The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-12-30
ONE 81 fHe tzkeEsfll
WEST FAILS.
Several Other Banks and Other Prominent
Business Houses in onicago and osher
Cities Goes Down In the Crash.

this morning a large crowd gathered
around the doors of the National
Bank of Illinois and creditors dis.
cussed the probability of realizing
from their deposits. On the large
door leading to the counting room
the following notice was posted:
"This bank is in the hands OF the
national ban6 examiners. By order
of the comptroller of the currency.
Posted over the doors and walls in
the corridors were notices from varl-
Gus depositors of the bank stating
that checks given on the bank Satur-
day would be paid by the signers.
Shortly after 10 o'clock the an
nouncement was made of the failure
of E. s. Dreyer & Co., an old estao-
lished banking institution.
Wasmandorf & Heinemann, bank
ers at Las 147 Randolph street, were
carried down by the financial crash |
today and closed their doors.
Judge freeman appointed the Sc
curity Title and Trust company re.
ceiver for E. s.. Dreyer & Co. and
Wasmansdorf & Heinemann.
The receiver for Dreyer & Go. was
appointed on q bill filed by Il. s.
Dreyer sin the superior court this
morning asking for a dissolution OF
the partnership and a distribution OF
the assets. Robert Berger was made
defendant. The court was told that
the assets were 81, soc, 900 and the liza.
billties 81, $50, 600. The bill says that
the partnership agreed to close up the
business but have been unable to
agree as to the manner in which it is
to bs done. The bill also says that
the assets consist of real estate, mort
cages, stocks, notes and accounts re.
ceivable, while the liabilities are open
accounts and certificates of deposits.
There has been great depression in the
value of real estate recently, the bill
says, and unless the assests are ham
died in a conser vative manner great
loss will result. Therefore q receiver
is asked for to close out the business.
| By conservative handling OF the es-
| tate, the complaint says, the assets
can be made to realize $50. 600 more
than the liabilities. None of the Off
GERS Of E. s. Dreyer & Cowere at the
bank today and creditors OF the instl.
tuition could get no information as to
the failure.
The firm of e. 8. Dreyer & Co. is
one of the oldest banks in Chicago and
had always been considered one OF
the frmest. ~.
The receiver of the firm of Was.
mansdorf & Heinemann wasappolnt-
ed at the request of Z. WasmansdorH,
senior member Of the firm. He ap.
peared in the superior court and
named his partner, VIM. Heinemann,
as defendant. The assets are given at
$3.50, 600, with liabilities of $415, 900.
The complaint says that q receiver
can administer the assets so as to pro-
duce a surplus of about 800, 600.
The failure is also announced OF the
Roseland Savings bank, situated at
No. 106 Michigan avenue. Freder.
| lex Wierlzma is at the head OF the
bank. The bank did business with
| the National Bank of Illinois.
A run on the Garden City 6snkI11ss;
and Trnst, ,A'saffp ffpanyg bank H. +La1ass5
BY the Ia fShesse fact heasss!I SaI1Sisss k1s 65Wn
1among the depositors that the institu-
ton cleared through thetailed Nation
al Bank of Illinois. The line of fear.
| full depositors was not long. The
doors were closed at 8 o'clock and only
those depositors who were inside were
paid. The crowd outside was large.
enough to require the services OF sew
eral policemen to keep them moving.
At the Trust and Savings and Amer.
lican Trust and Savings banks there
were small lines Of men and women,
who were anxious to get their money
lin hand, and the bank officers were
glad to pay them, as they would inter.
est money due January 1. Both these
banks are regarded as financially Inn
pregnable.
The fact that E. 8. Dreyer & Co.,
and Wasmansdorf & Heinemann, the
banking firms now in the hands of re-
ceiyers, were connected in a family
way with the officers of the National
Bank of Illinois had considerable to do
with the failure.
Reassuring action was taken at q
largely attended meeting OF the clear
| ing house association, which was held
after banking hours this afternoon.
The following resolution, offered by
lex. Comptroller of the Currency u. B.
Lacey, president of the Bankers
National bank, was unanimously
opted:
4 That the clearing house committee,
after calling to their aid such other
persons as they may desire, be re-
quested to formulate plan which
will enable creditors OF the Nationa!
bank of Illinois to avail themselves OF
the offer of the associated banks TO
make advances by way OF loans to
said creditors to the extent OF 75 per
cent. upon properly proven claims.
| The chairman of the clearing house
committee, stated that the readiness of
the banks to do so was so evident that
| it was not probable any formal organi-
zation to accomplish the object set
forth in the resolution would be neces-
sary, although the committee appoint.
ed would give prompt attention to the
duty imposed upon them.
William f. Dummer, president OF
the association, and vice president OF
the Northeastern National bank, read
the following, which he had received
from Comptroller of the Currency