Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-05-17

most conspicuous Of the men VIII,
attended the convention.
Sixteen indictments were returned
Saturday night in Chicago by tn.
special grand jury which has beer
investigating the charges agains,
the banking firm Of E. S. Dreyer 4
Co., and E. 8. Dreyer, as treasure,
lof the West Park board. Those VIII
, will be expected to furnish bail. tn.
number Of indictments found agains,
each. and the amount of bail speci
fed in each case are as follows:
Edward y. Dreyer and Rober
Berger, seven indictments for re-
ceiving deposits after insolvency
1000 bail in each case. Five in.
dictments for obtaining money under
false pretenses; total bail for the five
cases &13,5OO. One Indictment on
the charge of conspiracy to defraud
$4,000 bail. Edward s. Dreyer.
treasurer of the West Park board
one indictment on the charge o,
withholding funds from successors;
amount named as withheld. e8l9, 900;
bail fixed at e25. 900; as treasurer OF
the West Park.board. One indictment,
for larceny; amount epecified.
&319. 900; bail fixed at $25. 600. C.rl
Moll. former cashier of the National
Bank Of Illinois. one Indictment for
larceny; amount specified, $319, 900;
bail fixed at e1O, 00O.
The total amount Of bail fixed
against E. 8. Dreyer aud Rober,
Berger under the thirteen joint in,
dictments is $4,000. As treasurer
Of the West Park board Dreyer will
have to furnish bonds to the smoun,
Of $4,000 on the two indictments
found against him in that capacity.
These sums added to the SlU, 900 r..
q"ired Of Moll, makes a grsud total
Of e73,0 900 bail to be furnished.
Strange Buslness Methods.
The Chicago Times-Herald speak.
ing Of the disclosures resulting in
and from the indictments, says:
The investigation of the affairs
OF E 8. Dreyer & Co. has revealed q
condition at once criminal and shock.
ing. The bank was used as q means
Of plundering the public. For over
three years this bank has been prac.
tically insolvent, but has 'ntinued
receiving moneys Of the public until
its close now. when it appears that q
loss Of over 81, 100000 will be sui.
fered by the creditors of the bank.
An astonishing system of finance ex-
listed between this bank and the Na-
tional Bank Of Illinois. Three clerks
OF no financial standing, of the
Dreyer bank, signed notes to the or.
der Of the National Bank of Illinois fol
amounts aggregating $4,000, s97..
600 and e67 900 respectively. In ad.
dition to this Dreyer 4 Co. owed
enough to the National Bank Of Hi.
nois t" amount to . total indebted.
ness Of over $500, 900. This was t.
cover or evade the national banking
law against q national bank loanine
in excess Of 10 per cent of its capital,
the capital Of the National Bank OF
Illinois being $1,000. 600. This ex.
cessive loaning was explained by an
officer Of the National Bank of Iii.
nois IS being forced by necessity
and that necessity in banking wal
above any law. The grand jury
believes that il there 10 no mora
sense in banking, and that the Law ID
subject to necessities of which Z
bank president shall Judge, ther
some legislation should BE- had which
will produce an observation IT hon
esty BY banks in dealing with tn,
| public rs the best policy Of the hank