4709. Traders National Bank (Chicago, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 966
Charter Number: 966
Start Date: October 2, 1888
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 478a2ae5

Response Measures

None

Description

The bank suspended/closed Oct 2, 1888 and a receiver (Hiram L. McChesney) was appointed. Reports attribute the failure to the prolonged illness/incapacity of President Joseph O. Rutter and consequent mismanagement/insolvency. Newspapers describe depositors gathered at the closed door after suspension, but there is no clear account of a prior run that forced the suspension. The institution remained in receivership and did not resume normal operations in the coverage provided.

Events (4)

1. April 1, 1865 Chartered

Source: historical_nic

2. September 4, 1878 Voluntary Liquidation

Source: historical_nic

3. October 2, 1888 Receivership

Newspaper Excerpt: Hiram McChesney was appointed receiver of the Traders' Bank, corner of Madison and LaSalle streets, this morning, by Judge Shepard, under a petition filed by Thomas P. Tallman, the cashier. McChesney gave bond for $500,000 and was ordered to take charge of all the effects of the bank.
Source: newspapers

4. October 2, 1888 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Prolonged illness and incapacity of President Joseph O. Rutter led to mismanagement; liabilities exceeded assets and the bank was compelled to close.
Newspaper Excerpt: The Traders' Bank suspended this morning, throwing financial circles into great excitement. Judge Shepard appointed Hiram L. McChesney Receiver.
Source: newspapers

Newspaper Articles (25)

1. September 30, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 30, 1873

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servatism would insure our success. Reporter-How have your operations been to-day? Mr. Wheeler-The demand upon us has been heavy, and our cash balances have been reduced over $400,000. We have felt utterly unable, in view of the outstanding amount, to maintain such heavy drafts while unable to collect outstanding obligations due. Reporter-Are your securities good, and does the bank think it will be able to discharge all obligations ? Mr. Wheeler-We have no doubt of either, and to this the personal word of our Directors and stockholders is pledged. Reporter-What was the amount of your obligations at the time of your first suspension ? Mr. Wheeler-I cannot tell that. It was so large compared with our immediately available funds as to make a temporary suspension a necessity. Reporter-In that conclusion, were the Directors of the bank unanimous? Did they agree with Mr. Coolbaugh? Mr. Wheeler-We agreed with Mr. Coolbaugh, and believed in the soundness of his judgment. Reporter-What was the immediate occasion of your suspension, aside from the general seeming adversity? Mr. Wheeler-We had a very large country correspondence, and were dealing with banks throughout the Northwestern country. Here are 250 country banks, howling for money and clamoring for currency, and their demands were importunate. They looked to us to supply them, and called upon us in an emergency which neither we nor any other bankers in the country had anticipated in time. Reporter-When you received on the day of your suspension a telegram from a leading New York bank an authority to call upon them for $500,000, would it not have been possible for you to have availed yourself of this credit, and maintained your own standing? Mr. Wheeler-No, sir; on that credit we could not have drawn currency, which was the article immediately demanded. We had not the available current funds to continue business, and had continued against our better judgments in the hope of unity of action among local bankers which would have afforded some solution of the difficulty. But without this we were compelled to act upon our own responsibility, and assumed a position which we regretted, but felt necessitous. Reporter-There have been rumors, Mr. Wheeler, that the bank or its officers have of late been largely engaged in speculations. Is there any foundation for this report? Mr. Wheeler-No, sir. The bank has not engaged in any speculations, nor has any of its officers. Reporter-To be more specific; has the bank or any of its officers engaged in corn speculations since the commencement of the present crisis? Mr. Wheeler-Neither the bank nor its officers have. Reporter-What are your obligations? Mr. Wheeler-I believe we owe about $3,800,000. Reporter-What is the sum of cash on hand? Mr. Wheeler-I do not know exactly. Our balance of cash on hand from the time of former suspension has been reduced over $400,000. We may have now $600,000. Perhaps not so much. Reporter-Will you be able to realize on collaterals and resume ? Mr. Wheeler-This we do not anticipate. Our securities are good, and we expect to be able to pay obligations. But we have gone into voluntary liquidation, and cannot resume the banking business. ### THE COMMERCIAL NATIONAL folks were happy and serene. Feeling confident of the subsiding of the waves, and that they were in a safe harbor yesterday, this bank was paying in full the checks of every depositor. A large number of new accounts were opened with them during the day, and deposits had been very largely in excess of payments. So strong and confident were they that even discounting had been resumed to some extent and in a safe way. Mr. Eames, the President, spoke in a most confident manner of the present, and looked forward to only brighter and better realizations in the immediate future. ### AT THE TRADERS NATIONAL full business was resumed without asking favors, and every draft of a depositor was honored, while the deposits for the day were greatly in excess of the withdrawals. Without seeking (as none of the banks did) new accounts, a number were opened, and the affable President, Mr. J. O. Rutter, to use a hackneyed expression, which the reporter could never see any sense in, but which he uses in deference to popular judgment, -looked" as smiling as a basket of chips." ### THE NATIONAL BANK OF COMMERCE reopened its doors for business yesterday, and was pursuing very much the course adopted by the Union National. It did not attempt to clear at the Clearing-House, but over its counters met and responded to every obligation. In a day or two it will resume in full the ordinary course of business, as its affairs are reported in excellent shape. ### AT THE CENTRAL NATIONAL matters seemed to be moving easily along. The President was chatting cheerfully with his customers, none of whom looked as if they were overburdened with the unhappy train of thought which arises upon the return on a business man's hands of a quantity of what he vainly considered negotiable paper. An interview with the President satisfied the reporter that, in the financial ship Mr. Endicott was sailing, everything was taut and trim. She had weathered the breakers, and, with a skillful pilot and leadsman, would cast anchor shortly in a safe harbor. The result of the panic, he said, would be that it would teach the people not to carry too much sail, and, with this result attained, even though much distress must come before it is accomplished, the panic would be by no means an unmixed evil. We thought one of the great evils which prevailed among bankers at the present day was the prevalent desire to do "a big business." Many bankers with limited capital are running a very large and not very safe business, the profits of which could be realized out of a much smaller one. Mr. Endicott explained a system by which loan certificates might be issued on a basis which could hardly fail to be agreeable to all the banks, but, now that the time for their necessity may be considered past, it is hardly worth while mentioning. More than that, the strong point of the system is the depositing by the bank requiring such certificates, in addition to a set proportion of securities, 25 per cent of the amount of the securities in currency. With regard to the position of the banks, Mr. Endicott, who illustrates his explanations with a freeness of nautical expression that would do credit to a Marryatt or Fenimore Cooper, stated that every day showed an improvement, his customers willingly doing all they could to make matters move smoothly. Highly pleased with the result of this interview, the reporter moved eastward to ### THE CITY NATIONAL BANK where the President was busily engaged transacting the business of a little knot of customers. Their little wants having been apparently supplied by that gentleman, he began to at once express his satisfaction at the way in which the week had opened. "Things," he said, "looked well on Saturday, but they look better now." The cash resources of the bank were increasing daily, and he felt now that he was safe on Saturday in thinking that the end of the trouble had been reached. In his opinion the final result of the present trouble will be the end of the currency question. When everything came to be rearranged and in running order once more,

2. August 1, 1874 The Hickman Courier Hickman, KY

Article from The Hickman Courier, August 1, 1874

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MISCELLANEOUS. Bristow consents that Spinner shall have the selecting of his own clerks. The last suviving sister of the late Edgar Allen Poe died at Washington last week, aged 68. There have been about one thousand applications for office under the district comThe aggregate amount due the clerks of the late board of public works, including the engineer department and employes under the superintendent of property, is $1,207, 393. Mr. Price McGrath, says that Tom Bowling has been turned out, and will not run again this year. Perhaps he will never grace the turf more. Slight hopes, however, are still entertained for his recovery. A dangerous counterfeit having appeared on the five dollar notes of the Traders deNational bank of Chicago, the treasu partment offers one-half per cent. premium, for the return of the genuine five dollar notes of that bank to the department for destruction. The attention of bank officers is especially called to the necessity of retiring these notes, which will entirely prevent the circulation of counterfeità. In the case of the Union Trust Company of New York vs. the Rock Island & St. Louis railway, brought in the United States court, to foreclose the nine million dollars trust deeds against the company, and for the appointment of a receiver, Judge Blodgett has dismissed the bill on the ground that the necessary number of bondholders had not joined in the request to foreclose as to former defaults in interest. The bids for the five per cent. funded loan forwarded from New York, representing those filed by foreign bankers for European markets as well as those for domestic holdings, will aggregate not less than $80,000,000. The large bids will come from syndicates which have been formed, the principal one representing a combination of German bankers, and to each of those bids will be attached a condition that the bidders are to have a call on the entire remainder of the loan so that should the secretary accept any one of the bids, it would be to the exclusion of all others. A dividend of five per cent., authorized by the committee of creditors of Jay Cooke & Co., has not yet been paid, the register having deubts as to its binding effect upon him. He has, however, proceeded with the necessary calculations, so that there should be no delay if the court ordered him to proceed. In the meantime the funds in his hands have increased to such an amount as will warrant the payment of seven instead of five per cont. It is believed that he will bring the matter before the court when its opinion can be obtained, and if a proper order is made, payment will be proceeded with as early as possible. The lieutenant governor of Mississippi has telegraphed that he has sent to the president by mail a statement 'of affairs at Vicksburg, which led him to apprehend disturbance of the peace, which, owing to the unorganized state of the militia, he would be unable to suppress. The mayor and postmaster of Vicksburg have on the other hand telegraphed to the president protesting against the sending of troops to that city, as such an act would have the effect of increasing the excitement, as there are no indications of an outbreak. The secretary of war, in view of the protest of the mayor of Vicksburg and the postmaster at that city against sending troops there, has countermanded his order directing troops to proceed to that place ntil the full particulars of the whole trouble be received from the acting governor.

3. January 1, 1881 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, January 1, 1881

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the bank resumed business they renewed their relations with it. The business of the bank for the year 1880 shows an Increase of 50 per cent over that of the previous year, With the Increase of trade In Chicago, and the demand for safe and reliable banks. the continued prosperity of the Traders Bank is assured. PRESTON, KEAN & CO. Among other Indications of a healthy development In the department of finance, It may be mentioned that the banking house of Preston, Kenn & Co., 100 Washington street, averageil In their deposit line. for the latter half of the year, about 81,500,000, being an increase of nbout (N) per cent on the business of 1870, accompanied by something llke a corresponding gain In the department of foreign exchange over the transactions of that Interesting branch of the business for any preceding year. Preston, Kenn & Co. conduct business in three leading divisions,banking, security, and foreign exchange,and while, ns stated, the development of volume in the foreign transactions, and the standing average of deposits have been of marked character. the department of securities Is assigned grent prominence. Government, manicipal, State, and county obilizations, the negotiable securities of the Nation, constitute a primary interest. n specialty, so to speak, in the business of the house. The tratisactions in this department figure high in the millions, and are also largely In excess of any preceding or recent year. THE INTERNATIONAT. BANK, situated on Lit Salle street, opposit the Cham her of Commerce, nlways considered one of the soundest banking Institutions of this city, has during the last few years stepped stenility forward to the front rank of our banks. Since 1877 its deposits have Increased threfold, aim are nownpprouching the third million, while its general business and earnIngs have kept pace with this development. One of the leading branches of this bank is Its foreign exchauge business, which, although actual figures are withheld, may be said to amount to many millions. The list of Directors and stockholders of this bank is nn unusually strong one, comprising some of the wealthiest and most prominent business-men and capitalists of this city. ILLINOIS TRUST & SAVINGS BANK. This is the best-known savings Institution In Chicago. It occupies the old Fidelity Building, Nos. 145 and 147 Randolph street: has It cash capital of $100,000 invested In U.S Government bonds, held at par: also a surplus fund of $10,000. It loans only on cash collaterals, Investing but n small part of its funds on long-time real-estate loans, and none whatever on personal security. Moreover, has always had the courage to reduce the rate of Interest paid to depositors when occasion required, preferring rather to lose patronage than to hold depositors by giving n larger premium than first-class securities would return. To this line of policy, ad hered to by the Directors and stockholders, among whom are some of our best business men and capitalists, may be attributed Its success In meeting all emergencies that have arisen, as during the past seven years It has never failed to meet every call of its patrons In full on demand. The fact of Its savings deposits having Increased 150 per cent since Jan. 1, 1850, Is further proof of the confidence reposed In It by the public and Its growing popularity. THE FIDELITY SAFE-DEPOPIT COMPANY VAULTS The above popular Institution was the first one built in Chlengo,--It being open to the public in June, 1871, or four months prior to the great fire. These voults became very popular nt once, and fully verified their fire-proof qualities by preserving their contents Intact. When first opened the vaults contalned 1,068 separate safes, and since then they have Increased the number four times, and have now an order in the manufacturer's hands for 1,000 more safes. These will soon e be placed In position, and when they are they will make n total of over 4,500 separate safes, thus showing the rapidly-liicreasing popularity of the Fidelity Voults. Matthew Latlin, Esq., Is the President of the Company: Van II. Higgins, Treasurer, and Robert Boyd the manager, These vaults are ns proof against thieves as ingainst fire. It is advisable to call early and secure one of the new sates.

4. October 3, 1888 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, October 3, 1888

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BANK FAILURE. Financial Circles at Chicago Thrown Into Excitement. (Copyright, 1888, by the California Associated Press. CHICAGO, October 2d.-The Traders' Bank suspended this morning, throwing financial circles into great excitement. Judge Shepard appointed Hiram L. McChesney Receiver. Liabilities, $900,000. The assets are nominally less, but probably will be made good out of the estate of President Rutter, who is now on his death-bed. To the latter fact and consequent mismanagement is due the failure, which is not due in any way to the wheat deal.

5. October 3, 1888 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 3, 1888

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The National Union and Union Savings banks of Fall River have $131,000 worth of Cashier Nicholl's paper. A director stated last night that if time was given for collection, neither institution would lose heavily. An engineer captain has been arrested at Portsmouth, Eng., for showing an American over the secret parts of the Spithead, |forts. Dr. Ludwig Hahn, chief of the press bureau and an eminent German biographer and historian, is dead. Bishop William Taylor, the distinguished African bishop of the Methodist church, believes that Henry M. Stanley is safe in the interior of Africa, and that he may not be heard from for one or two years yet. The Traders Bank of Chicago has failed, and a receiver has been appointed. It is understood the failure resulted from the illness of the president.

6. October 3, 1888 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, October 3, 1888

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A BIG BANK FAILURE. The Traders' Bank at Chicago in the Hands of n Receiver. CHICAGO, Oct. 2.-Hiram McChesney was appointed receiver of the Traders' Bank, corner of Madison and Lasalle streets, this morning, by Judge Shepard, under a petition filed. by Thomas P. Tallman. the cashier. Mr. McChesney gave a bond for $500,000, and was ordered to take charge of all the effects or are that it in belong trust. The to the news bank was received held with by a great deal of surprise and floated around with the usual swiftness among the lawyers, and caused more than one to excuse himself from a case and hurry around to protect clients who were the bank's creditors. The liabilities are on the verge of $1,000,000. In his petition for a receiver, Mr. is a a Tallman business; private one, says that has that Joseph done the bank, general O. Rutter which banking has been president and the petitioner has been cashier for ten years. The capital stock is $200,000 divided into 2,000 shares, of which Mr. Rutter holds 1,500 and Mr. Tallman 500. There were no other shareholders. For six months he says Mr. Rutter, the president, has been an invalid and incapable of attending to the affairs of the bank. He has gradually grown worse until now he is dangerously ill and wholly unable to even consider or consult with the caghier concerning the business or the management or any of the details of the corporation's business. At present, he says, there are no hopes of the recovery or even of the improvement of Mr. Rutter. He is unconscious and has been 80 for thirty hours. Up to the time of his sickness Mr. Rutter was the active head of the house, but since his illness the management has been wholly in the hands of Mr. Tallman. In spite of efforts he says he has been unable to build up the business of the bank. The liabilities continue to exceed the assets, and unless immediate steps are taken to collect and preserve the assets irreparable damage and loss will result to both the creditors and shareholders of the bank. The business now shows a steady decrease, Mr. Tallman says, and the assets are being rapidly consumed and eaten up in the expenses of the management, while the liabilities are steadily increasing. The assets be places nominally at $999,386.29, consisting of cash and bills receivable. The trouble is that a great portion of this is not available and cannot be used readily to assist the bank under its old management.

7. October 3, 1888 Press and Daily Dakotaian Yankton, SD

Article from Press and Daily Dakotaian, October 3, 1888

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A CHICAGO BANK SUSPENDS. The Traders' Bank Closes Its Doors and a Receiver Appointed. CHICAGO, Oct. 2.-Hiram McChesney was appointed receiver of the Traders' bank, corner Madison and Lasalle streets, by Judge Shepard, under a petition filed by Thomas T.I Tollman, cashier. McChesney gave bond for $500,000 and was ordered to take charge of the bank effeets. The liabilities are said to be $1,000,000; assets at present unknown.

8. October 3, 1888 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, October 3, 1888

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FOR A COOL The Traders' Bank of Chicago Compelled to Close Its Doors. ITS PRESIDENT SLOWLY DYING. His Long Continued Sickness Present Given the Reason for the as T rouble- The Cashier Thinks They Can Pay Their Debts. to A Big Financial Crash Oct 2-Special Telegram CHICAGO, The Traders' Bank, with doors liabil to THE reaching BEE $1,000,000. closed its failure fol ities The nouncement of the president, day. by the sad tidings that the his residence, lowed O. Rutter, is dying at something of a Joseph street, created This action sensation 391 Superior in financial circles to the creditors was not only great surprise bank. but it took the depositors of the entirely by sur and Thomas Tallman been cashier, It seems that the bank has never all, but its prise. circumstances at closure the in straightened direct result of the expected death Cashier of Mr. Tallman Rutter. this morning 'Last told night this to a reporter He said: was going to story know that this event I awakened did not Only this morning was acquiesced in occur. to the inevitable result recommendation and I of emithe closure on authorities. the We have not re nent legal a bad condition as death been in finances The expected of this spects Rutter is the main cause and lia of President I cannot say what the assets us we result. will be, but if our debtors pay owe. Of bilities satisfy all the obligations we die, legal can is case Mr. Rutter should and in course. complications would arise to anyhow, have the busic such case it hands might of be the better court Mr. to Rutter hear of every demise ness is in yet the dead, but minute. am expecti For ting six mon ths his me, upon fell heavily his all the work rendering here has him devolved unable to be upon con think condition sulted even, and the creditors strain will suffer they me. None I am safe of our in saying. Certainly Did the will not can Hutchinson help it." deal have anything of and patronage to "Nothing whatever do with we We were had influenced no board in wheat. trade no way by the pranks of receiver for the bank The application before Judge for a Shepard. The court named Hiram receiver. was made granted the prayer as the and McChesney at placed $500,000 The bonds bank were has been doing in business 1861 at The Traders It was organized Savings insti Freeport, since 1872 III. as the 'reeport and Savtution The the Chicago name adopted Commercial in 1872, bank devel- in oped ings bank, into the Garden known City Savings as the Traders been same bank. 1873, and For in ten 1872 years was Mr Rutter length has of time president and for served the as cashi divided Of the Thomas Tallman stock. which owned was 1,500 Mr and $200,000 into 2,000 shares, capital Tallman Mr. Rutter the other 500. it is shares These two and men constitute institution the bank more to said they conducted the for any other reason employme than flurry around the have was insiderable that it had There when the news was o'clock spread the doors read bank were been closed closed. and About a little 12 placard Bank was closed. hung In- in the window which given at 10 Ashland large block. crowd The la announcement formation attracted a jammed by merand the street corner was had been out for their chants Although and clerks they who stood out and, in a drizzling as they lunch. shower they hands were on undaunted their pocketbooks, door. they Not o'clock h a savage held read and their re- read did the words the crowd on the decrease look- in t ng little cloud 3. until numbers, and only began then to when pour big rain drops. in the indescribable the ing The scene was bank almost as anxious visaged Tall men Cashier e d came trooping interior of vacated in to talk his with desk and sought they p seclusion man. He in had his private room. down There his face. him, met him were with depositors; tears streaming their money asking was at if they were safe and who money, They stake, and they Small appealed tradesmen, to whom could not he the knew afford needed to go down their in a their bank wants failure, and were could rsuppliants. He have knew been with the bank since ten t say nothing. said "I he to reporter, you that please, is of yearsago again went it started, makethis tall short up to his e. and the have handkerchief been in business in Chicago since again broke la eyes. "I Here the gentleman ante-chamber. Re 1853 and I-" retired into an "I never d down and few minutes he said: night. is turning in a of this trouble until when last decided to dreamed was late and up the bank had retired sent of for the our affair. attorney, shut Mr Walker, and disposed dollar for dollar! "If m Will you pay out said Mr. Tallman re "That depends, we can pay them. matters Just so rs others will pay receiver us takes charge have la soon as the their accustomed way We tears will no fears-we assume have friends, and the came While again the failure of the bank said Vice to-day Presi- was s. not thought of Gage, yesterday, of the First National n dent Lyinau J. be said to be a great ir bank, "still to it us. cannot It has for bank some time was n. connected very surprise been supposed that closely the with the af It ry Rutter estate. the m fairs will have of no the perceptible In my effect opinion upon it will rs I financial condition. the money market in bank the least had any of dealings consequer don't think not effect the First National with it do not For large depositors. ., think it had any the very failure will not affect other any nlocal bank. large that reason business firms in the city or any ras "Did the failure of the trade bank failures, result in or will any sihe way its failure from the affect board board of of trade men in any way! "No to both questions the failure As I will said not before affect it is my opinion of that any large business firm or in ned the interests, condition or the general financial condition in the city. O Rutter was a native It is of stated Phila er delphia. Joseph He was descanded born in 1836. on his mother in born that Mr Rutter Rapalye, the first white child the side from the Sara province of the New Netherlands More Writs For Celestials n. No FRANCISCO, Oct. 2 -Collector notice of the of the SAN Hager to-day received official bill Port of the Chinese exclusion nathe approval Assistant Secretary of the Treasury the L from The collector will landing issue R. Maynard. order to prohibit the af of necessary Chinese. This order will the steamer first any more hundred Chinese on Judge I Belgic, fect several which will United be due States to-morrow. distric court o y , to-day Hoffman, declined of the to Chinese issue any who more arrived writs here i habeas corpus to City of New York on Satur on the steamer house officers have ascer, that 30,778 return day. The custom certificates issued this tained port are still outstanding on

9. October 4, 1888 The Sauk Centre Herald Sauk Centre, MN

Article from The Sauk Centre Herald, October 4, 1888

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A FINANCIAL WRECK. The Traders' National Bank of Chicago Goes to the Wall---Liabilities, $1,000,000. CHICAGO, Oct. 4.-Hiram McChesney has been appointed receiver of the Traders' bank, corner of Madison and La Salle streets, by Judge Shepard under a petition filed by Thomas P. Tollman, cashier. McChesney gave a bond of $500,000 and was ordered to take charge of all the bank's effects. The liabilities are said to be $1,000,000; assets at present unk wn. The failure is said to have beer caused by the illness of the president of the bank. In his petition Thomas E. Tollman says that the president of the bank, Joseph O. Rutter, who holds most of the stock, has for six months been an invalid and incapable of attending to the affairs of the bank. Siuce his illness the management has been wholly in his (Tollman's) hands, and in spite of his efforts the business has run down and the liabilities continue to exceed the assets. Mr. Tollman says the assets are being rapidly consumed in the expenses of the management, while the liabilities are increasing.

10. October 5, 1888 The Washington Critic Washington, DC

Article from The Washington Critic, October 5, 1888

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number of clever imitations of the toms stamps used on imported ciga On the original are the words " Man facturers of imported tobacco," and the counterfeit " Manufactured of i ported tobacco." The bogus stamps : made by a New York house and are I used to evade payment of duty, but a put upon boxes containing inferior ( mestic goods in order to delude the pi chaser into the belief that he is buyi a genuine Havana weed. The firm w be prosecuted. It is officially stated that the Frer Government was much surprised by impression produced abroad by Pr dent Carnot's decree in regard to 1 eigners intending to reside in Fran It is pointed out that former cabin have examined the question and co to a favorable conclusion in regard to No foreign power has offered any obs vation to the government in relat to the decree, the legality of which based upon article 471 of the pe code. Jubilee Juggins," the young Engl plunger, whose real name is Benson, reached the end of his money and is n living on an allowance of $20 a we He got rid of $2,000,000 in two yes His horses are being sold, and one them, Hazelmere, brought $10,000 Tatterall's a few days ago. Bens manages to look like a prosperous m as the vast wardrobe that he purcha in the days of his prosperity is still from exhausted. The New York Star says: The na of Fred May has been stricken from list of members of the Manhattan C by the discipline committee. The H cific charge against Mr. May was n payment of dues, although it is g crally understood that the unenvia notoriety which he has gained was real cause of his dismissal." Gov. Foraker, of Ohio, delivered " bloody-shirt" speech at Bridgep Conn., Wednesday evening. The vi lence of the speaker induced P. T. B num to leave the platform as one of vice-presidents. Dr. Warner, who president of the Young Men's Christ Association, was also made uncomf able by the speaker's vituperative tir against tariff reform. The steamer State of Georgia, f New York September 20, about wl some fears were beginning to be fel consequence of the length of her age, arrived at Glasgow yesterday me ing. James B. Curtis, 55 years old, of S amanca, N. Y., a guest at the Gra Central Hotel, New York City, shot h self through the head yesterday, bl ing out his brains. He left a letter his son in which he stated that he crazy. The commissioners to examine claims against the estate of Wm. G of Boston. the defaulting mill treasu who killed himself. have filed their The claims amount to nea port. $750,000, Governor Hill's enemies are mal desperate efforts to defeat him. T many will hold its convention toto nominate a candidate for ma The County Democracy will hold t convention on Saturday. George Leblanche, the marine, several other gentlemen" of the r were each sentenced yesterday to sl terms in the penitentiary in New Y for aiding and abetting the recent fen prize fight. Sarah Crutcher. of Bardstown. ] widow of James Crutcher. a revolut ary soldier, and who had drawn a sion since 1853. is dead, at the age eighty-eight years. Harry Cox, a landed proprietor Somerset and a noted foot-ball pla was lost while traveling in the Caue Mountains. A party of guides is missing. The monument over the grave of ( George E. Pickett, in Hollywood Co tery, Richmond, will be unveiled v imposing ceremonies to-day. Col. F. T. Warburton. British V Consul at Newport News. has institu a suit for $20,000 damages against teen prominent citizens of that place Shanklin & Austin's banking ho at Trenton. Mo., has closed its doors, ing forced to suspend by the failure the Traders' Bank, of Chicago. G. Anson Belcher, an aged crip yesterday attempted to commit sui at his home in Saratoga, N. Y., by ting an artery in his wrist. The Hotel Elmwood, at Glen's F N. Y., formerly known as the Elmw Seminary for Young Ladies, was yes day destroyed by fire. The British royal yacht Victoria Albert will arrive at Flushing on Em Fine

11. October 7, 1888 The Daily Times Richmond, VA

Article from The Daily Times, October 7, 1888

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BRIEF TELEGRAMS. NEW YORK," October 6.-Mrs. J. B. Childs, wife of the United States Minister to Siam, died last Thursday on board the steamer City of Chicago. The body was landed here to day. NEW YORK, October 6 -Superintendent Bangs of Pinkerton's Detective Agency said positively to day that W. R. Foster, the missing attorney of the Produce Exchange, who is wanted for the forgery of $193,000 of mortgages held by the gratuity fund, is in Canada. LANCASTER, PA., October 6. -The coroner's inquest on the body of Mary Dellinger, found yesterday on the banks of the Little Conestoga Creek, has been continued to Monday. The evidence against her husband, Calvin M. Dellinger, who was arrested last night on suspicion, is accumulating, and the popular impression is that he is the murderer. CHICAGO, October 6.-H. Zimmerman & Co., cloak manufacturers, No. 233 Monroe street, confessed judgment this afternoon in the sum of $37,000. The assets of the firm are said to be about $130,000, and with liabilities of the same amount Their failure is said to have been caused by the suspension of the Traders' Bank, with whom they had funds deposited. Their creditors are mostly from New York firms. CHICAGO, October 6 - The Northside cable has not yet been put in motion. At the engine-houses the fires are banked, the doors closed and guarded by police. Up to 1,0 o'clock there had been no attempt to start horse cars. The thousands of Southsiders whose business called them down early availed themselves of the suburban trains, backs, cabs, omnibuses and express wagons. A large number of wagons have been put on by the strikers, which carry passengers at five cents fare. The best of humor prevails, as so far there has been no sign of any trouble.

12. October 9, 1888 Evening Star Washington, DC

Article from Evening Star, October 9, 1888

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Chicago's Wrecked Bank. BITTER SPEECHES AT A MEETING OF DEPOSITORS LAST NIGHT. CHICAGO, Oct. 9.-The depositors of the Traders' Bank mad a meeting last night, which was largely attended. The committee appointed at the Saturday night meeting bad not finished its work. According to the receiver the deposits amounted to about $900,000. The bank had about $90,000 in good and available securities and deposits on hand. The deposits on Monday, the day of its suspension, amounted to $130,000. The proposition to pay back this amount mei with much opposition from the other depositors. The assets or the bank also comprise a piece of real estate supposed to be worth $30,000. The notes deemed good amount to $275,000. Several speeches were made, some of them bilterly denouncing the officers of the bank, and urging criminal prosecutions. Various proposittons to hire attorneys, Ec., were left in the hands of the committee. Ordered to Zanzibar. FOUR GERMAN FRIGATES SENT TO PROTECT THE GER. MAN SETTLEMS FROM THE SAVAGES BERLIN, Oct. 9.-The German trigates Moltke, Stoscn, Gneisenau, and Charlotte, which were lying in the bay or Naples for the purpose or tiring a salute in honor OI Emperor William upon his arrival there, have received orders to proveed instandly to Zanzibar to protect the residents whose lives and property are endangered by the rising among the natives. The four war ships carry n complement of 1,630 men and mount 66 guns. The German Emin Boy Expedition. BERLIN. Oct. 9-It has been decided to greatly increase the suength of the German expedition for the relier or Emia Bey. Racing me Newmarket. LONDON, Oct. 9-This was the second day of the Newmarket second October meeting. The race for the (sarewitch stakes was won by Teneurouse. Millstream was &cond and Trayles third There were sweaty-three starters

13. October 10, 1888 Fort Worth Daily Gazette Fort Worth, TX

Article from Fort Worth Daily Gazette, October 10, 1888

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CHICAGO'S SUSPENDED BANK. Stormy Meeting of the D sportions of the Trad rs' Hank. CHICAGO, ILL, , Oct 9 - The depositors of the Traders' Bank had to meeting last night which was largely attended. The committeespoointed al the Saturday night meeting hil not flaished its work. According to the receiver the deposits amounted to about $900,000. The bank had about $90,000 is good and available securities and deposits on hand. The deposite on Monday, the dsv et the suspensior, amounted to $130,000 A proposition to pay back this amount met with much opposition from other depositors. The assets of the bank also comprise the piece of real estate supposed to be worth $30,000 The notes deemed good mounted to $275,000. Several speeches were made, some of aem bitterly denounding the officers of the bank and graing criminal prosecution. Various propositions to hire attorneys, etc., were left in the hands of the committee. Seal of North Carolit Plug Cut Smoking Tobacco is absolutely pure.

14. October 10, 1888 Evening Capital Annapolis, MD

Article from Evening Capital, October 10, 1888

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THE TRADERS' BANK FAILURE Depositors Talk of Criminal Proseen ions. Assets and Liabilities, CHICAGO, Oct. 10 - -The depositors f the Traders' bank had a meeting last night, which was largely attended. The committee op pointed at the Saturday night meeting had not finished its work. According to the receiver the deposits amounted to about $900,000. The bank had about $90,000 in good and available securities and deposits on hand. The deposits on Monday, the day of the suspension, amounted to $130,000. The proposition to pay back this amount met with much opposition from the other depositors. The assets of the bank also comprise a piece of real estate supposed to be worth $30,000. The notes deemed good amounted to $275,000. Several speeches were made, some of them bitterly denouncing the officers of the bank and urging criminal prosecution. Various propositions to hire attorneys, etc., were left in the hands of the committee,

15. October 10, 1888 The Memphis Appeal Memphis, TN

Article from The Memphis Appeal, October 10, 1888

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THE TRADERS' BANK. Depositors Very Angry-Denunciation of the Officers-Bad Prospect. CHICAGO, III., Oct. 9.-The depositors of the Traders' bank had a meeting last night which was largely attended. The committee appointed at the Saturday night meeting had not finished its work. According to the receiver the deposits amounted to about $900,000. The bank had about $90,000 in good and available securities and deposits on hand. The deposits on Monday, the day of the suspicion, amounted to $130,000. The proposition to pay back this amount met with much opposition from the otherdepositors. The assets of the bank also comprise a piece of real estate supposed to be worth $30,000. The notes deemed good amounted to $275,000. Several speeches were made, some of them bitterly denouncing the officers of the bank and urging criminal proceedings. Various propositions to hire attorneys, etc., were left in the hands of the committee. Judge Sheperd today made an order for an examination before a master in chancery of cashier Tallman, of the lately collapsed Traders' bank. The examination will be held this afternoon.

16. October 11, 1888 The Iowa Plain Dealer Cresco, New Oregon, IA

Article from The Iowa Plain Dealer, October 11, 1888

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WEST AND SOUTH. WHILE intoxicated on tue2d Jacob Kafer committed suicide by hanging at Fort Wayne, Ind. He was a wealthy bachelor, and no cause could be assigned. ON the 2d William H. Smith and Caper Westdorfer were struck by lightning and killed near Evansville, Ind. ON the 3d Gold Leaf beat the world's one mile pacing record for three-year-olds on the Napa (Cal.) track, making 2: 15. THE doors of the banking house of Shanklin & Austen. of Trenton, the oldest bank in Northern Missouri, were closed on the 3d, owing to the failure of the Traders' Bank, of Chicago. THERE was intense excitement again on the Chicago Board of Trade on the 3d, December wheat reaching $1.18. THE Virginia State exposition opened at Richmond on the 3d with twenty thousand visitors. ON the 3d the American Bakers' Association met in annual session at Cincinnati. GOVERNOR GORDON and other Democratic State officials of Goorgia were re-elected on the 3d without opposition. ON the: counterfeitforeign cigar stamps were discovered in Chicago, and counterfeit bills were also being circulated. THE Executive Committee of the Amorican partv on the 3d selected P. D. Wigginton, of California. to fill the vacancy occasioned by Judge Greer's declination of the Vice-Presidential nomination coach w stage ##########

17. October 11, 1888 The Iowa Plain Dealer Cresco, New Oregon, IA

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A CHICAGO BANK FAILS. The Illness and Expected Demise of Pres Ident Rutter, of the Traders' Bank, Causes That Institution to Close Its Doors. CHICAGO, Oct. - The Traders' Bank, one of the old financial institutions of Chicago, failed yesterday, and its president, Josepb O. Rutter, IS lying at his home, 391 Su perior street, at the point of death. The ex pected demise of that official is assigned as one of the principal causes contributing to the suspension of the bank's business. The nominal assets of the concern are said to be $999,386.29, while the actual liabilities will, it is believed, reach at least $700.00 and there are other obligations which will swell the total to almost as great ligun as in given for the assets

18. October 12, 1888 The United Opinion Bradford, VT

Article from The United Opinion, October 12, 1888

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Wednesday, Oct. 10. Schleyer, the inventor of Volapuk, is dead. Two New York newsboys were burned to death. The two chief street car systems of Chicago are tied up. Four German war ships have been ordered to Zanzibar. Three lines restored rates from St. Louis to New York. The collapsed Traders' bank of Chicago makes a poor showing of assets. King Otho of Bavaria is sinking deeper and deeper in his religious mania. Ex-Queen Isabella of Spain has returned to Paris. She will give receptions during the winter. Emporer William has summoned Co nt Herbert Bismarck from Pesth to Styria by telegraph. The proposition that Emperor Francis Joseph crown himself King of Bohemia causes a sensation. It has been decided to greatly increase the strength of the German expedition for the relief of Emin Bey. The senate has passed a bill correcting the error in connection with the time of meeting of presidential electors. Superintendent Fry is made general manager of the Missouri, Kansas and Texas railroad under the receivers. The senate tariff bill will not be passed this session. Practically the session of the senate will end in about ten days. Premier Floquet has decided that foreign-

19. October 17, 1888 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 17, 1888

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Condition of the Traders' Bank. CHICAGO, Oct. 16. The receiver of the Traders Bank reported to the court today : Assets, $901,630; liabilities 8896,888, not including $636,000, bills receivable, and $45,000 in checks, which bear the endorsement of the bank. Rutter's indebtedness to the bank is $153,302.

20. October 17, 1888 The Cheyenne Daily Leader Cheyenne, WY

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The Traders' Bank Muddle. CHICAGO, Oct. 16.- The receiver of the Traders' bank made a partial report to the court this morning. The assets are shown to be $901,630; liabilities, $896,888. This is exclusive of the $636,000 of bills receivable and $45,000 of checks which bear the endorsement of the bank and which should go into the liabilities. Rutter's indebtedness to the bank IS $153,303. Among theassets is a note for $15,000 by Cashier Tallman and an over draft for $18,000 in the name of a man acting as agent for an unknown principal. A number of strange discrepancies are found in the accounts.

21. October 17, 1888 Connecticut Western News North Canaan, Salisbury, Canaan, CT

Article from Connecticut Western News, October 17, 1888

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-A large crack in the sternpost of the steel cruiser Baltimore will delay the completion of that vessel several months. -Mr. Justice Matthews, of the United States Supreme Court, is dangerously ill. -Latest reports of the Mud Run disaster place the number of dead at sixty-three, and other deaths are likely to occur among those injured. The number of the latter run up into the hundreds. -The cattle steamer Robert B. Carson sank near Evansville, Indiana. Fifty head of cattle perished. The crew reached shore in safety. -James F. Farley, of Philadelphia, who killed a half breed Indian at Petersboro, Ont., in self defence, last summer, was found guilty of murder and sentenced to be hanged. -Lumber rafting by sea is to be tried on the Pacific coast. It should be safer business there than in the treacherous weather of the East, and the scheme of rafting from Puget Sound to Chilean ports looks feasible enough. -The Bay Valley Bank at Woodbine and the Caldwell Bank at Logan, Iowa, closed their doors, and Judge King was appointed receiver. Both banks were operated |by the same firm. The total deposits will exceed $50,000. -Judge Sawyer of the United States Circuit Court has issued two writs of habeas corpus to test tho validity of the Chinese Excinsion act. -President Adams of the Union Pacific railroad declares that the Interstate Commerce law is responsible for the demoralization in railroad affairs. -The Southern Homeopathic Association, in session at Louisville, protests against the efforts of the allopaths to license all physicians by a State board, and asks that all schools be given an equal repr sentation. -Toronio nas quarantined against Buffalo, owing to the small pox there. -A negro named McCondon was shot and killed at Birmingham, Ala., by a party of four negroes, who took him to the woods and made away with him. -The steamer Cainbro from Skeena River, ran ashore in Granville Channel River. She was loaded with 3,500 cases of salmon. The passengers and crew were got off safely. -John Fitzgerald, 2 boatman of Staten Island, N. Y., and a Swedish woman named Anna, the cook at Hoffman Island in New York harbor, in attempting to go to the island in a small boat, were blown out to sea by the strong northwest wind, and have not been seen since. -Mrs. Mary E. Lieff, of Newburg, N. Y., gave her 10-weeks'-old child a teaspoonful of a soothing syrup to quiet it while she did her housework. During the day it died. The Coroner's jury found a verdict that it died from opiates in the syrup. -John Cunningham, mate of the schooner Carrie M. Bailey, dreamed that his vessel was in a storm and he was trying to reach the deck. In his dream he jumped from a three story window and received fatal injuries. -Harvey Wolff, a depositor in the Trader's Bank, Chicago, which recently failed, has applied to the court for an immediate examination into the affairs of the bank. He alleges the deposits were fraudulently misappropriabd. His deposit amounted to $34,000. -Frederick Lincoln, of Boston. tired of life, Hospital a Come of all of bemlock, and onfor: manual

22. December 4, 1888 New-York Tribune New York, NY

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DEPOSITS IN THE TRADERS' BANK RETURNED. Chicago, Dec. -Judge Shepard rendered an opinion this morning on the application of creditors of the Traders' Bank to have money, checks and drafts to the amount of nearly $50,000 returned to them because they were deposited with the bank when it was known to its officers to be insolvent. The court denies the petitions in all cases in which the checks were deposited and the money collected before the actual failure of the bank. but grants the prayers for restitution in cases wherein the checks were deposited before failure, but payment was stopped before collection; but wherein the collections were made by the receiver after the bank had closed its doors. This is the first ruling of the point, at least in the courts of this State. The ruling, in effect, is that a bank is not a trustee for the depositor for the collection of checks, and that transactions of this character which remain uncompleted at the time of the acts of insolvency cannot be completed for the benefit of the defunct corporation. An order will be entered providing for the return by the receiver of the checks on which payment has been stopped. These checks amount to about $30,000 and the money lost to the bank will be subtracted from the assets of the bank and the general creditors will lose that sum in a pro ratta distribution. Judge Shepard's opinion was expected to cover the question of the alleged frauds of the bank's officers in receiving deposits when they knew the bank was insolvent. That point was raised, but the judge carefully avoided forestalling the criminal court in Cashier Tallman's case by saying that there was not surficient evidence before him to consider the question as to whether the officers knew of the insolvency when they received deposits.

23. May 31, 1889 Telegram-Herald Grand Rapids, MI

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named He denied knowing Coughlin intimately. He continued: "I don't see how any one can suspect me of having been sent to take Dr. Cronin away from home. Cronin knew me, and had told me that he had heard I was sent out here to assas. sinate him. It isn't likely that he would have taken a lonely ride with mei thought that.' "When did he tell you that you had been sent to :ill him? "It was ope night in the latter part of February-February 25, I think. I had been in Curry's kaleon and left there with Tom Conway. We met Dr Crosin and Mortimer Scanlau ex Clark and Randolph streets and stopped to talk. Cronin touched me on the shoulder and said: 'McGeehan, I understand you have been saying some pretty hard things about me. I said, 'I don't think I have.' Then he said: 'I understand you have been sent out here to assassinate me.' I said to him: 'You must be a fool. Hereafter, when you see me on the street, don't speak to me; I want nothing more to to with you. And then I walked away from him. "Did you have any quarrel with him in front of the Chicago Opera-House block?" "Never; I never met him there." "What is your opinion of the murder of Dr. Cronin?" Well, I think it's a case of personal spitework, Do you think it was the work of an Irish organization? "I do not. I know something about the inside workings of the Irish society and I know that expulsion is the severest penalty that be executed against a member. State's-Attorney Longenecker had a long chat Wednesday afternoon with Byron I. Smith, receiver of the Traders' Bank: Mortimer Scanlan, the criminal court bailiff, and Patrick Cavanaugh The object of the conference was to lay before the State's Attorney certain facts about the individual accounts with the defunct Traders' Bank The State's Attorney was requested to seize the bank's books and submit them to the grand jury forthwith It was asserted that he would find in them evidence proving what Dr. Cronin had been claiming for years before death-viz that Alexander Sullivan had been guilty of a huge embezzlement of funds while he was a member of the Clanna-Gael triumvirate. The substance of the stories of Scanlan and Cavanaugh is that Sullivan went and demanded from Patrick who was then an $100,000 to to French Egan, Paris capital, exile carry in men out the the aims of the physical force in America He demanded the money to meet certain expenditures which had been planned in a convention of representative members of the ClanMr. Scanlan to over the money, fused na-Gael pay Egan, and asserts, then Irish Sul- rethreatened to disrupt every in America unless his was complied society livan speedily with demand He to the fact that and growing pointed large there element was disamong a righ-Americans which was satisfied with the management of National affairs and was ready to revolt as soon leader appeared to direct them. A whole week was consumed in discussing the Mr. demand of Sullivan, and in the end Egan was convinced that it would be be wise to consult with his colleagues told fore making his final decision. He his visitor plainly that he was op- of posed to granting 80 large a sum but for any purpose he to abide by the money was willing whatever, knowledge decision of men who had as close a as of the needs of the order other himself submit at home the and abroad He offered to proposition to Bheridan, the famous No. 1" of the Pheenix Park Invincibles force and the leader of the physical to men in Ireland Sullivan agreed called this offer. and Sheridan was Within to Paris from Ireland by telegraph bea week after all the facts had been laid defore him be decided that the money manded had better be paid in order to con- in ciliate all factions of the Clan-na-Gael Egan America Scanian asserts that that paid Sullivan $100,000 in cash. and Chihe the full amount to be. cago. Instead, however, of paid brought the of the money society, ing to the local treasury turned Sestian says that only $18,000 was over, the other $82,000 being account deposited fn Sullivan's personal Bank Scanian months ago when to fact the several Traders' discovered receiver. the concern this and into the bands of the pasted by permission he made a thorough of when examination of the hooks in the interest Dr. Crouts and other prominent Irishmen Mr Smith confirmed the story about the of the $89. to 8 be was unable to deposit account, but Sallivan tell personal tea how money was disposed of except a general the way that ft had been drawn out by means of checks He offered to submit the books to the grand jury and also to assist in the examination of them for the purpose as of clearing up any mystery that might tach to the transaction Judge Longemecker listened attentively asking numerous questions and when Bonnian hai concluded he promised to give the request his serious and immediate conderation

24. June 12, 1889 The True Northerner Paw Paw, MI

Article from The True Northerner, June 12, 1889

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# WERE THEY IRISH FUNDS? Alexander Sullivan Paid $100,000 to a Commission Firm. At the Coroner's inquest on the body of Dr. Cronin, murdered at Chicago, Byron L, Smith, receiver of the defunct Traders' Bank of Chicago, was present to explain Alexander Sullivan's bank accounts in 1882. He came into the court-room with three ponderous ledgers and a package of checks. He read several checks which had been drawn by Alexander Sullivan as agent, and cashed by the bank in 1832. The total amount of these checks signed by Alexander Sullivan as agent, and payable to T. J. Lester & Co.' the brokers, was $90,000. It was made evident from these proofs that this large amount had been invested by Mr. Sullivan on 'Change. Mr. Smith then proceeded to show that John Monroe & Co., bankers, New York City, had turned over to "Windes & Co.," which in this instance means Alexander Sullivan. Clan-na-Gael funds to the amount of $100,000. In one of the ledgers extracts were read

25. December 3, 1889 New-York Tribune New York, NY

Article from New-York Tribune, December 3, 1889

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BOUND BY JUDGMENTS IN NEW-YORK. Chicago, Dec. 2 (Special).-The Traders' Bank loses nearly $25,000 by a decision of Judge Garnett in the Appellate Court to-day. After the bank failed and Byron L. Smith was appointed receiver, the United States Express Company, the Merchants' National Bank of Chicago, and Charles C. Boyles levied attachments in New-York against funds of the Traders' Bank held by the Seaboard National Bank, the Tradesman's National Bank and the Continental National Bank, all of New-York. Upon petition of Receiver Smith, Judge Shepard issued an injunction stopping the creditors, all of whom were within his jurisdiction, from pressing their claims, and directing them to turn over the money levied on to Mr. Smith. The Express Company, the Merchants' Bank and Boyles appealed from this order, which is reversed by Judge Garnett. He holds that, as Receiver Smith entered an appearance in the cases in NewYork, he is bound by the judgments there, which must be awarded the faith and credit guaranteed by the Constitution.