San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-12-29
BIG ASSIGNMENT.
THE VAN NORTwICKs ASSIGN FOR
S2,5OOOOO TO COVER
Their Immense Property, Including Banks
And Vast Manufactures All Turned
Over to the Equitable Trust Go.

sion of the Atlas National bank, of
Chicago, has prcipitated the suspen-
sion of the Van Nortwick bank, of
Batavia, and the assignment by Will
liam NJ. and John S. Van Nortwick of
all their vast property interests, ag-
Trust of Chicago.
Articles of assignment were filed in
the Kane county court at Geneva and
were three In number, William Nj.
and John Van Nortwick each assign
ing as individuals, and the two assign
ing as firm. Their schedule of in
debtedness was not filed with the ar
ticles of assignment but the liabilities
are said to aggregate $2,000,000. The
Van Nortwick interests, aside from
Batavia property, is largely in paper
mills and manufacturing industries.
Their last statement of assets, pre-
pared year ago. placed their wealth
at $2,500000. They own business
blocks. residences and two farms in
Batavia township, the whole valued
at S150,000; also the Western paper
bag factories at Batavia and Kau-
kauna with a daily output Of 100000
bags. also a straw board mill at Ba-.
tayia; the paper mills at Appleton,
Wis. valued at $4,000. They own
valuable pine lands in Wisconsin and
valuable stocks in the Second Nation
nj bank of Aurora; the Aurora cotton
mills and the Kaukauna and Apple
ton banks. They are principal owners
of the Appleton Manufacturing COM
pany of Geneva, Ill. The brothers
own 440 shares in the Atlas National
bank of Chicago. Such was the con-
fidence Of the depositors in the Van
Nortwick bank that there was no run
on the bank, notwithstanding the ru-
mors of trouble, and the Van Mort
wicks' connection with the Atlas.
Cashier w. Z. Grimes, of the bank
when seen by a reporter declined to
give a statement of the banks assets
and liabilities, simply declaring that
the depositors would be paid fully.
The Van Nortwicks' assets, he said,
were ample to meet all liabilities If
the assignees took sufficient time to
realize upon the property.
In regard to the assignment of the
Van Nortwicks at Batavit, ILL.,, the
Chicago Tribune this morning prints
the following: when John Van Mort
wick, who is known as the King OF
Kane county, died in 1S9Ohe left
100000 to his two sons. The elder
Van Nortwick had been a pioneer in
western railroad building. He sur
yeyed the old Galena road from Chi
cago, and for five years was president
of the Burlington and Quincy. From
the modest beginning of $4,000 which
he had with him when he came to IL
linois 50 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 and along the Fox river in
Wisconsin, in bank stocks, in Kane
county institutions, in large farms
around Batavia and the paternal bank
i'm that thriving Illinois city. The sons
instead of following in the footsteps
of the father, began to spread out in
many .jnes aside from those in which
their patrimony was made. No new
enterprise seemed unworthy OF
portion of the Van Nortwick fortune.
1t was in this manner that S9O0,O0O
in cash went into the combined LOCK
Paper company ut Appleton, Wis. A
bagatelle Of 100000 went into the
development Of the mill at Batavia,
for which nothing but a storehouse
has vet been found. Had the National
bank of Illinois not failed a week ago,
all would have come out well for the
brothers, but that failure cut off ne
gotiations they had had under way
for long time on new plant at Ap-
pleton. United States Comptroller
Eckles was all this time calling upon
the Atlas National to reduce its loans
to its directors, particularly that OF
William NJ. Van Nortwick. Failing
to secure money on the Appleton
plant, the borrowing director was I'M
able to reduce his obligations to the
imperiled bank of which he was a
director.
"This incapability to reduce the
loan, forced the Atlas National to ap-
ply to the clearing house for an in
vestigation and then the liquidation
of the Atlas compelled the assign
ment of the Van Nortwicks.
"No formal statement Of liabilities
and assets has been made owing to
the widely diversified interests Of the
two brothers and any estimate is LA
BILE to be wild.
attorney Green ventures the rough
estimate that assets are 100000 and
the liabilities 100000 to $4,000 He
also SAYS the brothers will pay dollar
for dollar in time.
1.-THE general impression in Batavia
is that while the bank has not been
making money, the side ventures OF
the firm have been successful. The
paper bag factory at that place has
been running night and day doing an