The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-22

assets ndu been seriously impaired
The heaviest creditors are the NUM-
cipal corporations; City Treasurer
Adam Wolf has $3.50 900 of city funds
on deposit there. The bank was one of
Iive which are repositories of the city
funds. 1t was the failed banks turn
TO pay out in January. Mr.. Wolf said
he had no serious concern about the
safety Of the city money. and has re-
ceived ample assurances from the
other banks which hold city money
that the corporation will not be en-
DarrasSed. City Comptroller Wethereil.
who is also vice-president of the Globe
National Bank. expressed the utmost
confidence in the city's ability to meet
all obligations promptly. He declared
the city was never in better condition
financially, and the failure would not
embarrass it in payment of interest on
the money the first of the year
PARK BOARD CAUGHT.
The West park board. of which Carl
Moll, cashier of the failed national
bank, is a commissioner. has been
caught TO the extent of 100000. and a
large amount is on deposit with E. 5.
Dreyer. who is treasurer of the board
County Treasurer d. II. kochsperger
has 100000 of county funds tied up in
the National bank and Fred NJ. Blount.
the newly appointed treasurer of the
drainage board. had over $4,000 of dis
trict funds at the bank, whose officers
were on his bond. The bank officials
were also on the bonds of the city and
county and West Park board treasurers.
The fact that the bank officers were
bondsmen of these public officials was
a strong reason for the decision of the
other banks to force an immediate clos
ing of the bank, before funds were de-
pleted.
BEFORE THE COURT.
At 10 o'clock E. S. Dreyer appeared
in the superior court, accompanied by
his lawyer, Levy Mayer. and filed
petition for the appointment of re-
ceiver. He made his partner, Robert
Berger, defendant The court was told
the assets were 81, SOC, 900 and liabilities
S1,350, 900; that under the partnership
agreement the business could be closed
at any time; but there was disagree
ment as to the manner in which the
concern should be wound I'D. Great
depreciation in the value of the real
estate holdings of the firm is set forth
in the bill and the receiver was asked
for to prevent heavy loss. Mr. Dreyer
alleged that his interest exceeds that
of Mr.. Berger two to one. and that by
a careful handling of the estate it can
be made to realize $150.000 more than
admitted by Mr.. Berger, except that
regarding the comparative interest of
the partners.
On this showing, Judge Freeman ap-
pointed the Security Title & Trust COM
pany receiver for the bank, and its
doors were closed as soon as possible
thereafter There was no excitement
in the crowd which surrounded the
bank building at Dearborn and Wash
ington streets, and there was general
confidence among the German deposit
tors that they would get all the money
due them in short time.
WHO THEY ARE.
Dreyer & company have been in the
banking business here for a score of
years and there is no more prominent
Standardization citizen in Chicago
than Mr.. Dreyer. During all that time
the bank has cleared through the Ma
tional Bank of Illinois. The first in
timation which Dreyer & Co. received
that the National bank might not re-
sumo was yesterday afternoon, and i'm
mediately after the steps were taken to
protect their interests. No preferences.
direct or indirect, were given to any
one After the appointment of the re-
ceiver. many generous offers came from
New York and other cities.
Otto WasmanSdorf, senior partner of
the other banking firm, filed the bill
for the appointment of a receiver soon
after the Dreyer proceedings. Judge
Freeman at once granted the petition
and named the Security Title and Trust
company as receiver. issuing an in
junction in both cases. restraining any
one interested from interfering with
the assets or receiver.
WaSmansdorff e Heinemann stood
high in the community as private
lNs,r,
the west side more than % wears ago.
Germans did business chiefly with boSh
the private banks. The Wasmansdorff
estate will require conservative and
cautious handling to pay dollar for
dollar. OF their liabilities about $780,
600 is for savings deposits Dreyer &
Co. had no savings deposits The mis-
fortune which has overtaken both the
banking firms is the cause of general
regret and sympathy. Mr.. Dreyer
came to Chicago more than 80 years
ago from Germany.
The Roseland Savings bank, which is
situated in the small suburb of Rose
land. near Pullman, peopled largely by
Hollanders. did not open its doors for
business this morning. Fred Wiersma,
who owns the bank, postedza notice
that the bank would not open today. !
The announcement drew a crowd, but
there was no scene of excitement The
depositors, who are mostly poor people, /
were assured they would get their
money as soon as money was received
from the Bank of Illinois. The bank
was established about two years ago.
Farson, Leach & Co. are the chief !
owners of the Calumet electric road !
which is a new and extensive enter
prise. embracing several towns south /
east from Sixty-third street The loan 4
of S. 400, 900 obtained from the National
bank was used to build and equip the
road, which is now in full operation.
RUN ON THE BANKS.
The heaviest run on CITY banks dur
ing the day was directed at the Garden
City Banking & Trust company. They
withstood the attack of 200 anxious de-
positors and tonight gave out the state
ment that thev We're thoroughly pre-
pared to pay everybody who wanted
money tomorrow. although they be-
lieved the worst was over. The bank
had 81 600. 900 of deposits. but the saw
ings department is not large. There is
a large amount of county money there
The financial uneasiness on the part
of the bankers has been aggravated
lately by the numerous failures of
building and loan associations and the
exposures of their financial rOttenneSs.
Lyman ]. Gage, president of the First
National bank. said concerning the Ma
tional Bank of Illinois suspension:
ONE BLACK SHEEP"
TT is better that one such institution
should be pushed TO the wall instead of
continuing and spreading out If there