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, bank and/or chicago:
“I asked my mother for fifty cents
To see the elephant jump the fence.
He jumped so high he reached the sky,
And didn’t get back till the Fourth of July.”
—Unknown. I Asked My Mother (l. 1–4)
“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)
“O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.”
—George Gordon Noel Byron (1788–1824)
“You want to get Capone? Here’s how you get him: he pulls a knife, you pull a gun, he sends one of yours to the hospital, you send one of his to the morgue. It’s the Chicago way and that’s how you get Capone.”
—David Mamet, U.S. screenwriter, and Brian DePalma. Jimmy Malone (Sean Connery)