4195. Atlas National Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3503
Charter Number
3503
Start Date
December 27, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
5ad35012

Response Measures

Borrowed from banks or large institutions, Capital injected, Books examined

Description

Multiple articles (Dec 27-29, 1896) report heavy withdrawals after the failure/suspension of the National Bank of Illinois (~$900,000 withdrawn), followed by Atlas deciding to retire from business and begin paying depositors in full with Clearing House advances (~$600,000). The bank voluntarily entered liquidation and did not reopen.

Events (5)

1. May 15, 1886 Chartered
Source
historical_nic
2. December 27, 1896 Run
Cause
Local Banks
Cause Details
Large withdrawals triggered by the failure/suspension of the National Bank of Illinois and subsequent loss of confidence; county treasurer withdrawals also cited.
Measures
Stopped receiving deposits; paid depositors in cash on presentation of bank books; Clearing House committee advanced funds to pay depositors in full (approx. $600,000).
Newspaper Excerpt
The Atlas suffered heavily from the run occasioned by the failure of the National Bank of Illinois, deposits aggregating $900,000 having been withdrawn last week.
Source
newspapers
3. December 28, 1896 Other
Newspaper Excerpt
The Clearing House Committee ... decided that the associated banks of the city would advance the amount needed to pay its depositors in full (about $600,000).
Source
newspapers
4. December 28, 1896 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors decided to retire from business (voluntary liquidation) after heavy withdrawals and shrinking deposits; clearing house aided to settle claims.
Newspaper Excerpt
The Atlas National Bank of Chicago has decided to retire from business ... the associated banks of the city would advance the amount needed to pay its depositors in full.
Source
newspapers
5. February 19, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (24)

Article from The Topeka State Journal, December 28, 1896

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has $13,110 in the bank, making nearly $30,000 lost by the city during the past week. ITS WINDOW BARRICADED. Chicago, Dec. 28.-In pursuance of an agreement among directors of the Dime Savings bank, who held a secret meeting this morning, a general meeting of the directors was called for this afternoon at 3 o'clock. Treasurer Geo. W. Reed's window is barricaded and payments are suspended under the 90 day withdrawal notice clause granted in the statutes to savings banks. Simultaneously with the announcement of the Atlas National bank liquidation this morning, attention was drawn to the Dime Savings bank on account of the personnel of the respective directors governing those two institutions. W. C. D. Grannis, president of the Atlas National, is vice president of the Dime Savings bank, and several directors of the Atlas National are also on the directory of the Dime Savings bank. Contrary to the fear of the officers, there was no unusual display of excitement at the Dime Savings bank today. The bank took advantage of the 90 day notice privilege during the height of the recent agitation in banking circles to prevent a serious run that was threatened. Officials of the Atlas National vigorously denied that the Atlas liquidation in any way influenced the future course of the Dime Savings bank. At the latter there was a persistent silence as to the action of the directors. "I decline to be interviewed," said Treasurer Reed. "I may say, however, that the directors of the bank will meet this afternoon at 3 o'clock. It remains for the directors to decide what we shall do. We have suspended payment, which is our privilege. All the savings banks took advantage of this protection when the present storm broke." "Will the liquidation of the Atlas National affect this bank?" "I decline to be interviewed. The directors control all the affairs of the bank and I am instructed to say nothing." The Chicago Safety vault, which is managed in conjunction with the Dime Savings bank. was in no wise affected by the Atlas liquidation. The majority of the Dime Savings bank depositors have already filed their withdrawal notices, There was a steady stream of depositors today during banking hours. They were assured that the issuing of the notices was in no way an indication of the bank's inability to meet all demands for money, but as a means of self protection against violent flurries. Nearly all of the depositors are laboring people, mechanics, and from the humbler walks of life.


Article from New-York Tribune, December 28, 1896

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ANOTHER CHICAGO BANK CLOSES. THE ATLAS NATIONAL WILL RETIRE FROM BUSINESS-THE CLEARING HOUSE TO PAY DEPOSITORS IN FULL Chicago, Dec. 27.-The Atlas National Bank of Chicago has decided to retire from business, and the Clearing House Committee, at a special meeting to-night, decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is about $600,000. The meeting was held at the home of Isaac G. Lombard. a member of the committee, about 11 o'clock to-night. The action of the committee is expressed in the following: The Atlas National Bank having decided to re. tire from business, the Clearing House Committee has made an examination of its affairs, and on its report the associated banks of the city have dethe amount needed to pay its dein as shown by its positors cided to advance full, books December into 26, 1896, without waiting to convert its assets cash. The amount required to be advanced will not exceed $600,000 The bank will not receive any deposits from date. Checks on it will be settled through the Clearing House, as usual. ISAAC G. LOMBARD, LYMAN J. GAGE, ORSON SMITH, C. J. BLAIR. E. G. KEITH Clearing House Committee. The officers of the Atlas National are: Prestdent, W. C. D. Grannis: vice-president. C. B. Farwell cashier, B. W. Stone: assistant cashier. W.S. Tillotson. The bank was organized in 1887, many of its incorporators being officers of the Union National Bank. Its capital stock is $700.000. Mr. Grannia has been president from the start. It is given out to-night that during the last few years newer and more pushing institutions have been taking business away from the Atlas, and that as a result of these defections over $2,500,000 in deposits have been withdrawn from the bank, most of it during the last six months. Mr. Grannis is an old man, and decided some time ago to go out of business. The bank is believed to be perfectly solvent. as the action of the Clearing House committee indicates. The report of the condition of the Atlas National at the close of business December 17 is as follows: Resources-Loans and discounts. United $1,941,742.59; overdrafts, $7,620 47; States and other bonds, $59,384; premium on bonds, $3,250; real estate, furniture and fixtures, $57,177 91; redemption fund, $2,250; cash and sight exchange, $820,638.52; a total of $2,892,063.39 Liabilities-Capital stock, $700,000; surplus fund, $140,000; undivided profits. $49,031 23; circulation. $42,620; bills payable, $100,000; deposits, $1,869,412; a total of $2,892,063.39. The director's of the bank are R. C. Clowry, vice-president of the Western Union Telegraph Company: C. B. Farwell, president of the J. V. Farwell Company: W. M. Van Bortwick, banker. Batavia, III.; John L. Norton, of Norton & Co., millers; W. C. D. Grannis, Charles Kern J. C. McMullin, H. L. Martsall, C. J. Connell and E. B. Meyers. Mr. Norton is a partner of Norton & Co., who yesterday assigned in this city.


Article from Rock Island Argus, December 28, 1896

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The Day's Failures. Chicago. Dec. 28.-Partly as a result of the failure of the National Bank of Illinois last week, the Atlas National bank began a voluntary liquidation today by paying off the depositors. No deposits were received and as fast as accounts could be checked up the depositors were paid in full and their books taken up. Chicago, Dac. 28.-In pursuance of an agreement among the directors of the Dime savings bank, who held a secret session this morning, a general meeting of the directors was called for this afternoon. Treasurer Reed's window was barricaded and payment suspended under the 90 day withdrawal notice clause granted in the statutes to savings banks. Sienn City, Iowa, Dec. 28. - White & Howe company, retail shoe dealers. have assigned. It is claimed it is caused by bank failures here and in Chicago. The creditors are mostly eastern firms. It is believed they will pay in full. West Superior, Wis., Dec. 28. - The Bank of Superior has suspended. It had $25,000 capital and $50,000 surplus, largely tied up in investments. The deposits are about $100,000, of which $13,000 belongs to the City of Superior. Minneapolis, Dec. 28.-The Scandia bank, one of the smaller institutions of the city, suspended on account of being loaded up with real estate on which it could not realize. Laconia. N. H., Dec. 28.-The Laconia Car company was petitioned into insolvency today. The liabilities are $617,000; assets $407,000.


Article from Deseret Evening News, December 28, 1896

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its clearances was said to be ample, and President Grannis at the time said the Atlas National would not lose by the failure. W.A. Paulsen, who was president of the Central Trust and Savings bank, recently brought a suit for $250,000 against the Atlas National bank. W. C. D. Grannis and Charlew B. Farwell. The suit 18 based upon the trouble which Paulsen had with the bank at the time of the failure of the Central Trust and Sav. ings concern, Paulson alleged that, although his bank had deposited in the Atlas National bank collateral sufficient to cover all claims against it, clearing facilities were refused and the bank was forced to assign. The liabilities of the Atlas bank are about $2,800,000, the deposits being $1,800,000, MR. ECKELS'S STATEMENT. WASHINGTON, D. C., Dec. 28.Comptroller 4 Eckets said today the closing of the Atlas National bank (Chicago) was entirely volustary. The information he had received Indicated that all the bank's creditors would recelve payment in full and the affairs be settled promptly. Eckels said the creditors of the bank would be paid in full at once, through advances by the Chicago clearing house, and in his opinion the stock. holders would eventually realize 100 per cent. THE BANK SOLVENT. CHICAGO, Dec. 28.-Partly as a result or the failure of the National Bank of Illinois last week, the Atlas National bank began paying off its depositors today, thus marking the first step in the retirement from business. No deposits were received, and as fast as the accounts were checked up the depositors were paid in full and the books taken up. The Atlas suffered heavily from runs occasioned by the closing of the National Bank of Illinois, deposits aggregating $900,000 having been with. drawn the last week. This brought the resources down to a low figure. The clearing house committee, at the request of the officers of the bank, investigated its accounts, and the bank was found solvent. To expedite liquidation the committee pledged the all or the associated banks of Chlcago. Vice President C. B. Farewell said today: "Alter the depositors have been paid off, I believe the shareholders will receive a large percentage of their interest, It not every dollar."


Article from Alexandria Gazette, December 28, 1896

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NEWS OF THE DAY. People are crossing the Susquehanna river on the ice at Port Deposit. Willam Waldorf Astor has renounced his American citizenship, and sworn allegiance to Queen Victoria. The ways and means committee of the House of Representatives to-day began a series of tariff hearings, to last twelve days. The report of the special board shows that defective plates were supplied by the Carnegie Works for the battleships Kentucky and Kearsage. Over 800 of the men who took part in the recent strike on the West End Street Railway, Boston, have been reinstated in their former positions. Rev. Samuel Shannon, pastor of the K-street Methodist Episcopal church, Washington, died suddenly at his residence yesterday. He was 64 years of age. Charles W. Hoffman, for many years librarian of the law department of the Congressional Library, died yesterday at his home in Frederick, Md., of double pneumonia. Governor Stone yesterday made a speech to a mob that had gathered to lynch Tobias Lanahan, colored, at Jefferson City, Mo. His appeal caused the mob to disperse. Four thousand sporting men saw Owen Zeigler, of Philadelphia, and Kid McParland, of New York, lightweights, fight twenty rounds to a draw at the Broadway Athletic Club on Saturday night. Another commercial failure of large proportions was recorded at Chicago on Saturday by the appointment of the Chicago Title and Trust Company receiver of the various properties of Norton & Co., of Chicago, Lockport, Rome and Niagara Falls, N. Y. Otto Wasmansdorf, of the banking firm of Wasmansdorf & Heinemann, of Chicago, which failed last Monday as a result of the collapse of the National Bank of Illinois, committed suicide at his home yesterday by shooting himself in the right temple with a revolver. The Atlas National Bank of Chicago has decided to retirefrom business, and the clearing house committee, at a special meeting Saturday night, decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is in the neighborhood of $600,000. The feast of St. Stephen, which OCcurred on Saturday, was celebrated yesterday at St. Stephen's Church, Washington, with appropriate and elaborate ceremonies. The chief service was solemn high mass at 11 o'clock, at which were present Cardinal Gibbons, Father C.F. Thomas, of the Baltimore Cathedral, and pastors from churches in Washington. Senor Jose Andrade, Venezuelan minister to the United States, has returned to Washington from Caracas, accompanied by James J. Storrow, counsel for Venezuela before the U.S. boundary commission. Minister Audrade said there was no sign of disturbance in Venezuela; everything was very peaceful. Venezuela, he intimates, finds the proposed treaty satisfactory in every respect. When Edward Payson Weston, the fifty-eight-year-old pedestrian, at 10 o'clock Saturday night left the track In New York on which he had endeavored to equal his record of 112 miles in twenty-four hours he had walked 103 miles 4261 yards. The old man went to the office of the skating rink, in which the track was situated, threw himself on a cot and wept bitterly. A number of friends gathered around and sought to console him, but Weston refused to be comforted and reproached himself for his failure. Gov. Atkinson, of Georgia, on Saturday pardoned Harry Hill and Sidney Lascelles, better known as "Lord Beresford." These were two of the most noted characters in the penitentiary. Both were convicted of forgery. Hill's case caused a scandal involving some prominent families. Beresford pretended to represent English capitalists and swindled some parties in Rome, Ga., with whom he was negotiating for the purchase of iron properties. Both Hill and Beresford had sixteen months longer to serve. Robert Perry, one of the eight little boys bitten by a mad dog on December 1, and subsequently treated at the Pasteur institute, New York, died on Saturday near Baltimore. This makes the third victim, Robert Henry and Conrad Eppers having died from the same cause within the past week. All the boys were taken to the institute and treated within forty-eight hours after receiving their injuries, and all who have thus far died were bitten in parts of the body unprotected by their clothing. It is now an open question whether the boys died of hydrophobia


Article from Evening Journal, December 28, 1896

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CHICAGO BANK TROUBLE The Atlas National Decides to Quit Business. OTHER BANKS ADVANCE $600,000 Securities Thought to Be Able to Pay De. positors In Full-The Close of One of Chicago's Supposedly Soundest Institutions-Banker Wasmansdorffs Suicide. CHICAGO, Dec. 28.-The Atlas National bank did not open its doors this morning, and the clearing house will advance $600,000 to help it pay all claims on demand. The bank has a capital of $700,000. W. C. D. Grannis is president, and among the directors are R. C. Clowry, vice president of the Western Union; ex-Senator C. B. Farwell, ex Sheriff Charles Kern, J. C. McMullin and William M. Van Nortwick, a banker at Batavia, Ills. John L. Norton of Norton & Co., who has just failed, is a director. There has been heavy checking on the bank for two months, and the cash on hand has now dwindled to a comparative ly small sum. The directors have been the biggest borrowers. and as several of them are directors in other prominent banks the protection of the clearing house was extended. This statement was issued last night: Owing to the continued ill health of the president of this bank, it has been decided to close its business. No deposits will be received hereafter, but all depositors will be paid in cash upon demand. Depositors and correspondents are requested to present their claims before Jan. 1 next, so far as may be possible. ATLAS NATIONAL BANK, W. C. D. Grannis, President; S. W. Stone, Cashier. The Atlas National bank having decided to retire from business, the clearing house committee has made an examination 0 of its affairs, and on their rep rt the assoelated banks of the city have decided to advance the amount needed to pay its deI positors in full, as shown by its books V Dec. 26, without waiting to convert its asS sets into cash. The amount required to be advanced will not exceed $600,000. The bank will not receive any deposits from date. Checks on it will be settled through the clearing house as usual. Isaac G. Lombard, L. J. Gage, Orson n Smith, C.J. Blair, E. G. Keith, clearing house committee. h The Bank's Last Statement. 1 The bank's statement, published Dec n 18, gives: Resources, $2,892,068, and liaa bilities of the same amount, including h capital stock, $700,000; surplus, $140,000; h undivided profits, $49,000; deposits, 81.e 860,412; circulation, $42,620, and bills payable, $100,000. :One year ago the Atlas had on deposit $3,022,400. At the close of business on Saturday night the deposits were probae bly nearly $1,000,000 less. e The attention of Comptroller Eckels of was called to the condition of the bank six weeks ago-that there were loans to di rectors and officers of the bank exceeding its capital stock. S. The comptroller sent several message d telling them to reduce these loans inside n the institution. The officials cut the total 1"down to $350,000. t If it had not been for the panicky feel W ing induced by the failure of the Nationa k. Bank of Illinois, it is not unlikely tha er the Atlas would have been able to pul rthrough. nOn Thursday the officials were notified i. by some of the leading bankers that 11trouble was imminent they could call OF to them, and they would agree on a plan O 's action which would be the best for all con rcerned. The next day the Atlas official he decided that the end was in sight. A com mittee from the Clearing House was ap pointed, and on Saturday made an exam ination of the securities held by the Atlas ay They were found to be ample to cover al of liabilities, and the committee so reported leThe bank is said to have a heavy loa to of Norton & Co. 's paper. William Va to Nostwick, the Rural banker, is reporte ng to owe the bank $300,000. de


Article from The Record-Union, December 28, 1896

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ATLAS NATIONAL BANK. IT HAS CONCLUDED TO RETIRE FROM BUSINESS. The Clearing-House Committee Takes Steps to Pay Depositors Without Any Delay. CHICAGO, Dec. 27.-The Atlas National Bank of Chicago has decided to retire from business and the Clearinghouse Committee at a special meeting to-night decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is in the neighborhood of $600,000. The meeting was held at the home of Isaac G. Lombard, a member of the committee, about 11 o'clock to-night. The action of the committee is expressed in the following: "The Atlas National Bank having resolved to retire from business, the Clearing-house Committee has made an examination of its affairs and upon its report the associated banks of the city have decided to advance the amount needed to pay its depositors in full as shown by its books December 26, 1896, without waiting to convert its assets into cash. The amount required to be advanced will not exceed $600,000. The bank will not receive any deposits from date. Checks on it will be settled through the Clearing-house as usual." The officers of Atlas National are: President, W. C. D. Grannis; Vice-President, C. B. Farwell; Cashier, S. W. Stone; Assistant Cashier, W. S. Tillotson. The bank was organized in 1887, many of its incorporators being officers of the Union National Bank. Its capital stock is $700,000. Mr. Grannis has been President from the start. It is given out to-night that during the past few years newer and more pushing institutions have been taking business away from the Atlas and that as a result of the defections over $2,500,000 in deposits have been withdrawn from the bank, most of it during the past six months. Mr. Grannis is an old man and decided some time ago to go out of business. The bank'is believed to be perfectly solvent, as the action of the Clearing-house Committee indicates. The report of the condition of the Atlas National at the close of business December 26th is as follows: Recources: Discounts and loans, $1,941,742 59: overdrafts, $7,620.47; United States and other bonds, $59,384; premium on bonds, $3,250; real estate, furniture and fixtures, $57,177 redemption fund. $2.250; cash and sight exchange, $820,638 52-total, $2,892,063 39. Liabilities: Capital stock, $700,000; surplus fund. $140,000; undivided profits, $49,031 23: circulation, $42,620; bills payable, $100,000; deposits, $1,860.412-total, $2,892,063 39. The directors of the bank are R. C. Clowry, Vice-President of the Western Union Telegraph Company; C. B. Farwell, President of the J. V. Farwell Company: W. M. Van Nortwick. banker. Batavia, III.; John L. Norton of Norton & Co., millers; W. C. D. Grannis, C. Charles Kern, J. C. McMullin, H. L. Marthal, C.J. Connell, J. B. Myers. The Mr. Norton mentioned is a partner of Norton & Co., for which a receiver was appointed yesterday afternoon.


Article from Birmingham State Herald, December 29, 1896

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HOUSE FUNDS CLEARING Required to Assist the Atlas National Bank. HOUSE ANOTHER CHICAGO Steady eam of Depositors Call at the Office for Funds. IN BANK SAVINGS TROUBLE Stockholders Hope to Recover Sufficient to Reimburse ThemselvesThe Failure Precipitated a Small Sized Panic. Chicago, Dec. 28.-The Atlas National Bank, at Washington and La Salle streets was practically in charge of the House Chicago Clearing association, financial insti- representing the associated the city, when the doors were to the public at 10 opened tutions of o'clock former this morning. William C. Oakley, a bank examiner, was of the associated sunational the agent banks appointed details to the clerical and other with the work of in perintend connection voluntary cash aswith the necessary of the other banks. and other assets sistance eral liquidation securities The of collat- the will be turned over to Isaac chairman of G. Atlas Lombard, Bank the of clearing the ascommittee as trustee banks as quickly as house sociated bank the deposi- cash equivalent is paid to the tors. There was a steady stream of serious-faced business men and other creditors of the Atlas Bank passing into the building all morning. Their steps were bent towards the desks of Cashier S. tell- W. Stone, his assistant and the paying er, where anxious inquiries were made deto how and when the money on as posit would be paid by the bank. Most of the callers brought their pass books showing the balances to their credit. The books were received and the owners informed that as soon as their accounts were balanced on the books, checks on Trustee Isaac G. Lombard, president of the National Bank of America, for the full amount of their claims will be sent. Small accounts were paid in full when presented this morning, but in no case did the large depositors press for immediate payment, accepting the signed guarantee of the banks in the clearing house that all depositors would get their money in full. Many business men and bankers called to express their sympathy with the officers and directors of the bank. It is believed the stockholders will get nearly all that is due them at par. The well known connection between the Atlas bank and the Dime Savings bank, a small but old institution, causes the circulation of the report that it would also be forced to liquidate. Its doors were opened for business as usual, but there was little business to do. Depositors came to draw out their savings, but they were presented with a blank notice to the bank that If they desired to withdraw so much in ninety days from date, and required to fill out the paper. This protective rule of the bank, which was put in force December 23, exceeds the highest limit of other savings banks by thirty days, and it was made applicable today by the Dime Savings bank depositors of the smallest amounts. This rule is not enforced in normal financial times, but it was regarded necessary for the present at least by President Samuel G. Bailey. Considerable |money is due it from the Atlas bank. The Chicago Safety Vaults are also operated in connection with the bank. Other banks of the city were doing business under normal condition this morning. The officers and directors of the Dime Savings bank were not at the bank this morning to answer the numerous and anxious inquiries of depositors. It was stated that they were out attending a meeting to decide on a course of action. In view of the Atlas bank liquidation, the general opinion is that the Dime bank will follow the Atlas into voluntary liquidation within ninety days. The enforcement of the ninety days' rule on depositors who wanted to withdraw after the big bank collapsed last week did not create any excitement at the Dime bank, as the trouble did at other savings banks Depositors accepted the statement of the bank officials that the precaution was best for all concerned and the ninety days' notice could be withdrawn for immediate payment of depositors at any time the cash resources warranted such a step. The Atlas liquidation, however, brought such a run of depositors for their money that the decision was reached this morning to advise all persons not to deposit any more of their savings because they might not get what they had deposit for ninety days The hint on was amply sufficient to stop deposits and the bank relapsed into a state of suspended animation pending developments.


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


Article from Wheeling Register, December 29, 1896

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FINANCIAL DIFFICULTIES. The Atlas National Bank, of Chicago, Shuts Up Shop. No Deposits Being Accepted, and Depositors Being Paid Off as Fast as They Present Their Books-The Done Savings Bank of Chicago Affected by the Recent Failure. Bank of Superior, at Superior, Wisconsin, Suspended - Other Concerns That are No Longer Sound.


Article from The Madison Daily Leader, December 29, 1896

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Liquidation Entirely Voluntary. W ASHINGTON, Dec. 29.-Comptroller Eckels said that the closing of the Atlas National bank of Chicago was entirely a voluntary affair, and that the information he had received indicated that all the bank's creditors would receive payment in full; that no one would lose anything by the bank's liquidation and that affair would be settled very promptly. West Superior Bank Suspends. MILWAUKEE, Dec. 29.-A special to The Evening Wisconsin from West Superior, Wis., says: The Bank of Superior, doing business at East End, has suspended on account of a run with which they were threatened on account of the recent failures. An assignment was made by the directors to Henry S. Butler, who has taken possession. The bank had $25,000 capital and $50,000 surplus, which was largely tied up in investments. It is expected creditors will be paid in full.


Article from The Madison Daily Leader, December 29, 1896

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IN LIQUIDATION Payment of Depositors by the Atlas National Now in Progress. Each Depositor Receiving His Account in Full Upon Presenting Bank Book. Clearing House Committee, After Investigation, Lends Its Assistance. CHICAGO, Dec. 29.-Partly as a result of the failure of the National Bank of Illinois last week, the Atlas National bank began paying off its depositors upon the opening of the bank, this marking the first step in the retirement of that institution from business. No deposits were received, and as fast as accounts were checked up depositors were paid in full and their books taken up. The Atlas suffered heavily from the run occasioned by the failure of the National Bank of Illinois, deposits aggregating $900,000. having withdrawn last week. This and the fact that a gradual shrinkage of deposits extending over a long period of time, brought the resources of the institution down to a low figure, and it was decided to retire from business. Clearing House Investigated. The clearing house committee, at the request of the officers of the bank made an investigation of its accounts with a view to allowing the doors to close without loss to the public, and the bank was found to be solvent. To expedite liquidation, so far as the creditors are concerned, the committee pledged the aid of the associated banks of Chicago. Vice President C. B. Farwell said: "After the depositors have been paid off I believe the shareholders will receive a large percentage of their interest, if not every dollar." The Atlas is a comparatively young bank. It was organized in 1887. Its statement of Dec. 17, showed a surplus of $140,000 and undivided profits of $50,000. The statement also showed deposits of $1,860,000, bills payable to the amount of $100,000; loans and discounts of $1,941,000, and cash of $820,000. The deposits six months ago amounted to $3,500,000. Liquidation Entirely Voluntary. WASHINGTON, Dec. 29.-Comptroller Eckels said that the closing of the Atlas National bank of Chicago was entirely a voluntary affair, and that the information he had received indicated that all the bank's creditors would receive payment in full; that no one would lose anything by the bank's liquidation and that affair would be settled very promptly.


Article from New-York Tribune, December 29, 1896

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Isaac G. Lombard. president of the National Bank of America, for the full amount of their claims will be sent. Small accounts were paid in full when presented this morning, but in no case did the large depositors press for immediate payment, accepting the signed guarantee of the banks in the Clearing House that all depositors would get their money in full. Many business men and bankers called to express their sympathy with the officers and directors of the bank. It is believed the stockholders will get nearly all that is due them at par. The well-known connection between the Atlas Bank and the Dime Savings Bank, a small but old institution. caused the circulation of the report that it would also be forced to liquidate. Its doors were opened for business as usual, but there was little business to do. Depositors came to draw out their savings. but they were presented with a blank notice to the bank that they destred to withdraw so much in ninety days from date. and requested to fill out the paper. This protective rule of the bank, which was put in force December 23. exceeds the highest limit of other savings banks by thirty days. and it was made applicable to-day by the Dime Savings Bank to depositors of the smallest amounts. This rule is not enforced in normal financial times, but it was considered necessary. for the present at least by President Samuel G. Bailey No deposits were being recelved, and the bank may be said to have temporarily stopped receiving and paying out money. Considerable money is due it from the Atlas Bank The Chicago Safety Vaults are also operated in connection with the bank Other banks of the city were doing business under normal conditions this morning W. C. D. Grannis, president of the Atlas National Bank. was nearly prostrated last evening by the werry over the affairs of his institution. " believe everything is going to come out right," he said. "but matters are considerably involved now. E. B. Myers, a director of the bank and one of the original stockholders, said last evening that the immediate cause of the trouble was the withdrawal of over $400,000 in cash by County Treasurer Kochersperger following the suspension of the National Bank of Illinois. There were also other large withdrawals." said Mr. Myers, "incident upon the failure of the National Bank of Illinois and reports current regarding the supposed involved condition of the bank. But for the failure of the Bank of Illinois the Atlas would have had no trouble. for its business was in a good condition, as is evidenced by the action of the Clearng.House Committee "Treasurer Kochersperger had on deposit in the bank at the beginning of last week $678,000. The fallure of the Bank of Illinois, I suppose, made him nervous, for within a few days afterward he withdrew $438,000. The bank still owes him $240,000. but has secured him abundant.y. The bank was also unfortunate in its business with the Van Nortwicks They owed the bank about $240,000 and the whole matter would have been adjusted without trouble, but for the failure of the National Bank of Ilinois. The indebtedness was the result of the building of their big paper mill at Appleton, and about October 1 the whole property was bonded for $300,000. Boston parties nad promised to take the whole issue after election, and the matter was practically consummated When the Bank of Illinois failed. This alarmed the Boston people and the deal fell through The result was the ..tias Bank had to shoulder the whole burden. It Is abundantly secured, however, as the property of the Van Nortwicks is worth $1,000,000. Norton & Co., who went into the hands of a receiver on Saturday, also owed the bank about $30,000, but this is well secured I think the affairs of the bank will be wound up. I am in favor of doing this. I also think the stockholders will sustain no loss. Charles J. Connell, second vice-president of the Atlas National Bank, and also vice-president of the Fitzsimmons & Connell Company. contractors and timber dealers, was seen last night at his home. He expressed surprise when asked in regard to the bank's financial difficulties. and said: "I believe the institution to be perfectly sound and solvent Mr. Connell was asked to state the relations of the bank and the Fitzsimmons & Connell Company, and how much the latter owed the former. He replied: "Sometimes the bank owes us and sometimes we owe the bank. as money is deposited or drawn out We owe the bank just now a nominal sum. The amount due the bank from the contracting firm Mr. Connell decilned to say. C. B. Farwell said last night: "I have been with the committee several hours to-day, assisting in adjusting the affairs of the bank Everything is satisfactorily arranged. and all depositors will be paid in full and at once. I owe the bank a trivial sum. which will be paid to-morrow." The capital stock of the Dime Savings Bank is $160,000. The report made to the State Auditor of Public Accounts last July by the bank officers


Article from The Saint Paul Globe, December 29, 1896

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VOLUNTARY LIQUIDATION. Two Banks Decide to Retire From Business. CHICAGO, Dec. 28.-Partly as a result of the failure of the National Bank of Illinois last week, the Atlas National bank began paying off its depositors today, this making the first step in the retirement of that institution from business. No deposits were received, and as fast as accounts were checked up depositors were paid in full and their books taken up. The Atlas suffered heavily from the run occasioned by the failure of the National Bank of Illinois, deposits aggregating $900,000 having been withdrawn last week. This and the fact that a gradual shrinkage of deposits, extending over a long period of time, brought the resources of the institution down to a low figure, and it was decided to retire from business. The clearing house committee, at the request of the officers of the bank, made an investigation of its accounts with a view to allowing the doors to close without loss to the public, and the bank was found to be solvent. To expedite liquidation, so far as the creditors are concerned, the committee pledged the aid of the associated banks of Chicago. The statement of Dec. 17 showed a surplus of $140,000 and undivided profits of $50,000. The statement also showed deposits of $1,860,000, bills payable to the amount of $100,000, loans and discounts of $1,941,000, and cash of $820,000. The deposits six months ago amounted to $3,500,000. Washington, Dec. 28.-Mr. Eckels said today that the creditors of the Atlas bank would be paid in full at onoe through advances by the Chicago clearing house, and, in his opinion, the stockholders eventually would realize 100 per cent, thus losing nothing on what they had put in. Kansas City, Dec. 28.-The McCoy Banking company, of Independence, Mo., went into voluntary liquidation today. The bank refused to receive deposits this morning and began paying its depositors in full. The reason given for the bank going out of business is that its president, William McCoy, is too advanced in years to manage its affairs longer. The capital stock of the bank is $50,000. The bank's deposits amount to about $55,000 and it has outstanding loans of $72,000.


Article from The Portland Daily Press, December 30, 1896

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, STILL THE BANKS GO DOWN. More Failures of Financial Institutions In the West Reported. Minneapolis, Minn., December 29.- - The Columbia National bank of this city closed its doors today. The Columbia National bank was accredited with a capital of $200,000. The last statement published by the bank showed individual deposits of $250,000 and bank deposits of $250,000. Its loans mounted to nearly $500,000. Roanoke, Va., December 29.-The Commercial National bank of this city bas closed its doors. The paid up capital of the bank is $100,000; surplus $37,000. Comptroller Eckels says the failure of the Commercial National bank of Roanoke, Va., is not important. Chicago, December 29.-As a result of the voluntary liquidation of the Atlas National bank of this city, William N. and John J. Van Northwick, who held 461 shares of stock in that bank and were borrowers therefrom to the amount of $300,000, have made an assignment. The total liabilities will probably be $2,000,000, Seattle, Wash., December 29. - The B. E. Stetson and Post Saw Mill company closed down its plant yesterday, throwing seventy men out of employment. The over production of lumber together with the recent failures of eastern banks affecting a number of western lumber firms caused the suspension.


Article from The Saint Paul Globe, December 30, 1896

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TOO MANY IRONS To Blame for a Heavy Failure in Illinois. BATAVIA, Ill., Dec. 29-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. Articles of assignment were filed in the Kane county court at Geneva, and were three in number, William M. and John S. 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, 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 a business block, residences and two farms in Batavia township, the whole valued at $150,000; also the Western paper factories of Batavia and Kaukauna, the largest concerns of the kind in the world, with a daily output of 2,000,000 bags; also a strawboard mill at Batavia, unused. The paper mills at Appleton, Wis., are valued at $800,000. 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 company, of Geneva, Ill. 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, a fact which with good business men gave evidence of weakness, if not distress. Such was the general confidence of Batavia depositors in the Van Nortwicks, however, that there was no run on the bank, notwithstanding the reports of the trouble of the Atlas bank and the Van Nortwicks' connection with the same. Chicago, Dec. 29.-Attorney A. W. Green, who drew up the assignment papers for the Batavia bank, disclosed the principal causes which led up to the assignment, in an interview today. Aside from the Atlas bank liquidation the most important factor in the Van Nortwick crash, he said, was the recent failure to dispose of $300,000 worth of bonds in the Boston markets, secured by the great combined mills, situated on Fox river, in Wisconsin, and valued at $700,000 in a clear mar ket. Negotiations for the conclusion of the deal had been nearly completed when the National of Illinois failure was announced. This immediately put a stop on the sale of the bonds, and the Van Nortwicks were thrown upon their cash reserve once more. Mr. Green said that if this bond sale had been successful the Batavia bank would have been tided through the present storm. Appleton Wis., Dec. 29.-The failure of Van Nortwick Bros.' bank at Batavia has not yet affected the Fox river valley properties of the brothers, namely, the combined Locks Paper company and the Appleton Paper and Pulp company, of this city, and the Western Paper Bag company's mill at Kaukana. Up to date it is only the Illinois property of the brothers that is affected. And it is believed that the Fox river property will pull through unharmed. The Citizens' National bank. of this city, of which John S. Van Nortwick was president, will not be involved in the failure. John S. has resigned as president and director, and his place has been filled by Lamar Olmsted as president, and John McNaughton as director. No run has begun on the bank.


Article from The Laramie Republican, December 30, 1896

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MORE BANK FAILURES. THE VAN NORTWICK BANK OF BATAVIA SUCCUMBS TO THE INEVITABLE. h Property Interests Amounting to $2.500,000 Assigned-Another Failure at Minneapolis, the Columbia Na. tional Being the Unlucky Institution in Distress. Batavia. III., Dec. 29.-The liquida. tion of the Atlas National bank of Chicago has precipitated the suspension of the Van Nontwick bank of Batavia and the assignment of William M and J. S. Van Nortwick of all their vast proper. ty interests, aggregating $2,500,000, to the Equitable Trust company of Chi cago. Articles of assignment were filed in Kane county court at Geneva and the were three in number, William M. and John S. Van Nortwick each assigned individuals and the two assigning as as a firm. Their schedule of indebtedness was not filed with the articles of as. signment, but the liabilities are said to aggregate $2,000,000. The Van Nortwick interests amide from Batavia property, are largely in paper mills and manufacturing indus tries. Their last statement of assets, prepared a year ago, placed their wealth at $2,500,000. They own a business block. and two farms in Batavia township. the whole valued a. $150,000; also the Western paper bag factories of Batavia and Kaukauna, the largest concerns of the kind in the world. with a daily output of 2,000,000 bags: also a strawboard mill at Batavia, unused. The paper mills at Appleton, Wis., are valued at $800,000. They own valuable pine lands in Wisconsin and have stock of in the old Second National bank Aurora, the Aurora cotton mills and the Kaukauna and Appleton banks. They are principal owners of the Appleton Manufacturing company of Geneva. The brothers own 460 shores 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 paying targe interest, a fact which past, with good business men gave evidence of weakness, If not distress. Such was the general confidence the Batavia depositors in the Van Nortwicks, how. the ever, that there was no run on bank, notwithstanding the report of the trouble of the Atlas bank, and the Van Nortwick's connection with the 2 same. Cashier W. L. Grimes, of the bank. when seen by a reporter declined to 1 give a statement of the bank's assets and liabilities, simply declaring that the depositors would be paid in full. The Van Nortwick's assets, he said, it were ample to meet all liabilities S the assignees took sufficient time to 3 realize on the property. 6 AT MINNEAPOLIS. $0 Minneapolis, Minn., Dec. 29.--The inColumbia National bank, a small stitution of comparatively recent establishment and $200,000 capital, closed the its doors this morning and is now in hands of the bank examiner. According to its last statement, made decemn ber 17. it had loans and discounts to the amount of $348,145: bonds to secure n circulation, $50,000; real estate and H mortgages, $48,728; due from other banks, $42,898; cash reserves, $34,872; c other cash items, $11,852. t National bank notes outstanding amounted to $45,000; due other banks, $136,579; deposits subject to checks, $101,507; certificates of deposit, $63,594; certified and cashier's checks, $3,313; bills payabe, $15,000. Cashier Joseph Jobleter said this morning: "We could have stood the pressure a little longer, but to protect the majority we closed this morning. and We have $33,000 cash in the vault, inside of 60 days expect to have fully lia$100,000 more collected. Our total of bilities are only $247,000 and much that outstanding is not immediate. There is no doubt but we will be able des make a full account with our to positors and effect a fair settlement with the stockholders. "The recent withdrawal, which caused the trouble, were city and state funds, of which we had large deposits Of and also by county correspondents. the city and stalte money only about $111,200 remains in the bank. The majority of our individual depositors were business men." The officers are: Charles Kittleson, president; H. Thorson, vice president; Joseph Bobleter, cashier; J. C. Kittleson, assistant cashier. Among the directors are A. K. Tiesand Thomas Hanson. The bank denuty is berg in the immediate comptroller charge of George of the


Article from Omaha Daily Bee, December 30, 1896

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# RAGGED DOWN BY THE ATLAS Bank Failure in Chicago Injures Many Other Institutions. AN NORTWICKS OF BATAVIA GO TO WALL Large Property Interests Jeopardized by a Succession of Misfortunes - Other Financial Concerns in Difficulties. BATAVIA, Ill., Dec. 29. - The liquidation of the Atlas National bank of Chicago has precipitated the assignment 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. Articles of as- on the Appleton plant, the borrowing director was unable to reduce his obligations to the imperiled bank, of which he was a director. This inability to reduce the loan forced the Atlas National to apply to the clearing house for assistance, and the liquidation of the Atlas compelled the assignment of the Van Nortwicks. "No formal statement of liabilities and assets has as yet been made. Owing to the widely diversified interests of the two brothers any estimate is liable to be wild. Attorney Green ventures the rough estimate that the assets are $1,000,000 and the liabilities $400,000 to $500,000. He also says the brothers will pay dollar for dollar in time. "The general impression in Batavia is that while the bank has not been making money the side ventures of the firm have been successful. The paper bag factory at that place has been running night and day, doing an immense business. The Paper Bag Manufacturing company at Batavia has increased its time to twelve hours a day since the election, and has had orders for all its product. The manufacture of butter plates by the Memphis Woodenware company at Memphis, Tenn., also owned by the Nortwicks is supposed to be highly success- case of Frank K. Atkins, president of the defunct Colorado Savings bank, has been begun in the district court. There are ten indictments against him, and an equal number against his brother, C. O. Atkins, cashier of the bank, whose trial will follow. They are accused of wrecking the institution. The specific charge is that of accepting deposits when they knew the institution was insolvent. The bank failed during the panic of 1893, and its affairs dragged along under the supervision of a receiver until recently, when the depositors demanded an investigation and the matter was brought to the attention of the grand jury. Dr. D. H. Dougan, president of the Carbonate National bank of Leadville, has accepted the office of cashier in the Bank of Commerce of this city. At the January meeting of the Carbonate bank a vote will be taken to reduce the capital stock and the bank will gradually go into liquidation. This change will require a year, but before the close of 1897, in all probability, the Carbonate National will have passed out of existence. Dr. Dougan says that the reason for taking this step is that Leadville is no longer a profitable field for so large an institution as the Carbonate bank.


Article from Abilene Weekly Reflector, December 31, 1896

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Another Chicago Bank Fails. CHICAGO, Dec. 29.-As a result of the retirement of the Atlas national bank the Dime savings bank temporarily suspended payments. The directors of the Dime savings bank are practically the same as those of the A tlas national.


Article from Wood County Reporter, December 31, 1896

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Chicago, Dec. 29.-The Atlas National bank went into liquidation Monday in consequence of the recent disturbances in Chicago money centers. The bank was involved in the failure of the Meadowcraft Bros. and the Central Trust and Savings bank. which assigned a year ago, cleared through the Atlas W. A. Paulsen, who was president of the Central Trust and Savings bank, recently brought suit for $250,000 against the Atlas National bank, W. C. D. Grannis and Charles B. Farwell. Mr. Paulsen alleged that, although his bank had deposited in the Atlas National bank collateral sufficient to cover ail claims against it, clearing facilities were refused, and the bank was forced to assign. W. D. Grannis, the president of the Atlas, is one of the oldest bankers of the city, and C. B. Farwell, the vice president, is an ex-senator and president of the J. V. Farwell Dry Goods company. The banks in the Clearing House association have offered to furnish the necessary assistance in case it be needed. The amount required will not exceed $600,000. Six weeks ago the attention of Comptroller of the Currency Eckels was called to the condition of the bank. The report of the bank examiner showed there were loans to directors and officers of the bank exceeding its capital stock of $700,000. The comptroller sent several jointed messages telling them to "clean up" and reduce this aggregation of loans inside the institution. One year ago the Atlas had in deposits $3,221,400; on Dec. 17, 1896, they footed up $1,860,412; at the close of business on Saturday night they were in all probability nearly $1,000,000 less. The Atlas National bank began paying off its depositors yesterday, this marking the first step in the retirement of that institution. No deposits were received and as fast as accounts were checked up depositors were paid in full and their books taken up. The Atlas suffered heavily from the ruins occasioned by the closing of the National Bank of Illinois, deposits aggregating $900,000 having been withdrawn last week. This and the fact that gradual shrinkage of deposits extending over a long period of time, brought the resources of the institution down to a low figure, and it was decided to retire from business. Vice President C. B. Farwell said: "After the depositors have been paid off I believe that the shareholders will receive a large percentage of their interest, if not every dollar." The Atlas was organized in 1887. Its statement of Dec. 17 showed a surplus of $140,000 and undivided profits of $50,000. The statement also showed deposits of $1,860,000; bills payable to the amount of $100,000: 1 loans and discounts of $1,941,000 and cash of $820,000. The deposits six months ago amounted to $3,500,000. Directors of the Dime Savings bank held a secret session and a generai ** meeting of the directors was called. 1 Payments were suspended under the


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.


Article from Chicago Eagle, January 2, 1897

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broad. and has come out of Its laces at home. The Treasury gaining rapidly. There are me work in the factories than the wo months ago. Hence the sh are doing better. Yet in spite of this marked i in conditions two Chicag closed their doors. One . the second largest in the ei eposits amounting to 12 million Bryanites are delighted with th losures. They point to them ations that there has been no 1 and assent there will be The signs of better times wou more abundant had the held in the spring Instead all. Winter brings with it in 1 limates a cessation of labor , ranches of Industry. The 1 rades, for Instance, are inactive Winter is a hard season even Imes. There are so many me vork then necessarily. that the vays complaint of hard times. not been for the defeat of Br, nee coinage this winter wou the worst one this coun ver known. It would have tarvation. vinter of panie, enforced idlen It was not the aproach of owever, which broke the IIIII lonal and caused the Atlas to : ousiness. Had the last three y een marked by panies and busi ression neither bank woul losed Its doors. Had they be ged more ably and conser ether would have gone out It is well known why the IIII lonal bank failed. It loaned to noney on securities which were not worth the amount lo hem. Forgetful of the fact ssence of good banking is lei who will repay, the bank 1 million epay. to men who were not I The Atlas was not as badly 1 the other bank. but It loa nuch to two or three individual too many of its eggs in one "hat is always unwise and is when times are hard. But vould have kept on and have noney-making concern had it or an unspoken but none the le lack of confidence concernir Depositors gradually begar trawing their money and the I to suffer from anaemia. the deposits were $3 "welve days ago they were . 00,000. The heavy withdra week brought them down $00,000. Evidently the only ti do was to go into voluntary


Article from Decorah Public Opinion, January 5, 1897

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NEWS OF THE WEEK Advices from Cuba state that attacks upon the suburbs in and around Havana have become a common affair now. Some nights the firing can be heard in the city proper, while the fires from burning buildings can casily be seen. The officials are sending out extra troops for guard duty. Gov. Bradley, of Kentucky says The will resign on account of ill health. A bog slide at Castle Island, Ireland, has carried a mass of bog a mile and a half wide into Lake Killarney. It is said Gomez has crossed the eastern trocha, going west. Services over the remains of Kate Field were held at San Francisco, after which the body was incinerated. The ashes will be placed in Mount Auburn cemetery, Boston. William Waldorf Astor is said to have sworn allegiance to Queen Victoria. The Russian ambassador to Turkey, acting in concert with the representatives of Great Britain, France, Italy, Germany and Austria, recently told the sultan that certain reforms must be executed in Turkey and that failure to profit by the advice would involve most disagreeable consequences. It is said the sultan refused to consent to the proposed reforms. Near Birmingham, Ala., recently, plunging down 110 feet through an iron trestle, an accommodation train on the Birmingham Mineral road landed its passengers and train crew in a death trap on the rocky bottom of the Cahawba river. Of those on board only nine escaped alive, and of these few only will recover. The number of the dead is estimated at between thirty and thirty-five. So far twentyeight bodies have been recovered. Many of the victims were burned alive. The Atlas National bank, of Chicago, decided to pay its depositors and close out its business. As a result the Van Nortwick bank at Batavia suspended. The Bank of West Superior, at West Superior, Wis., and the Scandia bank, at Minneapolis, have alsosuspended. The filibustering steamer Three Friends has been seized by the United States authorities, who will try to convict her of carrying arms and ammunition to Cuba. Thomas J. O'Mailey, alderman of the Twenty-third ward of Chicago, has been indicted for complicity in the murder of Gus Colliander, in that city on election night, 1894. Consul General Lee is again at his post in Havana. A union miner at Leadville was killed at his doorstep by non-union miners recently imported from Missouri. Trouble is anticipated. Washington authorities deny having received any notice that European powers will assist Spain in case of war over Cuba. By an explosion of fire damp in a mine at Princeton, Ind., eight or nine men were instantly killed and four injured, one probably fatally. Peter Maher whipped Steve O' Donnell in a fight at New York in just twenty-seven seconds. It is said the European powers have informed the United States government that they will not be passive if this government recognizes or encourages the Cuban insurgents. Chas. Elliott was convicted at Omaha for the murder of Guy Hutsonpiller and sentenced to prison for life. Both were formerly with the Wild West show. It is announced from both London and Constantinople that the powers have decided that they must bring coercion to bear upon Turkey to secure the needed reforms and such action is contemplated at an early day. Blue Cut, near Kansas City, made historic through the operations there of the James and Younger bands, when they were pioneers in the train robbing industry, has again been the scene of a hold-up. The St. Louis & Chicago express, which left Kansas City a few nights ago at 8:45 p. m., was flagged at Blue Cut and came to a standstill. The robbers then uncoupled the express car from the train and ran it and the engine a few miles east, where they were stopped in a cut. Then they entered the car and, overpowering the messenger, took the keys of the safe from him. In a few


Article from The Abbeville Press and Banner, January 13, 1897

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Domestic. The long threatened split in Tammany Hall, New York City, came when Henry D. Purroy, with several district leaders, openly bolted the organization and announced that he would form a new Tammany. Isaac Zuker was sentenced to thirty-six years' imprisonment for arson by Judge Fursman, in the Criminal Branch of the Supreme Court, New York City. Burglars entered the branch office of the Metropolitan Insurance Company, in West Forty-second street, New York City, and after blowing open a big safe in front of an open window stole $1500 in cash and valuable jewelry. Mrs. James Abercrombie Burden, wife of a millionaire iron founder. was attacked on Fifth avenue, in New York City, in broad daylight, by a highwayman, who flourished a knife, threw her down and ran off with her pocketbook. He was captured by Policeman Young after a hot chase. The Columbia National and Washington Banks of Minneapolis. the Commercial National Bank of Roanoke, Va., and the Van Nortwick Bank at Batavia, III, closed. Fire destroyed the electric light plant in Newark, N.J., and the city and'several nearby towns were left in darkness for a right. Isnac Zuker was convicted of arson in the first degree in having planned the burning of his building in New York City in January, 1892. The Atlas National Bank, of Chicago, Ill., began liquidating its affairs, and the Dime Savings Bank, of the same city, required depositors to give ninety days' notice of withdrawals. Three masked men, armed with revolvers, entered the saloon of Mrs. Mary Bernhardt, In Chicago, at 11 o'clock p. m., and robbed the place of $450. Mrs. Bernhardt was bebind the bar when the men came in, and two patrons of the place were sitting at a table playing dominoes. Two men were killed and another was fatally shot in a general fight six miles north of Mount Vernon. Ky. The dead are A. Rowland and Jack Rigsby. The wounded man is Greeley Lear. The fight began at a merrymaking. and was fought out on the highway in Kentucky feudal fashion between opposing factions. At Superior, Wis.. anticipating a run, the Bank of Superior did not open for business. Henry S. Butler is assignee. and has assumed charge of the bank's affairs. The failure is due to poor business and heavy withdrawals since recent failures in St. Paul and Chicago. The capital of the bank was $25,000, with a surplus of $6000. The deposits were nearly $100,000, including $13,210 of city funds. More than $1,500.000 was voted to hospitals, asylums and other charitable institutions for 1897 by the Board of Estimate, of New York City. The Lehigh Mills, in South Easton, Penn., manufacturers of cotton goods, have shut down for four months. and there is said to be but little prospect of a resumption at the end of that period. Depression in business is given as the cause of the shut-down, and one hundred employes are affected. The plant was started nearly one hundred years ago, and this is the first shut-down it has experienced. City Treasurer Turner. of Boston. Mass., opened bids for $1,890,000 3½ per cent. and four per cent. ten, twenty, and thirty year loans. The contract was awarded to Blake Brothers and R. L. Day. whose bid was $1,944,286 for the entire loan. The Scandia Bank, of Minneapolis, Minn., closed its doors. It was organized fifteen years ago by M. Grinager, a prominent Scandinavian politician. who died in 1893. Its President is R. Sunde, who came to Minneapolis ten years ago from Wilmar. Minn., where he had made a fortune as a money lender. Thomas J. O'Malley, a Chicago Alderman, has been indicted for the murder of "Gus" Colliander, in an election booth in 1894. A mail train from the West was robbed at one of the New York City stations and a large sum of money taken from letters addressed to New York firms. The letters, without in. closures, were found in the lower bay. Mrs. Agnes Antoinette Halpin, wife of ex. Assemblyman William Halpin, died in New York City of nervous exhaustion, collapse and gastritis, caused by the excessive use of Jamaica ginger. This habit is said to be prevalent in many places. The West End Street Railway Company of Boston, on which a strike occurred recently, discharged 700 union men, including the members of the Conference Committee and officers of the union. The Board of Directors of the Security Mortgage and Trust Company, Dallas, Texas, made application for the appointment of a receiver. The liabilitieso the company are, approximately, $2,000,000. Georgia's alleged titled convict, "Lord Beresford, as Sidney Lascelles called himself, was madea freeman by act of Governor Atkinson, who took pity upon him and pardoned him for his model conduct while in prison. The Atlas National Bank, Chicago, decided not to open its doors again, and the Clearing House will advance $600,000 tc help it pay all claims on demand. The bank has a capital of $700,000. W. C. D. Grannis is President. Thesecurities were examined and found to be ample to pay all claims in full.