Bisbee daily review., 1922-01-03
CHICAGO BANKS


 (Continued from Page One)
 chairman of the clearing house com mittee, issued a statement saying:
 Owing to the over-extended con
 dition of Edward Tilden and Com pany, and some recently made loans ! and investments which proved to be
 bad and entailed heavy losses, it was
 found on examination of the two Fort ! Dearborn banks by the Chicago clear
 ing house examiner that the vapital
 of both banks had been impaired. Tt was realized that under these circumstances it was necessary tC
 take such action as would protect the | depositors in the Fort Dearborn Ma l tional Bank and the Fort Dearborn Trust and Savings Bank, who, of
 course, have a prior claim on the as sets of the two banks. Officers and ! directors of the Fort Dearborn Ma tional Bank and the Fort Dearborn Trust and Savings Bank entered into negotiations as a result of which ! members of the Chicago Clearing House Association agreed to furnish guaranties to the extent of $2,50O,000 satisfactory to the Continental and Commercial National Bank and the Continental and Commercial Trust and Savings Bank to protect them against loss.
 ''The Chicago clearing house com mittee assures the depositors of both the Fort Dearborn National Bank and the Fort Dearborn Trust and Savings Bank that their interests have been fully protected and that owing to the arrangement entered into by the Chi cago Clearing House Association with the Continental and Commercial Ma tional Bank and the Continental and Commercial Trust and Savings Bank, they will suffer no loss.
 Two Banks Are Solvent
 'Inasmuch as Edward Tilden and Company is interested as a minority stockholder in the Drovers' National Bank and the Drovers' Trust and Say. ings Bank, the clearing house com mittee has had made special exam ination of these institutions, for the purpose of ascertaining their conur- tion.
 ''The results of these examinations is such as to warrant the committee in saying that in it's opinion, these banks are absolutely solvent and en- titled to the full confidence of their customers and the public in general.
 "In connection, the committee calls attention to the fact that all the direc- tors of these institutions, represent ing the Tilden interests, have resign ed from the banks boards
 The Drovers banks have replaced the directors who resigned with Hen ry M. Dawes, G. F. Swift, Jr., vice president of Swift & Company; Hen- ry Veeder general counsel for Swift x Company; John P. Oleson, vice president of the First National Bank; and Alexander Robertson, vice presi- dent of the Continental and Commer- cial National Bank. Both the Fort Dearborn banks and the Drovers' banks have been known as livestock, stock yards and packers banking houses.
 Edward Tilden and Company the Tilden estate-waS one of the largest holders of bank stock in Chicago. The last personal property assessment list shows that the company held 21,- O79 shares of Fort Dearborn stock, which at S190, the price quoted last week, was worth S4,215,S00. The as- sessment list shows that the Tilden l estate held stock in six Chicago banks | with a market value at that time of | l
 To Pay All Creditors
 Attorneys for Edward Tilden and Company issued a statement tonight saying that the company is amply and has a large margin of good assets in excess of all it's Iiabil- ities. but that portion of the assets are not readily realizable, though per Tectly good. We expect that all will be paid in full" the statement adds.
 As a result of. the merger, the Con- mental and Commercial National Bank and it's affiliated trust company nave combined assets of nearly S525,- 100000.
 Announcement of the completion 'f the deal closed three days and nights of almost constant work for several score Chicago bankers and hundreds of clerks. First intimation 'f trouble at the Fort Dearborn bank anne Friday night when hundreds of Jerks worked through the night there md at the First National Bank, next loor. The First National. according o rumor which officials later con. lrmed, was considering the purchase f the Fort Dearborn banks.
 The negotiations were broken off hortly before noon today and the Hearing house committee then called, n George M. Reynolds and other of icials of the Continental and Con- 1ercial banks, who also were ready O make an offer.
 Stockholders Scattered
 A meeting was held at the First Rational Bank, and at 5:45 D. m, di- ectors and officers of the Fort Dear orn banks were called in. Firty-five llnutes later, the deal was closed nd at z o'clock. the clearing house ssociation met to receive it's commit ee's report and issue the statements l 9 the public. William A. Tilden. president Of the ort Dearborn banks. was a brother Edward Tilden. who died in 1915. associated with him in their man. l cement was AVprill TiIdaD co, of