The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-12-24
CHICAGO BANK TROUBLES.
The Arrest Of Dreyer and Berger for
Receiving Deposits When Knowing
Their Bank Was InsOlvent.

Chicago, Dec 23.-ChargeS and cOlln-
ter charges i'm connection with the man
agement of the National bank of ILL
nOiS We're made today and engrOssed the
attention of the financial community to
the exclusion of the days events sur
rounding the National Bank collapse.
The arrest Of Bankers Dreyel and
Berger the discharge of the receiver of
the Roseland bank and the continuation
oi the savings depostors run ON the
Illinois Trust and Savings bank and the
Hibernian Banking association, We're
the principle developments. The pub
lie scare is practically over and q
complete restoration of confidence
seems to be effected
by arrangement of the police depart
ment, counsel for the defendants and
justice of the peace, w. Y. Hall. the ac-
Cused private bankers. Edward S. Drey-
er ana Robert Berger, uttered Justice
lalIS private court room at O'Clock
this afternoon. Detective Fay, who
held the warrants which f. f.. Kennedy,
saloon keeper and depositOr at Dreycr
x Co.'S bank had sworn to. announced
that the men We're under arrest The
charge Is each case Is that the banker
received a deposit of $l53 at the close
of business last Saturday. knowing at
the time that they We're insOlvent. The
defendants were accompanied by Adolf
kraus. their lawyer, and Charles X.
Wacker. of Wacker & Sirk Brewing
company. The latter signed the bond
of the bankers in the sum of $500 each
for their appearance in Justice Halls
court Jan. =. Kennedy says he is act
ing for himself only. but his action Is
regarded as premature and i'll advised
by those who believe the Dreycr 4 Go.
failure could not be fOreseen. In this
connection Levy Mayer. counsel for the
National bank of Illinois. and Drcyrr
ard Berger. said this afternoons:
'Dreyer X company cleared through
the National bank of Illinois. at the
close of business Saturday afternoon
there was not the slightest doubt enter
tanned by the firm or even the shadow
Of a suggeS ton that they would not go
on as usual Monday morning. With
out clearing bank they could not pos
l. sibly open up. The end of the Nation
al bank of Illinois was as sudden as it
was amazing. AS one of its course!
had not the slightest intimaton that
there was any suspicion against the
bank until late Saturday night. Drey-
or K Company did not know until Sun
day that their clearing was in danger.
They then took steps which resulted
in the rcceivership. The agitation as
present has made some people precipi-
tate and hasty in their criticism, their
action and their advice. When the ex-
citement has subsided and the receiver
has made u thorough investigation into
the estate and then only will people be
in a position to calmly pass Judgment.
The causes for the National bank of
Illinois failure and its condition will no
doubt in due time he placed before the
public These Calumet Electric bonds,
which have all of a sudden dwindled
| into so insignificant an asset have for
some years been coveted by some out
| siders and the interest on these bonds
| has always been promptly met"
| The shortest bank receivershiD on