Idaho news. (Blackfoot, Idaho) 1887-1891, 1888-10-20
: MrLLIoS INroL rnD.
4 Iseeeirsr appointed for TIE Old Chieago


!
A Tseceirer Appointed for the Old Chieago
Bank.
Chicago dispatch: Hiram McChesney
was appointed receiver of the Traders
bank, corner of Madison and La Sale
streets, this morning, by Judge Shep-
pard, under petition filed by Thomas
Tallman, the cashier. Mr.. McChesney
gave bond for $500, 900, and was or
dered to take charge of all the effects
that belong to the bank or are held by
it in trust. The news was received with
a good deal of surprise and foated
around with the usual swiftness of ru-
NOR with the lawyers. and caused more
/ than one to excuse himself from a case
and hurry around to protect clients who
were the banks creditors. The liabil-
tiles are on the verge of 81, 900, 900.
In his petition for receiver Mr. Tall
man says that the bank, which is pri-
yate one, has done general banking
business; that Joseph o. Rutter has
been president, and the petitioner CASH
Ter for ten years. The capital stock is
5000, 600, divided into 2 900 shares, of
which Mr.. Rutter holds 1900 and Mr..
Tallman 500. There were no other
shareholders. For six months, he saws,
MIR. Rutter, the president, has been an
invalid aud incapable of attending to
the affairs of the bank. He has 4rair;-
ally grown worse, until now he is dam
geronsly i'll and wholly unable to even
consider or consult with the cashier con
corning the business. or the manage
ment, or any of the details of the corl.o-
ration 5 business. At present, he SAYS,
there IS no hope of the recovery or even
the improvement of Mr. Rutter. He
IS unconscious, and has been so
for thirty hours. Up to the time
of his sickness Mr.. Rutter was the active
head of the house, but since his illness
the management has been wholly on the
hands of Mr., Tallman. In spite of his
efforts lie says he has been unable to
build mp the business of the bank; the
liabilities continue to exceed the assets,
and unless immediate steps are taken to
collect and preserve the assets, irrepar-
able loss will result to both the creditors
and shareholders of the bank. The bus
mess now shows a steady decrease, Mr..
Tallman says, and the assets are being
rapidly consigned and eaten up in the
expenses of the management, while the
liabilities are steadily increasing.
The assets he places nominally at
S999, 3S6 20, consisting of cash and bills
receivable. The trouble is that great
portion of this is not available, and can |
not be used readily to assist the bank |
under its old management. Cashier
Tallman, when asked about the matter.
declared that the furry in wheat had
nothing to do with the failure, which
was due entirely to poor business and
MIR. Rutter's illness He said that if all
that is due the bank can be collected,
the debts can be paid in full. The debts .
are mostly to small depositors in this .
city and in the farming districts and (
towns of Northern Illinois. The bank
was originally organized in Freeport,
IN, and was subsequently, removed to
this city, bringing its country trade with .
1t. It is organized under the state bank .
ing law. It il not believed that the
failure will affect any other bank or in
dlyidnal OF any considerable financial .
standing.