The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-22

CHICAGO. Dec. 2l.-Thc National
Bank OF Illinois, ono OF tho oldest and
best known banking institutions In the
city, with assets OF between twelve and
nftecn million dollars, closed It's doors
to-day, The following notice was post
ed on the doors before the opening OF
banking hours:
This bank IL In the hands OF the nh-
tIonal bank examiner. by order OF the
comptroller OF the treasury"
This action was decided upon Et
meeting OF the directors OF the bank
last night after the bank hud been sus.
pended from the clearing house RsSO-
clatiOn OF Chicago at the meeting Of the
clearing house committee held earlier In
the day. OF the sixteen banks thut
cleared through the National Bank of
Illinois. two closed their doors MS re-
suit OF the closing OF that institution.
They are l.. $. Dryer & ca. and Vas
mansdorff & IIc!nCmann. These two
Institutions are mortgage loan banks
and slvinr; societies In n small way and
their failure is not expected 10 effect any
business houses.
The assets OF Z. s. Dryer & Co. are
XIV VII Ut SAtuNNVbu, WIKI lld dIlUllta OE Sls-
100000. The figures for WasmausdOrT
II Hclnrm ann are 1proX!mntely: As
sets. $4,000: liabilities. 100000 The
Security Title and Trust Co. was ap.
pointed receiver for both firms. Six
hanks have made arrangements 20 clear
through other banks and the balance Of
tho sixteen are mak.nG similar arrange
ments as fast rs possible.
The failure was II great surprise in
financial and business circles.
The causes Of the suspensions rs given
In the resolutions adopted by the clear
Ing house committee, are "unwarTantl-
bic and inJudlcious loans" through
which ";he capital and surplus OF said
bank Is seriously !mpcr!!!cI Il not abso-
lutely lost"
The statement WIS made OF loan OF
about $4,000 10 the Calumet Street
RailTnod Company, OF which J. W. Far,
son. OF Farson. Leach & Co. is prcsl-
dent, had caused the National Bank OF
Illinois 20 suspend. MT FarsOn Gcclin-
ed to make a statement on that subject.
but stated that the failure would not
effect the Calumet road Heavy loans
or real estate are also said 10 have been
made. The last statement of the bank
showed deposits. $!2.i55.7cG: loans. 49,
l99.Gi": cA'h rccourccs. Si,JS2,209
/: Is thought probable that Honc OF
the deposItorD will suffer by the suSpan-
rlon. as the bankers who were present
AZ the meeting Oc the committee have
recommended for consideration the
proposition 10 advance 10 per cent on ali
adjusted claims against the National
Bank OF Illinois. IN Sliltlon 20 this
they have agreed TO use their influence
with other members OF the clearing,
house association to ACCEPT all such
claims MS collateral at the same ratio.
The National Bank of Iilionis was or
Elnized In August. ISL, with 7 capital
stock OF $1,000 which was 6ubseTucnt-
ly increased to $4,000 II WIS re-
gardcf MS orA o. the sdundCst lnnnc!a.
ins:!tutlofS In the city.
The Press club Is one Of the sufferers
by the suspension. all the proceeds OF
the advance sale % tickets FOR the foO;-
bail game between the Carlisle Indians
s.Hd the University OF Wisconsin eleven,
which was held under the management
Of the Press club. amounting TO over
$4,000. having been deposited Saturday
II was announced th3 the DrovGrs' Ma
,ionll Bank, which cleared through the
National Bank Vt Illinois. Will clear
through the Commercial National. The
West Side Bank vii also clear through
the Commercial National
iiS SUSPENSION Hdh Oui Ittlc erect
either In the wheat pit or on the stock
exchange. Whca. indeed showed
strength after the opening &c decline
and the stock market was dull md only
fraCtlonally lower. Neither the bank
examiner nor any officer Of the National
Bank Of Illinois will make any statement
at present
a director Of the National Bank OF Ill
inuIS stated to-day that the loan made
TO the Calumet Electric Street Railway
of $500 20. WAS without the knowledge
OF the directors. The efforts made to
dispose OF the Calumet Stock which was
held as security for ;'Ic loan. drew AZ
tcntiOn to It and brought about the in
vcStlG2tl0n wnlch resulted in the banks
Suspension.