The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-08-29
Run on the Savings Banks of Chicago
The Last Statement of the Insolvent
Bank

CHICAGO. Aug. 29.-There has been no
morning beyond somewhat larger pro-
portion of depositors than usual, who are
drawing out their accounts from the saw
ings institution. There is large crowd
about the State Bank but the doors are
closed and guarded by small detachment
of police. The last report Of the bank
made July lst, is as follows: Mortgage
loans, on real estate, 81 ,507,Ol3: loans on
collaterals, 81 l,565,053; on Z. s. bonds.
$4,000; on South Park bonds, S2O,-
800; on county and school bonds,
$l0,500; cash and exchange, 1886. .429;
banking house and deposit; vaults, $3l9,-
1872; safes and fixtures, $4,000: total
resources, $4,4l5,327; due derositors,
$3,774,S75; capital stock, $4,000 sur
plus fund, $l25,0O0 undivided profits,
$l5,452; total liabilities, $4,4l5, ,327. This
statement, compared with the one sent last
night, shows that during July and August
the liabilities were reduced ST., ,427 200 and
resources $l,690,000 1t is alleged that,
since the July run began, about 5000, 900
has been paid OUT. The available assets
have all been converted into cash and for
wv Pooh ~" "SSho NlSOlOuS 6lIOIlS nave
been making to raise money to tide over
affairs. On Saturday President Spencer
lett for Few York for the alleged purpose
OF raising 100000 nothing has been heard
from him since that time. Just before
going, previous to the press of business
Saturday, an assignment was drawn up to
be used IN case nothing was heard from
Spencer by three o'clock Yesterday,
Promptly at the hour, the papers were
turned over to Col. Abner Taylor who is
now 10 full possession. The bank has under
It's more recent management made
some reckless investments and lost heavil,
by them and by the decline in suburban
real estate. The papers print the record
OF ID. ID. Spencer this morning, and make
a bad showing for that gentleman. 1t il
estimated by some that the depositors vii
realize about 33 per cent, but on thi
point nothing definite can be learned unit
the assIknees report.
At 80 there has been no demonstra
tlon OF any kind and there is now no prob
ability OF any disturbance at the banks
The Fidelity, which opened two hour
earlier than usual has been paying fiftee;
per cent. t. all depositors who presen
their books, but enforces the time rule a
to the remainder Of the amount deposited
One or two banks are paying without re
serve and the people who gather in The
vicinity OF the savings institution, evel
those about the State Bank, are especially
orderly and good natured. The Commercial
banks report no unusual drain. Assigne
Taylor reports this morning a more favor
able showing in the affairs of the Stat
Bank. He gives as assets, loans secure
by mortgages, $l,33O,lS4; by collateral
SLIGO, $50; taxes advanced on loans, 81
242; Grundy county, Highland Park, Sout
Park, and Fort Dodge Coal Compan
bonds, $l95,500; real bonds, $l95. SOC
real estate, $l05,03l; new buildns
1921, ,625; deposits in vaults, S92,625
; furniture and fixtures, $S,740; cash Q
hand at sundry banks. about S25, ,00C
total assets, $3,O50,947. Liabilities du
saving deposits, S2,93I, $50; creditor
deposits, $4,534; due savings and depos
tors of south branch, SAT ,617; bills payabI
$50, ,050; total, $3,036,0l7. The NOR
sanguine claims that, at least, so per cen
Of deposits will, in time, be repaid. Inte
views with leading bankingmen indicat
that theyfear more for the effect outside tt
city where the failure was not anticipated
than here where it has long been locke
for.