The record-union., 1896-12-22

ties aroused the suspicious of other
banks condition by the Clearing house
Committee followed. The failure was a
great surprise to the public. There was
no suspicion on the part of the large
depositors that the banks capital and
assets had been seriously impaired.
The heaviest creditors are the Mu-
nicipal Corporations. City Treasurer
Adam Wolf has $650,000 of city funds
on deposit there. The bank was one of
funds and each of the banks take turns
by the month in cashing city checks. 1t
was the failed banks turn to pay out in
January. Mr.. Wolf said he had no seri-
Gus concern about the safety of the city
money, and has received ample assur-
ance from the other banks which hold
city money that the corporation will not
be embarrassed. City Comptroller
Wetherell, who is also Vice President of
utmost confidence in the city's ability
to meet all obligations promptly. He
declared that the city was never in bet
ter condition financially, and the failure
would not embarrass it in payment of
interest money the first of the year.
The West Park Board, of which Carl
Moll, cashier of the failed national
bank is a commissioner, has been
caught to the extent of $500, 900, ana a
large amount is on deposit with E. S.
Dreyer, who is Treasurer of the boar1
County Treasurer D. H. Kochsperger
has $1,000 of county funds tied up in
the national bank, and Fred M. Blount,
the newly appointed Treasurer of the
Drainage Board, had over $4,000 of
district funds at the bank, whose Off
GERS were on his h~~1 The bank OIL
cials were also on the bonds of the City
and County and West Park Board
Treasurers. The fact that the bank
officers were bondsmen of these public
officials was strong reason for the de-
cision of the other banks to force an
immediate closing of the bank before
the funds were depleted.
AT 10 o'clock Z. S. Dreyer appeared
in the Superior Court accompanied by
his lawyer, Levy Mayer, and fled a
petition for the appointment of a re-
ceiver. He made his partner, Robert
Berger, defendant. The court was told
that the assets were S1,500,000 and la
bilities 81 1,35O.OO0; that under the part
nership agreement the business could
be closed at any time, but there was
disagreement as to the manner in which
the concern should be wound up. Great
depreciation in the value of the real
estate holdings of the firm is set forth
in the bill, and the receiver is asked for
to prevent heavy losses. Mr.. Dreyer
alleged that his interest exceeds that
OF Mr.. Berger two to one, and that by
a careful handling of the estate it can
be made to realize S150,00O more than
the liabilities. All the allegations were
admitted by Mr.. Berger except that re-
garding the comparative interest of the
partners. On this showing Judge Free
man appointed the Security Title and
Trust Company receiver for the bank
and it's doors We're closed as soon as
possible thereafter.
Otto WaSmansdorff, senior partner of
the other banking firm, filed the bill for
the appointment of receiver soon after
the Dreyer proceedings. Judge Freeman
at once granted the petition, and hamed
as receiver, issuing an injunction in
both cases restraining anyone inter
ested from interfering with the assets
or receiver. Wasmansdorff and Heine-
mann stood high in the community as
private bankers.
The Roseland Savings Bank. which
is situated near Pullman, did not open
it's doors for business this morning.
FREQ Weiersma, who owns the bank.
posted notice that the bank would not
be open to-day. The announcement
drew a crowd, but there was no scene
of excitement. The depositors, who are
mostly poor people, We're assured they
would get their money as soon as
money was received from the National
Bank of Illinois. The bank was estab-
lished about two years ago.
The loan of $2.4OOOOO obtained from
the national bank by the Calumet road
was used to build and equip the road,
which is now in operation.
The heaviest run on city banks dur
ing the day was directed against the
Garden City Banking and Trust Com
pany. They withstood the attack of
200 depOsitors, and tonight gave out
the statement that they We're thorough
ly prepared to pay everybody who
wanted money tomorrow, although
they believed the worst was over. The
bank has S2,000,O00 of deposits, but the
savings department is not large.
The financial uneasineSs on the part
of bankers and depositors has been ag-
gravated lately by the numerous fail
ures of building and loan associa tions
and the exposures of their financial
roftannpcs