, 1875-01-20

1At GUM GIUIaA1 NA1AUNfA bANAs
Tho stockholders Of tho Cook County Nn-
tional Bank decided Monday evening that the
bank should 60 into voluntary liquidation,
and its business was formally Suspended yes
terlay morning. It's remittances from the
country were turned over to the Third M
tional Bunk, which took care Of tho country
drafts that came in during the day, and thus
avcrted anything il;e 4 panic among tho
country banks which kept thoir balances
with the Cook County National In the city
the suspension occasionod no excitement
whatever and scarcely any comment. Tho
line Of country deposits was confined to Iowa
banks, md mostly to tho old friends and
former business associates in that State OF
Mr.. ALLEN, the President; tho line Of city
deposits had been narrowed down within the
past year to tho same personal relations in
Chicago. The consequence is, that the fail
ure of the bank hos no commercial sig
niicanco whatever, and it did not causo the
slightest ripple in commercial circles eithor
in Chicago or in the country districts doing
business with Chicago.
Tho management of the bnnk may be char
acterized as unfortunate almost from the very
beginning, without meaning thereby to cast
any reflections upon its former or present
officers. Something was anticipated from
certain political connections ut first which
was never realized, M instance Of which may
ba cited by the presence Of q former Pension
Agent in the Directory. It is believed, too,
that thero were certain newspaper connoc-
tons under both managemeuts which wero
Improbable. There is no reaAon to believe
that either Of these Cases was serious enough
to cripple the bank, but they will serye as
indications OF tendency to operations
outside Of careful banking which, in the
aggregate, will account for its misfortunea.
| Of kin with these was tho banks advances
to certain railwoy project with which 1t waa
generally identified in financial circles, and
which las been an absorbent OF the moneys
invested therein. A considerable amount OF
| these railway securities arc still held by the
bunk. Tho present management Inns also
been associated with certain speculations On
disaster, though this connection is claimed
not to hive been fatal agent in prccipitating
the suspension. However, tho succession oi
these and other individual connections thai
were costly will, in tho aggregate, account 10,
tho banks troubles in tho minds Of cautioui
bankers and conservative business men.
The bank was practically the property oi
Alr. 3. r. ALLEN, who came hero about two
years ago from Iowa. b1r. ALLEN has more
than once iutimatod that tho bank was not In
rs hoalthful a condition when he bought i
rs lie then believed; that considerable Of it,
bills receivable woro difficult Of collection
and that his antieipationa Of realizing thereon
weso deranged and dislocatod by the pani'
aud tho stringency that followed it. Dut III
las also freely admitted that be himself In.
1nade mistakes, and Le makes no effort t.
slli.k my Of the responsibility. IIe OWLS til
ercat bulk Of the stock himself; tho remaiuae
is divided up In small parcels, which may caus
some individual DISTRESS As to tho deposit
ors, however, it is claimed, and there is rea
son to beliove. that they will bo paid in full
in time though, owing to the unnegotiabl
and somewhat irregular character Of tile bill
receivable, 1t will probably require consider
able delay in settlement, and may in tho en-
exhaust the capital stock, which is $4,000
] LUG RIAtQu4eHt u tA6 uAuht 0et. o4 AaSLt EGl
resented q surplus Of undivided profits Q
1871, which, while VIC have no doubt
was nominally correct, was calculated to mis-
lead o. to the actual condition Of the baul
This surplus is evidently invested In seour
} tiea which ara not negotiable, and tlis is til
J reason why the profits could not be divided
! We aro inclined to think TINT tho great bul
Of the capital and deposits Is similarly ii
, vestad,
, As wo have already intimated, thS failu.
Of the Cook County National has been tho
ouehly discounted by tha commercial cor
munity. 'n4 ganstally understood h hAa