4689. State Savings Institution (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 4, 1882
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
6b377780

Response Measures

None

Description

Article (Chicago letter dated Dec 4, 1882, published Dec 7) reports the State Savings Institution among the wreck, its president D. D. Spencer absconding, a receiver appointed, assets sold and dividends being paid — indicates suspension and permanent closure with receiver rather than a depositor run. I corrected OCR errors in names (D. D. Spencer) and inferred event date from the letter (Dec 4, 1882).

Events (2)

1. December 4, 1882 Receivership
Newspaper Excerpt
The receiver of the bank Judge Ois has already paid he creditors 45 per cent. ... the final dividend be paid Saturday the last of the assets were disposed of, consisting bills receivable. etc. One of Spencer's notea was for over $750 000. This was sold ... $10,000 note sold ... Of course these notes were bought up by Mr. Spencer's friends, and in due time he will walk the streets of Chicago ... causing untold misery to thousands of our hard working people. (Public Ledger, Dec. 7, 1882, Chicago letter dated Dec. 4.)
Source
newspapers
2. December 4, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President D. D. Spencer absconded; large note holdings and apparent mismanagement/possible fraud leading to failure and suspension; receiver appointed and assets disposed of.
Newspaper Excerpt
A smash up occurred among Chicago's banks. The State Savings Institution among the wreck. its liabilities about $5 000,000. Its President. Mr. Spencer is a fugitive in foreign land The receiver of the bank Judge Ois has already paid he creditors 45 per cent.
Source
newspapers

Newspaper Articles (2)

Article from Public Ledger, December 7, 1882

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Article Text

CHICAGO LETTER Correspondence Public Ledger. CHICAGO, December 4, 1882 Another Southern outrage. course this is what It would have been styled if the same had occurred in any part of the South, The day before Thanksgi ving bloody drama com menced in Uhicago and ended yesterday The first act was the smasning in man's skull by gru named Bell Allen, the victim being Joe Dehlman who had succeed him as porter on palace car The next act was an attempt to arrest the culprit, made by several officers one of whom, named U. E. Wright was killed. The third act was other attempt to arrest the desperado In this another office was severely shot His name is Mulvihill, The by last aot was the discovery named Long Fred boy of the whereabonts of the culprit in hen coop. By this time ten thousand people had g thered and the greatest excitement prevailed The final was enacted by eral officers rid diing the carcass of the demon with ballets, and then carting away the lifeless body to the stationhouse is likely young Lang will get the $500 reward offered for inform tion leading to the arrest of the desperado Two officers have been di missed from the force for showing the white feather at the killing right Their names are Fletcher and Foley Surgeant Wheeler gets the credit of doing the first fisal pirt of the shooting in the last act of the play. He put five bul lets into the anatomy of the trans gressor of the law This prompt execution of the law will save a good deal of trouble and expense to the city and county Ex Governor Calhoun of Manitoba, is in Uuicago Hister in of five years expired few days ago James Cox Aikens is his successor. His ex excellence speaks in high praise of the future of that revion Ex Governor St. John, of Kansas is in the city He says the temperane cause is very strong in K Kinsas, and that his late defeat Was person mat ter and fight against himself and not ag inst the mperance party. The end of the world at an early date 18 prediated by Rev. E Baile Smith, of Middletown Conn now Bejourning in Chicago The reveren gentleman is the repr esentative of new organization the Catholic Apos solie church He believes Christ will soon be among us. Chicago is sore in need of some such holy visita tion. Sir Eiwin Johnson, an English military General note and ber of the East Indian government in Chieszo He has : high opinion General Sherman and of West Point military scademy A smarh up occurre few THETS age among Chicago's tanks The was States Savings Institution among the wreck. its liabilities about $5 000,000. Its President. Mr. Spencer is a fugitive in foreign land The receiver of the bank Judge Ois has already paid he creditors 45 per cent. six dends and the final dividend be paid Saturday the last of the assets were disposed of, consisting "bills receivable. etc. One of Spencer's notea was for over $750 000. This was sold for $800 A to an unknown person $10,000 note sold or $3. Of course these notes were bought up by Mr. Spencer's friends, and in due time he will walk the streets of Chicago as independently as if he was not the prime factor in causing untold misery to thousands of our hard working people. All on board go down to watery grave. This is the terrible news that reaches Chicago, telling of the burgiog of the R.G. Peters. and the loss of all on board, some persons in all. about forty miles east Milwiukee The Captain of the illfried craft was named Olsen. No particulars at this writing. The intended marriage of Senator D&7id Davis, as arranged by some newspapers, is pronounced by that gentleman unadultera.ed fiction Hon. Joseph M dill, of the Chicago Tribune, is prominearly spoken of for the United States Senate from Illinois Certainly his fidelity to the party should be re. warded by suitable honors from the Republicans Judge R.J. Pendergast. of Cook county, Illinois, 18 only 28 years 0 age The Democrats recently honored him with his present position He is a good lawyer and a gentleman with few prers. Sin Ah Y on is before the Chicago Courts on a charge of murdering brother celestial Highwaymen of Chicago 'held up Rev.S H. Meade, the other night, and robbed The President's message as it ap pears i in the evening papers, is ously commented on. Some consider it "very evasive' on the tariff ques tion, while others think it O. in all its beariogs Certainly t would miracle every one could be pleased Mr Arthur is as much entitled to his views as any other sovereign, and should get as much credit for sin cerify as those who eriticize his paper During our latc war the stay at were excellent generals after battle Mr Arthur is only consequently he cannot please every one who has a policy." Major Soth Hanchett, the newly elected Republicin Sheriff of Cook county, Illinois, part of which Chicago is a mber of the Ancier Order of United Workmen. They banquetted him the other Heisa good fellow A Confederat bullet deprived him of an arm during the little disturbance. The prominent lawyers of Chicago lately honored with a banquet, Hon T.H. Drummond, of Portland, Me and Hon. H C, Hutchins, of Boston Too much 'combusted two firm lately in Uhicago Kreigh & Davie and E 8 and U.W. Richards, are the unfortunates He is an angel. Colonel R W Ricaby, a prominent lawyer of Chi eago, has gone up the golden stairs Hewas native of Hilladale, Mich and represented that State city a fishring soldier during the war the re ellion. He was a splendi men Over 347 steamers and 791 sailing vessels arrived in the port of Chicago the season just ended The toonage was 456.979 These craft brought into our port, among other things, 126,079


Article from Stephens City Star, December 9, 1882

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Article Text

# THE NEWS. The following is the text of the ordinance which has been presented in the Bundesrath forbidding the importation of American pork: 1. The importation from America of pigs, pork, bacon and sausages of all kinds is forbidden. 2. The Chancellor is empowered to permit exceptions to the prohibitive rule subject to the necessary measures of control. 3. The restrictive ordinance of June 25, 1880, in respect to the importation of American pork and sausages, is abolished. 4. The present ordinance comes into force thirty days after its promulgation. A woman named Kathi, one of twenty-six women arrested several months ago for poisoning their husbands, has been hanged. She confessed to having murdered two husbands. Four of the other women have been convicted. Rear Admiral Wyman has been stricken with paralysis, and is in a critical condition. The municipal bank of Skopin, in the Province of Riazan, has failed for over twelve million pounds, ruining the whole town as well as hundreds of families elsewhere. Among the natural curiosities of the yellowstone Park, Superintendent Conger, in his annual report to the Secretary of the Interior, mentions "a deep and rapid river of boiling water, 200 feet wide." He complains of the wanton and apparently purposeless depredations committed by tourists. A deputy United States marshal arrested Dr. Charles J. Eastman, the executive head or dean of the Bellevue Medical College, in Boston, on the charge of using the mails with intent to defraud. He was ordered to furnish bonds in $700. In a letter to the St. Louis Post-Dispatch, Joseph Pulitzer alleges that in the spring of 1881 Mr. MacVeagh had a warrant issued for the arrest of Stephen W. Dorsey, but the latter went on to Washington and saw Garfield and the warrant was never served. MacVeagh denies it. At the sale of the securities of the State Savings Bank in Chicago the note of D. D. Spencer, its absconding president, for $750,000, was knocked down to a countryman for $801. Judge Dykman, of the Supreme Court in New York, has decided that telegraph companies who set poles in front of premises must make equitable compensation therefor. Samuel Bigbee has been elected chief justice of the Supreme Court of the Cherokeo Nation, and J. Calls and J. B. Mayo associate justices.