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RUN ON A BANK. - Chicago Institution Suffers by Another Failure. Chicago, Feb. 20.-A run was started today on the Jackson Trust & Savings bank, it being thought by many of the depositors that the institution is involved by the failure of the Bank of America I three days ago. President Eagan said the bank is able to stand the run.
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FEAR ANOTHER BANK INVOLVED Rush Made Today by Depositors Jackson Savings & Trust Co. Chicago, Feb. 20.-There is fear that the Jackson Trust & Savings Bank is involved in the failure of the Bank of America, caused by a run on the former institution today. The bank officials, however, say they will meet all demands.
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Run on Chicago Bank. CHICAGO, III., Feb. 20.-A run on the Jackson Trust & Savings bank began today as a result of mention of its connection with the failure of the Bank of America and the announcement that the state had begun to scrutinize its securities. The court appointed as receiver F. M. Creeleman, of the Aronson Lumber company.
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RUN BEGAN ON TRUST COMPANY (Scripps News Association) CHICAGO, Feb. 20.-A run on the Jackson Trust & Savings bank began today as a result of its mention in connection with the failure of the Bank of America and the announcement that the state had begun to scrutinize its securities.
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Run on a Bank. Chicago, Feb. 20.-A run on the Jackson Trust and Savings Bank began today, following the announcement that State Bank Examiner Jones had begun a scrutiny of the financial affairs of the institution. Officials of the banking house made public a statement declaring that the run would be met successfully; that the bank would not close its doors and that there was plenty cash available to meet all demands.
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RUN ON A BANK Jackson Trust and Savings Bank Experiences a Run Today. Special to the Herald. Chicago, III., Feb. 20.-A run on the Jackson Trust and Savings Bank was begun this morning as a result of the report that the state bank examiner had begun an investigation of the institution. Up to noon the bank had paid out about ninety thousand dollars. The bank officials say the bank will not close.
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WANT THEIR MONEY DEPOSITORS START RUN ON CHICAGO BANK. Despite Promise to Keep Open Until 5 o'clock, Notice is Posted Invoking the Sixty-Day Notification Clause. Chicago, III., Feb. 20.-A run was started today on the Jackson Trust and Savings Bank, it being thought by many of the depositors that the institution is involved by the failure of the Bank of America three days ago. At the hour set for the opening of the bank, 300 depositors were in waiting, and as soon as the doors were opened they commenced to withdraw their funds. It is not known that the institution is a loser through loans to F. c. Creelman, whose loans from the Bank of America were the immediate cause for the closing of that concern. The amount of money loaned to Creelman by the Jackson Trust and Savings Bank is said by its officers to $25,000, but reports circulated, which alarmed depositors, put the amount at several times $25,000. W. H. Eagan, President of the Jackson Trust and Savings Bank, said today: "We have loaned on collateral security $25,000 to F. C. Creelman, and we believe the loan is good. Even if it is not, we cannot be injured by any run. We have ample funds and we can obtain all the outside assistance we wish, but it is not necessary for us to ask it." The bank yesterday, in an effort to cover possible losses through the Creelman loan, took over the business of the Illinois Hardwood Lumber company. a corporation in which Creelman is intereated, and attempted to sell some of the assets at a sacrifice. It was enjoined from proceeding in this work by the federal court. The Jackson Trust and Savings Bank, according to a recent report of its resources and liabilities, had savings amounting to $750,000. Its capital stock is $250,000. and a surplus fund of $50,000 was reported with undivided profits of $32,000. Among its resources were $900,000 approximately, in loans and discounts. and $284,000 in stocks and bonds. The officers are W. H. Egan, president: David Decker and B. F. Demuth. vice-presidents, and William M. Lawton, cashier. It has been clearing through the Continental bank. Judge Landis, in the federal court today appointed John J. Knickerbocker receiver for the estate of F. C. Creelman requiring bonds of $5,000. Mr. Knickbocker was also appointed receiver of the Aronson Lumber Company a corporation in which Mr. Creelman is heavily interested. The bonds in this case were fixed at $10.000. Despite the statement by the bank officers the payments to savings depositors would be made until 5 o'clock in the afternoon. a notice was posted much before that time, saying that no more withdrawals would be permitted until after the notice of sixty days, which the bank has a right to demand, has expired. Cashier Lawton said that the notice was posted not because the depositors could not be paid, but because depositors were stampeded and would only draw out their money to put it in another bank. Commercial accounts were paid out as rapidly as requested. By afternoon It was estimated by the officers of the bank that $150,000 of commercial and savings accounts had been withdrawn.
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Run on Savings Bank. CHICAGO. ILLS.. Feb. 20.-A run was started today on the Jackson Trust and Savings Bank. it being thought by many of the depositors that the institution was involved by the failure of the Bank of America three days ago. $150,000 was with. drawn.
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Start a Run on a Bank. Chicago. Feb. 21.-A run was started Tuesday on the Jackson Trust and Savings bank. It being thought by many of the depositors that the Institution is involved by the failure of the Bank of America three days ago.
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Chicago Bank President Resigns. CHICAGO, Feb. 21.-At a stormy meeting of the directors of the Jackson Trust and Savings bank today. President William N. Bagan resigned his position. The run on the bank is about over and it is announced from the directors' meeting the Institution expected no further trouble.
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President Egan Resigns. Chicago, Feb. 22.-At a stormy meeting of the directors of the Jackson Trust & Savings bank, President W. N. Egan resigned his position. The run on the bank is about over and it was announced from the directors' meeting that the institution expected no further trouble.
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EAGAN OUT OF IT. Kandas Man No Longer Connected With Jackson Savings. Bank. Chicago, Feb. 23.-W. H. Eagan, the former Hutchinson, Kan., man, is no longer president of the Jackson Trust and Savings bank. The bank is to be reorganized and he will not be in the new institution. Mr. Eagan submitted his resignation to the directors and it was accepted. In accepting the resignation of President Eagan the directors declared that the action was taken for the best interest of the bank. Mr. Eagan stated that he retired voluntarily. After the meeting of the bank directors a statement was made that notes, assets and securities held by the bank which were considered of doubtful value had been withdrawn and converted into cash. To do this, it was reported on good authority last night, the directors were compelled to raise $800,000. This amount was turned into the assets of the institution. The directors, who met in the office of Joy Morton in the Railway Exchange building, also issued the following notice: At a meeting of the directors of the Jackson Trust and Savings bank held this day in the office of Joy Morton careful scrutiny was made of the notes, bills receivable and all other assets held by the bank and all such as were considered in the slightest degree doubtful were withdrawn and cash substituted therefor without one cent of loss to the bank. Reports concerning the condition of the bank have been exaggerated and unwarranted; there has been a slight run, but all the depositors have been paid promptly on demand. The doors of the bank were kept open a half hour after the regular closing time this afternoon for the purpose of accommodating such depositors as were desirous of withdrawing their money today. The bank will be open for business as usual on Friday at 10 o'clock and will continue in the banking business. On account of the crowd in the bank