Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-12-22
GREAT CHICAGO FAILURE
National Bank of Illinois Goes to
the Wall.
IN A RECEIVERS HANDS
Three Other Concerns Carried Down by the
Monster Crash.
RECKLESS, IMPRUDENT METHODS
Caused the Big Concern to Go, Says Comp
troller Fckels-His Statement of
the Matter-Mad Rush on
Smaller Institutions.
-ESS, iMPRUDENT METHODS

Chicago, Dec. 21.-At 10 o'clock this
morning a large crowd gathered around
the doors of the National Bank of Illi-
nois, and creditors discussed the proba-
bility of realizing from their deposits.
On the large door leading to the counting
room the following notice was posted:
This bank is in the hands of the ma
tional bank examiners.
'By order of the comptroller of the
currency
Posted over the doors and walls in the
corridors were notices from various de-
positors of the bank stating that checks
given on the bank Saturday would be
paid by the signers.
Shortly after 10 O'Clock the announce
ment was made of the failure of E. S.
Dryer Co., an old established bank
ing institution on the southwest corner
of Washington and Dearborn streets.
Wasmansdorff & Heinemann, bankers
at 145 and 147 Randolph street We're car
ried down by the financial crash to-
day and closed their doors.
Judge Freeman appointed the Security
Title and Trust company receiver for E.
s. Dreyer & Co., and Wasmansdorff &
Heinemann. The receiver for Dryer &
Co. was appointed on a bill filed by e.
s. Dreyer in the superior court this norm
ing asking for a dissolution of the part
nership and distribution of the assests.
Robert Berger was made defendant. The
court was told that the assets were ST.
100000, and the liabilities 81 ,250,000 The
bill says that the partners have agreed
to close up the business, but have been
unable to agree as to the manner in
which 1t is to be done. The bill also
says that the assets consist of real es-
tate, real estate mortgages, stocks, notes
and accounts receivable, while the la
pilities are open accounts and certificates
of deposits. There has been great de-
preston in the value of real estate re-
Gently, the bill says, and unless the as
sets are handled in conservative and
careful manner great loss will result.
Therefore receiver is asked for to close
out the business. BY a conservative
handling of the estate, the complainant
says, the assets can be made to realize
$l50,0OO more than the liabilities. None
or the officers of e. S. Dryer & Co. was,
at the bank today, and the creditors of
the institution could get no information
as to the failure.
The receiver for the firm of Wasman-
dorH & Heinmann was appointed at the
request of Otto Wasmansdorff senior
member of the firm. He appeared in the
superior court and named his partner
William Heinemann, as defendant. The
assets are given as $3.50, 900, with liabili-
ties of S415,000. The complaint says that
a receiver can admister the assets so as
The failure is also annuonced of the
Roseland Savings bank at No. LOG Mich
igan avenue. Frederick Wielrzma is at
the head of the bank. The bank did bus
mess with the National Bank of Illinois,
"A run on the Garden City Banking and
Trust companyS bank in the Chamber
of Commerce building was caused by the
fact becoming generally known that the
institution cleared through the failed Ma
tional Bank of Illinois. The line of fear
full depostors was not long, and with
drawals were promptly made until the
regular hour for closing the bank, 8
O'Clock.
The doors were then closed, and only
those depositors who were inside were
paid.
At the Illinois Trust and Savings, and
the American Trust and Savings banks
there were small lines of men and wo-
men who were anxious to get their money
in hand, and the bank officers were glad
to pay it out, as the Withdrawals in the
savings departr1 1ents meant a gain of
interest money which would be due jan
uary l. Both these D. nks are regarded
as financially impregna ole.