Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-01-27
Failure of the Pan American
Banking Company In Chicago
Reveals Startling Facts
STOCK VALUED At 5000 SHARE
When Check for s175 Was Drawn the
Bank Was Unable to Meet the Pay
ment and the Institution Was Closed
Liabilities $4,000 With No Assets
Did Business on Hot Air.

Chicago, Jan. a. - An operation ir
nigh finance" came to grief in Chi
cago yesterday, when the Pan-Ameri-
can Banking Company of this city sus-
pended payment and went into the
hands OF a receiver
The institution, which did business
at lS5 Dearborn street, claimed to have
100000 capital, 100000 surplus, stock
valued at 5000 share, and 5000 de-
positors.
But when one depositor drew check
on it for $175 and the Central Trust
Company refused it credit the bank
became embarrassed and the rude au-
thorities stepped in. 1t is said that
100000 of depositors' money is .nvolv-
ed.
w. II. Hunt, president Of the insti-
tuition and the owner also Of a bank
ing business at 81 Wall. street, New
York, is the person whose efforts in the
world Of finance have thus come to at
least temporary collapse. President
Hunts attorneys said he was showed
in on the Twentieth Century Limited
with a large amount of funds on his
person for the relief Of the bank Some
of the depositors, however, expressed
fears that Mr.. Hunt was snowbound
more safely in New York. The Limit
ed train reached here at an early hour
this morning.
Here is the list of embarras sments
which the Pan-American suffered dur
ing the day:
Richard A. Pick, an insurance So
licitor, deliberately drew check for
$175 on his account at the bank. The
check came back unpaid, and Mr.. Pick
sued out an attachment on
the furniture in Justice VOLTS court
in the amount of $199.93. Constable
Peter Bretz took possession of the fur
so embarrassing that the bank sus-
pended business at once.
Close following upon this action
George f. Kelly. a stockholder, petit
toned Judge Dunno to appoint re-
er for the bank, which, he said, had
liabilities to the amount of $4,000 and
no assets. His checks had not been
cashed for a couple Of days. Judge
Dunno appointed e. c. Day receiver.
Johnson's Story Pathetic.
]. M. Johnson sued out an attach
ment In the superior court to cover a
check for $1,650. Deputy Sheriff Mi
chael Fitzgerald served it on the Cen
trail Trust Company, with which the
Pan-American had a banking account.
story was pathetic. After
years of work, it is said, he butt up a
little business. On Wednesday he sold
his store for s1,65O receiving check
on the Pan American in payment. The
was not paid.
John M. Hess secured an attach
ment in the circuit court to cover his
account Of 3d. 500 in the bank, and Sc
cured writ of garnishment on the
Central Trust Company to recover 3d.
$50, the amount of certified check
he held on the embarrassed bank. De-
putty Thomas Mcclure served the at
tachment on the Central Trust.
Another suit in attachment against
the Pan American was in the interest
of DIR. Hiram C. Castor. He claims $2S5
from the bank.
At the Doors Of the Bank.
A crowd of twenty or thirty deposit
tors hung around the doors of the bank
all day, where Attorney Heldman of
the firm of Cox & Heldman spent most
of his time explaining President Hunts
detention with his money
bags on the Twentieth Century Limit
ed. The only real excitement resulted
from the hurried departure from the
bank Of several mysterious clerks car
rying satchels.
They're making their getaway with
our COIN" cried one of the deposttors.
Attorney Heldman had to recall the
mysterious clerks and replace the
in the bank.
Col. Turner Out Of 1t.
AS an example of excited finance, the
methods of the Pan-American are said
by depositors and others to be inter-
esting. Mr. Hunt appears to be a n
nancier of international reputation. He
has associated with him w. r. Iravers
and George r. Foster, eastern men. The
was organized in Chica-
go out of the banks of Henry L. Tur-
nor e. Co., and Level & Co., which
Hunt purchased.
ASKING CARNEGIE FOR AID.