Fourth National Bank of Chicago was a financial institution which went into liquidation on September 25, 1875. The bank did not recover from the Great Chicago Fire of 1871 and the ensuing financial crisis which followed it.
Its deposits amounted to only $120,000 at the time of its closing. $72,000 of this belonged to the city of Chicago, with the remainder the property of depositors. Bills receivable amounted to $300,000. A clearinghouse debit of $25,000, presented on the morning of September 25, precipitated its prompt closing. The debt was anticipated not to be above $10,000.
Famous quotes containing the words fourth, national and/or bank:
“For the Lord thy God is a jealous God among you.”
—Bible: Hebrew Deuteronomy, 6:15.
The words are also found in Exodus 20:5, referring to the second commandment: “Thou shalt not make unto thee any graven image ... for I the Lord thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me.”
“All experience teaches that, whenever there is a great national establishment, employing large numbers of officials, the public must be reconciled to support many incompetent men; for such is the favoritism and nepotism always prevailing in the purlieus of these establishments, that some incompetent persons are always admitted, to the exclusion of many of the worthy.”
—Herman Melville (1819–1891)
“I know a bank where the wild thyme blows,
Where oxlips and the nodding violet grows,
Quite overcanopied with luscious woodbine,
With sweet musk-roses, and with eglantine:
There sleeps Titania sometime of the night,
Lulled in these flowers with dances and delight.”
—William Shakespeare (1564–1616)