The record-union., 1896-12-30
While Heavy Runs Were Made on
Others in the City.
General Belief That the Creditors of
the Van NOrtWick Brothers Bank
at Chicago, Which Closed Its Doors
Monday Afternoon, Will Receive
Dollar for Dollar, With Sufficient
Time to Realize on the Assets of
the Bank.
the Bank.

MINNEAPOLIS, Dec. 29.-The Col
umbia National Bank, whose President
is Charles Kittleson, ex-State Treasurer,
and whose cashier is Joseph Bobleter,
also an ex-State Treasurer, failed to
open its doors this morning, and George
M. Coffin, Deputy Controller of the
Currency, who happened to be in the
city, took charge.
Cashier Bobleter said that the labil-
tiles, not including the capital stock,
etc, and including principally deposits,
amount in round numbers to S241 900,
while the assets, mostly notes, amount
ed to S4oO,OOO. He said he had no doubt
the depositors would in time be paid
in full. The State is a creditor to the
amount of $4,000 and the county
about $4,000. The city had 81 200 on
deposit.
At the present time, according to
Cashier Bobleter, there is $33, 900 cash
in the vault, and 100000 will be col
lected within the next thirty days. The
suspension was ordered for the pur-
pose of protecting the majority of the
creditors. The banks capital is 5000
600.
The suspension of the Scandal yester-
day and the Columbia this morning ere
ated CONSERVATION among the patrons
of the Washington, and such a run
was commenced as to compel the bank
TO close it's doors shortly after noon.
Depositors drew their checks directly
at the bank and through the clearing
house at such rate that it was APP
parent that the interests of all the de-
positors demanded suspension of
business. The bank knew that it's
strength would be sorely strained to-
day, and had made arrangements to
get $4,000, which would have tided it
over safely, but the money was not
forthcoming this morning and after d
vain attempt TO stand the demands
Cashier Brecke telephoned Bank E,x-
aminer Kenyon that the officials had
decided to close the bank, and asked
him to take charge.
Cashier Brecke stated this afternoon
that aside from the matter of cash on
hand the bank was in excellent shape.
Exactly what will be done has not yet
been determined. 1t is quite likely that
the suspension will be only temporary,
shape, according to Mr. Brock, that
its depositors can be paid in full in a
comparatively short time, and 80 cents
on the dollar within two months. In
round numbers the liabilities are $780,
OOO and the assets $500, 600. OF the lat
ter only $14,500 is real estate. The
bank had some city deposits, $4,000 Of
State money, and $1,000 of the colInty's
funds. The banks officials are: Presi-
dent, A. c. Haugan, who is at present
City Treasurer; Vice-President, K S.
r. Johnson; Cashier, o. f. Brecke
The banks loans and discounts are
S50I 40. It's deposits are $45S, 600, and
its capital stock 100000.
The announcement of the fail
ure of the Columbia and Wash
ing'ton banks caused n considerable
furry at nearly all of toe other banks
of the city. The biggest run was on
the Farmers and Mechanics Bank, the
largest savings institution in the North
west, with deposits of over S6000,0 600
This bank is said to be entirely safe
1t stood constant run of eight days
during the panic of 1893.
THE VAN NORWICH FAILURE.
BATAVIA QH.), Dec. 29-Although
the Van Nortwick Brothers, whose fail
ure was announced at Chicago yester-
day, owned a large part of the manu-
featuring industries and real estate of
this town the assignment of their vast
and varied interests caused no other
business trouble or run on the banks
to-day. There was more surprise and
belief that the assets were clear and pro-
fitable; that every creditor would get
dollar for dollar. though it might take
some time to realize in the depressed
condition of business
William NJ. Van Nortwick was in Chi
cago to-day consulting with his attor-
neys and the Equitable Trust Company
officials. receiver Of the properties. The
First National Bank took in more money
than was paid out
Cashier Grimeslay,. in charge of the
Van Nortwick bank, which did not open
it's doors this morning. said he received
information that the bank would be
closed yesterday afternoon. Deposits
We're received until the last minute. The
creditors of the bank are expected to get
their money first, as the majority are in
need of their savings The assignment
includes the individual property of the
brothers. even to their homestead and
the stock of the firm in the Fillmore
County Bank, Western Paper Bag Com
pany, Batavia; Appleton Manufacturing
Company of Appleton; Wis; Memphis
Company of Memphis,
Tenn: Aurora Cotton Mills of Aurora.
Ills. Combined Locks Paper Company.
Sulphate Fibre Company
and Union Pulp Company of the Fox
River Valley in and near Appleton.
Wis. There are pine land holdings in
Missouri and other personal interests
which cover all that remains of the es-
tate of So 100000 inherited in 1890 from
their deceased father, John Van Mort
wick
The cash value of assets are esti- |
mated by the firms attorney in Chicago, |
A. w Green, at $1,000 600, and the liza
bilities at 100000 to $500. 600 This es-
innate of assets is believed here to be |
very low.
The brothers are blamed for not finan- !