New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-22
A BIG BANK GOES DOWN



adence in the city's ability to meet all oblisa-
lions promptly. He declared the city was never
in better condition financially and the failure
would not embarrass 1t in payment Of interest
money the first Of the year.
The West Park Board. of which CARL Mol
cashier of the failed National bank. is Com
missioner. has been caught to the extent OF
100000. and a large amount is on deposit with
+ s Dreyer. who is treasurer OF the Board.
County Treasurer D. H. Kochberger has
$500 900 Of county funds tied up In the Ma
tional bank. and Frederick NJ Blount the new
~ appointed treasurer Of the Drainage Board.
had over $4,000 of district funds at the bank.
whose officers were on his bond The bank Off.
Gals 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 decision of the Other banks to force inn
mediate closing Of the bank before funds were
depleted.
SMALLER CONCERNS GO UNDER.
Al 10 o'clock f. S. Dreyer appeared in the
Superior Court. accompanied by his lawyer.
Levi Mayer and filed a petition for the APP
pontnent Of a receiver He made his partner.
Robert Berger defendant. The Court was told
the assets were Sls00OoO and liabilities
81 $4,000: that under the partnership agree
,nent the business could be closed at any time.
hut there was disagreement as to the manner
in which the concern should he wound up:
Great depreciation in the value OF the real
estate holdings of the firm is set forth in the DILL
o,d the receiver was asked for to prevent heavy
loss Mr. Dreyer alleged that his interest eX-
ceeds that of Mr. Berger two To one. and that
bv a careful handling of the estate 1t can he
made 20 realize S15n.O00 more than the lfabili-
ties All the allegations were admitted by Mr.
Berger. except that regarding the comparative
interests Of the partners
I'm this showing Judge Freeman appointed the
Security Title and Trust Company receiver for
the Dreycr Bank. and its doors were closed
n crowd
surrounded the bank building at Dearborn and
Washington SITS, and there was general conf
6ence among the German depositors that they
would get all the money due them in short time.
brewer & Co. have been in the banking business
here for a score of years and there is no more
prominent German american citizen in Chicago
than Mr. Dreyer During all that time the bank
has cleared through the National Bank OF ILL
rois The first intmation which Dreyer q GO. re-
ceved that the National Bank might not resume
was Yesterday afternoon. and immediate steps
were taken to protect their interests. NO prefer
ences. direct or indirect. were given to any one
After the appointment OF receiver many eeher-
Gus offers came from New-York and other cities.
Otto Wasmansdorff. senior partner OF the
other banking firm. filed the dill for the appoint
rnent Of q receiver after the Dreyer pro
oeedngs He named his partner William
Heinemann. defendant. The assets were given
in the hill at $55O,OO0. and liabilities S4!o.oOo
The petition was similar to that filed in the
Dreyer case. and Mr.. Heinemann admitted all
The allegations made. Judga Freeman at once
granted the petition. and named the Security
Title and Trust Company as receiver. ISSUING
an Injunction in both cases restraining any one
interested from interfering with the assets or
receiver Wasmansdorff and Heinemann stood
high in the community as private bankers Inc
firm was established on the West Side more than
twenty-five years ago. Germans DID business
chiefly with both the private banks Inc W az
mansdorf estate will require conservative and
cautious handling 10 pay dollar for dollar Oh
their liabilities about S20o,OoO is for savings de-
pOsits. ,,
Drever & Co had no savings deposits. The
misfortune which has overtaken both the bank
ing firms is the of general regret and sym
rathy. Mr.. Dreyer came TO chicago more 'Naii
thirty years ago from Germany
A SAVINGS BANK CCLLAPsEs.
The Roseland Savings Bank. which is situated
In the small suburb of Roseland near Pullman,
peopled largely by Hollanders, did not open It's
doors for business this morning Fred Weirsma,
who owns the bank. posted a notice that the
bank would not be open to-day The announce.
ment drew a crowd but there were no scenes or
excitement The depositors. who are mostly
poor people. were assured they would get their
money soon as the money was received from
the National Bank Of Illinois. The banK was
established two years ago
Farson Leach e. Co are the chief owners Of
the Calumet Electric Railway, which is a new
and extensive enterprise. embracing severai
towns southeast from SiXty-third-st Inc loan
Of SO 400 900 obtained from the National Bank
used TO build and equip the rcau winch Is
now in full operation.
was directed at the Garden City Banking and
Trust COMPANY II withstood the attack OF IOO
anxious depositors and tonight gave out the
statement that they were thoroughly prepared
70 pay everybody who wanted money tomorrow
though they believed the worst was over. The
bank has s.. 600 600 on deposit, but the savings
deposit department is not large County Treas
urer Kochberger is a director and there is large
amount Of county money there
The financial uneasiness on the part OF bank
ers and depostors has been aggravated lately
H.. ,he numerous failures of building and loan
associations and the exposures Of their financial
rottenness.
President Schneider. of the National Bank OF
Illinois is also treasurer Of the Chicago Associ-
ated Press.