The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1896-12-31
ATLAS NATIONAL TO LIauIDArn.
Depositors VIII he Paid In Full on
Presentation of Checks.

Chicago, Dec. Pit was announced to-
night that the Atlas National bank will
go into liquidation and retire from bus-
ness. The action Is not considered as a
failure In any sense and as the banks
business was comparatively a small one,
1t is not anticipated that any furry In
the banking circles of Chicago will re-
suit. Two statements were made public
tonight. one from the officers of the bank,
announcing that owing to III health they
would liquidate and go out of business
and the other from the clearing house
! association, showing that the other banks
of the city will furnish the Atlas ample
support.
| Depositors will be paid In full upon
| presentation of checks. The bank has
| been for some time gradually reducing its
| Indebtedness and its liabilities, which a
| few months ago were about 81, 800 600, are
| now but 81, 10000 and are amply covered
by good assets. The bank has about
S2500 900 in cash ON hand and giltedged bills
receivable to the amount of s1,200000
| more.
| As C. b. Farwell is president of the At
las National, It has been popularity sup
| posed that the firm of John V. Farwell
& Co. was heavily interested, but none of
the firms paper is involved and c. B.
Farwell has but an insignificant amount
on deposit in the institution.
The bank has about 100000 loaned to a
paper manufacturer of Batavia. Ill, and
$4,000 to Norton Bros, the millers, who
failed last week, but It's other accounts
are all thought to be good.
The following are the official announce
| 70 ntch urff fa ha anti nh Of Ina
clad Institution which has lived almost 10
years:
Owing to the continued I'll health OF the
president of this bank, 1t has been decided to
close Its business No deposits VIII be re-
ceived hereafter but all depositor VIII be
paid in cash upon demand. pepositors and
correspondents requested to present theIt
| claims for balances due them before January
| next, so far may be possible.
ATLAS NATIONAL BANK.
w. d. c. GRANNIS. President
S. w. STONE, Cashier.
| December 2s, 1896.
Ciearinr House Announcement
The Atlas National bank having decided To
retire from business, the clearing house com
mittee has made an examination OF Its affairs
and their report the associated banks OF the
| city have decided to advance the amount need
ed to pay its depositors in full, as shown by
its books. December rs, 1896. without waiting
to convert its assets into cash. The amount
required to be advanced will not exceed $780,
OOO The bank Will not receive any deposits
from date. Checks on 1t will be settled through
, the clearing house as usual.
ISAAC LOMBARD.
2 l.. G. GAGE,
o. SMITH,
r. G. KEITH,
G. j. BLAIR,
Clearing House Committee
story of Liquidation.
q One year ago the Atlas had In deposit
:. 50, ,221, 400. On December II, this year, the,
q footed 81, $50, ,412 At the close of business
| In ha &c,
nearly 81, O0O, 900 less. This briefly tells tn
h story of this voluntary liquidation. On
i month or six weeks ago the attention 0
o Comptroller of the Currency EcSels wa
called to the condition of the bank. TIL
= report of the bank examiner showed ther
> we're loans to directors and officers of tn
+ bank exceeding its capital stock Of $1,000
: The comptroller sent several pointed me;
sages telling them to 'clean up and re
duce this aggregation Of loans inside I'll
" institution.
The bank officials cut the total down
between 1850, 900 and 100000 and raised II
cash reserve from 25 per cent to the Leg
minimum Of 40 per cent. Subsequently II
constant checking out of deposits reducf
this reserve somewhat.
The heaviest run came on Tuesday ar
-, resulted largely from a widely circullt'
story that the bank had on Monday afte
noon posted the sign Closed on its door
When the bank closed Tuesday afterno
It was felt that immediate suspense
ON must follow the next day If the run W
continued but Wednesday brought som
thing of a reaction in the feeling whi
had followed the collapse of the Nation
Bank of Illinois. and the withdrawal
funds slackened.
be Thursday the officials of the bank we
notified by some of the leading bankers
as Chicago to call on them II trouble was
minent and they would agree upon pl
he of action which would be the best for
ok concerned.
in The following day Comptroller Ecke
les who was receiving almost daily repo
,ed from the Institution by telegraph, advii
that plan OF liquidation be arranged.