River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1896-12-31
MANY FAILURES.
Several BANKING Concerns Go to the Wall
A Racel. .er 20. Nartor, n Co

Chicago, Dec. 2s.-Otto Wasmans-
dorff. OF the 5anking firm of Wasmans-
dorm g. Heinemann, which failed here
last Monday as result of the collapse
OF the National Bank of Illinois, COM
mite suicide ct his home. $40 CIeve-
LAID avenue. Sunday morning by shoot
ing himself Ia the right temple with
q revolver. The constant worry aud
mental anxiety of the past week con
sequent upon the failure is believed 70
have been the cause. He had scarcely
slept during that time, and although il
is generally believed that the bank will
discharge Its obligations in full Mr..
Wasmansdorff saw that his standing IN
financial circles had been imperiled.
Chicago. Dec. 2s.-The Atlas national
bank of Chicago has decided to retire
from business. and the clearing house
committee, at special meeting Sun
day night decided that the associated
banks of the city would advance the
amount needed TO pay its depositors in
full. The amount required is in the
neighborhood OF 100000. The bank
will not receive sny deposits from date.
Checks on il will be settled through the
clearing house as usual. The meeting
was held at the home of Isaac q. LON
bard, a member of the committee. about
II o'clock Sunday night. The officers
of the Atlas national are: President,
w. C. ID. Grannis; vice president. c. II.
Farwell; cashier, s. w. Stone; assistant
cashier, w. S. Tillotson.
Chicago, Dec. 2s.-Norton & Co., of
nd
grain dealers, went into the hands of
receiver late Saturday afternoon. The
affairs of the firm were in such shape
that il was impossible to learn definite
ly what the assets and liabilities are.
1t was represented that the assets
might approach 100000, and it was
stated that the liabilities were consid-
erably under that figure. Norton & Co.
have been known for 40 years through
their operation of the Lockport mills.
They added other enterprises to their
early business, and in addition 20 their
Touring mill they have grain elevators
and an electric light plant at Lockport.
They have also large grocery store
at Romeo. on the Illinois & Michigan
canal, and in Chicago a large Touring
establishment. The company also owns
paper mill at Niagara Falls and is
largely interested in the water and cleo
trio power scheme at the falls. They
have done a private banking business
of enormous proportions in Lockport,
and nearly half of the Lockport popu-
lace is directly interested through de-
posits. The business integrity of the
company has never been questioned
here, and the failure is a gloomy sur
prise. However, assurance is given that
the embarrassment is only temporary.
The company was caught deep by the
failure of the National Bank of Hi
nois, and finding themselves thus un-
able to continue the operation of their
extensive properties and meet the de-
mands of depositors until they could
realize from other sources a receiver
was applied for as the most safe and
equitable mode of adjusting the finan-
cial difficulties.
Dallas, Tex. Dec. 2s.-The board of
directors of the Security Mortgage 4
Trust company, local financial con-
Germ. has made application to Judge
W.J.J. Smith. of the Fourteenth judicial
district court. for the appointment of
receiver. The court appointed Ii. A.
Kabler. for four years past the manager
of the Security Mortgage & Trust COM
pany, as receiver. The liabilities of the
company are approximately S2.000.0O0;
assets, nominally the same, but they
will not probably realize more than
$1,000, 900 in the market. The company
has been doing business for nine years.
Geneva, ILL.,, Dec. 29.-William NJ. and
w. NJ. Van Nortwick. bankers at Bata-
via, ILL.,, made an assignment in the Kane
county court here Monday evening. All
their property, both in the Batavia bank
and stock in the large corporations in
which they are interested were turned
over to the Equitable Trust company, of
Chicago. There were three assign
nents in all. John S. and William NJ
assigned all their personal property and
homes, and then assigned as firm. The
failure was due to the liquidation of the
Atlas national bank of Chicago, in which
the Van Nortwicks were heavy stock
holders.
West Superior, Wis. Dec. 20. - The
Bank of Superior, doing business at the
east end. suspended on account of
run with which il was threatened after
the recent failures.
Kansas City, Mo, Dec. 29.-The Nc
Coy Banking company of Independence
went into voluntary liquidation Mon
day. The bank refused to receive de-
posits in the morning and began pay
ing it's depositors in full. There was
no run on the bank, and the directors
put an advertisement in the Independ-
cnce newspapers asking depositors to
come after their money. The reason
given for the bank going out of busi-
ness is that its president, William Me-
Coy, is too advanced in years to man
age it's affairs longer. He is IS years
old. The capital stock of the bank is
$4,000. On August 10. when the last
report was made, it owed to its de
positors $55,lsO. Its outstanding loans
amounted to S72,262.
Minneapolis, Mimi, Dec. 30. - The
Scandal bank suspended Monday. IL
was one of the smaller banks of the city
and was loaded up with real estate on
which il could not realize.
Laconia, n. H., Dec. 29.-The Laconia
Car company was forced into insolvency
Monday. The total liabilities are placed
at $617, 900 and assets al $407, 900.
Greater New York.
New York Dec 25-The preliminary