Article Text
Receiver For Chicago Bank. Chicago, ec. 17.-Judge Landis in the United States district court appointed the American Trust and Savings bank of this city receiver for the Lincoln bank of Morton Park, a suburb of this city.
4537. Lincoln Bank of Morton Park (Chicago, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 17, 1906
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gpt-5-mini
- Short Digest
12a46e10
Response Measures
None
Description
The bank 'failed' and a receiver (American Trust and Savings Bank) was appointed Dec 17, 1906. Articles describe embezzlement/misuse of assets by president W. J. Atkinson and chaotic books; no article describes a depositor run preceding suspension. Thus this is a suspension/closure with receivership due to bank-specific malfeasance.
Events (3)
1.
December 17, 1906
Receivership
- Newspaper Excerpt
- Receiver For Chicago Bank. Chicago, Dec. 17.-Judge Landis ... appointed the American Trust and Savings bank of this city receiver for the Lincoln bank of Morton Park, a suburb of this city.
- Source
- newspapers
2.
December 17, 1906
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank failed after proprietor W. J. Atkinson admitted borrowing/spending large portions of bank assets; books not kept; about $70,000 missing and assets largely his own notes and questionable collateral.
- Newspaper Excerpt
- Receiver For Chicago Bank. Chicago, Dec. 17.-Judge Landis ... appointed the American Trust and Savings bank of this city receiver for the Lincoln bank of Morton Park, a suburb of this city.
- Source
- newspapers
3.
December 27, 1906
Other
- Newspaper Excerpt
- W. J. Atkinson, the proprietor of the defunct Lincoln Bank of Morton Park, was today sent to jail in default of $25,000 bonds.
- Source
- newspapers
Newspaper Articles (13)
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DEPOSITORS ORGANIZE. People Fleeced by Bank President Threaten His Life. Chicago, Dec. 18.-That he himself borrowed and spent $150,000 of the assets of the suspended Lincoln Bank of Morton Park was admitted by President William J. Atkinson before Bankruptcy Referee Wean this evening. When forced to testify he disclosed that most of the bank's resources consisted of his own notes, together with stocks in the Hygeia Water Company, the bank building, and a $3,000 collateral interest in an Alaskan steamship line, founded by P. B. Weare. Hundreds of small depositors are ruined by the failure, and so great is the feeling against Atkinson that a strong guard is kept over his house to protect him from violence. Lynching has been freely threatened. A depositors' association was formed today to proceed civilly and criminally against the president.
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LOANED BANK'S MONEY CHICAGO BANKER GOT STENOGRAPHER TO SIGN NOTES. CHICAGO, December 22.-The investigation into the affairs of the Lincoln Bank of Morton Park, which falled early in the week. disclosed yesterday the fact that $30,000 of the funds had been used by WIIliam J. Atkinson, who ran the institution, on notes signed by a stenographer. The inquiry was held before Judge Landis in the United States district court, and the statement was made by the attorney for the receiver that notes aggregating $30,000 in face value and signed "L. Armstrong" in a handwriting resembling that of a child had been found. The attorney said that it appeared that one-half of the assets of the bank had been turned over to this Armstrong, and he desired to learn something of his Identity. Then it came out that Armstrong was a voman-stenographer. Atkinson explained that the woman had- not obtained the money. but that she had signed the notes, the money for which was obtained by him and charged to him. When pressed for information regarding the whereabouts of the Armstrong who signed the notes Atkinson said that she was in the Bessemer building in Pittsburg. He also declared that some of the signatures taken to be "Armstrong" were in reality "Addickson." When asked who "Addickson", was, Atkinson said that she was a girl formerly employed by him and now working in a local dry goods establishment. The proceedings disclosed the fact that the books of the bank had not been kept since November 26. Atkinson during his examination said that the deposits amounted to $100,000, including the deposit of his own amounting to $30,000. The checking account was $15.CCO and the savings account $11,000. There were cash items in the bank amounting to $8,000. and his own indebtedness to the bank was $34,000. He declared that he was not able to say, what had become of the money, but his attorneys stated that they understood the money had gone into the private enterprises of Atkinson to the extent of at least $70,000. Judge Landis ordered a deputy to go with Atkinson until some further arrangement is made.
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ROBBED BANK WITH STENOGRAPHER-SIGNED NOTES. Chicago, Dec. 21.-An Inquiry held in the United States court today into the affairs of the Lincoln Bank of Morton Park, which failed this week, disclosed the fact that $30,000 of the funds of the bank had been used by W. J. Atkinson, the bank's proprietor, on notes signed by a stenographer. The attorney for the receiver stated that it appeared that half the assets of the bank had been turned over to Mr. Armstrong and he desired to learn some. thing of his identity. Atkinson was asked: "Who is this Armstrong?" "A stenographer,' replied Atkinson. "Where is Armstrong?" "In Pittsburg," Atkinson hesitated; then said, "Armstrong is not a man, but a woman." see further explained that the woman had signed the notes, the money for which was obtained by himself. Atkin. son declared that some of the signatures taken to be "Armstrong" were in reality "Addickson," a girl formerly employed by him. The proceedings disclosed the fact that the books of the bank had not been kept since Nov. 26. In response to a suggestion that Atkin. son's bond be reduced, Judge Landis replied: "It appears from this man's own state. ments that there should be about $70,000 in the bank. and there is nothing. I feel that a man who would use other people's money might be inclined to leave town. I will allow a deputy to go with Atkinson until some further arrangement is made."
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BANK BOOKS ARE CHAOTIC Woman Seems to Have Secured Bulk of Assets of Illinois Concern. CHICAGO, Dec. 21.-An inquiry held in the United States court today into the affairs of the Lincoln bank of Morton Park, which failed this week. disclosed the fact that $30,000 of the funds of the bank had been used by W. J. Atkinson, the bank's proprietor, on notes signed by a stenographer. The attorney for the receiver stated that It appeared that half the assets of the bank had been turned over to Mr. Armstrong and he desired to learn something of his identity. Atkinson was asked: "Who is this Armstrong?" "A stenographer," replied Atkinson. "Where is Armstrong?" "In Pittsburg," Atkinson said; then said, "Armstrong is not a man, but a woman." He further explained that the woman had signed the notes, the money for which was obtained by himself. Atkinson* declared that some of the signatures taken to be "Armstrong" were in reality "Addickson," a girl formerly employed by him. The proceedings disclosed the fact that the books of the bank had not been kept since November 26. In response to a suggestion that Atkinson's bond be reduced, Judge Landis replied: "It appears from this man's own statements that there should be about $70,000 in the bank and there is nothing. I feel that a man, that will use other people's money might be inclined to leave town. I will allow a deputy to go with Atkinson until some other arrangement is made."
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PRESIDENT OF DEFUNCT BANK THEN SECURED THE CASH FOR HIS OWN USE. SEVENTY THOUSAND IN ASSETS GONE INSTITUTION AT MORTON PARK, ILL., SHOWN TO BE IN DECIDEDLY BAD SHAPE. Chicago, Dec. 22.-The investigation into the affairs of the Lincoln bank of Morton Park, which failed early in the week, has disclosed the fact that $30,000 of the funds of the bank had been used by President Atkinson on notes signed by a stenographer. The inquiry was held before Judge Landis in the United States district court and the statement was made by the attorney for the receiver that notes aggregating $30,000 in face value and signed "L. Armstrong," in a handwriting resembling that of a child, had been found. The attorney said that it appeared that one-half of the assets of the bank had been turned over to this Armstrong and he desired to learn something of his identity. Atkinson was then called before the judge and asked: "Who is this Armstrong?" "A stenographer," replied Atkinson. "Where is Armstrong?" Not a Man, but a Woman. "In Pittsburg." Atkinson hesitated and then said: "Armstrong is not a man, but a woman." He further explained that the woman had not obtained the money, but that she had signed the notes, the money for which was obtained by him and charged to him. The attorneys for Atkinson asked that his bond be reduced and Judge Landis replied: "It appears from this man's own statements that there should be about $70,000 in the bank and there is nothing. In view of all the things I have heard I feel that a man who would so use other people's money might be inclined to leave town. I will allow a deputy to go with Atkinson until some further arrangement is made." When pressed for information regarding the whereabouts of the Armstrong who signed the notes Atkinson said that she was in the Bessemer building in Pittsburg. He also declared that some of the signatures taken to be "Armstrong" were in reality "Addickson." When asked who "Addickson" was Atkinson said that she was a girl formerly employed by him and now working in a local dry goods establishment.
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LINCOLN BANK PRESIDENT IN JAIL IN DEFAULT OF BAIL CHICAGO, December 27.-W. J. Atkinson, the proprietor of the defunct Lincoln Bank of Morton Park, was to-day sent to jail in default of bonds amount. ing to $25.000. The commitment of Atkinson followed a conference between Attorney Ringer, acting for the recelver, and United States Marshal Hoy. It was reported by the marshal and the attorney to Judge Landis that Atkinson had not given the receiver any material aid in adjusting the affairs of the bank. and the marshal declared that his office could not spare a deputy to remain with Atkinson night and day. The judge then ordered that Atkinson be sent to jail unless he furnished bonds of $25,000. The commitment took place late in the day after the hearing in court.
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BANKER SENT TO JAIL Proprietor of Defunct Lincoln Bank of Morton Park, Chicago. Chicago, Dec. 27.-W. J. Atkinson, the proprietor of the defunct Lincoln bank of Morton Park, was to-day sent to jail in default of $25,000 bonds, The commitment of Atkinson followed a conference between Attorney Ringer, acting for the receiver, and United States Marshal Hoy. It was reported by the marshal and the attorney, to Judge Landis, that Atkinson had not given the receiver any material aid in adjusting the affairs of th ebank and the marshal declared that his office could not spare a deautar to remain with Atkinson night and day. The judge then ordered that Atkinson be sent to jail unless he furnished bonds of $25,000. The commit ment took place late in the day after the hearing in court.
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Chicago Banker Jailed. CHICAGO, Dec. 28.-W. J. Atkinson. the proprietor of the defunct Lincoln bank of Morton Park, was sent to jail in default of bonds amounting to $25.000. The commitment of Atkinson followed a conference between Attorney Ringer, acting for the receiver, and United States Marshal Hoy.
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IN default OF BONDS. Chicago Banker Sent to Jail for Want of Bail. Chicago, Dec. 27.-W. J. Atkinson, the proprietor of the defunct Lincoln Bank of Morton Park, was today sent to jail in default of $25,000 bonds. The commitment of Atkinson followed a conference between Attorney Ringer. acting for the receiver, and United States Marshal Hoy. It was reported by the marshal and the attorney to Judge Landis, that Atkinson had not given the receiver any material aid in adjusting the affairs of the bank and the marshal declared that his office could not spare a deputy to remain with Atkinson night and day. The judge then ordered that Atkinson be sent to jail unless he furnished bonds of $25,000. The commitment took place late in the day after the hearing in court.
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COMMITTED TO JAIL Proprietor of Defunct Bank Held in Default of Bond of $25,000. Chicago, December 27.-W. J. Atkinson, the proprietor of the defunct Lincoln bank of Morton Park, was today sent to jail in default of bonds amounting to $25,000. The commitment of Atkinson followed a conference between Attorney Ringer. acting for the receiver, and United States Marshal Hoy. It was reported by the marshal and the attorney to Judge Landis that Atkinson had not given the receiver any material aid in adjusting the affairs o fthe bank and the marshal declared that his office could not spare a deputy to remain with Atkinson night and day. The judge then ordered that Atkinson be sent to jail unless he furnished conds of $25,000. The commitment took place late in the day after the hearing in court.
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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. 24-First National bank. Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1--Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa, closed by comptroller of currency. 13-Cummings Commi on Co., one of largest brokerage how es in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.
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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110.000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. 24-First National bank, Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., Crosea NJ comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.