The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-12-26
CHICAe0 BANK GOES UNDER
Clearance House suspends the I'LL
nois National.
some Private Bank Failures Follow
1t Has Twelve Million in De-
posits--Capital and SURE
plus Impaired.

Chicago, Dec. 22.-The National Bank
of Illinois has beer suspended by the
clearing house.
The officers of the bank are: George
Schneider, president; Walter L. Peck,
vice president; William A. Hammond,
second vice president; Carl Moll, cash
Ter. The bank is located at 1l5 Dear
born street.
The action suspending the bank was
taken at a special meeting of the Clear
ing House association committee. The
meeting was called at the residence of
Elbridge Keith, who is secretary Of the
committee, and was held shortly after
midnight. 1t was shown that the bank
had made unwarrantable and injudf-
cous loans, n that in consequence the
capital and surplus of the bank have
been seriously imperiled. 1t is believed
that many failures will result from the
collapse of the National Bank of Illinois.
The resolution adopted by h clear
ing house committee is as follows:
Whereas. The attention of this COM
mittee has been lately called to the adj
m~inistration Of the affairs of the Ma
tional Bank OF Illinois, and 1t now APP
pears, through statements made to this
committee by of the vice presidents
of said bank and from the reports of the
national bank examiner, that by reason
of unwarrantable and injudicious loans.
the capital and surplus of said bank are
seriously impaired, If not entirely lost;
now, therefore, be it
Resolved, That under the powers con-
ferred upon this committee by the laws
OF the Clearing House association OF
Chicago, we do hereby suspend said
National Bank of Illinois from priv
ileges of membership in said associa-
tiOO to take effect Immediately.
Resolved, That the secretary of this
committee be and he is hereby instruct
ed to send a copy Of these resolutions to
each member of the association n to
report the same at a general meeting of
the association to be held on Monday,
December q, at $3.50 p. m.
In taking this action the committee
deems it proper to say
First-That the cash reserves OF the
bank are within the requirement of the
law. and If. as q. result OF this action,
said bank should suspend payment and
liquidate it's liabilities. a large and
speedy dividend will be made available
to creditors.
Second-It is the declared opinion of
the officers n directors of the bank
that it's are ample to pay all
it's deb in full. and it Is the opinion of
this committee that adjusted claims
against said bank may be considered
ample collateral security for loans of
rs per cent OF their face value.
And in the event os liquidation by
said bank we will recommend to the as
sociation sank an arrangement where
by such leans ma be made available
to creditors of said bank as their con-
venience may require.
Isaac C. Lombard.
Lyman j. Gage.
Oron Smith.
G. j. Blair,
f.. G. Keith.
The National Bank OF Illinois is the
second largest bank in Chicago, and was
established in 1871. 1t has a capital
stock of 81, 900, 900, and a surplus Of
81 900, 900. and $500. 900 undivided profits.
The amount of money deposited in the
bank is s12, 600, 900.
There is a large umbe of big busl-
ness firms who transact business at the
National Bank OF Illinois, and it is be-
lieved that several failures will follow
in a day or two. The rumor has gained
credence that one of the State street
department stores is seriously involved,
n may not conclude it's today's bust
ness.
President Schneider, who is also
treasurer of the Chicago Associated
Press, declined to be seen, and numer-
GUS rings on the bell in his Michigan
avenue home were unanswered.