New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-23


anpolntment OF n receiver. He made George a.
clnaeIe secretary and treasurer OF the company,
defendant for the purpose OF obtaining receiver
shin and substantially the same allegations were
made as in the Dreyer Wasmansdorn cases yes
,crdav The financial condition OF the company
was said 20 he such that receiver was needed III
once to conserve the assets and protect all IN
terests Tho answer filed by Mr.. Gindele admitted
the substance OF the petition. ard Judge Horton
did not hesitate to appoint William iiil receiver
According to the statement made by the attor-
n6ys Tor the company. the assets arc estimated to
be worth 10000 and liabilities are placed al
Sej0 on These figures are believed 10 he largely
gucsswork. however, and exaggerated In case OF
the assets II Is said the firm owes the Natoihi
Bank OF Illinois alone $1,000 for morey borrowed
and the security ia said TO be Of class when VIII
| 10 slow to realize on. The present partnership
was formed IN 1883 Tho company had large con-
tract on the drainage canal. and was the principal
owner OF tho Security Building. Mt Madson-st and
| Fifih-ave. which WAS built by the firm MI An
| gus is president OF the Security Deposit Company.
which owns the building. and Mr. Gindele Is the
treasurer. The capital stock OF the building COM
! pany is 10000 There is mortgage for kl|""
| on H. and (, Is bonded for $4,000 secured by sec
! ond mortgage This building IL believed 10 be the
best asset OF the contracting company. which has
been In financial trouble FOR n long time. Part OF
| the Lake Street Elevated Railroad was built by
| the firm.
DEPOsITORs WHO GOT SCARED.
| Tho only reason which can be thought Of by
, tho officers OF the Illinois Trust and Savings Bank
| for tho senscless that bank. apart from
tho general one OF contagious tmidity. is that
ignorant people. hearing or reading OF tho failure
| OF the National Bank Of Illinois got II COMPOUNDED
| with the only other bank In the city which has
| tho word Illinois In It's title. In fact. many money
cooking depostors who hurried from their homes
admitted whcn they reached the waiting line thar
| they had heard tho bank had failed. Meddlesome
| husybodics and fool friends who had wrought on
I the fears Of depositors and had even accompanied
| them to the bank were ordered nv police officers
| and bank detectives to await their friends out
| side
| Tho limo Of men and women who wanted their
| money numbered 900 during most OF the five hours
the bank open. and the curious crowd or spec
| tators added to the excitement Where deposits
| exceeded 800 that amount only was paid. and tho
| sixty days notice enforced as TO the re-
! malnder While President John J. Mitchell said
| the bank had money enough TO pay all deposors
| I'm fun. he declared the sixty-day rule decision
would not be misintcrpreted by those who knew
| the reputation and standing of his bank. He be
licved the run would spend itself early tomorrow,
| and the fact that there was IA small line nj the
The last statement Of the bank TO the Auditor OF
Public Accounts showed resources of 80;
| 1851: demand deposits sll.'194
AT THE HIBERNIAN BANK
| Tho run on the IIibcrnian Bank began n little
la,er there being no waiting line until II o'clock.
| Small dcpostors who could not afford to take
| chances composed tho bulk OF the crowd Ropes
and policemen needed to preserve the line in
| tact and OF the way OF other customers OF the
| bank Tho sixty-day rule enforced from the
| start There $50 people In line until near the
| closing hour The bank has withstood every panic,
and this account Is considered strong. and at
| tracted n heavy savings account President Clark
said the bank had 81 per cent OF Us reserve funds
| on hand. and could stand run OF two months. II
necessary Dcpositors OF $50 10 500 were required
to give thirty days notice under the bank rue, ana
much OF n tomorrow.
In a sworn statement OF the condition OF the H.
herman Banking Association before the commence
mcnt OF business Yesterday the following figures
ings deposits Dssos75 individual deposits sS5l.iis:
undivided profits. $5so2o; paid-in capital. s222.1o:
total liabilities. sts2o725 Among the resources are
United States and other bonds, s73533: cash and
due from other banks. 1861 2os: demand loans. Sc
cured s957.3G The bank was established In lS'.
PROVIDING FOR CITY FUNDS.
, In compliance with orders received to-day from
Controller Eckels the Bank Examiner McKeon
ceiver of the National Bank of Illinois. began TO
make arrangements with city Treasurer Wolf and
other cusodlans Of public funds In the bank to issue
TO them certca for such amount Of their deposits
as clearly appeared to be due them so as 10 enable
them 10 take advantage OF the Clearing House offer
TO advance rs per cent This applies only to public
funds. 49,, , -, .,oo ooo
each to Robert Berger and George A. Weiss, pom
hank were unsecured II said that the Weiss
loan is secured by the American Brewing Companys
bonds MIR Weiss being president OF the company.
None OF the bank directors could he found who had
seen such bonds The Dreyer loan Is said to be Sc
cured BIZ real estate which the Clearing House Com
mlitee threw out as worthless II Is asserted that
most az Inc directors did not know Of the 100000
additional loan Calumet Electric securities , 49,,
warrants were sworn out before Justice Han this
evening for the arrest OF T. S. Dreyer and Robert
Berger of the banking firm OF r. 5 Dreyer 4 Co,
which failed here yesterday. The warrants charge
Tho ha mixers with the violation OF the Banking law
NJ Illinois by receiving deposits after the institution
was in solvent and were sworn out by FRANK Ken
nedv a saoonkeeper In Dearborn-st. He claims 10
hs 20 made deposlt In the bank after II had been
insolvent The warrants have been placed IN me
hands Of officers, and the arrests Will probably De
made before morning.
THE OTHER BANKS IN GOOD CONDITION.
The Controller Of the Currency called for state
ments from the National banks yesterday. SHOW
ing their condition at the close OF business on De
...,h.r ~ Fourteen of the banks In Chicago had