The New York herald., 1922-01-03
TWO CHICAGO BANKS
SOLD; AVERTS CRISIS
Continued from First Page.

mercial Trust and Savings Bank, to pro.
tect 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 owinor TO the
arrangement entered into by teo 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.
"Inasmuch as Edward Tilden G. Co. Is
interested as a minority stockholder in
the Drovers National Bank and the
Drovers Trust and Savings Bank, the
Clearing House Committee has made a
special examination of these institutions
for the purpose of ascertaining their
condition.
"The result of these examinations is
such as to warrant the committee In
saying that in its opinion these banks
are absolutely solvent and entitled to
the full confidence of their customers
and the public in general.
I'm this connection the committee
calls attention to the fact that all the
directors of these institutions, repre-
senting the Tilden interests, have re-
signed from the banks boards"
The Drovers banks have replaced the
directors who resigned with Henry M.
Dawes, G. f. Swift, Jr, vice-president of
Swift & Co.. Henry Veeder, general
counsel for Swift & Co.. John p. OLE
son, vice-president of the First National
Bank, and Alexander Robertson, vice.
president of the Continental and Com
mercial National Bank. Both the Fort
INnn 81. a.1Iy. L,.e lis,
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 the company held ,079 shares of
Fort Dearborn stock, which. at $3.50,
the price quoted last week, was worth
$4,215.800. The assessment list shows
the Tilden estate held stock in six Chi
cago banks, with market value at that
time of $6,214.OO0.
Attorneys for Edward Tilden and Com
pany issued a statement Tonight saying
the company is amply solvent and has a
large margin of good assets in excess
OF all its liabilities, but that portion
of the assets are not readily realizable,
though perfectly good. "We expect that
all creditors will be paid in full" the
statement adds.
AS a result of the merger the Conti-
mental and Commercial National Bank
and it's affiliated trust company have
combined assets of nearly s525,000,000,
the second largest in the United States.
Announcement of the completion of
the deal closed three days and nights of
almost constant work for several score
Chicago bankers and hundreds OF
clerks. The first intimation of trouble
at the Fort Dearborn banks came last
Friday night when hundreds of clerks
worked through the night there and at
the First National Bank. next door.
The First National. according to a
rumor which officials later confirmed,
was considering the purchase of the
Fort Dearborn banks.
The negotiations were broken off
after noon to-day and ths Clearing
Reynolds and other officials of the Con-
tinentai and Commercial banks. who
also were ready to make an offer.
A meeting was held at the First Ma
tional Bank, and at 5:45 p. NJ the di-
rectors and officers of the Fort Dear
born banks were called in. Forty-five
minutes later the deal was closed, and at
o'clock the Clearing House Association
met to receive its committees report and
Issue the SlatenentS TO tne Pubic.
William A. Tiden, president of the
Fort Dearborn banks, was a brother of
Edward Tilden. who died in 1915. AS
sociated with him in their management
was Averill Tilden, son Of Edward
Tilden.
Stockholders in the Fort Dearborn
banks. according to list published last
June are scattered throughout the coun-
try from New York to San Francisco,
and from northern Michigan to okla
homa. although the majority live In
Chicago.
WASHINGTON, Jan. 2.--The taking
over OF the Fort Dearborn banks in
by the Continental and Com
mercial banks was tho result of poor
investments which had deprecated, ID.
r. Crissinger. Comptroller of the Cur
rency. said tonight. The development
Is the result of local conditions exclu-
sively, he added.
Mr.. Crissinger was in telephone COM
munication with Chicago tonight. There
will be no loss to creditors. he declared,
adding that IL was simply case of the
banks being bought OUT by others