4462. Globe Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: April 3, 1897
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: b7534523

Response Measures

Full suspension, Books examined

Other: Receiver (Chicago Title & Trust Co.) appointed; criminal indictments and voluntary assignments followed.

Description

Articles report that publicity of a 50% assessment ordered by the state examiner led to a run (demands ~$50,000) and the bank closed; Chicago Title & Trust Company was appointed receiver/assignee and criminal indictments followed. No evidence the bank reopened; assets and officers turned over to receiver.

Events (4)

1. April 3, 1897 Run

Cause: Bank Specific Adverse Info
Cause Details: Public announcement that stockholders objected to a 50% assessment ordered by the state examiner and examiner's objection to $103,324 of assets; publicity of the assessment prompted depositor withdrawals.
Measures: Bank officers met and decided to close; application for a receiver was made; notices of assessment sent March 18.
Newspaper Excerpt: Publicity served to start a run on Saturday, and demands aggregating $50,000 were made by depositors before the day closed.
Source: newspapers

2. April 5, 1897 Receivership

Newspaper Excerpt: A notice on the doors announced that the bank was in the hands of the Chicago Title and Trust Company, assignee. Charles W. Spalding ... has made a voluntary assignment ... Some of the bonds conveyed to them are now in the hands of Receiver Leman of the Globe Savings bank, and a desperate fight will be waged by the depositors of the bank to prevent them going to the university.
Source: newspapers

3. April 5, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: State bank examiner's finding of questionable assets and a 50% assessment on capital stock, combined with the run and stockholder protests, led to suspension and assignment to Chicago Title & Trust Co.
Newspaper Excerpt: The Globe Savings Bank did not open its doors this morning. The Chicago Title and Trust Company was appointed receiver.
Source: newspapers

4. April 9, 1897 Other

Newspaper Excerpt: Criminal proceedings against ex-president Spalding and indictments returned against officers of the defunct Globe Savings Bank for embezzlement.
Source: newspapers

Newspaper Articles (22)

1. April 6, 1897 The Morning News Savannah, GA

Article from The Morning News, April 6, 1897

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SAVINGS BANK DOORS SHUT. IN STOCKHOLDERS TOO SLOW MEETING AN ASSESSMENT. Its Capital Stock $200,000 and the Assessment 50 Per Cent.-A Run Started by the Announcement of the Tardiness of the Stockholders. The Latter Objected to the Assessment on the Ground That It Was Unnecessarily Large-Expect to Pay in Full. Chicago, Ill., April 5.-The Globe Savings Bank did not open its doors this morning. The Chicago Title and Trust Company was appointed receiver. The capital stock of the bank is $200,000. A few days ago an assessment of 50 per cent. of its capital stock was made, and it is supposed the tardy response on the part of the stockholders Is the cause of the collapse. Most of the bank stock is held by east. ern capitalists. By permission of the state auditor, and at the suggestion of Examiner Jones, who went over the books a short time ago, an assessment of 50 per cent. was levied on the stock of the bank. This levy was objected to on the part of some of the stockholders residing in New Hampshire and they have appointed a committee to come to Chicago and investigate the cause of the assessment. The committee will also advise as to the legality of the assessment. W. B. Ervin, assistant cashier of the bank, says a much smaller assessment would have been all that was required, but the larger one was made in order to guarantee & larger working capital. This, he says, will make it possible for the Globe bank to compete with the larger institutions. The announcement Saturday of a protest being made among the stockholders against the payment of the assessment led to the suspension. Publicity served to start a run on Saturday, and demands aggregating $50,000 were made by depositors before the day closed. This run, together with the appointment of a committee of Nashau, N. H., stockholders, to test the legality of the assessment, led to a meeting of the officers of the bank yesterday, when it was decided to close, The application for a receiver was made to Judge Tuley of the circuit court, this morning, by Charles E. Churchill, a director and cashier of the bank. Cashier Churchill, in an interview, said: "The assessment was made by order of the state bank examiner, who thought that some of our assets were not very good. He objected to items amounting to $103,324, and ordered the same charged up to profit and loss, and an assesment of $100,000 made to cover the deficiency. "According to our last statement our assets are over $730,000 and our liabilities about $640,000, and consist of our capital stock of $200,000 paid up; savings deposits, $315,000, and checking deposits, $125,000. There is no doubt of our ability to pay in full, but it may take some time." The Globe Safety Deposit vaults, while operated by the bank. are not affected in any way by the suspension. The Globe Savings bank was organized in 1891 with eastern capital, most of it held in Nashua, N. H., Charles W. Spaulding has been the president of the institution since it started.

2. April 6, 1897 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, April 6, 1897

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"HOORAY FUR M'KINLEY." Globe Savings Bank, of Chicago, Closes Its Doors. Chicago, April 5.-The Globe Savings bank did not open its doors this morning. Later, the Chicago Title and Trust company was appointed receiver. The capital stock of the bank is $200,000. A few days ago, an assessment of 50 per cent on its capital stock was made and it is supposed the tardy response on the part of the stockholders is the cause of the collapse. Mr. Churchill, in an interview, said: "The assessment was made by order of the state bank examiner, who thought that some of our assets were not very good. He objected to items amounting to $103,324 and ordered this amount charged up to profit and loss, and an assessment of $100,000 made to cover the deficiency.

3. April 6, 1897 The Houston Daily Post Houston, TX

Article from The Houston Daily Post, April 6, 1897

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Globe Savings Bank. Chicago, April 5.-The Globe Savings bank, organized in 1891 with Eastern capltal, assigned this morning to the Chicago Title and Trust company. Ex-Governor John Altgeld assisted in the organization and was its first president. The last statement, published February 13, showed a capital stock of $200,000 and a surplus of $12,600, with deposits of $142,000 and savings $313,000. | Nashua, N. H., April 5.-The assignment of the Globe savings bank of Chicago is a serious blow to many Nashua investors, as about $100,000 in stock is held here.

4. April 6, 1897 The Times Washington, DC

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CHICAGO BANK FAILURE. Globe Savings Concern Did Not Open Its Doors. Chicago, April 5.-The Globe Savings Bank did not open its doors this morning. Later the Chicago Title and Trust Company wasappointedreceiver. The capItal stock of the bank is $200,000. Most of the bank stock is held by Eastern capitalists. By permission of the State auditor, and at the suggestion of Examiner Jones, who went over the books a short time ago, and assessment of 50 per cent was levied on the stock of the bank. This levy was objected to on the part of some of the stockholders residing in New Hampshire, and they have appointed a committee to come to Chicago and investigate the cause of the assessment The committee will also advise as to the legality of the assessments. W. Berry Ervin, assistant cashier of the bank, says a much smaller assessment would have been all that was required, but the larger one was made in order to guarantee a larger working capital. This, he says, will make it possible for the Globe Bank to compete with the larger institutions. The announcement Saturday of a protest being made among stockholders against payment of the assessment, ledto the EUSpension. Publicity served to start a run on Saturday, and demands aggregating $50,000 were made by depositors before the day closed. This run, together with the appointment of a committee of Nashua, N. H., stockholders to test the legality of the assessment, led to a meeting of officers of the bank yesterday, when it was decided to close. The application for a receiver was made to Judge Tuley, of the circuit court this morning by Charles E. Churchill, a director, and cashier of the bank. Cashier Churchill, in an interview, said: "The assessment was made by order of the State bank examiner, who thought that some of our assets were not very good. He objected to items amounting to $103,324, and ordered the same charged up to profit and loss, and an assessment of $100,000 made to cover the deficiency. "According to our last statement our assets are over $730,000, and our liabilities about $640,000, and consist of our capital stock of $200,000, paid up; savings deposits, $315,000; and checking denosits, $125,000. There is no doubt of our ability to pay in full, but it may take some time."

5. April 9, 1897 Evening Journal Wilmington, DE

Article from Evening Journal, April 9, 1897

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TELEGRAPHIC BREVITIES. The gunboat Nashville developed 14 1/4 knots, or 1 1/2 knots more than her contract speed, on a preliminary run. The bill authorizing the expenditure by the state of New York of $1,000,000 for Adirondack lands became a law. The Rev. George A. Hubbell of Vineland. N. J., had the sight of one eye destroyed by a sun ray deflected from his prystal inkstand. Alonzo J. Whiteman. who has been DTU trial on a charge of grand larceny in obtaining 8580 from the Columbia National bank in New York, was acquitted. Nearly $500,000 in bonds belonging to the University of Illinois are missing. They were intrusted to President Spalding of the failed Globe Savings bank of Chicago. The bid of the Illinois Steel company was the only one received by the navy department for supplying 8,000 tons of armor plate for the three battleships Illinois, Wisconsin and Alabama. This bid of $240 a ton was conditioned upon the government agreeing to purchase all its armor plate from the company for the next 20 years. No award was made. Firesat Knoxville destroyed property valued at $150,000 in the heart of the business section of the city. Five persons were burned to death and many injured. The dead are W. W. Holloway of Newport, Tenn.: R. W. Hopkins of St. Louis, J. Robertson of Pulaski, Tern.: A. E. Weeks of Locke, N. ¥, and S EI. Williams of Springfield, Mass.

6. April 10, 1897 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, April 10, 1897

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BAD FOR THE ILLINOIS UNIVERSITY Caught for More Than $800,000 in Globe Savings Bank. CHICAGO, April 9.-C. E. Churchill, cashier of the suspended Globe Savings bank, for whose arrest a warrant on a charge of embezzlement was sworn out yesterday, surrendered himself today, and furnished bonds for his appearance. Developments today have brought out the fact that a far greater amount of university of Illinois funds are involved in the suspension of the bank than has been supposed. Two years ago the state legislature appropriated $423,000, of which, according to state laws, enough was to be drawn out monthly to meet the current expenses of the university. It appears, however, that in consideration of 2½ per cent. interest on the funds the university trustees allowed Treasurer Spaulding to withdraw the whole sum from the treasury. This is admitted by members of the board. Thus not only $400,000 worth of school bonds is missing, but $423,000 cash is tied up, making the total $823,000. To add to the complications it is said that should President Spaulding be unable to account for funds, his bondsmen will refuse to be held responsible, their defense being that a private deal of that kind between the university board and state treasury officials and Treasurer Spaulding, is sufficient cause to release them from their obligations. Later in the day Vice President Averill surrendered himself, and was immediately released on bonds. President Spaulding is not in the city, but in a letter written to a friend today he says he will return on Monday. In the meantime officers are looking for him. Spaulding was appointed treasurer of the university board four years ago, at the solicitation of ex-Gov. Altgeld. Two years ago Spaulding's term expired, but he was reappointed, and It was but a short time after his reappointment that the legislature appropriated the $423,000 to be devoted to defraying the expenses of the university.

7. April 10, 1897 Chicago Eagle Chicago, IL

Article from Chicago Eagle, April 10, 1897

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GLOBE SAVINGS BANK CLOSES. Chicago Concern Is Forced to Give Up the Struggle for Existence. The Globe Savings Bank of Chicago suspended Monday morning. A notice on the doors announced that the bank was in the hands of the Chicago Title and Trust Company, assignee. It has been known in Chicago financial circles for some time past that the bank was having anything but smooth sailing. It was organized Dec. 24, 1890, and has therefore experienced but two good years in its existence. John P. Altgeld was its first vice-president at that time, but he resigned. For the last five years it has had a decidedly hard time, passing through two panies safely by availing itself of the time clause in the payment of savings accounts, which formed the bulk of the deposits. The bank has a capital stock of $200,000, which is held in the ratio of three-fifths in the West and the balance in the East. Under the laws of the State the stockholders are liable for an additional amount equal to the face value of the stock held in their names. This practically makes a guarantee fund of $400,000, provided it can be collected from the stockholders. The State Auditor at a recent examination of the bank's affairs ordered an assessment of 50 per cent on the stockholders, in order to raise a surplus, and notices of this assessment were sent out on the 18th of March. This becoming known, a run was started and the end hastened. The last statement to the Auditor showed $313,000 savings and $142,000 individual deposits. The suspension created no sensation, but there were a few angry depositors around the bank, who had made deposits just before noon on Saturday.

8. April 15, 1897 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, April 15, 1897

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SPALDING ASSIGNS. He Turns Over Property and Securities Valued at $400,000. Chicago, April 15.-Charles W. Spalding, ex-president of the Globe Savings bank and ex-treasurer of the University of Illinois, has made a voluntary assignment to the university trustees of realty and bond securities approximating $400,000. Some of the bonds conveyed to them are now in the hands of Receiver Leman of the Globe Savings bank, and a desperate fight will be waged by the depositors of the bank to prevent them going to the university. Criminal proceedings are to be brought against the former treasurer by the trustees unless they can be indemnified for the money and bonds used by Spalding. But suits are to be begun against the First National bank, the Northwestern National bank and the Metropolitan National bank to recover $242,000 of bonds hypothecated or sold to these institutions by Spalding personally or through brokers. Nashua, N. H., April 15.-Solomon Spalding, president of the New Hampshire Banking company, and father of C. W. Spalding, president of the defunct Globe Savings bank of Chicago, has attached his son's farm at Merrimac as security for his bond. The farm is the most valuable one in this section and has been used for a long time by Mr. Spalding as a stock farm. A car load of horses from Red Oak, Ia., arrived there yesterday. It is the old homestead of the family.

9. April 15, 1897 Eagle River Review Eagle River, WI

Article from Eagle River Review, April 15, 1897

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GLOBE SAVINGS BANK CLOSES. / Chicago Concern Is Forced to Give Up the Struggle for Existence. The Globe Savings Bank of Chicago suspended Monday morning. A notice on the doors announced that the bank was in the hands of the Chicago Title and Trust Company, assignee. It has been known in Chicago financial circles for some time past that the bank was having anything but smooth sailing. It was organized Dec. 24, 1890, and has therefore experienced but two good years in its existence. John P. Altgeld was its first vice-president at that time, but he resigned. For the last five years it has had a decidedly hard time, passing through two panics safely by availing itself of the time clause in the payment of savings accounts, which formed the bulk of the deposits. The bank has a capital stock of $200,000, which is held in the ratio of three-fifths in the West and the balance in the East. Under the laws of the State the stockholders are liable for an additional amount equal to the face value of the stock held in their names. This practically makes a guarantee fund of $400,000, provided it can be collected from the stockholders. The State Auditor at a recent examination of the bank's affairs ordered an assessment of 50 per cent on the stockholders, in order to raise a surplus, and notices of this assessment were sent out on the 18th of March. This becoming known, a run was started and the end hastened. The last statement to the Auditor showed $313,000 savings and $142,000 individual deposits. The suspension created no sensation, but there were a few angry depositors around the bank, who had made deposits just before noon on Saturday.

10. April 15, 1897 Crawford Avalanche Grayling, MI

Article from Crawford Avalanche, April 15, 1897

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GLOBE SAVINGS BANK CLOSES. Chicago Concern Is Forced to Give Up the Struggle for Existence. The Globe Savings Bank of Chicago suspended Monday morning. A notice on the doors announced that the bank was In the hands of the Chicago Title and Trust Company, assignee. It has been known in Chicago financial circles for some time past that the bank was having anything but smooth sailing. It was organized Dec. 24, 1890, and has therefore experienced but two good years in its existence. John P. Altgeld was its first vice-president at that time, but he resigned. For the last five years it has had a decidedly hard time, passing through two panies safely by availing itself of the time clause in the payment of savings accounts, which formed the bulk of the deposits. The bank has a capital stock of $200,000, which is held in the ratio of three-fifths in the West and the balance in the East. Under the laws of the State the stockholders are liable for an additional amount equal to the face value of the stock held in their names. This practically makes a guarantee fund of $400,000, provided it can be collected from the stockholders. The State Auditor at a recent examination of the bank's affairs ordered an assessment of 50 per cent on the stockholders, in order to raise a surplus, and notices of this assessment were sent out on the 18th of March. This becoming known, a run was started and the end hastened. The last statement to the Auditor showed $313,000 savings and $142,000 individual deposits. The suspension created no sensation, but there were a few angry depositors around the bank, who had made deposits just before noon on Saturday.

11. April 16, 1897 The Morning News Savannah, GA

Article from The Morning News, April 16, 1897

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SPALDING MAY WEAR STRIPES. Criminal Proceedings Against the Ex-President "Probable. Chicago, III., April 15.-Charles W. Spalding, ex-president of the Globe Savings Bank, and ex-treasurer of the University of Illinois, has made a voluntary assignment to the university trustees of realty and bond securities approximating $400,000. Some of the bonds conveyed to them are now in the hands of Receiver Leman of the Globe Savings Bank, and a desperate fight will be waged by the depositors of the bank to prevent them going to the university. Criminal proceedings are now to be brought against the former treasurer by the trustees unless they can be indemnified for the money and bonds used by Spalding. Suits are to be begun against the First National Bank,the Northwestern National Bank and the Metropolitan National Bank to recover $242,000 of bonds hypothecated or sold to these institutions by Spalding personally or through brokers. Mr. Spalding this afternoon issued a statement giving the causes leading up to the failure of the bank and saying that he had no doubt all depositors would be paid in full and 50 per cent. of the capital stock paid to stockholders "if the securities are conservatively managed in the hands of the receiver." \ He also claims that he handled the university endowment bonds in good faith and states that there will be no ultimate loss to that institution or to his bondsmen, if his investments are not sacrificed by forcing them upon the present market and he is permitted to advise how they shall be liquidated. Charles E. Churchill, the cashier of the defunct Globe Savings Bank, has made a statement of the failure, which, if true, implicates George R. Hayden, the state bank examiner under Gov. Altgeld. Mr. Churchill said: "Mr. Hayden, the state bank examiner, made an examination of the Globe Savings Bank two days before the expiration of his term of office, but I have since found that he did not file his report with the state auditor. When the state auditor ordered an examination a few weeks later, I went to him and asked him why he did so. His reply was that there was no report of an examination on file later than last July. I told him of the examination made by Mr. Hayden in January, and he made a demand on Mr. Hayden for his report. "Mr. Hayden finally filed his report, in which he recommended that the bank should be closed. The report was filed two months after the examination on which it was based was made. "Shortly after the examination by Mr. Hayden, a man whom I know to be a close friend of his, attempted to purchase the bank, or at least talked about it. This man was introduced to us by Mr. Hayden. The negotiations for the control of the bank failed, and soon after the report was filed, but not until after the new examination had been ordered." Springfield, Ill., April 15.-The state Senate to-day adopted a resolution providing for the appointment of a special committee to investigate the reported misappropriation of the funds of the University of Illinois by ex-Treasurer Spalding.

12. April 17, 1897 Chicago Eagle Chicago, IL

Article from Chicago Eagle, April 17, 1897

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GLOBE SAVINGS BANK CLOSES. Chicago Concern Is Forced to Give Up the Struggle for Existence. The Globe Savings Bank of Chicago suspended Monday morning. A notice on the doors announced that the bank was in the hands of the Chicago Title and Trust Company, assignee. It has been known in Chicago financial circles for some time past that the bank was having anything but smooth sailing. It was organized Dec. 24, 1890, and has therefore experienced but two good years in its existence. John P. Altgeld was its first vice-president at that time, but be resigned. For the last five years it has had a decidedly hard time, passing through two panies safely by availing itself of the time clause in the payment of savings accounts. which formed the bulk of the deposits. The bank has a capital stock of $200,000. which is held in the ratio of three-fifths in the West and the balance in the East. Under the laws of the State the stockholders are liable for an additional amount equal to the face value of the stock held in their names. This practically makes a guarantee fund of $400,000, provided it can be collected from the stockholders. The State Auditor at a recent examination of the bank's affairs ordered an assessment of 50 per cent on the stockholders, in order to raise a surplus, and notices of this assessment were sent out on the 18th of March. This becoming known. a run was started and the end hastened. The last statement to the Auditor showed $312,000 savings and $142,000 individual deposits. The suspension created no sensation, but there were a few Engry depositors around the bank. who had made deposits just before noon on Saturday.

13. April 30, 1897 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, April 30, 1897

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SPALDING IS ARRAIGNED And on the Same Day His New Hampshire Bank Breaks. Chicago, April 29.-President Charles W. Spalding of the defunct Gloge Savings bank, who has been in jail since last Saturday, in default of bail, was arraigned this afternoon to answer to charges of embezzlement. He waived examination and was held to the criminal court. Cashier Churchill and Vice President Averill also appeared on the same charge, and their cases were continued. Nashua, N. H., April 29. -The New Hampshire Banking company suspended this afternoon. Solomon Spaldinfg. father of Charles W. Spalding, of the broken Globe Savings bank of Chicago, is president of the institution. The bank is a guarantee bank, with a guarantee fund of $125,000. and had a a surplus and interest account of $74,000 at its last report, April 1. The account due depositors of April 1. was $849,352. the bank being the second largest in the city. Courts and Crops in Payne County. Stillwater, O. T., April 29.-Chief Jus. tice Dale will close his last term of court in Payne county this week. Thed ocket was small and will have consumed only about two weeks when the term is clos. ed. Crops of all kinds are fine. Wheat is heading out and corn and cotton aore large enough to cultivate.

14. May 1, 1897 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, May 1, 1897

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Spalding's Typewriter Owns Up. CHICAGO, April 30-Miss Sarah Louise Ervin, private secretary of President Spalding, of the defunct Globe Savings bank, testified before the senatorial investigating committee today that SpaidIng had given her about $75,000, with the understanding that he would secure a diVorce and marry her. NASHUA, N. H., April 30.-The New Hampshire Banking Company suspended yesterday. Solomon Spaldings, father of Charles W. Spalding, of the broken Globe Savings bank of Chicago, is president.

15. May 6, 1897 Warren Sheaf Warren, MN

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from Swansa for Marseilles, was given up as lost with 30 of her crew. A dispatch from Athens saye that King George has signed a decree wi Turkdrawing the exequaturs of all the ish consuls in Greece. The queen regent of Spain has signed decree providing for the application a of the agreed upon reforms for the island of Cuba. Advices received in London say that Greece is disposed to recall her forces LATER. For the murder of an old man, a child and a and the of two near Houston, girls woman, assaulting Tex., by mob six were taken a They were and young hanged. negroes taken captured were by bloodhounds and when smeared with blood, and when confronted with the evidence admitted their guilt. The anti-Sunday base ball law was defeated in the Iowa legislature the 30th. The Michigan legislature the 30th passed a law prohibiting reproduction of prize fights by binetoscopes, etc. Nearly $4,000,000 in gold coin and bullion was withdrawn from the U. treasury the 30th for export. Gin Pong. a brutal Chinaman, was hanged at Spokane, Wash.. the 30th, for the murder of Lee Tung several months ago. Ed Rafferty was shot to death while burglarizing the store of C. W. Yetter at West Branch, Io. The battle of Velestino raged fiercely all day the 30th. The Greeks have been reinforced, the reinforcements arat a critical stage of riving Gen. Smolenski telegraphs the that Phar- fight. the will be unable to capture because the Greek is salos. Turks position Greek strong and the morals of the troops is completely restored. The United States consul at GuadaWest Indies, has telegraphed the department under dalope, state follows: date of April from Point Apitro as "Severe earthquake, loss heavy, many injuries. Fire the 30th destroyed several business houses at Cartersville, Ill., causing a loss of $75,000. Several persons were injured. The grand jury at Chicago, the 1st, indictments ag management of the returned with the inst five defunct men Globe Savings bank. The men indicted are Charles W. Spaulding, presdent of the bank, and ex-treasurer of of vice president of the Averill. state university Illinois; the bank; W. A. D. B. Charles E. Churchill, cashier; Ervin, assistant cashier, and Allison There W. Harlan, one of the directors. are 29 indictments in all. John Gibsen, colored, was hanged at Jackson, Miss., the 1st, for the murder of Robert Stinson, six years ago. The most destructive fire that has visited Pittsburg, Pa., since 1845 broke fire out about midnight, the 2d. The rapidly and soon had consumed several spread large blocks with a total loss of $2,000,000. During the month of April the U. mints coined $10,410,080. Of this amount sil$8,800,400 was in gold, $1,525,000 in ver and $74,680 in minor coins. It was announced, the 2d, that the would not allow the levying of indemnity powers upon Greece and both Aus- intria and Germany were trying to duce Turkey to modify its demands. The journeymen plumbers' association of Chicago, 1,600 strong, decided the 2d to strike. Ex-Congressman John J. Perry died at his home in Portland, Me., the 2d, aged 86 years. The Wisconsin Beet Sugar Co., which has just commenced a plant at Minomonee Falls, Wis., has assigned. The Tennessee centennial exposition the formally opened at Nashville was President McKinley, in Washington, 1st. pressed the button that started the machinery. Fire at Detroit, Mich., the 1st, destroyed a two-story building occupied a store and dwelling. Lizzie Sinig, as ged 20, and her brother Anthony, aged 5, were caught in a back room to without egress and were burned death. August Norman, assaulted the Lari- wife Knudt Hillstead, living near of more, N. D., and because she resisted, cut the throats of fcur of her children, killing two of them. He finally accomplished his purpose, and stealing horse escaped. Mr. Hillstead was absent at the time. The king of Italy has conferred upon Hon. William Potter, minister to Italy of under President Harrison, the order Sante Maurizion and Lazarro, and through Baron Fava, the Italian am-

16. May 8, 1897 Morning Appeal Carson City, NV

Article from Morning Appeal, May 8, 1897

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Jim Corbett is quoted as follows in New York: "Mr. Muldoon has had something to say about that sixth round. It appears that James Colville of Boston, who was my timekeeper when I met Fitzsimmons, says that the Australian was down more than 10 seconds, and that he could have protested the timing right there, in which case I would have won the fight; but he was so sure that I would win, anyhow, that he let the opportunity slip The Bulletin prints a picture of Miss S. Louisa Ervin and calls her the woman whose smile wrecked the Globe Savings Bank of Chicago. If such a smile as that can wreck a Savings Bank the sooner a man gets his deposite out of the bank the better. We think the bank must have been a little shakey before it run up against Miss Ervin. The Enterprise says two Comstockers went on went on a prospecting trip and drove 1,200 miles at the rate of 45 miles a day. It is probable that a livery sheriff or constable was urging them to create distance. Bodie Index. Durrant has now taken to writing poetry, and it would seem about time to spring the trap.

17. May 8, 1897 The Democratic Advocate Westminster, MD

Article from The Democratic Advocate, May 8, 1897

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News of the Week. A. D. Hubbard, Kansas St te President of the A. P. A., is under arrest at Topeka, charged with the embezzlement of about $10,000 while acting as receiver in the Snow-Hamilton printing litigation. Rev. Edward Fairfax Berkeley, D. D., the oldest Episcopal minister in the Missouri diocese, died at an early hour Monday as the result of a severe cold. He was 84 years of age, 40 of which he had passed in the ministry. By the will of the late Lewis Crozer, of Delaware county, Pa., $500,000 is bequeathed for a homœopathic hospital, with a home for incurables attached, while $250,000 is given to the city of Chester for a free library. While four negroes were rowing in the overflowed country, about a mile west of Coahoma, Mississippi, on Saturday, in a batteau, they ran into a snag, which turned the boat over and three of the occupants were drowned. Snow fell to the depth of several inehes in parts of Ohio on Saturday last. There was a heavy rain from 24 to 36 hours previous, causing streams to overflow, and the sudden drop in the temperature has caused great damage to the fruit. A waterspout struck the house of a farmer named Branders, near Monticello, Kentucky, on Saturday, demolishing the house and killing the farmer, his wife and one child. Two farm hands, who were sleeping in the house, were fatally injured. It was discovered in Cincinnati on Monday that John C. Whetstone, secretary of the Water Works, and Albert F. Enslin, one of the receivers, are short in their accounts. Whetstone's shortage, it is said, may reach $150,000. Charles W. Spalding, president of the defunct Globe Savings Bank, of Chicago, and four other officers of the bank have been indicted by the grand jury for embezzlement and receiving deposits when the bank was known to be insolvent. In Cincinnati, on Saturday, ex-County Clerk Hobson was rearrested, the grand jury having found two additional indictments against him for embezzling county funds during his term of County Recorder, which preceded his term as County Clerk. There is a movement on foot at Melbourne, Victoria, to send 20,000 sheep and 5,000 bullocks to England in connection with the dinner which the Princess of Wales is promoting for the poor of the slums of London upon the occasion of the celebration of the Queen's diamond jubilee on June 22. All the indicted officials of the defunct Globe Savings Bank, with the exception of ex-President Spalding, gave bonds in Chicago Monday and were released from custody. Spalding's bonds foot up nearly $320,000, and he cannot furnish that amount of surety. Pittsburg, Pa., had the largest fire on Monday since 1845. The great wholesale grocery establishment of Thomas C. Jenkins and the mammoth retail store of Joseph Horne & Co. are total ruins, and the loss above insurance is about $3,000,000. Several firemen were killed by falling walls, and a large number were injured, Nearly all the lower portion of Virginia was shaken by an earthquake on Monday. The quake lasted from 15 seconds to one minute. In Roanoke, Fincastle, Salem, and other villages chimneys were shaken down and furniture rattled. The night previous there was a heavy rain followed by snow of sufficient depth to cover the ground. On May 31, 1889, John Sharkey and his young wife were washed out of their Johnstown, Pa., home, and borne away from each other on the bosom of the raging flood. Search for each other after the waters receded was unsuccessful each believed the other to be drowned, and each started out alone to search for a living. On the 26th of April, after nearly 8 years wanderings, the two met on the streets of Roanoke, Va., and a happier couple was never seen. They left for their native home, in Buchanan, Va., where they will start life together anew. The British Government now has under consideration a plan for the greatest submarine tunnel which the mind of man ever conceived. It provides for a passageway, to be lighted by electricity, beneath the Irish Sea or the North Channel, as it is called, from a point in Scotland, just north of Point Patrick, to a point in Ireland just west of Carrickfergus and several miles north of the arm of the sea stretching up to Belfast, which is known as Belfast Lake. The total estimated cost is $35,000,000, and the plan which the government is considering is that submitted by a syndicate which agrees to bind itself to bring the project to successful accomplishment.

18. May 13, 1897 The Silver Star Dolores, CO

Article from The Silver Star, May 13, 1897

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TELEGRAPHIC BREVITIES. The public debt. less cash In the treasury. Is now $008,244,132 A strike of 10,000 miners Is threatened at Birmingham. Alabama. Four millions of gold were shipped from New York to Europe on the 1st. steals in the Kentucky penitentiary com are Big being Investigated by a legislative mittee. Doe. late assistant secretary of of war. bold was J. B. removed by Lamont because peculations. Zertucha. Maceo's betrayer. is Spanish under arrest Dr. and will be deported to a penal colony. McLeal and Tom L. Johnson are can- for didates for J.R. the Democratic nomination governor of Ohio. Thoman L. and Fred A. Lucas have lands se. cured $35,000 from loans on Actitious from Indiana investors. Wisconsin Beet Sugar Company. $215,- of Menominee The Falls, has failed. Assets, 000; liabilities unknown. The Central Washington railroad. be run- sold northwest from Spokane. will to ning satisfy mortgages of $2,686,000 negroes were lynched at Sunny. neSix Texas. young the other day by whites and groes, side. for murdering three negroes. dispatch from Athens says that the ter- 600 A and children died during rible women retreat from Tynavo to Larissa. A serious riot of coolles is reported from vesShaughal. Marines from foreign war it. sels were called upon to help suppress Geographical confirming the report celved The Italian news Society has of the remassacre of the Bottego expedition. Minister Dupuy de Lome has received confirming an dispatch from Madrid the official the press cable that the Queen applied reforms to Cuba. Mormon elders who were recently whipped Alreligious partisans near Montgomery. abama, by have been placed under protection of the sheriff by the governor. All the conductors, engineers. brakemen Readswitchmen on the Philadelphia & been ing and and New England Railroad have notified of a 10 per cent. reduction in wages. A universal postage stamp. not good return for domestic postage, and a universal the stamped envelope. will be considered Washing by postal congress now in session at ton. Twenty nine indictments have been returned against five officers and directors of the defunct Globe Savings Bank of Chicago, further. and a special grand jury will Investigate The regents have tendered Harry L. Hutchins, dean of the law department. the presidency of the Michigan University dur- as ing the period of Dr. Angell's absence minister to Turkey. Ex-Senator F. T. Dubois has been elected president of the Fayette (Idaho) Construc- 108 Company. organized to construct Seven miles tion of railroad from Fayette to the Devils copper mining region. In thirty days Oshkosh, Wisconsin. will fac operation the first grass twine the world. It will employ 300 will make binding twine have and tory in in from before. marsh hands grass. something never attempted the total mints was United During States April .colnage $10,410,580. gold. at $1,535. the of this amount $8.800,400 was in or 000 in silver and $74,680 in minor coins. dollars. the silver coinage $1,400,000 was In standard A fast to a finish is the latest thing proposed in the sporting line. H. 1. Kramer. of Indiana. has Issued a challenge backing the celebrated faster. Dr. H. S. Tanner. test. against all comers for $10,000 in a finish conMrs. Fellx R. Brunot. a wealthy Pittsburg has notified the Board of Foreign woman, Missions of the Protestant Episcopal Church a that she will build and endow for them hospital for lepers In any part of China hal. which they might select. She favors Shang The local branches of a Boston loan and trust company has received notice from its be head office that hereafter loans may taken on first-class property in northeastern first Kansas. This is said to be one of the orders of the kind affecting Kansas propin years. erty that had been given by a loan company General Wheaton. in command of with the military. Department of the Colorado. headquarters at Denver. will be placed on in retired list May 8. and General Otis, to of the Department of The command the succeed the him. Colum- Co. colonel in the for bla. senior will be assigned Department department of the Jumbia will command that the time being. A new steamship line is to be established be San Francisco and the San Francisco known between as monthly Japan. & Yokohama to serv Transportation Company. A two is to be established between these steamice via Honolulu. Five first-class points will be operated and probably a branch ers will be maintained between Yokohama and line Seattle and Portland. The first steam- left of the new line, the Hakusan Maru. San er Yokohama April 3. and is nearly due at The new company whi be op. Francisco. erated in opposition to the existing lines across the Pacific. The band of Mexican brigands who murdered and robbed Edward Callaghan and J. Klein a few days ago have committed load. another E. daring robbery. A mule train ed with valuable merchandise was on eight its to Ameca from Guadalajara when The way the outlaws made an attack on It. of muleteers and armed guards were securely into bound and the bandits drove the mules The mountains with the merchandise. the are greatly aroused over these authorities robberies and murders. and a large force the of and rural guards is scouring country troops for the bandits. They will be shot as soon as captured. A sale of Standard OII stocks was made at Is New York on the 30th at 300. which price the the highest ever paid for the sharen of and represents a rise of something company. forty points within the last few months. a Standard like OII stock, which now rules at higher figure than any of the other no-called 12 shares. yields In regular dividends nf. trust cent. annually. but within the last per teen months upwards of 40 per cent. has through the medium of extra div. this fact, together Idends, been paid. and with rumors meetthe effect that at the fortheoming Ing to of the directors an extra dividend of at

19. May 14, 1897 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, May 14, 1897

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When the Globe savings bank of Chicago failed recently some very unpleasant incidents were later revealed in connection with the institution. Mr. Altgeld will be remembered for his intimate connection with the Chicago convention, which nominated a certain Mr. Bryan for the presidency. In a recent article concerning Mr. Altgeld and the failure of the savings bank the Minneapolis Tribune says: It looks as if ex-Gov. Altgeld would come out of the Globe savings bank investigation with his business reputation as much damaged as his political standing in the late election. The fact has been elicited that he was a large borrower of the bank's funds when he must have known that it was in an insolvent condition, and there is evidence going to show that he used his official position to keep the institution afloat long after it ought, in justice to the interests of the public and of the depositors, to have been closed. State Senator Aspinwall, a member of the legislative investigating committee, does not hesitate to say openly (as quoted in the Chicago Tribune) that the bank ought to have been closed in December, 1892, and that "for four years that bank was run upon state funds and Gov. Altgeld used emphatic discrimination in its favor." W. M. Robertson, the bank examiner, characterizes Altgeld's published defense as evasive and false, and asserts that through some mysterious manipulation Unity stock which he sold the bank for $10,000 was so manipulated as to be listed as an asset for $20,000. One secret of Altgeld's violent advocacy of the free silver fad is now out. While he was supposed to be a wealthy man and on a solid financial foundation, it appears that he was overwhelmed with debt and was seeking an opportunity to secure a legal discharge of his obligations in cheap money. We have no desire to gloat over Altgeld's downfall, but it is well that his motives be explained. He is a man of considerable ability and has been one of the most dangerous demagogues in public life.

20. May 14, 1897 Little Falls Weekly Transcript Little Falls, MN

Article from Little Falls Weekly Transcript, May 14, 1897

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Not only are the officers of the suspended Globe Savings bank being punished in Chicago, but the grand jury has indicted a bank examiner for failing to report the condition of the bank.

21. July 17, 1897 The Sun New York, NY

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# SPALDING ACQUITTED AGAIN. The Chicago Banker Declared Not Guilty on a Second Embezzlement Trial. CHICAGO, Ill., July 16.-Former banker and ex-State University Treasurer Charles Warren Spalding scored another victory to-day in his second trial in the Criminal Court on a charge of embezzling the university's funds. A jury in Judge Dunn's court decided the prisoner not guilty. Spalding, who had apparently looked for a conviction, was brought into the court room this evening to hear the verdict. He looked worn and haggard, but his face lighted up when he heard the words of acquittal. "Of course I am delighted with the verdict," he said to a group of reporters. "I do not see how the jury could have found differently. The Globe Savings Bank was not insolvent at the time it was thrown into the hands of a receiver and it is not to-day, if its affairs are handled properly. I cannot say whether the other indictments against me will be pressed to trial or not, but, if they are, it will be rank persecution, and not prosecution, for the purpose of getting justice. If I must stand trial again I shall defend myself and will be vindicated." State's Attorney McEwen said he could not positively announce the future course of the State in the Spalding matter. There are twenty-seven more indictments against the prisoner, and he presumed that another trial would be had. A point made by Spalding's attorneys, which was ruled out by the court, had a telling effect upon the jury. It was that Spalding was being made a victim of politics, because he was an appointee of Altgeld.

22. June 23, 1898 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, June 23, 1898

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# MISS ERVIN LOSES Spalding's Ranch in Idaho Will Not Be Restored to Her. Hope of again obtaining possession of the Idaho ranch, which Charles Warren Spalding deeded to her in the days of the Globe Savings bank's property, was abandoned yesterday by Sarah Louise Ervin when Judge Tuley continued the contempt proceedings against her with the understanding that she should withdraw her suit in the Idaho courts to recall the deed given to the receiver of the bank. The property consists of a 960-acre tract which Spalding has valued at $25,000. Miss Ervin, the day after the failure of the Globe Savings bank, deeded to the receiver the title to the property, which President Spalding had given her some time before. Later she decided that she had made an error and began suit in Idaho to recover the estate, claiming that the transaction was invalid because she was not aware of its import. This action was held to be in contempt by Judge Tuley, in whose court the affairs of the bank are being adjudicated, and Miss Ervin was cited to appear before him. Attorney Magee for the receiver argued yesterday that if justice had not been done Miss Ervin, Judge Tuley was the chancellor before whom she should come for redress, and his honor took this view of the matter. The case will come up again today with the understanding that the Idaho proceedings will be dismissed. Miss Ervin was not in court today. - Chicago Journal. The many friends of Miss Ervin in this city will be greatly pained to hear of her great financial loss.