Omaha daily bee., 1896-12-30

NO formal statement or liabilities anu
assets has as lyet been made. owing to
the widely diversified interests OF the two
brothers any estimate Is liable to be wild,
| Attorney Green ventures the rough estimate
that the assets are 81 600 600 aud the liza.
bnitits Si0O OO1 TO- $500 600 lie also says
the brothers win pay dollar for dollar in
time.
"The general Impression In Batavia is that
while the bank has not been making money
! the side ventures OF the firm have been
successful. The paper bag factory at that
place has been running night and day,
doing an immense business, The Paper Bag
Manufacturing company at Batavia has In
creased its time to twelve hours a day since
the election, and has had orders for all its
product. The manufacture OF butter plates
by the Memphis Woodenware company at
Memphis, Tenn also owned by the
Nortwicks, is supposed to be highly success.
tul. and the brothers have frequently ex-
pressed much satisfaction at the results"
a. w. Green OF the firm of Green Rob
bins & Hare, who are attorneys for the
Nortwicks OF Batavia, said today: The
assignment was wholly voluntary and was
due to the desire cf Messrs Van Nortwick
to avoid more serious consequences as a
result of the liquidation of the Atlas Ma
tional bank.
HALF A MILLION TO SPARE.
"While l do not know the exact figures,
| for they could not be obtained at the time
the general assignment papers were made
out, | believe their assets amount to fully
| 81, ,OOO,O 900. Their liabilities cannot possibly
exceed 100000 or $500, 900 at the most. l
! firmly believe they will pay 100 cents on the
dollar and have 100000 left But they must
have time. That is the whole reason for
the assignment. They have not the ready
money to meet certain pressing claims, and
| these are times when hard cash talks"
Attorney A. w. Green, who drew up the
assignment papers for the Batavia bank,
disclosed the principal causes which led up
to the assiGnment in an interview today.
Aside from Atlas bank liquidation the most
| important factor in the Van Nortwick
crash, he said, was the recent failure to
dispose Of SS00.G00 worth Of bonds in the
Boston mtrket. secured by the great com
| bined lock mills, situated on Fox river in
| Wisconsin, and valued at 800, 900 in a clear
market. Negotiations for the conclusion
of this deal had nearly been completed
| when the National Bank of Illinois failure
was announced. That Immediately put
stop TO the sale of the bonds and the Van
| Nortwicks were thrown upon their cash re
sources. Mr.. Green said If this bond sale
had been successful the Batavia bank would
have been tided through the present diff
| Guilty.
There is no question that the credi-
| tors demands will be paid in full" said
| Mr.. Green. THE immediate cause OF the
assignment was due to the Atlas bank
| liquidatOn The Yam Nortwicks were in
debted to the Atlas for considerable
amount and were unable to pay any cash.
| These loans are secured by the Appleton,
Wis, paper mills and there is no question
| but that in time when all the assets can be
| liquidated there will be money enough FOR
all creditors and Some left for the Van
| Nortwicks."
Lyman A. Walton secretary of the
| Equitable Trust company, who was en-
| trusted with the assignment papers OF the
| Van Nortwicks, has returned from Batavia.
| When seen he disclaimed all knowledge OF
the banks affairs, II spent only thirty
minutes in Batavia" said Mr.. Walton,
and did not have time to look over the
situation carefully. The cause of the
failure was the liquidation of the Atlas
bank The Van Nortwick interests are so
| large that it will take some time before the
exact figures can be given"
TWO MINNEAPOLIS FAILURES
MINNEAPOLIS, Mimi, Dec. 2o--Thc
Columbia NationalEbank a small institution
of comparatively recent establishments ana
5000, 900 capital, clCGed its doors this morn
ing and Is now in the hands Of the bank
examiner. hecSrdirg to its last state
ment. made Defender H. it had loans and
discounts. S3iS,l45; United States bonds to
secure circulation, $4,000; real estate ana
mortgages, $lS,72S; due from other banks
Si2,S97; cash reserve, $34.S72; other cash
items, $ll,S52; national bank notes OUT
standing $4,000; due other banks, Sl36 579;
deposits, subject to check. slOl 5O7: cer.in-
Gates of deposit, S6S, ,594; certificates ana
cashiers checks, S3,Si3; bills payable, SIS,
900 ''
The Washington bank, state insti-
tuition, closed its doors this noon. 1t
has capital of 100000 and by it,t
last statement, at the close of business
December H. had S5O7,1 1O4 loans and dis
counts, $l42,22S overdrafts secured, S2Ol65
in stocks and bonds, Sl4,475 in real estate
and SSS,272 cash on hand Its deposits
wore 1858 1872, its certified deposits. SIP .5S7:
bank deposits SSip37. "A. C. Haugan. CITY
treasurer. was ont CT the founders OF the
bank and is one iof its directors. o. f.
Breecke is tho -casti Ter.
The following announcement was made by
the clearing house committee this after
noon: The clearing house committee deems
1t its duty to announce that its investiga-
tions warrant it in advancing whatever sum
of money may be needed by the Swedish
American National bank to meet promptly
calls upon it by the depositors. This bank
has an unusually large available cash re-
serve, amounting to about SO per cent of it's
obligations, and its bills receivable are of
such account as We have no hesitation In
saying that we will make the necessary ad-
vances to meet all demands and that we do
not look for further trouble among the banks
of this city"
Eckels has received a dispatch announcing
the failure of the Columbia National bank
OF Minneapolis, Mimi Deputy Comptroller
Coffin, who Is next in rank to Mr.. Eckes
happened 10 De passing through MlnneapO-
lis and was directed to take temporary
charge of the bank. Examiner Cook was
ordered from Chicago to take permanen;
charge. The last report of the bank re-
celved by Mr.. Eckels was that of October
6, the figures of December II not having
reached here. At that time the assets were
$6i1 900, but these probably have shrunlt
since then. The comptroller ascribes the
failure to a lot of slow assets on which ready
money could not be realized, and he say
that this has been the cause OF most of the
recent bank failures.
The suspension of the Washington bank
was due to the fact that clientele being the
same that OF the suspended ColumbIa
National and Scandia bank, became alarmed
and began to draw out deposits this morn
ing at such a rate that the managers de-
cided that the best interests of all would
be served by closing the bank It's condi-
tion is excellent. the assets being $500 900
and the liabilities 100000. There is little
real estate among the former and they can
be quickly ccnverted into currency.
VIRGINIA BANK CLOSED.
ROANOKE va, Dec. 29.-The Commercial
National bank or this city closed its doors
this morning by order of the board of di-
rectors. The trouble was heavy run on the
bank yesterday. ION December 8 j. C.
Davenport, cashieri resigned and his sue
rncsnr was oil Tho ,nottar kapt