Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-12-29
STORY OF A FORTUNE.
The "Klns Of Kane County" Left Five
Million Dollars.
THIS WAS ONLY SIX YEARS AGO.
Now His Sons Mske an Assignment
Because OF Inability to
Raise MONEY.

at Batavia, Ills, the Tribune todpy
prints the following:
When John Van Nortwiok, who was
known az the"King of Kane County"
died in 1850, he lett 100000 to his
two sons. The elder Vsu Nortwiek had
been pioneer In western ra'iroad
building. He surveyed the old Galena
read from Chicago and for eight years
was president OF the Chicago. Burling-
ton d Quincy railroad. From the
modest beginning OF Ss,OOO,OC0, which
he had with him when he came to
Illinois, fifty years ago, he accumu-
lated the fortune which went to his
two sons.
This property was in the shape OF
large paper manufacturing interests at
Batavia and along the Fox River In
Wisconsin, in bank stocks in Kane
county, In large ierms around Batavia
and In the Paternal Bank in the
thriving Illinois city.
The sons instead OF following In the
footsteps of their father began 10
spread 1t in many directions. Large
sums were spent on lines wholly dis.
tinct from those In which the patri.
mopy was earned.
Going south as far ~ Tennessee and
west as far as Kansas City no new en-
terprise seemed unworthy OF portion
Of the Van Nortwicklfortune. IL was
in this manner that some $500, 600 in
cash went into the Combined Lock
Paper company at Appleton, Wis. A
bagateI OF $40, 900 went into the re-
nj mil nj In
which no use other than a ,storehouse
mas yet been found.
Had the National Bank OF Illinois
not failed week ago all might have
come out well for the brothers, but
that failure put off negotiations that
they had under way for long time
loan on new plant at Appleton.
United States Comptroller Eckeis was
all this time calling in no uncertain
tone upon the Atlas National 10 re-
uucs Its loans to its directors. particu.
Iarly that TO William Van N ortwick.
Failing to secure money on the Apple
ton plant the borrowing director was
unable to reduce his obligations 10 the
imperiled bank OF which he WAS a
director. This Inability to rsuuce the
loans forced tue Atlas National 20
apply to the clearing house TOR assist-
ance and then the liquidation OF the
Atlas compelled the assignment OF
the Van Nottwick brothers.
No formal statement OF liabilities
and assets mas yet been made. Owing
to the widely diversified interests OF
the two brothers any estimate ia liable
10 be wide.
Attorney Green ventures the rough
oetimate that the assets are 81 200, 600
Eoh
coo.
He also says the brothers will pay
dollar for dollar in time.
The general impression in Batavia
is that while the bank has not been
making aoy 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 Increased Its time TO IL hours a
dey aimee election and hss had orders
lof all its product. The manufacturer
OF butter plates by the Memphis wood
enware company ut Memphis, Tenn,
also owned by the VannOrtwicks, is
supposed to be- highly successful and
the brothers frequently have expressed
much satisfaction at the result OF their
experiment. in this direction.
THE ASSIGNMENT WAS VOLUNTARY.
CHICAGO, Dec. GA. w. Green Of
the firm ut Green, Robins d HOnOre,
who are attorneys for the Ven Mort.
wicks OF Batavia, said today:
"The assignment was wholly volan-
tary and was que to the desire of the
Msssrs. Van Nortwicks to avoid more
serious complications ~ a result OF The
closing of the Atlas National bank.
While do not kh0w the exact figures,
for they could not be obtained TIL the
general assignment papers were made
OUT, 1 believe the assets amount to
sl,U00,0O0. The liabilities cannot pot.
hIbly exceed $500, 900 or 100000 at the
most.
81 firmly believe they will pay 100
cenis on tue dollar. Anu have $780,
left, but they must have time; that 1;
the whole reason for the assignment;
they have not the ready money to
meet certain pressing claims, and Il ese
are the times when hard cash talks"
THE BANK CLOSED. TOO.
BATAVIA, ill.,, Dec. 29.-Wm. aud
Johu Van Nortwick's bank did not
open today. There was no run on the
other banks OF Batavia as a result oil
the closing OF the Van Nortwick bank
ard no failures are reported. The Van
Nortwicks held 464 shares OF the Atlas
National bank. The closing OF the
bank here 10 due to the assignment Of
The brothers to the Equitable Trust
company. Chicago.
Cashier Grimes, who WAS in charge
oil the Van NORWICH bank, said today
lie had no Intimation that the bank
would iiquidate until IL O'Clock yss.
ierday noon when @. g. Wilson, repre-
tentlng the Equitable Trust company,
walked into the bank saying hs hau
Deem sent down by the csmpany to
take charge.
THE assignment made by Van
Nortwicks incluGes everything they
nave, even to their h-mesieau," said
Gtimes. "and 1t is my belief the ere.
tutors OF the bank will DO paid IA iull.r
Cashier Grimes refused to give any
statement as TO the assets and liabilities
Of the bank
Inc Van Nortwicks' are und erstood
70 nave gone TO Appleton, Wis, last
night where John Van Nortwiok T.
PRESIDENT Of bank, besiues being Ia.
Wieslea with his brother In the APP
p's,on manufacturing company.
ine ulrtcIors Of the First National
psnk, Batavia, held meeting Ia 81