Bank of Atlantic (Atlantic, IA)

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HEAVY FAILURE

Whitney & Son of Atlantic, Iowa-f. H. Whitney Said to Hold $100,000 of Birmingham Property. Atlantic, Ia., Sept. 30. -(Special.)- -F. H. Whitney & Son of the Bank of Atlantic, made an assignment tonight as a firm and individually. The petition states that the assets of the bank do not exceed $175,000 in nominal value, while the actual value is much less. The liabilities are put at about $200,000. In addition a statement is filed setting forth the individual property assets of F. H. Whitney at $522.700, including property in Iowa, $150,000; in Birmingham, Ala., $100,000; Kansas City, $200,000; in Nebraska, $50,000; in Colorado, $20,000. The liabilities against this are an overdraft at the bank of $88,924.95, a mortgage held against the Kansas City property of $60,000 by the Northwestern Mutual Life Insurance company, and one against the Masonic temple in Atlantic of $7000 by the same company, and an overdraft of $4640.87, and private bills in the city, making $160,665 in all. The Kansas City property is listed at $200,000. Well informed persons and other bankers are of the opinion that it will pay out in full, although the property is thought to be estimated high. J. B. Buff is receiver, and takes charge tonight. F. H. Whitney is very III and lies at the point of death tonight.

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FAILURE OF A WESTERN BANKER

Atlantic, Iowa, Sept. 30.-F. W. Whitney personally assigned to-night to J. B. Bruff in trust for all debtors. All surplus is to pay debts of the Bank of Atlantic. of which he is the senior member. The

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ASSIGNED

Failure of a Prominent Business Man of Atlantic, In. Atlantic, Ia., Oct. 1.-At six o'clock Wednesday night F. H. Whitney personally assigned to J. B. Bruff in trust for all debtors, none preferred. All surplus is to pay debts of the Bank of Atlantic, of which he is the senior memher. The assets amount to $520,000, and the liabilities to $260,565. Mr. Whitney has been very ill for the past two weeks and his condition is alarming. The assignment causes much excitement among business circles, as he was considered gilt-edged.

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Bank Creditors Will Be Paid

ATLANTIC, Ia., Oct. 4.-Developments in the Bank of Atlantic and F. H. Whitney's failure tend to show that all claims will be paid in full, even if the property turned over to the receiver has to be sold at half its value. Whitney's condition is critical and he may not live twenty-four hours.

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CONDITION OF BANK OF ATLANTIC

Receiver Files His First Report of Assets and Liabilities. ATLANTIC, Ia., Oct. 26.-(Special.)James B. Bruff, receiver for the Bank of Atlantic, owned by F. H. Whitney & Son, which closed its doors October 1, filed his report with the clerk of the courts today. It shows the condition of that institution to have been as follows: ASSETS

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Depositors Protected

ATLANTIC, Ia., Oct. 27.-Receiver Bluff of the Bank of Atlantic has filed an official statement. Assets, exclusive of the Frank P. Whitney estate, $194,000; liabilities, $200,500. Whitney made a deed of trust to the receiver of property worth $500,000, to be applied on the indebtedness of the bank to depositors, leaving the surplus, at the lowest estimate,, over all indebtedness, about $300,000. This insures the payment of depositors in full and is in conformity with Mr. Whitney's dying wish.

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All Claims Will Be Paid

ATLANTIC, Oct. 27.-Receiver Bruff, of the Bank of Atlantic, has filed his official statement of the bank, showing assets of $194,000 and liabilities of $205,000. Whitney's property will enable the receiver to pay all claims and depositors in full, but it will take some time to collect in the bills receivable and to dispose of the real estate.

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Atlantic Bank Meets Claims

ATLANTIC, Ia., March 15.-James B. Bruff, the receiver of the Bank of Atlantic, will today pay off claims on the bank amounting to $55,000. This reduces the liabilities from $205,000 to $150,000. The reduction includes $32,000 in notes; etc., held by other banks. Thus far in the disposal of the bank's property the receiver has not touched the bulk of F. H. Whitney's personal property, which was deeded to the bank at the time of the assignment. Mr. Bruff says that if this property can be sold for even a medium price there will be sufficient money to pay all indebtedness.

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IOWA CONDENSED.

John Hollis, a Carbondale miner, was killed a few days ago by a falling rock. He knew he was in a perilous place, but joked about the danger. A chunk weighing nearly a ton fell upon him, breaking almost every bone in his body. His wife is dead and he leaves an orphan boy 6 years old.

A Clinton dispatch says: Miss Bertna Knaack, aged 22, a niece of Captain Knaack, of the Clinton-Davenport steamer Vern Swaine, mysteriously disappeared at or near Princeton, Iowa. Her wraps, hat and valise were found on the boat. She was to have been married to a prominent Davenport man on June 23. No trace of her can be found.

Atlantic dispatch: Receiver Bruff, of the Bank of Atlantic, has made his first report, showing a total of $66,852.05 received from real estate sales and collateral paper, and disbursements of about $60,000 on preferred claims, etc. The probabilities are that the claims of the creditors of the Whitneys and the Bank of Atlantic will be paid in full.

At Des Moines recently in the trial of the case against the commissioners of the Iowa Soldiers Home before the federal court on the charge of violating the law in retaining the pensions of the inmates, the attorney general moved to dismiss the case, as the evidence did not prove any violation of the federal law on the part of the officers and commissioners of the home. The motion was considered and the case dismissed.

C. Burrell, principal of the Jesup city schools, has been acquitted of the charge of assault and battery upon the person of Frankie Young, a 13-year-old girl, and daughter of George Young, one of the wealthiest and most prominent farmers in the county. the evidence showed that Frankie did not begin studying an arithmetic lesson as promptly as Burrell desired, and was called to the desk, in company with others, to receive punishment. She became frightened and ran away, falling on the school house steps. She was picked up and severely beaten by the teacher with a heavy wooden ruler. Her shoulder was dislocated, both arms and body carrying marks of the whipping. The justice held that the punishment was not inflicted with malice, and would leave no permanent injury, therefore found for the defense.

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Dividend to Bank Creditors

ATLANTIC, Ia., June 22.-(Special.)Receiver James G. Whitney is making arrangements to declare another dividend of 20 per cent to be paid to the creditors of the bank of Atlantic. Mr. Whitney states that he will begin payment next Friday. Judge Green will grant the order while here holding the adjourned session of court. This will make 40 per cent that the bank has paid up to this time.