Article Text
BANK RECEIVER APPOINTED. Chicago, April 26.-Chas. Lloyd was today appointed receiver for the private banking firm of Schaar, Koch & Co. The assets are said to be $75,000 and liabilities near the same amount.
4655. Schaar, Koch & Co. (Chicago, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- April 26, 1897
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gpt-5-mini
- Short Digest
c1cb523e
Response Measures
None
Description
Multiple contemporaneous newspaper notices (Apr 26-27, 1897) report the private banking firm Schaar, Koch & Co. closed its doors and a receiver (Charles/Chas. L. Boyd/Boyd) was appointed. Articles mention a partner (Franz/Charles Koch) petitioning and alleging improper investments by his partner, indicating bank-specific adverse information/internal disagreement led to failure. No run or depositor panic is reported.
Events (2)
1.
April 26, 1897
Receivership
- Newspaper Excerpt
- Charles L. Boyd was today appointed receiver for the private banking firm of Schaar, Koch & Co.; the assets are said to be $75,000 and the liabilities near the same amount.
- Source
- newspapers
2.
April 27, 1897
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank closed on petition of partner Franz Koch; complaint alleges partner made investments despite protests, indicating internal mismanagement/solvency problems.
- Newspaper Excerpt
- Schaar, Koch & Co.'s bank, 2603 Halsted street, closed its doors Monday morning upon petition of Franz Koch, a member of the banking firm.
- Source
- newspapers
Newspaper Articles (11)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
A Chicago Bank Failure. Chicago, April 26.-Charles L. Boyd was today appointed receiver for the private banking firm of Schaar, Koch & Co., 2603 South Halstead street. The assets are said to be $75,000 and the liabilities near the same amount.
Click image to open full size in new tab
Article Text
Receiver Appointed. CHICAGO, April 26,-Chas. Boyd oday was appointed receiver for the private banking firm Schaar, Koch & Do., 2603 south Haistead street. The Assets are said to be $75,000 and the inbilities about the same amount.
Click image to open full size in new tab
Article Text
A RECEIVER APPOINTED. Chicago, April 26.-Charles S. Boyd was to-day appointed receiver for the private banking firm of Schaar, Koch & Co., 2603 South Halsted street. The assets are said to be $75,000 and the liabilities near the same amount.
Click image to open full size in new tab
Article Text
"Hooray for McKinley." Chicago, April 26.-Charles Boyd today was appointed receiver for the private banking firm Schaar, Koch & Co., 2603 South Halstead street. The assets are said to be $75,000 and the liabilities about the same amount.
Click image to open full size in new tab
Article Text
MILLS OF NEW BEDFORD Petitioner Stetson Appears in Court Asking for a Receiver. Fall River, Mass., April 26.-Eliot D. Stetson of New Bedford appeared before Judge Maynard in the superior court today and asked leáve to present a petition for the appointment of a receiver for the Howland, Rotch and New Bedford mills, of New Bedford, but the judge referred the petitioner to the superior court judge, now sitting in Boston. Chicago, April 26.-Charles L. Boyd was today appointed receiver for the privatevate banking firm of Schaar, Koch & Co., 2603 South Halstead street. The assets are said to be $75,000 and the liabilities near the same amount.
Click image to open full size in new tab
Article Text
NEW YORK MINING STOCKS. Cholor $0 95 Ontario $7 50 Crown Point 90 12 Ophir Con., Cal. & Va 18 1 60 *Plymouth Deadwood 1 15 1 35 Quicksilver 25 10 00 Gould & Curry *do pfd Hale and Norcross 90 Sierra Nevada 45 Homestake 29 00 Standard 1 55 Iron Silver 35 Union Con 20 Mexican 40 Yellow Jacket 25 * Asked. FOREIGN FINANCIAL. NEW YORK, April 26.-Evening Post's London financial cablegram: The stock markets opened strong today on the belief that the Greek defeat means a speedy termination of the war. There was no public support, however, and the markets closed under the best. Still the tone was fairly good. The settlement shows a small account and money is easy. Contangoes on Americans are 2½ and 2½ per cent. The tone of Americans was good and the close was near the best. The flatness of Kaffirs is a discouraging feature. The New York gold shipments to Austria excite little interest here at present. In good quarters it is estimated that Austria's requirements of gold this year will be about £3,000,000. At today's rate of 1 7-16 for discounts no American bilis are offering. The Paris and Berlin markets were good, but the close was under the best. NEW YORK MONEY. NEW YORK, April 26.-Money on call easy at 1½ to 1½ per cent; last loan 1½, closed 1½@1½ per cent. Prime mercantile paper, 3½4 per cent. Sterling exchange easier, with actual business in bankers' bills at $4.88 @4.88% for demand and at $4.861/2@4.863 for sixty days. Posted rates, $4.87½ and $4.88½ @4.89. Commercial bills, $4.85%. Silver certificates, 61%@62½c. Bar silver, 61 11-16c. GOLD FOR EXPORT. NEW YORK, April 26.-Muller, Schall & Co. have withdrawn $977,000 in gold bars frmo the assay office for shipment to Europe on tomorrow's steamer. The steamship Paris, sailing on Wednesday, will take out 545,000 ounces of silver. Kidder, Peabody & Co., of Boston, will ship $500,000 gold from New York on the Normannia Thursday. BANK CLEARINGS. St. Paul-$452,528.85. Minneapolis-$11,011,195. Chicago-$14,153,630. New York-Clearings, $71,185,807; balances, $7,105,185. Boston-Clearings, $11,494,540; balances, $1,471,000. SMALL BANK FAILURE. CHICAGO, April 26.-Charles L. Boyd was today appointed receiver for the private banking firm of Schaar, Koch & Co., 2603 South Halsted street. The assets are said to be $75,000 and the liabilities near the same amount. TREASURY STATEMENT. WASHINGTON, April 26.-Today's statement of the condition of the treasury shows: Available cash balance, $228,518,437; gold reserve, $155,295,064. CHICAGO MONEY. CHICAGO, April 26.-New York exchange, 40c premium. Foreign exchange barely steady; demand, $4.881/8; sixty days, $4.863/4.
Click image to open full size in new tab
Article Text
LATER. ALL the small streams in southern Iowa are out of their banks. Railroad bridges are gone and travel by highway is out of the question. The Burlington main line between Chicago and Denver is cut in two by five miles of inundated track. THE United States supreme court has decided a case involving a claim for damages for killing a $200 dog, which had made its way from the lower courts of New Orleans, through various phases of litigation, to be finally decided at Washington in opposition to the claim. A RECEIVER has been appointed for the private banking firm of Schaar, Koch & Co., of Chicago. The assets and liabilities are about $75,000. COL. JOSEPH F. GRAY, of Pittsburg, died at Harrisburg. Pa., on the 26th ult. He was a prominent figure in politics for many years. He was sheriff of Allegheny county ten years ago and held other county offices. During the Homestead strike he was chief deputy sheriff and was in charge of the steamer Little Bill the night she attempted to make the landing with a load of Pinkerton detectives. NEGOTIATIONS are almost complete for the amalgamation of all patent and enameled leather concerns into one great company, which shall control the trade of the United States. A DISPATCH from Manila, capital of the Phillippine Islands, says that 25,000 insurgents have taken up a position in the mountains and are offering a stout resistance to the Spanish troops.
Click image to open full size in new tab
Article Text
Frank Cole, an alleged horse thief, was shot to death by vigilantes near O'Neill, Neb. The Iowa elevator was destroyed by fire at Peoria, III., together with 30 freight cars, entailing a total loss of $200,000. "Tillie" Anderson, the Chicago racer, broke the half-mile woman's bicycle record at Youngstown, O., her time being 52 3-5 seconds. The Superior Consolidated Land company of Superior, Wis., with a capital stock of $3,600,000, went into the hands of a receiver. An expedition left for Cuba from near Sea Isle City, N. J., with arms and ammunition for the insurgents. The private banking firm of Schaar, Koch & Co., which has been in business for nine years in Chicago, failed for $75,000. A distinct earthquake shock was felt at Vandalia, III. The vibration was from west to east and lasted ten seconds. The Des Moines river was higher than ever known before. All the small streams in southern Iowa were also out of their banks and bridges were gone. communication by highway cut off and railroad traffic almost at a standstill. Isidore Weber shot and killed his four-year-old daughter Josie in New York and then killed himself. Domestic trouble was the cause. A Mrs. Bugg and her two children and Minnie Fraser were drowned while crossing a swollen creek in a wagon near Jackson, Mo. Judge N. C. McFarland, who was United States land commissioner under Presidents Garfield and Arthur, died in Topeka, Kan. Judge Dibell, in a lengthy opinion at Joliet, III.., held the indeterminate sentence law valid and constitutional. Isaac N. House, a prominent merchant of Trenton, N. J., was found dead on bis knees by the side of his son's grave. He had apparently died while praying. At least 60,000 men marched in the Grant monument inaugural parade in New York and at least 2,000,000 persons witnessed the display. The naval parade on the Hudson river was composed of battle ships of many nations. At the tomb President McKinley, Gen. Porter and Mayor Strong spoke of the country's hero. Never before in the history of the United States has such a tribute been paid to the noble dead. An electric car plunged through a bridge and fell 25 feet at Portland, Ore., and W. W. Blanchard, Newton H. Mason and a young woman were killed. Fire at the Chesapeake & Ohio Railroad company's pier in Newport News, Va., did $2,000,000 damage. A train collided with a street car at Tampa, Fla., and John Forepaw, Arseno Garcia and Joaquin Sierra were killed. All the Missouri bottoms between Keokuk, Ia., and Quincy, III., were overfiowed about four feet, and all railway communication west and south was cut off. Alexandria, Sprawls and Gregory, Mo., were inundated. While boxing at Lima, O., Daniel Thomas received a blow over the heart by Frank Shoemaker and died in a few moments. Forest fires were doing great damage in the vicinity of Grantsburg, Wis. The disappearance and supposed suicide in Chicago of John S. Sheldon, banker and capitalist, brought disaster and financial ruin to Loda, Ill., nearly one-half of the business men being compelled to assign. Henry V. Duffy, head of the largest mercantile establishment in Waukon, Ia., was murdered in his store by burglars. John Allen, a young carpenter at Birmingham, Ala., killed his wife because she was late in getting his dinner. N. Burruss, Son & Co., one of the most prominent and widely known banking firms in the south, failed at Norfolk, Va., for $350,000. Wreckers threw a passenger train from the track near Houston, Tex., and one man was killed and 12 persons were badly injured. Confederate Memorial day was generally observed in Mississippi and Alabama. Miss Louise Weiser, 21 years old, was killed in Dubuque, Ia., while attempting to stop a runaway team.
Click image to open full size in new tab
Article Text
Bank Fails. Chicago, April 27.-Schaar, Koch & Co.'s bank, 2603 Halsted street, closed its doors Monday morning upon. petition of Franz Koch, a member of the banking firm. Judge Horton appointed Charles L. Boyd receiver of the concern. In the bill for a receiver the assets are placed at $75,000. The liabilities are said to be about the same amount. Koch charges his partner with making investments 111 spite of his protests.
Click image to open full size in new tab
Article Text
REAL ESTATE NOTES. Next Saturday and Sunday will mark the second anniversary of the first opening to public sale of S. E. Gross' suburban town of West Grossdale. The event will be celebrated by the opening sale by Mr. Gross of his first addition to West Grossdale, on the 15th and 16th of the present month, when he will run specially chartered guest trains to accommodate 2,000 people, and will present a beautiful art souvenir to every guest in attendance. During the two years which have elapsed since the opening of the original town site of sixty acres, over eighttenths of all the property, both business and residence lots, have been sold, and many beautiful residences have been erected there. The best class of improvements that money would buy have been put in and the transformation of the twenty-four months is a remarkable one. The new addition now to be opened lies immediately alongside the original town and is a part and parcel of it in every particular. Over 10,000 shade trees have been put out upon the two properties. Macadam streets, concrete walks, electric lighting, sewers, water, electric roads, etc., are among its advantages. Popular prices for lots $275 upward, will be made for this opening sale. The lease has gone to the records by Wallace L. De Wolf to George A. Springer to the property on 39th street, 25 by 37½ feet, north front, 109 feet west of Cottage Grove avenue, the rental being $350 a year. Charles L. Schaar and others of the bank of Schaar, Koch & Co., have transferred to Charles L. Boyd, receiver for their bank, twenty-one pieces of property located at various places on the south and west sides, for $1 and other considerations. The firm of Monson & Smith, which has been doing a general real estate business at 144 LaSalle street, has been dissolved by mutual consent, J. H. Smith withdrawing. O. K. Monson will continue the business at the same place, under the firm name of Monson & Co. C. L. Jenks has made a loan of $70.000 from the Northwestern Mutual Life Insurance Company for a period of three years, with interest at 5 per cent., secured on the property 10 and 12 Madison street, 48 by 81 feet, improved with a four-story brick and stone building. The residence of P. E. Stanley will be sold at the Real Estate Board at auction Friday, May 14, at 11 o'clock, under a decree of foreclosure in favor of the Chicago Trust and Savings Bank, Joseph Medill and others. The Stanley house is located at 67 Bellevue place, and occupies a frontage of thirty feet, the lot being 125 feet deep. It is three stories high, and is constructed of brown stone. H. G. Fiddelke has designed for Andrew Dubach a three-story flat building to be constructed at 5400 and 5402 Jackson avenue. It will be constructed of stone and brick and will front 46 feet, with a depth of 103. It will be finished in hard wood and heated by steam, and will cost $20,000. Thomas McCall has designed for Joseph Cormack a three-story apartment house, to be built at 6440 and 6442 Kimbark avenue. It will front 50 feet, with I a depth of 66, and will be constructed of stone. The interior will be divided into six flats of seven rooms each and will be heated by steam. It will cost 1 $18,000. 1 1 Charles Thisslew has designed for W. € J. Johnson four three-story flat build1 ings, to be crected at 39, 43, 47 and 51 1 Alice street, They will each front 24