Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-16
ASKING FOR THEIR MONEY.
Cashier Claims All Depositors Will Be
Paid in Full
BY Associated Press,

ny ASSpGlaIsu EFtSS
CHICAGO, February ia crowd OF de-
posi;ors was gathered around the door OF
the Bank Of America as early as O'Clock
today in the hope of securing their money
Among the number were many drug clerks
the bank having worked extensively
through the drug stores in all parts OF the
city. In many drug stores notices were
posted informing the public that deposits
would be received at the drug store for the
bank. and offers of interest IN the instttu-
ton were held out to the clerks induce
ment to secure large deposits. The first
official of the bank 10 put in an appearance
was r. ". Howe, the assistant cash
Ter. He opened the doors, and a
crowd of depositors swarmed after him.
Mr.. Howe made a speech 10 the depoSitors,
saving in substance:
sWithin a week you will receive 35 10 40
per cent of your money and the balance
within few days after that. All dapositors
viii be paid in full. We have SlJ5Wo IN
cash on hand, and some securities that Wgll
be disposed of within a week There Is not
the slightest fear that any of the deposl;oEs
will lose any of their money
When asked as to the cause OF the trou-
BILE, Mr.. Howe replied:
Injudicious Loans.
'"rhe cause of the failure is injudicious
loans All money received after O'Clock
yesterday has been put aside. and Gus
toners can nave II dl any l3iiic tiIts NH4i
for it
Receiver Iiealy who appeared at the bank
a short time after Mr. Howe addressed the
depositors, confirmed the statements made
by him.
II have no doubt" said he, that all tho
depositors will be paid in fun. We are
making arrangements to care for the saw
iugs accounts at once, but the commercial
depositors viii be compelled to wait for a
few DAYS until we know just where matters
stand
neplored His Connection With Affair
President Abner Smith today deplored the
fact that he should at hts age have been
brought into an affair of this kind. He
said II got into this thing through my SON
nection with some real estate loans. Every
thing would have been all right il the stock
holders had not squabbled 10 who had
and who had not paid in full for<stoCk.'
Later IN the day Receiver Heaiy issued
notice saying that savings accounts VIII be
paid on Monday, and that commercial oe-
positors win receive 80 per cent OF their
money within a few days. and the balance
in a short time thereafter.
The receiver declared after looking over
the books today that while the depositOrs
will be paid in fun, the stockholders will
lose every cent they have put into the bank
Criminal Prosecutions May Result.
Special Dispatch to The Star
GtlNAAgo. l. FEBRUARY ib--'-i iiiAliieaA p'co~
cutions may follow the exposures alleged
in the bin for recevership which caused
the Bank of America. of which former
Judge Abner Smith is president. to remain
closed when the hour Tor opening for bust
ness arrived today.
state Bank Examiner c. c. Jones worked
ali night with a crew Of assistants in the
banks quarters in the rooms on me sec
ond foo- of the Ashland block. After a
c,lrsory inspection of the notes, securities
and naper of the bank, Examiner Jones
made the following statement;
Sft Sc roc esrly to determine whether
,,r,rofna1 prosecutions will follow. If the
barking laws Of the state were violated
there could hardly be any question as 20
what the procedure would be; VIII NOT
he ready 10 make any. intelligent report
for day or two from the appearance or
things now"