Bank of Atlantic - Atlantic, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: January 1, 1893*
Location: Atlantic, Iowa (41.404, -95.014)

Metadata

Model: gpt-5-mini
Short Digest: efb84f68

Response Measures

None

Description

Article describes that during the financial strain of 1893-96 the National Bank of Atlantic went into the hands of a receiver and was liquidated; no run is mentioned. The liquidation was completed by the son and reported May 10, 1906. OCR errors in the article (dates and names) were corrected (e.g., National Bank of Atlantic).

Events (2)

1. January 1, 1893* Receivership

Newspaper Excerpt: during the financial stream of 1593-96... the bank of Atlantic, which he owned, went into the hands of a receiver.
Source: newspapers

2. May 10, 1906 Other

Newspaper Excerpt: After Ten Years' Work, Pays Off Last of Bankers' Obligation... completed liquidating an Indebtness of $700,000.
Source: newspapers

Newspaper Articles (1)

1. June 1, 1906 The Times Dispatch Richmond, VA

Article from The Times Dispatch, June 1, 1906

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Article Text

ASSUMED OF BURDEN DEAD FATHER'S DEBTS Loyal Son. After Ten Years' Work, Pays Off Last of Bankers' Obligation. DES MOINES, May 10.1m vindien. tion of his father's name, James G. Whitney, of Atlantic, completed liquidating an Indebtness of $700,000. 111s had been a Inbor of love, extending over a period of ten years. During the financial stream of 1593-96, his father, Franklin H. Whitney, became a bankrupt and died, and the bank of Atlantic, which he owned, went into the hands of a receiver. The son was mado receiver, and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin 11. Whitney was the founder of the city of Atlantic. He laid out the town sito and established the National Bank of Atlantic, which he subsequently converted into a private instution. Ho became a millonaire. Eventually he speculated too heavily in Kansas City and Birmingham, Ala., real estate and his business collapsed. The shock killed him. It was not believed his estate would pay fifty cents on the dollar, but his son took a solemn vow to see mat no creditor lost a cent, and he has kept his word to the letter.