Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-12-25
MUST ANSWER.
Warrants Issued for Bankers Drey-
er and Berger in Chicago.
CHARGED WITH BREAKING THE LAWS.

A~O@
CHARGED WITH BREAKING THE LAWS.
Becoming Insolvent-Runs on Several
Banks-Fear of Future Trouble
Failures in st. Paul.
Chicago, Dec. 23.-Warrants were
sworn out before Justice Hall Tuesday
evening for the arrest of L. S. Dreyer
and Robert Berger, of the banking firm
of E. S. Dreyer d Co., which failed here
Monday. The warrants charge the
bankers with the violation of the bank
ing laws of Illinois by receiving depos-
its after the institution was insolvent,
and were sworn out by Frank Kennedy,
saloon keeper on Dearborn street. He
claims to have made deposit in the
bank after it had become insolvent.
Robert Berger, one of the partners, is
son-in-law of George Schneider, pres
ident of the defunct National Bank of
Illinois. The warrants have been
placed in the hands of officers.
Tuesdays Developments.
A steady run of depositors on the Hi
bernian Banking association and the
Illinois Trust and Savings bank and
the failure of the Angus g. Gindele Con-
tracing company, which is credited
with getting a loan of S250,0oo from the
failed National Bank of Illinois, COM
prised the developments of Tuesday in
connection with the financial furry
The associated banks have taken
prompt, thorough and conservative ac-
ton to avoid serious scare on the part
of the public, which has millions of dol
lars in savings accounts deposited with
city banks. The Illinois Trust leads all
the local banks in its savings deposits,
having nearly $12,ooo,Ooo. The Hiber-
MAN bank has less than $3,4O0,O00 OF
such accounts. The solid showing made
by the banks which did not lean on the
collapsed national bank had reassur-
Ing effect on the public when the morn
Ing papers were perused, and the gen.
eral feeling in the banking community
was that the worst was over, SO far as
these institutions were concerned.
Fear of Trouble In the Future.
There is considerable apprehension,
however, that next week will bring
some failures of large proportions in
the industrial world, when houses
which must have money, especially
those who are creditors of the National
Bank of Illinois, find themselves
pressed to the wall. There is fear that
the Clearing House association may not
prolong its offer to loan rs per cent. of
approved claims against the National
Bank of Illinois, and that within the
next ten days there may be tighten
Ing of their purse strings.
Must Give Legal Notice.
AT a conference of the savings banks
of the city, which was held when the
runs began at the Hibernian and Hill
nois Trust banks, it was unanimously
agreed to adopt an unusual means
towards checking what might become
an epidemic of apprehension. Instead
Of attempting to allay the scare by pay
ing all demands in full on the spot,
which has proven to be an unwise pol
Icy in the past, the banks decided to
stand upon their statutory rights and
demand notice of 60 days in case of all
Withdrawals exceeding $500.
Contractors Fail.
Angus G. Gindele, one of the largest
contracting firms in the city, have gone
into liquidation. A bill for receiver
was fled, and Judge Horton appointed
William Hill to take charge Of the con
Germ. According to the statement made
by the attorneys the FIRMS assets are
100000, with liabilities Of $25O,OO0
The concern was heavy debtor of the
National Bank of Illinois, and it is
claimed owed the institution over $500,
600. The contractors have offices in the
Security building, and are largely in
terested in the work of the drainage
canal.
A Senseless Run.
The only reason which can be thought
of by the officers of the Illinois trust
and savings bank for the senseless rur
on that bank, apart from the genera
one of contagious timidity, is that ig
norant people, hearing or reading O
the failure of the National Bank O.
Illinois, get it confounded with the onl,
other bank in the city which has The
word Illinois in it's title. In fact, many
money-seeking depositors who hurried
from their homes admitted when they
reached the waiting line that they hat
heard the bank had failed, while none,
was being paid out and received unde1
their eyes. The line of men and womer
who wanted their money numbered 2O'
during most of the five hours the banI
was open and the curious crowd of spec
tators added to the excitement.
Where deposits exceeded 500 tina
amount only was paid and the coda,
notice enforced as to the remainder
While PresidentJ ohnJ. Mitchell said tn
bank had money enough to pay all de
lositors in full, he declared the Coda
rule decision would not be misinte1
preted by those who knew the reputa
fion and standing of his bank He be
lieved that the run would spend itsel
early to-day, and the fact that Their
avas small line at the close of bankin
hours bore out his statement. TIL
last statement of the bank to the aud
lor of public accounts showed resurce
of $30,90o,s56; capital and surplus, 81
100000; time deposits, $14,7s4,s41; de
mand deposits, $11,715,o74.
Can Stand a Long Run.
The run on the Hibernian bank be
gan little later, there being no wal,
Ing line until II o'clock. Small dc