The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-12-31
THE ATLAS BANK OF CHICAGO
DECIDES TO GO OUT OF THE
BUSINESS.
CLEARING HOUSE 70 PAY DEPOSITS
On Demand-Comptroller Eckels Ad-
yised the Moye-Directors of the
Bank of Minnesota Are Taking
Steps to Reorganize.


Otto Wasmansdorff, a well known bank
er of this city, today fired a bullet into
his brain and died almost instantly.
Banker Wasmansdorff killed himself in
a bedroom at his home on Cleveland ave-
nue. at II o'clock this morning. His
sons, William G. and Otto, Jr.. who were
in the parlor beneath their fathers bed
room, heard the report of the revolver
and rushed up stairs. Running into the
room the Mortified sons beheld their
father lying on the bed, dying. Il revolver
lying at his side. He had shot himself
in the right temple and n thin stream of
blood was flowing down his cheek.
Everything in the room was in perfect
order. The deed apparently had been
deliberately planned.
Mr.. Wasmansdorff was member of
the private banking firm of Wasmans-
dorff & Heinemann, which failed Il week
ago as a result of the failure of the Ma
tional Bank of Illinois. The failure of
his bank had crushing effect on Mr..
Wasmansdorff and seriously affected his
wife, who is i'll. The banker for several
criticism of unfortunate depositors wor-
ried him much and he was in a constantly
troubled state of mind. This morning
the banker appeared brighter and less
troubled in mind than upon any other
day since the financial crash that ruined
him. After he breakfasted with his
family, with whom he chatted pleasantly,
he glanced over the morning papers. He
then engaged in frolic with his little
granddaughter, after which he retired to
his room. Fifteen minutes later the
fatal shot was heard by the two sons.
The young men were overcome with grief
and said they never had the slightest sus-
picion that their father contemplated
such an act. Mrs Wasmansdorff was
Frustrated by the shock
At the time of the failure the assets
of Mr.. Wasmansdorff' bank were given
ut $500 and the liabilities at $4,000.
Mr. Wasmansdorff had been banker
in this city for more than quarter of Il
century and during that time he was Il
member of the firm which went down
in the crash last Monday. He was n
retiring and unobtrusive man and was
known in the business community as q
conservative and honest man. He was
about 50 years old.
Comptroller of the Currency Eckels
was notified of the condition of the bank
The report of the bank examiner showed
that there were loans to directors and of
ficers of the bank exceeding its total cap.
ital stock of 100000.
The comptroller sent several pointed
| messages telling them to clean up and
reduce this aggregation of loans inside
| the institution. The bank officials cut
| the total down to $350,0O0 and raised
the cash reserve from % per cent, the
legal minimum, to 40 per cent. Suisse.
| quently the constant checking out of de.
posits reduced this reserve somewhat
The heaviest run came on Tuesday and
| resulted largely from a widely circulated
story that the bank had on Monday after.
noon posted the sign CLOSED" upon its
| doors. When the bank closed Tuesday
afternoon it was felt that the immediate
suspension must follow the next day if
the run was continued, but Wednesday
the withdrawal of the funds Stacked up
| Thursday the officials of the bank were
| notified by some of the leading bankers
of Chicago TO call on them if trouble was
| imminent and they agreed upon a plan
of action which would be the best for all
concerned.
The following day Comptroller Eckels
who was receiving almost daily reports
from the institution by telegraph, advised
| that q plan of liquidation be arranged
| He sent his advice both to the officers
| of the bank and to Bank Examiner Nc
| Keen. The clearing house committee
was notified and subcommittee of two
appointed to make an examination OF
the securities held by the Atlas. The
examination was ended Saturday and the
report was satisfactory. The result was
the meeting at Banker Lombard's house
tonight, at which Mr.. McKeon represent
ed the comptroller of the currency and
stated his views and wishes in the mat
| ter.
w. G. D. Grannis, the president of the
bank, was seen at his residence this
evening. When informed of the actor
of the clearing house committee Mr.
Grannis seemed quite relieved "The