Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-12-29
CLEARING HOUSE FUNDS
Required to Assist the Atlas Ma
tionaI Bank.
ANOTHER CHICAGO HOUSE
Steady - .an of Depositors Call at the Office
- for Funds.
SAVINGS BANK IN TROUBLE
z Stockholders Hope to Recover Suffi-
cient to Reimburse Themselves
The Failure Precipitated
Small Sized Panic.

Chicago, Dec. 2S-The Atlas National
Bank, at Washington and La Sale
streets was practically in charge Of the
Chicago Clearing House association, rep
resenting the associated financial insti
tutions of the city, when the doors were
opened to the public at 10 o'clock this
morning. William c. Oakley, former
national bank examiner, was appointed
the agent of the associated banks to SUI
perintend the clerical and other details
in connection with the work of voluntary
liquidation with the necessary cash as
sistance of the other banks. The collat-
eral securities and other assets of the
Atlas Bank will be turned over to Isaac
G. Lombard, chairman OF the clearing
house committee as trustee Of the as
sociated banks as quickly as the cash
equivalent is paid to the bank deposit
tors. There was a steady stream of seri-
ous-faced business men and other credi-
tors of the Atlas Bank passing into the
building all morning. Their steps were
bent towards the desks of Cashier S. w.
Stone, his assistant and the paying tell
err where anxious inquiries were made
as to how and when the money on de-
posit would be paid by the bank. Most
of the callers brought their pass books
showing the balances to their credit.
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 i'm
mediate payment, accepting the signed
guarantee of the banks in the clearing
house that all depostors would get their
M In fIYl1 hFfat
bankers called to express their sympathy
with the officers and directors of the
bank.
1t is believed the stockholders will get
nearly all that is due them at par
The we'll known connection between
the Atlas bank and the Dime Savings
bank, a small but old institution causes
the circulation Of the report that 1t would
also be forced to liquidate. It's doors
were opened for business as usual, but
there was little business to do. Deposit
ors came to draw out their savings, but
they were presented with blank notice
to the bank that If they desired to with
draw 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 20, exceeds the
highest limit Of other savings banks by
thirty days, and 1t was made applicable
today by the Dime Savings bank deposit
ors of the smallest amounts. This rule is
uot eHloIceu III normal Hnancldl times,
but 1t was regarded necessary for the
present at least by President Samuel C.
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. 1t 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 liqu-
dation within ninety days. The enforce
ment of the ninety days rule on deposit
ors who wanted to withdraw after the
big bank collapsed last week did not ere
ate any excitement at the Dime bank, as
the trouble did at other savings banks
Depositors accepted the statement OF the
bank officials that the precautlon was
best for all concerned and the ninety
days notice could be withdrawn for i'm
mediate payment Of depositors at any
time the cash resources warranted such
q 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 be-
cause they might not get what they had
on deposit for ninety days The hint
was amply sufficient TO stop deposits and
the bank relapsed into a state of sus-
pended animation pending developments.