The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-26
CIIICAG0'S BANK FAILURE.
THE FIDELITY S1VINGS BANK IN THE
U1NDS or 4 RECEIyER.
President Haines Putting All his Private
Property In the Assets and Going Down
with the Bank-Tho Failure Unnv oidnbie.

CHICAGO, Sept 25.-Long before 0 o'clock
yesterday morning great crowd lllod tho
sidewalk in front OF the Fidelity Savings Bank.
There was manifested stronger determine
ton than ever among the depOsitors to have
their rights, despite the operation OF the swim
ding ten per cent. rule. The crowd increased
constantly until about half past o'clock, when
one Of the clerks hurried out Of the safe deposit
department Of the building and forcing his
way through tho crowd to the main door Of the
bank. tackled up the following notice. written
upon a sheet Of letter paper with tho bank
heading:
Notice having been served that nm Injunction and re.
ror Court this morning. this bank will be closed to await
thu action Of the court
No signature was appended 10 tho notilca-
ton. The crowd seemed to divine its meaning
by inspiration. and Immediately there was tho
greatest excitement. Many Of the women burst
into tears and tho men vented their anger in
bitter curses. Not an officer of tho bank could
DO found upon the premises Tho only means
of access was by the safe-derost building. and
the door Of this was doubly guarded. the watch-
man having orders to admit no one. Assistant
Superintendent Of Police Dixon. Lieutenant,
and several ON crs were on the scene 70 prevent
peared In the superior Court and moved tho
appointment Of a receiver Tho Judge took the
V,
appointed Dr. V. \. Turpin with bond 81
sdOu.uOO. Tho appointment meets with the
warmgst approval, especially Of the depo-tors.
cd with the condition Of the bank and tho fol-
lowing statement made to the sun corros pond
cnt shows the state Of things in brief Said lac:
About ten days ago several friends OF mine,
who are depositors ~ the bank. came 30 mo ana
made inquiries about what they should do !
| visited the bank for them. The officers assured
me that the bank WAS solvent; hut in the con-
| ver~ation Mr. J. G. laines SAID they would Ike
! e. borrow $3.50 900 on securities TO tide over the
/ present trouble, ! promised 70 "nect ile loan
| went to several bankers, and from them got
,he proW,sf 9i the loo1,i hay,ns So IN
| not To- borrow. rs the rush was over and he
could get along without, Last Saturday these
| that tho rules Of tho bank had been changed In
! ullnW them only 10 per cent OF their depos *
after the expiration Of notice. ! again went Ia
| the bank with MIR. Haines / told Mr.. Haines
| that such a course was not done in good faith
and was q confession Of the bank inability e.
| pay up Mr.. Hainrs assured me that the bank
| was sound and invited me to examine the bank
| and ASCERTAIN for myself. l agreed 10 do 50
! with the understanding that If came To- tn,
conclusion that the nank was ipsolv'ni could
| speak oi IL. | wis engaged in tho examination
| on Friday night AMI left thc bank fully con.
! WINGED that IL could not pun through. dtl moi
| speak of this g. Mr.. Huiues until the noNt iny
! Saturday. and then told him ho ought To- 'lo-,
| the doors II was rather hard 10 make MIR
haines or III" others take this view Of the con.
| diiion Of Affairs. but nnall, they all conceded
Nil Dcrricks'n continued: Mr. IIaino- ha.
| put nm all his private property among the as
SITS of The hnk; nothing has lw"n kept nmek
H. goes down with the hank. Tho cause OF the
failure is the -hrlnkas, ln securities.
What are the Liabilities and assets ~ tho
"Nt the time tho run hogan on tho savincs
! hank the deposits NJ the Fidelity amounted III
| s2.ulunOu. S.u.r then about s7ulun Inns boon
drawn out. lraNing balance ol sl,3JU.uJO. Tn,
/ number 90 d'lu-Ifgr- is '.Sti,
! But where are the u~-rt- -
81 scarcely know, hut from sixty TO ninety
| npr tltr lac F,fti