Skandinaven -- December 11, 1872Scandinavian National Bank Bankrupt
Yesterday the Times stated that the Scandinavian National Bank was bankrupt. Fred S. Winslow, president, closed the bank today. Naturally, the Scandinavians are rather worried because they are among the largest depositors. Nobody knows the outcome yet. We can report, however, news from the Chicago Evening Journal. As a rule the Journal always has been dependable. Following is the report:
The bankruptcy is due to president Fred S. Winslow's mismanagement. It has been reported that he lost heavily in European speculations; a receiver took possession of the bank at once. We all anticipate that the bank will be able to pay back the people's savings accounts. Two weeks ago the assets were estimated at $536,516. Again a case of a banker using bank money for speculation. A committee of nine men, at 911 Milwaukee Avenue, are trying to have Mr. Scavil of Prairie Lake take possession of Winslow's bank and take care of the creditors' interests.
II A 2, II E 2
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