4567. Merchants Farmers & Mechanics Savings Bank (Chicago, IL)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
6bcf10e0

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension

Other: Receiver appointed and deed of assignment by owner; indictment for embezzlement followed.

Description

Newspaper accounts describe an initial run on the savings bank (late Aug–early Sep 1877) prompted by the failure of the State Savings institution. The bank suspended/failed on Sept 19, 1877 and a receiver (S. D. Ward / S. D. Ward or S. D. Ward/S. D. Ward variants) was appointed; later reports show insolvency and indictment of Sidney Myers for embezzlement. Classification: run led to suspension and permanent closure with receiver appointed.

Events (5)

1. August 31, 1877 Run
Cause
Local Banks
Cause Details
Run began after the failure of the State Savings institution; depositor panic spread to this savings bank.
Measures
Limited payments to each applicant (rule observed to pay $5 to each applicant); manager (Myers) attended and paid out; routine measures to satisfy depositors.
Newspaper Excerpt
At the Merchants Farmers & Mechanics' Savings Bank everything was comparatively quiet during the day... In the forenoon a small crowd gathered with their deposit accounts... The rule adopted was to pay to each applicant $5
Source
newspapers
2. September 1, 1877 Run
Cause
Local Banks
Cause Details
Continued run following collapse of the State Savings Bank; panic and withdrawals persisted but diminished.
Measures
Continued limited payouts; bank manager observed receipts and payments; standard pay-rule for applicants followed.
Newspaper Excerpt
AROUND THE MERCHANTS', FARMERS' & MECHANICS Savings Bank the utmost quiet prevailed yesterday. The demand for money was less than it had been for several days... About $60,000 has been paid out, while as much had been received on deposit... The amount which the bank has been notified would be called for at the expiration of sixty days does not exceed $5,000.
Source
newspapers
3. September 19, 1877 Suspension
Cause
Local Banks
Cause Details
Inability to realize on securities combined with depositor runs triggered by the failure of the State Savings institution; bank closed/suspended on Sept 19, 1877 and 'failed'.
Newspaper Excerpt
The Merchants, Farmers & Mechanics' Savings Bank, No. 75, Clark street, failed this afternoon... the recent runs on the banks and the panicky feeling occasioned by the failure of the State Savings Institution caused the Merchants, Farmers and Mechanics' to go under and close its doors for good this afternoon.
Source
newspapers
4. September 20, 1877 Receivership
Newspaper Excerpt
This bank... failed this afternoon, and O. P. Harton, on behalf of many depositors, will to-morrow morning petition the United States Court to appoint a Receiver. ... Later-Judge Williams granted a petition ... to appoint a receiver. A. D. Ward's bond is fixed at $350,000. S. D. Ward has been appointed receiver in later dispatches and receiver S. D. Ward reported finding scarcely anything in vaults.
Source
newspapers
5. September 26, 1877 Other
Newspaper Excerpt
Sidney Myers, President of the Merchants', Farmers' and Mechanics' Savings Bank, which suspended last week, was indicted by the Grand Jury to-day for the embezzlement of $200,000, and was subsequently lodged in jail in default of $20,000 bail. Receiver reports scarcely anything that can be considered assets in the vaults of that institution.
Source
newspapers

Newspaper Articles (21)

Article from Chicago Daily Tribune, August 31, 1877

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should be stated that the Fidelity is believed to he PERFECTLY SOLVENT. and that Its assets are considered to be more than ample to pay all demands. The fact is, that the officers are determined to stand by the bank and Its depositors. It Is well known that Its assets are invosted In Interest-paying securities, but that they are not available at a moment's notice. President John C. Haines stated emphatically that he had been through three such runs, and that he was prepared to go through this. The depositors would be paid everything, and the bank would continue open as usual. Did he have a statement to makel Anybody could make a statement. He proposed to stand by the depositors and do all he could, but a statement would be no use from him at this time. The less he said the better. The bankers with whom Tne TRIBUNE reporter conversed have an abbiling faith In John C. Haines, both In his ability and integrity They say that he has been twonty-one years In the banking business In this city, is A man of probity and property, and has always paid dollar for dollar. The bankers would stand br him If he needed help, but he didn't need any assistance just yet, and it wasn't likely that he would. Ald had been offered him, but Mr. llaines showed that THE READY CASH ON HAND WAS SUFFICIENT to stand a run of some days yet. The crowd was peculiarly quiet and respectable. The anyInga bank depositors are our thrifticst and best class of citizens. They labor for what they get, and Iny by a little for a rainy day. The sympathies of all are with these people. Looking in their faces one cannot help but read Industry and honesty written upon them. Yet these people cannot be blamed for becoming anxious and panicky in regard to their little all. The collapse of the State has made them feel strangely insecure. Now this much Tun TRIBUNE reporter can say. He has been In constant attendance nt the Fidelity Bank for the past two days. Ile has talked to the depositors and been allowed some access to the inside of the workings of the bank. The seem candid officers in their statements; they endeavor, apparently, to cover nothing. That they have more than enough to pay dollar for dollar there Isno doubt. But It should be understood th... realestate securities cannot be realized upon in one day or in nn hour or no. They are INVESTMENTS OF THE DEPOSITORS, made for a certain length of time. The incidents during the day were few. One woman wanted all she had ju the bank to pay her taxes. Another wanted to buy a cow. Another was going to start a grocery-store and wanted to buy n stock. An old man wanted some money to send his bov to Dublin. Another man had liend that John C. Ilaines had sold his Interest In the bank. nnd he was nfraid It was going to burst. The crowd was composed of men, women, and children. Even the A. D. T. had a boy In the linc. The women, and as rule, were the most demonstrativo pleading, and wanted their entire deposits. It was apparent that the endeavor was made to satisfy all, and no one was heard grumbling after leaving McAuley's smiling face. He was equal to the emergency, and polito to all. The large depositors are allowing their accounts to stand, and several came in yesterday and assured Mr. Haines of their confidence in his ability and management. How long this run will continue, of course, It is hard to tell, but it apparently had considerable of a t-up in It after 2 o'clock yesterday afternoon, and but few went away without being able to reach the paying-window. The bank will reopen at 10 o'clock this morning. as usual. The excite. ment will hardly survive the day. M., F. At the Merchants Farmers & Mechanics' Savings Bank everything was comparatively quiet during the day. In the forenuon a small crowd gathered with their deposit accounts, The but there was no excitement whatever. rule adopted was to pay to each all. plicant $5, and this scemed to eati-fy them. The demands were far less than the day hefore. and the deposits greater. which would reem to indicate Increased confidence on the part of the patrons of the Institution. The manager. Mr. Myers, spent most of the day In his private office, where he entertained such na called on him. lle appeared satisfied that the worst was over, and that he would have no further trouble. In fact, the general impression is that the run will end Saturday. There was even less doing at the savings banks yesterday than on Wednesday. Very few cailed for money. and very few put any In. Some of the managers anticipated an Increased demand for funds, and governed themselves accordingly. bnt they were dieappointed. Having passed through yesterday without a spread of the distrnat in the moundness of the savings banks, they predict that the excitement will die out within a day or two, and that money will begin to como in as usual by Monday.


Article from Chicago Daily Tribune, September 1, 1877

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


Article from The Rock Island Argus, September 20, 1877

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GEN. GEORGE B. McCLELLAN NOMINATED AS GOVERNUR OF N. J. $10,000 Reward Offered for the Train Robbers. Another Bank Failure in Chicago. TRENTON, N. J., Sept. 19.-In the state democratic convention to-day, during the first ballot for governor, Gen. George B. McClellan's came being announced caused great enthusiasm, and he was nominated. McClellan 84, Carter 21, Abbott 55, Stockton 2. The prohibitionists to-day nominated Rudolph Brigham for governor, CHEYEENE, W, T., Sept. 19.-To-day the Union Pacific Railroad Company and Union Pacific Express Company offer a reward of $10,000 for the arrest of the thieves and recovery of money, a prorata of the reward to be paid for the recovery of any portion of the money or capture of any of the robbers. The sheriffs of the surrounding counties and commanding officers of military posts throughout Nebraska, Wyoming and along the Union Pacific railroad have been notified of the robbery. and everything possible will be done to affect their arrest. CHICAGO, Sept. 19.-The Merchants, Farmers & Mechanics' Savings Bank, No. 75, Clark street, failed this afternoon, and O. H.Horton in behalf of many depositors, will to-morrow morning petition the United States court to appoint a receiver. Thisbankowes the States Savings $50,000, secured by bonds of the city of Cairo to the amount of $60,000. The sixty-second quarterly statement, published last July, shows desposits $760,310; investment certificates $103,800; capital and contingent fund, $112,000; investment loans on real estate, $354,230; office equipment, $3,358; loans and demands by collaterals $233,161; U. S. bonds and other available securities, $259,706; cash in vault, $124,656. This bank has been subjected to a pretty steady run ever since the State Savings failed, and it was deemed best for all interests to wind up its business. Sidney Myers, manager and owner, refuses to give any statement of the assets and liabilities.


Article from The New York Herald, September 20, 1877

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SAVINGS BANK FAILURE. [BY TELEGRAPH TO THE HERALD. 1 CHICAGO, Sept. 19, 1877. It was reported at a late hour to-night that the Merthants, Farmers and Mechanics' Savings Bank of this city had suspended. Inquiry of Sidney Myers, the president of the institution, establishes the truth of the rumor. The bank, it recms, had been in a strait for some time, being unable to realize upon its securities, and the recent runs on the banks and the pamcky feeling occasioned by the failure of the State Savings Institution caused the Merchants, Farmers and Mechanics' to go under and close its doors for good this afternoon. The financial condition of the concern is not yet known. Mr. Myers has made out a statement, which will be made public to-morrow.


Article from New-York Tribune, September 20, 1877

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A FAILURE OF A CHICAGO BANK. CHICAGO, Sept. 19.-The Merchants, Farmers and Mechanics Savings Bank, of No. 75 Clark st, fatled this afternoon, and O. P. Harton, on behalf of many depostors, will to-morrow morning petition the United States Court to appoint a Receiver. This bank owes the State Savings Bank $50,000, which is secured by bonds of the City of Cairo, to the amount of $60,000. The sixty-second quarterly statement, which was published last July, shows as follows:


Article from The Dallas Daily Herald, September 21, 1877

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A Chicago Bank Failure. CHICAGO, September 20.-The Mers chants, Farmers and Mechanic Savings bank has failed. Later-Judge Williams granted a petition, filed by a number of depositors in the Farmers, Merchants and Mechanics savings bank, to appoint a receiver. A. D. Ward's bond is fixed at $350,000. Little excitement on account of the failure, as it is believed it will not prove disastrous to depositors or the general public.


Article from The Cairo Bulletin, September 21, 1877

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THE Merchants', Farmers and Mechanics Savings bank, of Chicago, failed on Wednesday. A Chicago telegram says: "This bank owes the State Savings $50,000, secured by bonds of the City of Cairo to the amount of $60,000. The sixtysecond quarterly statement, published last July, show< a deposit of $700,310; investment certificates, $103.801; capital and contingent fund, $112,000; investments, loans on real estate, $355,320; office equipment, $3,358; loans and demands by collaterals, $233,161; United States bonds and other available securities, $239,705; cash in vault, $124,656. This bank has been subjected to a pretty steady run ever since the State Savings failed, and it was deemed best for all interests to wind up its business. Sidney Meyers, manager and owner, refuses to give any statement of its assets and Habilities,"


Article from Daily Kennebec Journal, September 22, 1877

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General News. John Hutton, an employee in the print works of a Manchester (England) firm, recently attained the age of 100 years. He has been in the service of that firm for the last 79 years. Col. Arthur M. Eastinan, the projector of the direct United States cable, has just died at Riverside. N. H., at the age of sixty six. Difigent and thus far fruitless search is being made among the democratic members of the Kentucky House of Re₁ resentatives forobe who is not a candidate for Speaker. Another Chicago savings institution-the Merchant's, Farmer's and Mechanics' Savings Bankhas gone under, owing to the run which was started after the failure of the State institution. One of the bibles which Father Grogan threw out of a car window on the Ininois Central Railread, has been found, but dingent search fails to discover the objectionable drawings which, be alaged, were upon it and induced him to throw it away. According to an Alabama paper, John F. Beecher, a cousin of Henry Ward Beecher, and at one time " prominent lawyer of Pike county, that State, is now an imb. cire and (I) invalid, and utstiture of LLE Deceasaries of life. It was SLOWD by experiment, last week, that the New York steam fire-beat can supply eight secOuu c.ass Amoskeag engines WITH all the water they may require from the North OF East rivers, each engine being able to reach a fire with 2500 fuel 01 bose from enther river. Mr. Daniel Douguerty says, in relation to the suit of ejectment brought by one William B. Forrest in the Supreme Court of New York against the estate of Eawin Forrest, that the person claim. in, a share in the property of the deceased IS not Edwin Forrest's nephew, and never claimed any relationship to the deceased actor until advised 10 do so by some Boston lawyer. Mrs. Mumore, the aged mother of the sculptor of the Boston monument, was seriously injured by the fall of a platform during the dedicatory ceremonies the other day. But her pride and pleasure in her son's success was so great, that she refused to be taken away until he had passed in the procession. She waited patiently for this purpose more than an hour, and, after her wish was gratified, was carried to her home. Mrs. Sieu Chin, wife of Kwang Ki Chin, official interpreter and translator for the Chinese teachers and students at Hartford, died on Monday, aged twenty-two. She was the daughter of a wealthy merchant of Canton, and was married five years ago, coming to America not quite two years since. She leaves a boy fitteen months old, to whom she was most tenderly attached. Indeed, her devotion to the baby has made for her many friends among her neighbors. "Who will love my little baby now?" ?" were her last words.


Article from Lyon County Times, September 22, 1877

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Telegraphic Paragraphs. Ex-Minister Washburne has returned. A reward of $10,000 is offered for the men who robbed the Union Pa. cific express in Nebraska Tuesday night. Sitting Bull is at Hoise Buttes, in British territory. The Presidential party was well received in Nashville. The failure of the Merchants', Farmers' and Mechanics' Savings Bank of Chicago is announced. S. D. Ward has been appointed receiver. General Geo. B. McClellan has been nominated by the Democrats of New Jersey for Governor. The Republicans of Maryland held their State convention Thursday. L. V. Bogy, United States Senator, died in St. Louis Thursday. The Ohioans holding clerkships in Washington have been induced by politicians to sign an agreement to go home and vote. A destructive fire was raging in Chicago lumber yards yesterday afternoon. Four men were killed in a shooting affray in Kentucky Thursday. The Presidential party were in Chattanooga Thursday. Gold yesterday, 1031/8. The Czarowitz's army was defeated in the valley of the Lom Monday. The bombardment of Plevna goes on and the fighting in Chipka pass is desperate. Harry Meiggs was very ill August 27th, and not expected to recover. The London Times IS very complimentary of President Hayes. The Pope's health is such that he is unable to stand while saying mass. The ardor of the Servians has been somewhat cooled. No important engagements before Plevna are expected for several days. Governor Irwin has pardoned John J. Marks, ex-harbor commissioner. The Page-De Young libel suit was continued for the term at Placerville Thursday.


Article from Chicago Daily Tribune, September 24, 1877

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MYERS' BANK. THE DEED OF ASSIGNMENT. Following is the document, dated last Tuesday, the day of the suspension, by which Sydney Myers assigns to Receiver Ward for the benefit of the depositors of the bank all the real estate not otherwise disposed of which may be owned by Mr. Myers in Illinois: Know all men by these presents that 1, Sydney Biyers. for and In consideration of the sum of $1 to me in hand paid, the receipt of which la hereby acknowledged, do hereby remiss, release, and quitclalin unto Samuel D. Ward, Receiver of the Merchants', Farmers' & Mechanics' Savings Bank, all my right, title, and interest in any and all real cetate owned by me or held in my name, in the State of Illinois, for the use of the said Merchants', Farmers' & Mechanics' Savings Bank and its creditore, to be by him administered as such Receiver under the orders of the Circuit Court of Cook County. In testimony whereof I have bereunto set my hand 1877. and seal this 18th day of September, A. D. SYDNEY Mrxrs. It is acknowledged by Joseph Kirkland in the usual way, and was filed for record Sept. 19, 1677. at 9a. in. Mr. Henry Siegfried, the old Cashier of the bank, returned from Colorado Saturday, and at once volunteered his services in posting up and explaining the books. He is thoroughly familiar with them, knows as much of every entry made up to the time of his leaving as Mvers does, and will be of much assistance to the Receiver.


Article from The Wheeling Daily Register, September 26, 1877

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Chicago Financial Matters. CHICAGO, September 25.-The receiver of the Merchants, Farmers and Mechanics' Savings Bank reports that he finds scarcely anything that can be considered as assets in the vaults of that institution. So far an investigation has discovered only sixty-two dollars in cash and some two thousand dollars' worth of incumbered real estate. Mr. Myers, its manager, IS in town, but cannot be induced to give any information concerning its condition. The Prairie State Loan and Trust Company, which has for some years been doing a savings bank business, has for some time past been liquidating quietly with a view to going out of business. The owner of the bank, Mr. Scovill, will pay the depositors dollar for dollar, using, if necessary, his own large fortune. He expects to have settled every liability by January 1st.


Article from Ottumwa Weekly Courier, September 26, 1877

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Another Chicago Bank Failure. CHICAGO, Sept. 19.-The Merchants, Farmers and Mechanics' Savings Bank. 75 Clark street, failed this afternoon, and O. H. Horton, on behalf of many depositore, will to-morow petition the United States Court for a Receiver. This bank owes the State Savings $50,000, secured by bonds of the city of Cairo for $60,000. The 62d quarterly statement, published last July, shows: Deposits $700,310 Investment Certificate 103,800 Capital and Contingent Fund 112,000 Investments in Loans on Real Estate 355,280 Office Equipment 3,358 233,161 Loans and demands by collateral U. S. Bonds and other available securities. 259,705 Cash in vault 124,656 This bank has been subject to a pretty steady run ever since the State Savings I failed, and it was deemed best for those interested to wind up its business. Sidney Myers, manager and owner, refuses to give any statements of the assets and liabilities.


Article from The Wheeling Daily Register, September 27, 1877

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Bank President Indicted for Embezzlement. CHICAGO, September 26.-Sidney Myers, President of the Merchant's, Farmer's and Mechanic's Savings Bank, which suspended last week, was indicted by the Grand Jury to day for the embezzlement of $200,000, and was subsequently lodged in jail in default of $20,000 bail. The Grand Jury also indicted the officers of the defunct Protection Life Insurance Co., on the charge of defrauding the policy holders.


Article from The Rock Island Argus, September 27, 1877

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Indicted for Frauds. CHICAGO, Sept, 26.-Sydney Myers, president of the Merchants'. Farmers' and Mechanics' Savings Bank,which suspended last week, was indicted by the grand jury to-day for embezzlement of $200,000. and was subsequently lodged in jail in default of $200,000 bail. The grand jury also in. dicted the officers of the defunct Protection Life Insurance Company on the charge of defrauding its policy holders.


Article from The Milan Exchange, September 27, 1877

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ed Gen. George B. McClellan for Governor on the first ballot, by an almost unanimous vote. The platform deals mainly with State affairs, and has no allusion to National finances. . THE Merchants', Farmers' and Mechanics' Savings Bank, of Chicago, suspended on the 19th. The bank has been subject to a pretty heavy run ever siuce the failure of the State Savings, and was finally forced to succumb. Sidney Myers was the manager and owner. 2. THE steamer Grand Republic, the largest boat ever run on Western waters, was burned to the water's edge on the night of the 19th, while lying at the foot of Lesperance Street, St. Louis. The origin of the fire is unknown. The steamer Carondelet, lying alongside the Grand Republic, was also partially destroyed. The Grand Republic was owned by Capt. Thorwegan, was valued at about $200,000, and insured for about $50,000. The Carondelet was owned by Capts. Hicks and Grissom, was valued at about $40,000, and insured for $17,500. ni


Article from New-York Tribune, September 27, 1877

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CHICAGO BANK OFFICERS INDICTED. CHICAGO, Sept. 26.-Sydney Myers, President of the Merchants', Farmers', and Mechanics' Savings Bank, which suspended last week, was indicted by the Grand Jury to-day for the embezziement of $200,000, and was subsequently lodged in Jail in default of $200,000 bail. The Grand Jury also indicted the officers of the defunct Protection Life Insurance Company on a charge of defrauding its policy-holders.


Article from The Cecil Whig, September 29, 1877

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Late News Items. Senator Morton is reported much better. During the last fiscal year 81, 113 passengers sailed from New York for foreign ports. Secretary Sherman denies that he is a candidate for United States Senator from Ohio. The President has expresesd himself as highly pleased with the result of his Southein trip. Alexander H. Stephens called on the President on Wednesday and commended his policy. The late Senator Bogy's funeral took place at St. Louis, Saturday, and was largely attended. The Baltimore Wecker, a daily German newspaper, suspended publication on Saturday, after 28 years' existence. A serious fire occurred at Keyport, New Jersey, Friday night, destroying the entire business portion of the town, and causing $200,000 loss. Three trunks, containing $10,000 worth of securities, deposited in the Cambridgeport (Mass.) National Bank, have mysteriously disappeared since September 15th, and there is no trace of them or the thieves. The New York Republican Convention met on Wednesday. The resolutions and the speech of Mr. Platt, the chairman, were in antagonism to the Administration, and called forth strong opposition from the minority. The Receiver of the suspended Merchants, Farmers and Mechanics Savings Bank, at Chicago, can only find in money, and $20,000 worth of encumbered real estate as "assets." Everything else seems to have disappeared. The New Jersey Republican Convention, on Tuesday, nominated Hon. William A. Newell, for Governor. The platform adopted favors resumption, civil service reform and protection, and supports the President's policy. The weather reports for the past day or two have announced that a cyclone is passing through the West Indies, and the Signal Officer at Washington is of opinion that it may be expected to strike the Gulf coast of the United States in a day or two. The report is made that on the Union Pacific railway train, recently attacked by robbers in Nebraska, there was $1,000,000 in silver bars coming from the Bank of Nevada to the Philadelphia Mint, but the bars being too heavy to carry off, the thieves had to leave them. Anderson Shifflett was hanged at Harri sonburg, Va., on Tuesday, for the murder of David G. Lawson. He declares his innocence of the crime, though he knew Lawson was to be killed. He was apparently unconcerned when he ascended the scaffold and the Sheriff and his deputies, unused to such work, were excited and nervous. Then the rope was too weak and when the trap fell, it broke. The second time he was hanged the work was successfully done and he died in eleven minutes, from strangulation, his neck not being broken. Allow me herewith to express my thanks to you for the benefit myself and family have derived from the use of KEL-


Article from The Toledo Chronicle, October 4, 1877

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PERSONAL. PRESIDENT HAYES and the party accompanying him returned to Washington, on the evening of the 25th, from their Southern trip. They met with a hearty reception and cordial greeting at all points on the route through Kentucky, Tennessee, Georgia, Alabama and Virginia. The President concluded to defer his proposed visit to Richmond, Va.. until October. DR. V. A. TURPIN, a Chicago busi ness man of good reputation and large means has been appointed Receiver of the suspende. Fidelity Savings Bank, of Chicago. SYDNEY MYERS, owner and manager of the defunct Merchants', Farmers', and Mechanics' Savings Bank, of Chicago, was, on the 26th, indicted by the Grand Jury for embezzlement, and taken to jail in default of bail. The same jury also returned an indictment for the alleged embezzlement of $200,000, against the officers and managers of the late Protection Life Insurance Company-L. P. Hilliard, President; A. W. Edwards, Secretary; John Reed, Treasurer; Martin Ryan, Actuary, and L.M. Sawyer, Assistant Secretary. SIDNEY MYERS, the President of the defunct Merchants', Farmers' & Mechanics' Savings Bank, of Chicago, has been released on bail of $20,000. COL. DAVID H. ARMSTRONG, of St. Louis, has been appointed by Gov. Phelps to fill the vacancy in the United States Senate caused by the death of Lewis V. Bogy, of Missouri.


Article from The Abbeville Press and Banner, October 10, 1877

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more than 10,000 shares. A loss of over $100,000 was incurred by the burning of the Phoenix Print Works and other buildings at Greenpoint, Long Island, opposite New York. The Presidential party were welcomed at Atlanta, Ga., by over 10,000 people. An address of welcome was delivered by Gov. Colquitt, and the President replied in a lengthy speech. Secretary Evarts and PostmasterGeneral Key made addresses, and a reception was given in the evening to the visitors and the people of Atlanta by the governor. At the banquet the President, Secretary Evarts, Hon. Ben Hill and others spoke. The Fidelity Savings Bank of Chicago closed its doors on account of inability to pay its depositors, and a receiver is to be appointed. A fire broke out in the United States Patent Office at Washington, and before it could be subdued & part of the roof and third story was destroyed. From fifty to seventy thousand valuable models in cases and large amount of correspondence were lost. The Patent Office edifice was one of the finest public buildings in Washington, and the loss to the government will amount to between five hundred thousand and one million dollars. General McClellan replied to a committee of New Jersey Democrats, accepting the nomination as the candidate of the party for governor. He says in his letter of acceptance that if elected, his policy will be honesty and economy in the expenditures, and the promotion of prosperity throughout the State The Presidential party arrived at Lynchburg, Va., where they were welcomed by the citizens. The President replied at length to an address of welcome and held a public reception which was largely attended. Brief addresses were also made by Secretary Evarts and Postmaster General Key delegation of twenty-three Sioux Indians, including the well-known chiefs Spotted Tail and Red Cloud, arrived at Washington for the pourpose of stating their grievances to the President. Their principal complaint is that the government is trying to put them upon some reservation that does not suit them. The Republicans of New Jersey met in convention at Trenton, N. J., with General Kilpatrick as chairman. William A. Newell received the nomination as the candidate for governor, and the platform adopted was as follows The first resolution reaffirms last year's Cincinnati platform. The second declares that President Hayes had majority of the electoral votes as well as the decision of the most august tribunal ever created by Congress, and that efforts by part of the Democratic party to throw discredit upon the tribunal are puerile. The third resolution is That we cordially recognize the earnestness and sincerity with which President Hayes is laboring to promote the reconciliation of all sections of the country, and to secure an efficient and economical administration of the business of the government. We are united in desiring the accomplishment of these great objects, and we pledge our hearty support to every wise measure calculated to secure the lasting unity and prosperity of the whole country, on the basis of impartial justice and equal rights for all citizens of all sections. The fourth resolution congratulates the country upon the success made toward the resumption of specie payments, etc.; demands the adoption of all measures necessary to insure the restoration of a (money) standard uniform throughout the world at a date not later than that now fixed by law. The fifth says: That the Democratic party of this State, by nominating DB their candidate for governor, one who is in no sense identified with the agricultural, commercial, manufacturing or other interests of the State, nor familiar with its people and their wants. and who has twice within the past two years been a candidate for office in an adjoining State, have disregarded the uniform practice of both political parties, have shown themselves to be willing to sacrifice the most important interests of New Jersey to the demands of a designing and ambitious political ring, and have insulted the just State pride of every citizen. The sixth charges the Democratic party in the State with extravagance, and demands a reduction of official fees and a revision of the tax laws, and pledges the party to labor to these ends. The seventh agrees that the rate of interest should be reduced to six per cent.: the eighth does not believe in sectarian interference in civil affairs or in any diversion of schools funds to sectarian purposes, and the ninth points with pride to the evidence which the history of the Republican party affords of its elevation to the interests of labor. This resolution ends by saying That the past record of the party is a guarantee that the future policy will be one of justice to workingmen as well as to other classes of the people, and which, by the adoption of wise financial measures and the encouragement of industrial interests, will, 80 far as it can be accomplished by legislation, tend to open new avenues for the use of capital, empoyment and labor. The tenth and last resolution pledges "earnest and individual support to the party's candidate for governor. At Harrisburg, Va., Anderson Shufflett was hanged for the murder of DavidS. Lawton in 1875. The victim was farmer, and his wife and her brother hired the murderer to do the deed by paying him $25. The two accessories to the crime are in jail under sentence of death. President Hayes and party returned to Washington from their Southern tour, after a visit to Jefferson's old home at Monticello, near Charlottesville, Va. It is said that OX Controller Connolly, a prominent member of the defunct Tweed ring, has offered to make restitution to the city of New York, in the sum $1,000,000 L. Samuels & Brother, large exporters of cattle, failed in New York, with liabilities amounting to $300,000 and about $100,000 in assets. The Democrats of Wisconsin held their State convention at Fond du Lac, and nominated a ticket headed by James Mallory for governor. The platform adopted declares its firm belief that the will of the people was defeated in the late Presidential election by fraud and chicane, under the protection of the Federal milita-y, and through the ballot box will express its condemnation of the act and the actors. It declares for the freedom of the ballot unawed by the bayonet,' and insists that military interference in regulating and controling elections is subversive of the first principles of free government. It declares its hostility to the financial policy of the Republican party, withdrawing capital from taxation, increasing the burden of the public debt by declaring currency bonds payable in gold, demonetizing silver in the interest of the creditor and at the expense of the debtor, and attempting to force resumption when it will bring ruin upon the general business interests of the country, and demands instead that the property protected by the government pay its just proportion of the expenses of the government that silver be remonetized and the present resumption act be repealed and resumption be postponed until the financial condition of the country will permit it. It declares its opposition to the longer continuance of national bank currency, and demands that the government furnish its own notes in the place thereof. It declares its unyielding opposition to high protective tariffs as vicious in principle, advancing the interest of the few at the expense of the many John S. Morton, president of the Market street railway company, of Philadelphia, and the secretary and treasurer of the corporation, were arrested on the charge of conspiracy and attempt to defraud the stockholders Sydney Myers, president of the broken Merchants', Farmers and Mechanics' Savings Bank of Chicago, was lodged in jail The National Prohibitionist convention of the United States held a session in New York, among the delegates present being a number of men and women who are prominently connected with the temperance movements in the Eastern and Western States. The necessity of temperance legislation was discussed by several speakers. An Automatic Horse.


Article from The Milan Exchange, October 25, 1877

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THE Receiver's report of the condition of the Merchants', Farmers' and Mechanics' Savings Bank of Chicago shows that the concern has been in an insolvent condition for over four years, a fact which must have been patent to every one connected with the institution, from President Meyers down to the smallest clerk, yet the sworn monthly statements published represented the bank as being in a sound and prosperous condition. The Receiver found that the bank had been systematically plundered of its deposits and securities almost from the date of its organization, and the only assets are a few worthless first mortgages on inflated real estate, which will hardly more than pay the expenses of foreclosing the concern.


Article from Chicago Daily Tribune, November 21, 1877

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THE BANKS. Myers' Depositors Hold a Little Indignation Meeting. And Express Their Dissatisfaction with Men and Things. Report of the Receiver of the Ohicago Savings, Loan & Trust Company. MYERS' MOURNERS. HILL 40 UNITED Room 44 of the Grand Pacific Hotel was packed full last evening by n crowd of depositors in the defunct Merchants', Farmers' & Meclainics' Savings Bank. Mr. W. P. Wright called the meeting to order, and on motion was chosen temporary Chairman, Mr. George Braham being elected Secretary. The Chair said that the meeting had been called for the purpose of consultation as to what they could do to better their unfortunate condition. They had been cheated and fled to, and swindled out of the earnings of years. The question was, what they could save out of the wreck: whether the owners of the property were to have anything to say about the disposition of It, or whether It was to be left In the hands of the Court. Over 100,000 persons had suffered by the failures of these banks, more than 30,000 being actual depositors. The call for the meeting contemplated the appointment of a depositors' committee similar to that chosen In the case of the Fidelity. The lady who had Issued the call had suggested several POINTS ron CONSIDERATION. One of these WOB to Inquire the reason for Mr. -(II any 01 prepar 11, aven In asseqs Testment certificates: another was to find out what Receiver Ward's expenses were, and what you PIP dequired PUL Supop WUM on In sending a lawyer to Washington to see about the bank tax, and considered that the Representatives of Chicago in Intered am 01 MOM and op 01 14200 any jo agody PII the 10 against Judge Williams and Mr. Paul Cornell, namen-1939 any 30 Associate on 11"II padon pun 10 punner Another on PINOM -1000 pull wyong only jo ano 11111 'BILM 10 asuadra un 1" name OM1 pasofd "IL Thank 91104 10 Hool put 03 of 0008 speaker could have gotten the work done 018 JOJ ПРИ 1 " An As to the change of venue taken by Sidney Myers, he thought the man who would run pett Pll " $UM Johnson " q.ms 11; AVAIL also to state that Chris Rafferty went to WauWITH nom patojos " 7071 DOB 101 unnay taken to Juliet tor trial. Both were hanged. Food Jatho alling " June poor " an PINOM 11 pun ple were hanged 100. (Applause. " Hang him Paga "190d-quirt " 01 NYUYUM "IIIS hoped that if n committee were appointed there -001) OW any *III '11 un on ng PILLOM SHOLAJO on TID If 10111 FUM ning committee. unit he. In conjunction with another 01 SUM Bujiji 1x00 PUL '1110 main pjos DEPUT jo mo ngtt.) on 100 That gentleman was Interested in the Fidefity Bank, and being only A man would undoubtedly open puq "Il '01 upp Pat harrod HjiI FU appoop and quos peq pun tasnaxa amound pur nome 1: peq on 200 "asping 01 ayes appointed Judge Otis and Mr. Ward. They U 2011 pood U one like that presided over by Mr. Derickson, punoj Asqi THE 01 united WOM which out. her wanted to know everything, and to $1001 nill 01 appeared Americand on 11th JALB They also wanted to know what Hoyne, Horton Pm on 10 me 3.21 01 Zujer adam y money which was left. Ward was both Trustee and He elver, and the spenker falled to see how be could net In both capacities. ENAYA *IV 'II THE said that he acted ns attorney for a lady depositor, and wanted to know whether those who called the meeting had 01 subid Allif He deprecated abuse and recrimination, and wanted the meeting to get to work without delar, either by the adoption of resolutions or the of 1021 many 1st U JO radings amos of The Chair hoped Mr. Payne would suggest Lique unus 001 18nf SUAL off Through any Improof area A depositor hoped that none but bona flde decommission Alln no 1001 on pinow postions thire 10 " 01 unform v on resolutions wasmode and