The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-12-31
MANY FAILURES.
Several Banking Concerns Go to the wall
"A Receiver for Norton b Go.


st. Paul, Minn., Dec. 24.-The ma
chinery for closing up the business OF
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
Ter Of the Merchants national bank, its
receivers. NJ. D. Kenyon. public ex-
eminer, in his petition to the court,
stated that the assets of the bank were
$2s1,OO in real estate. $4,000 in cash
and $1,675,OOO in loans and discounts.
Some surprise was expressed over the
last item, as when the banks last state
ment. October &, was made, the loans
and discounts were given as $4,000, 900.
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,
600. As the capital stock is 100000
and every stakeholder liable to twice
the amount of his stock, it is pretty GER
tain that every depositor will be paid
nearly dollar for dollar.
The banks capital was $4,000 and
surplus $4,000. The cash on hand was
$c2, 900, and all but $4,000 of this was
tied up in outside failures. The city of
Superior and board of education have
nearly $4,000 in the bank, about half
of which was deposited within the last
few days: Ira Burhans is president
and c. H. Nichols cashier. The bank
was deposition in the National Bank OF
Illinois at Chicago.
Lewiston, Me-, Dec. 24.-The Ameri-
can Banking and Trust company, OF
Auburn, chartered in 1886, has closed
it's doors and has asked the court for the
appointment of a receiver. The de-
posts are not large and the bank OIL
Gals say there are assets enough to
pay depositors in full as soon as the
assets can be turned into cash. The
deposits and bills payable amount to
$54.403. and assets nominally $3.50, 743.
Chicago, Dec. 2s.-Otto Wasman8"
dorff, of the banking firm of Wasmans-
dorff & Heinemann, which failed here
last Monday as result of the collapse
of the National Bank of Illinois, conf
mitted suicide at his home, $40 Cleve-
land avenue. Sunday morning by shoot
ing himself in the right temple with
revolver. The constant worry and
mental anxiety of the past week COLI
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..
oS1~ hot 10 CT ~
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, ut special meeting Sun
day night decided that the associated
hunks 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 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 g. LON.
bard, u member of the committee, about
IL 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.
Chicago, Dec. 2s.-Norton & Co.. Of
Chicago and Lockport, ILL.,, millers and
grain dealers, went into the hands OF a
receiver late Saturday afternoon. The
affairs of the firm were in such shape
that it was impossib bic to learn definite
" what the assets and liabilities are.
it was represented that the assets
might approach $5O0,OO0, and it was
stated that the liabilities were copsid-
erably under tina: 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 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 eler-
trio power scheme at the falls. They
have done a private banking business
of enormous proportions in Lockport,
and nearly half of the Lockport popn-
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 til,:
failure of the National Bank of ILL.,
nois. and finding themselves thus I'M
able to continue the operation of their
extensive properties and meet the de-
mands of deposltors until they could
realize from other sources receiver
was applied for as the most safe and
equitable mode of adjusting the finan-
ciaI 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
VIII. Smith, Of the Fourteenth judicial
district court, for the appointment of
receiver. The court appointed Fl. A.
Kabler. for four wears past the manager