4381. E. S. Dryer & 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
0da55e73

Response Measures

None

Description

E. S. Dryer & Co. (described repeatedly as a mortgage loan bank / savings society) closed its doors after the National Bank of Illinois was suspended/closed (Dec 21, 1896). Articles state Security Title & Trust Company was appointed receiver. No article mentions a depositor run on Dryer; failure appears caused by the larger bank's collapse and locked assets (correspondent/clearing-house linkage).

Events (2)
1. December 21, 1896 Receivership
Newspaper Excerpt
The Security Title and Trust company was appointed receiver for both firms. (referring to E. S. Dryer & Co.)
Source
newspapers
2. December 21, 1896 Suspension
Cause
Correspondent
Cause Details
Closed as a direct result of the National Bank of Illinois' suspension/closing which locked up assets and disrupted clearing arrangements; articles state Dryer was carried down by the big failure and assets held by the National Bank were unavailable.
Newspaper Excerpt
Of the 16 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. Dryer & Co. ...
Source
newspapers

Newspaper Articles (16)
1. December 21, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 21, 1896

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BIC BANK FAILS. National Bank of Illinois at Chicago Closes. Liabilities Placed at $11,000,000, Assets $15,000,000. Dabbling In Electric Street Railway Stock CAUSED THE DISASTER Comptroller Eckels Severely Criticizes Bank Management. Warned the Directors Many Months Ago, He Says Chicago, Dec. 21 The National Bank of Illinois, one of the oldest and best known banking institutions in the city, and with assets of between $12,000,000 and $15,000,000. closed its doors today The liabilities are $11,000,000. The following notice was posted on the doors before the opening of banking hours "This bank is in the hands of the national bank exchange, by order of the comptroller of the currency 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 association of Chicago at a meeting of the clearing house committee held earlier in the day Of the 16 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. Dry& er & Co., and Wasmansdordoff Heinemann These two institutions are mortgage loan banks and saving societies in a small way, and their failure is not expected to effect any business houses. The assets of E S. Dryer & Co. are given at $1,600,000, with liabilities of $1.200.000. The figures for Wasmansdorft & Heinemann are approximately, assets $650,000 liabilities $400,000. The Security Title and Trust compafor both was appoint ny firms. Six banks have made ments to clear thr ough other banks and the balance of the are making similar arrangements as fast as possib The failure was a great surprise in financial circle: and business 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 imperilled, if not absolutely lost The was made today 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 to suspend. Illinois 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 $4,983,902 It is thought probable that none of the depositor will suffer by the suspension, as the bankers who were presthe of at the committee have for consideration the proposition to advance per cent on all adjusted claims against the National Bank of Illinois In addition to this they have agreed to use their influence with all other members of the clearing house association to accept all such claims as collateral at the same ratio The National Bank of Illinois was organized in August, 1871. with a capital stock of $300,000 which was subsequentlv increased to $1,000,000 It was regardone of the soundest financial inthe of stitutions The Press club is one of the sufferers by the suspension, all the proceeds of the advance sale of tickets for the football game between the Carlisle Indians and University of Wisconsin eleven. which was held under the management the Press club, amounting to over 000, having been deposited Saturday, One of the leading bankers and finaneiers of this city at noon today said to an Associated press reporter The failure of the National Bank of Illinois has created no disturbance of consequence financial circles here One private bankers who really nothing but dealers have failed, but this is only a natural consequence of shrinking real estate valThe 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 loans, threatened severe losses and the clearing house committee saw way but to suspend the bank. The loss in liquidation be small if any to depositors It is not probable that the bank will resume business NEW YORK CORRESPONDENTS New York Dec. 21.-Officials of the Mercantile and the American Exchange National banks of this respond ents the National Bank Illinois say they will not be affected any important extent by its failure The American Exchange has merely handled collections for the Chicago bank and is actually a debtor to it The Mercantile National bank people say that the Chicago bank does not them except for notes in their hands for coland deep sympathy for the officials of the Chicago bank AT WASHINGTON Washington, Dec Comptroller Eckels has received an the National Bank of Illinois. It says that the Chicago clearing house has to pay of all proved claims John C. McK ean been appointed a receiver for bank and to publish a list of all at so that may get the benefit of this issued banks ing the bank as their prove their claims in. them send the report of the bank which 30. the bank had a cap of $1,000,000 surplus of $1,000,000 undivided of $450.000 and a total of bonds 5.046.952, its liabilities will be about $10,100,000. While it is feared that serious results may follow Comptroller Eckels will do all in his power to relieve the

2. December 21, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, December 21, 1896

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BANK DISASTER IN CHICAGO National Bank of Illinois, with Nominal Assets of Millions, Closed Its Doors. A GREAT SURPRISE IN BUSINESS CIRCLES Two Other Banking Houses Carried Down by the Big Failure-Comptroller Eckels Makes An Explanatory Statement. Chicago, Dec. 21.-The National Bank of Illinois, one of the oldest and best known banking institutions in the city, with assets between $12,000,000 and $15,000,000, closed to-day. The following notice was posted on its doors is exin the before hands banking of the hours: national "This bank bank aminer. By order of the comptroller of the currency." This action was decided upon at a meeting after the the bank of had the been directors suspended last night, from clearing house association, of Chicago. Of the sixteen banks that cleared through the National Bank of Illinois, two closed, E. S. Dryer & Co. and Warmansdorff & Heineman. These are mortgage loan banks and savings societies in a small way and their failure is not expected to effect any business houses. The assets of E. S. Dryer & Co. are $1,000,000; liabilities, $1,200,000. Warmausdorff & Heineman's assets are $650,000; liabilities, $400,000. The Security Title & Trust company was appointed receiver of both firms. Six banks have made arrangements to clear through other banks and the remainderare making similararrangements. The failure was a great surprise in financial and business circles. The causes of the suspension, as given in the resolutions adopted by the clearing house committee, are: "Unwarrantable and injudicious Joane, through which the capital and surplus of said bank is seriously imperiled, if not absolutely lost." COMPTROLLER ECKLES EXPLAINS. Washington. Compt. Eckles to-day gave thefollowingstatementconcerning the failure Mc. am advised of the national by Bank bank Examiner of Illicois Keon that the National bank of Illinois has closed for business and 18 now in his hands for the comptroller of the currency. In order to prevent any trouble in proving claims against the bank and to obtain for creditors at an early date the largest part of the amounts due to them, I have appointed Mr. McKeon temporary receiver with telegraphic instructions to publish notice of proof of claims at once "The clearing house committee of Chicago has advised me. through the examiner, that the clearing house will immeof approved diately advance claims 75 and immediate per thus cent give of relief the the face creditors of the bank and prevent unnecessary disturbance of business. "The failure of the bank is due to the injurious, reckless and imprudent methods followed by the had been same and directors, individually by officers though called and their to not the attention checked over in the source promised bank's their individual condition. to remedy the signatures The weak largest points they had of the failure is the bank's holdings of Calumet Electric street railway stock, the full amount of which can not now be stated, for it is discovered that part of such holdings were not made to appear on were in another the books, account. but This had been and concealed other called large and doubtful loans by special letter to the attention of the officers and directors and specific improvement promised a year since." "In June last, on the surface, there had been an improvement made, but when Bank Examiner McKeon, on November 30, examined the bank he found that the books showed that the loans to the Calumet Electric company and the other similar loans had been increased and that the promises of the officers and directors had not been carried out. "The condition revealed led to the resolution suspending from the clearing house the bank. "In view of everything, I am convinced that the clearing house committee acted on of the to state part judiciously. officers The and management directors negligent. has, the The are but, careful liabilities it mildly, and of been the judicious bank grossly management, large, by the on need not be measure will be taken loss large, entailed by the if any. clearing Every the house creditors and the comptroller's office to prevent other bank or business failures and an unneeessary money stringency."

3. December 22, 1896 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 22, 1896

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CHICAGO, Dec. 21.-The National Bank of Illinois, one of the oldest and best known banking Institutions in the city, with assets of between twelve and fifteen million dollars, closed its doors to-day. The following notice was posted on the doors before the opening of banking hours: "This bank 13 In the hands of the national bank examiner. By order of the comptroller of the treasury." This action was decided upon at a meeting of the directors of the bank last night after the bank had been sus. pended from the clearing house ASSO- the at the meeting of house committee held clation clearing of Chicago banks earller that in Of the sixteen the National closed their as Illinois, cleared the day. through two doors institution. Bank a re- of of the closing of that sult They are E. S. Dryer & Co. and Was- two & Heinemann These are mortgage Institutions mansdorff small loan banks and and saving societies in n way their failure is not expected to effect any business houses. The assets of E. S. Dryer & Co. are given at $1,000,000, with liabilities of $1. The figures for Wasmanedorff & are As200,000. Heinemann approximately: $400,000. The $50,000: Habilities, sets. Security Title and Trust Co. was ap- Six pointed receiver for both firms. to clear banks have made arrangements through other banks and the balance of the sixteen are making similar arrangements as fast as possible. failure was at great surprise in and business of the suspensions as financial The The causes circles. given the resolutions adopted by the clearIn house committee are "unwarrantaing ble and injudicious loans. through which "the capital and surplus of abso- said bank Is seriously imperilled If not lutely lost." The statement was made of a loan of to the Calumet of which about Railrood $2,400,000 Company J. is W. Street prest- Farof Farson. Leach & Co., son. dent. had caused the National Bank declin- of to Mr. Farson ed a statement on but that the failure Illinois to stated make suspend. that would subject. loans not affect the Calmmet road. Heavy real estate are also said to have bank been on The last statement of the made. showed deposits. $12,175,766 loans. $9.cash resources $1,953,202. thought probable that none of will suffer by 199.612: It depositors Is the suspenelon. the as the bankers who were present at the meeting of the committee have the recommended for consideration proposition to advance 75 per cent on all claims against the National Illinois. In aujusted Bank of addition influence to this have agreed to use their members of to accept they with house other association the all clearing ratlo. such claims as collateral at the same The National Bank of Illionis was orin August. 1871, with a capital which WRS to $1,000,000. stock ganized increased of $300,000. subsequent It financial was regarded ly as one 02 the soundest institudos In the city. The Press club is one of the sufferers the suspension. all the proceeds foot- of by sale of tickets for the between the Carlisle of Wisconsin and bail the advance the game University Indians eleven, which was held under the management of the Press club. amounting to over $3,000. having been deposited Saturday. It was announced tha the Drovers' Na. tional Bank, which cleared through the National Bank of Illinois will clear through the Commercial National The West Side Bank will also clear through the Commercial National. had but little effect the wheat pit or on either The in suspension the showed stock exchange. Wheat indeed strength after the opening the decline and the stock market was dull and only fractionally lower. Neither the bank examiner nor any officer of the National Bank of Illinois will make any statement at present. of the National Bank of IIIto-day that the Colume: Electric Street inols A the director stated loan Rallway made of to $2,400.000 was without the knowledge to of the directors. The efforts made the Calumet stock was for the loan. atdispose held as of security about which drew the intention to it and brought vestigation which resulted in the bank's suspension.

4. December 22, 1896 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, December 22, 1896

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A BIG BANK FAILURE. The National Bank of Illinois Closes Its Doors. PULLED DOWN TWO OTHER BANKS Between Twelve and Fifteen Million Dollars Are Involved In the Failure It Is Said Loaning Too Much Money to a Street Hallway Company Brought on the Failure CHICAGO, Dec. 21.-The National Bank of Illinois, one of the oldest and best known banking institutions in the city and with assets between $12,000,000 and $15,000,000, closed its doors today. The following notice was posted on the doors before opening banking hours: "This bank is in the hands of a national bank examiner by order of the comptroller of the treasury." This action was decided upon at a meeting of the directors of the bank last night, after the bank had been suspended from the clearinghouse association of Chicago at a meeting of the clearinghouse committee held earlier in the day. Of the 16 banks that cleared through the National Bank of Illinois, two have closed their doors as a result of the closing of that institution, They are Dryer &Co., and Wasmansdorff & Heinemann. These two institutions were mortgage loan banks and savings associations in small way, and their failures are not expected to effect any business houses. The assets of E. S. Dryer & Co., is given at $1,600,000, with liabilities of $1,200.000. Figures for Wasmansdorff & Heinemann are approximately, assets, $650,000: liabilities, $400,000. The Securi Title and Trust company was appointed receiver for both firms. Six banks made arrangements to clear through other banks and the balance of the 16 are making similar arrangements as fast as possible. The failure was a great surprise in financial and business circles. The causes of the suspension as given in the resolutions adopted by the clearing. house committee are "unwarranted and injudicious loans," through which the Id"capital and surus of said bank is seriously imperilled, if not absolutely lost." The statement was made that a loan of about $9,400,000 to the Calumet Street Railroad company of which W. Farson of Farson. Leach & Co., is presi dent, had caused the National Bank of Illinois to suspend. Mr. Farson declined to make any statement on that subject, but said the failure would not affect the Calumet road. Heavy loans on realestate are also said to have been made The last statement of the bank showed deposits of $12,175,766 loans. $9,199. and cash resources, $4,983,902. It is that none will suffer by 642, positors thought probable the suspensions, of the deas who were of the recommeeting the bankers committee present have at the mended for consideration the proposition to advance 75 per cent on all adjusted claims against the National Bank of Illinois. In addition to this they have agreed to use their influence with all other members of the Clearing Housa association to accept all such claims as collateral at the same ratio. The National Bank of Illinois was organized in August. 1871, with a cap. ital stock of $300,000, which was subse. quently increased to $1,000,000. The Press club was one of the sufferers by the suspension, all the proceeds of the advance sale of tickets for the football game between the Carlisle Indians and the University of Wisconsin eleven, which was held under the management of the Press club, amounting to over it $3000. having been deposited Saturday. It is announced that the Drovers' Na. tional bank, which cleared through the National Bank of Illinois, will clear through the Commercial National. The West Side bank will also clear through the Commercial National. The suspension had but little effect d e'ther in the wheatpit or Stock Ex. n change. Wheat showed strength after the opening at five-eighths decline, and the stockmarket was dull and only fractionally lower. Neither bank examiner nor any of r g floor of the National Bank of Illinois will make any statement at present. g Train Wreek

5. December 22, 1896 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, December 22, 1896

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FAILURE OF AN ILLINOIS BANK One of the Oldest Institutions in Chicago Goes to the Wall. UNWARRANTED LOAN CAUSES S The Disaster, which Pulls Down Two Other Banks-Depositors Will Not Suffer. Special to the Astorian. Chicago, December 21.-The National Bank of Illinois, one of the lodest and beat banking institutions in the city, with assets of between $12,000,000 and $15,000,000. closed today. The following notice was posted. "This bank is in the hands of the National bank examiner, by order of the controller of the treasury." This action was decided upon at a meeting of the directors last night, after the bank had been suspended from the clearing house association of Chicago. Of the sixteen banks that cleared through the National Bank of Illinois, two were closed-E. S. Dryer & Co., and Wormansdorf & Heineman. These two are a mortgage loan bank, and a saving society in a small way, and their I failure was not expected to affect any business houses. The assets of E. S. Dryer & Co. are given at $1,600,000 liabilItles, $400,000. Wormansdorf and Heineman's assets are $650,000; liabilities. $400,000. The cause of suspension, as given in the resolutions adopted by the clearing house commissioners, are "unwarrantable and injudicious loans," through which the capital and surplus of said bank is seriously imperilled If not absolutely lost. The last statement of the $ bank showed deposits. $12,175,766; loans. $9,199,642 cash resources, $4,983,202. it is h thought probable that no depositors will D suffer by the suspension as the bankr ers present at the meeting of the cleara Ing house committee recommended for I consideration a proposition to advance t seventy-five per cent of all adjusted p claims against the National Bank of h Illinois I A director of the national bank of r Illinois stated today that the loan to T the Calumet Electric Street Railway of lo $2,400,000, was made without the knowlis edge of the directors. An effort to diso' pose of the Calumet stock, held as seC curity for a loan. brought about an el investigation which resulted in the st bank's suspension. w

6. December 22, 1896 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 22, 1896

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A BIG FAILURE IN CHICAGOThe National Bank of Illinois Suspends Payment. THRE SMALLER BANKS GO DOWN Assets of the Bank of Illinois Bee tween Twelve and Fifteen MIIHons-Injudicions Loans. Chicago, December 21.-The National Bank of Illinois, generally considered one of the strongest financial institutions in the West, closed its doors and the failures dragged down three other concerns: E. S. Dryer & Co., Wasmansdorff, Eineman & Co., and the Roseland bank. The failure of the National Bank of IIIInois was due to the fact that its entire capital is $2,000,000 and $1,000,000 over and above its surplus $300,000 had been loaned on Calumet Electric Railway stock. Five hundred thousand dollars was loaned to Dryer & Co., who had spread their capital out so extensively that they were un. able to concentrate it in time to save themselves. The other failures were due to the locking up of assets held by the National Bank of Illinois and were unavailable 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 Na. tional Bank of Illniois and at the meeting of clearing house committee this afternoon all of the banks reported themselves in good condition and none of them asked for aid that would have been freely extended had It been asked. 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. | Chicago, December 21. - The National Bank of Illinois, one of the oldest and best known banking institutions in the city, and with assets of between $12,000,000 and $15,000,000, closed its doors today. The following notice was posted on the doors before the banking hours: "This bank is in the hands of the National bank excha nge, by order of the comptroller of the treasury." 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 association of Chicago at a meeting of the clearing house committee held earlier in the day. or 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. Dryer & Co. and Wasmnasdorff & Heineman. These two institutions are mortgage loan banks

7. December 23, 1896 The Mena Weekly Star Mena, AR
Article from The Mena Weekly Star, December 23, 1896

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BIG BANK CLOSED. At Chicago the National of Illinois Suspends Owing Many Millions. CHICAGO, Dec. 22.-The National Bank of Illinois, one of the oldest and best known institutions in the city, and with assets of between $12,000,000 and $15,000,000, closed its doors to-day. This actión was decided upon at a meeting of the directors of the bank last night after the bank had been suspended from the clearing house association of Chicago. Of the 16 banks that cleared through the National Bank of Illinois, two closed their doors as a result of the closing of that institution. These were those of E. S. Dryer & Co. and Wasmansdorff & Heinemann. These two institutions were mortgaged loan banks and saving societies and their failures are not expected to affect any business houses. Injudicious management and slow collections from real estate loans is given as the reason for the failure. The National Bank of Illinois was organized in 1871 with a capital stock of $300,000, which was subsequently increased to $1,000,000. It had been regarded as one of the soundest financial institutions in the city. The last statement of the bank showed: Deposits, $12,175,766; loans, $9,199,642: cash resources, $4,983,290; total resources, $14,500,000. It is thought probable that none of the depositors will lose by the suspension, as the bankers who were present at the meeting of the committee recommended for considerution the proposition to advance 75 per cent of all adjusted claims against the National Bank of Illinois.

8. December 24, 1896 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, December 24, 1896

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FOUR BANKS FAIL. ALL OF THEM ARE IN OR NEAR CHICAGO. National Goes Down First and Carries Other Three With It-Injudicious Loans the Cause. Chicago, Dec. 22.-The National bank of Illinois, one of the oldest and best known banking institutions in the city, and with assets of between $12,000,000 and $15,000,000, closed its doors Monday. As a direct result three other banks have also failed. The directors of the National bank met after the bank had been suspended from the Clearing House association of Chicago. Of the sixteen banks that cleared through the National Bank of Illinois, three closed their doors as a result of the closing of that institution. They are E. S. Dryer & Co., Wasmansdorff & Heinemann and Roseland bank owned by Frederick Weissman. The institutions are mortgage loan banks and savings societies in a small way and their failure is not expected to affect any business houses. The assets of E. S. Dryer & 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 assets of the Roseland are $75,000; liabilities $50,000. The causes of the suspension of the National bank 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 Railway company, of which J. W. Farson of Farson, Leach & Co. is president, had caused the National bank of Illinois to suspend. Mr. Farson decline to n ake 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 $12,1175,766; loans, $9,199,642; cash resources. $4,983,.202.

9. December 24, 1896 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, December 24, 1896

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FINANCIAL CRASH IN CHICAGO. The Doors of the National Bank of Illinois and Two Other Institutions Closed. Chicago, III., Dec. 21.-The National Bank of Illinois, one of the oldest and best known banking institutions in the city and with assets of between $12,000,000 and $15,000,000, closed its doors to-day. ,The following notice was posted on the doors before the opening of banking hours: This bank is in the hands of the National Bank Exchange, by order of the Comptroller of the Treasury." 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 Association of Chicago at a meeting of the Cearing House Committee held earlier in the day. Of the 16 banks that cleared through the National Bank of Illinois two have closed their doors as a result of the closing of that institution. They are E. S. Dryer & Co. and Wasmansdorff & Heineman. These intitutions are mortgage loan banks and savings societies in a small way, and their failure is not expected to affect any business houses. The assets of E. S. Dryer & Co., are given at $1,600,000, with liabilities of $1,200,000. The figures for Wasemansdorff & Heineman are approximately Assets, $650.000 liabilities. $400,000. The Security Title and Trust Co. has been appointed receiver for both firms. Six banks have made arrangements to clear through other banks, and the balance of the 16 are making similar arrangements as fast as possible. The failure was a great surprise in financial and business circles. The cause of the suspension, as given in the resolutions adopted by the Clearing House Committee, is unwarrantable and injudicious loans " through which "the capital and surplus of said bank is seriously imperilled, if not absolutely lost."

10. December 24, 1896 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, December 24, 1896

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FOUR BANKS FAIL. ALL OF THEM ARE IN OR NEAR CHICAGO. National Goes Down First and Carries Other Three With It-Injudicious Loans the Cause Chicago, Dec. 22.-The National bank of Illinois, one of the oldest and best known banking institutions in the city; and with assets of between $12,000,000 and $15,000,000, closed its doors Monday. As a direct result three other banks have also failed. The directors of the National bank met after the bank had been suspended from the Clearing House association of Chicago. Of the sixteen banks that cleared through the National Bank of Illinois, three closed their doors as a result of the closing of that institution. They are E. S. Dryer & Co., Wasmansdorff & Heinemann and Roseland bank owned by Frederick Weissman. The institutions are mortgage loan banks and savings societies in a small way and their failure is not expected to affect any business houses. The assets of E. S. Dryer & 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 assets of the Roseland are $75,000: liabilities $50,000. The causes of the suspension of the National bank 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 Railway company, of which J. W. Farson of Farson, Leach & Co. is presiden had caused the National bank of Illinois to suspend. Mr. Farson decline to n ake 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 $12,1175,766; loans, $9,199,642; cash resources. $4,983,.202.

11. December 25, 1896 The Dalles Times-Mountaineer Dalles, OR
Article from The Dalles Times-Mountaineer, December 25, 1896

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A BIG BANK FAILS. The National Bank of Illinois is Compelled to Close its Doors. CHICAGO, Dec. 21.-The National Bank of Illinois, one of the oldest and best-known banking institutions in the city, with assets of between $12,000,000 and $15,000,000, closed today. The following notice was posted on the doors before banking hours: "This bank is in the hands of the national bank examiners, by order of the controller of the treasury." This action was decided upon at a meeting of the directors last nigh after the bank had been suspended from the Clearing-House Association of Chicago. Of the 16 banks that cleared through the National bank of Illinois, two are closed-E. S. Dryer & Co. and Warmansdorff & Heineman. These two are mortgage loan banks and savings societies in a small way, and their failure is not expected to effect any business houses. The assets of E.S. Dryer & Co. are given at $1,600,000; liabilities, $1,200.000. Warmansdorff & Heinman's assets are $650,000; liabilities, $400,000. The Security Title & Trust Company was appointed receiver for both firms. The failure was a great surprise in financial and business circles. The cause of the suspension, as given in resolutions adopted by the clearingh use commissioners, 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 presi lent, had caused the National Bank of Illinois to suspend.

12. December 25, 1896 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, December 25, 1896

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CHICAGO BANK FAILURE The Liabilities Amount to $11,000,000. Reckless Management, Leading to a Loan or $2,400,000 to an Electric Railroad Company, was the Cause of the Crash. Chicago, Dec. 21.-The National Bank of Illinois, one of the oldest and best known banking institutions in the city, with assets between twelve and fifteen millions closed today. The following notice was pasted on the doors be banking hours: "This bank is in the hands of the National bank exchange. By order the comptroller of the treasury." This action was decided upon meeting of directors last night after bank had been suspended from clearing house association of Chic Of sixteen banks that cleared thro the National Bank of Illinois, two closed, those of E.S. Dryer & Co., Warmsdorff & Heinemann. These are mortgage loan banks and savings societies in a small way, and their ure is not expected to affect any ness houses. The assets of E.S. Dryer & Co., are given at $1,600,000, liab!! $1,200,000. Warmdorff & Heinema assets are $650,000; liabilities $500, The. Security Title and Trust company was appointed receiver for both firms. The failure was a great surprise in financial and business circles. A statement was made that a loan of about $2,406,000 to the Calumet Street Railroad company, of which J. W. Farson, of Farson, Leach & «Co., is presi dent, had caused the National bank of Illinois to suspend. Farson declined to make any statement on that subject, but stated the failure would not effect the Calumet road. Heavy loans on real estate are also said to have been made. The last statement of the bank showed deposits of $12,175,766: loans, $9,196,642; eash resources, $4,983.202; liabilities, $11,000,000. It is thought probable that no depositors will suffer by the suspen. sion. The National Bank of Illinois was organized in August, 1874, with a capital of $200,000, which was subsequently increased to a million. It was regarded as one of the soundest financial institutions in the city

13. December 25, 1896 The Coalville Times Coalville, UT
Article from The Coalville Times, December 25, 1896

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CHICAGO BANK FAILURE The Liabilities Amount to $11,000,000. Reckless Masagement, Leaging to a Loan of $2,400,000 to an Electric Railroad Company. was the Cause of the Crash. Chicago, Dec. 21.-The National Bank of Illinois, one of he oldest and best known banking institutions in the city, with assets between twelve and fifteen millions closed today. The following notice was pasted on the doors before banking hours: "This bank is in the hands of the National bank exchange. By order of the comptroller of the treasury." This action was decided upon at a meeting of directors last night after the bank had been suspended from the clearing house association of Chicago Of sixteen banks that cleared through the National Bank of Illinois, two are closed, those of E.S. Dryer & Co., and Warmsdorff & Heinemann. These two are mortgage loan banks and savings societies in a, small way, and their fallure is not expected to affect any business houses. The assets of E.S. Dryer & Co., are given at $1,600,000, liabilities $1,200,000 Warmdorff & Heinemann's assets are $650,000; liabilities $500,000. The Security Title and Trust company was appointed receiver for both firms. The failure was a great surprise in financial and business circles. A statement was made that a loan of about $2,406,000 to the Calumet Street Railroad company, of which J. W. Far. son, of Farson, Leach & Co., is prest dent, had caused the National bank of Illinois to suspend. Farson declined to make any statement on that subject, but stated the failure would not effect the Calumet road. Heavy loans on real estate are also said to have been made. The last statement of the bank showed deposits of $12,175,766: loans, $9,196,642; eash resources, $4,983.202; Habilities, e $11,000,000. It is thought probable that no depositors will suffer by the suspen sign. The National Bank of Illinois was or. ganized in August, 1874, with a capital n of $200,000, which was subsequently e increased to a'million. It was regarded e as one of the soundest financial institun tions in the city

14. December 26, 1896 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, December 26, 1896

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CLOSED UP. National Bank of Illinois Has Failed--Precipitates the Failure of Two Other Banks--Embarrassment Due to Reckless Methods. Chicago, Dec. 21.-The National bank of Illinois, one of the best known banking institutions in the city, with assets of between $12,000,000 and $15,000,000, closed its doors today. The following notice was posted on the doors before the opening of banking hours: "This bank is in the hands of the national bank examiner by the order of the comptroller of the treasury." Of the 16 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. Dryer & Co., and Wasmansdorff & Heineman. These two institutions are mortgage loan banks and savings societies in a small way and their failure is not expected to affect any business house. The assets of E. S. Dryer & Co. are given at $1,600,000, with liabilities at $1,200,000. The figures for Wasmansdorff & Heineman are approximately: Assets, $650,000; liabilities, $400,000. The Security Title and Trust Co. was appointed receiver for both firms.

15. December 26, 1896 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, December 26, 1896

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ITS LOANS WERE BAD NATIONAL BANK OF ILLINOIS SUSPENSION FOLLOWED. Comptroller Eckels Called the Attention of Directors to the Unsafe Condition of Affairs. Chicago, Dec. 21.-The National Bank of Illinois, one or the oldest and best known banking institutions in the city, with assets between $12,000,000 and $15,000,000, closed today. The following notice was posted on the doors before banking hours: "This bank is in the hands of the national bank exchange, by order of the comptroller of the currency." This action was decided upon at a meetIng of the directors last night, after the bank had been suspended from the clearing house association of Chicago. Of the 16 banks that cleared through the National Bank of Illinois, two closed-E. S. Dryer & Co. and Warmansdorf & Heinman. These two are mortgage loan banks and savings societies in a small way, and their failure is not expected to affect any business houses. The assets of E. S. Dryer & Co. are given as $1,600,000; liabilities, $1,200,000. Warmansdorff & Heinman's assets are $650,000; liabilities, $400,000. The Security Title and Trust Company d was appointed receiver for both firms. Six banks have made arrangements to clear through other banks, and the remainder of the 16 are making similar arrangements as fast as possible. The failure was a great surprise in financial and business circles. The causes of suspension, as given in the resolutions adopted by the clearing house commissioner, are "unwarrantable and injudicious loans," through which the capital n and surplus of said bank is seriously imperilled, if not absolutely lost. n The last statement of the bank showed deposits of $12,275,766; loans, $9,199,642; cash resources, $4,983,202. S It is thought probable no depositors will suffer by the suspension, as the r bankers present at the meeting of the clearing house committee recommended for consideration a proposition to advance 75 per cent of all adjusted claims in against the National Bank of Illinois. g The National Bank of Illinois was organized in August, 1871, with a capital of d $300,000, which was subsequently increased to a million. It was regarded as n one of the soundest financial Institutions d of the city. The suspension had but little effect 1e either in the wheat pit or on the stock at exchange. eA statement was made that a loan of m about $2,400,000 to the Calumet Street A. Railroad Company, of which J. W. FarC. son, of Farson, Leach & Co., is presiat dent, had caused the National Bank of e, Illinois to suspend. Farson declined to it make a statement on that subject, but an stated that the failure would not affect the Calumet road. ce Heavy loans on real estate are said at to have been made. J. A director of the National Bank of Ill1nois stated today that the loan made to In the Calumet Electric Street Railway of ail $2,400,000 was without the knowledge of he the directors. so Efforts made to dispose of the Caluto met stock held as security for the loan brought about the investigation which ed resulted in the bank's suspension. ue

16. January 9, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 9, 1897

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ROB DEPOSITORS. Most Vicious Banking Disclosed in the Case of E. S. Dryer & Co. Chicago, Jan. 9.-Sensational charges concerning the business of E. S. Dryer & 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 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 subject of petition, are substantiated, as similar mortgages scheduled as assets will really become the securities. 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 the bank closed with only $9,000 cash on hand.'