The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-23
SITUATION IN CHICAGO.
HExvY RUNON TBEILLfNOfST TRUST
AND SAVING BANk.
Present Trouble Now Thought to BE over.
Bank of Minnesota in the Hands OF the
Examincr-Other Business Troubles

a general lack OF confidence haH p'''""
cd the timid dcpositors in the savings de-
partment, a heavy run on the limos
Trust and Savings Bank, in the RooAery
buildings began as soon as the doors were
opened Tor business this morning..
There Is not the slightest connection be-
tween the National Bank OF Illinois anc
the Illinois Trust Company. During the eA'
element yesterday there was only a small
increase In Withdrawals from the Illt-
nois Trust Company and Savings Bank
and the officers of the bank said they
were willing to let the dcpostors IN the
Savings Department have all the money
que them II they called Tor IL, as IL
meant a big saving Of interest money ioi
the bank The bank anticipated run
to-day and there is such a heavy reserve
fund of idle money in the vaults thai
President John j. Mitchell has no mis-
givings as to the ability Of his bank 10
pay "A few millions II necessary. lheIe
were four lines OF men ana women III me
bank opposite the savings paying 'oltt
and the clerks who enter up the savings
Interest. Altogether there were two hun
dred people in line and as they fell out
with their wants satisfied, others TOOK
their places The bank does the largest
trust and savings business in the city
and has a capital and surplus OF $1,000"
IL is now building a 100000 building Tor
us own exclusive use next TO the kook-
cry on the site of the old Grand Pacinc
Hotel
HAS RUN IT'S COURSE.
AT the Garden city Banking and Trust
Compsnys bank, the run Of YESTERDAY
had practically run out It's length. NOT
half dozen persons were AT the paying
teller's window at one time and police
man stationed outside the bank. had noth-
ing TO do. The bank officers said they
ala not expect any more trouble. At the
other national. private and state banks
there was the ordinary transaction OF
business with no more people paying
their respects TO the paying teller than
10 the receiving teller. I'm banking cir
Giles. the general opinion is that ysster-
DAYS failures will end the present
trouble.
There was steady stream OF creditors
al the National Bank Of Illinois sending
I'm their pass-boks and other evidences
of claims. As soon as their accounts are
balanced and claims adjusted the first
dividend will be paid. Creditors were no
tilted that they would receive notice
through the mail when the first payment
would be made. There was little dis
content. the situation being accepted
calmly with confidence that all would
get their money in time. Many callers
applied for claim blanks. but had to be
turned away, IA there were no blanks
ready.
The financial firm of Farson. Leach &
Co. on the same floor as the national
bank. was doing a quiet business.
The interests of the firm are closely in
yolved with the Calumet Electric Rail-
road.
RECEIVER APPOINTED.
Angus a. Gindle one of the largest
contracting firms in the city. have gone
into liquidation. At ] o'clock this ~
ternoon a bill for receiver was nled'
and Judge Hereton appointed William
hin to take charge of the concern
According TO. the the statements made
by the attorneys. the firms assets are
$500. 900 with liabilities of $4,000. The
concern was a heavy debtor of the Ma
tional Bank Of Illinois, and IL is claimed
owed the institution over 100000.
The contractors have offices in the Sc
curity building. and are largely inter
ested in the work of the Drainage
Canal.
The receivership bill was brief, and
was similar to those filed yesterday In
the Dreycr & Co. and Wasmansdori d
Heinemann cases.
John Angus. president of the Angus n
Gindle Contracting Company, made
George A. Gindle. secretary and treas
urer of the company, defendant Tor the
purpose of appointing receiver al
leging that the financial condition OF the
company was such that receiver was
needed at once to conserve the assets
and protect the company and creditors
alike. The answer hled by Mr.. Gindle
admitted the substance of the petition.
ANOTHER BANK CLOSED.
ST. PAUL MINI. Dec. Estate Bank
Examiner Kenyon this morning took OFF,
cial possession Of the books and assets
of the Bank Of Minnesota. closing its doors
pending a thorough investigation of It's
affairs The bank has been in need of
ready cash for some time At a meeting
of the clearing house at noon the bank
was formally suspended upon the report
OF the Banking Committee a special
committee has also been appointed by
the Clearing House Commission to pre-
pare statement fer the public. This
committee. In advance OF it's statement.
informed a representative Of the Southern
Associated Press that the hank would un-
time and protect all of it's creditors in
full The directors are I'LL men of wealth
and property interests and they have
already signihed willingness TO meet
the requirements OF the occasion.
The Bank OF Minnesota was established
in 1852 and was capitalized at 5000 600. Its
stated surplus was $500, GEO. and II is the
general belief that as soon as cash can
be realized upon it's many securities, the
Institution will be all right
The officers Of the bank are. VIM. Daw-
son. president: Robert A. Smith. vice.
president and William Dawson. Jr.. cash
fer. The directorate comprises the lead
ing men OF the city The bank has been
the depository for the City Treasurer OF
st. Paul. and at present carries $4,000
deposits of the city's public funds. The
State is also a large depositor in the
bank. covered by heavy bonds. and is full
ly protected
CITY MONEY DRAWN OUT.
The city treasurer drew out large sum
Of money on last Monday and about Sls.
0oo would have been required shortly after
January 1st \ constant stream OF curl
ous people has been to the scene OF the
trouble all the morning and the subject
Is the talk of the commercial centres of
St Paul.
The bank was not national one. but
was organized under the State banking
act. IL has always been rated as enc Of
the strongest financial institutions in the
Northwest. with many country CORES
pondents and direct line of exchange
In the leading cities of the United States.
Its deposits run into the millions year
y.
William Dawson. Jr.. cashier OF the
bank said:
"The cause OF our suspension was in