Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-12-29
BANK LIQUIDATION.
ATLAS NATIONAL, OF CHICAGO, IN
CHARGE OF CLEARING HOUSE.
TO Be FOLLOWED BY ANOTHER.
That of the Dime Savings Institu-
uon-SO Runs Opinion In the Lake
City-Ninety-Dny Notice Rule En-
fnrc,i
forced.

forced.
CHICAGO, December 2s-The Atlas
National Bank. at Washington and La
sale streets, was practically IN charge
or the Chicago Clearinghouse Associa-
ton. representing the associated financial
institutions OF the city. when the doors
were opened to tho public at 10 o'clock
this morning. William G. oakley. for
mer national-bank examiner was ap-
pointed the agent OF the associated banks
10 superintend the clerical and other de
tails in connection with the work of yolun-
tary liquidation. with the necessary cash
assistance Of other banks. The collateral
securities and other assets of the Atlas
Bank will be turned over TO Isaac c.
Lombard. chairman OF the Clearing House
Committee. as trustee for the Associated
Banks, as quickly as the cash equivalent
is paid to the banks depositors
There was Il steady stream Of serious
faced businessmen and other creditors OF
the Atlas Bank passing into the building
all the morning Their steps were bent
towards the desks of Cashier $. w. stone.
his assistant and the paying teller where
anxious Inquiries We're made as to how
and when the money on deposit would be
paid by the bank. Most of the callers
brought their pass-boOks, showing the
balances 10 their credit. The books were
received and the owners informed that as
soon as their accounts We're balanced on
lf,g 4
Lombard. president of the National Bank
Of America, for the full amount Of their
claims would be sent. Small accounts
were paid I'm full when presented this
morning, but in no case did the large de
positors press for immediate payment.
this class accepting the signed guarantee
Of the banks I'm the clearinghouse that
all depositors would get their money i'm
full. Many businessmen and bankers
called 10 express their sympathy with the
officers and directors Of Jhe bank. 1t is
believed the stockholders will get nearly
an that is due them at par.
DIME SAVINGS BANK.
The well-known connection between the
Atlas Bank and the Dime Savings Bank.
"a small but old institution. caused the cir
culati0n Of a report that the latter would
also be forced 10 llquidate. It's doors
re open for business as usual but
there was little business 20 DO. DEPOSIT
tors came to draw out their savings but
they were presented with n blank notice
20 the bank that they desired TO with
draw so much IN ninety days from date
and requested to FIJI out the paper. This
protective rule Of the bank. which was
put I'm force December 23l. exceeds the
highest limit Of other savings banks 10y
thirty days, and IL was made applicable
to-day by the Dime Savings Bank 20
depOstOrs of the smallest amounts. This
rule Is not enforced iu normal financial
times but IL was regarded as necessary
for the present, at least by President
Samuel q. Bailey
Considerable money is due the Dime
Savings from the Atlas Bank The Chi
cage safety vaults are also operated in
connection with the hrst-nameI bank
The other banks of the city We're doing
business under normal conditions this
morning.
The officers and directors Of the Dime
Savings Bank We're not az the bank this
morning 20 answer the numerous anxious
inquiries Of dcpOsitOrs. II was stated
they We're out attending a meeting %
decide on q course Of action I'm view Of
the Atas-Bank liquidation. The gene
raj opinion is that the Dime bank VIII
follow the Atlas into voluntary liquid9
ton within ninety days The enforce
mcut Of the ninety-day- rule on de-
pOsitors who wanted 90 withdraw after
the big bank collapse of last week did
not create any excitement az the Dime
bank as the trouble did az other savings
banks. Depositors accepted the statement
~ The bank officials that the precautiOn
was best FOR AN concerned and that the
uiucty-days' notice could be withdrawn
for the immediate payment Of dep0sitors
al any time the cash resources warranted
such a step The Atlas liquidation. how
ever. brought such IL run OF -elc itors for
their money that the decision was reached
this morning 10 advise an persons not 10
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 10 stop depositOrs, and
the bank relapsed into a state Of sus-
pended animation. pending developments.
ATLAS BANK RESOURCES
The resources Of the Atlas National
Bank are estimated nc 3 $4,000 with OBJ
legations approXimating the same amount.
owing to inability 10 realize the actual
value Of the assets on declining mar
ket, II will bee necessary for the banks
which are members OF the Clearing-H House
and $4,000, prO-rated according 10 their
capital stock. IN order 10 pay all approved
claims in full ~ once. This Is expected
to De done within a week. The amount OF
money needed 10 complete the liquidation
IS about 100000 more than was at first
expected by the Clearinghouse Commit
tee
After Chairman LEONARD, of the Clear
ing-H0use Committee. who IS acting as
trustee for the associated banks. had held
a conference to-day with Cashier ). W.
stone the acting manager OF the bank,
and had gone over some Of the accounts,
he expressed himself as confident that the
bank he'd not only ample assets 10 cover
all liabilities. but that the stockholders
would not suffer as severely as was AT
first expected. Nc. Stone also said that
the stockholders would not fare badly in
the division OF the assets.
President Grannis is reported 10 be Sc
riously IN at his homo. and his physicians
will not allow him 20 do anything In con-
uection with the liquidation OF the bank.
Ii was known to the Inner financial cir
Gle that the Atlas Bank had not been
doing a profitable business for year.
and within six weeks the stock has been
offered freely at from $ down TO 3d. Late
" IL has been struggle for the bank 10
keep open. and the assistance 20 enable
Il to honorably DISCHARGE It's obligations
in full was gladly accepted.