The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-12-22
STANDS 1T WELL.
Chicago Bears Up BraEely I'm
der the Collapse
Of the Big National Bank Of
Illinois.
No Runs of Amy Consequence
Are Reported
ON OTHER CITY BANKS
Severe DenunciatiOn Of the
Criminal CareIessness
And Mismanagement Of the
Broken Bank.

Chicago. Dec 22.-The assets of the
National bank of Illinois which closed
its doors yesterday are said to include
in addition TO the s2,475,0O0 loaned the
Calumet Electric S5OO.00o advanced to
Robert Berger. a son-in-law Of Presi-
dent George Schneider. 100000 advanc-
ed to ca. Weiss another sOn-in-laEF " and
over $500. 600 of doubtful debts. Berger
lis a partner in the firm Of r. = Dreyer
q Co. which also went into the hands
of a receiver yesterday ana w elss IS a
The losses by the failure viii fall up
on 1871 individual depositors, and $50
national, state and private banks In
cluded among the depositors are the
treasurers of the city of Chicago, and
of the state of Illinois. The deposits of
the treasurers of the city of Chicago
and Cook county viii aggregate almost
81 600 OOO The amount at the present
time on deposit by the state treasurer
is mparatively small
Among the depOsitOrs were many
large corporations and receivers. They
included the receivers Of the Northern
Pacific railroad and the receiver Of the
whisky trust
include the funds of the West Park
board The amount at the time the
bank closed was about S310 000-
The failure of the National bank of
Illinois was due to the fact that its en-
tire capital of 81. 900 600 and S100, ,000 over
and above its surplus of 100000 had
been loaned on Calumet electrical stock.
Five hundred thousand dollars was
loaned to Dreyer q Co, who had
spread their capital out SO extensively
that they were unao bic to concentrate
1T in time to save themselves. The 9th
er failures were due to the locking up
of assets held by the National bank of
Illinois
1t is probable that all depositors viii
be paid in full
At a meeting Of the clearing house
banks, upon recommendation of the
clearing house committee which had
made an examination Of the affairs of
the National bank of Illinois. the clear
Ing house banks agreed to advance 75
per cent on all claims against the Ma
uOnal bank of Illinois which shall have
been certified to by the receiver as be
ing on deposit in that bank
The general sentiment OF opinion was
that the depOS1tOrS would receive their
money in full The bank now has on
hand in cash means. nearly 40 per cent
of their entire liabilities.
No banks have requested anv assist
ance from the clearing house. The
bank statements published today. on
the call of the comptroller of the cur
rency, at the close of business on the
u tn instant show very strong reserves.
Ihere has been very little excitement
today ia banking circles in this city
The following resolutions were ad-
opted at the meeting.
Resolved. That the clearing house
committee, after calling to their aid
Such other persons as they may desire.
be requested to formulate a plan which
Will enable creditors Of the National
Bank Of Illinois to avail themselves Of
the offer of the associated banks to
make the advance by way of loans to
creditors to the extent of IS per cent
upon properly proven claims
The chairman Of the clearing house
stated that the willingness of bankers
TO do this was so evident that il is NOT
probable q NJ fcrur+ 4r,
accomplish the object will be necessary
although the committee appointed viii
give prompt attention to the duty i'm
posed on them.
The following dispatch has been re-
eeived by the president OF the clearing
house committee
Washington. ID. g.. Dec. 21.
have appointed Bank Examiner Nc
I&eon temporary receiver of the Nation
al Bank of Illinois, and instructed him
TO publish notice for creditors to prove
claims He informs me that the clear
ing mouse committee agrees to advance
40 per cent on evidence of claims No
tice VIII be published at once and if
CLAIMS are proven Immediately shall
within 80 days be able to nav a xrarr-
considerable dividend. I appreciate the
action of the clearing house fn Offering
10 advance on such certificates.
(signed) JAMES H. ECKFIS
Comptroller
another suspension was recorded yes
terday afternoon Judge Horton ar-
property of Frederick Wfersema who
owns the "Roseland Bank which is
situated in Roseland- The appointment
was made on the application of George
Dalenberg, a Judgment creditor of
Wlersena- to the extent of $500 The
complainant attributed the embarrass-
ment of Ar- Wiersema to the con-
nection of the latter with the National
Bank Of Illinois. The assets Wera. placed
al $4,000 and the deposits at $50. 600.
The bank viii resume business within
q few davs
CITY FUNDS IN THE BANK.
Va ashlngton. Dec. 22.=Mr. Eclzels the
comptroller of the currency TODAY re-
celVed a telegram from Mr. McI[eon
the receiver Of the National bank of IL
linois, stating that the books of the
bank show that quite large sums of
puDlis funds. belonging to the cftv of
Chicago. were on deposit lin renIv +ba
comptroller sent MIR. McNeorf fba fol-
lowing telegram- TELEGRAM relative
10 public funds received You make ar
1angements with depositors thereof. to
issue To them at once certificates for
such amounts of their deposits as an
examination Of the books of the bsrl-
makes clearly appear is due them. tbfs
viii enable them to avail themselves ~
the of1er OF the clearing house TO ad-
vance 70 per cent and so prevent eYn-
barrasslnent in meeting public e<Dendi-
itures.
EXCITEMENT DIES OUT
Chicago. Dec 22.-The excftaman+ a-
tendant upon the collapse of the Ma
uonal bank Of Illinois and its three de-
pendent banks appears to have died