Kansas City daily journal., 1896-12-23
ECHOES OF MONDAYS BANEl COL
. :IAPsEs IN CHICAGO. - - =
NONE OF THE RUNS SERIOUS.
THE SIXTY DAYS NOTICE RULE PUT
INTO EFFECT.
Two Brewing and Mating Companies
and n Contracting Firm Assign
Bank of Minnesota, at st.
Paul, Forced to Close
Its Doors.

can Brewing, Mailing and Elevator Com
pany, the George a. Weiss Mahisg 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 yes
terday. Runs were made on the Garden
City Banking and Trust Company, 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 n run would
be made upon that institution, and were
ready to meet il. They threw open the
doors of the bank an hour earlier than
usual, as they said they wanted TO get the
run out of the way so that they could
transact their usual business without be-
ing disturbed. Quite crowd of depositors
had gathered at the doors before they were
opened, and as soon as-thc bank was ready
for business the depositors gave the pay
ing teliers all they cared TO do The run
kept UP with energy for over an hour; and
then died away. At the close of banking
hours, the officers of the institution an
nounced that during the day the amount Of
money taken in was treble that paid out
and the bank was declared to be in better
shape than at the opening of the doors in
the morning.
The run on the Hibernian Savings bank
was of short duration, as the officers de-
oil tn lEa
posits unless given sixty days notice. They
said that this was not because they were
not prepared to pay all depositors in full,
but because they wished to avoid embar-
rassment to small bankers, who might not
be prepared to pay all their depositors at
once, and who might be placed in an en-
barrassing 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 it
opened this morning, the similarity of its
name and that of the National Bank of
Illinois having led some depositors to be-
lieve that the former was embarrassed.
During the run in 1891, President John ].
Mitchell, of the Illinois Trust, gave orders
to pay all depositors who called for their
money, and was criticized by other bankers
for doing so. This morning, as soon as
it became evident that there was likely to
De crowd in the bank, instructions were
given the tellers to serve the customary
sixty day notice, but to pay all depositors
who could show that they wanted sl0O of
their money for legitimate purpose. The
result was that the score or more of peo-
pie who had lined up at the paying tellers
windows soon dispersed. Before the close
of banking hours, the excitement had COM
pletely died out. The giving of the notice
was sanctioned by the clearing house COM
mittee, and the object was the Illinois
Trust being the strongest savings bank in
the city, to give the smaller ones the op-
portunity to point to its action as an ex-
cuse for giving the notice themselves,
which they did. and thus effectually stop
ped run. The Illinois Trust and Savings
bank is said to have 5000, 900 in cash on
hand, and was to-day loaning money, in
stead of, as in 1898, calling loans to meet
the demands of the savings depositors.
The American Brewing. Mailing and Ele-
vator Company, the George A Weiss Malt
ing and Elevator Company and George A.
Weiss assigned this morning in the county
| court. The assignments of the two COM
panies, which are intimately connected in
business, and that of Weiss, were
brought into court together at o'clock
| The assignee of the American Brewing
Mating and Elevator Company is the Chi
| cago Title and Trust Company. The George
| signed to the Security Title and Trust
Company, and that company is the as
signee of Weiss also. No statement was
| filed as to the assets and liabilities The
two companies carried on business at the
same place, 922 North Ashland avenue.
The failure of the two corporations was
the result of the failure of the National
| Bank of Illinois. The two companies were
borrowers from the bank, and were in
| debted to the bank, when it failed, TO the
amount of over half a million dollars. As
| soon as the failure of the bank was an
! nourced. preparations were begun for tha
! closing up of the business of the two COM
! panies. The corporations We're both or
| ganized through the efforts of George A
| Weiss, a son-in-law of President Schnei-
| der of the National Bank of Illinois,
| Judge Horton, earlier in the day, appoint
| ed a receiver for the general contracting
| firm of Angus & Gildele on the applica-
| ton OF John Angus, one of the members
| of the firm The assets of the concern
were placed at $780, 900 and the liabilities at
| S25O.0oO. According TO the bill the National
| Bank of Illinois, which failed Monday.
loared the firm 900 and the suspension
| of that institution has nearly DESTROYED
| the credit of the contracting firm. so that
| there was nothing left but an application
| to a court for relief.
| The assets of the National Bank OF Illi-
| nois which closed its doors yesterday are
| said to include, in addition to the $2415OO0
| loaned the Calumet Electric S5OOOO0 ad-
| vanced to Robert Berger. a son-in-law of
| President George Schneider; 100000 ad-
vanced to G. A. Weiss, another son-in-law,
| and over $500 COO of doubtful debts Berger
! is It partner in the firm of L. S. Dreyer &.
| Co., which also went into the hands of a
| receiver yesterday. and Weiss is a brewer.
The losses by the failure will fall upon
| 1.911 individual depositors and $50 national.
| state and private banks. Included among
| the deposltors are the treaSurers of the
| city OF Chicago, and of the state of Illi-
nois. The deposits of the treasurers of the
| city of Chicago and Cook county will ag-
| gregate almost 81. 900. The amount at
| the present time deposit by the state
treasurer is comparatively small.
Under the general call issued by the
| comptroller of the currency, the national
! banks of this city have prepared Il state
| ment showing their condition at the close
| of business December IL. The fourteen
| banks show total loans of $63. .6S9.22S as
| compared with S63 665 .69S October g. a loss
in loans or S2547O. The total deposits are
! S9i391 .452, as compared with SS3 25S 20S. a
| gain of $l1.1S3,244 The cash resources
| amount to 81. sos 0S9. as compared with $37,-
| 76l .503. a gain of $1O13i,5S6. The legal re-
| Quirement In reserve is - per cent or for
the fourteen banks S23 597, ,S62, while there Is
held 81, ,S96 0S9, or more than 20 per cent.
| There is held in excess OF the legal re-
| quiremcnt So ,29S .226.
| The Central station detectives searched
| the town tonight for r. s. Dreye- and
| Robert Berger for whose arrest on a
charge of embezZlement warrants were
sworn out this afternoon before Justice w
| T. Hail by Frank f. Kennedy. No III
| Dearborn street.