Warren sheaf., 1896-12-31
MANY FAILURES.
Several Banking Concerns 10 to the Wall
A Receiver for Norton & Go.


the Bank of Minnesota was set in mo-
ton Wednesday afternoon by Judge
Otis in the appointment of William II.
Lightner and Frank A. Seymour, cash
ier of the Merchants national bank, its
receivers. Nj. ID. Kenyon. public ex-
sminer, in his petition to the court,
stated that the assets of the bank were
$281 900 in real estate. $45,OOO in cash
and 81 1915, 900 in loans and discounts.
last item, as when the banks last state
ment, October 6, was made, the loans
and discounts were given as s., 100000
The public examiner has evidently
given these at what he regards their
actual value. The bank is indebted to
depositors in the sum of $2,341 900, and
it's liabilities over all assets are $780,
900. AS the capital stock is 100000
and every stakeholder liable to twice
the amount of his stock, it is pretty cer
tain that every depositor will be paid
nearly dollar for dollar.
The banks capital was $50,000 and
surplus S5O,OOO. The cash on hand was
$4,000, and all but $4,000 of this was
tied up in outside failures. The city of
Superior and board of educati ton have
nearly $4,000 in the bank, about half
of which was deposited within the last
few days. Ira Burhans is president
and G. III. Nichols cashier. The bank
was depositor in the National Bank of
Illinois at Chicago.
Lewiston, Me-. Dec. 24.-The Ameri-
can Banking and Trust company, of
Auburn, chartered in 1856, has closed
its doors and has asked the court for the
appointment of receiver. The de-
posits are not large and the bank ot1i-
cials say there arc assets enough to
gay depositors in full as soon as the
assets can be turned into cash. The
deposits and bills payable amount to
$54.403. and assets nominaliy $13O,743.
Chicago, Dec. 2S.-Otto Wasman.-
dorff, OF the banking firm of Wasmans-
dorf G. Heinemann. which failed here
last Monday as a result of the collapse
of the National Bank of Illinois, COM
mitted suicide at his home, $40 Cleve-
land avenue, Sunday morning by shoot
ing himself in the right temple with
a revolver. The constant worry and
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 it
is generally believed that the bank will
discharge its obligations in full Mr..
Wasmansdorff saw that his standing III
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 a special meeting Sun
day night decided that the associated
banks of the city would advance the
amount needed to pay it's depositors in
full. The amount required is in the
neighborhood of 100000. The bank
will not receive any deposits from date.
Checks on it will be settled through the
clearing house as usual. The meeting
was held at the home of Isaac &. Lom-
bard, a member of the committee, about
II o'clock Sunday night. The officers
of the Atlas national are: President,
w. c. D. Grannis; vice president, C. Il.
Farwell; cashier, S. w. Stone; assistant
cashier, w. S. Tillotson. i"
Chicago, Dec. 2S.-Norton & Co., Of
Chicago and Lockport, ILL.,. millers and
grain dealers, went into the hands of
receiver late Saturday afternoon. The
affairs of the firm were in such shape
that it was impossible to learn definite
ly what the assets and liabilities are.
1t was represented that the assets
might approach $500,O00, 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 to their
Touring mill they have grain elevators
and an electric light plant at Lockport.
They have also a large grocery store
at Romeo. on the Illinois & Michigan
canal, and in Chicago large Touring
establishment. The company also owns
paper mill at Niagara Falls and is
largely interested in the water and ele1-
tric power scheme at the falls. They
have done 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 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 Illi-
nois, and finding themselves thus un-
able to continue the operation Of their
extensive properties and meet the de-
1nands of depositors until they could
realize from other sources receiver