Illinois State Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 9, 1848
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: e0d2b251

Response Measures

None

Description

Article (NY Herald, 1848-10-20) reports that sale of Illinois State Bank property in Chicago commenced Oct. 9 and that the affairs of the bank are 'in a state of liquidation' with real estate to be disposed of at auction. No run or depositor panic is described; this is a voluntary liquidation/closure. OCRiness corrected for 'inst.' -> 9th inst. (9 Oct 1848).

Events (1)

1. October 9, 1848 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank affairs placed in a state of liquidation; property being sold at auction beginning Oct. 9, 1848.
Newspaper Excerpt: The sale of Illinois State Bank property in Chicago commenced in that city on the 9th inst. ... The affairs of this bank are in a state of liquidation, and all its real estate and landed property, will soon be disposed of at auction.
Source: newspapers

Newspaper Articles (1)

1. October 20, 1848 The New York Herald New York, NY

Article from The New York Herald, October 20, 1848

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Article Text

100 the 14th or October, was 88 annexed:NEW YORK STATE CANALS-AMOUNT OF TOLLS. 2d week in Oct. Total to 14th Oct. $79,776 56 1840 $1,339,956 53 85.704 07 1841 1,582,011 39 81.910 78 1842 1,325,353 98 83,573 82 1843 1,610,858 78 1844 86,701 01 1,933,540 90 98,453 52 1845 1,946,556 11 1846. 102,658 69 2,098,174 61 121,553 71 1847 2,910,347 37 150,434 71 1848 2,456,514 17 By the above, it will be seen that the receipts during the second week in October, 1848, compared with last year, show an increase of $28,881, and a total deficiency of the year, compared with 1847, of $453,823 20. Should the canals remain open till about the first of December, and no serious impediment be thrown in the way of free navigation, the tolls will exceed the amount estimated in the early part of the season, and will reach over three millions of dollars. The sale of Illinois State Bank property in Chicago commenced in that city on the 9th inst. The sales on that day amounted to $34,495; State Bank certificates selling for 60 a 65 cents on the dollar, were taken at par at the sales. The affairs of this bank are in a state of liquidation, and all its real estate and landed proPerty, will soon be disposed of at auction. The people of Connecticut are alive to the importance of a railroad connection with this city, and several branch roads are in contemplation to connect the interior with the New York and New Haven railroad. It is proposed to extend the New Haven canal road from Unionville, the present northern terminus to the Western road in Massachusetts, at a point somewhere near, but west of, Springfield. This will more than double the length of the canal road, and open the business of a valuable section of country to this market. This will make the fourth railroad runthing from the Long Island Sound, through Connecticut, to the Western road. Three of these roads run into the New York and New Haven road, and by that into the Harlem road, and 80 into the heart of this city. These three roads, which drain the largest and best portions of Connecticut are now in operation, and as the New York and New Haven Railroad will open about the middle of November, we shall, by the connection with the Harlem, be in communication by railroad, with the whole of New England, and with all the Northern and Western lines of this State. By the first of December, at the latest, we shall have opened to this market sections of country intersected by at least two thousand miles of railroad, which have hitherto been almost completely shut out from u , during the winter months. This will give us a great increase of business during the suspension of naviga tion, and tend very much to the reduction in prices :for all articles of provisions, which have heretofore, during the winter, been much higher here than at any other season of the year. The Erie Railroad has done much towards this important result, and the consumers in this city have been benefitted exceedingly by the vast difference in prices current now, and those ruling a few years since. The railroad system, which is now being perfected in connection with this city, will further reduce prices for food of all kinds, and open more extensive markets for producers remote from this market. The annexed statement exhibits the quantity of certain articles exported from this district during the week ending the 16th inst., inclusive, distinguishing the extent of the shipments to each country:COMMERCE OF THE PORT OF NEW YORK - WEEKLY EXPORTS. To London - Cheese, lbs., 457,257; oil cake, 197,263; Lard, 54,439; tobacco, manufactured, 5,016 ; whale. bone, 22.497; rosin, bbls., 100; turpentine, 3,284; flour, 4,307; rice, tes., 256; beef, 54; spirits turpentine, galls., 12,024; whale oil, 4,006; crape shawls, cases, 9; furs, packages, 230; staves, No. 10,000. To Liverpool.-Apples, bbls., 969; meal, 1,505; flour, 31,665; turpentine, 700; rosin, 250; clocks, cases, 321; segars, 1: sulphate quinine, 10; corn, bush, 43,536; wheat. 56.781; cheese, lbs., 551,816; tallow, 176,684; lard, 115.374; beeswax. 3 950; madder, casks, 21. To Scotland.-Fiour, bbls., 1,653; apples, 40, pork, 50; wheat, bushels, 7,973; cheese,1 lbs, 51,543; lard, 67,419; oil cake 34,686; rice, tierces, 202 To Ireland.-Corn, bushels, 94,623; flour, bbls., 5,652; meal, bbls, 1,000; apples, 14. To Havre.-Hams, lbs, 5,954; lard, 5,345; coffee, bags, 383; cocoa, 200; rice, tierces. 331; machinery, cases. 24: potash, bble. 163: pearlash, 43; beef, 20; pork, 10; bark, ceroons, 45; bark, hhds., 20. To Marseilles. Bark, tierces. 17; bark. hhds., 67: LOVE hampar BAN