalism has cling to 11, does the supposition. cancel will the belief of its impracticability

2. December 30, 1896 The Representative Saint Paul, Minneapolis, MN

Article from The Representative, December 30, 1896

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A SERIOUS SITUATION The Recognition of Cuba Liable Cause Trouble. A Committee to Investigate the Use of Money in the Recent Election Universally Demanded. Peoples Press Bureau, St. Louis, far Mo., as 29.-The Cuban situation, as beec. United States are concerned, bethese more serious each day. Just comes adjournment for the holidays House memfore of the Senate and the lower that bers equally surprised to learn the were the Chief Executive alone rests with to recognize a belligerent power. fact was first stated by before the Senatorial his Olney power This embodied Committee Secretary in and has since been the inHe also urges that manifesto. surgents have made no effort to estab- be lish any government and so cannot John Prominent men like Vest recognized. Sherman, Cameron, Garland much and exopposite opinion and eitement hold an prevailed just before adjournment. President Cleveland has returned from his duck shooting jaunt. The subject of increasing the salary congressmen from five thousand to seven of thousand five hundred. is being discussed. The Pacific railroad bill will be up January 8th. Allen's plan of an the incommittee appointed by vestigation brought Senator having of money to look into the use found senate the recent election has in during support among the believers hearty Senator Allen has expressed senhimself silver. as ready to retire from the to make room for Bryan if that place. genate should desire to accept the Thos. tleman The sentiment in favor of Hon. Watson being seated in congress, grows daily. Secretary Carlisle's report although in the it been somewhat anticipated in has president's message, is not lacking interest. He reports for year sources ending 30, 1896, revenues from all $409,475,408, June expenditures $434,698,654, greater $25,203,245. Much of the the deficit of the estimated deficiency for inpart current fiscal year has already been still curred, and has been paid, leaving day of Dethe treasury on the first which, in a balance of 25,035,708, is after cember deducting the gold reserve, neces$100,000,000 more than is the about permanent fund to insure fiscal sary as a conduct of the ordinary From regular of the government. operations sales and interest thereon, $11,170,bond Decrease in ordinary expenditures 376. Increase in receipts, $19,102,- fol$4,105,852. The revenues are classified as 205. lows: Customs. $148,000,000; internal $150,000,000; miscellaneous, postal, revenue, $20,000,000; The question $89,793,120. is to as to whether Universal be carried in California court by Suffrage before the supreme Borah. argued J. H. Hawley and W. E. charge Hons. gentlemen will make no votes These services. Out of 30,000 the for their in the state 12.126 voted The for cast and 6,282 against. op- a amendment of the measure claim that as for ponents of the voters did not vote The majority measure it was not carried. referred the matter in Idaho was favor to same the supreme court and decided in of suffrage. pretended fight on the Chatta- plant The Pipe Trust goes on. The great nooga being enlarged and is enjoying a deal is of free advertising. The validity of the gold contract When is tested in many states. to legisalleged being silver legislatures contracts fail the genuinenes late against of their gold sentiment for the white metal is Populists questioned. of Leavenworth, Kans., that The asked for eleven of the offices aphave Governor Elect Leedy is to fill by pointment. First National Bank if Chicago, Illinois, The oldest and largest bank other in banks the closed its doors. Three result. has immediately suspended as a Bimetallic State Convention comA of Populists, Silver Republicans at Linposed Democrats is called to meet call is and Neb., January 2, 1897. The State coln, endorsed by the People's Party the at(This is more of Party.tempt Committee. to suppress the People's Ed. Rep.) Virginia Sun, a leading suspend, Populist The of Virginia, has had to paper is much to be regretted. This of our newspapers contain their Many of intention to conduct 1, business notices on a cash basis after January 1897. Arena Publishing Co. has back- been reorganized The with strong financial ing. for harmonious work has been issued A call by a committee, to the Bimetallists of Oklahoma. Bryan's first lecture subject, Ga., W. J. Landmarks," at Atlanta, "Modern was a pronounced success. Dec. 23rd, "The First Battle," will notice be on His book, January 15, price $1.50. We offering sale reform papers are as a prize for of Michigan. a this that book many Pingree, clubs. who is Gov. in spirit if not in name, notably promPopulist out many reforms, freight the ises reduction to carry of passenger and rates. the recent election two kinds at of At machines were tested, one ballot New York, and the other at Rochester, Mass. Neither proved satis- votes Worcester, as many as two hundred manufacfactory, to be recorded, but the to failing to consolidate and hope bad turers are the good and discard the combine of each. thus securing a mafeatures that will insure honest voting, hire quick chine returns and large savings in A.R. of officers.

3. May 19, 1897 The Herald Los Angeles, CA

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MONTHLY SALES/O MUNICIPALS. 1896. 1897. $7,652,047 January $12,368,821 February 3,986,863 13,343,423 March 9,123,880 13,708,195 April 6,991,922 15,154,651 The gratifying sale of $270,000 Los Angeles 4 per cent refunders will be found treated in the editorial columns of this issue. One incident of the sale deserves notice, which was the attempt of a man named Campbell, representing Farson, Leach & Co., to make his bid read $16.75 or $1675 by writing it in a slovenly manner so that the dot the letter "I" in the word "prior" written underneath the figures might or might not be taken for the decimal point between figures in the amount bid. An examination of the bid reveals its shady character, and the man himself was identified as the same man who in June, 1895, tore up his bid for improvement bonds in the presence of the council, after it had been received and filed, for which act he was ejected from the room. The trick attempted on Monday is an old one and one of a kind that is well known among the "smart" men who travel for the bond houses. That it was not successfully worked here shows that the officlais are not as green as they are painted. Mr. Sartori of the firm of Hellman Sartori made a vigorous speech to the council denouncing the attempt to hoodwink that august body. Bonds of the Lakeview and Rockpile school districts, Kern county, to the amount of $5000 lately sold for a premium of $760. the purchaser being the Bank of Bakersfield. The bonds bear 8 per cent interest, but the price paid is an extraordinary one. A project is on foot for the incorporation of a life insurance company by local people on the "mutual' plan, with headquarters in Los Angeles. The scheme has no "fraternal' features, for a wonder. Agents at Sacramento. Los Angeles, San Jose, Stockton, Marysville and other points on the Pacific coast are up in arms on account of the recent reduction in agents' commissione to 15 per cent. The Pacific is board and of underwriters will obdurate, however, make no exceptions outside several of the large cities.-Chicago Insurance Post. The bill in Pennslyvania which prohibited the insurance of children under the age of 16 was killed in the senate by a vote of 33 to 10. Haley Fisk, vice president of the Metropolitan Life, tells the New York Mail and Express that "not so much as one penny" was expended by the industrial companies to defeat the bill. He says that it was "a triumph of public opinion.' There is a ridiculously exaggerated idea of the profits of insurance abroad, according to the Chattanooga Times. For the a worst misinformation on the subject, pack of alleged editors are responsible. Thinking to commend their sheets to the mercantile community, they have handled the insurance people as if they were the veriest criminals. The aggregate property loss in the United States by fire, 1872-1896. ,both years included, was $2,321,500,491. Of this appalling loss in twenty-six years, the insurance companies paid back to the losers $1,358,276,556. That is to say, the companies have gathered from the country at large fees paid them for fire protection. and paid out to the losers by fire anaverage of $52,241,406 a year for twenty-six years. How many bankruptcies has this saved? How many worthy families has it helped who would else have been in dire distress? What has it not done to tide localities over what must otherwise have resulted in local panic and embarrassment to hundreds? "Stockholders of building and loan assoélations, like investors in other securities, will have to be satisfied before long with less profits upon their investments, is the credited to of statement secretary aleading Chicago local building and loan assoclation. "The depressed times have had upon these savings institutions their as effect well as upon others. While the rate of interest to borrowers has been maintained. many of the societies have sustained losses upon real estate which they have been compelled to take through foreclosure proceedings. It is unreasonable to can up same that they keep the suppose ratio of earnings as they did when the times were better. It may be that the societies will in order to better loans, find it profitable, secure to reduce the rate of interest to borrowers If the rate of interest was reduced the borrower would necessarily have to pay for a longer period, but it would be easter for him to carry his loan. The investors would not fare so well as now. but they would have no well-grounded reason to complains' The loss of the funds of the University of Illinois through the failure of the First National bank of Chicago, whose president was treasurer of the university, once more emphesizes the insecurity of personal bonding. Had this college availed itself o* the bonds of a first-class surety company it would be in a much better financial condition today, says the Boston Standard. The Denver, Col., Consolidated Tramway company's report of net earnings for the quarter ended March 31 was $63,975, against $61,077 the same period of 1896. The Galveston, Tex., Street Railway company's report for the first three months of the present year shows net receipts of $12,587. compared with $10,472 the same months of last year. The American Traction company of Jermey City has been incorporated with a capital stock of $325,000 to operate electric systems in New Jersey and New York it state. According to the Bond Buyer will commence business with just $1000. By a little clause in the Humphrey bill now likely to pass the Illinois legislature to consolidate Mr. Yorkes will be able the North and West division street car systexts of Chicago, a project which the law

4. January 6, 1898 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, January 6, 1898

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Receiver Agreed Upon. Indianapolis, Dec. 30.-Tonight a meeting was held of attorneys representing all the creditors of the Krag Reynolds company. which recently went into voluntary assignment, and the Union Trust company was agreed upon as receiver. Tomorrow morning the suit of the First National bank of Chicago for the removal of the trustee will be discussed.