The herald., 1896-12-23
MANY FAILURES AND
RUNS ON TIE BANKS
Follow the Big Collapse
at Chicago
savings BANKS WERE PREPARED
And the Money Public Rallies
in Support
BUSINESS HOUSES BROKEN
Which Had Borrowed Money Frem the
Illinois National
And Many Concerns Do iato the Haads Of
Receivers
Two Minnesota Banks Fail Under the
Pressure Which Was Added to
BUSINESS HOUSES BROKEN
Which Had Borrowed Money Frsm the
Illinois National
And Many Concerns % Iato the Haads Of
Receivers
Two Minnesota Banks Fail Under the
Pressure Which Was Added to
the Recent Hard Times
Associated Press Special Wire

CHICAGO, Dec. 22.-The failure Of
Angus & Gildele. general contractors
the American Brewing, Mailing and
Elevator company; the George A Weisse
Mailing and Elevator company, and
George A. Weisse, individually, all of
these being due to the collapse of tho
National Bank of Illinois and small runs
On three banks were the echoes today
of the bank failures OF yesterday. Runs
were made on the Garden City Banking
and Trust company, the Hibernian Saw
ings bank and the Illinois Trust and
Savings bank, but none of the runs were
of much Importance.
The officers of the Garden Citv Bank
ing and Trust company had expected
that a run would be made upon their in
stitution and were ready to meet it.
They threw open the doors of the bank
an hour earlier than usual, and they said
they wanted to get the run out of the
way, so they could transact their usual
business without being disturbed. Quite
a crowd of depositors had gathered at
the doors before they were opened, and
as soon as the bank was ready for bus
mess the depositors gave the paying
tellers all they cared to do. The run
then died away.
At the close of banking hours tho
officers of the institution announced that
during the day the amount of money
taken in was treble that paid out, and
the bank was declared in better shape
than at the Opening of the doors in the
morning. The run on the Hibernian
Savings bank was of short duration. as
the officers declined to make any pay
mcnt on time deposits unless given six
ty days notice They said this was not
because they were not prepared to pay
all depositors in full, but because they
wished to avoid embarrassment to
smaller depositors. who might not be
prepared to pay all their depositors in
full and who might be placed in an en-
barrassing position. The stronger banks
were paying all demands for time de-
posits.
There was a slight run on the Illinois
Trust Savings bank shortly after 1t
opened this morning. the similarity of
its name and that of the National Bank
of Illinois having led some dspositprs to
believe that the former was etnbar-
rassed. During the run in 1891 President
John NJ. Mitchell of the Illinois Trust
gave orders to pay all depositors who
called for their money and was criti-
cised by other bankers for doing so. This
morning. as soon as it became evident
that there was likely to be a crowd in
the bank. instructions were given to the
tellers to serve the customary sixty
day notice, but to pay all depostors who
could show that they wanted 800 of their
morey for legitimate purpose. The re-
suit was that the score or more of peo.
pie who had lined up at the paying
telers' windows soon dispersed.
After the close of banking hours the
excitement had completely died out. The
giving of the notice was sanctioned by
the clearinghouse committee and the
object was (the Illinois Trust being the
strongest savings bank in the city to
give the smaller ones the opportunity
to point to its action as an excuse for
giving the notice themselves, which they
did. and thus effecrually stopped run.
The Illinois Trust and Savings bank
is said to have 50, ,000, 600 in cash on hand
and was today loaning money instead
Of, as in 1893 calling loans In to meet
the demands of the savings depositors.
The American Brewing. Mating and
Elevator company, the George Wesse
Mating and Elevator company and
George A. Weisse assigned this even
ing in the county court. The assign
ments of the two companies. which are
intimately connected in business. and
that of Weisse were brought into court
together at 6 o'clock The assignee OF
the American Brewing. Mating and FL
evator company is the Chicago Title and
Trust company. The George A. Weisse
Mailing and Elevator company assigned
to the Security Title and Trust company,
and that company Is the assignee Of
Wetsse also. No statement was filed a.
to the assets and liabilities. The fall
ure of the two corporations was the re-
suit of the failure Of the National Bank
of Illinois, the two companies were bor-
rowers from the bank and were In
debted to it when 1t failed to the amount
OF over $500. 900. AS soon as the failure
of the bank was announced preparations
were begun for the closing UP of the
business of the two companies. The cor
porations were both organized through
the efforts of George A. Weisse. who n
president of the George A Weisse Malt
ing and Elevator company and a. SON
in-law of President Schneider of the Ma
tional Bank of Illinois. The American
Brewing. Mating and Elevator COM
pany is the owner of extensive malt
houses on North Ashland avenue. which
are leased to the other company and
are used by it in the manufacture OF
malt The American Brewing. Mating
and Elevator company has alange brew
cry adjoining the ma.lthouse and the two
are closely rela ed il business, the one
buying and selling to the other
Judge Horton earlier in the day ap-
pointed a receiver for the general con-
tracing firm of Angus & Gindele on the
application of John Angus, one Of the
members of the firm. The assets Of the
concern were placed at $4,000 and the
liabilities at $250.000. An answer was