4601. National Bank (Chicago, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1867
Charter Number: 1867
Start Date: December 21, 1896
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: cbb6a01e

Response Measures

None

Description

The National Bank of Illinois (Chicago) suspended/failed in late December 1896; a receiver (John C. McKeon) was appointed Dec 26, 1896. The failure was driven by large unsafe loans (notably heavy loans on Calumet Electric securities) and reckless banking rather than a rumor-driven run. Directors sought to reopen the bank with the Comptroller's aid, and the receiver began payment of a 50% dividend Jan 20, 1897, but the bank remained in receivership rather than resuming normal operations. Classified as suspension_closure because the bank suspended and a receiver was appointed (permanent closure of regular operations despite dividend payments).

Events (3)

1. December 21, 1896 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Large, imprudent loans (about $2.4M) on Calumet Electric securities and other unsafe loans to insiders; reckless banking caused insolvency and suspension.
Newspaper Excerpt: the failed National Bank of Illinois ... failed to open its doors for business
Source: newspapers

2. December 26, 1896 Receivership

Newspaper Excerpt: Controller Eckels late this afternoon appointed John C. McKeon permanent receiver of the Illinois National Bank
Source: newspapers

3. January 20, 1897 Other

Newspaper Excerpt: Payment of the first dividend of 50 per cent. to depositors of the National Bank of Illinois ... commenced to-day.
Source: newspapers

Newspaper Articles (25)

1. December 22, 1896 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, December 22, 1896

Click image to open full size in new tab

Article Text

bank CHICAGO. Dec. 21 considered The National one in of the the of Illinois, the strongest generally financial Its doors institutions today. concerns, failure E. S. West. closed three other Heineman dragging down wasmansdorff, Dreyer & Co. Roseland bank of IIII& Co. and the of the National that bank its entire and The failure due to the and fact $100,000 over loansurplus to capital nois was of $2,000,000. of $300,000. stocks. had been Five hunDreyabove ed on Calumet dollars Electric was their loaned capital out dred thousand had spread were unable to er & Co., who that they save themselves. up so extensives in time to to locking IIIIconcentrate It were due bank of the The other held failures by the not National available when of nois. institution assets which closed were its doors. is expected. agreed as the to No further trouble Association Associde has in the NaClearing House of the at the meet 75 per cent Illinois, and all the tional pay bank clearing of house in good condi- aid that banks reported of them extended it been asked. all the ing tion, of would and the none have themselv been freely banks asked will for the resume Bank had of in It is probable of the National will be paid with Illinois, the exception and all depositors full. Clearing House Dec. to the Comptroller Rescue. an Bank of Illinois asconcerning Eckels has the National clearing on house all has proved says the Chicago 75 per cent. has been It sumed to pay C. McKean Mchetructed to publish claims. receiver John and claims at once of this pointed of ail approved get the benefit issued that list creditors may have bank been as a corres- send action. banks Instruction having the their claims November and 30, pondent all to At prove the last report. of $1,000,000 includ- und the them bank in. had $450,000: a capital total The assets, Liabilities will vided bonds, profit $15,045,992 While it is feared Eckels the ing about $11,000,000.00 Comptrolleve to relieve the on pante. out be rious will results may do all dependent in his power banks and the avert fol. any strain unnecessatien nnecessary comptrones concern: today gave the failure Mc Examinemies dowing The statement advised by Bank Bank of hands for "I am that the and National 18 now currency in his In claims order has Kean comptroller closed Colle of trouble and the to in obtain targest proving for part cred of the to against prevent this early bank date the have receiver, appointed with notice once. ttors mount at an due temporary to them. to publish a The house the the Mr. a McKean raphic instructure invotions all claims of at Chicago the clear- has examery telegra of proof of committee examiner of dvance clearing that the approve advised me will face of reditor# of any the ing cent. house of thus the relles. give the and their prevent business claims. per immed and liate rbance of while character, secur to bank essary direct of the a doubteur caution so business as not in- to ing "I all loans utmost upon with the the bank made and by exercise work any of those it. The advance to be und in full teresising depending upon house for it such mount, claims with ceris but simly collateral not in such securityglikence: tificates as to Gross bank is due methods to by injurious Failure failure Due of the and impru and dent not ttention checked The reckless the though officers their to the same, they probank's followed the directionally indiv tors. withweak atures largest points source had by been their individualy the The holdings nature and overline over to condition the bank's handway the amount discover had in the of failure Electric is of which with that made oldings of the k the full as it is was was not concean larg stoc now of be such the holding books This. but been and other called, offcere was part appearth on account. loans. had specific don of improve the on had in and doubter letter, the and since there made been and directions the surface but November the bank Bankined to the wed ent "In June last ment on found that the loan hooks ar and the had had not of the career the sent be the This fulfill by tion made ful and of the bank iner. demanding from notice of the ring had examion that and they desired off be ing their and obtain Bank and red The maring house the suggest of taking was safe tion afford bank "shown ined the funds that as and the the be from should ahed for and of the that The by the or money and ing of the SEVATE

2. December 23, 1896 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, December 23, 1896

Click image to open full size in new tab

Article Text

As a Result of the Fallure, CHICAGO, Dec. 22.-The Jailure of Augus & Gindele, general contractors; the American Brewing, Malting and Elevator company; the George A. Weiss Malting and Elevator company, and George A. Welss individually, all of these belug due to the collapse of the National bank of Illinois, and small runs on three banks, were the echoos today of the bank failures of yesterday. Runs were made on the Garden City Banking and Trust company, the Hisernian Savings bank and the Illinois Trust and Savings bank, but none of the runs were of much importance.

3. December 23, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, December 23, 1896

Click image to open full size in new tab

Article Text

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.

4. December 23, 1896 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, December 23, 1896

Click image to open full size in new tab

Article Text

DUE TO THE FAILURE. A Few Big Firms Go Down With the Chicago National. Chicago, Dec. 22.-The failure of Angus & Gildene, general contractors: the American Brewing, Malting & Elevator company: the George A. Weisse Malting & Eelevator company, and George A. Weisse, individually, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks were the echoes to-day of the bank failure of yesterday. Runs were made on the Garden City Banking & Trust company. the Hibernian Savings bank and the Illinois Trust & Savings bank. but none of the runs were of much importance. The officers of the Garden City Banking & Trust company had expected a run would be made upon their institution and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way so they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they opened and as soon as the bank was ready for visitors depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of banking hours the officers of the institution announced that during the day the amount of money taken in was treble the amount paid out and the

5. December 23, 1896 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 23, 1896

Click image to open full size in new tab

Article Text

known there is not expected to be much of a run to-morrow. In compliance with orders received to-day from Comptroller Eckels, Bank Examiner McKeon, receiver of the National Bank of Illinois, began to-day to make arrangements with City Treasurer Wolf and other custodians of public funds in the bank to issue to them certificates for such amounts of their deposits as clearly appeared to be due to them, so as to enable them to take advantage of the clearing-house offer to advance 75 per cent. This applies only to public funds. The report was current that loans of $500,000 each to Robert Berger and George A. Weiss, both sons-in-law of President Schneider of the failed National bank, were unsecured. It was said that the Weiss loan is secured by the American Brewing Company bonds, Mr. Weiss being president of the company, but none of the bank directors could be found who had seen such bonds. The Dreyer loan is said to be secured by real estate which the Clearing-house Gommittee threw out as worthless. It is claimed that most of the directors did not know of the $900,000 additional loan on Calument Electric securities.

6. December 23, 1896 The Morning News Savannah, GA

Article from The Morning News, December 23, 1896

Click image to open full size in new tab

Article Text

# Reckless Banking. Notwithstanding the stringency of the national banking laws and the severity of the penalties for violating them the number of national banks which are wrecked by bank officials who violate these laws is large. National bank failures would be of very infrequent occurrence if the laws for their control were strictly obeyed. It seems to be impossible in all cases, however, to find men sufficiently honest to discharge faithfully and conscientiously the trust reposed in them. An account of the suspension of the National Bank of Illinois was given in our dispatches yesterday. It is one of the largest, and was regarded as one of the safest, financial institutions of Chicago. It was ruined by reckless banking. All the facts have not been published yet. When they are known it may appear that the directors and officers have rendered themselves liable to criminal prosecution. If they have, it is to be hoped the law will be enforced against them to the utmost extent. From the published accounts it appears that they knowingly and deliberately violate the national banking laws. As long ago as last June Mr. Eckeis, the controller of the currency, was made aware of the fact that the bank's condition was perilous, because sums of the bank's deposits had been loaned on insufficient security. At that time he would have ordered the doors of the bank closed, except for the promise of the directors, that they would call in at once the loans that were unsafe and the prospect that the bank could, under safe and conservative management, work its way out of its difficulties. The directors did not fulfill their promise. They continued their reckless policy of loaning money in large amounts on insufficient security. The consequence was what might have been expected and what Controller Eckels foresaw. As an illustration of the bank's reckless method of doing business it is stated that it loaned $2,400,000 on the bonds of the Calumet street railway. This loan alone exceeded the banks entire capital and surplus. The law does not permit a bank to loan to one person or one corporation a sum larger than a small portion of its capital. There were other large loans, one being for $500,000 to a firm of which a son-in-law of the bank's president was a member. When the bank attempted to dispose of the street railway bonds, in order to get back the money it had loaned, it found it could not do so. Its efforts to sell the bonds aroused suspicion and brought about the failure. Just what criminal liability the officials and directors of the bank have incurred is not stated in the dispatches, but it is fair to assume that they are liable to a criminal prosecution, and that they will be prosecuted. The deposits of the bank amount to $11,000,000. The loss of such an immense sum, or even half of it, would bring trouble into many homes in Chicago and endanger many business interests. In fact, the bank's failure has caused a loss of confidence in banking institutions in Chicago and brought about a run on some of them. Before confidence is restored hundreds, and perhaps, thousands, will be financially injured if not ruined. If the authors of this trouble and ruin are not held to an accountability to as great an extent as the law will permit the government will be negligent of its duty. Only a little while ago a New Orleans national bank failed, and dragged down other financial institutions. In Denver a national bank was wrecked by a system of "kiting." In both cases the officials of the wrecked banks were guilty of wrong doing, and the government undertook to prosecute them. Our dispatches yesterday stated that the Denver bank officials had that day been convicted. And why shouldn't they be? The bank official who deliberately uses bank funds for advancing his private interests, contrary to the plain letter of the law, is no better than the burglar who blows open a bank's vaults and carries away the bank's money. Each accomplishes the same end—the robbing of depositors and stockholders—but by different methods. Mr. W. E. D. Stokes of New York has

7. December 24, 1896 The Norfolk Virginian Norfolk, VA

Article from The Norfolk Virginian, December 24, 1896

Click image to open full size in new tab

Article Text

he Law is Trying to Fix the Blame for the I Big Chicago Failure. FCEIVED DEPOSITS AFTER FAILURE 9 the Charge Brought-They Were Admitted to Ball-Runs on Two of the Banks Continue-A Remarksblc Record of Failures throughout the Country Yesterday. Chicago, December Charges and counter charges in connection with the management of the National Bank of Ilinois were made to-day and engrossed he attention of the financial community o the exclusion of the days events surrounding the big financial collapse. The public scare is practically over and a complete restoration of confidence seems to have been effected. BANK OFFICERS ARRAIGNED By arrangement of the police department, counsel for the defendants and Justice of the Peace W. T. Hall, the acused private bankers Edward S. Dreyr and Robert Berger. entered Justice Hall's private courtroom this afternoon. Detective Fay who held the warrants which F E. Kennedy, a saloon keeper and depositor at Drever & Co.'s bank, had sworn to. announced that the men vere under arrest. The charge in each ase is that the bank received a deposit if $153 at the close of business last Saturday, knowing at the time that they were insolvent. The defendants were accompanied by Adolf Kraus, their lawyer, and Charles 1. Wacker, of the Wacker & Birk Brewng Company The latter signed the bond of the bankers in the sum of $500 each for their appearance in Justice Hall's court January 2. Kennedy says 10 is acting for himself only. but his action is regarded as premature and III& advised by those who believe Dreyer Co.'s failure could not be foreseen. A SHORT RECEIVERSH!P. The shortest bank receivership on record-forty-eight hours-was that of John H. Nichols, who was appolited reeiver Monday afternoon for Frederick Veirzma, proprietor of the Roseland Savings Bank of Roseland, which cleard through the National Bank of IIIInois, The receiver appeared before Judge Maney this afternoon and reportd there were assets of $83,000 in cash and real estate and liabilities of $51,600. SufIcient money had been raised to carry on the business and the judge dischargd the receiver. The bank will open its loors to-morrow morning. THE RUNS KEPT UP. The runs on the Illinois Trust and Savings and Hibernian banks continued to-day in lesser degree. and when the usual hour arrived there was not enough of it line at each bank to dignify the seare as : run. No vestige of the exeitement is expected after Christmas day. The officers of the Illinois Trust were so confident that the run on their bank had come to an ignoble end that after paying out under the GO day notice rule for depositors of over $100 for an hour or so. decided to remove all restriclinis and began payment in full 10 all depositors in line. At the Hibernian bank the notice was adhered to. A staff of accountants, in charge of an expert. was put to work during the day it the Dreyer & Co. and Wasmandorff S Heinmann banks. and next week a report is expected which will give an inelfigent Idea of the condition of both houses. A SCAPEGOAT. Vice-President Hammond, who Is charged with pulling the wool over the yes of the directors of the defunct National Bank, would not talk for publicaNon when seen to-day at his Evanston home, but a friend. speaking for him. sadd: W. A. Hammond is to be made the scapegent of the failure of the bank He is a broken man to-day but he is not any more to blame for the amount of money loaned on Calumet Electric seenHty 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 an officer of one of the biggest banks in Chicago, to depreciate Calumet road stock and to this end these two men accomplished the wreck of the National Bank of Illinois. Every member of the Finance Committee and directors of the failed bank knew he full amount of the Citlumet loan and hoped to make individual fortunes on the success of the venture. They were given stock of the road and the purpose of the !cal was to sell the property and besides paying the bank loan. make a neat sum for the directors. There has been a harp contest between the General Elecand South Chicago City Railway Companies to get control of the Calunet bonds. The latter road will be worth $5,000,000 in five years and the outdiders who ruined the bank knew it. but

8. December 24, 1896 The Norfolk Virginian Norfolk, VA

Click image to open full size in new tab

Article Text

THREE ASSIGNMENTS. Two the Result of the Illinois Bank's Failure. Chicago, Dec. 23.-The American Brewing. Malting and Elevator Company, the George A. Welss Malting and Elevator Company, and George A. Welss, Individually, assigned last evening in the County Court. The assignments of the two companies, which are intimately connected in business, and that of Welss, were brought into court together. The assignee of the American Brewing, Malting and Elevator Company is the Chicago Title and Trust Company. The George A. Welss Malting and Elevator Company, and George A. Weiss, assigned to the Security Title and Trust Company. No statement was filed as to the assets and liabilities, The failure of the two corporations was the result of the failure of the National Bank of Illinols. The two companies were borrowers from the bank and were indebted to it when it failed to the amount of over $500,000. The corporations were both organized through the efforts of George A Welss, who Is president of the George A. Welss Malting and Elevator Company. The American Brewing. Maiting and Elevator Company Is the owner of extensive malt hhouses on North Ashland avenue, which are leased to the other company and are used by it in the manufacture of malt. and has a large brewery adjoining the malt houses. The two are closely related in business, one buying from and selling to the other. The attorneys In the case refused to give any statement of assets or liabilities.

9. December 24, 1896 Kansas City Daily Journal Kansas City, MO

Article from Kansas City Daily Journal, December 24, 1896

Click image to open full size in new tab

Article Text

TO SAID HAVE CAUSED BASE THE PLOT CHICAGO BANK FAILURE. SCHEME TO MAKE MILLIONS. CALOBJECT WAS TO DEPRECIATE STOCK. UMET ELECTRIC Buy Wreckers Intended Consolidate Then With to The Up the Stock, Their Ronds and Line Other Pockets in the Deal. Hammond, Chicago, Dec. 23. of W. the A. National Bank pulling of ond vice who president has been charged of the with defunct Illinois, the wool over the talk eyes to-day when Through seen in bank, would not at Evanston. made palatial home however, he his intimate friend, calculated to inculpate statement an which is well as two or bank. three The Post makes several directors, connected as with the and men who are not the above statement the following: the be made gives A. Hammond of the scapegoat of said the friend. he W. Illinois, thef ailure is to but National "Ham- is Bank of a bryken man to-day, the amount of mond is more to blame for securities than are not any loaned on Calumet finance committee its and meney the members of the directors. It was a conman of the bank to the purposes Chicago of City rail an officer to depreciate necessary neeted and with the South city of one of the best this the way banks of this stocks, and to the known electric road's brought about Illinois. Calumet end these two National men Bank of had been wrec King of the S funds, "securities" 475,000 The of the bank the Calumet brilliant. Cause and an loaned on wrecking was Calumet stock investigation, plan for depreciat this valuable track, propbuy it. Then sixty- combine three miles with of new the combining South equipment erty of and franchise eventually and make of fortune Chicago with the Chicago railway, millions City railway within five or ten the with full years. a loan was increased of the finance to com- the directors knowledge "The of members was made known commitof the deal mittee and Members lateron of the bank finance were given to was tee and and officers the purpose besides of paying the the the bank disell stock. the road and, good round a sum severe for conter the General loan, make There a has been Electric secure and conrectors. between Chicago the City railway the Calumet to and road, it was and stocks road South trol of the which bonds go of with could them. finally be sold the thought that the like $3,000,000 a or man $4,000,mected connected to the at something a brilliant idea Chicago for City who railway had been through are with was the South bank, and the men the bank. It that has backing wreck Calumet and the prohabilities will be sold and to the his succeeded. Calumet Electri City railway man his name the to the Chicago who lent pot out of friend, South scheme the banker, to make a good the matter the deal himself. banker took the in attention of "The safe part one: the He to called the fact somewhere, that Caluwas bank a examiner had disappeared Bank of prob- Iisecurities the National and had a met the intimating that good share of them that the linois all. finding beably officers of the hot on had on "The had examiner them was insactions bank. their they trail, and the to push salo of the Could foot for house became delayed ved thirty matter have Calumet been Electric among the bank's clearing gan bank the the alarmed. securities securities or effected, would sixty the as days. have been would have but without to not the sale found to the bank, been loss sets. The a loss or heavy course at public But this tryto the bank. of persons disturbance stockholders possibly suit of the the Calumet purpose Electric road. alone would not the S. Dreyer to years ago and for to reduce ing "Three control bank $1,000,000 E. trying three when years due the owed Hammond the reduced has been one-half it was to Mr. was closed and this was If that. of It the bank Hammond that for the Dreyer doors Vice President the securities and Weiss SatThat accomplished. to these two men they disappeared come out later. condition loans _have disappeared. point may bank who has been of talking became afternoon. urday One director a great in deal the public since the took $12,000 out the concern bank Saturday for the knew falsifica- the of the was no for occasio the directors loan. You where can't tion of the 1 000.000 loan "There of accounts Calumet in a bank withcover amount directors up do a their Trust duty and Savings notice bank given called to their to-day The Illinois the sixty and days paid all no run who what- also drew Tuesday There was savings banks that depositors money the other the thers anxiety for Some of notice and as the ever. the abated. it will has comptroller in made in gave withdrew among Washington deposito do the Dec likewise following statement Eckels to-day made the statement should have some connection quarters with save that the efforts National Bank was of and been made from to failing: effort possible Illinois legitimate closed the and directors instructe made. Every Before fully it informed The attention proper- of take house by officers to; clearing were immediate bank steps. committee was pursued and the called to the that the course the facts, but be was saf enters of ly the opinion not only justified and proper by thing clearing to was it a wise, When a bank officers and in directors such done. association. its to conduct scandal it to also its house are not only prevent bound loss creditors. and but way as shareholders to which and it associated. has been own banks with such a condition system and been called to the regret that bank in the associal clation has in the But developed in clearing any house such drastic of the that any upon to take end it will prove and country to and every the security benefit to clearing of bank measures all the banks house association depositors. TROUBLE for Suit the Dissolution add LOUIS to COMPANY IN of the South

10. December 26, 1896 The Jersey City News Jersey City, NJ

Article from The Jersey City News, December 26, 1896

Click image to open full size in new tab

Article Text

MAY REOPEN THE BANK. Directors of an InsolventInstitution Confer With Mr. Eckels. WASHINGTON, Dec. 26, 1896.-George E. Adams, Wm. H. Page, Wm, D. Kerfoot and Charles H. Corwith, directors of the National Bank of Illinois, had a conference with the Comptroller of the Currency this morning with a view to reopening the bank for business. The conference did not result in any important definite action, but it is probable that a first dividend of fifty per cent. on claims proved will be declared in a very short time. No insolvent national bank has ever been able to do so well by its depositors within so brief a period subsequent to its failure. The four directors represented that they did not know the bank had invested so heavily in Calumet Electric Railway stock, speculation in which caused Comptroller Eckles to warn the Directory in December, 1895, and compelled the Chicago Clearing House Association to euspend the bank. A suggestion in the newspapers yesterday that signatures to letters received by the Comptroller from the Directory were not genuine, was not taken up or discussed when Comptroller Eckels produced the letters for the inspection of the four directors. Mr. Eckels promised to do everything he could in co-operation with the Directory to pull the bank through its difficulties. They will not have another conference. Mr. Adams will issue a statementrabout the talk with the Comptroller later in the day.

11. December 27, 1896 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 27, 1896

Click image to open full size in new tab

Article Text

With a View to Re-opening. Washington, Dec. 26.-George D. Adams, William E. Page, William D. Kerfoot and Charles R. Corwith, directors of the National Bank of Illinois, had a conference with the comptroller of the currency this morning with a view of reopening the bank for business. The conference did not result in any definite action, but it is probable that a first dividend of 50 per cent on claims proved will be declared in a very short time. No insolvent national bank has ever been able to do so well by its depositors within such a brief period, subsequent to its failure. The four directors represented that they did not know the bank had invested SO heavily in Calumet Electric railway stock, speculation in which caused Comptroller Eckels to warn the directors in December, 1895, and compelled the Chicago Clearing House association to suspend the bank. A suggestion in the newspapers of yesterday that signatures to letters received by the comptroller from the directory were not genuine, was not taken up or discussed when Comptroller Eckels produced the letters for the inspection of the four directors. Mr. Eckels promised to do everything he could in co-operation with the directory to pull the bank through its difficulties. They will not have another conference.

12. December 27, 1896 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 27, 1896

Click image to open full size in new tab

Article Text

DIRECTORS MEET ECKELS. The Controller Willing to Aid the Illinois National to Resume. WASHINGTON, D. C., Dec. 26.George S. Adams, William E. Page, William D. Kerfoot and Charles R. Corwith, directors of the National Bank of Illinois, had a conference with the Controller of the Currency this morning with a view to reopening the bank for business. The conference did not result in any definite action, but it is probable that a first dividend of 50 per cent on claims proved will be declared in a very short time. No insolvent National Bank has ever been able to do so well by its depositors within so brief a period subsequent to its failure. The four directors represented that they did not know the bank had invested so heavily in Calumet Electric Railway stock, speculation in which caused Controller Eckels to warn the directors in 1895 and compelled the Chicago clearinghouse association to suspend the bank. A suggestion in the newspapers of yesterday that signatures to letters received by the Controller from the directory were not genuine was not taken up or discussed when Controller Eckels produced the letters for the inspection of the four directors. Mr. Eckels promised to do everything he could in co-operation with the directory to pull the bank through its difficulty. They will not have another conference.

13. December 27, 1896 New-York Tribune New York, NY

Article from New-York Tribune, December 27, 1896

Click image to open full size in new tab

Article Text

A CONFERENCE OVER AFFAIRS OF THE FAILED NATIONAL BANK OF ILLINOIS. Washington Dec 26.-George E. Adams William E. Page William D. Kerfoot and Charles E. Corwith, directors of the National Bank of Illinois, had a conference with the Controller of the Currency this morning with a view to reopening the bank for business. The conference did not result in any important definite action, but it is probable that a first dividend of 50 per cent on claims proved will be declared in a very short time. No insolvent National bank has ever been able to do so well by its depositors within so brief a period after its failure. The four directors represented that they did not know the bank had invested so heavily in Calumet Electric Railway stock, speculation in which caused Controller Eckels to warn the directors in December, 1895, and compelled the Chicago Clearing House to suspend the bank. A suggestion in the newspapers yesterday that signatures to letters received by the Controller from the directors were not genuine was not taken up or discussed when Controller Eckels produced the letters for the inspection of the four directors. Mr. Eckels promised to Go everything he could in co-operation with the directors to pull the bank through its diffculties They will not have another conference. Mr. Adams gave this statement to the United Assoclated Presses this afternon 'We had a very pleasant Interview with the Controller of the Currency Our purpose was to show what we had tried to do to improve the condition of the bank since the receipt of the Controller's letter a year ago. Our talk was mainly about the Calumet Electric. We feel that the Controller will do all that can be done to realize all that can possibly be realized out of the assets. We feel hopeful about the result. We made no suggestions about the receivership, either for any one or against any one. Controller Eckels late this afternoon appointed John C. McKeon permanent receiver of the Illinois National Bank Mr. McKeon has been National Bank Examiner for Chicago, and the vacancy thus created has been filled by the assignment of Joseph T. Talbert, National Bank Examiner for St. Paul and Minneapolis, to the Chicago district. Chicago, Dec. 26.-Benjamin B. Jones, ex-paying teller of the wrecked National Bank of Illinois, who was arrested Thursday night on the charge of embezzling $20,000 of the bank's funds, was removed today by order of Justice Grosscup to the Du Page County Jall at Wheaton, to remain there until the next Federal Grand Jury passes on his case or he is able to furnish the $10,000 bond required to effect his release Ex-Judge Prendergast, who represented Jones in a settlement with the bank, said his client met all demands made of him, but the bank drove a hard bargain. reducing Jones to a penniless condition His family was forced to go to relatives to live, and Jones is said to have been in and out of Chicago repeatedly, working at anything to get an honest living. He says he never tried to avoid arrest, and is not guilty of any embezzlement, alleging that a dozen employes of the bank had access to the money in the vaults. He was away on a vacation in September. 1895. and on his return to the bank was confronted with a shortage It is understood that Wilson. who is under bond pending sentence for complicity in the embezzlement. accuses Jonez of making him a dupe in the case. and Wilson may be the principal witness against Jones.

14. December 31, 1896 New-York Tribune New York, NY

Article from New-York Tribune, December 31, 1896

Click image to open full size in new tab

Article Text

EXCITEMENT OVER IN CHICAGO. Chicago, Dec. 30.-At the Atlas National Bank and the National Bank of Illinois affairs have dropped into a rut, and are running along without particular incident. Over $100,000 was paid out to depositors at the former bank yesterday or through the National Bank of America on its account. It is now evident that the accounts of depositors cannot be closed by the end of the year, as many people who would have rushed to the bank. were it reported to be in danger of failing. are now extremely slow in drawing out their funds. At the Dime Savings Bank there was scarcely a ripple of excitement all day, and Its affairs appeared to have settled down to the ordinary plane. There were fewer rumors around town and the financtal sky cleared materially. The Van Nortwick collapse had no disturbing influence on the local situation. W. A. Paulsen, who was the principal owner of the failed Central Trust and Savings Bank, filed a bill in the Circuit Court 10-day to restrain the Atlas National Bank from disposing of a note for $30,000 made by him to the bank, and to restrain President Grannis and Charles B. Farwell, a director and exUnited States Senator, from disposing of their own property so that Paulsen cannot collect any of the damages he may be awarded at the trial of his suit for $250,000 against the bank. Grannis and Farwell in connection with the note, and the closing of Paulsen's bank by the failure of the Atlas to clear for it.

15. January 8, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 8, 1897

Click image to open full size in new tab

Article Text

BANKS ABROAD. LONDON, Jan. 7.-The weekly statement of the Bank of England issued today shows the following changes as compared with the previous account. Total reserve, increase, £452,000; circulation, decrease, £93,000; bullion, increase, £359,193; other securities, decrease, £2,047,000; other deposits, increase, £487,000; public deposits, decrease, £321,000; notes reserve, increase, £421,000; government securities, increase, £1,965,000. The proportion of the Bank of England's reserve to liability, which last week was 44.28 per cent, is now 44.97 per cent. Paris, Jan. 7.-The weekly statement of the Bank of France today shows the following changes: Notes in circulation, decrease, 66,375,000 francs; treasury accounts current, decrease, 67,600,000; gold in hand, decrease, 6,275,000, bills discounted, decrease, 110,850,000; silver in hand, decrease, 2,150,000. ENGLISH IMPORTS. LONDON, Jan. 7.-Board of trade returns show total imports for 1896 increased £25,117,677 over 1895. The exports have increased £14,032,193 over those of 1895. NEW YORK MONEY. NEW YORK, Jan. 7.- Money on call easy at 1½ per cent; last loan, 1½; closed 1½@2 per cent; prime mercantile paper, 3½@4½; sterling exchange, strong, with actual business in bankers' bills at $4.87@4.87¼ for demand, and $4.84¼ for sixty days; posted rates, $4.84¼@4.85 and $4.87½@4.88; commercial bills, $4.82¾@4.83; bar silver, 64⅝; silver certificates 64¾@65⅛c. CHICAGO MONEY. CHICAGO, Jan. 7.- Money steady, unchanged. New York exchange, par. Foreign exchange, demand, $4.87⅛; sixty days, $4.84⅛. WHISKY TRUST DECISION. CHICAGO, Jan. 7.-The United States court of appeals today handed down an important decision in the whisky case. The court decided that the leases made by the old Whisky Trust cannot be enforced, and are void. This rids the American Spirits Manufacturing company of about fifty leases, running for about twenty years, and involving something like $1,500,000. BANK CLEARINGS. St. Paul, $468,670.77. Minneapolis, $1,166,399.19. New York, clearings, $108,885,453; balances, $6,546,008. Boston, clearings, $18,098,175; balances, $2,347,751. TREASURY STATEMENT. WASHINGTON, Jan. 7. Today's statement of the condition of the treasury shows: Available cash balance, $230,137,716; gold reserve, $138,539,551. BANK OF ENGLAND RATE. LONDON, Jan. 7. -The Bank of England's rate of discount remains unchanged at 4 per cent. CHICAGO BANKS WARNED. CHICAGO, Jan. 7.-It has been ascertained positively that several banks which have deposits in the defunct National Bank of Illinois were warned of what was to come, and, as a result, their money was withdrawn just in time to save them from being carried down in the wreck. Henry W. Austin, president of the Oak Park State bank, made the statement today that he had received information of the dangerous condition of the Illinois National during the week previous to the failure. Acting upon this tip Mr. Austin says he immediately took out of the bank the money his bank had there. Five thousand dollars was withdrawn Friday previous to the Monday in December when the National Bank of Illinois failed to open its doors for business. The following day, Saturday, $45,000 more, which constituted the balance due the Oak Park State bank by the National Bank of Illinois was taken out.

16. January 10, 1897 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, January 10, 1897

Click image to open full size in new tab

Article Text

SPOKANE, Jan. 9. --Special-Congress- man-elect Jones, Municipal Judge Quinn, Cyrus W. Happy, Judge Blake and other prominent Populists, left for Olympia to- day ostensibly to work in the interests of Turner and, George Foster. It is gener- ally conceded that Turner has a badly split delegation. Today is the last day of the Poultry As- sociation's show, and the attendance has been unusually large. Besides, it was the young folks' day and they turned out in goodly numbers. The officers express themselves as pleased at the success of their second annual show. The kindergarten workers of this city, representing the Crocker Association and the Spokane Free Kindergarten Associa- tion, next Wednesday morning will join forces and become one. The committee appointed by the seventy-five representa- tives of the two associations has decided to recommend consolidation, and will bring forward a plan to that end at the next meeting. Spokane's bank clearances, as Brad- street's reports show, for the past week were $582,690, an increase of $88,290, or 17 per cent., over the first week in 1896, an increase of 45 per cent. over two years ago and 70 per cent. over three years ago. Henry L. Wilson arrived on the delayed overland today, after an absence of over six weeks, during which time he has vis- ited St. Paul, Chicago, Cleveland, Indi- anapolis, Philadelphia, New York and Washington on business connected with this section. In conversation with a Post- Intelligencer reporter he said, among oth- er things: "There is a slow but steady improve- ment in all lines of business throughout the middle Eastern states. Factories which have been idle three and four years have resumed operations, and the general tendency of trade is in the direc- tion of improvement. The recent bank failures were of a local character and due entirely to local circumstances. In almost every instance the suspended in- stitutions were found to be absolutely sound and almost able to meet their ob- ligations in full without the intervention of a receiver. Almost all were the reflex of the failure of the National Bank of Illinois, which itself was wrecked by the conspiracy among other banks, No great improvement need he expected until the policy of the incoming administration is fully determined and carried into law." In reply to a question as to whether it was expected that President-elect Mc- Kinley would recognize the Pacific slope in the making up of his cabinet, Mr. Wil- son said: "If there is any representation in the cabinet from the Pacific coast it will probably be assigned to California. At one time it was generally supposed that Judge Waymire, of that state, would be made secretary of the interior, but the chance of his appointment has become complicated by the opposition of Senator Perkins. There is a general disposition on the part of those who have been di- recting the power of the incoming ad- ministration to deal generously with the Pacific coast in matters of legislation and the giving of full recognition along po- litical lines. "There is a very general expression in the East of regret that this state should have thrown itself into the arms of Pop- ulism. In the eyes of the average East- ern business man, Populism represents all that is bad in government and fatal to business, peace and prosperity. We know out here that the Populists are not by any means as bad as they are sup- posed to be in the East, but it is not possible to convince any conservative Eastern business man that there is any good in the party. I would be very glad to have the Populist party now in control in this state demonstrate by its actions that conservative and good government is possible with it in power. If it gives over to an extended policy against vested interests or class legislation of any kind, it will be a long time before we regain the position occupied in the estimation of the East a year ago."

17. January 20, 1897 Las Vegas Daily Optic Las Vegas, NM

Article from Las Vegas Daily Optic, January 20, 1897

Click image to open full size in new tab

Article Text

Payment Begun. CHICAGO, illinois, January 20 Payment of the first dividend of 50 per cent. to depositors of the National Bank of Illinois, which suspended a few weeks ago, commenced to-day. Comptroller Eckels has been busy for several days signing the necessary checks and there was a long line of depositors in waiting when the doors were opened. The amount to be paid out will be nearly $5,000,000 and 3,000 depositors will share in the distribu. tion.

18. January 23, 1897 Evening Star Washington, DC

Article from Evening Star, January 23, 1897

Click image to open full size in new tab

Article Text

commercial establishments. The business panic and was almost altogether a financial of 1872 It was the same with the those of panic. troubles of 1884, and also with bankers' The panic of 1893 was a National 1890. Banks of all kinds failed. went panic. state banks and private banks May, banks, Within ten weeks, beginning national down. one hundred and sixty-five these 1893. closed their doors. Fifty of them. banks to have receivers appointed for to rehad the others were only allowed the and under conditions imposed this by time sume of the currency. At banks. contreller people lost confidence in the the Thousands of men withdrew their money boxes. stored it away in safe deposit the and business men are watching before, Today as they never have done banks the real condition of such institutions classes is and a matter of vital interest to all of our people. man who knows more about our The than any other is Mr. James He H. banks the controller of the currency of the Eckels, in fact, the great financial nerve reachis. United States. He has his feelers and out to the banks of every town ing city. Hundreds of millions million of capi- of every and more than a thousand tal of deposits owe their safety largely have dollars care. All the national banks to report his to him, and he has a large corps who to examiners, or bank detectives, of about over the as are or telegraphing nim stand. and bank moving writing United daily States, financial institutions close touch with of the country, and financiers to He how is in our the the greatest least in our financial condition is alchange felt by him before it comes to He pass. has most is a financial genius. clearest and coolest one over has Mr. of Eckels ever the presided millions heads looks in that like the Department. Still. he He does not appear to a I venture he has passed Treasury though boy. makes be the thirty, forty- you some time ago. He year of an overworked stu- offithink mark more responsible college one of the most inof our government, and his smooth-shaven face cials dent tellectual, than shows than pale, the the refinement of a scholar, rather overfed gross beefiness of the average politician. The Question of a Panic. The first question I asked Mr. Eckels when I met him in the Treasury Department today was that which begins this letter. It was as to whether we are not on the edge of a panic. Mr. Eckels replied: think not. I don't see any occasion "I suggests that a panic is possible, have which less probable. It is true there Nomuch of bank failures since a with the the Bank of Illinois, in vember been National number 1, but, exception Chicago, been of unim- the bank failures have both as to capital been of failures portant The national number has and also deposits. year of At the close of the report and had 3,679 national date several new ones slight. 1896 we that banks, have sixsince organized. Of this number only the been have closed their doors within record teen weeks. This is a very small of past as compared ten with the first ten weeks I asked. 1893. "What were the causes of the failures?' failures were in each instance local "The about by local conditions and internal brought They resulted either from accumulacauses. had management or from the period. These tion of assets under during the a boom financial depression four boom assets have had during the pas: cash. which have we not been convertible into years not good assets, in and the same banks in the with same management later ter I have failed period of ordinary They of were assets the sooner same other charac- or words, con- that during would. believe, business argued a It can be confidently any ditions. failures do not the recent condition in the such to warrant any world changed as hand indicate suggestion lanking returns. On the other our 17, of a panic. under the 'ast call. December of the received a report of the condition in 1896, them to be stronger banks the law requires. for show They show cash well reserves than amount of their deposits, discounts, as that the amounts of their loans and the inas the increased, though, of course, not been last two items have been so crease have of the might has noped been for. the large as for this, I believe, has domestic The reason of certain subjects, both investors agitation which has made the to lend and timid foreign, and those who have it. money doubtful has about the loaning increase been as large as was But expected, in Mr. the Eckels?" way of loans has and been dis"No. not the reason for this and the has made counts, agitation but which of subjects both investors lend foreign doubtful timid, domestic, having money to as soon as and those it. I believe that ought about these loaning agitations are at an end we

19. May 20, 1897 The Globe-Republican Dodge City, KS

Article from The Globe-Republican, May 20, 1897

Click image to open full size in new tab

Article Text

Max Maretzek, one of that famous trio of conductors and managers of Italian opera in earlier days, which included Strakosch and Mapleson, died in his home on Staten Island, aged 76 years. Kansas Republicans want Warden French removed from the Leavenworth federal penitentiary and B. J. Lynch given the place. Minister Buck, envoy to Japan, has been ordered to stop a week in Honolulu en route to Tokio. The decision of the government against the exchanging of the bank bills for silver coin has caused a panic in Havana. Prices of bread, milk and other necessities of life have doubled within the past few days. E. P. Edgerton, civil service commissioner during President Cleveland's first term, is dead at Cleveland, Ohio. William Carey, aged 60 years, committed suicide near Chillicothe, Mo. Drink was the cause of the deed. Judge Gibbons of Chicago decides that the American Tobacco company is a trust under the laws of Illinois, and prohibits its agents from doing business in the state. Europe is considerably concerned at the strong showing made by Turkey in the war with Greece. Bankers E. S. Dwyer, Robert Berger, Carl Noll and Adolph Nisson of Chicago were indicted by a special grand jury in connection with the failure of the National Rank of Illinois.

20. May 27, 1897 The Copper Country Evening News Calumet, MI

Article from The Copper Country Evening News, May 27, 1897

Click image to open full size in new tab

Article Text

SHOT AND KILLED HIMSELF. Second Suicide in Connection with a Bank Failure. Chicago. May 27.-Alexander T. Beckett. formerly a clerk in the National Bank of Illinois, shot and killed himself at his home in Riverside. Beckett had charge of the city collection in the National Bank of Illinois before its failure, and while somewhat eccentric and melancholy on account of his poverty, always bore the respect of the officers and his fellow clerks. Since just before the suspension of the National Bank of Illinois Beckett has been employed in the Merchants' National bank as a messenger. He had bought a home for himself and family in Riverside and was paying for it by installments. The suicide of Beckett recalls the sensational death of Vice President William A. Hammond, who jumped into the lake from Dempster street pier last January. Hammond committed suicide on account of several bad deals he had made with the bank's funds.

21. November 5, 1897 The Age-Herald Birmingham, AL

Article from The Age-Herald, November 5, 1897

Click image to open full size in new tab

Article Text

Eckels' New Associates Chicago, Nov. 4.—President-elect James H. Eckels of the Commercial National bank of Chicago will have associated with him as vice-president John C. McKeon, formely bank examiner of this district and later receiver of the National Bank of Illinois, and James Talbott, the present national bank examiner of this district, as cashier. Mr. Talbott is a Virginian by birth, and well-known in southern and northwestern banking circles.

22. November 5, 1897 The Times Richmond, VA

Article from The Times, November 5, 1897

Click image to open full size in new tab

Article Text

# A VIRGINIAN HIS ASSOCIATE. Joseph T. Talbot Will be Vice-President of Eckels' Bank. CHICAGO, Nov. 4.--President-elect James H. Eckels, of the Commercial Na-tional Bank, of Chicago, will have asso-ciated with him as vice-president John C. McKeon, formerly bank examiner of this district, and latterly receiver of the National Bank of Illinois, and Joseph T. Talbot, the present bank examiner of this district, as cashier. Mr. Talbot is a Virginian by birth, and is well known in southern and northwest-ern banking circles.

23. November 6, 1897 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, November 6, 1897

Click image to open full size in new tab

Article Text

# ASSOCIATED WITH ECKELS Will be Ex-Bank Examiner McKeon and Present Bank Examiner Talbot, Chicago, Nov 4-President-elect James H. Eckels, of the Commercial National bank of Chicago, will have associated with him in the management of that institution at least two men with whom he has been closely associated in the past. John C. McKeon, formerly bank examiner of this district and latterly receiver of the National Bank of Illi- nois, will be vice president of the Com- mercial National and Joseph T. Talbot. the present bank examiner of the dis- trict, will be cashier. Mr. McKeon is one of Comptroller Eckels closest friends. Mr. Talbot is a Virginian by birth and is well known in southern and northwestern banking circles. They will assume their new duties January 1 with Mr. Eckels.

24. October 28, 1898 The Morning News Savannah, GA

Article from The Morning News, October 28, 1898

Click image to open full size in new tab

Article Text

# A $5 BILL WORTH $10,000. It Is Lost as Far as the Real Owners of the Rare Greenback Know. From the Chicago Tribune. One missing $5 bill is making a heap of trouble for the receiver of the National Bank of Illinois. This is not an ordinary, cheap, every-day $5 bill, but one of great historic interest, and was the property of the Chicago Press Club when the bank closed its doors. This bill is the first $5 greenback that was printed under the act that was passed during the great civil war authorizing the United States to issue money to carry on the conflict. This bill was presented to the Chicago Press Club about ten years ago by George Schneider, who was then the treasurer of the club and president of the bank. Being a piece of currency of great value because of its history, it was placed in an envelope and left with the bank for safe keeping. It was placed in a pigeonhole in the vaults. When the bank closed its doors and Jonn McKeon took possession as re- ceiver the bill could not be found, nor has it been traced to this day. Every effort has been made to discover it, but no clue has developed that would lead to the knowledge of its possible wherabouts. It was not placed in the bank as a spe- cial deposit, but kept there as an accom- modation to the press club, which had no facility for protecting it from theft. "That bill came to the bank," said George Schneider, "in the regular course of business. When I saw its importance and value as a souvenir I presented it to the press club. It was of series A, No. 1, and the first $5 greenback printed by the government under Abraham Lincoln's ad- ministration. Its monetary value can- not be computed, but its rarity and histor- ical value cannot be questioned. "When I gave it to the press club I was asked to keep it in the bank vaults for safety, as the club had no way of protect- ing it, and it was of too great value to be publicly exposed. Therefore, I had it placed in an envelope and sealed, and placed it in a pigeon-hole in the vault of the bank. No, it was not marked, either as to its ownership or its contents, but kept so as to be recognizable whenever it should be demanded by its owners. I don't believe there was any record of it on our books of special deposits, nor was there a memorandum regarding it in the papers of the bank." "We have made search for that bill," said John C. McKeon, vice president of the Commercial National Bank and former re- ceiver of the National Bank of Illinois, "but we could find no trace of it, high or low. I had every box and paper opened when I took possession of the bank as its receiver, but no such $5 bill ever was discovered. I have not given up hope yet that the bill will be found, for its value to collectors of these things is too great for it long to remain hidden." A coin and currency dealer told a re- porter that he would give $5,000 in cash for such a rare bill, for the greenbacks had all been called in, and No. 1 of the first series would have a value to collec- tors of these things that no one could compute. A collector of rarities of this sort would, no doubt, be glad to give $10,- 000 for such a prize. "But, then," the dealer continued, "title must be perfect, as in a piece of real estate. It would be hard to dispose of unless the person sell- ing could prove absolute ownership."

25. June 26, 1932 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, June 26, 1932

Click image to open full size in new tab

Article Text

TRAYLOR STEMS RUN ON BANK IN CHICAGO June A. by many dempresidential his National bank and $10,000,000 First Union Savings today by appearing on the banking floors and for president of among the the been banks steps put than Both floors customers. of intended of fear engen dered in the brought of banks here that be during the usual hours and be Traylor told off any depositor wishes to the Tray said promoted by those friends. the best posiin tell your be open Monday morning and every at The thinned normaley been restored.