The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-05-17
FORCED TO THE WALL
The Chemical National Bank OF
Chicago Closes It's Doors.
It Has Branch at Jackson Park, Where
Worlds Fair Conoessionaries Deposit
Their Cash-The Depositors in
h tho Branch Amply Secured

CHICAGO, May 9.--The Chemical Ma
tional bank of this city, which estab-
lished branch in Jackson Park, whore
worlds fair concessionaries have been
depositing their cash, closed its doors
yesterday 1t is hoped the assets will
satisfy the liabilities, but nothing def
mite in this respect could be discovered
by National Bank Examiner Sturgis
last night, who was asked to take
charge of the affairs of the institution.
The bank was not a member OF the
clearing house, but at late hour made
application to the clearing house COM
mittee for help. Being unable to sat
isfy the committee as to its solvency,
the committee decided to render no as
sistance.
When the reply to the clearing house
committee was received conference OF
the officers was held and 1t was seen
that there was nothing left but to sus-
pend 1t was decided to keep the doors
of the bank closed to-day. The bank
has turned over to the Equitable Trust
Company, of this city, bills receivable
to the face value of S147, 900 TO secure
deposits at its worlds branch amount
ing to 100000. Beyond repeating that
the breathing spell" needed had not
been vouchsafed, President Curry was
indisposed TO discuss the failure.
"0ne thing is certain" he said,
neither our customers nor any other
banks are going to get hurt. Our loans
may be slow, but they are sound"
An officer of the National Bank Of
Illinois, through which the Chemical
cleared, said last night that the de-
posits in the Chemical up to date would
aggregate about 81, 100000.
But the depositors need not worry"
he said. "Their interests are safe. The
crash has caused no surprise in fnan-
cial circles. II was not due to any ex-
ceptional break or run. 1t simply came
from natural climax. The Chemical
National bank something more than a
year ago assumed the business of the
Chicago Chemical bank, which was a
state institution. The officers on the
bank were inexperienced in the busi-
ness and have been unfortunate in the
loans they have made. They were sim
ply unable to make collections TO meet
the calls made upon them, and the end
came"
The Chicago Chemical bank was es-
tablished three years ago, with offices
at No. s5 Dearborn street. When the
institution was merged in the Chicago
National chemical bank J. o. Curry,
president of the Merchants National
hpnlS, of Aurora, became president o1
the new bank. E. G. Veasey was first
vice president subsequently Mr..
Veasey dropped out and Mr.. Ewing
took his place as first vice president.
The branch of the bank located al
the worlds fair grounds and which has
the exclusive privilege of the banking
business Of the worlds fair, has been
thoroughly secured by the officers and
directors of the main branch. None Of
the depositors In the worlds fair branch
Of the Chemical can suffer. Every pre-
caution was taken TO protect this por.
tion Of the banks patrons and 10 pre-
vent any reflection ON the financial
standing Of the worlds fair. The capi.
tai stock of the bank Is sI,000, 900.