4380. E. S. Dreyer & Co. (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 21, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
8db0f8ea

Response Measures

None

Description

E. S. Dreyer & Co. was a private banking firm in Chicago that closed and went into receivership after the suspension/closing of the National Bank of Illinois (Dec 21–22, 1896). Coverage describes no distinct depositor run on Dreyer itself; its failure was caused by the clearing-house suspension of its correspondent (National Bank of Illinois) which locked up assets. Security Title & Trust Co. (or Security Trust Company) was appointed receiver; principals were later arrested. Dates based on contemporaneous newspaper reports (Dec 21–22, 1896).

Events (2)
1. December 21, 1896 Receivership
Newspaper Excerpt
The Security Title and Trust company was appointed receiver for both firms (E. S. Dreyer & Co. and Wasmansdorff & Heinemann).
Source
newspapers
2. December 21, 1896 Suspension
Cause
Correspondent
Cause Details
Failure/suspension precipitated by the suspension/closing of the National Bank of Illinois which was Dreyer & Co.'s clearing/correspondent bank; assets tied up and unavailable when that institution closed.
Newspaper Excerpt
The suspension of the National Bank of Illinois has resulted in the failure of E. S. Dreyer & Co., one of the oldest establishments in the city
Source
newspapers

Newspaper Articles (24)
1. December 22, 1896 The Record-Union Sacramento, CA
Article from The Record-Union, December 22, 1896

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on Over Bank Had Loaned Bonds. ions on Street Railway CHICAGO, Dec. which 21.-The was national considered closing bank to an be institution the second quickly strongest followed banking by the houses failChicago, caused a in of three private with it circles ure did business in financial banks flurry which of and excitement led to runs A on flood several of rumors to-day depositors. and business by relative timid to other to the banks intense nervousness of people added all classes the firms prevaded hours and close were which after banking banks which of Illilong of closed the follow: courts. $1,000,000, The National liabilities Bank bankers, $11, nois, E. S. Dreyer real estate 000,000; mortgage capital liabilities brokers $1,500,000; and & Co., Wasmans- estimated dealers, assets and value of Heinemann, $1,650,000; bankers $416,000, mort- estigage dorff & brokers, of liabilities assets $550,000; Ill., Rose- small capital which land mated Savings value and assets Bank, Roseland, estimated equal closed to of liabilities. All the private banks through the Nation- crash their doors cleared Illinois, and the to big conserve compelled al Bank their suspension protect creditors. The assets and went into liquidation the taken private through their city receivership banks proceedings in at a courts. Reassuring action was of the Clear- held attended meeting which was The largely House Association, this afternoon. by exing after banking resolution hours Currency offered E. S. following Comptroller of of the the Bankers' adopted: NaLacey, President was unanimously Committee, tional Bank, Clearing House other "That calling the to their desire, aid be such required enable after persons as they may which will of Illito formulate the a plan National Bank the offer of section avail of themselves make of advances nois Associated to Banks to creditors to the by extent of 75 per the way of loans to cent. said upon properly House proven Chairman claims." of the the Clearing readiness of The stated that SO evident that Committee to do this was formal objecit tion bankers was to not accomplish probable would the any object be necessary set forth will in the resolution committee appointed on of although give prompt the action to the duty imposed the William them. F. and Dummer, President President following of the association, Bank, read the from Eckels, Comptroller Northwestern telegram which of the he had Currency received dated Washington: appointed Bank Examiner the Na"I have temporary receiver of instructed McKeon Illinois and to to publish notice me that the tional him Bank of He informs to creditors claims. will advance Clearing of if prove cent. House on evidence Committee once, claims. and No75 per will be published immediately at I shall claims tice within thirty are proven days be able I to pay appreciate a very considerable dividend. the Clearing House in offering the action to of advance on such certificates." The decision of the clearing Clearing-house privileges to refuse Illinois, and National Bank of the to refuse funds by Committee the voluntary which astound- liqui- bank could also to have gone into to the loaned dation, was bank had ing discovery chiefly that the due Electric Street on $2,500,000 to the Calumet its bonds as sole Railway Company This loan exceeded the account bank's security. and surplus. Another to hesitate capital which caused the bankers $500,000, the stated to be near Co. Robert Berger, was debtor being the only E. S. partner Dreyer of & Mr. Schneider, Dreyer, son-in-law of George bank. is a the failed national which President of two other big loans to There considered were poor collateral. refusal were necessary sequal to this privThe or to continue clearing bank on lend aid was that the big national its doors ileges street failed to open This Dearborn morning for public business. of the this anticipated by the action but there was Clearing-house Committee, depositors small knot of anxious the enwas a on the marble steps of in front waiting the big iron screen o'clock trance the when doors was rolled up at 9:30 9 o'clock of several clerks. At reada to card admit was hung on the grill work .ing as follows: Nabank is in the hands of a of the "This Bank Examiner. By. order detional Comptroller of the Currency." cheerless announcement for by the This was quickly followed private positors of notices that certain would clear posting and business firms checks banks other banks, or pay on the through which had been given Saturday suspended reported institution. that the National 45 Bank per It Illinois is has on hand about and its deposits of $11,000,000. is general confidence that be paid in full in a of cent. there of tors will of stockholders short deposi- time. the officers and last rebank The unite in saying so. The 30th, placed port of the bank, at $11,000,000, November undivided the surplus and total assets, includ-

2. December 22, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 22, 1896

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FINANCIAL CRASH. CHICAGO STARTLED BY A SERIES OF FAILURES, NAT L BANK OF ILLINOIS SUSPENDS. E.S Dreyer & Co., Wasmansdorf, and Heineman and the Roseland Savings Bank Carried Down-Runs on Other Banks Promptly Met. CHICAGO, ILL December 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 ing-room the following notice was posted This bank is in the hands of the Na tional Bank Examiners, order COMPTROLLER OF THE CURthe doors and walls and in were notices from various the depositors of the bank stating that checks given the bank Saturday would be signers Shortly after 10 o'cleck the announce ment made of the failure of E Co., an old-established banking of at the southwest corner and Dearborn streets & Heinemann, bankers Rando.ph street, were carried financial crash to-day, and doors appointed the Security Trust Company receiver for E & & and Wasmansdorff for The receiver Dreyer appointed bill filed by this Court Superior for dissolution of the part. of the distribution made The defendant that the assets were $1.The $1,250,000 liabilities the partners have agreed business but have been to the manner in done The bill also esreal consist stocks mortgages, and certificates of deposit depression great bill the recently handled are manner careful Therefore receiver business out the handling of the estate the the assets can be realike $150,000 more than the liabilities. NO INFORMATION & S. Drever of E. and to-day no The of firm of oldest the had and Chicago of firmest the one of firm the appointed Wasmansdorff the He appeared partner his named The defendant with liabilisays complaint the of about $100,000. of announced Bank, situated WeilrzFrederick The the bank with the National Bank RUNS Garden City Banking and bank. in the Chamber by caused known generally inst tution the that Bank failed National The of fearful deposite of withdrawals the for hour regular The doors o'clock those only deposit The paid. was large of several police moving Trust and Savings and Trust and Savings banks lines of men and to get their anxious officers the bank as out. withdrawals meant departments money which would be these banks Both financially impregnable and & Co Dreyer bank the Heinemann of hands the way with family of Bank do the to with of the firms to go into failure REASSURING ACTION at taken the of Clearing meeting held which was this The afternoon hours by offered e-Currency S Lacey animously the Bankers' adopted National Bank "Resolved after That the Clearing-Hous made desire. they other persons calling to their aid such which plan. Bank of National themselves of avail Illinois Associated Banks to make to said of credit loans way the extent proved claims. of 75 per cent. upon chairman stated of the Clearing-House that evident do this the was readiness any that formal probable formed be would object set forth in the accom although the committee resoluon them. give prompt attention to appointed the duty vice-president the William F and Dummer president of Bank orthwest National of the lowing Comptroller message. which he read had the received fol. dated Washington of-the-Currency Eckels, have temporary appointed Bank Examiner and Illinois receiver of the National Mc creditors publish notice to instructed him He informs to prove House me that the Clear Committee evidence will advance 75 published at of claims. Notice once shall and, if claims able to pay a very within considerable thirty appreciate house the action of the clearing tificates offering to advance on such The ASTOUNDING DISCOVERY Com refuse mittee decision to of the Clearing-House National Bank clearing privileges to the refuse of Illinois and funds by also to have which the bank gone the into astounding voluntary liquidation could was bank Electric had loaned $2,400,000 to that the bonds Street Railroad the Calumen Another as This Company loan exceeded on its

3. December 22, 1896 The Morning News Savannah, GA
Article from The Morning News, December 22, 1896

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this Dec. large of Illinois of the on their room, the of "This the tional of the troller the over Posted of itors on the be by paid the 10 Shortly of ment made Co., at of Institution, and by and closed their the Judge E. for Trust Co. & and Hel& The Co for Dreyer E. on by bill filed this court morning dissol inership of and the Robert was the of the assets. The court and $1,500,000 the The up asking were says that the close agree have been to The unab to to be done. monts open has been of real value the unless conseill loss letter to for close han conseinant to compealize $150,000 S. Co. Dresdine the ding the -day, E. and no informaDreyer the get Co. is Chi- one one firm of anking been Wasma time oldest always of ted at melas of the Hrmest. had for the and in the Wasne appea his nar The dorft & of Otto the and firm. med death with that re- to says so as asse., the William $100,000 of No. The Wielri did of Bank, derick bank Ill1the Bank National the and City Banking Chan the by the the among insta building; knowlion of Bankors depos protosing then falled for closed in who were out. was long The the them several bank. those to to keep and and the only paid. Savings there Banks, who women hand the and glad the the of Illinois money in savings to pay means 1. Both as due Francially & and Dreyer the Conking the firms recen way the Illinois, do ble of firms a largely house The ing at other formuof to enamols of of way per theven the The of the readert that to the them. of the the follow had Eckels, recen and to me that the the to on house to was on the bang.000, on has

4. December 22, 1896 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, December 22, 1896

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CHICAGO'S BANK FAILURES. Closing of the Illinois National Drags Down Three Other Concerns. CHICAGO, Dec. 22. - The suspension of the National Bank of Illinois has resulted in the failure of E. S. Dreyer & Co., one of the oldest establishments in the city, and also of the banking firm of Wasmansdorff & Heinemann. The suspension is also announced of Frederick Wiersema, who owns the Roseland bank at Roseland. The latter bank will resume in a few days. Comptroller Eckels has appointed Bank Examiner McKean temporary receiver of the National Bank of Illinois. The failure of the National Bank of Illinois, which was one of the strongest 11nancial institutions in the west, was due to the fact that its entire capital of $2,000,000 and $100,000 over and above its surplus of $300,000 had been loaned on Calumet Electric railroad stock, $500,000 was loaned to Dreyer & Co., who had spread their capital out SO extensively that they were unable to concentrate it in time to save themselves. The other failures were due to the locking up of assets hold by the national bank, and were not available when that institution closed its doors. No further trouble is expected, as the Clearing House association has agreed to pay 75 per cent. of the deposits in the National Bank of Illinois. It is probable that all of the banks will resume with the exception of the National Bank of Illinois, and all depositors will be paid in full.

5. December 22, 1896 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 22, 1896

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OF COLLAPSE IS NA IONAL the by of Followed Failure Three Private Banking Houses. An on Loan Very Enormous Led Which Security Poor to the Suspension. in and City Up Tied Funds County of the the Vaults Embarrassed Institution. Dec. CHICAGO, of an the bank the Chicago, did which three private of it. with business let in and ment financial on runs several of A flood rumors the and firms added business all which classes nervaded nervousness and the after long people of the close courts. The follow closed which banks of $1,000, Bank Illinois, National S. & 000, Dreyer liabilities real and Co.. bankers. esti estate dealers, mated Wasmans& dorff Heineman value brokers. of Bank assets and Ill., Roseland, equal estimated All the their closed banks private tional doors Bank closed through of com and the crash Illinois, to their assets their city and protect into went banks through courts. largel action Reassur associaclearing meeting hours after offered E. S. tion, which was held following the Currency Na Lacey, was tional Bank this afternoon by ex president Comptro of the Bankers the "That committee, Clearing perafter their other such calling as be sons may desire, they requested will enable plan which of Tilinois Bank creditors to the asso avail to banks ciated make advances to formulate of the National of the offer of by way of to to the loans creditors per cent upon claims proven properly of The the Clearing chairman of the readiness it do that this evident bankers was not any formal organ: probable in the the forth be would solution although the give prompt on to the them. duty attention of the Dummer, president of the president association following Bank, Northwestern bad be received William F. and vice-p read the from telegram dated telestroller Eckels, Currency "I Mc Examiner Keon temporary of and Washington: Bank the him Bank Illinois claims. notice creditors prove publish He the me that informs will on per cent advance committee be of will pub Notice claims. evidence if at are and claims once, lished proven I be shall days thirty within dividend. considerable Clearing in to offering house able immediately to pay the very action of the on such claims of the comThe house decision to the to mittee clearing of to realso and Bauk Illinois, National by have could the fuse which funds was gone into voluntary liquidati to due the chiefly discovery 000 to the the that had bank loaned Com Calumet Electric loan its This bonds and the bank's exceeded surplus the which bank to be near & Dreyer Co Robert Another hestitate was being E. S. partner of Mr Dreye: of ers $500 000, the Berger, debtor the only of National George Schneider, president big were loans, other bank. There were which poor collateral. to The refusal sequence aid or the on was big bank that for its doors open failed morning by This public icipated of the tee, but anxious on of steps waiting the in the when of to the 'clock doors front card 'clock as on fol hung reading grillwork, in the of bank National by the bank Comp of the Currency troller for de This cheerless the by was post followed positors quickly of banks that ing certain notices would and firms business or had which been pay banks other on the instigiven Saturday suspended and other banks Illinois tution. following private Co. the Farson, The cleara and made their E. S. Dreyer City Banking E. K. National Garden Sons National Leach & Company, Co., Greenball national Bank: Leopold, Bank Haas Trust & Co., Oakland Roseland asmans- Savings & Co., Bank, Co. W dorff Mayer State & Side Bank & Cooper Oak Park W G. Stoughton West Adams Ex Bank, cashier Bank, & Heinema inemann, Co.'s Bank, checks on the press Siegel, Com Company's National Bank. of Illinois Drovers' ennouncement from the with Clearing the On the expension banks. Was mansdorff Bank all susper the foregoing Leach, once made other house the of Dreyer, other, at Dreyer and Was business exception and one for ring passed into and Trust of the Title hands Security & Leach Farson, receiver and John Co. is who Farson, Railroad Fantric-street the failed loan the Company continued as to presidencement do business of the Calumet which from the secured or inno was there said necessity bank. that to do added otherwise. the of care Calumet tention would take breakers. of is his Electri house through that the the National bank reported

6. December 22, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 22, 1896

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ILLINOIS NATIONAL'S DOORS CLOSED AS A RESULT OF LOOSE MANAGEMENT. RELIEF FOR DEPOSITORS. CLEARING HOUSE WILL ADVANCE SEVENTY-FIVE PER CENT ON CLAIMS TEMPORARY RECEIVER APPOINTED Creditors Will Receive a Large Dividend Within Thirty DaysNo Panic Precipitated CHICAGO, Dec. 21.-The National Bank of Illinois closed its doors today. This action was decided upon at a meeting of the directors of the bank last night, after the bank had been suspended from the clearing house of Chicago, at,a meeting of the clearing house committee held earlier in the day. The causes of the suspension, as given in the resolutions adopted by the clearing house committee, are "unwarrantable and injudicious loans through which the capital and surplus of said bank is seriously imperiled if not absolutely lost." The statement was made that a loan of about $2,400,000 to the Calumet Street Railroad company, of which J. W. Farson, of Farson, Leach & Co., is president, had caused the National Bank of Illinois to suspend. Mr. Farson declined to make a statement on that subject, but stated that the failure would not affect the Calumet road. Heavy loans on real estate are also said to have been made. The last statement of the bank showed deposits $12,175,766; loans $9,199,642; cash resources, $4,983,202. A director of the bank stated that the loan made to the Calumet electric street railway, $2,400,000, was without the knowledge of the directors. The efforts made to dispose of the Calumet stock held as security for the loan drew attention to it and brought about the investigation which resulted in the bank's suspension. Of the sixteen banks which cleared through the National Bank of Illinois, two closed their doors as a result of the closing of that institution. They are E. S. Dreyer & Co. and Wasmansdorff & Heinemann. These two institutions are mortgage loan banks and savings societies in a small way, and their failure is not expected to affect business. The assets of E. S. Dreyer & Co. are given at $1,600,000, with liabilities of $1,200,000. The figures for Wasmansdorff & Heinemann are approximately. Assets, $650,000; liabilities, $400,000. The Security Title and Trust company was appointed receiver for both firms. Six banks have made arrangements to clear through other banks, and the balance of the sixteen are making similiar arrangements as fast as possible. Neither the bank examiner nor any officer of the National Bank of Illinois will make any statement at present. The principal source of trouble of the National Bank of Illinois was a loan of $2,400,000 to the Calumet Electric Railway company. This, with three or four over-loans, threatened such severe losses that the clearing house committee saw no way but to suspend the bank. The loss in liquidations will be small, if any, to depositors. It is not probable that the bank will resume business. At a meeting of the clearing house banks held after the close of business this afternoon, all the banks were represented, and upon recommendation of the clearing house committee which had made a thorough examination of

7. December 23, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, December 23, 1896

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STRINGENCY OF THE TIMES Depressing Object Lessons for the Triumphant Advance Agent of Prosperity to Study. ANOTHER LIST OF BUSINESS DISASTERS Lame Explanation of Illinois National Bank Failure-Receivers Appointed for Bank of Minnesona-Dry Goods House Failure. Chicago, Dec. 23.-W. A. Hammond, second vice-president of the National Bank of Illinois, who has been charged with pulling the wool over the eyes of the directors, would not talk to-day when seen in his palatial home at Evanston. Through intimate friends, however, he made a statement calculated to inculpate several directors as well as two or three others connected with the bank. "Hammond is to be made the scape-goat for the failure of the Mational Bank of Illinois," said a friend. "Hammond is a broken man to-day, bat he is not any more to blame for the amount of money loaned on Calumet securities than are the members of the finance committee of the bank and its directors. It was necessary to the purposes of a man connected with the South Chicago City railroad and an officer of one of the best known banks in this city to depreciate the Calumet Electric road's stocks and to this end these two men brought about the wrecking of the National Bank of Illinois." "Of the bank's funds $2,475,000 had been loaned on Calumet securities. The plan was to combine this valuable property of sixty-three miles of new track, equipment and franchise, with the South Chicago railway, eventually combining with the Chicago City railway, and make a fortune of millions within five or ten years," says this friend of Hammond. CHICAGO BANKERS ARBESTED. Chicago.-E S. Dreyer and Robert Berger, of the banking firm of E.S. Dreyer & Co., which collapsed on Monday, for whose arrest warrants were issued last night, gave themselves up today. Arrangements had already been made for bonds and the bankers were promptly released. Dreyer and Berger are charged with receiving deposits on Saturday, knowing the bank to be insolvent. FAILURE OF BANK OF MINNESOTA. Paul, Minn.-State Bank Examiner Kenyon was still in charge of the Bank of Minnesota at noon to-day, receivers not having been appointed. There is no excitement to-day in business cirolee, the assurance that the depositors will be paid in full being given by stock-holders who individually can more than pay depositors. RECEIVERS APPOINTED. Frank A. Seymour and Attorney W.R. Lighter were this afternoon appointed by Judge Otis joint receivers of the Bank of Minnesota. They were required to file a joint bond of $1,000,000. ANOTHER BANK GOES DOWN. Weet Superior, Wis.-The bank of West Superior, capital $50,000 and $50,000 surplus, suspended operations this morning as a direct result of the failures of the banks of Minnesota and Illinois. GENERAL STRINGENCY OE THE TIMES. Sioux City, Iowa.-The Arsons-Pelietier Dry Goods company, one of the largest houses in Sioux City, did not open for business to-day. The stock is in the hands of the mortgagees, who hold claims for $91,533. J.V. Farwell & Co., Chicago, $32,434; Marshall, Field & Co., $39,595, and the Farmers' Loan & Trust Co., Sioux City, $9,000 are the holders of the first mortgage. H.B. Claflin & Co., of New York, hold second mortgage for $17,512. No figures as to the assets are given. The failureis due to the general stringency of the times.

8. December 24, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, December 24, 1896

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WESTERN BANK FAILURES TWO CHICAGO BANKERS ARRESTED FOR CRIMINAL METHODS. Short Receivership of a Bank-Story of Why the Calumet Bonds Were Taken by the Defunct Illinois National-Probable Action Relative to Paying DepositorsThe Scare Seems to Have Subsided. Chicago, Dec. 23.-E. S. Dreyer and his partner, Robert Berger, of the banking firm of E. S. Dreyer & Co., which failed on Monday, were arrested this afternoon, charged with receiving a deposit, knowing their bank to be insolvent, and taken to the central police station. Subsequently they were released by Justice Hall in $500 bonds, pending the hearing of their case, which will take place on January 1. The shortest bank receivership on record-forty-eight hours-was that of John H. Nichols, who was appointed receiver Monday afternoon for Frederick Wiersma, proprietor of the Roseland Savings bank of Roseland, which cleared through the National Bank of Illinois. The receiver appeared before Judge Hancy this afternoon and reported that there were assets of $83,000 in cash and real estate, and liabilities of $51,400. Sufficient money had been raised to carry on the business, and the judge discharged the receiver. The bank will open its doors to-morrow morning. Vice President Hammond, who is charged with pulling the wool over the eyes of the directors of the defunct national bank, would not talk, but a friend said: "Mr. Hammond is no more to blame for the amount of money loaned on Calumet Electric security than are the members of the finance committee of the bank and its directors. It was necessary for the purposes of a man connected with the South Chicago City Railway, and of an officer of one of the biggest banks in Chicago, to depreciate : the Calumet road stock. and to this end these two men accomplished the wreck of the National Bank of Illinois. "Members of the finance committee and directors of the failed bank knew the full amount of the Calumet loan, and hoped to make individual fortunes e on the success of the venture. They were given stock of the road, and the purpose of the deal was to sell the property and, besides paying the bank loan. make a neat sum for the directors. There has been a sharp contest between the General Electric and South : Chicago City Railway companies to get I control of the Calumet bonds. The latter road will be worth $5,000,000 in five e years, and the outsiders who ruined E the bank know it, but they wanted to buy the bonds cheap." t Levy Mayer, counsel for the NationI al Bank of Illinois and Dreyer & Bere ger. said this afternoon: : "Dreyer & Co. cleared through the b National Bank of Illinois. At the close of business Saturday afternoon there was not the slightest doubt entertained by the firm, or even the shadow of ) a suggestion that they would not go on as usual Monday morning. The end of the National Bank of Illinois was as sudden as it was amazing. Dreyer & Co. did not know until Sunday that I their clearing bank was in danger. They then took steps which resulted in the receivership. The causes for the 0 National Bank of Illinois' failure and / its condition will no doubt in due time f be placed before the public. These S Calumet Electric bonds, which have of 5 a sudden dwindled into insignificant an e asset, have for some years been coveted f by some outsiders, and the interest on e these bonds has always been promptly S met."

9. December 24, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 24, 1896

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which took place tonight before the Empire Athletic club of this city. HAMMOND DEFENDED. Illinois National Wreck Charged to Other Hands. CHICAGO, Dèc. 23.-E. S. Dreyer and his partner, Robert Berger, of the banking firm of E. S. Dreyer & Co., which collapsed Monday as a result of the closing of the National Bank of Illinois, and for whose arrest warrants were issued last night, gave themselves up today. Arrangements had already been made for bondsmen, and the two bankers were promptly released. Dreyer and Berger are charged with receiving a deposit on Saturday last, knowing that their bank was insolvent. W. A. Hammond, second vice president of the National Bank of Illinois, who has been charged with pulling the wool over the eyes of the directors of the defunct bank, would not talk today when seen in his home at Evanston. However, he made a statement which is calculated to inculpate several of the directors, as well as two or three men who are not connected with the bank. The Post makes the above statement, and gives the following: "W. A. Hammond is to be made the scapegoat of the failure of the National Bank of Illinois," said a friend. "Hammond is a broken man today, but he is not any more to blame for the amount of money loaned on Calumet securities than are the members of the finance committee of the bank and its directors. It was necessary to the purposes of a man connected with the South Chicago City railway, and an officer of one of the best known banks in the city, to depreciate the stock of the Calumet street railway, and these two men brought about the wrecking of the National Bank of Illinois. Of the bank's funds $2,475,000 had been loaned on Calumet securities. The plan for wrecking was brilliant: Cause an investigation, depreciate Calumet stock, combine this valuable property of 63 miles of new track, equipment and franchise, with the South Chicago railway, eventually combining with the Chicago City railway, and make a fortune of millions within five or ten years." "Could the matter have been delayed thirty or sixty days the Calumet Electric securities would not have been found among the bank's assets. The sale would have been effected possibly at a loss to the bank, but without disturbance to the public or heavy loss to stockholders of the bank. But this course would not suit the purpose of persons desiring to control the Calumet Electric road. Three years ago E. S. Dreyer alone owed the bank $1,000,000, and for three years Mr. Hammond had been trying to reduce that. It was reduced one-half when the doors of the bank closed and it was due to Vice President Hammond that this was accomplished. If the securities for the loans to these two menDreyer and Weiss-have disappeared, they disappeared Saturday. That point may come out later. One director in the bank who has been talking a great deal since the condition of the concern became public took $12,000 out of the bank Saturday afternoon." The Illinois Trust and Savings bank withdrew today the sixty-day notice given to depositors Tuesday and paid all who called for their money. There was no run whatever. Some of the other savings banks also withdrew the notice and the others that gave it will do likewise, as the anxiety among depositors has entirely abated.

10. December 24, 1896 The Princeton Union Princeton, MN
Article from The Princeton Union, December 24, 1896

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BIG BANK CLOSED NATIONAL BANK OF ILLINOIS HAS SUSPENDED BUSINESS. Unwarranted and Injudicious Loans Are Given as the Reason of the Failure By Members of the Clearing House-Two Other Banks Go Under As a Result-Many Million Dollars Are Involved. Chicago. Dec. 23. - The National Bank of Illinois, one of the oldest and best known banking institutions in the city, and with assets of between twelve and fifteen million dollars, has closed its doors. The following notice was posted on the doors: "This bank is in the hands of the national examiner. By order of the controller of the currency." This action was decided upon at a meeting of the directors of the bank the night before, after the bank had been suspended from the clearing house of Chicago at a meeting of the clearing house committee held earlier in the day. Of the sixteen banks that cleared through the National Bank of Illinois, two closed their doors as a result of the closing of that institution. They are E. S. Dreyer & Co. and Wasmansdorf & Heinemann. These two institutions are mortgage loan banks and savings societies in a small way, and their failure is not expected to affect business. The assets of E. S. Dreyer & Co. are given at $1,600,000, with liabilities of $1,200,000. The figures for Wasmansdorf & Hermann are, approximately, assets, $650,000; liabilities, $400,000. The Security Title and Trust company was appointed receiver for both firms. Six banks have made arrangements to clear through other banks and the balance of the sixteen are making simflar arrangements as fast as possible. The failure was a great surprise in financial circles. The causes of the suspension, as given in the resolutions adopted by the clearing house committee are "unwarrantable and injudicious loans" through which the capital and surplus of said bank is seriously imperiled if not absolutely lost." The suspension had but little effect either in the wheat pit or on the stock exchange. Wheat, indeed. showed strength after the opening at 5-8c decline. and the stock market was dull and only fractionally lower. One of the leading bankers and financiers of this city said to an Associated Press reporter: "The failure of the National Bank of Illinois has created no disturbance of consequence in financial circles here. One or two private bankers, who were really nothing but mortgage dealers, have failed. But this is only a natural consequence of shrinking real estate values."

11. December 25, 1896 The Iola Register Iola, KS
Article from The Iola Register, December 25, 1896

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GENERAL NEWS. FOUR men were killed by a boiler explosion at a sawmill at Bayou Darbonne, near Farmersville, La. TOMMY RYAN, of Syracuse, won the fightfrom Billy McCarthy, of Australia, in seven rounds before the Empire Athletic club at New York on the 21st. Ryan weighed 145 and McCarthy 152 pounds. AN explosion occurred in a confectionery manufactory at Casino, Italy, on the 21st which killed seven people. THE banking house of E. S. Dreyer & Co., one of the oldest in Chicago, closed its doors on the 21st. The banking firm of Wasmansdorff & Heinemann, of the same city, also went into the hands of a receiver. S. D. HUDSON died recently at Burlington, Ia., aged 80. He practically organized the whig party in Iowa when it was a territory. SOME "speak-easy" whisky did some awful work in the Benwood oil field in Monroe county, O., on the 19th. So far as can be ascertained 16 men imbibed of it and three have died, another was dying, three more had gone crazv and nine others were dangerously sick. ONE of the powder houses of the Winehester Repeating Arms Co. at New Haven. Conn., was blown to pieces by an explosion. Fortunately no one was injured. EL HARALDO, a Spanish newspaper at Madrid, asserted that the minister of war was preparing numerous pamphlets on the georraphy, topography and military condition of the United States to distribute to the chief officers of the Spanish army. SEVERAL bombs, secretly manufactured by a druggist at Rome, exploded on the night of the 19th shattering two stories of his house and killing five persons and injuring six others. A FIRE at Brooklyn on the 18th damaged the car house of the Nassau Electric railroad and partially burned 15 electric cars. THE Missouri congressmen have received notices from the secretary of agriculture that their allotments of seed for this year are ready for their disposal. FIVE miners were instantly killed in the Virginius shaft at Ouray, Col., on the 18th. They were repairing timbers, when the cage fell,carrying them with it to the 1,400 feet level. FIVE persons were recently drowned in the neighborhood of St. Johns, Que., through going on weak ice. FAILURES for the week ended the 18th (Dun's report) were 367 in the United States, against 377 last year, and 47 in Canada, against 32 last year. GEORGE E. LEMON died at Coronado Beach, Cal. He was publisher of the National Tribune at Washington, a pa. per devoted to the interests of pensioners. THE national convention of the United Mine Workers has been called to meet at Columbus, 0., on January 12. 1897. THE Galveston (Tex.) county courthouse was recently partly destroyed by fire, but it was believed that the records were saved. A WRECK occurred on the B. & O. Southwestern railroad at Hamden, 0., on the 18th and a postal clerk was killed outright and the conductor, fireman and another postal clerk were fatally injured. Some passengers were also reported killed and injured. The train ran into some cattle and several cars were derailed,

12. December 30, 1896 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, December 30, 1896

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Bank Failures. The directors of the Holliston, Mass., National bank have decided to finish up the affairs of the bank Jan. 1, 1897. after which date no more deposits will be taken. The American Banking and Trust company of Auburo, Maine, chartered in 1886, has closed its doors and has asked the court for the appointment of a receiver. The deposits and bills payable amount to $54,403, and assets nominally $130,743 The business of the institution was largely in western mortgages. The Bank of West Superior, Wis., has closed, being forced in liquidation by the failure of the Bank of Mionesota. The officials of the bank say they will resume soon and pay all depositors in full. E. S. Dreyer and bis partner, Robert Berger. of the banking firm of E. S. Dreyer & Co., Chicago, which failed on Monday, have been arrested charged with receiving a deposit knowing their bank to be insolvent.

13. January 3, 1897 The Herald Los Angeles, CA
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A GOOD REPORT. CHICAGO, Jan. 2.-The Security Title and Trust company, receiver for E. S. Dreyer & Co., bankers, who were involved in the failure of the National Bank of Illinois, today: made a report, showing resources of $1,595,692, and liabilities of $1,484,433. It is expected, however, that the assets will shrink when an attempt is made to realize.

14. January 4, 1897 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, January 4, 1897

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A SICK BANK PRESIDENT. Chicago, Jan. 4.-The condition of E. S. Dreyer, the head of the banking firm of E. S. Dreyer & Co., whose failure was precipitated by the suspension of the National bank of Illinois. and who has been ill for the past week. changed for the worse yesterday. He is nearly helpless from old complications which have been greatly aggravated by mental worry since the suspension of his firm. Mr. Dreyer is not allowed to see the newspapers and it is said he does not yet know of the suicide of Wm. A. Hammond. the late vice president of the National bank on Saturday.

15. January 4, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 4, 1897

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Banker Dreyer Dying. Chicago, Jan. 4.-The condition of E. S. Dreyer, the head of the banking firm of E. S. Dreyer & Co., whose failure was precipitated by the suspension of the National Bank of Illinois, who has been ill for the past week, changed for the worse vesterday. Mr. Dreyer is not allowed to read the nwspapers, and it is said he does not yet know of the suicide of William A. Hammond

16. January 5, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 5, 1897

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Banker Dreyer is Worse. Chicago, Jan. 4.-The condition of E. S. Dreyer, the head of the banking firm of E. S. Dreyer & Co., whose failure was precipitated by the suspension of the National Bank of Illinois, has changed for the worse.

17. January 5, 1897 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 5, 1897

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Banker Dreyer Worse. CHICAGO, Jan. 4.-The condition of E. S. Dreyer, the head of the banking firm of E. S. Dreyer & Co., whose failure was precipitated by the suspension of the National Bank of Illinois, who has been III for the past week, has changed for the worse. He is nearly helpless from old complications which have been greatly aggravated by mental worry since the suspension of his firm. Mr. Dreyer is not allowed to see the newspapera and it is said be does not yet know of the suicide of William A. Hammond, the late vice president of the National Bank of Illinois on Saturday morning.

18. January 5, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 5, 1897

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DREYER'S CONDITION WORSE, -Afraid to Let Him Know of the Suicide of Hammond. CHICAGO, January 4.-The condition of E. S: Dreyer, the head of the banking firm of E. S. Dreyer & Co., whose failure was precipitated by the suspension of the National Bank of Illinois, who has been ill for the past week. has changed for the worse. He is nearly helpless from old complications, which have been greatlyaggravated by mental worry since the suspension of his firm. Mr. Dreyer is not allowed to see the newspapers and it is said he does not know of the suicide of William A. Hammond, the late vice president of the National Bank of Illinois, on Saturday morning.

19. January 5, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 5, 1897

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Dreyer Will Probably Die. Chicago, Jan. 4.-E. S. Dreyer, head of the banking firm of E. S. Dreyer & Co., which assigned the day the failure of the National Bank of Illinois was announced, is in a precarious condition and is not expected to live until morning.

20. January 6, 1897 The Somerset Herald Somerset, PA
Article from The Somerset Herald, January 6, 1897

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Many Banks Closed. The National Bank of Illinois, of Chicago, failed to open its doors Monday of last week, a result of the action of the Clearing House Association in suspending the bank from membership. The Comptroller of the Currency appointed a temporary receiver for the institution. The liabilities amount, it is said, to $11,000,000. The failure was followed by that of the Chicago banking firms of E. S. Dreyer & Co., whose liabilities are $1,500,000, and Wasmansdorf & Heineman, liabilities $416,000, and of the Roseland Savings Bank, of Roseland, Ill. It is said that the failure of the National Bank of Illinois is due to injudicious, reckless and improdent methods followed by the officers. The Clearing House Association took steps for the immediate relief of the bank's creditors, agreeing to advance loans to the extent of 75 per cent, upon properly proven claims. The Philadelphia Record says the failure of the Illinois National bank seems to have been a case of too much son-inlaw. The president of the bank, it appears, had one son-in-law in the banking and another in the brewing business and he loaned each of them $500,000 out of the banking funds. The bank of Minnesota, at St. Paul, suspended payment on Tuesday. There was an immense run on the Illinois Trust and Savings Bank, Chicago, one of the strongest institutions in the city, but it met all legal demands. Angus & Gindele, one of the largest contracting firms of Chicago have assigned. Assets, $300,000; liabilities, $250,000. It is claimed they owed the National bank of Illinois, $200,000. Warrants have been issued for the arrest of E.S. Dreyer and Robert Dreyer, of the failed banking firm of E.S. Dreyer & Co., of Chicago, charged with violation of the state banking law by receiving deposits after the bank was insolvent.

21. January 7, 1897 The Copper Country Evening News Calumet, MI
Article from The Copper Country Evening News, January 7, 1897

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Want a New Receiver. Chicago, Jan. 7.-Fifty depositors in the suspended banking firm of E. S. Dreyer & Co. have appointed a committee to ask Manager Dudley of the Security company for a complete list of depositors. The object is to organize and demand a new receiver in the place of the one now acting. The depositors, at a meeting in the Ashland block, came to this conclusion with the qualification that if a new receiver could not be appointed in court, a committee should be appointed to act in conjunction with the present one selected by Mr. Dreyer.

22. January 10, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 10, 1897

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AN EMPTY SHELL. Serious Charges Against the Business of Dreyer & Co. CHICAGO, Jan. 9.-Sensational charges concerning the business of E. S. Dreyer & Co., the bankers, were made in Judge Freeman's court today in an intervening petition brought in behalf of Mrs. Maria Leicht. It is charged that property mortgaged as security for a note for $3,000, upon which Mrs. Leicht was regularly paid interest, had been disposed of without her knowledge, and that the schedule of liabilities as prepared by the receiver, will be greatly increased if other charges of a similar nature soon to be made the subjects of petition, are substantiated, as similar mortgages scheduled as assets will really become liabilities. The Economist says today, referring to the Dreyer failure: "The depositors in the bank will get little or nothing. The statement which has been prepared shows that the bank was an empty shell, with some $1,400,000 of liabilities when the bank closed, with only $9,000 cash on hand."

23. January 10, 1897 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, January 10, 1897

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Chicago, January 9.-Sensational charges concerning the business of E. S. Dreyer & Co., the bankers, whose assignment was forced through the collapse of the National Bank of Illinois, were made in Judge Freeman's court to-day in an intervening petition brought in behalf of Mrs. Maria Leicht. It is charged that property mortgaged as security for a note for $3,000, upon which Mrs. Leicht was regularly paid interest, has been disposed of without her knowledge, and that the schedule of liabilities as prepared by the receiver will be greatly increased if other charges of a similar nature soon to be made the subjects of petitior are substantiated as similar m gages, scheduled as assets, will re become liabilities. The Economist says to-day refer to the Dreyer failure: "The depos in the bank will get little or not The statement which has been pared shows that the bank was empty shell, with some $1,400,0 liabilities when the bank closed only $9,000 cash on hand."

24. January 10, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 10, 1897

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LITTLE LEFT FOR DEPOSITORS. Collateral Securities Left with Dreyer Bank Disposed Of. CHICAGO, Jan. 9.-Sensational charges concerning the business of E. S. Dreyer & Co., the bankers, whose assignment was forced through the collapse of the National Bank of Illinois, were made in Judge Freeman's court today in an intervening petition brought in behalf of Mrs. Maria Leicht. It is charged that property mortgaged as security for a note for $3,000, upon which Mrs. Leicht has regularly paid interest, had been disposed of without her knowledge. The schedule of liabilities as prepared by the receiver will be greatly increased if other charges of a similar nature, soon to be made the subject of petition, are substantiated, as similar mortgages scheduled as assets will really become liabilities. The Economist says today, referring to the Dryer failure: "The depositors in the bank will get little or nothing. The statement which has been prepared shows that the bank was an empty shell with some $1,400,000 of liabilities when it closed, with only $9,000 cash on hand."