Evening journal., 1896-12-28
CHICAGO BANK TROUBLE
The Atlas National Decides to
Quit Business.
OTHER BANKS ADVANCE $aoo,ooC

Securities Thought to BE Able to Pay De.
positors In Tull-The Close of One of
Chicaga's Supposedly sonndest Instltu-
tions-Bauker Wasmausdorirs Suicide.
CHICAGO. Dec. 9s.-The Atlas National
bank did not open its doors this morning
ana the clearing house win advance $780,,
600 to help &c pay all claims on demand.
The bank has a capital of 500, O00 W.
G. ID. Grannis is president, and among the
directors are r.. c. Clowry, vice president
Of the Western Union ex-senator G. Is.
Farwoll, ex sheriff Charles Kern, j. c.
McMullin and William NJ Van Nortwick,
a banker at Batavia Ills; John L. Nor
ton Of Norton & Co., who has just failed
is a director
There has been heavy checking on the
bank for two months. and the cash on
hand has now dwindled TO a comparative
" small sum. The directors have been the
biggest borrowers, and as several of them
are directors in other prominent banks the
protection Of the clearing house was ex-
tended.
This statement was issued last night:
"Owing TO the continued i'll health OF
the president Of this bank, it has been de-
cided TO close its business. No deposits
will be received hereafter but all deposit
ors will be paid In cash upon demand Do.
positors and correspondents are requested
to present their claims before Jan. I next,
so far as may be possible.
"ATLAs NATIONAL BANK,
"W. G. ID. Grannis, President; S. W.
Stone. Cashier.
1.-The Atlas National bank having decid
ed TO retire from business, the clearing
house committee has made an examination
of its affairs, and on their rep rt the asso
ciated banks of the city have decided e
advance the amount needed to pay its de
positors in full, as shown by its book
Dec. 20, without waiting to convert its as
sets into cash. The amount required to h
advanced win not exceed 100000. lh
bank will not receive any deposits from
date Checks on IL will be settled through
the clearing house as usual.
'Isaao G. Lombard, L. !. Gage, Orsoi
Smith, c. j. Blair T.. G. Keith, clearing
house committee.
The Banks Last Statement.
The banks statement, published Dec
/ is, gives: Resources 50, Sg2, O63, and liza
! bilities of the same amount, includin
capital stock, 500, 600; surplus, $4,000
undivided profits, $40, 900; deposits, 81,
$50, 4i2; circulation, $40, 620 and bin
payable 500, O0O
One year ago the Atlas had on deposl
SO, O22, 400. At the close OF business O
SATURDAY night the deposits were proba
bly, nearly 81 600, 600 less
The attention Of Comptroller Eokel
was called to the condition of the bank 81
weeks ago-that there were loans TO d
reotors and officers Of the bank exceedin
it's capital stock.
The comptroller sent several message
telling them to reduce these loans inst
the institution. The officials cut the tot
down to $3.50 O00.
If it had not been for the panicky fee
ing induced by the failure of the Nations
Bank Of Illinois, It is not unlikely thi
the Atlas would have been able to pu
through
On Thursday tho officials were notif'
by some of the leading bankers that
trouble was imminent they could call &
them, and they would agree on plan
action which would be the best for all CO.
cerned The next day the Atlas otiicia
decided that the end was in sight A con
mitfee from the Clearing House was q
pointed, and on Saturday made an exar
ination of the securities held by the Alta
They were found to be ample TO cover d
liabilities and the committee so reporte
The bank is said TO have a heavy lo'
of Norton q Co s paper William Va
Nostwick, the Rural banker, Is report
to owe the bank $500 600.