Calumet State Bank (Blue Island, IL)

Episode Information

Episode UID
3854830191164
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
state
Bank ID
385483019 hash
Start Date
December 24, 1896
Location
Blue Island, Illinois (41.657, -87.680)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
942b4d04fcbc15b8

Response Measures

None

Description

Assignment (suspension) on Dec 24, 1896 followed by petition for receiver in early Jan 1897.

Events (3)

1. December 24, 1896 Run
Cause
Local Banks
Cause Details
Run followed the suspension of the National Bank of Illinois and was kept up for two days.
Measures
Closed doors; assignment made to assignee (Melville C. Eames).
Newspaper Excerpt
A continued run of two days upon the Calumet State Bank at Blue Island, Ill., forced the officers to close its doors to-day.
Source
newspapers
2. December 24, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Officers made an assignment after heavy run and cited bad investments and debatable securities; closure via assignment in county court.
Newspaper Excerpt
Shortly after noon an assignment was made by the bank in the county court, the assignee being Melville C. Eames.
Source
newspapers
3. January 5, 1897 Receivership
Newspaper Excerpt
A bill for a receiver was filed in the circuit court against the Calumet State Bank, of Blue Island, which made an assignment last week. The auditor asserts the assignment was the result of collusion among the officers.
Source
newspapers

Newspaper Articles (21)

Article from Evening Star, December 24, 1896

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Article Text

CALUMET BANK ASSIGNS. The Calumet Bank of Blue Island Compelled to Close. CHICAGO, December 24.-The Calumet State Bank, at Blue Island, failed today. The bank made an assignment in the county court to Melville C. Eames. A statement was filed showing that the assets are $87,669 and the liabilities $68,000. The failure was due, it is claimed, to a run on the bank, which followed the suspension of the National Bank of Illinois, and which was kept up until today. Liabilities consist principally of deposits. The assets are securities, which, it is asserted, can be realized on if properly handled and if sufficient time is given by the creditors. Attorney J. P. Eames, who filed the assignment, stated, however, that the failure was the result of bad management on the part of the former administration, who made investments which made it impossible to put the bank in good shape.


Article from Santa Fe Daily New Mexican, December 24, 1896

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ANOTHER BANK DISASTER. Calumet State Bank Goes to the Wall in the Suburbs of Chicago. Chicago, Dec. 24.-The Calumet state bank of Blue Island to-day made an assignment in the county court to Melville C. Eames. A statement was filed, showing: Assets, $87,669; liabilities, $68,000. Attorney P. J. Eames, who filed the assignment, stated that the failure was the result of the bad management of the former administration, who made investments which made it impossible to put the bank in good shape. The failure was due too, it is claimed, to the run which followed the suspension of the National Bank of Illinois and was kept up until to-day. The liabilities consist principally of deposits. The assets are securities which, it is asserted, can be realized on if properly handled and if sufficient time be given by the creditors.


Article from Deseret Evening News, December 24, 1896

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The Calumet Bank Fails. CHICAGO, Dec. 24.-The Calumet State Bank of Blue Island today made an assignment in the county court to Melville C. Eames. A statement was filed showing assets $87,669; liabilities $68,000. Attorney P. J. Eames who filed the assignment stated that the failure was the result of bad management of the former administration who made Investments which made it impossible to put the bank in good shape. The failure was due, it is claimed, to the run which followed the suspension of the National Bank of Illinois and was kept up until today. The liabilities consist principally of deposits. The assets are securities which, it is assert-


Article from Alexandria Gazette, December 24, 1896

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Another Bank Failure. CHICAGO, Dec. 24.-The Calumet Bank, in Blue Island, a suburb of Chicago, made an assignment to-day, owing to a heavy run during the past week. The assets are said to be $87,669, and liabilities, $68,000.


Article from The Sun, December 25, 1896

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ANOTHER ILLINOIS BANK FAILS, The Calumet State Bank at Blue Island Suspends. CHICAGO. Dec. 24.-A continued run of two days upon the Calumet State Bank at Blue Island, III., forced the officers to close its doors to-day. Shortly after noon an assignment was made by the bank in the County Court, the assignee being Melville C. Eames, the Vice-President. The deed of assignment gives the assets AS $87,669.69 and the liabilities as $68,000. The officers attribute the immediate cause of the failure to the run. but say that little money, comparatively speaking. was drawn out. The deposits amount to about $50,000. and the assets consist largely of securities of debatable value. The bank is owned by a stock company. has a capital stock of $25,000. and is eight years oid. Until last May W. A. Ray was President and W. C. Press the main stockholder. The present officials allege that the old management nearly wrecked the institution by bad management and reckless loaning of money on bad se. curities. The present officers are: G. G. Bogart, President: M. C. Eames. Vice President, and W. B. Brayton, :cashier. The scene around the bank building to-day was a turbulent one, and a detail of police was found necessary to attend to the crowd of clamoring depositors.


Article from The Daily Morning Journal and Courier, December 25, 1896

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ANOTHER BANK GOES UNDER. Calumet State Bank of Illinois Forced to Close Its Doors. Chicago, Dec. 24.-A continued run of two days made upon the Calumet State bank, at Blue Island, Ill., forced its officers to close its doors to-day. Shortly after noon an assignment was made by the bank in the county court, the assignee being Melville C. Eames, the vice president. The deed of assignment gives the assets as $87,600 and the liabilities as $68,000. The deposits amount to about $60,000, and the assets consist largely of securities of debatable value. It is said that the securities must be handled carefully in order to realize anything like their value. The bank is owned by a stock company, has a capital of $25,000 and is eight years old. The assignee claims that if given time the bank will pay depositors in full. The scene around the bank building today was a turbulent one, and a detail of police was found necessary to attend to the crowd of clamoring depositors. The majority of the depositors are said to be poor people.


Article from The News & Observer, December 25, 1896

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M'KINLEY'S DAILY HINT. / Chicago, Ill., Dec. 24.-The Calumet State bank of Blue Island failed to-day. The bank made an assignment in the county court to Melville C. Fames. A statement was filed showing that the assets are $87,669 and the liabilities $68,000. The failure was due, it is claimed, to a run on the bank which followed the suspension of the National bank of Illinois, and which was kept until to-day Liabilities consist principally of deposits. STARVING THE MINERS. Mascoutah, Ill., Dec. 24.-About half of the 4,000 miners employed in the coal mines of St. Clair and Madison counties have struck for higher wages. The mines affected are the Humboldt, Donck, Nicholl, Staunton, Skellett, Yock, Belleville, and Glen Corban. The men claim they have been working half time and not making living wages. They also claim that while there has been a strong advance in prices for coal. They have not had any benefit from the advance.


Article from The Portland Daily Press, December 25, 1896

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Article Text

ANOTHER BANK GOES TO WALL. Small Institution in Blue Island, Illinois, Suspends. Chicago, December 24.- A continued run of two days made upon the Calumet state bank at Blue Island, Ill, forced its officers to close the doors today. Shortly after noon the assignment was made by the bank in the county court. The deed of assignment gives the assets RS $87,600; and liabilities as $68,000. The deposits amount to about $60,000. The assets consists largely of securities of debatable value. It is said the securities must be bandled carefully to realize anything like the value. The bank is owned by a stock company and has a capital of $25,000. The assignee claims that if given time the bank will pay the depositors in full. The majority of depositors are said to he poor people,


Article from The Seattle Post-Intelligencer, December 25, 1896

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Article Text

Dragged Down by Bad Management. CHICAGO, Dec. 24.-The Calumet state bank, at Blue Island, today made an assignment in the county court to Melville C. Eames. A statement was filed showing assets of $87,669, and liabilities of $68,000. Attorney P. J. Eames, who filed the assignment, stated that the failure was the result of bad management. Bad investments have made It impossible to put the bank in good shape. The failure was due, It is claimed, to the run which followed the suspension of the National Bank of Illinois, and was kept up until today. The liabilities consist principally of deposits. The assets are securities which, it is asserted, can be realized on If properly handled, and If sufficient time is given by the creditors.


Article from The Times, December 25, 1896

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Another Chicago Bank Fails CHICAGO, ILL., Dec. 24.-Calumet Bank, at Blue Island, made an assignment in the County Court to-day, owing to a heavy run during the past week. The assets are said to be $87,669; 11 abilities $67.000.


Article from The San Francisco Call, December 25, 1896

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The Calumet Bank Assigns. CHICAGO, ILL., Dec. 24.-The Calumet Bank of Blue Island, near Chicago, made an assignment to-day, owing to the heavy run during the past week. The assets are said to be $87,669, and. liabilities $68,000.


Article from The Houston Daily Post, December 25, 1896

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Calumet State Bank. Chicago, December 24.-The Calumet State bank at Blue Island failed today. The bank made an assignment in the county court to Melville C. Eames. The statement was filed showing that the assets are $87,663 and the liabilities $68,000. The failure was due, it is claimed. to a run on the bank which followed the suspenesion of the National bank of Illinois and which was kept up until today. The Habblities consist principally of deposits. The assests and securities, it is asserted, can be readized on If properly handled tore. and if sufficient time is given by the credAttormey J. P. Eames, who filed the as. signment, stated, however, that the failure was the result of bad management on the part of the former administration, who made investments which made it im. possible DO put the bank in good shape.


Article from The Scranton Tribune, December 25, 1896

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CLOSED BY A RUN. The Calumet State Bank Forced to Close Its Doors. Chicago, Dec. 24.-A continued run of two days made upon the Calumet State bank at Blue Island, Ills., forced its officers to close their doors today. An assignment was made to the vice-president. The deed of assignment gives the assets as $87,669; and liabilities as $68,000. The deposits amount to about $60,000, and the assets consist largely of securities of debatable value. It is said the securities must be handled carefully in order to realize anything like their value. The bank is owned by a stock company, has a capital stock of $25,000, and is eight years


Article from Albuquerque Weekly Citizen, December 26, 1896

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ANOTHER FAILURE Calumet state Bank of Blue Island. IIIAnote. Assigns Chicago, Dec. 24.-The Calumet State bank at Blue Island to-day made an assignment in the county court to Melville Kama A statement was filed showing asset $63,000. Attorney P. J. Eams who filed the HSsignment stated that the failure was the result of the bad management of is for. mer administration who made invest ments which made it impossible to put the bank in good shape. The failure was due. it IN claimed. to a run which fol. lowed the suspension of the National Bank of Illinois and was kept up until today. The liabilities consist principaily of deposits. The assets are securities which. it 18 asserted can be realized on if properly handled. and If sufficient time is given by creditors.


Article from The Ely Miner, December 30, 1896

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Two children of Mrs. Christine Carlisle, Tommy, aged two, and Ruth, aged four, were burned to death at Wakefield, O. The mother had locked them in the house and gone to a neighbors. Fire destroyed two buildings at the state reformatory in Elmira, N. Y., entailing a loss of $100,000. In Chicago the George A. Weiss Malting and Elevator company failed for $500,000, and Angus & Gindele, contractors, for $250,000. Scott Wike, of Illinois, assistant secretary of the United States treasury, has resigned. James Preston, aged 40, shot his wife, Amanda, aged 37, and the latter's son, William Bryant, aged 19, in Cincinnati, and then shot himself. Domestic trouble was the cause. Mrs. J. Suppler's sugar house at White Castle, La., was destroyed by fire, together with 3,500 barrels of sugar, the loss being $200,000. The annual statement of railroad construction shows that during 1896 only 1,802 miles of lines were built in the United States, the smallest mileage in any year since 1875. The New England Society of the City of New York celebrated the ninety-first anniversary of its organization and the two hundred and seventy-sixth of the landing of the pilgrims. Walbridge & Co.'s hardware and house furnishing establishment in Buffalo, N. Y., was damaged by fire to the extent of about $150,000. The remains of Kate Field arrived in San Francisco from Honolulu. They will be cremated and the ashes sent east for burial. Allen Creer and the wife and daughter of Rud Owens were drowned in Clarks river near Paducah, Ky., by the capsizing of a boat. The Bank of West Superior, Wis., capital $50,000 and $50,000 surplus, suspended because of the failure of the National bank of Illinois in Chicago. J. D. Williams, a mulatto, shot his wife and then killed himself in Washington. Hon. William J. Bryan opened his lecture tour at Atlanta, Ga., his subject being "The Ancient Landmarks." Mrs. Henry Bond and Miss Tyrrell, sisters, living at Woodbourne, Pa., were killed by the cars at a crossing. A train on the Chicago & Alton road was held up by robbers near Independence, Mo., and the express car looted. The American Banking and Trust company of Auburn, Me., closed its doors with liabilities of $55,000. Solomon Sayles, wholesale meat dealer in New York. failed for $250,000. Mrs. H. Estby and her daughter Clara, 19 years old, arrived in New York from Spokane, Wash., having walked the entire distance since May 5 on a wager that they could cross the continent in seven months. A large portion of the business section of Somerset, Ind., was wiped out by fire. The Parsons-Pelletier Dry Goods company, one of the largest houses of the kind in Sioux City, la., failed for $100,000. The wife of Noah Scott, of Shelbyville, Ind., gave birth to four boys and all were doing well. An explosion of nitro-glycerin near Montpelier, Ind., killed George Hickok and Harry Wood and greatly damaged the property of the Empire Glycerin company. President Cleveland has approved the general pension and urgent deficiency appropriation bills. By the explosion of a steam pipe in the city hall in Baltimore James Reilly and Charles Robertson were fatally scalded. W. H. Jones, county treasurer of BarΞ“y county, Mo., for the past four years, is said to be short $13,000 in his accounts. There were 287 business failures in the United States in the seven days ended on the 25th, against 367 the week previous and 322 in the corresponding period of 1895. Miss Anna Held, the French actress, who is playing at the Grand opera house in Pittsburgh, sang on the public streets of the city for the benefit of a charitable institution and over $800 was poured into her carriage. Fire destroyed the Huffman house block in Rockford, III., the total loss being $175,000. The home of Philip McKim, near Franklin. Pa., was burned and three little children perished in the flames. The Columbia, known as the old Doxey theater building, was burned at Anderson, Ind., the loss being $90,000. The Calumet state bank at Blue Island, III., closed its doors with liabilities of $70,000. Jay Van Seyoe and Earl Campbell. two young men of Valley, Neb., were drowned while skating on a lake.


Article from Daily Camera, January 5, 1897

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Calumet State Bank. Chicago, Jan. 5-A bill was filed in the circuit court against the Calumet State bank of Blue Island, Ill., which assigned recently. The auditor says the assign. ment was due to a collusion among the officials of the concern. The assignee was N. C. Eames.


Article from The Indianapolis Journal, January 6, 1897

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Other Business Troubles. CHICAGO, Jan. 5.-A bill for a receiver was filed in the Circuit Court to-day against the Calumet State Bank, of Blue Island. which made an assignment in the county court last week. The auditor asserts that the assignment was the result of collusion among the officers of the concern. The assignee is M. C. Eames, who is one of the officers. Mr. Eames filed a report to-day regarding the financial affairs of the bank. It shows total assets of $99,896, on which, however, he places a value of $74,329. Total liabilities are placed at $70,640.


Article from The Seattle Post-Intelligencer, January 6, 1897

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CHICAGO, Jan. 5,-A bill for a receiver was filed in the circuit court today against the Calumet State bank, of Blue Island, which made an assignment last week. The auditor asserts the assignment was the result of collusion among the officers. The assignee is C. E. Ames, one of the officers.


Article from The Forrest City Times, January 8, 1897

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FRAUD CHARGED. Auditor Gore Calls for a Receiver for the Calumet Bank of Blue Island. CHICAGO, Jan. 6.-State Auditor Gore has filed a petition in the circuit court asking that a receiver be appointed for the defunct Calumet state bank, of Blue Island, III. The bank made an assignment a few days ago to M. C. Eames, its vice-president. Auditor Gore claims the assignment was fraudulent, and he asked the removal of Eames. The bill alsostates that the bank's failure is a bad one.


Article from Red Lodge Picket, January 9, 1897

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Sparks from the Wires. There is no truth in the report that Senator Sherman, chairman of the foreign relations committee, intends to visit Cuba. A dispatch from Manilla, Philippine islands, says four thousand insurgents were surprised and routed by Spanish troops at Agouy and Olmansas. A bill for a receiver was filed in the circuit court against the Calumet State bank, Blue Island, III., which made an assignment last week. The auditor asserts the assignment was the result of collusion among officers. The assignee is C. Eames, one of the officers.


Article from Blackfoot News, March 20, 1897

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Goldbug Good Times. D. J. Bear, of Richmond, Va., jeweler, failed here Monday for $15,000. The Security, Mortgage and Trust Company of Dallas, Tex., has failed. Phelps & Co., grain brokers of Salt Lake City, have failed with liabilities of $10,000. The McCoy Banking Company of Independence, Mo., has gone into voluntary liquidation. The Bank of West Superior, Wisconsin, capital $50,000 and $50,000 surplus, has suspended operations. The Columbus and Hocking Valley Coal and Iron Company has passed into the hands of a receiver. The Scandia Bank, of Minneapolis, Minn., with a capital of $60,000, has suspended payments. The Laconia Car company of Laconia, N. H., has been petitioned into an involuntary insolvency. Chicago's charity ball is likely to be postponed on account of the financial and business troubles there. The Parsons-Pelletier Dry Goods company, one of the largest houses of the kind in Sioux City, Iowa, have failed. White & Howe company of Sloux City, Iowa, shoe dealers, have assigned Creditors are mostly eastern shoe firms. The American Banking and Trust company of Auburn, Me., has closed its doors and made application for a receiver. The Excelsior Machine and Boiler Works company of Chicago failed Monday. Assets and liabilities each about $40,000. Dallas Wightman, a cloak manufacturer of Rochester, N. Y., has assigned. Assets between $20,000 and $25,000; d liabilities $15,000. Solomon Sales of New York, wholeet sale and retail dealer in meats and proa visions, has assigned to Charles A. Hess without preferences. The Calumet State Bank at Blue S Island, III., has failed. A statement $ was filed, showing that the assets are $87,069 and the liabilities $68,000. J. J. Wright & Stokes of Richmond, Va., manufacturers of harness, have d assigned for $18,000. Mr. Stokes made t a personal assignment for $16,000. el The large retail dry goods store of M. Frank & Co. of Fort Wayne, Ind. e was placed in the hands of Benjamin di Rothschild as receiver Monday. a One hundred and fifty men employed by the Georgetown Boot and Shoe comf pany are on strike in Haverhill, Mass. e against a reduction of wages. The Dime Savings bank of Chicago e has suspended payments under the g ninety day withdrawal notice clause e granted in the statutes to saving banks.