The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-30
TOO MANY IRONS
To Blame for a Heavy Failure in
Illinois.

Iu1pO1S.
BATAVIA, ILL.,, Dec. 29-The Iiqui-
dation of the Atlas National bank, of
Chicago, has precipitated the suspen-
sion Of the Van Nortwick bank, of Ba-
tavia, and the assignment by William
M. and John S. Van Nortwick, of all
their vast property interests, aggregat-
ing $2,500,G0 to the Equitable Trust
company, of Chicago.
Articles Of assignment were filed in
the Kane county court at Geneva, and
were three in number, William M. and
John S. Van Nortwick each assigning
as individuals, and the two assigning
as firm. Their schedule of Indebted
ness was not filed with the articles Of
assignment, but the liabilities are said
to aggregate $2,000,000. The Van Mort
wick interests, aside from Batavia
property, are largely in paper mills
and manufacturing industries Their
last statement of assets, prepared a
year ago, placed their wealth at ST.
100000. They own a business block,
residences and two farms in Batavia
township, the whole valued at $3.50, 900;
also the Western paper factories of Ba-
taVia and Kaukauna, the largest con-
Germs of the kind in the world with
a daily output Of 100000 bags; also
StraWbOard mill at Batavia, unused
The paper mills at Appleton, Wis, are
valued at $S00000. They own valuable
pine lands in Wisconsin, and have stock
in the old Second National bank, of
Aurora; the Aurora cotton mills and the
KaUkauna and Appleton banks. They
are principal owners of the Appleton
Manufacturing company, of Geneva, I'll.
The brothers own 464 shares in the
Atlas National bank, Of Chicago
The Van Nortwick bank in Batavia
had a large clientage. The bank has
been soliciting deposits for some time
past, paying large interest, fact which
with good business men gave evidence
of weakness, if not distress. Such was
the general confidence of Batavia de-
positors in the Van Nortwicks, how
ever, that there was no run on the
bank, Notwithstanding the reports of
the trouble of the Atlas bank and the
Van Nortwicks' connection with the
same.
Chicago, Dec 29-Attorney A w
Green, who drew up the assignment pa
pers for the Batavia bank, disclosed
the principal causes which led up to the
assignment, in an interview today.
Aside from the Atlas bank liquidation
the most important factor in the Van
Nortwicl crash. he said was the re-
cent failure to dispose of $500, 900 worth
of bonds in the Boston markets, Sc
cured by the great combined mills,
situated on Fox river, in Wisconsin,
and valued at 500, 600 in a clear mar.
ket Negotiations for the conclusion
of the deal had been nearly completed
when the National Of Illinois failure
was announced. This Immediately put
a stop on the sale of the bonds, and the
Van Nortwicks were thrown upon their
cash reserve once more. Mr. Green
said that if this bond sale had been
successful the Batavia bank would
have been. tided through the present
storm, ,sSsss
Appleton, Wis, Dec. 29.-The failure
of Van sNertWick Bros bank at Bata-
via has not yet affected the Fox river
valley properties of the brothers. name
ly, the combined Locks Paper compa-
ny and the Appleton Paper and Pulp
company, of this city, and the Western
Paper Bag cOmpany's mill at Kaukana.
Up to date it is only the Illinois prop
erty of the brothers that is affected
And it is believed that the Fox river
property will pull through unharmed.
The Citizens National bank of this
city, Of which John S. Van Nortwick
was president, will not be involved in
the failure. John S. has resigned as
president and director, and his place
has been filed by Lamar Olmsted as
president. and John McNaughton as
director. No run has begun on the
bank