4085. Van Nortwick bank (Batavia, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 29, 1896
Location: Batavia, Illinois (41.850, -88.313)

Metadata

Model: gpt-5-mini
Short Digest: d5b30d67

Response Measures

None

Description

Multiple contemporaneous articles state the Van Nortwick bank at Batavia did not open and an assignment of the Van Nortwick brothers' property was made to the Equitable Trust Company (voluntary assignment/liquidation). Reports explicitly say there was no run on local banks. The assignment/receivership implies permanent closure; no reopening is reported in these articles. OCR variations (Van Northwick) corrected to Van Nortwick as given.

Events (1)

1. December 29, 1896 Suspension

Cause: Voluntary Liquidation
Cause Details: The Van Nortwick brothers made a voluntary assignment of their property to the Equitable Trust Company after the voluntary liquidation of the Atlas National Bank (they were large Atlas stockholders and borrowers).
Newspaper Excerpt: The Van Nortwick bank at Batavia did not open this morning ... the suspension of the Van Nortwick bank at Batavia and the assignment by William M. and John S. Van Nortwick of all their vast property interests to the Equitable Trust Company of Chicago.
Source: newspapers

Newspaper Articles (11)

1. December 29, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, December 29, 1896

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BANKS WITH BROKEN BACKS The Banks Beat Bryan and Gave Victory to Advance Agent of Prosperity. ENJOYING FRUITS OF THEIR *TRIUMPH Serious Bank Disasters in Illinois, Minnesota and Virginia To-day-Of Course Depositors Are Promised Full Payment. Batavia, Ill., Dec. 29.-The liquidation of the Atlas bank at Chicago has precipitated the suspension of the Van Northwick bank at Batavia. An assignment made by W. S. to the Northwick has been Equitable and liabilities Trust J.S. com- Van pany of Chicago. The are said to aggregate $2,000,000. The Van Northvicks interests are largely in paper mills and manufacturing industries valned at $2,500,000. AND STILL ANOTHER. Minneapolis, Minn. - The Columbia an institution of comrecent National paratively bank, establishment its doors having this capital closed and is in the to its examiner. morning $200,000 According hands of last the state- bank ment on December 17, it had loans and discounts amounting to $348,145; bonds to secure circulation $50,000; real estate and mortgages $48,728; due from other banks $42,897; cash reserve $34,872; other cash items $11,852; national bank notes outstanding $45,000; due to other banks $136,679; deposits subject to certificates check $101,507; cashier's of deposit checks $632,934; certified and $3,313; bills payable $15,000. Cashier Joseph Goebletter said: "We could have stood the pressure a little longer, but to protect the majority we closed this morning. We have $33,000 in cash and inside of sixty days we expect to have fully $100,000 more collected. Our total liabilities are only $247,000. There is no doubt that we will be able to pay depositors in full and effect a fair settlement with the stockholders." The officers are: Charles Kettleson, president; H. Thorson, vice-president; Joseph Goebletter. cashier. The bank is the immediate charge of Geo. . Coffin, deputy comptroller of the currency. "I believe," said Mr. Coffin, "that the suspension will not cause any further trouble. The national banks of this city are strong financially." ANOTHER FAILURE AT MINNEAPOLIS. The Washington bank, a state institution, closed its doors this noon. This bank had a capital of $100,000, and by the last statement, at the close of business on December 17, it had $407,104 1 loans and discounts; $14,228 in overdrafts secured; $20,165 in stocks and bonds; $14,475 in real estate, and $88,272 in cash on hand. The deposits are $363,133; certificates of deposit,$112,587;bank deposits, $84,937. A. C. Haugan, city treasurer, was one of the founders of the bank and is one of the directors. O. E. Breecke is cashier. BANK DISASTER IN ILLINOIS. Batavia, Ill.-William and John Van Nortwick's bank did not open this morning. There was no run on the other banks in Batavia and no failures are reThe Van Nortwicks held 464 the Atlas National of the bank here is closing shares ported. in bank due and to the the assignment of the brothers to the Equitable Trust company of Chicago. Cashier Grimes, who was in charge of the Van Nortwick bank, said to-day that he had no intimation that the bank would liquidate until 12 o'clock yesterday noon, when C. C. Wilson, representing the Equitable Trust company, walked into the bank and said that he had been sent down by the company to take charge. "The assignment made by Van Nortwicks," said Grimes, "includes everything they have and it is my belief that the creditors of the bank will e paid in full." IN THE IRON DISTRICT. Washington.-Comptroller of the Currency Eckels received notice to-day that the Commercial National Bank, of Roanoke, Va., had suspended payment. Bank Examiner Sands was sent to take charge. Eckels does not regard the failure as serious. The last report to him, November 17, showed the assets to be $263,504; deposits, $75,000; other libilities, $85,000 The failure is attributed by Eckels in part to speculation.

2. December 29, 1896 San Antonio Daily Light San Antonio, TX

Article from San Antonio Daily Light, December 29, 1896

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BIG ASSIGNMENT. THE VAN NORTWICKS ASSIGN FOR $2,500,000 TO COVER Their Immense Property, Including Banks And Vast Manufactories All Turped Over to the Equitable Trust Co. Batavia, III., Dec. 29.-The suspension of the Atlas National bank, of Chicago, has preipitated the suspension of the Van Nortwick bank, of Batavia, and the assignment by William M. and John S. Van Nortwick of all their vast property interests, aggregating $2,500,000, to the Equitable Trust of Chicago. Articles of assignment were filed in the Kane county court at Geneva and were three in number, William M. and John Van Nortwick each assigning as individuals, and the two assigning as a firm. Their schedule of indebtedness was not filed with the articles of assignment but the liabilities are said to aggregate $2,000,000. The Van Nortwick interests, aside from Batavia property, is largely in paper mills and manufacturing industries. Their last statement of assets, prepared a year ago, placed their wealth at $2,500,000. They own business blocks, residences and two farms in Batavia township, the whole valued at $150,000; also the Western paper bag factories at Batavia and Kaukauna with a daily output of 2,000,000 bags, also a straw board mill at Ba-tavia; the paper mills at Appleton, Wis., valued at $800,000. They own valuable pine lands in Wisconsin and valuable stocks in the Second National bank of Aurora; the Aurora cotton mills and the Kaukauna and Appleton banks. They are principal owners of the Appleton Manufacturing company of Geneva, Ill. The brothers own 440 shares in the Atlas National bank of Chicago. Such was the confidence of the depositors in the Van Nortwick bank that there was no run on the bank, notwithstanding the rumors of trouble, and the Van Nortwicks' connection with the Atlas. Cashier W. E. Grimes, of the bank when seen by a reporter declined to give a statement of the bank's assets and liabilities, simply declaring that the depositors would be paid fully. The Van Nortwicks' assets, he said. were ample to meet all liabilities if the assignees took sufficient time to realize upon the property. In regard to the assignment of the Van Nortwicks at Batavit, Ill., the Chicago Tribune this morning prints the following: "When John Van Nortwick, who is known as the 'King of Kane county,' died in 1890,he left $7,000,000 to his two sons. The elder Van Nortwick had been a pioneer in western railroad building. He surveyed the old Galena road from Chicago, and for five years was president of the Burlington and Quincy. From the modest beginning of $3,000 which he had with him when he came to IIlinois 50 years ago he accumulated the fortune which went to his two sons. This property was in the shape of large paper manufacturing interests at Batavia and along the Fox river in Wisconsin, in bank stocks, in Kane county institutions, in large farms around Batavia and the paternal bank in that thriving Illinois city. The sons instead of following in the footsteps of the father, began to spread out in many line# aside from those in which their patrimony was made. No new enterprise seemed unworthy of a portion of the Van Nortwick fortune. It was in this manner that $900,000 in cash went into the combined Lock Paper company at Appleton, Wis. A bagatelle of $800,000 went into the development of the mill at Batavia, for which nothing but a storehouse has yet been found. Had the National bank of Illinois not failed a week ago, all would have come out well for the brothers. but that failure cut off negotiations they had had under way for a long time on a new plant at Appleten United States

3. December 30, 1896 The Morning News Savannah, GA

Article from The Morning News, December 30, 1896

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FAILURE OF A BIG PAPER FIRM. THE VAN NORTWICK BROTHERS OF BATAVIA, ILL., ASSIGN. Their Suspension Hastened by the Voluntary Liquidation of the Atlas National Bank of Chicago. They Owned 464 Shares of Its Stock and Owed the Bank $300,000-The Brothers Supposed to Be Worth $2,500,000. Chicago, Dec. 29.-As a result of the voluntary liquidation of the Atlas National Bank of this city, William M. and John S. Van Nortwick, who held 464 shares of stock in that bank, and were borrowers therefrom to the amount of $300,000, made an assignment yesterday to the Equitable Trust Company of Chicago, who took charge of the Van Nortwick's bank at Batavia yesterday. The failure involves the entire interest of whose estimated to their wealth, the Van according Nortwicks, last statement, often estimated at and is that $2,500,000, amount, representing, three besides times the Van Nortwick Bank and other property at Batavia, large manufacturing interests. The total liabilities will probably be near $2,000,000. The articles of assignthree in number, were filed in the court at Geneva at Kane ment, county and 4 o'clock J. S. yesterday afternoon, William M. Van Nortwick, each assigning as individuals, and the two as a company. The interests of the Van Nortwicks are large and diversified. They own the Western paper bag factory, at Batavia, employing several hundred hands, with a daily output of 2,000,000 bags. Large factories at Kaukan, Wis., for the manufacof manilla paper and at ture Memphis, "woodenTenn., for the making of paper ware," are branches of the Western Paper Bag Company, and are conducted under the same management. The Van Nortwick Paper Company owns mills at Combined Locks, near Appleton, Wis., which cost $800,000, also the Manufacturing Company at Van Ill., with a turns out wind $20,000, Appleton Nortwick, which capital mills stock and of so much real estate agricultural In Batavia implements. heard is owned that people are often to 'The Van Nortwick's own the brick block, remark: by via." them Besides in cost which Batais located, erected at a of other real estate, own land there, valued $40,000 acres the bank of and farm they also at $50,000. thous- 400 Among their possessions are ands of acres of pine lands in Wisconsin. They are stockholders in the old Second National Bank, and the Aurora Cotton at Mill Company at Aurora, and banks Appleton and Kaukana, Wis. The Van Nortwicks probably are the most extensive paper manufacturers in the west, and the ramifications of their business extend all over the western country. Had it not been for the spreading out in this direction, it is thought that the crash of yesterday would have been avoided. Paper and Pulp Company, Kaukana Paper all of the Van paand which The the Appleton names Company, Nortwick valley under in the Fox river are constituted one combinations ever consolidated, est per interests of formed. the strong- The included the Company, combination per paper and Pulp Kaukana Appleton Paper Paper Com- Pa.. Combined Lock Sulphite Company. Company, and pany, Union Wisconsin Pulp Fiber These Company manage- comare combined under one the manufacture of and express paper, ment manila panies for sulphite books, business print, and wood pulp, and do an immense in these specialties. The main office of the companies is in Appleton. The Appleton Paper and Pulp Company, was incorporated in 1873, and has a capital of $150,000. The buildings were burned a few years ago, and were never rebuilt. The Koukana Paper Company plant is at Kaukana, Wis., seven on the Chicago railroad. This company was western located from Appleton, and North- miles incorporated in 1879, and has an authorized capital of $100,000. Seventy-five workmen are employed, and the output is ten tons of manila paper daily. The Combined Lock Paper Company was in 1890, with a capital of $150.the mills have an output 000, incorporated tons and forty of tons thirty of pulp daily, and of paper. This company makes printing paper exclusively. Wisconsin Sulphite Fiber Comowns valuable wood for making pulp to pany plies The wood land, the and mills supnamed in the foregoing. The Union Pulp Company has mills at Kaukana. It was incorporated in 1879, with $50,000 capital. The capacity of these mills is twenty tons of pulp each working day.

4. December 30, 1896 The Scranton Tribune Scranton, PA

Article from The Scranton Tribune, December 30, 1896

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AFFECTED BY THE ATLAS. Another Western Bank Is Obliged to Make an Assignment. Chicago, Dec. 29.-As a result of the voluntary liquidation of the Atlas National bank of this city, William M. and John S. Van Nortwick, who held 464 shares of stock in the bank and were borrowers therefrom to the amount of $300,000, made an assignment today to the Equitable Trust company, of Chicago, who took possession of the Van Nortwick's bank, at Batavia, this state, today. The failure involves the entire interests of the Van Nortwicks, whose estimated wealth, according to their last statement. is $2,500,000, often estimated at three times that amount, and representing besides the Van Nortwick bank and other property at Batavia, large manufacturing interests. The total liabilities will probably be near $2,000,000. The articles of assignment, three in number, were filed in the Kane county court at Geneva. William and J. S. Van Nortwick each assigned as individuals and the two as a company. The interests of the Van Nortwick's are large and diversified. The Van Nortwick's probably are the most extensive paper manufacturers in the west, and the ramifications of their business extend all over the western country. Had it not been for the spreading out in this direction, it is thought, the crash would have been avoided. In Batavia so much real estate is owned by them that people are ofter heard to remark, "The Van Nortwick's own Batavia." Besides the brick block in which the bank is located, erected at a cost of $40,000, and other real estate, they own 400 acres of farm land there, valued at $50,000. Among their possessions are also thousands acres of pine lands in Wisconsin.

5. December 30, 1896 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 30, 1896

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VAN NORTWICK FAILURE. SO FAR IT HAS CAUSED NO FURTHER TROUBLE. Extensive Interests Which May or May Not be Affected by the Crash -Failure of Enough Ready Cash the Cause. Batavia, Ill., Dec. 29.-Although the Van Nortwick Brothers owned a large part of the manufacturing industries and real estate of this town, the assignment of their vast and varied interests yesterday, caused no other business trouble or a run on the banks today. There was more surprise and regret than excitement, and a general belief that the assets were clear and profitable, that every creditor would get dollar for dollar, although it might take some time to realizè in the depressed condition of business. William Van Nortwick was in Chicago today, consulting with his attorneys and the Equitable Trust company officials, receivers of the properties. The First National bank took in more money than was paid out. Cashier Grimeslay, in charge of the Van Nortwick bank, which did not open its doors this morning, said he received information that the bank would be closed yesterday afternoon. Deposits were received until the last minute. The creditors of the bank are expected to get their money first, as the majority are in need of their savings. The assignment includes the individual property of the brothers, even to their homestead. and the stock of the firm in the Filmore county bank, Western Paper Bag company, Batavia; Appleton Manufacturing company, of Appleton, Wis.; Memphis Woodenware company, of Memphis, Tenn.; Aurora Cotton Mills, of Aurora, Ill.; Kaukauna Paper company, of Kaukauna, Wis.; Combined Locks Paper company; Wisconsin Sulphate Fibre company and Union Pulp company of the Six River valley, in and near Appleton, Wis. There are pine land holdings in Missouri and other personal interests, which cover all that remains of the estate of $5,000,000 inherited in 1890 from their deceased father, John Van Nortwick. The cash value of assets are estimated by the firm's attorney in Chicago, A. W. Green. at $1,000,000 and the liabilities are $400,000 to $500,000. This estimate of assets is believed here to be very low. The brothers are blamed for not financiering their property and accused of investing to the limit of their resources in various enterprises, without taking the precaution of keeping a reserve of quick assets, such as stocks and bonds, upon which they might have realized in an emergency such as this was. A long time loan was being negotiated on the $700,000 plant at Appleton, Wis., which would have enabled the brothers to weather the storm, when the Illinois bank failed. Having a bank of their own, and having borrowed to the legal limit-$300,000-from the Atlas bank. in which they were heavy stockholders, it was a difficult task for the Van Nortwicks to get TO a large amount of money from a bank where they were strangers even on their money-making properties. Their collapse was the result of failure to borrow more money.

6. December 30, 1896 The Evening Herald Shenandoah, PA

Article from The Evening Herald, December 30, 1896

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A Voluntary Assignment. BATAVIA, Ills., Dec. 30.-The liquidation of the Atlas National bank, of Chicago, has precipitated the suspension of the Van Nortwick bank, of Batavia, and the assignment by William M. and John S. Van Nortwick of all their vast property interests, aggregating $2,500,000, to the Equitable Trust company, of Chicago. Their counsel declares that they will meet all claims, and that the assignment is wholly voluntary.

7. December 30, 1896 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, December 30, 1896

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CLOSED ITS DOORS. Lipuldations of the Attas Bank Causes is Failure-Depositors Lose Nothing. BATAVIA. 111., Dec. 29.-Teh Hquidation of the Atlas National Bank of Chicago has precipitated the suspension of the Van Nortwick bank of Batavia and the assignment of William H. and John S. Nortwick of all their vast property Interests, aggregating $2,500,000. to the Equitable Trust Company. of Chicago. Articles of assignment were filed In the Kane county court at Cenava and were three In number, William M., and John 8. Nortwick each assigning US 111dividuals and the two assigning as a firm. Their schedule of Indebtedness was not filed with the articles of assignment. but the liabilities are said to asgregate $2,000,000. The Van Nortwick Interests aside from Batavia property are largely In paper mills and manufacturing Industries. Their last statement of assets prepared a year ago placed their wealth at $2,500,000. They own 11 business block, residences, and two farms In Batavia township. the whole valued at $150,000; also the Western Paper Bag factories of Batavia and Kaukauma, the largest concerns of the kind In the world, with n daily output of 2,000,000 bags; also n strawboard mill at Batavia, unused. The paper mills at Appleton, Wis., are valued at $600,000 They own valuable pine lands in Wisconsin and have stock in the old Second National Bank of Aurora. the Aurora cotton mills and the Kaukauna and Appleton banks. They are principal owners of the Appleton Manufacturing Co., of Genova, III. The brothers own 464 shares In the Atlas National Bank of Chicago. The Van Nortwick bank In Batavia had a large clientage. The bank has been soliciting deposits for some time past. paying large interest. IL fact which with good business men gave evidence of weakness, If not distress. Such was the general confiednce of Batavia depositors in the Van Nortwick, however, that there was no run on the bank. notwithstanding the reports of the trouble of the Atlas National Bank and the Van Nortwicks connection with the same. Cashier W. L. Grimes, of the bank. when seen by R. reporter. declined to give a statement of the bank's assets and liabilities. simply declaring that the depositors would be puld in full. The Van Nortwicks assets. he said, were ample to meet all Habilities If the assignees took sufficient time to realize upon the property. A. W. Green, of the firm of Green, Robbins & Honore, who are attorneys for the Van Nortwicks. said to-day: "The assignment was wholly voluntary and was due to the desire of the Messrs. Van Nortwick 10 avoid more serious consequences as a result of the liquidation of the Atlas National Bank."

8. December 31, 1896 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, December 31, 1896

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MORE BANK FAILURES. Another Institution Goes Under In IIIInois- Others Close. Batavia, Ills., Dec. 30.-The liquidation of the Atlas National bank of Chicago has precipitated the suspension of the Van Nortwick bank and the assignment of William M. and John S. Nortwick of all their vast property interests, aggregating $2,500,000, to the Equitable Trust company of Chicago. WASHINGTON, Dec. 30.-Comptroller of the Currency Eckels has received telegraphic notice that the Commercial National bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution. Mr. Eckels does not regard the failure as a serious one. MINNEAPOLIS, Dec. 30.-The Columbia National bank, a small institution of comparatively recent establishment and $200,000 capital, has closed its doors and is now in the hands of the bank examiner.

9. January 1, 1897 Iowa State Bystander Des Moines, IA

Article from Iowa State Bystander, January 1, 1897

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Banks in Liquidation. CHICAGO, Dec. 29.--The Atlas National bank has begun voluntary liquidation and the management will retire. Asa result the Van Nortwick bank at Batavia has suspended. The Bank of West Superior, at West Superior, Wis., and the Scandia bank, at Minneapolis, have also suspended. The woman suffragists have won in Idaho, the supreme court deciding against the contention raised by the opposition that the constitution could be amended only by a majority of all the votes cast in an election. The woman suffragists had a majority of the votes cast for the amendment. Dates of the Middle Ages read thus: "January 12, 1542-3." This means that legally the year was 1542, but popularly 1543. There are nearly a quarter of a million more men than women in Australia, and in New Zealand also women are in a mincrity. "Why do they say 'as smart as a steel trap?" asked the talkative boarder. "I never could see anything particularly intellectual about a steel trap." "A steel trap is called smart," explained Mr. Asbury Peppers, in his sweetest voice, "because it knows exactly the right time to shut up." The largest annual pension is $95,000, paid by Great Britain to the Duke of Richmond. It is a perpetuity from the time of Charles 11. The widow of Calliar Bey (formerly Mrs. P. T. Barnum) expects to return to her former home in Bridgeport, Ct., and take up her residence there again.

10. January 1, 1897 Twice-A-Week Plain Dealer Cresco, IA

Article from Twice-A-Week Plain Dealer, January 1, 1897

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Batavia, Ill., Dec. 30.-Although the Van Nortwick brothers owned a large part of the manufacturing industries and real estate of this town, the assignment of their vast and varied interests Monday caused no other business trouble or a run on the other local banks Tuesday. There was more surprise and regret than excitement, and a general belief that the Van Nortwick assets were so clear and profitable that every creditor would get dollar for dollar, although it might take some time to realize in the depressed conidition of business. Cashier Grimes, in charge of the Van Nortwick bank, which did not open its doors Tuesday morning, said the had no intimation that the bank yould be closed until late Monday aftrnoon. when the agent of the receiver

11. January 2, 1897 Red Lodge Picket Red Lodge, MT

Article from Red Lodge Picket, January 2, 1897

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A BANK AT BATAVIA, ILLINOIS. Van Nortwick Brothers Have Assigned All Property. Batavia, Ill., Dec. 29.-William and John Van Nortwick's bank did not open today. There was no run on other banks of Batavia as a result of the closing of the Van Nortwick bank. and no failures reported. The Van Nortwicks held 404 shares of the Atlas National bank, and the closing of the bank here is due to the assignment of the brothers to the Equita ble Trust company of Chicago. Cashier Grimes, who was in charge of the Van Nortwick bank, said today he had no intimation that the bank would liquidate until 12 o'clock yesterday noon, when C. C. Wilson, representing the Equitable Trust company, walked into the bank. saying he had been sent down by the company to take charge. "The assignment made by the Van Nortwicks includes everything they have even to their homestead," said Grimes, "and it is my belief that the creditors will be paid in full." Cashier Grimes refused to give any statement as to the assets and liabilities of the bank. The Van Nortwicks are understood to have gone to Appleton, Wis., last night, where John Van Nortwick is president of a bank besides being interested with his brother in the Appleton Manufacturing company. The directors of the First National bank of Batavia met last night to discuss the outlook, and gave it out that the First National bank would be able to meet all demands today.