Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-12-28
BANK FAILURES In The EAST
Atlas of Chicago Closes Its Doors, Fol
lowed by Dime Savings, Which is
Under Same Direct0rship.
THESE ARE FOLLOWED BY MANY OTHERS
Bank of Superior ard Scandia Bank in
1t, Also Security Mortgage & Trust
Company and the Laconia
Car Company.

| was involved IN the failure OF tne MEAD
owcroft Brothers and the Central Trust
Savings bank, which assigned year ago
and cleared through the Atlas.
The collateral the defunot bank had on
| deposit to secure its clearances was said
to be ample and at the time President
Grannis, of the Atlas, said it would not
lose by the failure.
W. A. Paulsen, who was president OF
the Central Trust & Savings bank, re-
Gently brought suit for S250,000 against
the Atlas bank, W. c. D. Grannis and
Charles B. Farwel.
The suit is based upon trouble Paul
sen had with the bank at the time of the
failure of the Central Trust & Saving
concern.
I, Panlsen alleged that, although his bank
had deposited Atlas collateral sufficient
to cover all claims against it, clearing
facilities were refused and the bank was
forced to assign.
The liabilities are about ~, 100000, de-
posits being $1,SO0,OOO.
Partly as result of the failure of the
National bank of Illinois, last week, the
Atlas National bank began paying off de-
positors to-day, thus marking the first
step in retirement from business. No
deposits we're received and as fast as ac-
counts we're checked up depositors were
paid IN full and their books taken up.
The Atlas suffered heavily from runs
occasioned by the close of the National
bank of Illinois, deposits aggregating
100000 having been withdrawn last
week. This brought the resources down
to low figure.
The clearing house committee at the
request Of the officers of the bank, invest
cd its accounts and found the bank solv-
ent. To expedite liquidation the COM
mittee pledged the aid of the associate
banks of Chicago.
Vice President 9. B. Farwen said to-
day: "After depositors have been paid
off, believe the shareholders will receive
large percentage of their interest, if not
every dollar"
The Atlas was organized in 1887. Its
statement, December II, shows the de-
posits to be $1,S60,00O. Deposits six
months ago amounted to $3,500,000.
DIME SAVINGS BANK FAILS.
Chicago.-In pursuance of an agree
ment among the directors of the Dime
Savings bank, Treasurer George W..
Reeds window is barricaded to-day and
payments suspended under the ninety
day withdrawal notice clause granted in
the statutes to savings banks.
w. G. D. Grannis, president of the Atlas
Natiaral bank, lie vlce-presiden of the
Dime Savings bank, and several Of the
directors of the Atlas National bank are
also on the directory of the Dime Saw
ings bank.
eThe officials of the Atlas National bank
vigorously denied that the Atlas liquida-
tion had in any way influenced the future
course of the Dime Savings bank. At
the latter there was persistent silence
as to the action of the directors,
A majority of the Dime Savings bank
depositors filed withdrawal notices. They
were assured that the issuing of the no.
tice was no indication of the banks in
ability to meet all demands but simply
means the protection against violent
Aurries. Nearly all the depositors are
laboring people.
WILL BE PAID IN FULL.
Washington.-Comptroller Eckles said
to- day the closing of the Atlas National
bank of Chicago was entirely voluntary.
Eckles said the creditors would be paid in
full at once, through advances made by
the Chicago clearing house, and in his
opinion the stockholders will eventually
realize 100 per cent.
MORTGAGE TRUST COMPANY.
Dallas, Texas.-The failure of the Se-
curity Mortgage g. Trust company GREAT,
ed much discussion in business circles in
this city.
Many business men had long expected
trouble for this concern, but the public
generally was surprised at the failure.
The opinion is general that local losses
will be comparatively insignificant, but
eastern and foreign capitalists will lose
fully 81 100000 on their investments and
ventures.
The exact figures of the liabilities and
assets were given as follows: Liabili-
ties, 1,296,225; interest, $25,000; quits
sale mortgages, $659,00O; interest, $l0,-
900; taxes, $4,000; liabilities on stocks,
$5OO,OOO; cash and mortgages, 81 100000;
in sub-companies, $1l4,O00; bonds in
various corporations, $4,000; mortgages
sold--not colleoted-$650,00O. Total as.
sets, $2,sl4,00O.
Sub. com panies are trust company,
building associations, the Texas Farm
Land company, Security Investment CON-
pany and Cotton Mills Building associa
tion.
PAYING TELLER DISAPPEARS.
Chicago.-A special from st. Paul says:
Leander Bosch, paying teller of the sus.
pended Bank of Minnesota, has disap-
peared. There is small discrepancy in
his accounts.
BANK OF SUPERIOR FAILS.
West Superior, Wis.--The bank of Su-
perior, doing business in the east end,
suspended to. day. An assignment was
made by the directors to Henry y. Butler.
The bank had $25,O0O capital and $4,000
surplus. The big proportional deposits
IF 100000 was constant menace. A
slight run on Saturday influenced the
,losing. The deposits are mostly small
amounts and the bank expects to liqui-
late in full, unless there is continual
lecline In the assets.
CAR COMPANY INsoLvENT.
Laconia, N. II. The Laconia Car COM
,any was declared insolvent to-day, liza
,ilities $617 900; assets 100000.
THE sCANDIA BANK FAILS.
Minneapolis Scandia bank sus.
pended to-day. 1t was small bank and
vas loaded up with real estate on which it
'ould not realize.