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Four Banking Institutions Close Their Doors in Quick Succession. RUNS MADE ON SEVERALOTHER BANKS Comptroller Eckels Say the Failure of the National Bank of Illinois Was Due to to "Injudicious, Reckless and Imprudent Methods of Officers.' CHICAGO, ILL., Dec. 21.-At 10 o'clock this morning a large crowd gathered around the doors of the National Bank of Illinois, and creditors discussed the probability of realizing from their deposits. On the large door leading to the counting-room the following notice was posted: "This bank is in the hands of the National Bank Examiners. By order, THE COMPTROLLER OF THE CURRENCY. Posted over tire doors and walls, in the corridors, were notices from various depositors or the bank, stating that checks given on the bank Saturday would be paid by the signers. TWO OTHERS., Shortly after 10 o'clock the announcement was made of the failure of E. S. Dreyer & Co., in ORI established banking institution, at the southwest corner of Washington and Dearborn streets. Wasmansdorft & Heinemann, bankers, at 146-147 Randolph street, were carried down by the financial crush to-day and closed their doors. Judge Freeman appointed the Security Title and Trust Company receiver for E. S. Dreyer & Co. and Wasmansdorff & Heinemann. The receiver for Dreyer & Co. was appointed on a bill filed by E. S. Dreyer in the Superior Court this morning asking for a Cissolution of the partnership and a distribution of the assets. Robert Berger was made defendant. The Court was told that the assets were $1,500,000 and the libilities $1,250,000. The bill says that the partners have agreed to close up the business, but have been unable to agree as to the manner in which it is to be done. The bill also says that the assets consist of real estate, real-estate mortgages, stocks, notes, and accounts, and certificates of deposits. There has been great depression in the value of real estate recently, the bill says, and unless the assets are handled in a conservative and careful manner, great loss will result. Therefore, a receiver is asked for to close out the business. By a conservative handling of the estate, the complainant says, the assets can be made to realize $150, 000 more than the liabilities. None of the officers of E. S. Dreyer & Co. were at the bank to-day, and the creditors of the institution could get no information as to the failure. The firm of E. 3. Dryer & Co. is one of the oldest banking institutions in Chicago and had always been considered one of the firmest. The receiver for the firm of Wasmansdorff & Heinemann was appointed, at the request of Otto Wasmansdorff, senior member of the firm. He appeared in the Superior Court and named his partner, William Heinemann. as defendant. The assets are given at $550,000. with Habilities of $415,000. The complaint says that a receiver can administer the assets so as to produce a surplus of about $100,000. THE FOURTH. The failure is also announced of the Roseland Savings Bank. situated at No. 106 Michigan avenue. Frederick Weilrzma is at the head of the bank. The bank did business with the National Bank of Illinois. A run on the Garden City Banking and Trust Company Bank. in the Chamber of Commerce building. was caused by the fact becoming generally known among the depositors that the institution cleared through the failed National Bank of IIIInois. The line of fearful depositers was not long. and withdrawals were (Comptly made until the regular hour for closing the bank. 3 o'clock. The doors were then closed. and only those depositors who were inside were paid. The curious crowd outside was large enough to require the services of several policemen to keep them moving. At the Illinois Trust and Savings and American Trust and Savings Banks there were small lines of men and women. who were anxious to get their money in hand. and the bank officers were glad to pay out. as the withdrawals in the savings department meant gain of interest money. which would be due January 1st. Both these banks are regarded as financially impregnable. The fact that E. S. Dreyer & Co. and Wasnamansdorff & Heinemann. the banking firms now in the hands of receivers. were connected in a family way with the officers of the National Bank of Illinois. had considerable to do with the failure and hurry of the firms to go into liquidation. OFFICERS SCORED. WASHINGTON, Dec. 21.-Comptroller Eckles to-day in a statement regarding the failure of the National Bank of Illinois (of Chicago-, says: The failure of the bank is due to injudiclous, reckless, and imprudent methods, followed by the officers and not checked by the directors, though their attention had been individually called to the same, and over their individual signature, they had promised to remedy the weak points in the bank's condition. The largest source of failure is the bank's holdings of the Calumet Electric Street railway stock, the full amount of which cannot now be stated, for it is discovered that a part of such holdings was not made to appear on the books, but was concealed in another account. This and other large and doubtful loans had been called by special letter to the attention of the officers and directors and specific improvement promised year since. In June last on the surface. there had been made an improvement, but when Bank Examiner McKeon. on November 30th examined the bank. he found that the books showed that the loan to the Calumet Electric Company, and other similar loans, had been increased and the promises of officers and directors had not been carried out. Upon this report prepared a letter addressed to the President and directors which sent to the examiner on December 14th. to be read to them at a meeting called for this purpose. UNFULFILLED PROMISES. This letter reviewed at length the condition of the bank and the failure of the promises made to be fulfilled. It emphasized the position taken by the office that decided and radical change had to be made and notified the directors to take immediate steps to put the bank in condition. The letter was presented to the directors with full and complete
