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A Run on FL Chicago Bank. [Special to the Democrat.) CHICAGO, July 18.-The St. Louis bank troubles produced scarcely a perceptible impression on banking institutions here. There has been a small run by light depositors to-day on the State Savings Bank, but there is nothing like a rush.
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Want Their Money. National Associated Press to the Star. CHICAGO, July 19.-The run ou the savings banks continues to-day. Long before the hour of opening a large crowd gathered in front of the State Savings Bank and proved 80 threatening as to compel an opening an hour earlier than usual. The institution paid out $16,000 more than usual yesterday.
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ILLINOIS. Banking Troubles in Chigago. Chicago, July 18.-The St. Louis bank troubles produced scarcely a perceptible impression on banking institutions here. There has been a small run to-day on the State Savings bank, but there is often a like rush, and bank officers say they frequently pay out in a forenoon in the ordinary course of business more than they have up to 1 o'clock to-day.
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X6, at Run on Chicago Banks. NO FEARS ANTICIPATED: CHICAGO, July 18.-There has been a small run by light. depositors to-day on the State Savings Bank, but there is nothing like a rush. The bank officers say they frequently pay out more in the forenoon in the ordinary course of business than they have
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MONEY AFFAIRS IN CHICAGO. By Telegraph to the Gazette. CHICAGO, Aug. 29. As yet no bank has closed except the State Savings Bank, Tho savings banks are being freely run upon by depositors but the commercial banks are as quiet as usual.
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MONEY AFFAIRS IN CHICAGO. By Telegraph to the Gazette. CHIC AGO, 11 As yet no bank has closed except the State Savings Bank, Tho savings banks are being freely run upon by depositors but the commercial banks are as quiet as usual.
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CHICAGO BANK TROUBLES. STATE SAVINGS INSTITUTION. EXCITEMENT AMONG DEPOSITORS-A GENERAL PANIC NOT EXPECTED-RECKLESS INVES TMENTS OF TRUST FUNDS.
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A Savings Bank Panic. CHICAGO. Aug. 29. It is feared the failure of the state savings bank will cause a general run ( n savings banks, and that fully six more suspenei na will occur this week. An Elkhorn, Wis., dispatch charges that President Spencer of the state savings institution was cashier of the Elkhorn bank when it failed, and embezz ed its funds, and was sub equently id ntified with the Cook county national bank of Chicago, which failed disastrously a few years ago. The assets of the state savings institution are now placed at $3 050 947.
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The savings bank panic in Chicago yesterday was serious. The frauds which have brought the State Savings Bank to ruin have at the same time brought a multitude of poor depositors to grief, and the scenes witnessed around its doors yesterday are such as have been only too common in the history of American savings banks. There was a heavy run upon three of the other savings banks of Chicago, and there is evidently a widespread feeling of insecurity among depositors. It is absurd to ask people to retain confidence in such an institution as the State Savings Bank. after the revolutions that have been made of its management, and the character and career of its President, D. D. SPENCER
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THE story of the State Savings Bank in Chicago is fearful. SPENCER, the President of the institution, cannot be found. The Times briefs the swindle in this way: Fifteen thousand persons lent to Spencer & Co. $3,000,000. for safe keeping and investment. Spencer & Co. lent it to Spencer & Co. upon whatever securities Spencer & Co. thought fit to give and accept. The trusting depositors hold Spencer & Co.'s bank books secured by Spencer & Co.'s liabilities as debtors to Spencer & Co. In other words the available assets won't pay a dollar each to the fifteen thousand depositors of three million of dollsts. There is a faint hope*that from tifteen to twenty per cent. may be saved from the ruins, by coddling the collateras.
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G reat excitement was occasioned last week in Chicago by the failure of the State Savings bank, one of the oldest and largest institutions in Chicago. Its capital was $500,000 and assets four million dollars. The bank was considered sound till after the recent bank failures in St. Louis when withdrawal of deposits began, and continued until the officials concluded to make an assignment. The affairs of the bank are said to be in a bad condition.
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Domestic. Ex-Governor Wilson Shannon of Kausas is dead. Village of Ashland, Ills., almost entirely burned. Decrease of the national debt in August $3,869,538. Adams, founder of Adams Express, died at Boston, aged 73. Avaring mille, litte, Illa., with 25,000 bushels of wheat, burned. Louisville business men will petition Congress to repeal the bankrupt law. The State Savings Bank of Chicago has failed and the officers have left the city. Ten blocks, composing nearly the entire business portion of Paris, Texas, burned. A.B. Haynes. grand master of the State Grange and n leading farmer of Mississippi, is dead. John King, and extensive St. Louis lard and oil dealer, has gone into voluntary bankruptcy. Hamburg distillery, Pekin, Ills., was destroyed by fire. A blacksmith perished in the flames. A convention of bankers will be held at New York ou the 12th. The attendance will be large. The Grand Encampment of Knights Templar adjourned at Cleveland to meet in Chicago next year. The State department has advices of the death of United States Vice Consul Harrison at Gnayas. Robert Leich, a Scotchman, just arrived from Florida, died in New York Hospital, of yellow fever. A locomotive ran into a group of five persons at Salem, Mass., killing three and wounding the others. The Lehigh Valley railroad refuses to transport coal for minioing companies that yielded to the strikers. Hon. A. G. Lawrence of Rhode Island has accepted the civilian's position on the Sitting Bull commission. Dr. S. M. Stein, a New York physician, committed suicide by jumping from the Niagara suspension bridge. Theopholus Gaines, recently appointed attorney for Montana, has complied with the request to resign. Gen. Wesley Merritt will command ten companies of cavalry to be sent in pursuit of the hostile Nez Perces. Mrs. Catherine Berry of New Orleans ventured beyond her deptii while bathing at Grand Isle, and was drowned. ) During a heavy shower the wall of I the building of the Woreester Wire Company was blown down, killing i two persons. e A house of ill fame at Cincinnati e fell while workmen were making an excavation under the walls. Several y persons were injured. t The sixth regiment Maryland miliS tia, Col. Peters. which took a promit nent part in quelling the strike riots r at Baltimore, has disbanded. n S. S. Burdett, a commissioner of p e the general land-office, who it was II supposed committed suicide, has turned up at Sedalia, Mo., insane. y g Simeon Garnett, a negro who comil mitted an assault on Mrs. Perry Kingrey. near Oxford, O., was taken out of jail and shot dead by the people.
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BANK RECEIVER APPOINTED. CHICAGO, Sept. 13, 1877. In the Circuit Court this morning Judge Williams appointed David O. Strong, a retired banker, as Recelver of the State Savings Institution, with bonds at $2,000,000.
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A Receiver who Receives Nothing. Chicago, Sept. 13.-In the Circuit court this morning Judge Williams appointed David O. Strong, a retired banker, as receiver of the State Savings institution, with bonds at two million dollars.
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The State Savings Bank. CHICAGO, September 13.-In the Circuit Court, this morning, Judge Williams appointed David O. Strong, a retired banker, as Receiver of the State Savings Bank, with bonds at two million dollars. A -
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ILLINOIS. Appointment. CHICAGO, September 13. In the circuit court Judge Williams appointed David Strong. a retired banker, as receiver of the State savings instition.
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CHICAGO'S SAVINGS BANKS. moha CHICAGO, Sept. 24, 1877. The Fidelity Savings Bank, of this city, closed its doors this morning. A notice is posted that an injunction having been served a receiver will be applied for before Judge Moore, of the Superior Court, and the bank will be closed to await the action ot said Court. The petition received alleges that the officers have been sacrificing valuable securities in order to realize cash and that the back 18 already insolvent. It is believed that the assets will be much larger in proportion than those 01 the State Savings Bank. The last quarterly statement gives as resources:$341,222 Cash and exchange Government bonds. 279,432 Other bonds 50,061 234,818 Demand loan, secured by collaterals 438,749 Time loans, secured First mortgage loans on real estate. 606,342 85,878 Bank and depository building. Real estate 102,000 Property account. 18,454 Safe depository vaults 121,520 Other small items make a total of resources $2,230,511 Liabilities were:Capital $200,000 Surplus 100,000 Pront and loss 3,447 Due depositors. 1,977,064 Total $2,280,511 OFFICIALS INDICTED. The Grand Jury has indicted Spencer, Guild and Bulkley, officers of the State Savings Bank, for the embezziement of $700,000. None of them are in the city, nor is their present whereabouts known.
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ANOTHER of Cnicago's savings banks -the Eidelity, John C. Haines, President-closed its doors Monday, and it is believed that this is the last of this class of institutions in Chicago that will suspend. It became very apparent, soon after the State Savings Institution collapsed, that the Fidelity would probably be pushed to the wall by its "running" depositors, and the subsequent failure of the Merchants', Farmers, and Mechanics' Savings Bank, by increasing the excitement, had the effect of hastening the catastrophe. It must be said for Mr. Haines and his Directors that they fought desperately until the last to avert the necessity to which they have finally been forced to yield; and there is reason to believe that the depositors of the Fidelity will be more fortunate than those of the other two collapsed concerns, it being expected that they will ultimately receive 70 or 80 per cent of their funds. There were about 7,800 depositors to whom is now due apout $1,3000,000.
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Since the State Savings bank of Chicago suspended, the City savings bank and the Merchants', Farmers' and Mechanics' savings banks, have failed, and the Fidelity has also run out. All but one savings bank are requiring thirty and sixty days' notice from depositors. Thousands of industrious and economical people in Chicago have lost or will lose all their savings by the failures of these banks, and become paupers. The difficulty is that the savings banks' assets consist largely of loans on real estate, and the market value of the real estate has depreciated 80 much in the last five years that the assets are practically worthless, and when depositors of a bank ask for their money to any great extent the bank has to suspend. Thus do industry and economy receive their reward under the savings bank system.
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Domestic. 03 Senator Morton is better. Thirty-one buildings burned at Lowell, Ills. Fidelity Savings Bank of Chicago has suspended. The post-office at Catskill, N.Y., was burglarized. Secretary Schurz is entertaining a delegation of Sioux chiefs. John Rhodes, convicted of murder, was hanged at Newcastle, Del. Gen Sherman and his staff were at Portland, Oregon, on the 23rd. Gov. Rice has been renominated by the Massachusetts Republicans. A furious snow storm occurred at Mount Washington on the 21st. A fire at Keyport, N.J., destroyed all the business portion of the town. Mrs. Gustave Donafort committed suicide by drowning herself at New Orleans. The Chinese quarter of Grass Valley Cal., was destroyed by au incendiary fire. John Ohern, aged 18 months, was run over and killed by a New Orleans street car. Twelve persons were poisoned seriously from eating ice cream at Macon, Ga. Francois Senac, a New Orleans butcher, committed suicide by hanging himself. Gen. Geo. B. McClellan accepts the Democratic nomination for Governor of New Jersey. The Grand Lodge of Odd Fellows adjourned at Baltimore to meet at Austin in 1878. Three floors of a large linseed oil factory at Cincinnati fell, with 15,000 bnshels flaxseed. Col. Rogers, the president's private secretary, dislocated his elbows by falling down stairs. Two North Carolinians were avrested at Baltimore with counterfeit money in their possession. Goodwin & Behre, extensive St. Louis soap and candle makers, filed a voluntary petition in bankiuptcy. The schooner Ocean Wave, with a crew of seven or eight souls, was lost off Galveston during the recentstorm. The officers of the defunct State Savings Bank of Chicago have been indicted for embezzlement of $700,000. A lady and her two daughters were poisoned at Clevelaud by eating toadstools, which they mistook for mushroons. Two iron foundries, employing 3200 men, have resumed work at Pittsburg. Striking coopers in the same city have gone to work, A package containing government bonds and other securities valued at $200,000 was stolen from the First National Bank at Cortland, N.Y The Black Warrior river, Alabama, rose suddenly sixty-three feet, entirely sweeping away the crops of cotton and fodder along its course.
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UNEASINESS IN CHICAGO. Notice Given to the savings Banks by Depositors. [N. Y. Tribune.] CHICAGO, Sept. 25.-To-day there seems to be more evidences of a panic among the banks than at any time since the recent suspension of the State Savings Institution. The collapse of the Fidelity, the next in importance in the city, has created more real excitement among both bankers and business men generally than was noticed. A thousand rumors are now afloat relative to the present condition of other savings institutions in the city. It is a matter of difficulty to settle one's belief upon what may be the present safety of any particular bank, but both brokers and depositors are fighting the matter over the counters. Almost every savings bank in Chicago has received notice from its depositors to-day stating that they desire to withdraw their funds as soon as possible. Within the last ten days this same proceeding brought financial ruin to two banks. It is not, perhaps, too much to say that two more will soon totter and fall. Their ruin is hourly expected.
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Returned. Buckley and Guild, the fugitive officers of the State Savings Bank of Chicago have returned and will assist the receiver in straightening out the accounts of the institution.
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CONDENSED TELEGRAMS. Foster Blodgett died at Atlanta, Georgia, yesterday. Receiver Otis' statement of the affairs of the State savings bank, at Chicago, III., show that the liabilities are $2,994,000; assets, par value, $3,076,551, estimated value, $1,278,777.
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A BANK WRECKER RETURNS. D. D. Spencer Returns to Chicago After an Absence of Thirteen Years. CHICAGO, March 17.-D. D. Spencer, to whose bad management was attributed the ruin and misery which followed the collapse of the Cook County National Bank and the State Savings Institution in 1877, arrived in Chicago after an absence of over 13 years. As a banker Spencer's career is without a parallel in the history of Chicago and almost of the entire country. In the ruin of the institutions which collapsed under his management, the savings of many hundreds of people were swallowed up, and widespread misery were entailed. As President of the State Sayings Institution he loaned immense sums to himself on promissory notes and worthless paper, with the result that the institution soon went down. The Cook County National Bank had failed in the panic 0! 1872. Just before the crash of the State Savings Institution Spencer absconded and located in Stuttgart, Germany, where he has lived since that time until recently, when he returned to this country. The indictments which were found against him at the time of the failure have long been stricken from the docket.