The Indianapolis journal., 1896-12-23
Four Business Failures at Chicago
und Small Runs on Three Saw
ings Institutions.
TWO ST. PAUL BANKS CLOSED
BANK OF MINNESOTA. WITH RE-
SOURCES OF s3,32O,360 ON OCT. @,
And the Union stock Yards Bank. an
Offspring of the Former, Unable
to Continue Business.

CHICAGO, Dec. 22.-The failures of
Angus & Gindele. general contrac-
tors. the American Brewing. Malt
ing and Elevator Company, the George A.
Weiss Mailing and Elevator Company, and
George A. Weiss. individually, all of these
being due to the collapse of the National
Bank of Illinois. and small runs on three
banks were the echoes to-day of the bank
failures of yesterday. Runs were made on
the Garden City Banking and Trust Com
pany the Hibernian Savings Bank. and the
Illinois Trust and Savings Bank, but none
of the runs was of much Importance.
The officers of the Garden City Banking
and Trust Company had expected that
run would be made upon their institution
and were ready to meet ii. They threw
open the doors of the bank an hour earlier
than usual, they said they wanted TO
get the run out of the way, so they could
transact their usual business without being
disturbed. Quite a crowd of depositors had
gathered at the doors before they were
opened, and as soon as the bank was ready
for business the depositors gave the pay
ing telers all they cared to do. The
kept up with energy for over an hour and
then died away. AT the close of banking
hours the officers of the institution an
houhNOu tiidl uuililS udy the dIuOuDt Vi
money taken i'm was treble that paid out
and the bank was declared to be i'm better
shape than at the opening of the doors in
| the morning.
The run on the Hibernan Savings Bank
was of short duration. as the officers de-
clined to make any payments time de-
posts unless given the legal sixty-day no
tice- They said that this not because
| they were not prepared TO pay all depos-
| itors in full, but because they wished to
| avoid embarrassment to smaller bankers
who might not be prepared to pay all their
depositors at once, and who might be
placed in an embarrassing position, If the
stronger banks were paying all demands
for time deposits.
There was a slight run on the Illinois
| Trust and Savings Bank shortly after IL
opened this morning, the similarity of its
| name and that of the National Bank of IL
iinois having led some depositors to be-
During the in 1891 President John ].
| Mitchell, of the Illinois Trust, gave orders
| to pay all depositors who called for their
money, and was criticised by other bankers
| for doing so. This morning, soon as il
became evident there was likely to be a
crowd In the bank. instructions were given
| the tellers to serve the customary sixty
| day notice, but TO pay all deposiIors who
could show that they wanted 800 of their
money for a legitimate purpose. The re-
suit was that the score or more of people
who had lined up at the paying teller's
| SOOu ulSptlStO before the close
| of banking hours the excitement had died
| out. The giving of the notice was sane
toned by the clearing house committee.
| being the strongest savings bank i'm the
| city, to give the smaller ones the oppor-
tunity to point to its action an excuse
| for giving the notice themselves, which they
| did. and thus effectually stopped run at
| any of the savings banks The Illinois
| Trust and Savings Bank is said to have
| $9,O00OO0 in cash on hand and was to-day
| loanng money instead of as. in 1893, calling
| loans to meet the demands of the savings
| depositors.
| THE BREWERY FAILURES.
The American Brewing. Mailing and Ele-
| vator Company, the George A. Weiss Malt.
ing and Elevator Company and George A.
| Weiss assigned this evening i'm the County
| Court. The assignments of the two COM
| panes, which intimately connected in
| business, and that of Weiss, were brought
| into court together at 6 o'clock. The as
| signee of the American Brewing, Mailing
| and Elevator Company is the Chicago Title
| and Trust Company. The George A. Weiss
| Mailing and Elevator Company assigned
| to the Security Title and Trust Company.
and that company is the assignee of Weiss
| also. No statement was filed as to the
assets and liabilities. The two companies
carried on business at the same place, No.
| 922 North Ashland avenue.
| The failure of the two corporations was
the result of the failure of the National
1 BANK OF Illinois. Inc TWO companies were
borrowers from the bank when it failed
| to the amount of over half a million dol
lars. AS soon as the failure of the bank
for the closing up of the business of the
| two companies. The corporations were
both organized through the efforts of Geo.
| A. Weiss who is president of the George
A. Weiss Mailing and Elevator Company
and son-in-iaw of President Schneider, of
| the National Bank of Illinois.
| The American Brewing, Mailing and Ee-
| vator Company is the owner of extensive
malthouses on North Ashland avenue,
| which are leased TO the other company and
| are used by it in the manufacture Of malt.
| The American Brewing, Mailing and Ee-
| vator Company has a large brewery ad-
| joining the malthouSeS and the two are
| closely related in business one buying and
| selling to the other.
a receiver for the general contracting firm
| of Angus & Gindele. on the application of
John Angus, one of the members OF the
| firm. The assets of the concern We're
| placed at 100000 and the liabilities at $3.50
600. An answer was filed to the bill by
George A. Gindele, the remaining member
of a receiver. According to the bill, the
National Bank. of Illinois. which failed
| Monday. loaned the firm $3.50. .000 and the
| suspension of that institution has nearly
destroyed the credit of the contracting firm
SO that there nothing left but an
| of the partnership consist principally of
real estate. notes. accounts receivable and
| contracts for completion of public works.
| elevated railroad construction and the erec-
| ton of buildings.
THE WRECKED BANK.
| The assets of the National Bank OF Illi-
| nois are said To include i'm addition to the
| s2475O00 loaned to the Calumet Electric
| 500. 900 advanced to Robert Berger a SON.
n-law of President George Schneider; $500
| 900 advanced to c. A. Weiss. another SON.
| in-law and over 600 of doubtful debts
Berger is a partner in the firm of L. s.
| Dreyer & Co.. which also went into the
| hands of a receiver yesterday. Mr. Weiss
is the brewer mentioned above. The losses
| by the failure will fall upon 95l individual
depositors and $50 national. State and pr-
| vate banks. Included among the depositors
| of Cook county and of the State of ILL.,
| nois. The deposits OF the treasurers of
| the city of Chicago and Cook county will
| aggregate almost $1,000, 900. The amount at
| the present time on deposit by the State
| treasurer is comparatively small. Among
the depositors were many large corpora
| tions and receivers. They included the re-
/ ceivers OF the Northern Pacific Railroad
| and the receiver OF the Whisky Trust The
| deposits OF T. s. Dryer K Co. include the
| funds of the West Park board. The amount
| at the time the bank closed was about
$4,000.
Robert Z. Jenkins. one of the directors
OF the National Bank of illinois, says: The
directors did not know the size Of the loan