4654. Scandinavian National Bank (Chicago, IL)

View Charter #1978 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1978
Charter Number
1978
Start Date
December 10, 1872
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
9ed7763c

Response Measures

None

Receivership Details

Depositor recovery rate
57.5%
Date receivership started
1872-12-12
Date receivership terminated
1886-02-15
OCC cause of failure
Fraud
Share of assets assessed as good
27.2%
Share of assets assessed as doubtful
27.2%
Share of assets assessed as worthless
45.7%

Description

Contemporary reports (Dec 10–14, 1872) describe fraudulent misappropriation by President F. S. Winslow, the bank's doors being closed/suspended and a receiver being appointed. No article describes a depositor run; the outcome was placement in receivership and eventual dividend to creditors, so classification is suspension_closure.

Events (4)
1. May 7, 1872 Chartered
Source
historical_nic
2. December 10, 1872 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Fraudulent transactions and misappropriation of funds by President Ferd. S. (Fred.) S. Winslow tied to failed railroad speculations; assets absorbed and bank forced to close.
Newspaper Excerpt
The Times publishes an expose ... which will result in the closing of the bank to-day, with a heavy loss to the stockholders and depositors.
Source
newspapers
3. December 12, 1872 Receivership
Source
historical_nic
4. December 13, 1872 Receivership
Newspaper Excerpt
Thmas - P. Tallman has been appointed receiver of the Scandinavian national bank at Chicago. The Controller of the Currency is of the opinion that the bank will pay to creditors in full, leaving the losses to fall entirely upon the shareholders.
Source
newspapers

Newspaper Articles (18)
1. December 11, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, December 11, 1872

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Failure of the Scandinavian Bank. CHICAGO, Dec. 10.-The Times publishes an expose of the affairs of the Scandinavian national bank of Chicago, from which it appears that Ferd. S. Windsor, president, has been guilty of fraudulenc transactions which result in the closing of the bank with a heavy loss to stockholders and depositors. Winslow has been in Europe two months, and it is confidently asserted that he will never return. He is alleged to have been engaged in various speculations, all of which were unsuccessful. The bank did a very large proportion of the business of the Scandinavian population of this city, and its connections extended to every Scandinavian community in the west. It is stated that the causes which led to the suspension of the national bank was mainly the fact that President Winslow used up and absorbed the assets and profits of the concern in his endeavor to carry certain railroad opera tions in which he was engaged. Some three months since he went to Europe for the purpose of negotiating bonds of roads, having previously incurred liabilities based on the contemplated sales of the bonds; but, his hopes in this direction having failed, the condition of things forced upon the bank thereby seems to have marked its ruin. Mr. Spink, national bank examiner, states as his belief that the assets of the bank will fully cover its liabilities. A considerable portion of the latter are held abroad. Of the capital stock of $225,000, some $75,000 was held by a bank in Copenhagen. Winslow held $48,000 unpaid for and the balance was held in small amounts in this city and among the Scandinavians in other parts of the north.

2. December 11, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 11, 1872

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A CHICAGO BANK FRAUD. CHICAGO, Dec. 10.-The Times, to-day, publisbes an exposé of the affairs of the Scandinavian National Bank of this city, from which it appears that Ferd. 9. Winslow, the President, has been guilty of frandulent transactions, which will result in the closing of the bank to-day, with a heavy loss to the stockholders and depositors. Winslow has been in Europe for the past two months, and it is confidently asserted that be will never return. He is alleged to have been engaged in various speculations, all of which appear to have proved unsuccessful. The bank did a very large proportion of the business of the Scandinavian population of this city, and its connections extended to every Scandinavian community in the West. It will be immed. ately placed in the hands of a receiver.

3. December 11, 1872 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, December 11, 1872

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A HUGE SWINDLER. President Winslow an Expert at Bank Smashing-The Scandinavian Community Fearfully Swindled. CHICAGO, December 10.-The Times to-day publishes an extosse of the affairs of the Scandinavian National Bank, of this city, from which it appears that Ferd. S. Winslow, the President, has been guilty of fraudulent transactions, which will result in the closing of the bank this morning, with heavy loss to the stockholders and depositors. Winslow has been in Europe for the past two months, and it is confidently asserted that he will never return. He is alleged to have been engaged in various specuall of unsuccessful. a lations, proved which The appear bank to did have very large proportion of the business of the Scandinavian population of this city, and its connections extended to every Scandinavian community in the West. It is stated that the causes which led to the suspension of the Scandinavian National Bank of this city are mainly that President Winslow used up and absorbed the assets and profits of the concern in an endeavor to carry out certain railroad operations in which he was engaged. Some three months since be went to Europe for the purpose of negotiating the bonds of the roads having previously incurred liabilities based on the contemplated sale of those bonds, but his hopes in this direction having failed, the condition of things forced upon the bank thereby seems to have worked its ruin. Mr. Spink, National Bank Examiner, states it as his belief that the assets of the bank will fully cover its liabilities. A considerable portion of the latter are held abroad. Of the capital stock of $225,000, some $75,000 were held by the bank in Copenhagen. Winslow held $48,000 unpaid and the balance was held in small amounts in this city, and among the Scandinavians in other parts of the Northwest. The amount due depositors is stated at $225,000. Almost the entire business of the Scandinavian population in this in R city was done with this bank. The bank will be immediately placed 15 in the hands of a receiver. The entire la li assets, good, bad and indifferent, are I placed at $536,513; the liabilities are $422,000, aside from the capital stock.

4. December 11, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 11, 1872

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CHICAGO. CHICAGO, December 10.-The Times to. day publishes an expose of the affairs of the Scandinavian National Bank of this city, from which it appears that Ford S. Winslow, the President has been guilty of fraudulent transactions, which will result in the closing of the bank this morning, with a heavy loss to the stockholders and depositors. Winslow has been in Europe for the past two months, and it is confidently asserted that he will neverreturn. He is alleged to have been engaged in various speculations, all of which appears to have proved unsuccessful. The bank did a very large proportion of the business of the Scandinavian's population of this city, andits connections extended to every Scandinavian community in the West. It is stated that the causes which led to the suspension of the Scandinavian National Bank of this city, are mainly that President Winslow used up and absorbed the assets and profits of the concern in an endeavor to carry certain railroad operations in which he was engaged to some three months since. He went Europe for the purpose of negotiating bonds of the roads, having previously incurred liabilities based on the contemplated sale of those bonds, but his hopes in this direction having failed, the condition of things forced upon the bank thereby seemd to have worked its ruin. Mr. Spinel, national bank examiner, states as his belief that the assets of the bank will fully cover its liabilities. A considerable portion of the latter are held abroad. Of the capital stock of $225,000, some $75,000 was held by a bank in Copenhagen; Winslow held $18,000 unpaid for, and the balance was held in small amounts in this city among Scandinavians and in other parts o! thre Northwest. The sum due the depositors is stated at $225,000. Almost the entire business of the Scandinavian population in this city was done with this bank. The bank will immediately be placed in the hands of a receiver. The entire assets, good, bad and indifierent, are placed at $536,516, and the liabilities at $422,000, aside from the capital stock. Ira T. Munn and Geo. W. Scott, of the elevator firm of Munn & Scott, were before the Criminal Court today on the charge of fraudulent dealing, and were held to bail in $10,000 each.

5. December 11, 1872 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 11, 1872

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MONEY AND COMMERCE. MONETARY. TUESDAY EVENING, Dec. 10. The favorable change in the condition of the local money market, noted during the last few days, continues. Deposits are steadily increasing, and obligations falling due at the banks are being more promptly paid. Money is very tight yet, but collections in the country are improving, hogs and cattle are being marketed freely, and on the whole the financial situation is much better than it was a week ago. The supply of New York exchange is large, but the demand for it is also very large. There was considerable demand for currency to-day, that weakened the price of exchange, though sales were made between banks at 50c per $1,000 premium. THE FAILURE OF THE SCANDINAVIAN NATIONAL BANK, of this city, is an illustration of the evasions of the law in regard to paying up National Bank capital, to which pointed reference has been made in this column of THE TRIBUNE several times during the last few weeks. The causes of the failure are, however, of a special nature, and for that reason a detailed statement of them are necessary to show that they are not of any general character that might affect other banks. The Scandinavian Bank was originally a private bank, with a line of about $100,000 deposits (nearly all savings deposits) of Scandinavian laborers. The bank also did a considerable business in the sale of passage tickets to and from North Germany, Denmark, and Sweden. Last spring, Winslow being President, the bank was reorganized as a National Bank, and the majority of the stock, $225,000, taken by Winslow. Afewsmallamounts of stock were scattered around among reputabio people here, and their names temporarily used as Directors just long enough to give the bank a respectable standing, the bank making its 3. Est statement as a National Bank on Oct. 1. is not known how much of the $225,000 of stock was legitimately paid in at the start, but i. is alleged that, as Winslow did not have the cavital to pay in, the money to buy the $150,000 of bonds to secure its $135,000 of circulation 028 Joaned to him by a National Bank of this 0.00 until the $135,000 of circulation on the bonds and be got from the Treasury Department a Washington. It is also intimated that the President of the National Bank that made this advance got $1,000 of stock in the Scandinavian National Bank for the accommodation. Winslow subsequently sold $75,000 of the stock of the bank to parties in Copenhagen, and 850,000 to parties in Paris, who were all induced to take it on the recommendation of a respectablo Danish banker, a friend of Winslow's, in Copenhagen. The money for this stock was paid to Winslow in person. and, it is alleged, was never paid by him into the bank as capital, but only partly, and to*the credit of his own account. Meantime, the prestige of being a National Bank attracted the deposits of the Scandinavians of the city, its deposits increased, and, on these and some email payments of stock, probably €40,000 all told, the bank was carried along. About five months ago Winslow undertook to financier the Mississippi Valley & Western Railroad, which is in operation from Quincy to Keokuk, 40 miles, with 3 line in progress from Ileokuk to Brownsville, Nebraska, 352 miles. In pursuance of this plan, he sailed for Europe about the 1st of July, to negotiate the bonds to build the read In expectation of the sale of the bonds, he bought a considerable amount of railroad iron, at least one cargo of which has come forward. But failing to negotiate the bonds as anticipated, further purchases of iron were suspended. The iron that was bought was at a high figure, and the subsequent decline in the price of iron made, as is claimed, a loss of some $20,000 or $30,000. This is all the legitimate loss of which we can hear positively, and it seems that the $260,000 which Winslow is said to be indebted to the bank is almost entirely an illegal misappropriation of its funds, in the three following ways First, for money received from Copenhagen and Paris stockholders, and not paid in; second, for 848,500 of stock still in his name and third, for advances made by the bank on his purchases of iron and for other advances to the failroad on his behalf. These circumstances were not wholly developed until within the last week or ten days. But four weeks ago, when protested bills began to come back here from London and rumors began to circulate freely. the writer called on Mr. Alexander Siller, the Cashier of the Scandinavian National Bank, and asked him to refute them if possible, and at the eame time asked for 8 statement of the condition of the bank. Mr. Siller gave us the following, which we have every reason to believe was technically correct, showing the condition of the bank on the evening of Nov. 16: SATURDAY, OCT. 16, 1872.

6. December 12, 1872 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, December 12, 1872

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San Francisco, Dec. 11.-Edward Savage for an on person a not 7 the is under examination of little girl outrage years of age. The testimony against him seems conclusive. Captains familiar with the reef on express cannot off fears which that the she Sacramento be got struck, safely. It is reported on good authority that faro and other games have been reinstated: the doorkeepers have been disof the club rooms are pensed with, furnished and frequenters with pass keys. San Francisco, Dec. 11.-John Stahl was sent to the Insane Asylum this afternoon. Schooner Lizzie Shea was wrecked last week near Petroda, Humboldt county. She sailed from Victoria November 13th. The dead body of a man was on board when she came ashore. The United States Grand Jury will meet next week when the case of Shipaccused of the the pingmasters, interfering Scott with and business Hunter, of United States Shipping Commissioner, will be investigated. J. W. Southwell, accused of raising drafts drawn on the National, Gold and other banks, protests his innocence. He is constantly attended by his wife and her sister. Salt Lake, Dec. 11 Judge O. F. Strickland, Associate Justice of the U. S. Supreme Court, has gone East with the intention of resigning. There is an immense freighting business from the end of the track of the Utah Southern road to Southeastern Nevada and the mining districts. Large amounts of bullion are still coming in daily from the Raymond & Ely mine, Pioche. The police made a raid to-day on the gambling houses. A large number of arrests were made. Vallejo, Cal., Dec. 11.-The U. S. steamer Saranac has been ordered to the relief of the steamer Sacramento. In at Mare consequence being in the of machine some of her shop machinery Island, it will be three or four days before she can proceed to sea. Franktown, Nev., Dec. 11.--- A cutting scrape on at Mill Station, occurred game the 9th, over a of cards. Andy Gussiere, a Spaniard, was badly cut by Wm. Maxey. Maxey delivered himself t up, but was released, and claimed to have acted in self defense. Gussiere is 3 3 badly hurt, but not considered fatally 2 injured. EASTERN. 3 New York, December -The steamer 5 Italy, from Liverpool, arrived yesterday, 32 bringing 882 emigrant passengers, of 36 whom 500 are Italians in extreme dis tress. The authorities at Castle Garden 34 are in a quandary about their possession, and say they are as a general 69 thing unable to earn anything after that at they If their without arrival, and Several present are means. have been il to sent to Ward's Island, to be supported by the City. Other vessels are now on pthe way with large numbers of Italians st. As near as can are a from he led to emigrate be by promises ascertained, they agents of The as is unItalian the Colonization Government Association. reported as pfavorable to the general exodus. ly Mayor Hall emphatically denies that in he wrote, instigated or dictated a line in editorially for the Herald, and says tha the story that he had become connected t, therewith is a hoax. ctWashington, Dec. 11.-In the case of he Kellogg vs. Warmouth, which came be es. fore the U. S. Supreme Court on Mon day, the Court to-day granted leave ly er file the petition ordering that the argu ment on the motion for a rule to show en cause against Judge Darrell be heard or Thursday. d, Chicago, Dec. 11.-The Scandinavian te Cause assets the F absorption National Bank of has by suspended. President, has been in for ry months, and is to elS. the Winslow, past three who Europe likely remain. The assets cover the liabilities The bank did nearly the entire business ur of the Scandinavian of the city be whom there it, is y, and considerable the Northwest, excitement. among people Winslow Ice for years, has done business for his ly; countrymen as a private broker. etIt Ira T. Munn and George W. Scott irs prominent grain merchants, and pro of prietors of several elevators, were held oif to bail in $10,000 each, in the Criminal 80 Court, charged with swindling by mean ou of false accounts and putting false bot ell toms in the elevators. rst ill Boston, Dec. 11.-Gaston has been re ow elected mayor by 352 majority over H. S rs Pierce. eet New York, Dec. 11.-Fire in the Fift) inou Avenue Hotel last night broke out short of ly after 11 o'clock, on the second floor

7. December 13, 1872 Evening Star Washington, DC
Article from Evening Star, December 13, 1872

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BANK RECEIVER APPOINTED.-Thmas - P. Tallman has been appointed receiver of the Scandinavian national bank at Chicago. The Controller of the Currency is of the opinion that the bank will pay to creditors in full, leaving the losses to fall entirely upon the shareholders.

8. December 14, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 14, 1872

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CHICAGO. a Tronble among the Gas Employes. CHICAGO, December -The - gas companies of this city are anticipating trouble among their employes on Monday, on account of the proposed reduction of wages by the Northside Company, which supplies the north and south divisions of the city with gas. The men have been rcceiving 83 per day, and the officers of the company propose to radace them to $21 50. A committee of employes have notified the officers that they will not submit to the reduction, and the workmen of the Westside Company declare that they will also strike it the wages of their fellow laborers are reduced. The companies assert their ability to procure plenty of men at $2 50 per day it they are not interfered with by the strikers, and the aid of the police will be given them to pro. vent this. It has been ascertained that F. II. Winslow, President of the suspended Scandinavian National Bank, is in Italy.

9. December 14, 1872 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 14, 1872

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WASHINGTON. Increasing Grant's Salary to $50,000. WASHINGTON, Dec. 13.-The Judiciary Committee have to-day agreed to report a bill to increase the President's pay to $50,000 per annum. Greeley's Successor? Vice-President Colfax left Washington last night for New York to meet to day the stockholders of the New York Tribune in connection with the offer made to him to become editor of that paper. Delano Departs. Secretary Delano departed for Cuba last night. The Interior Department was represented in the Cabinet meeting to -day by Gen. Cowan Assistant Secretary. Tennessee Postmasters. The Senate in Executive session to-day confirmed the following nominations among others: Chas. S. Moss, Franklin, Tenn.; Elkarrah H. Millard, Bristol, Tenn, and James Peacock, Gallatin, Tenn. The Scandinavian Swindle. The Comptroller of Currency has appointed Thos. P. Tallman receiver of the Scandinavian National bank of Chicago. The Comptroller is of opinion that the bank will pay its creditors in full, leaving the losses entirely upon the shareholders. The Virginia Canal-A Speech! A delegation composed of Senators and Representatives from the States and Virginia and West Virginia, called upon the President to-day to thank him for the recommendation in his message relative to the James river and Kanawha river canal, and to express their hope that he would further the measure as much as possible. The President replied as follows: I appreciate the great importance of this work to the commercial interests of the nation, and am glad the subject has been brought to the attention of Congress. nope Congress will give sufficient encouragement to insure its completion. The enormous productions of the Western and Southern States interested in this route demand an outlet to tide-water and the Atlantic coast, and these interests are so important that they must ultimately compel the completion of this work in some manner. Oklahama. The bill introduced to-day by Senator Pomeroy to organize the territory of Oklahama was prepared by him in accordance with the reccommendation of the President in his message. It is not intended to dispose of the lands or promote the settlement of the territory except by Indians. The sole purpose is to establish and execute the proper civil law and to prepare for the civilization of all the tribes. John Brown's Souls Go Marching On. The funeral of Osborne P. Anderson, colored, the last of John Brown's raiders, took place this evening. More Taxes for Farmers and a Fat Job for Somebody. The House Committee on foreign af fairs will on Tuesday report a bill appropriating a hundred thousand dollars toward defraying the expenses attending the exposition of United States productions at the Vienna World Fair. This amount is regarded as insufficient for the purpose, $240,000 having been appropriated for the Paris International Exposition, and a motion to amend the bill may be made in the Senate. @The Committee on Appropriations will on Monday next report an amendment to the deficiency bill, appropriating $20,000 for printing stock certificates for the contennial celebration. A Cloud of Cormorants. NEW York, Dec. 13.-A Washington dispatch says that over five thousand letters have been addressed to the Chief Justice concerning the place of Marshal of the supreme court resigned by R. C. Parsons. The leading candidates are Judge Schley, of Maryland; Robt. C. Kirk, of Ohio; Jno. G. Nicolay, of Illinois and G. W. Mallory, of Kentucky.

10. December 14, 1872 The New North-West Deer Lodge, MT
Article from The New North-West, December 14, 1872

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Telegraphic Brevities. New York, December 8.-The editorial and composing rooms of beevening Express were destroye by fire this evening. There is the best authority for contrudicting the report that A. Oakey Hall will become editor of the Herald. Sait Lake, December 9.-Artnugements are making to build a narrow-gauge ruil road from this place to Echo City, on the line of the Union Pacific, it distance of 43 miles. The chief projector is oneof the sons of Brigham Young. Chicago, December 9.-A Washington special of to-day says it is certain that Vice President Colfax has under consideration an offer from persons holding a controlling interest in the New York Tribune of an offer to accept no editorial position on that paper after the 4th of March next. Omaha. December 9.-The first train will cross the Platte bridge to-morrow, connect. ing this city with South Platte county. Baltimore, December 9.-Jesse Hunt a prominent citizen, died on the 8th inst. John A. Dix has resigned as uss Erie Di. rector. Henry N. Smith has resigned the Presidency of the Hannibal and St. Joseph rail. road. and E. Higgins has been appointed in his place. Jay Gould also resigns as Direc. tor of the same road. The President nominated Wm. Cary, of Galena, Ilis.. U.S. Attorney for Utah vice Geo. C. Bates. Chicago. December9.--The Scandinavian National Bank of this city has suspended. Columbia, S. C., December 10.-John J. Patterson was elected United States Senator on the first ballo: A resolution is up before the Massachu setts House condemning Summer's resolution in regard to erasing names of battles for the Union. The Viscountess Beaconsfield wife of D'lerach is fatally ill. The Credit Mobilier investigation is being held with closed doors. It is said a Syndicate of German Bankers are ready to take the entire 4. 41 and 5 per cent funded loan of the United States at 21 per cent commission. The Fifth Avenue Hotel loss is: On build. ing $10.000; on furniture $80,000. Very great blame is attached to the proprietors. The New York Herald heads its lending article. "The Fifth Avenue Holacaust.' "Was it Criminal? Was it Murder !" and thoroughly condemns the authorities of the Hotel. Henry McNulta is found guilty and sen. tenced to death at Peoria, Ilis., for the mur. der of his wife at Chillicothe. On Tuesday dreadtul gales occurred at Versailles and Paris. Great damage was done. The ship Franklin. from Hamburg to San Francisco, with many emigrants on board stranded and went to pieces in the North Sea. 80 persons perished. The.deficiency appropriation bill allows $1,639,000. J. H. Fairchild, is appointed Agent nt the Siletz Agency. Oregon. Sec. Robeson recommends the building of ten new war vessels. 430 Italian emigrants, arrived in New York Thurman 1,000 more are nwaiting transportation. The condemned war vennel Guerrierre was rold nt Breaklyn Navy Yard Thursday for $54,000. and the Alimny for $48,000. i The steamer St. Lamis. from New Orienns to New York, sunk at sen Dec. 9th. Crew and passengers all saved. F

11. December 14, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 14, 1872

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FROM WASHINGTON Washington, D. C., 13. The cabinet seson to-day was not of unusual interest. Affairs in New Orleans were spoken of, and the latest telegrams to the President and Attorney-General were read, not with a view of further official action, as the determination of the government has heretofore been manifested. The Attorney-General telegraphed Col. Emery that the visit to the President contemplated by the citizens of New Orleans, would avail nothing. Secretary Delano started for Cuba last night. The Interior Department was represented in the Cabinet meeting by General Cowan, Assistant Secretary. The President has nominated B. W. Brisbois for Consul at Veeviers, France, and W. J. Murtagh, W. Smith, H. M. Sweeney, C. H. Nichols and Jas. G. Barrett, for Police Commissioners of the District of Columbia. Vice President Colfax left Washington last night for New York, to meet to-day the stockholders of the New York Tribune. The Comptroller of Currency has appointed Thos. Tallman receiver of the Scandinavian National Bank of Chicago. The comptroller is of the opinion that bank will pay its creditors in full, leaving the losses entirely upon the shareholders. The President has consolidated the first and third internal revenue collection district under the act of July 14, 1870, and retained Joseph Seldon of the third district as collector, and Alphonzo C. Crosby of the first district as assessor of the consolidated district. A delegation from Virginia and Western Virginia called upon the President to-day to thank him for the recommendation in his message relating to Jas. River, and Kanawha canal, and expressing the hope that he would further the measure as much as pos sible. Minister Marsh will be directed by Secretary Fish to suggest to the Italian government, that all persons contemplating emigration to this country be counselled against taking such a step in the winter months upon the mere representation of interested agents in Italy, unless their circumstances be such that failing to get work suffering will not ensue. A delegation from Louisiana, representing the Warmouth faction, at an interview with Attorney-General Williams to-day, remonstrated against Federal interference, claiming that nothing has occurred to justify it. It is reported that some interesting disclosures crme out in the examination of Col. McComb by the Credit Mobilier Committee to-day. It is also reported and not denied that Speaker Blaine yesterday told the committee that he had been offered some of the stock by Oakes Ames as a matter of purchase, but that the offer was declined. The House committee on foreign affairs today, considered the bill making the distribution of the money under the Geneva award, but came to no conclusion. A committee representing the Young Men's Christian Association in the Eastern States is here, to urge upon Congress legislation preventing the transmission of obscene literature through the mails.

12. December 14, 1872 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 14, 1872

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# MONEY AND COMMERCE. MONETARY. FRIDAY EVENING, Dec. 13. The demand for money in the local market continues active, and is in excess of the supply at the command of the banks. Merchants, however, report tolerable success in collecting in the country, and the liquidation of indebtedness of country merchants to city merchants, and of the West to the East, is progressing satisfactorily. There is considerable good paper in the open market yet at 1¾ per cent per month. New York Exchange was weaker to-day, owing to the large supply on the market. Sales were made between banks at from par to 25c per $1,000 premium. # THE RECENT "WINSLOW FAILURES." The Scandinavian Savings Bank, No. 17 Milwaukee avenue, which failed from the same cause that brought about the failure of the Scandinavian National Bank, had only $60,000 of deposits, but this sum belongs to 200 depositors who are much excited about it. The bank has assets that will realize 40 per cent of the deposits. The more the affairs of the Scandinavian National Bank are investigated, the more it is apparent that the concern is rotten, root and branch. It is now understood that among the "bills discounted" by the bank are $70,000 of notes made by two parties, one of whom is prominent in the present closing up of its affairs, and the other of whom is likely to be appointed Receiver. These notes were made in a real estate transaction last spring, and have one, two, three, four, five, six, seven, and eight years to run. There is reason to believe that these notes were taken by the bank recently, or at least long since Winslow, the decamping President, left for Europe. Whatever censure Winslow may be entitled to, he should not be made the scapegoat for others who have manipulated the affairs of the bank so as to use the money of its depositors for their private speculations. Notwithstanding the books of the Scandinavian National Bank showed it had $42,000 cash on the evening of Dec. 9, the date when the bank closed its doors, it is questionable whether it had any considerable sum of either money or available exchange on Dec. 10. If Comptroller Knox understands, as he should, that the Bank Examiner is interested in putting the best possible aspect on his neglect to discover the rotten condition of the Scandinavian National Bank months ago, he will also understand that he should not be governed too much by the recommendations from that quarter touching the appointment of a Receiver. # THE OIL MONOPOLY is one of the instances showing the characteristic financial tendencies of the times to concentrate money and power. The movement to make a monopoly was begun by the refiners, who proposed to enrich themselves by bearing the market for crude oils and bulling the market for refined. The principle on which this monopoly was started is precisely the same as that of the trades-unions, and the action of the ring of refiners was the same as that in trade strikes. The producers of oil, however, found that they were to be made one class of victims, and, in self-defence, they formed a ring of their own, the avowed purpose of which is to reduce the production and increase the price of the crude article. They agreed to pump their wells only to a certain extent, and thus control the production. In order to have harmonious working, they were obliged to pool the earnings, and thus the whole oil-producing region has become, practically, the property of one consolidation. The producers' "ring" has had power enough to break up the refiners' first "ring," but has finally taken some of the refiners into its good graces, and now rules the whole oil market for both crude and refined. A refiner who is a member of the present monopoly, endeavors to excuse it in a letter to an Eastern paper, by saying that the object of the combination is "simply to obtain what is justly their due, and what, for over two years, have been deprived of-viz.: a fair compensation for the capital employed, and the risk run in carrying on their business. A manufacturer who finds an over stock on his hands, will naturally stop producing until the regular demands of trade relieve him. Why should not a refiner, or a body of refiners, do the same with their goods? It is straight-forward, legitimate business. And when the refiners of the country took this step, and called upon the producers to stop pumping for thirty days, to prevent forced sales below cost price of the surplus of both crude and refined, it was a measure of prudence and not for extortion." This argument seems plausible enough, but it is just that used by every monopoly. The trouble is that strikers, trades-unions, and other monopolies never know when they have got "what is justly their due," but when they have the power they take good care to get enough. A combination of manufacturers and producers who have a monopoly of any special article, like that of oil, however, do not simply allow their own property to lie idle, but they prevent any one else from going into the business who might be willing to do it for a smaller profit. LOCAL STOCK AND BOND MARKET. Messrs. Lunt, Preston & Kean quote as follows this afternoon:

13. December 20, 1872 Dodgeville Chronicle Dodgeville, WI
Article from Dodgeville Chronicle, December 20, 1872

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day or two before the great fire. Stanley, the discoverer of Livingstone, has abandoned the lecture field, having failed to draw paying houses, owing, it is said, to his weak voice, unattractive matther and bad delivery. There is a prospect of a sharp contest of Horace Greeley's will. The will made just before his death was offered for probate and was met by the offer of a will made more than one year ago. By the last will most of the property is given to his two daughters, and several persons named in the other will are wholly ignored The last will is to be contested on the ground of the mental incapacity of the testator at the time of making According to the complete official returns, the whole number of votes in Michigan at the late election is 221,579. Grant has 138,811; Greeley, 78,650; the others, 4,118. The majority for Grant is 60,161. The whole vote of the Stateis 4,040 less than in 1868. The Scandinavian National Bank, of Chicago, has suspended, causing considerable of excitement among depositors, many whom are poor people-honest, hard-working Scandinavians- who intrusted their savings to that institution. The Chicago Grand Jury have found true bill against Ira Y. Munn and Geo. E. Scott, partners in the firm of Munn & Scott, for violation of that section of the Warehouse act which prohibits the use of grain by parties with whom it is stored. The South Carolina Legislature on the 10th elected John J. Patterson as United States Senator. Mr. Patterson was subse quently'arrested on a charge of bribery. T. W. Sykes was chosen United States Senator by the Capitol Legislature of Alabama, on the 10th. Sykes was a Greeley elector at the late election. The Eighth District Court of Louisiana on the 10th granted an injunction against the action of the Legislature by which articles of impeachment had been preferred against Governor Warmoth, and enjoining Pinchbeck from acting as Governor. A largely attended meeting of citizens of New Orleans held, and Governor Warmoth was one of the speakers on the occasion. He asked: "Isit not known that the sworn returns in the hands of the Governor? How, then, can they decide whether or not this or that officer is elected?" Hesaidthat seven or eight counties had been counted, and without evidence; that the Governor had been impeached, the State House placed in possession of United States troops, the Legislature enjoined, and everybody denied admittance to the Capitol who was not upon the infamous rolls of the enemies of the State. He concluded by advising recourse to Congress for redress. A series of resolutions was adopted denouncing the action of the Kellogg Legislature, and authorizing the appointment of a Committee of one hundred to prepare an address to the President and Congress, setting forth the manifold grievances. The Kellogg Legislature, in joint session, counted the vote for Governor and Lieutenant-Governor. A. P. Field received his commission as Attorney-General Acting Governor Pichbeck sent a nressage to the Legislature to recommend prompt action in the case of the impending impeachment against Governor Warmoth, and vigorous, searching investigation regarding the alleged election frauds, with view punishing the guilty. His proclamation concludes: "The people have complained of oppressive laws. I would reccomend that all laws which are justly otnoxious or which bear oppressively upon any portion of the people of this State, whether political or economic, be modified or repealed, and that all your legislation be conducted, not in the interest of any class, but with a view to protect the rights and foster the interests of the whole people of this State.' A fire broke out on the third floor of the Fifth Avenue Hotel, New York, on the night of the 10th, about eleven o'clock. The flames rapidly ascended a narrow staircase to the corridor at the top. They spread over the entire extent of the west wing. The woodwork of the rooms where the servants slept immediately caught, and soon the entire wing was a mass of lurid flame. The fire spread SC rapidly that the servants, asleep in the rooms at the top of the staircase, were overtaken before assistance could reach them, and were completely shut off from the main building, and eleven of them were burned or suffocated to death. The damage to the hotel by the fire was about $150,000. Greeley monument association has been organized at Boston, which proposes to raise a national subscription of $500,000 to carry on its purpose. A motion to quash the indictments against Tweed was denied by Judge Ingraham on the 11th. At the recent charter election at Ogdensburg, N. Y., the Republican ticket was elected. The Supreme Court of the United States has decided the Milwaukee & Beloit and the Milwaukee & Superior Railroad bond cases adversely to the city of Milwaukee. Three or four inches of snow fell at Augusta, Ga., on the night of the 12th, being the heaviest fall in that section for many years. According to the returns on file in the office of the Secretary of State of Arkansas, the entire Republican ticket, with the exception of Congressman-at-Large, is elected by majorities ranging from 300 to over 3,000. There were no returns from four counties-Johnson, Green, Scott, and Poni sett, all of which gave majorities for the Reform ticket. A Columbia, S. C., dispatch of the 11th states that Senator-elect Patterson's arrest was based on the affidavits of eleven members of the Legislature. He was taken before a justice, but a crowd of his friends created a disturbance, and Patterson es. caped. He was again arrested, and committed to jail for twelve hours for contempt, but was immediately released on a writ of n habeas corpus. The "Fusion" Legislature was in session New Orleans on the 11th, with a quorum both houses. Governor Warmoth sent his f message, which was read. The Kellogg a Legislature was also in session, and passed a resolution arraigning W. A. Elmore,Judge of the Eighth District Court, before the bar of the House for contempt in issuing the injunction against Pinchbeck. Gov-

14. December 31, 1872 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 31, 1872

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The Coming State Dinners. The President will give his first State dinner on the 8th of January, the guests being members of the Cabinet and their wives, Vice President and Mrs. Colfax, General and Mrs. Sherman and Admiral and Mrs. Porter. State dinners will be given at the White House every alternate Thursday during the session. Reports of National Banks Called for. The Comptroller of the Currency has called for the reports of the condition of the national banks at the close of business on Friday last, the 27th inst. Receiver Appointed. Joel D. Harvey has been appointed receiver of the Scandinavian National Bank at Chicago, vice T. P. Tallman, declined. Boutwell's Resignation Denied. The truth of the statements telegraphed hence that Secretary Boutwell has written a letter of resignation as Secretary of the Treasury, to take effect February 15th, is denied at the Treasury Department. No one in the Ex. ecutive Mansion has heard anything of the kind. A Pardon. The President has pardoned Richard Collins of North Carolina, now serving a term in the Albany Penitentiary for ku-kluxism.

15. January 11, 1873 The Superior Times Superior, WI
Article from The Superior Times, January 11, 1873

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tonio, Lower California. A steamship has gone to relieve the passengers. The Sacramento will probably prove a total loss. PRIVATE cable advices report the suspension of Jacob Freres et Le Banque de L'Union, Brussels and Antwerp. They have been granted an extension of four weeks, and the arrangements of their affairs has been taken in hand by Messrs. Fouid and the Comptoir d'Escompte, the leading discount house in Paris. The bank had a nominal capital of thirty millica francs, with eight and a half paid in. On Saturday, a man named Slossen, an old citizen of Kansas City, was thrown from a wagon by a runaway horse, and had bis skull fractured, from the effects of which he died on Sunday. He leaves a family. GOVERNOR BALDWIN, of Michigan, has appointed Harvey H. Cooledge, of Niles, to the vacancy caused by the resignation of Hon. David Blackman, from the Bench of the Second Judicial Circuit of that state. As Englishman named Wm. Taylor was found on the bridge at Marinette, Wis., Monday morning, with his skull fractured near the temple. The Coroner's jury gave a verdict of death by assault with a deadly instrument in the hands of some person or persons unknown MARSHAL KELLEY, of Fort Wayne, has arrested a man named Berg on suspicion of being the $25,000 watch thief of Chicago. Berg was trying to sell watches answering the description of stolen property in a saloon. He is in custody awaiting identification. N. H. BRAINARD, postmaster at Iowa City, is charged, on the affidavit of one of his clerks, with perjury, theft, and embezzlement. He has had the office since June last. MONDAY morning an unknown young man was found dead a mile and a half west of Union City, Ind., about one hundred yards from the Bee Line Railroad, with his throat cut. There was nothing about his clothes to identify him. He is supposed to have been murdered. THE motion to quash the indictment against Tweed has been denied. CHAS. JOHNSON, the colored wife-slayer, was hung in Washington on Tuesday. DURING the storm on the continent six houses in London were blown down and fifty persons injured. A brig foundered off the Isle of Wight. All on board perished. THE Scandinavian National Bank of Chicago has failed in consequence of frauds perpetrated by its President, Fred. S. Winslow. JNO. T. CROXTON, of Kentucky, has been appointed as Minister resident in Bolivia. PARSONS & Co.'s wharf, East Gloucester, Mass., caved in Tuesday, carrying into the water about 10,600 hogsheads of Cadiz salt, valued at $20,000. The wharf was damaged to the extent of $8,000 to $10,000. HENRY N. SMITH has resigned the Presidency of the Hannibal and St. Joseph Railroad, and E. G. Higgins has been appointed in his place. LOTTA, the actress, is not dead, as reported. THE steamer Emma has been burned at Shawneetown Bar, on the Ohio. Loss $30,000. THE Phoenix Flouring Mills, in Kansas City, owned by W. D. Oldham and valued at $30,000, were burned a day or two ago. Insured for $18,000. THE Erie Railway freight and passenger depot at Union, one mile from Binghampton, burned Tuesday night. ALEXANDER DONALDSON, Geo. Bentley, and a man named Kelly, laborers on the Albany and Susquehanna Railway, were killed by the caving of a gravel bank at Osborn Hollow. OWING to the supply of water ceasing in Jersey City and Hoboken, on Wednesday through ice in the pipe, the machine shops and factories were idle. ON Tuesday the President sent the following nominations to the Senate: William Carey, United States Attorney for Utah, vice G. C. Bates: A. J. Simmons, of Montana, agent for the Indians of Milk River Agency; J. W. Daniels, of Minnesota, Indian agent of the Red Cloud Agency. JOHN J. PATTERSON, immediately after his election as U. S. Senator by the South Carolina Legislature, was arrested on a charge of bribery. A BILL has been passed in the House, removing the political disabilities of L. Q. C. Lamar, of Mississippi. THE Democrats of Boston re-elected Mavor Gaston on Tuesday, by 350 majority. The Common Council stands 40 Republicans to 24 Democrats. A SENSATION was created on Tuesday, at Elizabethtown, Ky., by the commencement of a suit on behalf of Wm. Lent, of San Francisco, against Philip Arnold, John Dock, and other parties engaged in the recent diamond operations in Colorado, for $35,000 in the safe at Arnold's residence, in Elizabethtown, and valuables in the bank of Thomas Polk, at that place, were attached, upon affidavit of Lent, alleging that the above sum was obtained from him by Arnold and Dock by means of fraudulent representations. An unknown man was found hanging to a tree, about two miles from East St. Louis, on Monday. He had evidently been killed by a blow on the temple, and afterwards suspended to a limb of a sycamore tree, only four feet from the ground, by unknown persons. TWENTY-EIGHT coal laden boats broke adrift from the steamer Norwich while passing through Barnegat, West Highlands on Tuesday, and sunk. The entire amount of coal lost was 3,500 tons, the value of which together with that of the boats, exceeds $25,000. MARSHAL KELLEY, of Fort Wayne, has arrested a man named Berg on suspicion of being the $25,000 watch thief of Chicago. Berg was trying to sell watches answering the description of stolen property in a saloon. He is in custody awaiting identification. THE following struck jury has been empanelled in the Jumel will case: John A. Resdine, John Abendroth, Charles Lamer, E. S. Jaffray, Henry Bowers, John Romer, Abraham Bogardus, Joseph F. Stone, David L. Suydam, Charles H. Fellows, Charles H. Mount, and James Dodd. The trial is expected to last fully a month. WM. WOLF stabbed and killed Valentine Daum at Cincinnati, early Monday morning, because the latter undertook to take him up. Both were butchers.

16. April 29, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, April 29, 1873

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BY TELEGRAPH f 1 TO-DAY'S DISPATCHES. t WASHINGTON. Decision in a Marine Case. . WASHINGTON, April 29.-The supreme h court, in the case of the collision between the schooner Champion and the steamer Lucille, confirmed the judgment that the steamer is responsible for all damages. The sailing vessel must keep on her course and the steamer must avoid her. Death of Ex-GovernorSharkey. WASHINGTON, April 29.--Governor W. L. Sharkey, of Mississippi, died this morning at the Imperial hotel, aged eighty-three years, of pneumonia. Miscellaneous News from the Capital. I WASHINGTON, April 28.-A special order from the War Department assigns thirty companies, including all arms with 1 all machinery and supplies for a prolonged expedition, to protect the operations of the ( Northern Pacific railroad. It is the heaviest expedition ever sent out in time of peace. The expedition leaves on the 15th of June and remains in the field until the a 15th of October. The late act of Congress abolishing the office of assessor of internal revenue provides that the collectors shall give new bonds after assuming the duties of both 1 offices. The commissioner has therefore a issued a circular directing collectors to renI der two statements of their accounts durV ing the month of May, one from the 1st to the 19th inclusive, and the other from the 20th to the 31st inclusive, in order that the a liability of the sureties on their bonds may I be definitely ascertained. I The postmaster at Colfax, La., informs the post-office department that he was comp pelled to flee for his life at the recent mast sacre of colored men there, and that he took to Alexandria all the records and e V papers belonging to his office. He declines F to serve any longer as postmaster, and the t department has issued orders discontinuing le the office at Colfax. The annual compensation of the postmaster was but $12. t Dividends Declared. a WASHINGTON, April 28.-The compc troller of the currency has declared a dividend of 32 per cent. in favor of the crediti tors of the Unadilla bank, Unadilla, N. Y.; c also a dividend of 25 per cent. in favor of t the creditors of the Scandinavian national W bank of Chicago, payable as soon as the schedule of creditors can be preh pared and examined. The compo troller has also directed the receiver of the J Eighth national bank of New York to n make requisition of fifty-four per cent. upon o the shareholders of that bank to supply a the deficiency required for the full payo ment of the creditors. A small requisition o is also to be made upon the shareholders N of the Farmers' and Citizens' bank, of Brooklyn, for the same purpose. V The Atlantic Bank Suspension. WASHINGTON, April 28.-It seems from the best information at hand that Taintor was prominent as an operator against the government in the late panic in Wall street, when the bulls attempted vainly to destroy the credit of the treasury. The failure of the clique b or corner," of which he was n a part, to "send gold up to twenty" was I the principal reason, after his loss in V Pacific mail, that induced him to confess his defalcation. In other words, he joined V the crusade against the government, and t being defeated was compelled to acknowledge his guilt. -

17. April 29, 1873 New-York Tribune New York, NY
Article from New-York Tribune, April 29, 1873

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WASHINGTON NOTES. WASHINGTON Monday, April 28, 1873. In the Supreme Court of the United States, to-day, the Chief-Justice announced the allotment of Justices which remains unchanged, Justice Hunt being assigned to the circuit of Judge Nelson. Several decisions were rendered. In the case of Ripley agt. The Railway Insurance Company of Hartford it was held that the Company's policy against the perils of travel by public or private conveyance did not insure against casaalties when traveling on foot. In the case of the Sonthern Express Company agt. Hayer & Co., it was decided that the City of Mobile can impose a license on express companies of other States. In suit of the Planters' Bank of Tennessee agt. The Union Bank of Louisiana it was decided that payment tendered during the war in Confederate money was invalid. It was held in the case of the Mutual Insurance Company of New-York agt. Terry, that suicide committed by a man perfectly insane did not vitiate their policy. The Court adjourned till Taursday when it will adjourn until Oct. 20. Judge Miller will sail for Errope on Saturday, The Court of Claims to-day rendered a judgment for $13,595 in favor of Eugene Deikelman, a subject of Prussta, for loss sustained by the detention of the Prussian ship Essex at New-Orleans under the order of Gen. Butler, on suspicion of containing contraband goods. The Court held the United States liable under the 13th article of the Treaty of 1799 with Prussia, which requires damages for such detentions to be paid by either nation when a belligerent exercises belligerent privileges. Chief-Justice Drake dissented mainly on the ground that martial law was supreme at that time in New-Orleans, and that the vessel was brought there with the knowledge of the risks incurred of coming in conflict with the will of the military commander. This claim was referred to the court by a special act of Congress. The Controller of the Currency has declared a dividend of 32 per cent in favor of the creditors of the UnadiHa National Bank, Unadilla, N. Y., and also a dividend of 25 per cent in favor of the creditors of the Scandinavian National Bank of Chicago, payable as soon as the schedule of creditors can be prepared and examined. The Controller has also directed the receiver of the Eighth National Bank of New-York to make a requisition of 54 per cent upon the sharehol ters of that bank to supply the deficiency required for the full payment of the creditors. A small requisition 18 also to be made upon the shareholders of the Farmers' and Citizens' National Bank of Brooklyn for the same purpose. The Secretary of the Interior to-day decided in favor of the plaintiff in the very important and much contested cases of the Keystone Consolidated Mining Company et al. agt. The State of California, and of Benjamin Selling agt. The State of California, both of which involved the question whether the grant to said State of sections 16 and 36 for school purposes, by the act of March 3. 1853, included said sections when they were on mineral lands. The Postmaster of Colfax, La., informs the Post-Office Department that he was compelled to flee for his life at the recent massacre of colored men there, and that he took to Alexandria all the records and papers belonging to his office. He declines to serve any longer as Postmaster, and the Department has issued orders discontinning the office at Coffax. It is thought, this afternoon, by leading members of the Supreme Court Bar, that the motion submitted to the Court, in conference last Saturday, for the allowance of an appeal HI the Warmoth Lousiana case, which was refused by Judge Dureli in the Court below, will go over until next term. The Commissioner of Internal Revenue will soon issue a circular requiring collectors of internal revenue to make two returns during the month of May, from the 1st to the 19th and from the 19th to the 31st. in order that the Irabilities for the new bonds may be determined. The Odd Fellowsol the District of Columbia celebrated the 54th anniversary of the order to-night with addresses and music.

18. April 30, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, April 30, 1873

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I'd NO. 103. Dividends Declared. W ASHINGTON, April 29.-The Controller of the Currency has declared a dividend of 32 per cent. in tavor of the creditors of the Unadilla Bank, Unadilla, N. Y. : also a dividend of 25 per cent. in favor of the creditors of athe Scandinavian National Bank, of Clricago, payable as soon as the schedule of creditors can be prepared and examined. The Controller has also directed the receiver of the Eighth National Bank, of New York, to make requisition of 54 per cent. upon the shareholders of that bank to supply the deficiency required for the full payment of the creditors. A small requisition is also to be made upon the shareholders of the Farmers and Citizens Bank, of Brooklyn, for the same purpose.