The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-22
-Four Banking institutions Close Their
q Doors in Quick Succession.
RUNS nADE ON SBYERALOTHER BANKS
Comptroller Eckcis Say the Failure OF the
National Bank Of Illinois Was Due 1"
10 "Irjudicious. Reckless and I'M
uruaent Methods of Omcers"

the counting-room the ioiio"i"-
was posted:
This bank is in the hands OF the Ma
tional Bank Examiners.
ny order. THE CONTROLLER OF
THE CURRENCY.
Posted over tire doors and Walls III
the corridors, were notices from various
oevos,tors OF the bank. statihs 'n"'
checks gwen on tne BANK Saturday "ouiu
be paid py the signers
TWO OTHERS
shortly after 10 o CLOCK me announce
mont WA made OF the ialiuIc Oh r. o.
Dr.ver A. CO.. an oid established pdih-
ing institution, al the southwest Oo'"0'
of Washington and Dearborn s'ree's'
yasmansaorn q hcinemann, bankers,
AT I.5-Iis Randolph street. were c--iii'u
oown by the financial crush to-day an"
closed their doors. 49,. g.,
Judge Freeman appointed inc ~"
rity title and Trust Company r'Oe'N''
for T.. >. Dreyer q co. ana "s'''"'s
aorng l. ueinemann. The receiver Tor
Dreycr q Co. was appolh'eu Oh ~.
eIcd hv T.. S. Drcyer IN the superior
Court this morning asking LOT 80
lu,ion of the partnership ana a ul3'rlDu-
ton OF the assets. ,....
pobert Berger was made deiend'ht'
rho Court was told that the assets were
q, IAN 900 and the Utilities Sl,2".WO. ne
rim saws that the partners have asroeu
40 close M the business, but nave pceh
,,,,,io IN agree as to the manner III
..,,,oh 4, is 10 be done. The bli ais"
- that the assets consist OF real
as,a,e rcal-cstate mortgages STOCKS,
- and accounts. and certificates oil
dooos,ts There has been great depres-
80, in The value of real estate recently
,ha hin saws. and unless the assets are
na,atod m a conservative ana careiui
manner. great loss will result
,oro a receiver is asked for to close OUT
the business by CONSERVATIVE "'''u
ling of the estate. the complainant S"s''
The assets can be made TO reailzc Si'o'
oo more than the liabilities. Nonc u
Tho officers of T.. 5. Dreyer q CO. VIZ
az tho bank to-day, and the o'c"'loi
., tho institution could get 10 i"'o' ''"
ton as to the failure .., 90
Tho firm of T. =. Dryer n 20. - oii' %
tho oldest banking institutions III '"'''eC
apd had always been consideieu o'o
the firmest. - ,,-,enons-
so,o g. Ueinemann was appointed at
,ho reouest of otto WasmansdoiH' S'Hloi
,so,,her of the arm. lie appeared IN the
Superior Court and named ms pd' ',roi'
William Hcincmann. as deiehuah,. nv
assets are given at SJO.Vo Win III oi'i
ties of Ss15 900. The complaint says ''"'
a receiver can administer the assets 80
ms to produce a surplus OF ABOUT SiVV'VV''
THE FOURTH
Tho failure Is also announced of the
EirnHttI
1oc Michigan avenue Frederick Neilrzma
90 at the head of the bank. The bank
aid business with the National Bank OF
Illinois.
A RIM on the Garden city Banking ana
Trust Company Bank. in the Chamber Oh
Commerce building. was caused by the
fact becoming generally known among
the depositors that the institution cleared
through the failed National Bank OF Hi
nois. The lire of fearful depositys was
not long. and Withdrawals were I~omptly
made until the regular hour FOR closing
the bank. 3 o'clock. The doors were then
closed. and only those depositors VINO
were inside were paid The curious crowd
outside was large enough to require the
services OF several policemen to keep
them moving.
AT the Illinois Trust and Savings and
American Trust and Savings Banks there
were small lines of men and women. who
were anxious to get their money in hand
and the bank officers were glad to pay
out as the Withdrawals in the savings
department meant gain of interest
money. which would he due January LIST.
Both these banks are regarded as finan-
cially impregnabe
The fact that L. S. Dreyer & Co. and
Wasnamansdorm e. Heinemann, the
banking firms now in the hands of re-
ceivers. were connected I'm a family way
with the officers of the National Bank
OF Illinois. had considerable 10 do with
the failure and hurry Of the firms to go
into liquidation.
OFFICERS SCORED.
WASHINGTON, Dec. 2l.-Comptroler
Eckles to-day in % statement regarding
the failure OF the National Bank Of Illinois
(of Chicago. says.
The failure of the bank is due to inju-
dicious, reckless, and imprudent methods,
followed by the officers and not checked
by the directors. though their attention
had been individually called to the same.
and over their individual signature, they
had promised TO remedy the weak points
in the banks condition. The largest
source Of failure is the bank holdings of
the Calumet Electric Street railway stock,
the full amount OF which cannot now be
stated for II il discovered that a part
OF such holdings was not made To appear
on the books. but was concealed in
another account. This and other large
and doubtful loans had been called by
special letter TO the attention of the Oii
GERS and directors and specific improve
ment promised a year since. I'm June last
on the surface. there had been made an
Improvement. hut when Bank Examiner
McKeon. on November S0th examined the
hank. he found that the books showed
that the loan TO the Calumet Electric
Company. and other similar loans. had
been increased and the promises of Off
GERS and directors had not been carried
out. Upon this report | prepared letter
addressed to the President and directors
which | sent TO the examiner on Dccem-
Der 18th. II be read to them at a meeting
called for this purpose
TNFULFILLED PROMISES.
This letter reviewed at length the con-
dltion OF the bank and the failure OF the
promises made TO be fulfilled. II en-
phasizcd the position taken by the Of
fee that a decided and radical change had
10 be made and notified the directors to
take Immediate steps TO put the bank I'm
condition. The letter was presented 10
the directors with full and complete
analysis on the part Of the examiner OF
the matters IN the bank demanding at
tcntion. on Saturday. | received notice
from the examiners that rumors OF the
banks condition had reached the Clear
Ing House Committee and they desired
% have his report read. so | ordered
n 10 be done but suggested that before
doing 80 he see the officers OF the Ma