The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-12-28

Atlas National Bank. of Chicago. to
Retire from Business.

CHICAGO, Dec. Fit is announced
that the Atlas National Bank will go into
voluntary liquidation and retire from busi-
ness. The action is not considered as a
failure in any sense and as the banks busi-
ness was comparatively a small one it is
not anticipated that any furry i'm the bank
ing circles of Chicago will result.
Two statements made public to-
night one from the officers of the bank,
announcing that owing to i'll health they
would liquidate and go out of business. and
the other from the Clearing House Asso-
citation. showing that the other banks of
the city will furnish . = Atlas ample sup
port Depostors will be paid in full upon
presentation of check. This bank has been
for some time gradually reducing irs in
debtedness and its liabilities which j few
months ago were about 81, 500. 80, are now
but ST. 10000 and are amply covered ty
good assets. The bank has about S25D,00J IN
cash on hand and gilt edge bills receivable
to the amount OF 81. 200, coo more. As -. Is.
Farwell Is vice president of the Atlas Ma
tional it had been popularity supposed that
the firm of John V. Farwell " Co. was
heavily interested, but none of the firms
paper is involved, and G. B. Farwell has
but an insignificant amounr on deposit in
the institution. The bank mas about $780,
600 loaned to paper manufacturer of
Batavia, Ill., and $4,000 to Norton Bros,
the miller who failed last week, but its
other accounts are all thought to be good.
Following are the official announcements
which write the epitaph of a financial in
stitution which has lived almost ten years:
Owing to the continued i'll health of the
president of this bank IL has been decided
to close its business. No deposits will be
received hereafter, but all depositors Will
be paid in cash on demand. Depcsitors and
correspondents are requested to present
their claims for balances due them before
Jan. next, so far as may be possible.
This was signed Atlas National Bank,
w. c. ID. Grannis, president, and ;. w.
Stone. cashier.
The following is from the clearing house
committee.
cided to retire from business, the clearing
house comrattee has made an examination
sociated banks of the city have decided to-
advance the amount needed TO pay its de-
positors IN full. as shown by its books Dec.
% 1896 without waiting to convert its as
sets in cash. The amount required 10 be
advanced will not exceed S6OO.O0O The bank
will not receive any deposits from date.
Checks on II Will be settled through the
clearing house, as usual.
The above was signed by Isaac c. Lom-
bard, l.. ]. Gage Orson Smith, c. j. Blair,
| +. G.. Keith.
One year ago the Atlas had in deposits
| s., ,221. 400: on the 18th of this month they
footed up 81, $50 4l2; at the close of business
on Saturday night they were in all prob
| ability nearly s1.0O0,0O0 less. This briefly
tells the story OF this voluntary liquidation.
| One month or six weeks ago the attention
| of Controller of the Currency Eckels was
called 10 the condition of the bank. The re-
1 port of the bank examiner showed there
were loans to directors and officers OF the
bank exceeding its total capital stock OF
| 100000. The controller sent several pointed
messages telling them 10 ''clean up" and
reduce this aggregation of loans inside the
institution. The bank officials cut the total
down TO between $4,000 and 100000 and
raised the cash reserve from - Der cent
the legal minimum. TO 40 per cent. SuSse-
/ quenti5 the constant checking out OF de-
posits reduced this reserve somewhat.
/ The heaviest run came Tuesday. and
resulted largely from a widely circulated
| story that the bank had on Monday after
noon, posted the sign Closed" upon its
doors. When the bank closed Tuesda,
! afternoon IL was felt that immediate sus-
pension must follow the next day if the rur
was continued. but Wednesday broughl
something of reaction in the feeling
: which had followed the collapse OF the Ma,