The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-29
And Another Bank Failure Creates a Furry
in Business and Financial Circles.
THE ATLAS NATIONAL BANK CLOSES
1t Is Claimed that Deposits Will BE
Pntd Dollar for DoIlnr-The Dime
Savings Bank, Closely Connected
With the Atlas, Practically Sus-
ponds Payment for Ninety Days.


OF the Chicago Clearing house Associa-
tion, representing the associated iinan-
ciai institution of the city, when the
doors were opened 10 the public at 10
O'Clock this morning. William G. oak
ley, formerly National Bank INSPECTOR.
was appointed the agent of the asso-
Grated banks to superintend the clerical
and other details in connection with
me work of voluntary liquidation with
tne necessary cash assistance OF the
otner banks. The collateral, securities
anu other assets of the Atlas Bank will
De turned over to Isaac c. Lombard,
CHAIRMAN of the clearinghouse Com
ihittee as trustee for the associated
banks as quickly as the cash equivalent
~ paiu 10 the banks depositors.
a STEADY STREAM.
There was steady stream OF serious
faced business men and other creditors
or the Atlas Bank passing into the
Duiidlng all morning. Their steps We're
bent towards the desks OF Cashier S. w.
stone ms assistant and the paying
teiier, where anxious inquiries were
made as to how ana when the money
ON deposit would be paid by the bank
MOST or the callers brought their pass
BOOKS showing the balances to their
circuit me books We're received and the
owners informed that as soon as their
accounts We're balanced on the books
checkS on Trustee Isaac q. Lombard
president Of the National Bank of
america, for the fun amount of thei,
claims will be sent Small accounts
were paid in full when presented this
morning, but in no case did the large
oepositors press for immediate payment.
accepting the signed guarantee of the
pahks in the Clearing house. that all
UepoS',ofs E..n would get their money in
lull II is believed that the stoclihold-
ers will get nearly all that is due them
at par.
THE BANKS RESOURCES.
,iie ihe resources of tho Atlas National
oank are estimated at $255o,cJ0 with obli-
cations approNimuting the same amount
Owing TO their inability to realize th,
actual value of the assets on Il declining
which are members of the Clc.lrin,; House
Association to advance between $500 u0l
sn,t, anu S1Vo.utV pro rated according to their
capital stock. in order to pay all up-
poved claims in fun at once This is cX-
pected 10 be done within II week The
1niionnt oi money ih.eded To complete the
iiqudation Is about $l0oOtO more than was
ut iirSt expected by the Clearing House
the Clearing House committee who is
acting as trustee for the associated banks,
PAD held a conference to-day with Cashier.
>. W. stone. the acting manager OF the
bank, ana had gone over some of the ;ic-
counts. he expressed his confidence that
the bank had not only ample assets TO
cover al liabilities. but that the s,ock
holders Will not suffer as severely as was
u IrSt expected. President GrauniS is re-
ported to be seriously i'll at his home and
his physc clans Will not let him do anythin.:
IN connection with the liquidation OF his
bank
ANOTHER BANK FEARED.
The well known connection between
the Atlas Bank and the Dime Savings
Bank, small but old institution. caused
the circulation of the report that it
would also be forced to liquidate. It's
doors were opened for business ns usual.
but there was little business To do
DepositorS came to draw out their saw
,iss; oul theE We're presented with Il
blank notice to the bank that they de-
sired 10 withdraw SO much i'll ninety
days from date and required to MI out
the paper. This protective rule of the
bank, which was put in force December
80 exceeds the highest limit of othrr
ravings banks by thirty days. and il
was made applicable to-day by The
Dime Savings Banks depositors of the
smallest amount. This rule is not en-
forced in normal financial times. but ii
was regarded necessary for the present
~ least by President Samuel o. Bailey.
considerable money is due ii by the Al
las Bank. The Chicago safety vaults
are also operated in connection with the
oank. Other banks OF ihe city were
doing business under normal condi-
tons this morning.
OFFICERS NOT IN TO CALLERS.
ne PAiNtlS anu blI tAht'.S Di the lD!inp
savings Bank were not ~ the bank this
morning 10 answer the numerous and
anxious inquiries of dapositors 1t was
stated they We're out attending a meet
Ing 10 decide on Il course OF action in
View OF the Atlas Bank liquidation. The
general opinion is that the Dime Bank
will follow the Atlas into voluntary
liquidation within ninety days The en-
forcement of the ninety day notice rule
on depositors who wanted To with
draw after the big bank collapse last
week did not create any excitement n
the Dime Bank. as the trouble dii Mt
other savings banks. Depositors ac-
cepted the statement of the bank Off
cials that caution was hes; for all CON
cerned and the ninety day notice could
be Withdrawn for immediate payment
rf depositors at any time the cash re-
sources warranted such a step The
Atlas LIQUIDATION, however. brought such
& run OF depositors for their money
that the decision was reached this morn
ing to advise all persons not to deposit
any more savings because they might
not get what they had on deposit for
ninety days. The hint was sufficient to
stop deposits and the bank relapsed into
70 Of 5cI nj,