4560. Meadowcroft Bros. (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 5, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
c753c1bf

Response Measures

None

Description

Meadowcroft Bros. were private bankers in Chicago who 'made an assignment' / 'closed their doors' on June 5, 1893 and a receiver was subsequently appointed. There is no clear report of a depositor run on this firm itself in the articles (runs described refer mainly to Chicago savings banks after the Schaffner failure). The cause given in the press: long-running insolvency exacerbated by inability to reorganize after the death of one brother.

Events (3)
1. June 5, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Made an assignment / closed doors due to inability to reorganize after death of one brother and long-standing insolvency (assets largely commercial paper not readily convertible).
Newspaper Excerpt
Meadowcroft Bros., private bankers ... made an assignment today. ... closed their doors.
Source
newspapers
2. June 6, 1893 Receivership
Newspaper Excerpt
On application in court a receiver was appointed for the bank, on petition of a member of the firm. Lyman E. Crandall has been appointed receiver.
Source
newspapers
3. March 15, 1894 Other
Newspaper Excerpt
Receiver's report: unsecured claims $242,000; secured $150,000; thought no dividend for at least three months.
Source
newspapers

Newspaper Articles (16)
1. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 6, 1893

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CHICAGO, June 5.-The failure of Herman Schaftner, which occurred last Friday, bore fruit to-day in well defined runs which were precipitated on almost if not every one of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. These took alarm as the result of the Schaffner failure, and boro down upon the Bank of Commerce in full force at the opening hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The excitement spread and soon involved the other savings institutions. The Illinois Trust Company. which has a larger lino of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one ar rapidly as possible, and at 3 o'clock posted notice on the front door that the bank would remain open until 'clock to-night, and as long as the present excitement should continue. The Hibernian Bank, which, as its name implies, was the depository for a large number of Irish-Americans of small means was crowded all day, but found no difficulty in meeting the demand, and at 3 o'clock the excitement had perceptibly decreased. The Dime Savings Bank paid a percontage only on each deposit. The Globe Savings Bank applied the thirty rule: The Milwaukee Avenue Savings Bank sustained a moderate run throughout the day, and they too kept open house until 9 o'clock to-night. Equally spirited checking was noticeable upon the Prairie State Savings Bank and Union Trust Company, as well as upon the Avenue Savings Bank, but in no case was any alarm felt by well informed people. The situation was greatly aggravated by a number of board of trade brokers, who, for purposes of their own, devoted themselves to the circulation of rumors in which they involved at one time or another nearly every bank in the city and a large number of leading stock yards operators. Notwithstanding these malicious stories there is every reason to believe that none of the leading banking institutions, whether savings, state or national, of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., a minor institution, occurred, but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000. At 12 o'clock to-night the Illinois Trust and Saving Bank was still paying off and the crowd of depositors anxious to draw their money was still as large as ever. The bank officials said that they cared nothing whatever for the run, but were rather pleased than otherwise to pay out the money, as it meant a big saving to the institution in interest. The quarterly instalment being due on July 1, all depositors who drew their money to-day have lost. The bank officers estimate that the run SO far has given them a net profit of $35,000. It was announced at midnight that the bank would not close as long as a single depositor cared to draw out a dollar.

2. June 6, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 6, 1893

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EAST AND ELSEWHERE. Banks and Banking Houses Closed Yesterday. Chicago, June 5.-Meadowcroft Bros., private bankers and dealers in commercial paper, doing a business similar to that of Herman Schaffner failed Saturday, made an assignment today. It was one of the best private banking firms in the city. The assets and liabilities are not yet known. The attorneys for the bank place the liabilities at $250,000, and the assets at $470,000. The later consist chiefly of commercial paper which is not now readily convertible into cash. Chicago, June 5.-F. A. Armstrong & Co., manufacturers and dealers in society and military uniforms, have failed. The liabilities are $105,000, assets, $275,000. Spokane, June 5.-The Bank of Spokane Falls temporarily closed Its doors this morning. The suspension is taken whete There is no run on the other banks. The bank was the oldest In

3. June 6, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 6, 1893

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AFRAID OF BANKS. Poor People Draw Out Their Savings. MONEY READY ON DEMAND. Chicago Savings Institutions May Be Shaky, but They Certainly Show No Sign of It. Special to THE MORNING CALL June 5.-The failure of HerrCHICAGO, bank, which mann, Schaffner & Co.'s OCcurred bore fruit to-day in welldefined which were ou almost if not one of last runs week, every precipitated the savings banks of The first effect excitement was of the Chicago. the to Bank feel Jewish the of Commerce, where a great many class acThe Schaffner very counts. citizens of the poorer failure keep bore had their down much alarmed them, and they Bank of Commerce at openupon hour. the The doubled the ing tellers were up and fast as presented throughout the officials of the exno alarm pressing the paid day, checks whatever, and demands. bank saying that they were able to meet any The Illinois Trust and Savings Bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the the bank until 10 o'clock night so as the present front open door long that to-night would excitement and remain every continued. The Hibernian Bank which, as its name implies, is the depository for a large number of Irish-Americans of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage of deposits to-day, and the Globe Savings Bank applied the thirty-day rule also. The Milwaukee-avenue Savings Bank sustained a moderate run throughout the day, and it, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted the Price State State as well as upon upon Savings, National and the Savings Pacific Union Trust Company and the Avenue Bank, but ia no case was any alarm felt by well-informed people. In fact, at many of these institutions large depositors came in during the afternoun and made heavy deposits. situation was greatly aggravated a number of To-day's by Board of Trade defor reasons of their own, voted to the sensational in which they brokers, themselves rumors, who, circulation involved of at or another every in and a large o erators as stockyard the one city time number nearly well. of Notwith- leading bank standing these malicious efforts no fear is felt as to the safety of any of the leading banking institutions of the city, and the failure of Meadowcroft Bros, a minor institution with total deposits of perhaps $200,000, aroused little or no interest. Attorneys for the bank place the liabilities at $250,000, assets at $470,000. The latter consist chiefly of commercial paper which is not now readily convertible into cash. in court a was for the bank, on a appointed On application receiver petition of member of the firm. The bill gives as a cause of failure inability to reorganize the bank after the death of one of the brothers last February. The bank was established in 1860 by the father of the members of the present firm. Schaffner of lief To-day's that Herman developments confirm the the failed bebank of Herman Schaffner & Co. drowned himself in the lake. The police are dragging for the body. CHICAGO, June 6.-At midnight the Illinois Trust and Savings Bank was still off, and the crowd of depositors to draw their money was as ever. The were large paying anxious as otherwise bank officials to still out rather than pay as it meanta big to money, in pleased saving the profit institution interest. So-far the net is about At this anthe bank would not so nounced $35,000. that hour cared it was to close draw long as a single depositor out a dollar. The paying of money is being continued at seven windows. "We wills stay right here for three months and not close our doors night or day if such a proceeding should become necessary. We are good for any run, no matter how long it keeps up." At 1:30 A. M. the Illinois Trust and Savings Bank was still open, the force of tellers at the seven windows having by fresh men, were still been paving people relieved waiting for hours and money enough more. to the bank open two Mitchell said there was on hand and plenty men keep President money of plenty to pay of it out.

4. June 6, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 6, 1893

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tinued to pay. 1was after 2 o'clock this morning when the bank closed its doors with the statement that it would be ready to go on this morning at the usual hour. A run was also started on the Milwaukee Avenue bank. Along toward 11 o'clock it quieted down. Then the people learned of the Meadowcroft failure and the run be- gan again. The bank met all demands and the officers say they are ready to with- stand another run today. The uneasy feeling invaded the board of trade and casued a temporary panic among the speculators in grains and provisions. Prices tumbled headlong and the bears could not trade fast enough to keep up with the falling market. July wheat sold down to $65⅝ cents, a drop of nearly 3 cents, and 1⅛ cents lower per bushel than wheat has sold in any year previous to the present. Provisions shared in the general demoralization, pork showing a decline of $1.20 at the close. Corn and oats were also extremely nervous and closed 1 cent lower than the prices current when the market closed at noon Saturday. With all the panic there was but one bank failure, that of Meadowcroft Bros., private bankers, but it is claimed there that no one will lose a dollar. They had many depositors among mar ne men, who will be put to serious inconvenience at the least, in having to wait for their money. Not the least fluer wever, was per- ceptible at any of t various national banks, and several prominent bankers, whose opinions were asked concerning the panicky feeling in the air, referred to it as simply a passing spasm, due entirely to the uneasiness prevailing among small deposi- tors identified with the savings banks un- der state jurisdiction. Every nation..l bank, it was insisted, was as sound as a dol- lar. Not one is in the slightest danger of a run, while there is not one but can meet the heaviest demand that may be made upon it.

5. June 6, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 6, 1893

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PRIVATE BANKERS ASSIGN. Meadowcroft Bros. in Chicago Pulled Down by Herman Schaffner, CHICAGO, June 5.-The Meadow-Croft brothers, private bankers, dealers in commercial paper, and doing business similar to that of Hermann Schaffner who failed Saturday, made an assignment today. They were one of the oldest private bank ing firms in the city. Assets and liabilities not yet known. Later-On application in court a receiver was appointed for the bank, on petition of a member of the firm. The bill gives as the cause of failure inability to reorganize the bank after the death of one of the brothers last February. The

6. June 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 6, 1893

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# MADE A NEW RECORD July Wheat Goes Lower and Lower on Chicago 'Change. Failures and Bearish News From Abroad Scare Traders. All Other Futures Decline in Sympathy With the Wheat Pit. Final Quotations on New York Stock Exchange Show Gains. CHICAGO, June 5.-Another record was smashed today, and wheat has sold 1¼c lower than heretofore for Juiy, and has also shown a sharp decline in the deferred fatures, but not to the same extent. The failure of Meadowcroft Bros., private bankers, this morning gave the market quite a shock. Then came the failure of the Kansas City Grain company, and prices took another dip downward. On this decline it was announced that Nelson, Van Kirk & Co., small traders in wheat, had failed, and this, in the strained condition of the market, proved sufficient to send prices off again. Still, as prices were so low before, the total decline was only about 1¼c on July and considera- bly less on the longer futures. The near-by futures are feeling the results of the tightness in money more seri- ously than others, as is shown by the fact that one time 4c was paid to change July to September in the hope that be- fore that month came around financial conditions would mend. It was a great day for the rumor- mongers, the calamity-howlers and the "whisperers," who kept the trade full of feverish apprension. There was ap- parently no disposition to buy wheat, however cheap it might seem, except to cover shorts and get in profits, but with wheat below the cost of production the selling is almost entirely on exhausted margins and liquidation, few indeed be- ing nervy enough now to short the mar- ket. The general rains, followed by hot weather; the indifferent cables, the European reports of cholera cases at three important cities, the increase of 300,000 bu in wheat stocks at Liver- pool, the increase of 608,000 bu on ocean passage, the large Indian shipments, reaching 960,000 bu for the week, the receipts of 697 cars at Northwestern markets-all these were natural influences against the market. The worst break of the day in wheat came the last hour. In- stead of a decrease in the visible sup- ply, there was a 200,000 bu increase. The uneasiness was greatly intensified by the run on the La Salle street savings banks, which traders could see from the windows of the exchange. The open- ing was about the same as Saturday's closing to ¼c lower, and, with some fluctuations, prices declined 2¼c for July and 2⅜c for September. then re- covered slightly, and the market closed easy about 2⅛c lower for July and 1⅜ c lower for September than Saturday. Corn, owing to some demand for the spot article, was comparatively steady at the start, opening trades being the same as the closing prices of Saturday, but the market later on sagged off ½c, owing to the down turn in the surround- ing pits. The principal feature was the liquidation in July and buying the September, the premium of the latter in consequence widening to 1⅛c one time. The increase in the visible was a decided disappointment. Closing prices were about inside. Oats were affected by causes similar to those active against corn. There were a few rallies, but they were in turn followed by declines and the close was about the lowest point, with a net loss of ⅛@⅝c on near futures and ⅝c on September. There was a drop of $1.40 per barrel in pork, 37½c in lard and 45c in ribs. in pork the decline was brought about, not through transactions at gradually receding prices, but by sellers offering it at lower and still lower prices with- out any buyers appearing to make defi- nite quotations possible until almost the entire decline had taken place. The close was at a reaction of 20c for pork from the inside, and 5c each for lard and ribs. Freights were steady, with a fair de- mand at 2c for wheat, and 1⅜e for corn to Buffalo, and 3⅜c for wheat to Kings- ton. Estimated receipts for tomorrow: Wheat, 75 cars; corn, 1,100 cars; oats, 500 cars; hogs, 13,000. The leading futures ranged as follows:

7. June 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 6, 1893

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EXCITED DEPOSITORS. Groundless Rumors Start Runs on Chicago Savings Banks CHICAGO, June 5.-The failure of Herman Shaffner, which occurred last Friday, bore fruit today in well-defined almost runs which were precipitated on if not every one of the savings banks of of Chicago. The first to feel the effect the excitement was the Bank of Com- citiwhere a great many Jewish merce, of the poorer class keep their aczens These took the alarm,naturally, and counts. the result of the Shaffner failure, as bore down upon the Bank of Commerce full force at the openin hour. The tellers were doubled ing and paid checks as fast as presented throughout up the day. The excitement other and soon involved the institutions. The which has a larger savings company, spread Illinois share other Trust of class of deposits than any to this bank in the city, amounting at times force of put on an extra and paid every one as and at 11 o'clock over tellers possible, $12,000,000. posted rapidly the a bank no- as tice the front door that towould upon remain open until 10 o'clock excite= and so long as the present Hibernight, should continue. The imment bank. which, as its name for nian was the depository of a plies, number of rish-Americans day, large was crowded all no difficulty in and at 4 o'clock the demand, small but found means. meeting excitement Dime the had perceptibly decreased. The its rule bank took advantage of each Savings paid a percentage only upon the and The Globe Savings applied Avethirty-day deposit. rule. The Milwaukee run Savings sustained a moderate until throughout nue the day, and kept open checking o'clock. Equally spirited State 9 noticeable upon the Prairie as was and Union Trust company, bank, Savings well upon the Avenue Savings felt by but as in no case was any alarm well informed people. The situation was greatly aggravated number of board of trade brokers, devoted by a for purposes of their own, sensathemselves who, to the circulation of involved tional rumors, in which they time or another, nearly every of at one the and a large number stock yards operators. bank leading in city, there Not- is withstanding these efforts, reason to believe that none whether of the every banking institutions, leading state or national, of Chicago, savings, in any danger of suspending. a are failure of Meadowcroft Bros., The institution, occurred. but aroused of the minor no interest in the minds little or public. Their total deposits general not exceed $200,000. Meadowcroft did Co. did a commercial paper similar to that of & Co., the banking Schaffner business Bros. & firm Herman which The an assignment Saturday. the made was one of the oldest in concern Eddy & Walker, attorneys, assets place city. the liabilities at $250,000 and the at $460,000. o'clock tonight the Illinois Trust At 12 Savings bank was still paying off. to and the crowd of depositors anxious and their money was as large as ever. draw bank officials said that they cared The whatever for the run, but were nothing rather pleased than otherwise to pay the money. as it meant a big saving out the institution in interest. The quar- and to installment being due July 1. toall terly depositors who drew their money estihave lost. The bank officers day that the run SO far has given them an-superscript(4) mate net profit of $35,000. It was a nounced at midnight that the as would not be closed bank as a single depositor detail cared long draw out a dollar. A special to was sent for, the force of pay of police which had been constantly for several hours was on took their places. and others ing duty tellers the relieved, paying wint of money was continued at seven frighty The depositors were not dows. or worried, many of them seemed ened regard the matter as a joke, and some to them said they were only drawing of their money because others were doing the "We same will thing. stay right here for three months," said President Mitchell to not close our doors night on such a proceeding should It will take day necessary. night."and if these become seven pay at least that length of time to men the money out of our vaults. Even if out get no more deposits' we are good for we run no matter how long it keep$ any We have no intention of taking up. advantage of the time clause. Any he wants it. depositor can get his money at any time

8. June 7, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 7, 1893

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Highest of all in Leavening Power.-Latest U. S. Gov't Report. Baking Royal CCOO Powder ABSOLUTELY PURE each or the several windows at which the paying tellers were stationed, and every SOLID AS GRANITE. preparation was made to meet the run. Millions of dollars were displayed in full view of everybody. The run was a foolish Chicago Banks Stand Against one and will only result in loss of interest the Savings Panic. to those who withdrew their money. The real cause of it was probably the sensational extras gotten out Monday morning THE FLURRY BEGINS TO SUBSIDE, when Meadowcroft Bros. suspended. The suspension was of no moment to the business world and will cost no depositor a With Only One Bank Demanding a Time cent, but those who had savings in the Limit-Heavy Capitalists Ready to Shell banks were stampeded: they didn't know Out When Necessary-The Withdrawers that their funds were in no danger and hence the run. Forfeiting Six Months' Interest and Monopolizing the Safety Deposit Vaults No Cause at Chicago, Either, They Say. -No Trouble in Commercial CirclesST. LOUIS, June .-The fact that there Cause of the Run. has been trouble in New York and that some Chicago banks have been in difficulty CHICAGO, June 7.-When the Illinois has caused some anxiety to be felt by Trust company closed its doors after 2:30 stockholders and depositors in local banks. o'clock in the morning it had paid the Inquiry among bankers developed the fact that there was not the smallest cause for last depositor who wanted his money at this. that time. But the sun was hardly out of

9. June 9, 1893 The Goodland Republic Goodland, KS
Article from The Goodland Republic, June 9, 1893

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Private Bank Fails. CHICAGO,June 6.-The firm of Meadowcroft Bros., private bankers, 100 Dearborn street, closed their doors. Lyman E. Crandall has been appointed receiver.

10. June 9, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, June 9, 1893

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RUN ON THE BANK. A Foolish Excitement in Chicago Met By Abundance of Cash. CHICAGO, June 5.-The failure of Her0 man Schafner, which occurred last Fri day, bore fruit today in the well defined runs which were precipitated on almost. if not every one of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce where a great many Jewish citizans, of the poorer class, keep their accounts. These took the alarm naturally as a result of the Shafner failure and bore down upon the Bank of Commerce in full force at the opening hour. The tellers were doubled up and paid checks as fast as they were presented throughout the day. The excitement spread and soon involved other savings institutions. The Illinois Trust company, which has a larger line of this class of depositors than any other bank in the city, amounting at times to over twelve millions of dollars, put on an extra force of tellers and at 11 o'clock posted a notice upon the door that the bank would remain open as long as the excitement should continue. The Hiberrian bank which was the depository for a large number of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting the demand and at 4 o'clock the excitement was perceptibly decreased. The dime savings bank took advantage of its rule and paid a percentage only upon each deposit. The Globe savings bank applied the 30 day rule; the Milwaukee avenue savings bank sustained a moderate run throughout the day and was kept open until 9 o'clock. Spirited checking was noticeable upon the Prairie State Savings bank and United Trust company. as well as upon the Avenue Savings bank. but in no case was any alarm felt by well informed people. The situation was greatly aggravated by a number of the board of trade brokers who, for purposes of their own, devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in the city and a large number of the stock yards operators. Notwithstanding these efforts there is every reason to believe that none of the leading banking institutions. whether savings, state or national of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., a minor institution, occurred. but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000.

11. June 10, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, June 10, 1893

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AFTER THEIR CASH. Uneasy Depositors Make Things Lively Runs for Several Chicago Banks Heavy Met, Experienced. But All Demands Announced. Are Only One Suspension Being the June 6. The opening of in was un symptoms of a panic. and strong banks CHICAGO, Chicago characterized Much by existed since Saturday and fears among had become so easiness the positors doubts far o'clock, aug- deeven long before 10 and including and working girls, women mented, that crowds, found men ready their to the bank doors and were way the first possible had withdraw what money to tv improve to opportuni- they the deposit. As the day wore on fullcrowds on increased. and by noon a fledged panic of no mean magnitude was Savings inaugurated. banks which experienced work a Monday kept their tellers at the run who had been in line up to of ordinary closing were were posted on busihour until and notices all the for doors paid, banks would be open at the regular hour this that ness the beyond morning the The panic did not extend but of small savings accounts, an intense strain in that there owners was financial It is to the rumor mongers phase. affairs. day is indebted for its worst the succeeded in frightening disasters many They Instead of the dozen found talked about there one suspension that people. that be were but especial would is com- in to times excite no Some or occasion serious few ment that had runs a ordinary of the banks trouble. did sixty-day in take advantage of the for cases But there was no occasion their limit. the loss of confidence displayed by patrons. June 6.-The private bank- 100 CHICAGO, house of Meadowcroft Bros., northeast ing street, at the and of has been placed in becorner streets, Washington of Washington the suspend Dearborn hands being forced to a of the prevailing cause E. Crandall gency. receiver, Lyman monetary has Walker. strin- been appointed receiver. Eddy & an attorneys for the firm. have bank's given asapproximate estimate of the the liasets and liabilities. They place at bilities at $250,000, and the assets d $460,000. The depositors began a run on in the the Trust and Savings bank Illinois building early in the morning all day and Rookery clamored for their money effort to The bank made every d long. promptly and the officials expressed for pay no fear for the result of the demand r e deposits. This bank kept its doors open until midnight in order that everyone have it. e after who wanted his money might his last depositor in the line got closed money e The at 3 a. m., then the bank t until 10 o'clock. Shortly after the doors of the Bank startwere opened a run continued for hours. Commerce which responsible was President r ed Felsenthal says rumors are conducted the bank was financial principles, was for soundest the run: there its offir on do not speculate, and all t d plenty cers of cash in its vaults to meet d demands. was a heavy run upon the the s State national bank comas Prairie Prairie There officials Trust and State Savings and apto all day. The bank met t pany to take the matter n the demands made upon pear all easily them. and e e, In the general excitement bankidid that struck not of public the Hibernian is not at the escape, but the result thus far alarming to the officials. is e Meadowcroft Brothers' failure prein a run on the Dime savings But e cipitated at 104 Washington street. the sat the Bank of debank Commerce, small ot here, was as made chiefly by the exed and there was really more inside ill on the sidewalk than in a the bank. run eitement positors Officials claim to be ts position to meet all demands. ed was made on the Union Rawson Trust to A run of which Stephen W. about noon is e bank, The run began after8. president. and was kept up during the er snoon. the Globe savings bank the run dets At all day. At 2 m. it was thirtyr kept cided up to take advantage of the acis savings this st Vice President Hayes run day counts. notice provided for said the he would not have been done had been on that bank alone. m ffThere was a slight run at the Mil- the re avenue state bank, but close crowds waukee began to diminish by the the business day. E. of a wild day on the board the The uneasy feeling erof world invaded er financial It trade. was provisions the in specin grains and a sh tumbled headlong. les and ulators Prices caused temporary The to panic. bears keep ernot trade fast enough July ers the reducing of up sold down to 65% a d. could wheat with market. declined drop se nearly 3 cents. Cash wheat lower than his and reached a figure In re cents has sold in the last thirty years. les it tense excitement prevailed. ed All deliveries of grain and provisions Septemer in a similar manner. July the suffered quite as radical as th. at 7914, reached 70 off ber It opened was'not oats and were closed he while corn and Pork vn at 701/4. cent to a cent and a half. and deut from a very sick commodity. hogs was clined a over a dollar a barrel, with off from 40 to 60 cents. igtold, the day was a disastrous care lic All and even the alarmists did not unrest. sit one exaggerate the feeling of and its tle to market has been weak only needed nerves protest to lightest The all on edge. It has pull the

12. December 29, 1893 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, December 29, 1893

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ge in Michigan, loss of life only in Southern States.... "Black Jack" Yattaw died at Chicago. Negro lynched at Salins, Kas. 23. Strikers at Hull, England, fire the dooks; loss $1,000,000. 25. Failure of Loan and Trust Company of Sloux City.... Burning of First Regiment Armory at Chicago; two lives lost; damage, $300,000.... Men-of-war leave Hampton Roads for New York. 26. Sixty-two killed by cyclones in Oklaho- ma.... Terrific storms sweep the lakes. 27. Naval parade at New York, greatest in the history of the world.... Death of W. C. Goudy, of Chicago.... Pork advances over $1 per barrel....Anniversary of Grant's birth. 28. Liberty Bell arrives in Chicago, with Duke of Veragus and President Cleveland. 29. Cisco, Tex., devastated by cyclone; 30 killed, 200 injured. 30. Six perish in a fire at Burlington, Ia May. 1. Opening of World's Fair by President Cleveland. 2. Heavy property loss in Miami Valley by floods. 3. Lewiston, O., reservoir, second largest in the country, breaks; great property damage, no fatalities.... Panic in stocks in New York. 4. Panic in Wall street; five firms fail; re- ceiver appointed for the Cordage Trust. 5. S. V. White, New York broker, fails again. 6. German army bill defeated, Reichstag dis- solved.... Herbert Tarnney lynched at Moun- tain Lion, Minn. 7. Ten killed in a wreck at Lafayette, Ind. ..Six boiled to death by escaping steam on an Ohio River boat. 8. First electric illumination of World's Fair....Chemical National Bank, Chicago, fails.... Six more die from the river steamer disaster.... Carlyle W. Harris exe- cuted at Sing Sing, 9. Commissioner Blount appointed Minister to Hawaii, vice Stevens, resigned. 11. Break in levees below Memphis; vant damage....Columbian Bank fails at Chicago. Dynamite outrage at Muscatine, Iowa. 12. Failure of many banks in Indiana, Michi- gan, Illinois and Ohio, branches of the col- lapsed Columbia National at Chicago....Cam- pania crosses the Atlantic in 5 days 14 hours and 40 minutes, 13. Plankinton Bank of Milwaukee success- fully meets a big run. 14. Lynching at Bedford, Ind.... Ten miners killed at Calumet, Mich. 15. Lynching at Brownstown, Ind. 16. Murderer Almy hanged at Concord, N. H. ..Fair Directory vote to return Government loan and open Sundays... National Editorial Association convenes at Chicago. 17. Seven killed by explosion at Geneva, III. .... Many lives lost by flood in Ohio and Penn- sylvania.... Nine sailors perish at Conneaut and 3 at Ashtabula, Ohio, in marine disaster. Four life savers drown at Cleveland. 19. Resignation of Italian Ministry....Span- ish Infanta Eulalia received at Washington. 20. $1,500,000 fire loss at Saginaw, Mich. $7,000 at Antigo, Wis....Ten men perish in forest fire in Missaukee County, Mich. 22. Cruiser New York makes 21.09 knots an hour, fastest time recorded for a war ship 23. Wm. Sullivan lynched at Corunna, Mich. Four killed by a windstorm at Cleveland. 24. Queen Victoria's birthday. 26. Failure of Chas. Foster, ex-Secretary of the Treasury, at Fostoria, Ohio, for $600,000; many concerns involved. 27. Failure of Weaver, Getz & Co., coal deal- ers, Chicago, for $200,000. 28. World's Fair open on Sunday.... Suicide of F. H. Milburn, son of the Chaplain of Con- gress.... Burning of Baltimore sugar refinery, $2,000,000....Exposition flyer from New York for Chicago runs 980 miles in twenty hours, 29. News of loss of British steamer Ger- mania, with seventy-four persons. 30. General observance of Memorial day. June. 2. Steamer Corsica sinks unknown schooner and crew in Lake Huron. 3. Schaeffner & Co., bankers, Chicago, fail for over a million; Schaeffner commits suicide. ....Cloudburst and fatal fire at Omaha.... Five persons perish in a burning New York tene- ment.... Lynching at Decatur, Ill.... Twenty- six Mexican miners perish in a burning mine at Fuente. 4. Meadowcroft Bros., Chicago bankers, fail. 5. Run on eight big Chicago banks; two small failures.... Bentonville, Ark., bank robbed of $10,000; one man killed. 6. Infanta Eulalia of Spain visits Chicago. 7. Death of Edwin Booth....$3,000,000 fire at Fargo. 8. A train robbery of $10,000 near Forest Lawn, Ill....Wheat touches 63 cents-lowest record for Chicago....Gov. McKinley renomin- ated....Injunction to close World's Fair Sun- days. 9. Collapse of Ford Theater building at Washington; 22 pension clerks killed.... Riot on Chicago's drainage canal; 6 killed. 10. Chief Justice Fuller stays World's Fair closing injunction. 12. Capture of Sontag, California bandit. Demonstration hostile to Col. Ainsworth at Ford Theater inquest. 13. Start of the Chadron-Chicago cowboy race. 14. First fatal accident at the Fair, on the sliding railway. 17. United States Court of Appeals sustains Sunday opening of the Fair. 14. Mining towns on Mesaba range destroyed by fire.... Adams Block, Chicago, burns; loss $300,000. 20. Ten killed, 26 injured, on Long Island railroad.... Lizzie Borden acquitted at New Bedford, Mass. 21. Seventeen killed by storms in Eastern Kansas.... Seven killed, 30 injured by lightning at Ringling's circus, River Falls, Wis.... Four perish in a Duluth fire.... One hundred and ninety deaths by cholera at Mecca. 22. Commemoration of Fort Dearborn massa- cre at Chicago.... Attendance at Fair reaches 127,000 without special attraction. 23. Sinking of H. M. S. Victoria, and loss of over 400 seamen off Tripoli. 24. Boundless wins the American Derby at Chicago in 2:36. 26. Gov. Altgeld pardons Neebe, Fielden and Schwab, Chicago anarchists. 27. John Berry, of Black Hills country, wins the 1,000-mile cowboy race, Chadron, Neb., to Chicago, in 13 days 16 hours.... India suspends free coinage of silver. 29. Silver drops to 62, and wheat to 625%; both marks lowest known. 30. Cleveland calls extra session of Congress. July. 2. Dedication of New York State's monu- ment at Gettysburg. 3. Fish, Joseph & Co. fire at Chicago, $800,- 000. 4. 274,000 people at World's Fair 4th celebra- tion. 5. Paris under guard; several rioters killed. 6. Scores killed by a cyclone in Western Iowa 7. Death of Associate Justice Blatchford. ....Lynching and burning of S. J. Miller, a negro, at Bardwell, Ky....Arrival of the cara- vels at Chicago. 8. Riot at Christian Endeavor convention at Montreal. 9. Montreal riot continued. 10. Twenty-one firemen and Columbian guards perish by the burning of the Cold Storage Building at World's Fair; money loss $250,000. 12. Viking ship arrives at Chicago.... Prince- ton, Ind., swept by fire... Ottumwa. Ia., pack- ing house burned; $250,000. 15. German army bill passed. 16. Heroes' Day at World's Fair. 17. Four killed, many hurt, in a Chicago grade crossing accident....$7,500,000 fire in Lon- don. 18. Six Denver banks fail. 20. Riot at Wier City, Kan., miners strike. 21. Richard Shoemaker, of Metropolis, III., kills Richard and George Lukens and himself. 22. Lee Walker, a negro, lynched and burned at Memphis for four assaults. 23. Paulding, O., swept by fire: loss, $250,000. World's Fair closed Sundays. 24. France gives notice of intended blockade of Siamese ports.... Temperature 92 degrees at Chicago; 8 prostrations. 25. Excursion train wrecked near Akron, O.; 8 killed, 20 hurt.... Bank failures at Milwaukee,

13. January 4, 1894 The Farmers' Union Memphis, MO
Article from The Farmers' Union, January 4, 1894

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cago and Erle.... Vast prairie fires in Nebraska and South Dakota. 10. Death of Manuel Gonzalez, ex-President of Mexico, at City of Mexico. 11. Cyclones in Missouri Valley: many lives lost and vast property loss.... Colliery disas- ter in Wales; upward of 100 lives lost. 12. Ypsilanti, Mich.. nearly wived out by a cyclone; many lives lost in Mississippi and Missouri by storms. 13. News of lowering of American flag in Hawali by Commissioner Blount. 14. Senate adjourns sine die. 18. Financial flurry at Lansing, Mich. 19. Edwin Booth stricken with paralysis.... Tremendous snowstorin in Minnesota....An- other earthquake in Zante. 20. Fourteen perish at Milwaukee in the water works crib, during a storm.... The whole country swept by violent storms; much dam- ge in Michigan, loss of life only in Southern States.... "Black Jack" Yattaw died at Chicago. ....Negro lynched at Salina, Kas. 23. Strikers at Hull, England, fire the docks; loss $1,000,000. 25. Failure of Loan and Trust Company of Sioux City. Burning of First Regiment Armory at Chicago; two lives lost; damage. $300,000.... Men-of-war leave Hampton Roads for New York. 20. Sixty-two killed by cyclones in Oklaho- ma.... Terrific storms sweep the lakes. 21. Naval parade at New York, gro-test in the history of the world.... Death of W. C. Goudy, of Chicago....Pork advances over $1 per barrel....Anniversary of Grant's birth. 28. Liberty Beal arrives in Chicago, with Duke of Veragua and President Cleveland. 29. Cisco, Tex., devastated by cyclone; 30 killed. 20 injured. 30. Six perish in a fire at Burlington, Ia May. 1. Opening of World's Fair by President Cleveland. 2. Heavy property loss in Miami Valley by floods. 3. Lewiston, O.. reservoir, second largest in the country. breaks; great property damage, no fatalities. Panic in stocks in New York. 4. Panic in Wall street; five firms fail; re- ceiver appointed for the Cordage Trust. 6. S. V. White, New York broker, fails again. 6. German army bill defeated, Reichstag dis- solved.... Herbert Tarnney lynched at Moun- tain Lion. Minn. 7. Ten killed in a wreck at Lafayette, Ind. Six boiled to death by escaping steam on an Ohio River boat. 8. First electric illumination of World's Fair....Chemical National Bank, Chicago, fails... Six more die from the river steamer disaster....Carlyle W. Harris exe- cuted at Sing Sing, 9. Commissioner Blount appointed Minister to Hawaii, vice Stevens, resigned. 11. Break in levees below Memphis; vast damage....Columbian Bank fails at Chicago. Dynamite outrage at Muscatine, Iowa. 12. Failure of many banks in Indiana, Michi- gan, Illinois and Ohio, branches of the col- lapsed Columbia National at Chicago....Cam- pania crosses the Atlantic in 5 days 14 hours and 40 minutes. 13. Plankinton Bank of Milwaukee success- fully meets a big run. 14. Lynching at Bedford, Ind....Ten miners killed at Calumet, Mich. 15. Lynching at Brownstown, Ind. 16. Murderer Almy hanged at Concord, N. H. Fair Directory vote to return Government loan and open Sundays.... National Editorial Association convenes at Chicago. 17. Seven killed by explosion at Geneva, III. Many lives lost by flood in Ohio and Penn- sylvania.... Nine sailors perish at Conneaut and 3 at Ashtabula, Ohio, in marine disaster. Four life savers drown at Cleveland. 19. Resignation of Italian Ministry....Span- ish Infanta Eulalia received at Washington. 20. $1,500,000 fire loss at Saginaw, Mich. $7,000 at Antigo, Wis....Ten men perish in forest fire in Missaukee County, Mich. 22. Cruiser New York makes 21.09 knots an hour, fastest time recorded for a war ship. 23. Wm. Sullivan lynched at Corunna, Mich. Four killed by a windstorm at Cleveland. 24. Queen Victoria's birthday. 26. Failure of Chas. Foster, ex-Secretary of the Treasury, at Fostoria, Ohio, for $600,000; many concerns involved. 27. Failure of Weaver, Getz & Co., coal deal- ers, Chicago, for $100,00. 28. World's Fair open on Sunday.... Suicide of F. H. Milburn, son of the Chaplain of Con- gress.... Burning of Baltimore sugar refinery, $2,000,000.... Exposition flyer from New York for Chicago runs 980 miles in twenty hours, 29. News of loss of British steamer Ger- mania, with seventy-four persons. 30. General observance of Memorial day. June. 2. Steamer Corsica sinks unknown schooner and crew in Lake Huron. 3. Schaeffner & Co., bankers, Chicago, fail for over a million; Schaeffner commits suicide. Cloudburst and fatal fire at Omaha....Five persons perish in a burning New York tene- ment....Lynching at Decatur, III.... Twenty- six Mexican miners perish in a burning mine at Fuente. 4. Meadowcroft Bros., Chicago bankers, fail. 5. Run on eight big Chicago banks; two small failures.... Bentonville, Ark., bank robbed of $10,000; one man killed. 6. Infanta Eulalia of Spain visits Chicago. 7. Death of Edwin Booth....$3,000,000 fire at Fargo. 8. A train robbery of $10,000 near Forest Lawn, Ill.... Wheat touches 63 cents-lowest record for Chicago....Gov. McKinley renomin- ated....Injunction to close World's Fair Sun- days. 9. Collapse of Ford Theater building at Washington; 22 pension clerks killed.... Riot on Chicago's drainage canal: 6 killed. 10. Chief Justice Fuller stays World's Fair closing injunction. 12. Capture of Sontag, California bandit. Demonstration hostile to Col. Ainsworth at Ford Theater inquest. 13. Start of the Chadron-Chicago cowboy race. 14. First fatal accident at the Fair, on the sliding railway. 17. United States Court of Appeals sustains Sunday opening of the Fair. 18. Mining towns on Mesaba range destroyed by fire.... Adams Block, Chicago, burns; loss $300,000. 20. Ten killed, 26 injured, on Long Island railroad.... Lizzie Borden acquitted at New Bedford, Mass, 21. Seventeen killed by storms in Eastern Kansas.... Seven killed, 30 injured by lightning at Ringling's circus, River Falls, Wis.... Four perish in a Duluth fire.... One hundred and ninety deaths by cholera at Mecca. 22. Commemoration of Fort Dearborn massa- cre at Chicago.... Attendance at Fair reaches 127,000 without special attraction. 23. Sinking of H. M. S. Victoria, and loss of over 400 seamen off Tripoli. 24. Boundless wins the American Derby at Chicago in 2:36. 26. Gov. Altgeld pardons Neebe, Fielden and Schwab, Chicago anarchists. 27. John Berry, of Black Hills country, wins the 1,000-mile cowboy race, Chadron, Neb., to Chicago, in 18 days 16 hours.... India suspends free coinage of silver. 29. Silver drops to 62, and wheat to 62%; both marks lowest known. 30. Cleveland calls extra session of Congress. July. 2. Dedication of New York State's monu- ment at Gettysburg. 3. Fish, Joseph & Co. fire at Chicago, $300,- 000. 4. 274,000 people at World's Fair 4th celebra- tion. 5. Paris under guard; several rioters killed. 6. Scores killed by a cyclone in Western Iowa 7. Death of Associate Justice Blatchford. Lynching and burning of S. J. Miller, a negro, at Bardwell, Ky.... Arrival of the cars- vels at Chicago. 8. Riot at Christian Endeavor convention at Montreal. 9. Montreal riot continued. 10. Twenty-one firemen and Columbian guards perish by the burning of the Cold Storage Building at World's Fair; money loss $250,000. 12. Viking ship arrives at Chicago.... Prince- ton. Ind., swept by fire Ottumwa, Ia., pack- ing house burned; $250,000. 15. German army bill passed. 16. Heroes' Day at World's Fair. 17. Four killed, many hurt, in a Chicago grade crossing accident....$7,500,000 fire in Lon- don. 18. Six Denver banks fail. 20. Riot at Wier City, Kan., miners strike. 21. Richard Shoemaker, of Metropolis. III. kills Richard and George Lukens and himself. 22. Lee Walker, a negro. lynched and burned at Memphis for four assaults. 23. Paulding, O., swept by fire; loss, $250,000. World's Fair closed Sundays. 24. France gives notice of intended blockade of Siamese ports.... Temperature 92 degrees at

14. March 15, 1894 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, March 15, 1894

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MEADOWCROFT FAILURE. It is Thought No Dividend Will Be Reported for Three Months. CHICAGO, March 15.-S. E. Crandall, receiver for Meadowcroft Bros., bankers, will file today a report of claims against the estate which have been allowed. According to the reportthe depositors were mainly poor people. The unsecured claims amountto $242,000 and those secured foot up $150,000. It is claimed that the bank was practically insolvent since 1876. It is thought no dividend will be declared for at least three months.

15. May 8, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 8, 1894

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A notice was posted on the door of the State National Bank, Wichita, Kan., Mon day. announcing that the bank has sus pended. The institution was considered one of the strongest in that part of the country. L D. Sk nner was pr sident qin the Lombards were interested in it. The bank officers have not de any state ment of its condition. The suspension caused much excirement through ut the city. After having been out over 30 hours the jury in the case against A. A. Cadwallader. x-president of the Superior National Bank, Madison, Wis, returned to the court room late Sunday ni, ht and announced its inability to agree on a verdict. The vote was 8 to 4 for conviction. Calwallader wa charged with embezzlement, abstraction and misapplication of the funds of the bank He was arrested but ran away to Brazil There he was recaptured and brought back for trial. The P T. Barnum estate is to undergo "nother partial distribution, only enoug bei 'g kept intact to pay Mrs. Barnum's an nuity of $40,000 and several smalle) amounts. This is one condition upon which Clinton Barnum Seeley has withdrawn his contest against the executor's report. The estate is valued at about $2,300,000, and of this about $1,500,000 will be retained, in cluding the property at Broadway and Houston streets in New York, which i. valued at about $625,000, and gives an anuual income of $25,000. An Anarchist, at a meeting held Sunday near that of the workingmen at Hyde Park London, said that an eight-hour day mu. obtain, even if it should be necessary to kill Gladstone and murder Lord Rosebery He excited the ire of the crowd and a rusl was made for the platform, the crowd be ing apparently termined to lynch the speaker. He was dragged from the- plat. form and was being roughly handled when rescue by the police. Two other Anarch ists attempted to make inflammator speeches, but were similarly treated. Frank R. Meadowcroft, of the firm of Meadoweroft Bros, bankers, Chicago which failed in the panic last June, wa arrested. turday mght, for fr.ud and -p-nt 12 hours in jail efore bail W 18 given. Meadowcrott Bros. failed on June 5. 1893 and 'ess than one per cent. of the $420,000 which the books showed to be on deposit there, was found by Receiver Crandall Frau was alleged and an investigation followed. Over 100 deposivors were caugh in the crash and as yet there is little to in dicate that the depositors will ever get bac, any port on of their deposits. At Grajaewe, Poland, Mon lav. я mob of workmen engaged in the construction O1 new barrack buildings made an attack upon the Jewish traders in the Jewish section of the town, looting the shops and houses beating men, insulting women and finally set fire to several stores. Troops were called out and the mob was ordered to disperse. The comm and not being heeded the troops fired. Four men were killed outright and 12 80 b dly injured that they died About 100 others were more or less seriously injur. d b bullets. None of the Jews were seriously hurt. The Punitive expedition under Col. Col ville, sent against King Kabarega of Unybro, has vanquished that King This is the report that comes from Mengo, Unganda The expedition has established a chain of forts from the Albert Nyaoza, on the banks of which Kabar ga had his headqu to Uganda. It is expected the success of the expedition will prove a death blow to the slave trade of this region and will bring Arab influence at an end. A force under Major Owen went to the north end of Albert Nyanza and descended the Nile to Wadelai, wherethe British flag was hoisted A terrible tragedy in high life was enacted in the house of a prominent government fficial at Rome, Sunday evening. A young man named Venzi, belonging to one of the most aristocravic Roman families, called at the house of Signor Liberatti, a high official in the war office, to see Signor Liber atti's daughter, Miss Glorinda, to whom he was betrothed. As she stepped forward to greet him on entering the reception room Vei zi drew a revolver and fired two shots at the girl, both of which took effect, and she fell dead at his feet. Venzi then put the pistol to his head and sent a bullet into

16. May 17, 1894 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, May 17, 1894

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Alfred W. Seymour, a book-keeper employed by Osborne & Clarks, lumber dealers, left Minneapolis, Minn., April 11, and it was discovered that he had committed forgeries to the amount of $25,000. Developments since his disappearance prove that he is one of a gang of swindlers who have been operating in Minneapolis, St. Paul, Omaha, Kansas City, Des Moines and Chicago. Frank R. Meadowcroft of the firm of Meadowcroft Bros., of Chicago, bankers which failed in the panic last June. was arrested for fraud. When Meadowcroft Bros. failed less than 1 per cent. of the $420,000 which the books showed to be on deposit there was found. Over 100 depositors were caught in the crash, and as yet there is little to indicate that the victims will ever get back any of their deposits. At the annual meeting of the Chicago. Burlington & Quincy Railroad company in Chicago the old board of directors was re-elected. The annual financial report shows a decrease in earnings for the past year of $1,959.424, and a decrease in expenses and charges of $823,742. The net earnings for the year were $2,204,404, a decreease as compared with the previous year of $1,135,681. There was an increase of nearly 84,000 in the number of passengers carried. and an increase of $1,195,936 in the revenue from passenger traffic. The great falling off was in the freight traffic, the receipts from which show a decrease of $3,078,511.