Evening star., 1896-12-29
Suspension Of the Van Nortwiok
Bank at Batavia, Ill.
ASSIGNMENT OF THE Two BROTHERS
Caused by the Closing Of the Atlas
Bank of Chicago.
DEPOSITORS TO BE PAID

wick of all their vast property interests.
aggregating s2,500.OOO. 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 ard John S. Van
Nortwick each assigning individuals and
the two assigning a firm. Their schedule
of Indebtedness was not filed with the
articles of assignment. but the liabilities
are said to aggregate s2,OOOOOO.
The Van Nortwick Bank In Batavia had a
large clientage. The bank has been So
Letting deposits for some time past. pay
ing large interest. a TACT which, with good
business men. gave evidence of weakness,
IL not distress. Such was the general con-
fidence 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
DePOsitOrs to he Paid.
Cashier w. l.. Grimes of the bank. when
seen by a reporter. declined to give a state
inent OF the banks assets and liabilities.
simply declaring that the depositors would
be paid in full. The Van Nortwicks' assets.
he said. were ample to meet all the liabili-
ties. if the assignees took sufficient time to
realize upon the property.
The Van Nortwick interests, aside from
Batavia property. are largely In paper
mills and manufacturing interests. Their
last statement of assets. prepared year
ago. placed their wealth at s2,5Uo.0O0. They
own business blocks, residences and two
farms in Batavia township. the whole
valued at $15n.OO0. also the Western paper
bag factories of Batavia and kaukaukana
the largest concerns of the kind In the
world with a daily output of 2,0OO,0OO bags,
also a strawboard mill at Batavia, unused
The paper mills at Appleton, Wis. are
valued at $500.
They own valuable pine lands in Wiscon-
sin, and have stock In old Second National
Bank of Aurora, the Aurora cotton mills
and the Kaukauana and Appleton banks
They are principal owners Of the Appleton
Manufacturing Company of Geneva The
brothers own 4S4 shares in the Atlas Ma
tioual Bank of Chicago
VIM. Van Nortwick is a stockholder in
th old Second National Bank of Aurora
ard the Aurora cotton mills. He is also
director In the institution. Both institu-
tions. it is stated. are perfectly sound. and
cannot be affected by his financial troubles.
Estate Left by John Van NOrtwick.
In regard to the assignment of the Van
Nortwick brothers. the Chicago Tribune to-
day prints the following:
When John Van Nortwick, who was
known as the king of Kane county died
in 1880. he left $o.00O0OO to his two sons.
The elder Van Nortwick had been pion-
Veyed the old Galena road from Chicago,
ard for eight years was president of the
Chicago, Burlington and Quincy railroad.
From the modest beginning of $1,000. which
he had with him when he came to Illinois
fifty 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
ard along the Fox river in Wisconsin,. in
bank stocks in Kane county institutions, in
large farms around Batavia and In the pa
ternal bank in that thriving Illinois city.
THE sons. instead of following in the
footsteps OF the father. began to spread out
in many directions. Large sums were
spent in lines wholly distinct from those in
which their patrimony was earned. Going
south as far as Tennessee and west as far
as Kansas City. no new enterprise seemed
unworthy Of portion of the Van Nortwick
fortune.
1T was In this manner that some 5000. 900
in cash went into the Combined Lock Pa
per Company at Appleton. Wis. A baga-
telle of S2D.0U went into the rebuilding of
the old mill at. Batavia, for which no use
other than store house has as yet been
found.
Had the National Bank of Illinois not
failed week ago. all might have come out
Well for the brothers, but that failure put
on negotiations they had under way for a
long time loan on a new plant al Appleton.
Controller EckeIs' Warming.
United States Controller Eckels was all
this time calling in no uncertain tone upon
the Atlas National to reduce its loans to
Its directors. particularly that to VIM Van
Nortwick. Failing TO secure money on the
Appleton plant. the borrowing director was
unable to reduce his obligations to the i'm
perlled bank of which he was a director.
This inability to reduce the loan forced
the Atlas National to apply to the clearing
mouse for assistance. and then the liquida-
ton OF the Atlas compelled the assignment
of the Van Ncrtwicks.
No formal statement Of liabilities and
assets has 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 esti-
mate that the assets are 81 1.OOO.O0O and liza
bilities 100000 to 100000 He also says
the brothers will pay dollar for dollar in
time.
The general impression In Batavia is that
while the bank has not made any money
the side ventures of the firm have been
successful The paper bag factory at that
place mas been running day and night
doing an immense business. The paper bag
manufacturing company at Batavia has In
creased its time to twelve hours a day
since the election. and has had orders for
all its products.
The manufacture of butter plates BY the
Memphis Wooden Ware Company at Mem
phis. Tenn. also owned by the Van Mort
wicks. Is supposed to be highly success
rui, and the brothers frequently have ex-
pressed inucn Subtraction at the result of
their experiment in this direction"
Wholly Voluntary Assixnment.
A W. Green of the firm of Green, Rob-
bins & Honore. who are attorneys for the
Van Nortwicks. said today:
The assignment was wholly voluntary
and was due to the desire of the Messrs
Van Nortwick to avoid more serious con-
sequences as result of the liquidation of
the Atlas National Bank
While do not know the exact figures.
for they could not be obtained at the ti,pa
the general assignment papers were made
out, 4 believe their assets amount to fully
sl,UO". The liabilities cannot possibly
exceed 100000 or SJU0.OO0 at the most.
nrmly believe they will pay 100 cents on
the dollar and have $50. 900 left, but they
must have time That Is the whole rea son
Tor the assignment. They have not the
feady money to meet certain pressing
claims. and these are the times when hard
cash talks
The Cause of the Failure,
CHICAGO. December 29.-Attornev W
. Green. who drew up the assignment papers
for the Batavia Bank, disclosed the pr,n.
cipal causes which led up to the assign.
ment In an Interview today. Aside from
the Atlas Bank liquidation, the most i'm.
pertant factor. in the Van Nortwtck crash
he said. was the recent failure to DISPOSE nj