Chicago Daily Tribune Newspaper, August 30, 1877, Page 1

VOLUME XXXII. EXPOSITION BUILDING. Chicago ~ Inter-State Exposition, Aug. 29 to Oct. 18, 1877. 5 ' se The Great American Exhibition -of Science, Industry, and Art, Visitors may rcfy upon the assurance that, for in- teresting, meritorious ob- jects anti attractive novel- thes, this Exhibitien has never been equaled on this Continent except by the Centennial. All persons, and especially all young persons who de- sire to be up with the prog- ress Of the world, should see it without fail. » Admission--Adults, 25 cts.; children under 12 years, 15 cts. @pen every day (except Sundays) from 8 a. m. to 10 pom. Saturdays to iL p.m. Excursions on all railroads.. ARTISTIC TAILORING. ee nee WODAYS LEFT q Our TEN PER CENT DIS- COUNT ends Friday next, Au- st 31. Our AUTUMN and INTER STOCK of FINE WOOLENS for Gentlemen is now full andtomplote, and is Largest and Most Select ever shown under one roof on this Continent. Prices Low! Eve- rything guaranteed! Stand- ard the Highest! LADIES’ RI. ‘DING HABITS ¢ Specialty! WEDDING TOILET a Special- ty! SERVANTS’ LIVERY made to measure. EDWARD ELY & C0, Wabash-av., cor. Monros-st, ESTABLISNED 1854, AMERICAN LINE. Philadelphia and Liverpool. ‘The oniy transatlantic line sailing under the Ameri- can Flag. Bailing every Thursday from Philadel tha Welacsiay trom Liverpaale ey ‘RED STAR LENE, Srey Cates dager teeta ey tte PATER DEERE very tele 4 ruately fre 3 tae SEW TORR DIRECT abd ONLY wo ANEWaltl Draftain amounts to suit, PETER WRIGHT & BONS, Gen’ A; Ty East Mand 4 Jhicago, we EP AMEE imager Pe Bee Ch EW YORE TO GLASGOW, ie TeDELFASY: D LO: TATE OF GEORGIA, STALE OF PENRGULY: nuredey, bent a fy feo, pnd $50, accordiuy to accummoda- Roturh tiexeta at reduce rates, currency. bec- tn, 665. Hoturn tickets ot mare ratca, Steer- ANCHONIA, Rept a) OLAVIAL Nene ae uae ‘or iasyow, Liverpool, or Londandes Cabins, G05 to. 640. Intermediate, $35. “Bteerage, 62a, Now York to Pourbamnton, aud London, - ELTBIA, Aug. Ww. Da. m. | AUSTUALLA, sept.8,0 pm Mt . PADENRON DIOTUERS, bo Warbiogtoncat, Grent Western Steamship Line, From Mew York to Bristot (England) direct. SOMERSET, W. Stlacon, Bymeae, rstunt Hiebert ap vavorsbie sates’ Sevcpats peed oie 0 +4 cl cerddeaten C28 CARN tO WME HITE ee pebeeiaiaiek x tichigan Central Italiroa. forth German Loyd. The ster ta will eall every bate.+ day frogs Deepen Piers toor oF thinset. Honoken, fates ot pamoge—Frout ‘ork to Sautbampto, ndon, Ta} ‘and Uromeo, fret cabin, $110; accon SALA easiest atest fs ss Pelrve _2Dowllog roca, Hew York, NATIONAL LINE OF STEAMSIIPS, Now York to Queenstown and Liverpool, LS Serre EE tag Fr te 22. a Ps iy -TO SOUTHAMPTON AND LONDON, CANADA, Aug. 30,p.m. |GREECE, Sept. & 3 p.m. ekete at reduced rates, Etcerage tickets, cure yeney., Dearte tur £1 end uy fueen Great Devaio aed 4 South Clark-at, relaud. Apply toi, 1. Ans OUNARD MAIL LINE. Sailing three times s week toand from Britiah Porta, Apply at Compa: Office, northwest corneg, cl t.. Chi lark and Randolph. . PH, Du VENNET. General Western Agent. WHITE STAR LINE, : Ses p Be tbe Mat between, NEW YORK and LIVER: FOOL. Sep al *wottice, 4B South Clark=ss, Rey, Comey VHED LAGERGREN, be! Drafts oa Great Briteta and lrcleudy en eee FINANCIAL, AA ARN a COUNTY ORDERS CITY VOUCHERS Bought st bighest rate by. AZARUSG SILVERMAN. saa bere Comacrce. Intermediate, $451 Btecrage, $30, Now SUMMER RESORTS. GLDN PARE HOTEL. ZATRIN'S GL) eS crms, $2 ty $3 per ‘day. Pranner geri Sead for circular aad b - Fe 8. ZHOST. Eropristor. GUATES AND JUAN he Pisis, Gold sad Nie iaise fitttedy ands tt * BLATE MANTELS, |PROBAGCO & BUMNEY JEAN DHAWEUS- : eee Keep’s Jean Drawers, ‘Very beat quality, $00 ser valr. 373 East Maduon-at, * te DR. JAW r. iE THE GREAT EUROPEAN NOVELTY, HUNYADI JANOS. - | NEW APERIENT WATER. Boeclatly recommend* ed for richness In aper- font ealta, and ita cf- cacy In Diltous attacks, prevention of (Gout, |. Pies, etc, acd a6 an ordinary aperient by LARBIG, VIRe ’ OWOW, BCANs PAT 4 t ii Baty Porat Ny aed the entire m Engtand and Germany, ical profession tn OM. a. Daud UN MIMS, Now Yorks ‘Ann lexa- H ive, 1 prefer itto every other mineral wa- 4 Tt. WOOD. New Vark, . “Certain, But gentle and painioss; superier to any other nt Dr. Wii. mor wi DM. AL! m atet FIRE! ost, 7 Aca ni pleanant. and re T.. LOOMIS, New York. Tho ‘prom; adapted for DR. FORD VCR BARKER, New York. Wires Tean, Injens disagreeable aud uoplessant AMON, Ni York, ‘The LEON etic e sot Sh purgatiee Ay eMictents specially “Ne. and. 108 dally use. than any other.” DR. LEWIN A. SA ferred to any other tarative.”” A WINEGLASS) YRE. New, York. ‘'Pre- CL A DOSE. Every, genuine botite bears the name of The Apol- Unarls Co. (limited), London. + FRED'K DE BARBY & CO., 41& 43 Warron-st., New York, * WATE Eole Agenta for United States any FOR SALE BY DEALERS, DRE MES AND JEWELRY. Canada. GROCERS, AND BARGAINS! WATCHES, FINE JEWELRY, Silverware, &., ATTEND B. V. RODBIN & (0.8 CLOSING.OUT SALE, No. 150 STATE-ST. Private Salosinforonoon; Auction Sas: AL The “National Life-iusurance Co. of U. 8. of As CAPITAL STOCK FOR SALE. ‘The Cireult Court of Cook County, Mh, fected ali propoainaubratited forthe purch “apltatRrock and 4 ‘¢ Life-Insuranee Ce g teen, Hp in ntorcrald, the Ri ropnbl again advertiz sult order here; Ina. Co, al toc of U. A, Of A. han bo BE RR aarcen tal operation hay ara nanets, Aug. 8% NTT. inviter fora of any am ATI ONAL 8 10,000 ahh wed b information and Value of the asreta and busines: whi bo faratsnea on tp) persons inte having ro- heer of the Receiver of of Ciiteagu, IM., £0 rwiened hy virtuc’ of for thirty lays proposals f f the whe UHANCE aati Mepabile: Life: ns Deity closed tT, The rected Eh 01 LIFE, rc, ‘of sald Company piication tv the uniersigned to rested and dosing Iiformation in Teear ereto, for the plrvass of if proposals to be {n acaled eavelope: for National Lire-Ine. Ce iy Jadiug for aald Caplial ca marked co, Capital Stock." and adirensed ¢@ the wnderstanei, ta be sabmittted by him wnapened to the Canrt fur itt the thirty days, oF a8 644 etlon at the end oF crentter 1 practicabin. 1 B. WALL Mecelver, rloe. Co, IST Laballust, NOTICE. The public arc cautioned against negotiating for threo certain notes, signed b; rick Cotcoran, anc Co,, My sum of $21 machine, Henry Wahl, D, Frederick, of Itaxka, Pat. Cook cated atout August 10, 1877, for the 00 each, for tha purchase of a threshin Bald notes were taken by one Edward Mock, ani are aunpoecd to be payable to hie order, in violatiun of bis trust as our agent. have been taken in their place, above aro Worthiess, canceled, Auguat 28, 1877. Other notes ind fhose described PaeRey, ‘bas ber THs Co., ichmond, Ind. NOTICH. ° GEO. B. OKELL ia no longer the axont ofe John Finzer & Iiros, Dave any dealings with him on our accognt. EXPOSITI Owing to removal to California wholesale stuck of Watchorand Jowetry r of coat. Auguat 0, 1877. ‘Our chstoaers are warned not to JOHN BINZER & Jug av Lon! Nl fn selling my dlcas Iam JOHN G. ASIILE: A No, 126 State-at, A Gentleman Who Can Control good option trace inthe clty and countr ry very fayurabia connection with an establish hen andre 47, Tribune otlec. A Hable Cuminiation House, Address with particuiars, ‘TO MENT. ‘FOR RENT. DESIRABLE OFFICES IN THE TRIBUNE BUILDING TO RENT Apply to WM. 0. DOW, Room 8 Tribune Building, H Ia SANDS HOUSE; J Cor, Wabash-ay. and Madison-st., One block tram A. T. Stewart & Co,'s Dry Goods Honee, and MeVicker'’s Theatre, $2.00 PER DAY. Now House-—Elegantly Furnished, OPTICIAN. MANADSE, OPTICIAN, Tribune Nulidiug. ciples. Fine Spectacies sulied ty alt ste if Riser aud Pele” ie hese” cole, Barole DISSOLUTION NOTIC DISSOLUTION, ‘ The copartuersblp composed of E. Kircbhott and FL Furthmano, under the fra name and styia of Kirch- om &Co., has this dey been diswived by mutual con- sent. £. Kirchhoff takes all the ssacte aod ditc! aul the lt nies, oy E.K TMCHUOF FR, Dated august 20, 187), F. FURTHMANY.” “The uadersigued wit! continue the Beer Bottling bus tneas at the sac place, uuder tab Oru nameof Eirch- hom & Co. i KIKRCHMOFF. Bios, 128 and 230 byulh Clark-at, CHICAGO, TIKURSDAY, AUGUST 30, 1877. WHERE'S SPENCER ? The President of the State Savings Not to Be Found. Circumstances Which Indi- cate Iie Has Gone a : Pleasuring. An, Awful Shrinkage in the Assets —The Canal & Dock Stock, How the Bank Was Milketl for the Benefit of Mr. Spencer. Scenes in Front of the Insti- tution---The Wretched and - Beggared Dopositofs: =~ Another Statement by the As= signees-=He Is Still Examine ing the Books. The Creditors Not Satisfied with Him ~Meeting Held Yesterday. ‘ What Dobbins Has to Say Regarding Mis Dealings with Spencer. WHERE IS HWE? HAA SPENCER GONE ON A PLEASURE-TRIPT All the fnformation obtainable goes to prove that David D, Spencer, the ex-President of the State Savings Instttution, has gono off. some- where with his family on a pleasure-trip, and that he docsn’t intend to show himself in Chi- cago at any time In the near future. When Mr. Spencer was seen by a Tripene reporter Satur- day afternoon, he statedthat he was going to New York the following cvening with o carpet- bag of accuritles, for the purposo of ralsing money on them from tho banks there. -"Tre- asmably stch a trip should be 9 burried one, mado simply ‘for. the purpose of visiting a the © banks; but, contrary to what one would expect, he" took his wife along with him on this little ex- cursion, A roporter visited tho house at the corner of Prairic and Egan avenues !est night, and found it In a state of total darkness. Nota Meht was to be seen in dwelling or stable. No servants could bo discovered after an encr- getle pulling of the door-bell, and ono of tho nelghbors stated that the whole family had gono away with Mp. Spencer Sunday, and the man- sion was actually deserted. It therefore be- comes questionable whether Mr. Spencer, ever went to New York, st all, or, if he did, whether ho went to any of the banks, or fgured there under hig own name. Inquiries mado by Tatnunn representatives at all the New York hote)s and at the banking institutions FAILED TO BIOW ANYTHING CONCERNING TIM. It he went thero witli accuritics to ratse inoncy he would presamably Lave gone to the Chemical and the other institutions with which he had been inthe habit of doing business. But ho -didn’t go there. Ho may have taken the securl- ties, but be certalnly made no effort to realize on them. ‘ It fs mora than likely that, when tho deed of asaignment was drawn up Saturday, and signed and handed over to Judgo Beckwith, Mr. Spencer knew that ho would not return, And itis very probable that, Instead of telographing from New York Tuesday that bo was unablo to raise tho, monoy, and that, therefore, the sssignmentto Col. Taylor must behanded tu that genticman, it wag under stood before he left that {t was to be delivered to the Colonel Tuesday, aud that this postpone- ment was simply to give Mr. Spencer time to talie his pleasuro-trip to New York and beyond undisturbed and unmolested. <A reporter endeavored to find Judge Beckwith yes- terday evening at his house, with a viow ‘of questioning him concerning these interesting polnts,—as to whether ie had heard from Mr. Spencer Tuesday, “nnd just what conversation ho had hat with hin Saturday, when the assign- ment was drawo up. But tho inmates of Judge Beckwith's house knew nothing of his whero- abouts,—didn’t know where he was, and didn’t knowewhen he would come home. The re- porter’s belief was that the Judgo was in the houso at the time,” A Journal reporter had an interview with PERRY I, SMITH yeaterday, In which that gentleman statéd that for two years ho had not allowed the scrvants einployed in bis family to deposit thelr carn- ings In the State Savings Institution, because he knew it w@% conducted by sacoundrel. In ona instance ho had Insiated on a deposit of $1,800 belug withdraw. Mr. Smith sald that whilo Spencer was connected with the Cook County National Bank, before ho bought the State Sayings Tustitutlon, he attempted to throw tho clevator fizm of Georgo Armour & Co. into bavkruptecy, eon a note for $10,009 of the commission firm of Munn & Scott, which the Cook County Bank bad discounted,, Upon the trial bis (Spencer's) oath was opposed by that of such bankers 25 W. F. Coulbaugh, Frank Sturges, and Bol Smith and at the close of the trial 1 was judicially de- clared that Spencer's statement could not be relied on. Mr, Smith further stated that whea Spencer bought the State Savings Institution he patd $3,000 or 34,000 per sare, and Mr, Gmith’s theory is, though he bas no personal knowledge of the matter, tuat Spencer paid the amount out of tha funds of the bank, that belog a favorite wethod of doing business In the Cook, County National, with which he bad pfaytously beencunne:ted. Mr. Smith also said: that the parties who sold their stock In the State Say- inge Inatitution to Spencer at an advance of 300 percent kuew very well that they wero selling to a scoundrel and yiolating atrust, and he holds very vigorously to the Ides that those parties, whoever tucy are,—be knows the names of moat of them,—should be held personally re- sponsible for any losses that depositors aro Ukely to suffer from this failure. + ANOTUBE #4D CIRCUMSTANCE istbat Mr. Bulkley, the Assistant Cashier, an ex-brother-In-law of Speacer’s, bss doubtless departed. * It is stated [a another columa how. be told Col. Taylor Tucsday that he was golug home to Hyde Parky and would not come down Wednesday, not feeling well. And it is also related in tho same plico how Mr. Bulkley'’s family moved thelr furniture yesterday, aud that Mrs. Bulkley pasn’t the remotest ides where her bus- and fs. Mr. Jd, the Cashier, obstinately stays away home, and cannot be found. That ‘mad ambition of fs to say, he fs hid atray.in a back room, and fs afraid to show himself, lest the questions asked lim concerning the administration of the affairs of the State Savings Institution might be too hard for him to answer. Itisalso stated elsewhere that $181,000 In South Park bonds. cannot be found, and aleg how Mr. Spencer raised $7,500 by mortgaging his realestate. In view of the further fact that obont $1,000,000 of the property of the bank has..been frittered away in worthless {nveetmentes, or In paying for Mr. Spencer's stock, (t is only natural that that gen- tleman should ‘ DESIRE TO GET AWAT AS QUIRTLY AS POSSIDLE, and have as many miles as convenient between himself ond the enraged depositors when they camo to know the Ainancal management which had been played upon them. As was atated yesterday, Mr. Spencer was indicted up in Elk- horn for embezzling the funds of the bank st thet place, ‘I'nm Tutnonn also states to-day how ho cgme it over fils partners. at M@rris, Mr. Spencer's record {s not fool, and the depositors would not be surprised if it were aunounced from New York or some other port ou the Atlantic that he had taken passage for Europe or South, Amer- fea. NOT HEARD FROM. Spectal Dispatch to The Tribune. New Yorr, Ang. 20.—Mr. David Spencer, Prealdent of the State Savings Institution of Chicago, hag not put in an appearance here. No man bearlug his name has registered at any hotel, so farasacarefn! inquiry can discover, and, if he took ‘advantagt of any outgoing steamer to-day, ha must have done so under an assumed name. His dealings with the Chemical Bank, in thls city, are stated by Mr. George G. Williams, Cashier; as follows: “Until the rin on the State Savings Inetitution was begun, ft had Government bonds toa large amount de- posited with us, but the entire amount has sinco been withdrawn. We hive sold the bonds, and the moncy has either been drawn for them or eentto the Chicago Institution. Mr. D, D. Spencer, the President of the State Institution, was in New York about ten days ago on pri- vate business, and 1 saw him. Ho sald that he thought the bank would be abje to get through {ts dlMeuitics all right. if the run did not lagt too Jong. He apprehended danger, for alarge part of the assets of the bank consisted af mortgages on real vatate in Chicago, and it would be very hard to realize thelr value pt present. I thought the bank perfectly solyent, but I based my opinfon'dn the knowledge of the large amount they kept in the Chemical Bank." THE ASSETS. + THAT CALUMET CANAL & DOCK 6TUFF. It wos stated In Tux Tummoxx of yesterday that among the assots of the State Savings In- stitution were bonds aud stock of the Calumet & Chicago Canal & Dock Company ‘to the face yalue of 8600,000. This is indeed a most melan- choly truth, the bank holding 3,458 shares of the stock, the par yaluo of which is $100 per ‘share, Ithas also bonds of the Company to the amount of about $300,000. Tho way in which it mot these securitice was a Uttle complt- cated, and the transactions extended over con- siderable time. The thing began when John C.. Maines was iuthe bank. It was a loan of $100,- 000 to the Dock Company, which was then (8ep- tember, 1971) in high, feather, ite managers thinking that they had the biggest thing in the Northwest. The securily was inthe form of o promissory vote by the Company for §100,- oO, and ft had pinned fo. ik common stock to that amount, with a memorandurn that {t waa to bo conaldered pre- ferretl stock so far az'to pay 8 per cent interest. This loan was considered a big thing. There wore blus made to the bank to take it off its hands at a promtum, but they wero refused, the Institution deciding to hold on tq it, al- though some of the Dircctors thought {t best to let it go, since it was always wiso to soll a thi when {t commanded a premium. This loan was, for flv years, and there was an optioy in it that ‘vonds could be taxcn tf the holder ot the note saw fit. Sponcer didn't favor the {des of turns ing Itinto bonds, because he saw in this stock pinned to the note cne-sixteenth of the total stock of the Canal & Jock Company. He, too, thought it was an ininense thiuz, aud believed that 1t would be a graud Idea to get controlot thecontern. 80 he set to work. BUYING UP STOCK winaevEn UE COULD FIND It was boucht—the bank footing tho bills—at all the way from 50 up to 80 or 90, and probably the shares which {t bas have cost tt in round numbers $300,000. H. H. Honora had about $100,000, which he had shoved up at different places and times for 35, 80, 40, and 50, and this was swallowed up by Spencer, who was perpet- ually buying {n wherever ho could act a chance. Bo {t camo to pass, that one day'the books showed that A. D. Guild held 2616 sbares for the State, and Spencer 612. Subsequently the Guild shares wero assigned to Sheridan Waite, then President of the Dock Company, and the certificates were retransferred Ia blank by Waite. Nence Spencer could say with apparent truth, as he «id sayon some occasions, that the bank didn't own a dollar of the stock, In the carly part of 1875, Spencer, still Ngur- ing to get control of the Company, formed a\o- alition with Walte, who had about Axty shares avdanumber of praxies, agreat many people having confidence in him, and between them they took control. Waite was elected President, and Spencer substantially ran things, telling the Board of Directors on ono ovcasivn, in reply to some {nquirtes by Gnoof its meinbers, that, “by God, this is guing to be a one-man thin;:.” ‘Tha result of this was that Col. bowen, who had previously been managing alfairs, was frozen out, and the sdministration sed into the very conservative hands of Sheridan Waite, under whose control no lands have been sold and uo taxes pald fortwo years, so that the roperty of the concern hag twice been sold out Yor unpald taxes. as Along in August of {875 the Canal & Dock Company WENT INTO THH BOND DUSINESS, it issued $2,250.00U of theac iustruments, bear- ing 9 percent Interest. ‘Theeo bonds, in rest art, were pug into the hands of Cutting, of New York, one of the Cirectors, for sale. Along about that-timo the bapk had advanced to the Compauy $175,000 and had noting to. show for {t but bills recefyablo. Spencer took bonds of the face value of $200,009 ns security. ‘Three months age be Went on to New York with Joba C, Dore. He had then decided to use the privilego given When tho oriziual $100,0U0 loan was made, of convertlog ‘it inta bonds. “Bo he went to Now York t ace Cutting, who had a Jot of these securities tu his hands, for the pur- pose of getting the bonds, Cutting at drt de- aurred, and said it was, au outrageous pro- ceeding, Lut subsequently, insor as they were simply handed to bi for sale, he turned over to Spencer bonas cnough ut 00 to cover the 100,000, Cutting’s objection to the transac foo Was soKrcat, however, that ho tendered his resignation asa director. And this{s how it fe that the State Savings Institution is loaded down with rising $30U,000 of ut! valuetcas securities, ‘These bonds were sccured by all the property of the Dock Company, which was vyalucd—the acreage—by Jaines H. Reca at $4,000,00d;con- sidered at the time @ miuderste, conservative, hard-pan cstimate, i NOW AS TO THE VALUE OF TUM SECURITIES. © Tho stock ts hopelessly worthless. Whatever valua {t way have bad was desiruyed by the Bpencer to ruy the concern, and it will never‘amount to ao ytulue, gulls Regarding the bouds}their conditlon ts abuut the same, owing to tho pecullar situation of things. Ofcourse, some time or other, th bondholders will fureclose, and will becon owoers of the property, which ia doubtiss worth the bonds. But Cutting, of New York, ths control. Ho hss about 8900,00 of bonds Any man buying those held by the State Savings would buy into @ thing which be could have no control over, ang the holder of the remaiuder of the bonds— the majoritv—couid freeze him out in a quarter ot an hour if be so pleased. So these securi- tes, put up pt auction, or offered at private sale, would have no value whatever. And there bs $809,009 tu&eu right out of the sssets of thy State Savings Institution. A mao whose bauk- book called for $30 would make n blunder If he ‘lelivered it up for the whole $400,000, Then there is another little care of shrinkage In the asrete, When Spencer bought out Dob- bins! stock, for which he paid him $155, he took the money from the bank, and the hark Practically’ became the owner of those shares, the price amounting to about $300.00, The capital atock bas of course been wiped out. And there zoea $300,000 more of the arscta, It is also alleged that Bpencer borrowed $200,000 on hia stock, or. paid for it, when he bought of Sidway and Chauncey Bowen, out of the funds of the bank. ‘That [s to say, he and Dobbins borrowed the money trom the Manufacturers, for three days, paid the money thus Lorrored to Sidway, Bowen, and Bass, and then repaid the Manufacturers, presumably from the fonds of the State, Bo here is a grand total of 81,100,000 out of the assets which may be put up on the shelf, or which the Assignee may tle up ina bundle and sell for old paper. I'hese consti tute the millon odd of ‘coliaterals."? TEARS AND THREATS. SCENES IN FRONT OF THE BUILDING. ‘The news of the failure published én the morn- ing papers took all the State's depositors by surpriee. Nearly all of them had recovered from tho July scare, and were firm {n the bellef that the bank had successfully weathered the storm, and that their interests were secure. 80 firm were they In the faith that some of those who bad drawn out small amounts during the ecare regretted their action by which they bad cutoff what interest was duc on thelr deposite, There wero more carcfal once who closed up thelr acvounts auring duly and August, fearlog to run what acemed to them a dangerous risk. But there ewan that other class, utterly un- suspectiig, whose previous doubts and fears had been quieted, and who were lving along the news In fancled security. To them of the failure came with all the suddenness and crushing effect of a blow in the dark. Trusting, thoy had been deceived; and the savings of Fears, often of a lifetime, scraped together from the results of weary toll, seemed gone forever. Such was the picture they painted to themsclres In the first moments of anger, sorrow, and die- gust, following the general spread of the news. ‘Then thoy began to reflect. Something might be sayed fromthe wreck, Hope, which fs said to be the on}y medicine for wretched souls, be- gan todawn on thelr minds. With the feeling of those who would know the worst and bulld thelr hopes on the stnallest chance, they re- solved to ylelt the place where thelr tittle wealth was locked uo, aud learn on Jost how slender a thread those hopes might re Accordingly, the sidewalk in front of the &t#te Savings Insti- tution presented, 8 early as 7 o'clock yesterday morning, a scene wholly unusnal aot stich or any other hbur. i MEN AND WOMEN, HOYS AND OInts, rome apparently well-to-do, and others with the signs of poverty depicted on their pinched, wan faces, and thelr mean, well-worn, threadtare garments, were there; somo of them modest and sad, more of thens brawling snd mad. ilere was a poor woman who took tn. washing, Jn her band she carried a pass-bvok wrapped In a dirty handkerchief. With her pass-book—the title to wealth stoved away in the raults—she pressed forward and suuzht to gain what satis- faction she could out of a fat pollecman stand- ing on yuard at the door and keeping out all outsiders except thore ho had Keys to the ‘safety-deposit —_ boxes. She didn’t get the satisfaction she wanted, and had to fal] back. Then a man whose clothes seemed to'say he bad seen better times came vp aud recited hia gricfs to those around him. Me had managed to save $1,200 in fold, he sald, when be was out in Callfornta, had put it in that —~ —— bank, and now it was all gone, And here were thése bank officers gulnyr scot free. Why, if ho’d stolen 8 loaf of bread, he'd been juaged for it. And his voice grew thick, his toncs more angry and excited, and it {s more than probabic that thetears roulddayeflowed had nor avirey irisliihau behind bitn, Ina red checked flannel shirt puta damper on him by slnging out: “Oh, you neeat't tatk, there's trany poorer'n you as has lost every cent they lind. We're all inthe same boat.” “A- hewapaper man, as he contemplated the loss of lis careful sayings, muttered: * Wouldn't I like to seek a Sionx Indian, that bad been fed on raw beef about two months, on that d—d old reprobate Bpenter.” “yWisit WH HAD Hist one,” entd a Toute looking workingman, who hal overheard a knot of tnen tatking ubout Spencer oud bis absence in New York, “we'd flx him on- the nearest lamp-post, the —— — thief." A. job-pritter on Clark street told the reporter that he\and his mother had mauaged to put away 84,000 fora home, and to keep them dus: Wigaratny day. It was all they had, and now they would have to begin over again. Two Inshmen, who have been taBing care of gentle- men’s horses down on Wabash avenue, and doing any odd jobs they could cet, said they had gaved 32,000 between them, and now the savings of twenty-scveu ‘years were all cleaned out. An old German walked upto the door and demanded to sce the Cagnier. When informed that that gentleniyn was not around, the old fellow started out ona tere tirade againat the bank officers, telling the crowd he had been working for years, and ‘had saved upa littic moncy, but now he supposed he'd have to start again, “Never mind," atid he, “2t be rlekin ten seare, and it'll be wi fight.” In clostug his harangue, he sarcastically advised hie milling hearers to take a piece off the bank's duors, or the stone wulls, Lome with them to feed thelr wives amd children on, Ata later hour in the day a Jittle old woman, poorly clad, but of re- spectable appearance, hee features sharp and thin, her eyes snapping ‘tire, and her arms flourishing a very davgcrols-looking umbrelia, bilterly dcnounced the bank-othcers for what they had brought upon hers “rwap Mr BANE DOLLA: SH. ‘WORLD HERE," said she, “and those sharks have ruined me. alk about mobs! Why don't you mob the rich men's houses, the castles of those who rob the pogr, Instead of fighting and killing cach other? Oh, God, is there tio merey, no pity for the poor? Stuat' we Grow poorer that they may become richer! There were murmurs in the crowd of * You're right, imum," but, for tke moat part, the losers and the curlosity-mungers looked stolidly on, realizing that denunciation would do no good, and that the unly thing to do was to walt and seo what the Assignee could get out of the wreck, ‘The crowds were, however, far less domon- strative than might have been expected. Once in a while an angry individual could bo hea: addressing linscif toa sclect cirelo of hearérs in terme of appropriate denunciation, but on the whole the curses were not. loud, bowerer dvep and heartfelt. All through the forenoon the sidewalk Io front of the bank was Hued with vager questioners aa to the probability of the vaulte yielding up a portion of their hurd-carned sayings, oud {ft required the most vigorous efforta on the part of several stulwart pollvo- men to prevent a pumberof old wonen from forcing their way througo the duor to. make a personal jaspection, On the opposite side of aSatio street stuod a line of attentive observers, some discoursing on tivancial problema geverally, and others takiog philosophical observations of human nature under Interesting circucistancess aa ecen in fruut of that fatal lustituuun, It was iostract- ive tofind whatadeal of curious information woe a at onco developed in regard to an anclen! : CULNESE METHOD OF DEALING WITH DEPAULT- ING BANKBRY. —¢ It appears that eou 600 or perhaps 6,000 years agoubauk fu China broke, and the Urotler of the Sun at ouce ordered all the Directors, Cashlera, uressengers, and every one conuccted, with the alfair to be beheaded. At least four ditlerent grdups of people were hoard discussing the propriety of this ancient custom, aud recom- mending the Supllsstion to the present case, “What should be done with Spencer!" asked an anxious Inquirer, * Done with bic!" responded a tall, sunburnt, fellow that one would uvver have suspected of scholarly attalninents, sewhy he ougat to be sinade to commit bari-kart ‘bats that!’ Aud thereupon the vener- able Chincss method of punishing bad bankers would be told again. MU. SPENCER'S NAMB was familar as a household word among the crowds, aud it was {avariably coupled witha string of expletives. There wag atous time souly prospect wt a real excitement, whea a dis opuahed-lookiug muon, wearlng cyc-glasses, and something Hke a ledger under *his urs emerged from ths door of the bank. ‘Tal Lim; thats Spencer," cried somo mlschisvo! wag, god the gentleman found himself for a moment amid somo unpleasant-looking sur- roundings. It was evideut that the bank Presi- deot would have found It # bard task to explain Dimaelf bad he bcen proecut. THERM WEEE 4 GREAT MANT SAD SIGHTS to by sven dn the viciulty of the duors, aad a kreab mupy wad stories beatd among these wo- hicago Daily Tribune. ‘bezone dcpoaltors, There are few more piteous signts In iife than that of some aged and Infirm creature who, after years of sore toll and privs- tlon te hoard Ep. enough tosmonth his way to the grave, suddenly finds the prop knocked from underhim, Not a few such sorry apectacles Were witacased yesterday. @ Onc old couple came up whoso case excited Renera aympathy. They wero a pair of agcd rothera, who have for years past been carning a scanty pittance by doing chores, running mess- ages, aud the Ike for famliies along Wabash i Michigan avenues. By dint of keeping 1 expenses next to nothing, they had managed in the course of several years to_scrape ether between them about $3,000. The look of blank misery and utter helplessness they showed was enough to melt a heart of stone. And this was only one of numerous incidents of a similar character which came to light. : Most of those who were seen at the bank were or Working people, yong and old, who ha he winter before them, and no work in prof vect to keep the Gro burning. A con- siderable namber of colored folks were amdng the ‘gronps, and they Sopearcd to accept the situation with more cheerfulness than any of the others. They Were anzious to Gnd out just what kind of a dividend was to be doled ous to them, and when uictly assure hy sone gloomy bvrother that they need hope for nothing, they would walk off with the remark that they would take care anil not get bitten again. These are only a few instances out ot manr which could be furnished to show that the fail- ‘ure fell bearicat on the poorest and Jeast eus- pecting cluss. They came and lingered sbout the place hour after hour, reciting their woes, and = walting for something in tho shape of official information to come trom the inside, where Col. Taylor and his assistants were busy at work on the books. About half-past 10 o'clock Vol. Taylor came out. As soon asit was nolscd abrost to the crowd that ho was the Assignee, he was BESILOED YT ANXIOUS INQUINERS. To all of them, as they camo up, he explained, with a patience truly commendable,—seeing that he had to repeat the explanation dozens of times,-—that it was impossiic to gay just how muuch the depositora would realize; that he was endeavoring to get at the truc situation of af- fairs, aud would Jet ther kuow something deli- nile as 600n as he knew it himself; that, aveord- bog to the bank’s books, there were over $:3,000,- of asscts. and that tho abilities were aome- what leas; aud, altiiough this statement was not exuctiy correct, sct he hoped to know thu whole truth ina day or two,when he would call a ercd- itors' meeflog and give them all the Intormation in his power. That there had been a failure was certaln, but: it might not prove te be as bad a one as Was ot first anpeunced, aud they would certainly get someting, perhaps a large per cent, of their deposits. . About this time the Colonel had one of his assistants paste up the following notice on the middie doors , > NOTICE. An assignment of the credits and property of this bank was made to mé yesterday, and an investiga- Uon of ite afairs 39 now belng inode, intend to call a meeting of the cteditors to- morrow or the day sfter, at which time I eball re- port the umount of fiabilities and sesets, and value of them, aa nearly as possible. ‘A. Tarton, Assignee. Those who nad not heard the Colonel's ex- planations made # break for the door, and ap- peared to derive sotne comfort from the thought that a creditors’ mecting would be held to-day or to-morrow, when they could perhaps learn something more dettnite. And so the crowd came and went during the day,—everybody with uagthing dike a decent ng amount of indignation wncork! tho vials of 1 the devoted but absent heads of the cera, wrath u bank of LOOKING UP ASSETS. WITHIN THR BANK, behjnd {ts closed doors and drawn curtains, Col. Taylor and tris assistants wero studying over the books. They were callea updn by the re- porters, and Col. Taylor furnished the following. statement of the bank’s condition up to Tues- day night, as per the bank-books themselves: . ASEETS, hod Loans secured by mortyago....4. ++ ++ $1,950,184 Loans secured by coilatcrals. 1,107, H0- Taxes advanced on toane., 4,242 Grundy County Bond . 4. 1,500 Ft. Dodge Coal Ce Leal eatate.....5 New huilding... . Furniture and fixture Beposit vaults... ..66 rt Cath on hand andin eundry banks, say, Total... 2 Due to savings deposltors. Certificates of deposit..... Due to pavings depositors, ranch office, Billa payable... $5,030,017 “OY WHAT DOEHOSH COLLATERALS. CONSIST, Colonel,” asked a Taimune reporter, polnting to the second Stem in the Hat of assets, 3 “That is-just what I can't tell as yet," was thoteply. “We havn't touched tha papers i tho vaults, and don't mean te until we get through thy work we have in hand. The asacts are there, and they're going tostay. What, I an trying to do is to eee af I can gather in avy, thing usc i" e To be somewhat Inquisitive, Colune!. what ds the particular thing you are after now!” “The bank officers’ private accounts, What 1 wapt to sco ts whether they have taken aty- thing to which they hadn't a clear title, and {1 flud they huve done so | propose to take the Bevensary measures to get my hands on‘it or them." * “ Do you know anything about THOSE SOUTIt PARK BONDS, put in at $132,0001 Are they where anybody ran gta them without an futfulte amount of trou- je “As I said before, I tiaven't touched tho papers, but 1 was told this morning that ali but about $05,000 collaterals to of them bad been put up for money borrowed to deposttors during Jul: broker, Mr. Wrenn, tol shouldn't wonder if I'd find It so when [cume tu look at the papers.” And the Colonel returned to bis inquisition into the private accounts of the bank oullicers. He remained at the bank with his assistunts all the afternvon up to 6 o'clock, during which time Bpencer’s private account Jor lav? was fully cx- pied, and no crookedncss discovered, “The Jolonel was disappoluted at not duding what he ruther expected wauli disclose iteclf,—evidences of appropriations of money by Sponcer,—aud will institute an examination this morniug into that gentleman’e nccvunts from the tlie he be- caine connected with the grok. It fs very clvar that ho cxpects to flad sumething which will repay his researches, and tho basis for bis “ suppositiun Mes in the fact that when Soencer came the Chicazo be hat very little mnuney and yct that he succecded in rather rapidly buylug “lumself into the bank. The Colohel’s idea ts that Spencer borrowed money of outside fricnds to pay fur the stock, aud thea drow out from the bank’s funds enough to pay these debta. “1 believe I will get it," said Col, Earlopy “athough it may take some timo to doit. I shall follow the lead upandsce what it brings. Ho hss bought bim- self tuto this vauk, aud I'm determined to see where, and how he got the moucy to pay for his stock, . ‘The clerks were also put to work duriog the afternoon to SCHEDULE THY ASSETS, but at the time of closing the bank they had only succeeded in scheduling sume of the mort- gages. It will bua dey or two before this part of the work is completed, after which will come the iabor of valuation. it is, of course, unpossible to say, with any sppruach to certaluty, bow much the depositors will realize, but, when asked if bo had avy ideas on that subject, Col. Taylor sald that, for = rough guess, pe thousoe 50 cents on the dollar would not be aut of the way, and the probabil- ity was that depositors would get even a shade above that. At all eveuts, be didu’t think it would be apy less. x it will be noticed In the above statement that din dry banks | i Apel at $23,000, Mi, and in sun ks is Iucaped af . Mr. . ilover, Col. Taylor's chief assistant, salt tos Tripuns reporter yesterisy moruing that this amount is brebably correct, aud that it rep- Tesented pretty near! ive {{ nut exactly, the amount of cash ou hand aud tothe bauk's credit in other banks, some of them fu this city aud sonie in other places. ‘Lhe amount on dcposit to the State's credit with its New York corre- spondent, the Chemical National, is, sccording to the books, about $2,000, aud it may not be a rash supposition tothiok, as many do, in a man- ner rather public, too, that the pilgrim Spencer way have cuocluded to check out that smount, upon his arrival in New York. TUSER WAS 4 BUMOK TESTERDAT qhst Assistant Casbicr Bulkley, of thy State 8 a be Z z J a 8 Beg ise E ie’ Te P32 E' FIVE CENTS. DF Sai. institution, had secretly departed, but. his absence trom the bank was accounted for hy Col. Taslor, whom Mr. Bulkley told Tuesday evening that he was going home to take a rest, the fatiure having completely upset him: Although Col. Taylor fonnd, during the day, that he needed Mr. Bulkley, vet he respected the gentleman's wish to be let alono a‘day or two, and did not send for him. Bulkley ts familar with the papers of the bank, the dis- counts, ctc., and can probably shed considcrablo. Mache on dublous matters as they arise, Col. ‘aylor wiil probably call for his assistanco either to-day or to-morrow. The In regard to. tho at anee of Tumor In regai oO lsapoearance o} Mr. C. G.Bulkley, the Assistant Cashier, and brother of Spencer's first wife, turns out, upon investigation, to bo well founded. For some years past he has been @ resident of Hyde Park, is realdence being situated on the corner of Fifty-thtrd street and Madison avenue, With a trustful unsuspiclousness born of an utter ab- sence of guile, ils neighbors looked tpon him as above repcoach, commercially and socially. He was instrumental in originating tho First Haptist Church of the southern suburb, and held, sti! dues hold in effect, the position of a Deacon therein. Nothing occurred to vary the monabony of Hyde Park ilfe until yesterday atternoon, whoa three large trucks from the city drove tip, fn less than two hours every atick of furniture on the premises had been packed away on these: conveyances, Mrs. Bulkley and her two bors accompanied the caravan. Nothing was left to show that once anon a time the Lares and Penates of Mr. Bulkley had been stored in “the house, saving a ‘lot of old papers and straw scattered on the ground. Later in’ the afternoon the pastor of the First Church called around in puranance of his pastores duties, only to he eonfronted by tiaht- y-closed blinds, und a bell which falled to rouse. anything but the echoes. and * G usual [n nuch cages tha more charitable of - the friends and nelghboss of the departed ona | assume that his troubles hava rendered hfin “temporarily insane,” which fs a conyenicnt cUphemiam, and may therefore stant ifs has been sickly for the past yesror so, and itis thought that the circumatances which called so urgently for him to transfer hls base of opera- tions may prey npon bis mind. Bat ft is nut. cousidered possible that he may try anything in the cold load of rapid bowl line, © Those lux- urles are reserved for the 15,00 depositors, It waa learned that his wife hed removed with her children to No. 165 Adatns strect, where hee mother, Mrs. Laura Gray, occupics aflat. A reporter was scnt to interview Mrs. Dulkley os to her husband's whereabouts, and she etatedt. that Tuesday morning Mr. Halkley startet down town, as was his wont, and that since that time she had neither seen him nor neard from him, and she had no {dca as to bis whereabouts. The Indy ‘made this statement with auy- thing “but =the alr eof) a = woman who ise in doubt 2s to whether her Hege ford bas been run away with, or run over, or drowned, or been bitten by a sheep in some lonely dell; ta fact, she evidently knows more than ple feels disposed to tell. and what sho does say ahe saya with that ‘utter frankness and nalvete only possible to the devoted wito who bas a hubby to shigld. # a As for the Cashler, Mr. Gulld, that_gentle man also statud to Col. Taylor Tucelay evening that he wee going home, and would not come down town until sent for. Inasmuch 4 be has been not so much of a Caster asa very Feepectable figure-head, his presence {s not. 'y 80 greatly desired as is that of the knowing Butkley. » But Mr. Guild Is not apparently willing to face the musle. Inquiry” at us residence last evening pradaced, —ai- ter repeated pulls at the bell, an ageat tan, or rather an aged head was projected from the upper window, whence parley wis held, Mr. Guild was not at home, haa not been home since 6 o'clock Tuesday evenius, and was probably out of town, The sole tenant of the premises was the aged man himself, who stated that he enjoyed the position of fathcr- in-law to the ungetatable gentleman, TUG CREDITORS. a NEW DEAL WANTED. « There is a dissatisfactivz among some depos! tors of the rulned State Savinus tnstitution with Col, Abner Taylor as Recelver. Tho reasons for this are, first, that he was selected hy Prealdent Spencer before his sucdes departure, and, second, becanee he is not knotn tothe majority of the depositors, The matter of having another Ass{nec chosen was the thema of cousiderable discussion smong numerous of the unfortunate losers yesterday. Some went 6? far as to tnake sweeplig charges, while others alleged that Col. Taylor was un- fitted for the position ots a matter of principle. The question of hating o more acceptable man. appointed in bis stead wos talked of, and in- formal caucuses were eld. Several attorneys were also secn adil thelr advice asked ax to what proceedings should te instituted to have Col. Taylortemoved. The whole matter was finally decided to be left to a committee. jane evenings iu atcordunce with the abova CAS, ' 4 MERTING OF DEVOSTOIS waa held in Printers’ Union Hall, corner of Randolph and Clark strects. George Es Hulett was culled upen to preaide and 8. A. Mantou ws xolected as Beerctary, The object uf tha muctlig was stated. It was alleged that Col. Abner Taylor was not chosen Assignee in tho futerest of the depositors, but to hide the bortuomines and kuavery of the ollicers of this rdken bank. It was further alleged by another te depositor that Col. Taylor was not beyond broach, aud, therefore, If fur no other reason, wholly untitted for thé respouslvla poslttan dt urther ateted that he would not, and 1A nut manipulate the sccuritivs of the bank #0. #8 to bring the most money ty tho Gepositors. = What was wanted was a indh of brains und Intelligence, one who had sagacity aud furcsteht, and who was tvo well kuown’ to bo suspecte? of wrong, and whe would work wholly fu the interest of the depos- ‘tors, The matter wan discussed at great Ttength, and tinally Messrs. Hulett, Manion, aud Bonnell wereappalated acomuuittce to taku temal ateps to have Col, Abner Taylor remoyeil 4rom his position a4 Assignee. The following resolution was then offered and unanimously adopted: Resolced, That the Committee aro hereby in- structed to take such action as will insure the ro- moval of Col, Abner Taylor, aa Assiznee, and the sabstitution therefor of elther Mesare, J, Irving Pearce, Juha Do Kgren, Bol Sulth, Georxe L. Otte, 3: Ht, Dunhamtor Joln Wentworth, and tbat the inat named gentleman be requested 'to accept the trast. After the adoption of the, resolution tho inceting adjourued subject to call. The meeting of thy«reditora to be called by the Asshinee will be Acid either to-morrow or Saturday, it being impossible to make such a report as Col, ‘Taylor desires to make until then. Jt is not known as yet where the meeting wilt ‘be held, but it is probable that McCormick Hall or tha Tabernacle will be chosen, with the chances in favor of the latter. : It is probable that a good peculat prol je ¢1 a many @j ators will attempt to buy up the books of the de- poaitors in the State Savings Bank, and some shrewd debtors of the bank will probably try to do the same thing in order to svt the claims off against their ludebtedness tothe*bank. This was tried alter the urcat tire in many of tho in- surance company cases; but it will ‘not be suc- cessiul ip the present instance, Bank-book ac- counts are not Degottable su as to allow the pur- chaser tosue in bis own name, anda debtor coutd not set off bla debt tothe bank with clalms on savingsdeposits accouut, This will Le fortunate for tho depoditors, as otherwise many of the assets would be rendered valueless tothe unfortunate depogitors, being cancelled by such savings accounts, 1. 8. DOBBINB. WHAT SPENCER'S OLD ASOCIATN KNOWS. There aro times when it may lead to uvpleas ant consequences if |t ts given out that a man owes a certain large sum of money. So thought Mr. Thomas 8. Dobbins whon he read in yes- terday's Tainunm that he owed the State Say- fuge Inatitution something over §1,000,000. Tho idea of 18,000 hungry dcpoaltors looking to bin asadebtor to the unfortuuste institution for such an amount suggested-to Mr, Dobbins that be was in a predicament which be must extricate himself. What{f these 15,000 clamor- ous victims sbould pay bim pvialt? Nay, what Af that visit should be accompanied with « de mand that he hand over? And not only that, but suppose they sought to ¢a- force thet demand by recourse to mob tactics! “‘Edon’s owo the bagks red cent,’” sollloquized Afr. Dobbins, ‘and bere is a atate- ment which may get me intd a pretty pickle, I will contradict it.” Aud be did 6v, in the tol Jowilng manner, to a TaisuNs reporter: “Idon't owe the State Sayings Lustistion @