New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-03
THE CHICAGO 7RADERS BANK FAILS
IT'S LIABILITIES REACH A MILLION.
THE SUSPENSION CAUSED BY TIE ILLNESS OF
THE PREsIDENT-wHATT THE CASHIER SAYS.
fBY TELEGRAPH TO THE TRIBUSE.l

THE PRESIDENT-wHAT THE CASHIER SAYS.
fBY TELEGRAPH THE TRIBUyE.l
Chicago Oct o-The Traders Bank, with liabilities
reaching II 900 900, closed its doors today. The
announcement of the failure followed by the idinss
that the banks president Joseph o. Ruiter, Is dying
al his home No. 301 Supenorst., created something
OF sensation In financial circles. This action was
not only a great surprise TO the creditors and de-
nositors of the bank but II took the cashier.
Thomas Talman, by surprise. IL seems that the bank
has never been in stragtened circumstances at all
but It's closing Is the direct result OF the expected
death Of Mr.. Rutcr Cashier Tallman said this
morning:
"Last night I did not know that this thing was
going 10 occur. Only this morning was awakened
TO tho inevitable result, and I acquicsccd in the
closing on the advice of eminent legal authorities.
We have not been in a bad condition as icspecis
finances. The expected death Of President Rutter
IS the main cause OF this result can't say what
the assets and liabilities Will be, but if our dcbers
nav up we can satisfy all obligations owe. OF
course in case Mr. Ruttcr should die, legal cOmplica
tIons would arise anyhow, end in such case 1t might
be better TO have tho business in the hands Of the
courts. Mr. Rutter IS not yet dead, but | am ex
pectng 10 hear OF his demise every minute. For
six months all the work here has dcvOlved upon me.
his condition rendering him unable TO be consulted
even, and the strain fell heavily upon me- None Of
our creditors viii suffer, think am safe in saying.
Certainly they Will not II / can help it,
Did the Hutch deal have anything to do with
the closlng!'
Nothing whatever We had no Board of Trade
patronage We were Influenced in no way by the
pranks Of wheat
The application for receiver for the bank was
made before Judge Shepard. The court granted the
prayer and named Hiram McChcsney as the receiver
The bonds placed at $500 600.
The Traders Bank has been doing business since
1872. II was organized in 1861, at Frecpor, H., a
the Freeport Savings Institution. The Chicago Com
mcrcla and savings Bank the name adopted In 1872,
developed into the Garden city Savings Bank in 1873
For ten years Mr.. Ruttcr has been president and for
the same length of time Mr. Taman served cashier.
OF the 100000 capital stock, which was divided
into 1000 shares, Mr.. Rutcr owned 800 shares and
Mr.. Talman the other 300. These two
sftucd the bank and II is said they conducted the
institution more 10 have employment than for any
other reason. There was considerable furry around
the bank when the spread that II had been
closed In the Interior Of the bank anxious visaged
men came rO0ping In to talk with Cashier TalIman
He had vacated his desk and sought scclusion IN his
private loom. There they met him with tears stream
Ing down his face They depositors their money
stake and they appealed 10 him. asking II they
safe. o.,
Joseph o. Rutter was a native OF Philadelphia. He
was born I'm 1885 II l. stated that Mr.. Ruttcr Is
descended on his mothers side from Sara Rapaye the
first white child born In the province Of New-Nether
lands.