The record-union., 1896-12-29
THE ATLAS GIVES UP THE FIGHT.
BANK IN CHARGE OF CLEARING
HOUSE OFFICIALS.
Depositors Informed That as Soon as
Their Accounts Are Balanced
They Will be Paid.

| CHICAGO, Dec. 2S.-The Atlas Ma
tional Bank was practically in charge
of the Chicago Clearing house Associa-
ton, representing the financial institu-
tions of this city, when the doors were
opened to the public at 10 o'clock this
morning. Depositors were informed
| that as soon as their accounts were bal
anced checks on Trustee Lombard,
President of the National Bank of
| America and Chairman of the Clearing
| house Committee, for the full amount
of their claims will be sent.
| The resources of the Atlas National
Bank are estimated at S2,75O,000. with
| obligations approximating the same
amount. Owing to inability to realize
| the actual value of the assets on a de-
! clining market, it will be necessary for
| the banks which are members of the
| Clearing house Association to advance
between 100000 and 100000, pro rated
according to their capital stock, in
order to pay all approved claims in full
at once. This is expected to be done
within a week. The amount of money
needed to complete the liquidation is
about 800 900 more than was at first
expected by the Clearing Commit
| tee.
| After Chairman Lombard Of the
! Clearing house Committee who is act
| ing as trustee for the associated banks,
! had held a conference to-day with Cash
ier s. w. Stone, the acting Manager of
| the bank, and had gone over some OF
| the accounts, he expressed his conti-
| dence that the bank had not only ample
assets to cover it's liabilities, but that
the stockholders would not suffer as Sc
verely as was at first expected MIR.
| Stone also said that the stockholders
| would not fare badly in the division of
| the profits.
| President Grannis is reported to be
seriously i'll at his home, and his physi-
clans will not allow him to do anything
| in connection with the liquidation of the
| bank.
! 1t is known to the inner financial cir
| Gle that the Atlas Bank had not been
doing a profitable business for a year,
and within six weeks the stock was Of
| fered freely from So down to go. Lately
| it has been a struggle for the bank 10
| keep open, and the assistance to non
orably discharge it's obligations in full
was gladly accepted.
| The Directors of the Dime Savings
Bank, which had connections with the
| Atlas Bank, did not take any decisive
| action at a meeting held to-day. The
bank will be kept open for the transac-
ton of the usual business. An insignin-
cant few made deposits to-day, while
several hundred called to get their
money, and were presented with nine
| ty days notice of withdrawal to fill out
| instead.
| The inevitable result of this one-sided
| savings bank business, in the opinion
| of bankers, is that the Dime Bank VIII
soon pay up it's $780, of savings de-
posits and quit. This step is expected
| as soon as the Atlas affairs are wound
UP. Director r. G. Clowry of the Dime
Savings Bank and Atlas National, said
there was no cause for any concern
about the Dime Banks depositors get
| ting all that was due them before the
ninety days allowed by law expired. as
| the bank was thoroughly solvent. This
bank has a special constitution and by
laws which make each director and
stockholder personally liable for the full
amount Of it's liabilities.