Omaha daily bee., 1896-12-28
ATLAS MATT T. TO LloJtDATE.
chicago Instt IN Preparing to Go
ON business.

thtCNpO lnsti III preparing to Uo
on business.
CHICAGO, De 1T was announced to-
night that the 4 National bank will so
into voluntary uidation and re-
tire from bu The action is
not considered a failure In
any sense, and, | banks business was
comparatively a small one, it is not antci-
pated that any furry in the banking circles
of Chicago will result, Two statements
we're made public tonight. one from the Of
fccrs Of the bank announcing that owing
to i'll health they would liQuidatC and 20
out OF business. and the other from the
clearing house association, showing that the
other banks of the city will furnish the Atlas
ample support Dopositors will be paid in
full upon presentation OF checks.
The bank has been for some time gradually
reducing its Indebtedness, and its liabilities,
which a few months ago were about 81 $780,
600, are now but $ll5OO0O, and are amply
covered by good assets. The bank has about
$3.50 600 in cash on hand and gilt-odge bills
receivable to the amount of $l,2OO,O0O more
AS c, h. Farwell is vice president of the
Atlas National, II had been populSrly sup
posed that the firm Of John V. Farwell y
Co was heavily Interested but none of the
firms paper is involved, and c, II. Farwell
has but an Insignificant amount on deposit
in the institution. The bank has about $780,
coo loaned to a paper manufacturer of Ba-
tavia, ILL.,, and $4,000 to Norton Bros the
milers who failed last week, but its other
accounts are all thought to be good
Following are the official announcements
which write the epitaph Of a financial in
stitution which has lived almost ten years:
owing to the continued III health of the
president of this bank, II has been decided
to close its business. No deposits viii bc
received hereafter, but all dCpositors will
be paid in cash upon demand. Depositors
and correspondents are requested to pre-
tl..ip ole for. l,,1p a
w. G. u. GRANNIS President.
s. w. STONE. Cashier.
December o. 1S96-Thc Atlas National
bank, having decided to retire from bust
ness. the clearing house committee has
on their report the associated banks of
the city have decided to advance the
fun as shown by its books December 2G.
1896 without waiting to convert it's as
sets into cash. The amount required to be
advanced will not exceed 100000, The bank
Will not receive any deposits from date
Checks on 1t will he settled through the
clearing house, as usual
ISAAC O.. LOMBARD,
l.. O. GAGE,
ORSON &. SMITH,
c. j. BLAIR,
r G.. KEITH,
Clearing House Committee.
One year ago the Atlas had in deposits
3,22l 400; on December II they footed up
SlS6O412; at the close of business on Sat
urday night they were in all probability
nearly 81 900, 600 less.
This briefly tells the story of this volun-
tary liquidation One month or six weeks
ago the attention of Comptroller of the
Currency Eckels was called to the condi-
tion of the bank. The report of the bank
examiner showed there was loans to direc-
tors and officers of the bank exceeding its
total capital stock of 100000. The comp
troller sent several pointed messages tell
ing them to clean up" and reduce this
aggregate of loans inside the institution.
The bank officials cut the total down to
between $3.50 600 and $500 900 and raised the
cash reserve from 20 per cent, the legal
minimum, to 40 per cent Subsequently the
constant checking out OF deposits reduced
this reserve somewhat.
The heaviest run came on Tuesday, and
resulted largely from a widely circulated
story that the bank had on Monday after
neon posted the sign CLOSED" upon its
doors. When the bank closed Tuesday after
noon its was felt that immediate suspension
must follow the next day If the run was
kept up, but Wednesday brought something
of a reaction which followed the collapse
of the National Bank of Illinois and the
withdrawal of funds sackened. Thursday
the officials of the bank were notified by
some Of the leading bankers of Chicago to
call on them if trouble was imminent and
they would agree upon a plan of action
WnlCn WOulu De Ine pest LOT All concerned.
The following day Comptroller Eckes, who
was receiving almost daily reports from the
institution by telegraph, advised that plan
OF liquidation be arranged He sent this
advice both to the officers of the bank and to
Bank Examiner McKeon. The clearing house
committee was notified and subcommittee
OF two appointed to make an examination of
he securities held by the Atlas. The exam
ination was ended on Saturday and the re-
port was satisfactory.
The result was the meeting at Banker
Lumbard's house tonight, at which Mr.. Nc
Keon represented the comptroller of the
currency and stated his views and wishes in
the matter
w. c. ID. Grannis, the president of the
bank, was seen at his residence this evening.
When informed Of the action of the clearing
house committee, Mr.. Grannis seemed quite
relieved. THE bank" he said will pay
every dollar It owes. We have suffered a
severe drain upon our ready cash during the
past week, and perhaps every bank has.
But everything will be found to be perfectly
straight and We can pay every dollar.
THE committees action Is In the right
direction. and am quite relieved and thank
full for this decision in the matter There is
not the slightest trace OF crOOkedness in our