Article Text
FAILURE OF A WESTERN BANKER. Atlantic, Iowa, Sept. 30.-F. W. Whitney personally assigned to-night to J. B. Bruff in trust for all debtors. All surplus is to pay debts of the Bank of Atlantic. of which he is the senior member. The
3143. Bank of Atlantic (Atlantic, IA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- October 1, 1896
- Location
- Atlantic, Iowa (41.404, -95.014)
Metadata
- Model
- gpt-5-mini
- Short Digest
c5fc4138
Response Measures
None
Description
The Bank of Atlantic (owned by F. H. Whitney & Son) was assigned and closed October 1, 1896; a receiver (J. B. Bruff) was appointed and the institution was in receivership with reports filed and claims being paid. No contemporaneous run is described — the closure followed the owner's failure/assignment.
Events (3)
1.
October 1, 1896
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- F. H. Whitney personally assigned to J. B. Bruff in trust after his failure; bank closed due to owner/management failure and insolvency.
- Newspaper Excerpt
- Bank of Atlantic, owned by F. H. Whitney & Son, which closed its doors October 1, filed his report...
- Source
- newspapers
2.
October 26, 1896
Receivership
- Newspaper Excerpt
- James B. Bruff, receiver for the Bank of Atlantic ... filed his report with the clerk of the courts today. It shows the condition of that institution ... assets ... liabilities ... .
- Source
- newspapers
3.
October 27, 1896
Other
- Newspaper Excerpt
- Receiver Bruff of the Bank of Atlantic has filed an official statement. Assets, exclusive of the Frank P. Whitney estate, $194,000; liabilities, $200,500. Whitney made a deed of trust to the receiver ... to be applied on the indebtedness of the bank to depositors, leaving the surplus ... This insures the payment of depositors in full ...
- Source
- newspapers
Newspaper Articles (10)
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ASSIGNED. Failure of a Prominent Business Man of Atlantic, In. Atlantic, Ia., Oct. 1.-At six o'clock Wednesday night F. H. Whitney personally assigned to J. B. Bruff in trust for all debtors, none preferred. All surplus is to pay debts of the Bank of Atlantic, of which he is the senior memher. The assets amount to $520,000, and the liabilities to $260,565. Mr. Whitney has been very ill for the past two weeks and his condition is alarming. The assignment causes much excitement among business circles, as he was considered gilt-edged.
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Bank Creditors Will Be Paid. ATLANTIC, Ia., Oct. 4.-Developments in the Bank of Atlantic and F. H. Whitney's failure tend to show that all claims will be paid in full, even if the property turned over to the receiver has to be sold at half its value. Whitney's condition is critical and he may not live twenty-four hours.
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Domestic. The thirty-eighth anniversary of the historie debate between Lincoln and Douglas was commemorated by Knox College, in Galesburg, III., by the unveiling of a bronze tablet. Major McKinley received delegations at Canton, Ohio, from the States of Ohio, West Virginia and Indiana, numbering in all 3600 visitors. The Major delivered speeches to each delegation. President Cleveland arrived at Indian Harbor, Conn.. where he rejoined his family at E. C. Benedict's country house. William J. Bryan concluded his campaign in Indiana and started for Iowa and the Northwest. Bishop W. D. Walker of North Dakota, has been elected Bishop of the Episcopal diocese of Western New York. Daniel G. Griffin and F. W. Hinrichs, "Gold Standard" Democratic candidates for Governor and Lieutcnant-Governor of New York, were formally notified before a large meeting at Cooper Union, New York City. They both made speeches attacking Mr. Bryan. Three men attacked Julius Coslin, of Youngstown, Ohio, in a Pullman sleeper at the Erie station, in Jersey City, N.J., and, robbing him of $2250, escaped, leaving him helpless. The police of New Haven. Conn., assert that trainmen on the New York, New Haven and Hartford Railroad murdered several tramps for stealing rides on freight trains. W. J. Bryan traveled during one day from Louisville to Indianapolis, speaking in these cities and at way stations. A delegation of Republicans from East Brady, in the county of Clarion, Penn., wen in the rain to call on Major McKinley at Canton, Ohio. The delegation was made up of miners, farmers and workingmen. A new electric motor was successfully tried on the Thirty-fourth street branch of the elevated railway. New York City. The Philadelphia players won a brilliant victory over the Australians in thethird and last of the series of cricket matches. Ten thousand persons heard William Jennings Bryan's speech at the baseball grounds in Memphis, Tenn. The general store owned by Burlingame & Pitts, in East Olean, N. Y., was destroyed by fire. The junior partner of the firm, Leon Pitts, who had sleeping apartments on the second floor, was burned to death. Frederic R. Coudert, of the Arbitration Commission, returned to New York from Europe. He examined in the Vatican, through the courtesy of the Pope, valuable archives bearing on the Venezuelan dispute. Randolph Percival, thirteen years old, doomed by consumption, hanged himself in his home in New York City. Allan L. McDermott declined the Bryan and Sewall Democracy's nomination for Congress in New Jersey. The second quadrennial convention of the National Association of Democratic Clubs was held in the Auditorium at St. Louis, Mo. Vice-President Stevensou delivered an address in the afternoon, in which he declared emphatically for Bryan and Sewall, and indorsed the Chicago platform. He was folto .ved by Chauncey F. Black. The conventioned declared for Bryan and Sewall and the Chicago platform. The Populist State Convention in Syracuse, N. Y., indorsed the Democratic State and Electoral ticket. excepting for Judge of the Court of Appeals. Half of the business portion of Ladonia, Texas, was destroyed by fire. The landlady of the hot in which the fire started and two others perished. Frank H. Whitney and Whitney & Son, managers of the Bank of Atlantic, Iowa, have gone to the wall. J. B. Bruff has been appointed receiver, and annountes the bank proper has $200,000 liabilities and assets of $175,000 that cannot be made available at once. The first of the trio of new torpedo boats which are being built at the Columbian Iron Works, Baltimere, Md., for the United States Navy has been successfully launched. George Barnum, a brother of the late P. T. Barnum, was murdered in his hut at Harrison, Mich. Barnum was reputed to be wealthy. When his body was found it showed signs of a terrific struggle. His head was literally battered in with some blunt instrument. The but had been ransacked and everything of value was taken. A cloudburst in the Whetstone Mouhtains sent a flood of water through the east end of Benson, Arizona, destroying several buildings. Twelve persons are believed to be drowned. The bodies of William Zeek, a barber, his wife and two children, and Oscar Ashburn have been found. The path of the storm was twelve miles wide. Walter Harris, flfteen years old, of New York City, while riding a bicycle, was run over by an express wagon and killed. It was learnel that the sixteen-year-old daughter of the proprietor of the Hotel America. New York City, had committed suicide because she was not allowed to return to school when she wanted to. Foreign Notes.
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CONDITION OF BANK OF ATLANTIC. Receiver Files His First Report of Assets and Liabilities. ATLANTIC, Ia., Oct. 26.-(Special.)James B. Bruff, receiver for the Bank of Atlantic, owned by F. H. Whitney & Son, which closed its doors October 1, filed his report with the clerk of the courts today. It shows the condition of that institution to have been as follows: ASSETS
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Depositors Protected. ATLANTIC, Ia., Oct. 27.-Receiver Bluff of the Bank of Atlantic has filed an official statement. Assets, exclusive of the Frank P. Whitney estate, $194,000; liabilities, $200,500. Whitney made a deed of trust to the receiver of property worth $500,000, to be applied on the indebtedness of the bank to depositors, leaving the surplus, at the lowest estimate,, over all indebtedness, about $300,000. This insures the payment of depositors in full and is in conformity with Mr. Whitney's dying wish.
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THE NEWS IN IOWA Hansen's radical headache cure cures nervous diseases etc., caused by excesses An old man named Ed Wiatt was run over by a hose cart at Ottumwa and will probably die. J. Roshek, a stone-mason, was run over by a wagon at Dubuque and sustained injuries which resulted in his death. The postoffice at Otho burned a few nights ago and $200 in cash went up in the flames. The cause of the fire is not known. Patrick Creehy, a well known citizen of Burlington, had his head terribly gashed in a street car wreck and is now in a serious condition. Carl Westfall, a prominent German farmer living two miles north of Kenwood, committed suicide by hanging. No cause is known for the act. E. F. Sperry of Knoxville has just picked some June apples from the trees in his yard. This is the second erop off of those trees this season. Judge Wade, of Iowa City, sentenced Uriah and Jehu Trimble, convicted of assault upon two small girls near Lone Tree, to thirteen years in the penitentiary at hard labor. Highland Park College, Des Moines, has just published "A Little Book," elegantly illustrated. containing a splendid write-up of that noted school It is mailed tree upon request. William Harris, who killed George Frank, of New York city, in Des Moines on the night of September 7, was incarcerated in the state penitentiary a few days ago. His sentence is twenty-five years. John McFlinn and a steamer deck hand, named Cohen, were stabbed in a row with two colored chicken pickers at Burlington. Both men were seriously injured. The negroes were placed under $1,000 bonds to appear for trial. Fire broke out in Goff's livery] barn at Weldon. completely destroying it and McCullough's restaurant and barber shop adjoining. The movable property of both buildings was saved, but the buildings were totally destroyed. The total loss is $1,800 to $2,000, with about $1,000 insurance. The outer door of the safe at Macy Bros.' bank at Lynnville was blown open a few nights ago. The vault door was not wrecked. It is thought the noise of the explosion scared the burglars away. The door was blown into fragments. The safe and contents were insured. There is clue to the burglars. Receiver Bruff, of the Bank of Atlantic has filed his official statement of the bank, showing assets of $194,000 and liabilities of $205,000. Whitney's property will enable the receiver to pay all claims and depositors in full, but it will take some time to collect in the bills receivable and to dispose of the real estate. Janitor Erhardt, of the Jennings Street school at Sioux City, arrested Ed Black and Marguerite Wilson recently for "sparking" on the schoolhouse steps. Their trial was set for hearing but at the last moment Erhardt dismissed his case. Black and Miss Wilson will probably sue for false imprisonment. Men fixing the gas pipes in the basement of the First M. E. Church at Burlington left a leak which caused an explosion, creating a fire that did $10,000 damage to the building, which was one of the finest churches in Iowa. Ample insurance covers the loss. Great damage was done to the fine decorations by water and smoke. Alonzo Arnold. of Marshalltown, dropped dead on the street from heart disease, after eating a hearty supper. His wife and four children survive him. He had lived in Marshall county some twenty-five years and was a harness maker by trade and inventor of a number of harness appliances that he has realized quite a fortune from. Fred Muele, a German farmer, 28 years old, suicided at Sheffield. He and his brother rent a farm together. He. had missing hours
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Atlantic Bank Meets Claims. ATLANTIC, Ia., March 15.-James B. Bruff, the receiver of the Bank of Atlantic, will today pay off claims on the bank amounting to $55,000. This reduces the liabilities from $205,000 to $150,000. The reduction includes $32,000 in notes; etc., held by other banks. Thus far in the disposal of the bank's property the receiver has not touched the bulk of F. H. Whitney's personal property, which was deeded to the bank at the time of the assignment. Mr. Bruff says that if this property can be sold for even a medium price there will be sufficient money to pay all indebtedness.
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IOWA CONDENSED. John Hollis, a Carbondale miner, was killed a few days ago by a falling rock. He knew he was in a perilous place, but joked about the danger. A chunk weighing nearly a ton fell upon him, breaking almost every bone in his body. His wife is dead and he leaves an orphan boy 6 years old. A Clinton dispatch says: Miss Bertna Knaack, aged 22, a niece of Captain Knaack, of the Clinton-Davenport steamer Vern Swaine, mysteriously disappeared at or near Princeton, Iowa. Her wraps, hat and valise were found on the boat. She was to have been married to a prominent Davenport man on June 23. No trace of her can be found. Atlantic dispatch: Receiver Bruff, of the Bank of Atlantic, has made his first report, showing a total of $66,852.05 received from real estate sales and collateral paper, and disbursements of about $60,000 on preferred claims, etc. The probabilities are that the claims of the creditors of the Whitneys and the Bank of Atlantic will be paid in full. At Des Moines recently in the trial of the case against the commissioners of the Iowa Soldiers Home before the federal court on the charge of violating the law in retaining the pensions of the inmates, the attorney general moved to dismiss the case, as the evidence did not prove any violation of the federal law on the part of the officers and commissioners of the home. The motion was considered and the case dismissed. C. Burrell, principal of the Jesup city schools, has been acquitted of the charge of assault and battery upon the person of Frankie Young, a 13-year-old girl, and daughter of George Young, one of the wealthiest and most prominent farmers in the county. the evidence showed that Frankie did not begin studying an arithmetic lesson as promptly as Burrell desired, and was called to the desk, in company with others, to receive punishment. She became frightened and ran away, falling on the school house steps. She was picked up and severely beaten by the teacher with a heavy wooden ruler. Her shoulder was dislocated, both arms and body carrying marks of the whipping. The justice held that the punishment was not inflicted with malice, and would leave no permanent injury, therefore found for the defense.
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THE NEWS IN IOWA Fred Riel, who killed Carl Leveka in a saloon row at Des Moines some weeks ago, has been sentenced to five years' imprisonment in the Fort Madison penitentiary at hard labor. Riel will appeal the case to the supreme court. Near Strawberry Point, James Jewett and Martin Marquardt, farm laborers, attempted to drive across the railroad tracks in front of a train and were struck by the locomotive. Jewett was cut in two and Marquardt was terribly injured. The fine barn of Charles Hanna at Danville was burned with contents, consisting of all his farm machinery, 2,000 bushels of corn, 600 bushels of oats, 25 tons of : hay and one horse. The total loss was $6,000, with only $800 insurance. The fire was probably started by tramps. The big engine in the Oskaloosa steam laundry plant went to pieces and came near wrecking the building. The big fly-wheel was broken into a thousand pieces. A panie ensued among the girls employed there, but luckily no one was injured. Mr. Seevers. the proprietor, estimates his loss at about $500. Miss Bertha Knaack, aged 22, a niece of Captain Knaack, of the Clinton--Davenport steamer Vern Swaine, mysteriously disappeared at or near Princeton, Iowa. Her wraps, hat and valise were found on the boat. She was to have been married to a prominent Davenport man on June 23. No trace of her can be found. Receiver Bruff of the Bank of Atlantic, has made his first report, showing a total of $66,852.05 received from real estate sales and collateral paper, and disbursements of about $60,000 on preferred claims, etc. The probabilitiesar that the claims of the creditors of the Whitneys and the Bank of Atlantic will be paid in full. John Vahl, a farmer residing three miles south of Marion, was drown ed in the Cedar river near Linn Junction while bathing. He could not swim and went in beyond his depth. His companions were unable to rescue him. Earl West of Mt. Vernon was drowned in the Cedar river at Ivanhoe bridge. Both bodies have been recovered. Albert Hertz was drowned in the Iowa river near Iowa City. His body was recovered two hours later. He was 20 years of age and a recent gradnate of the high school. He was the eldest son of A. J. Hertz, of the Iowa City school board. Horton Smith, a fellow swimmer, was dragged down and almost drowned in an attempt to save Hertz. Canvassers have commenced a sys. tematic effort in Van Buren county to secure signatures of consent for the opening of saloonsin the county under the mulet law. Van Buren contains no cities of 5,000 or over. Sixty-five per cent of the voters in the entire county will have to sign a petition before the liquor traffic can obtain legal recognition. Since it became a one-cent paper in 1895, the Des Moines Daily News has increased its circulation from 4,000 tc 15,000. It is now offered for $1 a year and its general manager, John J. Hamilton, announces that as soon as a circulation of 20,000 is attained, this amazingly low rate will be made permanent. The Daily News already has double the circulation of an y other daily in Iowa. In the federal court at Des Moines the cases against the commissioners of the Soldiers' Home resulted in Judge Woolson instructing the jury to return a verdict for the defendants. District Attorney Fullen consented to the dismissal of the cases against the