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ANOTHER FAILURE. The State Street Savings Bank Gives Up the Ghost. It Had a Cash Capital of $7,000--The Deposits Amounted to $37,000. Dublous Prospects of A Dividend. It was reported on the streets about noon yeaterday that the State Street Savings Bank had inspersiod. Some excitement WAS produced by A mitture of names, which credited the State Barings Institution with the not attuded to, and sent numerous visitors to it for information. but when people learned that it was only the State Street Bank which had failed, their Interest suddenly subsided. The State Street Savings Bank has always been considered weak in banking circlos, and the announcement of Itm going nuder was not unexpected by the other banke. IT WAS INCORPORATED In 1871 immediately after the fire, the principal stockholders being Enos Brown, C. II. Shipman, and August Kopsell, and the capital stock was nominally placed at $50,000. After loading n precarious existence, and changing hands voral times, It camo last May into coutrol of Mr. B. T. Wright. Among the DEHOLS which he received WAR $30,000 worth of paper, most of it for largo amounts. Ilis failure to realize on these notes was the direct causo of the suspension yesterday. Soon after the first rumor that the bank had blosed, a TRIBUNE reporter called at the bank, which is located under the Palmer House, 111 search of such information 2.1 might interest the luckless depositors, and the public generally. The bank doors were wide 01 en, and there WAH no appearatico of anything out of the usual rontine of business. TWO YOUNG MEN were bohind the counter. who. upon being questionell, stated that it WAS true the bank had refused several checks during the day, but the officers expected to resume payments to-day. Being asked who the officers wore, and where they might be found, the young mon professed entire ignorance. The reporter took ups printed circular lying on the counter, which contained the following list of Directors W. C. Harrington, President Dr. Edgar Reading, VicePresident; John B. Sabine, Cashior: John Monsul, J. L. McKeever. The clerks stated that these were not the officers of the bank, a change of ownership having recently taken placo. They finally said, after repeated quesLioning, that Mr. B. T. Wright was the present Cashier, but he was not in. At about half-past 8 o'clock the reporter again called at the bank and was fortunate enough to find Mr. Wright. who expressed himself entirely withing to tell all that he knew about the affairs of the bank. In answer to a question propounded by THE TRIBUNE representativo, Mr. Wright said that THE CASH CAPITAL OF THE CONCERN when he came into it WAS about $7,000. The rest of the nominal $50,000 was expressed by notes of the stockholders, to which, however, no value could be attached. Mr. J. B. Sabire, the former Cashier and principal stockholder, induced him by false representations, be said, to take hold of the concern. He borrowed the monoy with which he bought out Mr. Sabine. Among the assets WAH $39,000 in notes, etc., which were all guaranteed by Mr. Babine. These notes he has sinco found to be almost without exception worthiess, ns, for instauco, a note for over $3,000 against J. L. McKeover, a former Director. Mr. Wright ondeavored to ΓaiHo money to help the bank along, and nearly enceeeded in getting several excellont parties into it. Had they pnt their money in. be claims, the bank would have remained solvent. As it 18. he iH the only loser, his father, Mr. Crafts J. Wright, having only purchased one share, in order to make Limself available AH President of the concern. Mr. Wright further says that THE DEPOSITS have greatly decreased within a few months, the total amount in bank yesterday being 837,000. The amount of deposits last December was reported nt $81,105. and on the 30th of last June at $75,572.48. Truly, either there has been an alarming decrease, or the provious reports were incorrectly given. During yesterday forenoon, and even until n late hour in the afternoon, Mr. Wright was around town VAINLY ENDEAVORING TO PROCURE ASSISTANCE to tide them over the crisis. When the reporter called at half-past 3, he bad given up all hopes, and was just completing an assignment of the bank effects to Mr. John C. Scovill, of the McLean County Bank, of Bloomington, III. Lator in the day the following notico was posted upon the door Bank Closed : John D. Scovill, Assignee for nole benefit of the depositors and other creditors, Office No. 125 Clark street, Room 24. Due notice will be given through the daily papers. The failure, which was considered inevitable by well-informed bank people, created no seusa-
