The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-12-29
ATLAS NATIONAL
BANK FAILURE
The Institution In the Hands Of the
Clearing House Association.
ALL ACCOUNTS WILL BE PAID INFULL
The Closing Of the Bank an Entirely
Voluntary Struggle of
the Institution to Keep Open Doors
Is Well KnOwn..Dime Savings
ban TX Affected by the Atlas Trouble.

chicago, Dec. N The Atlas NatlOnal
bank was practically in charge of the
Chicago Clearing House association.
representing the associated financial
institutions of the city when the doors
were opened to the public at 10 o'clock
this morning. William c. Oakley, a
former national bank examiner. was
appointed the agent of the associated
banks to superintend the clerical and
other details in connection with the
work of voluntary liquidation with the
necessary cash assistance of other
banks. The collateral securities and
other assets of the Atlas will he turned
over to Isaac C. Lombard. chairman
of the clearing house committee. as
trustee for the associated banks. as
quickly as the cash equivalent is paid
to the banks depositors. There was
a steady stream of serious faced busi
ness men and other creditors of the
Atlas bank passing into the building
all morning. Small accounts We're paid
in full when presented this morning.
hut in no case did the large depositors
press for immediate payment. accept
ing the signed guarantee of the banks
would get their money In full. Many
business men and bankers called to
express their sympathy with the Off
GERS and directors of the bank. 1t Is be-
lieved the stockholders will get nearly
all that is due them at par. The re-
sources of the Atlas National bank are
estimated at 81, 100000, with obligations
approximating the same amount.
Owing to inability to realize the ac-
tual assets on declining market it
will be necessary for the banks which
are members of the clearing house as
sociation to advance them $5OO.OOO pro
rated according to their special stock
in order to pay all approved claims in
full at once. This il expected to be
done within Il week. The amount OF
money needed to complete the liquida-
ton Is about 100000 more than was at
first expected by the clearing house
committee. After Chairman Lombard
had held a conference today with Cash
Ter S. w. Stone, the acting manager Of
the bank and had gone over some of
the accounts. he expressed his conf
dence that the banks had not only
ample assets to cover all liabilities but
that the stockholders would not suf-
fer as severely as was at first ex-
pected. Mr. Stone also said the stock
holders would not fare badly In the
division of the assets. President Gran
mis- is reported to be seriously i'll at his
home and his physicians will not allow
him to do anything in connection with
the liquidation of the bank.
STRUGGLING FOR A YEAR.
circle that the Atlas bank had not
been doing a profitable business for a
year. Lately 1t has been struggle
for the bank to keep. open and the as
sistance to honorably discharge it's OBJ
legations in full was gladly accepted
The well known connection of the At
las bank with the Dime Savings bank.
small but old institution. caused the
circulation of the report that 1t would
also be forced to liquidate. Its doors
were opened for business as usual. but
there was little business to do. The
Atlas liquidation brought such a run
of depOsitOrs for their money that the
decision was reached this morning to
advise all persons not to deposit any
more of their savings because they
might not get what they had on de-
posit except under the ninety days law.
The capital stock of the Dime Savings
bank is 100000. The report made t.
the state auditor of public accounts last
July by the bank officers placed the
liabilities in savings deposits of $45S, 900,
but the total amount owing depositors
at present, owing to steady withdraw
ais due to hard times, is ABOUT $500. 900
The bank did not do a. general busi-
ness. 1t is reported that the bank held
considerable stock of the Atlas as an
investment. President Granns. of the
Atlas. was the active power in the
Dime Savings and much of it's money
was loaned to Atlas customers. The
general opinion in banking circles is
that the Dime Savings will have to go
out of business at once as result of
the Atlas liquidation.