The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-10-03
BANK FAILURE.

Tho Traders Bank, OF Chicago, Placed in o
Receivers sHands-Lisbilities, 81 900 900.
CHICAGO, Oct 2-Hram McCnssney was ap-
pointed receiver OF the Traders Bank, corner of
Madison and Lasalls streets, this morning, by
Judge Shepard, under petition filed by Thomas
i. Tollman, the cashier. DIR. McChespey gave
a bond for $500, 900 and was ordered to take
charge Of all the effects that bslong to the bank,
held by it in trust The news was re-
ceived with great deal Of surprise and foatsd
around with the usual swiftness of a rumor
among the lawyers, and caused more than one
to excuse himself from and hurry around
to protect clients who were the banks creditors
The liabilities are on the verge Of 81, ZOO, 900.
In his petition for q receiver. Mr.. Tollman says
that the bank, which is a private one, has
done general bank business: that Joseph
C. Rutter has been president and the
petitioner cashier for ten years. The capital
stock is 5000, 900, divided into 1000 shares, OF
which Mr.. Rutter holds 1,500 and Mr.. Tollman
900. There were no other shareholders. For
six months, he says Mr.. Rutter, the president,
has been an invalid and incapable OF attending
to the affairs OF the bank. De has gradually
grown worse, until now he is dangerously i'll
and wholly unable to even consider or consult
with the cashier concerning the business, or the
management, or any or the details or the corpor-
ation's business. At present he says, there is
no hope OF the recovery even tie improve
anent OF Mr.. Rutter. He is unconscious and
has been 30 for thirty hours. Up to the time of
his sickness Mr.. Rutter was the active head Of
the house, but since his illness the management
has been wholly on the hands Of Mr.. Toll
man. In spite of his efforts, he
says, he has been unable to build up
the business Of the bank, the liabilities continue
90 exceed the assets, and unless immediate
steps are taken to collect and preserve the as
sets. irrepsrabls damage and loss will result to
both the creditors and shareholders of the bank.
The business now shows q steady decrease, Mr..
Tollnan says, and the assets are being rapidly
consumed and eaten mp In the expenses OF the
manaeement while the liabilities a:e steadily
increasing. The assets he places nomiually at
SG99 %, consisting Of cash and bills re-
ceivable The trouble 10 that great portion OF
this is not svsilabls, and cannot be used readily
TO assist the bank under its old management.
Cashier Tollman, when asked about the mat
ter, declared that the furry in wheat bad moth
ing whatever to do with the failure, which was
due entirely to poor business aud Mr.. Rutter's
illness. He said that If all that 10 due the bank
can be collected the debts can be paid in full
They are mostly to small depositors in this city
and in the farming districts and towns Of north
srn Illinois The bank was originally organized
in Frseport, H.. aud WAS subsequently, removed
TO this city. bringing its country trade with it.
IL II organized under the State banking law. It
is not believed that the failure will affect auy
other bank or individual OF any considerable
financial standing