Omaha daily bee., 1896-12-30
DRAGGED DOWN BY The ATLAS
Bank Failure in Chicago Injuries Many
Other Institutions.
VAN NoRTwICKS OF BATAVIA GO TO WALL
Large Property Interests JcopnrdiGcd
by Succession OF Nisfortuncs
Other Financial Com
Germs In Diilicultics.

mcnt by william NJ. and John $. Van
| Nortwick OF all their vast property interests,
aggregating $2.5OO,OOO. to the Equitable
! Truat company of Chicago, Articles OF as
signment were filed in the Kane county court
at Geneva and were three in number. VIII
| liam NJ and John 5. Van Nortwick each
assigning as individuals and the two as
! signing as a firm The liabilities are said
to aggregate $2,O0O,OOO. The Van Nortwick
! interests, aside from Batavia property, are
largely in paper mills and manufacturing
! industries They own the Western paper
bag factories of Batavia and Kaukauna, the
largest concerns of the kind in the world
also a strawboard mill at Batavia, unused
paper mills at Appleton, Wis, valued at
$500 600; stock in the old Second National
Bank OF Aurora. the Aurora Cotton mills ana
| the kaukauna Manufacturing company OF
Geneva Ill. The brothers own asa shares
| in the Atlas National bank of Chicago. The
bank has been soliciting deposits Tor some
! time past paying large interest Cashler
| w. l.. Grimes of the bank, when seen by
| a reporter. declined to give statement oil
| the banks assets and liabilities simply de-
| claring that the depositors would be PAID
| in full. The Van Nortwcks' assets ne
| said, were ample to meet all Liabilities II the
assignees took sufficient time to realize upon
| the property.
william and John Van Nortwicks bank
| did not open it's doors today at the hour.
| over $4,000 was taken in yesterday in de-
pcsits. No trouble was caused or has been
created outside the institution. Something
| over $4,000 was paid out yesterday, accord
! ing to Cashier Willis l.. Grimes, and all
money taken in yesterday and during the
| time within the law will be Immediately
| paid back according to the cashier
There was no run on the other banks OF
| Batavia today as a result of the closing of
! the Van Nortwck bank and no failures
| were reported. The Van NOrtwicks held 46i
shares in the Atlas National bank. and the
| closing of their bank here Is due TO the
asst gnment of the brothers to the Equitable
| Trust company OF Chicago. Cashier Grimes
was in charge of the Van Nortwick bank,
| and said today that he had no intimation
| that the bank would liquidate until II
o'clock yesterday, when c. C. Wilson, rep
| rCsenting the Equitable Trust company,
walked into the bank and said he had been
| sent by the company to take charge. De-
| posits were refused during the last ten
minutes of the regular hours of the bank,
though some money was paid out after
! Wilson had arrived. The last deposit re-
ceived was taken in about 2:30 o'clock.
| Cashier Grimes said today: The doors,
Of the Van Nortwick institution did not
| open today, as c. w. Wilson of the
Equitable Trust company of Chicago is In
charge of the bank" No excitement was
caused in the street, and no run was made
on the other bank. the First National
do you know of any other failures from
| the closing Of the Van Nortwick bank?"
THE assignment made by the Van Mort
! wicks includes everything that they have,
even to their homestead. They held back
nothing, and at is my belief that the cred-
tors Of the bank will be paid dollar for
dollar"
Cashier Grimes further stated that he
knew of no reason why any Of the inS titu-
tions the Van Nortwicks We're interested in
should clcse their doors, they were ali
making money. He refused to give any
statement as to the assets and liabilities Of
the bank stating that the institution was
| in the hands OF receiver and it was hiG
place to report on the condition OF the
banks affairs. The Van NortwiCks are un-
derstood to have gone to Appleton, Wis
last night where John S. Van Nortwick is
president of the principal banks. besides
being interested with his brother in the
Appleton Manufacturing company.
The directors of the First National bank
of Batavia held a meeting last night TO
discuss the outlook and gave it out that
the First National would be able to meet all
demands upon 1t today.
FOX RIVER PROPERTIES SAFE.
MILWAUKEE,, Dec pa special to the
Wisconsin from Appleton, Wis, says: The
failure of Van NOrtwiCk Bros bank at
Batavia, which -iIlYalyed the Appleton Manu-
featuring company's agricultural Implement
works at Geneva, ILL.,, and the Western Pa
Fer Bag company's paper and bag mill at
Batavia, ILL.,, has not yet affected the Fox
river valley properties of the brothers
namely the Combined Locks Paper company
and Appleton Paper and Pulp company of
this city and the Western Paper Bag COM
pany at Kaukauna. Up to date it is only
the Illinois property of the brothers that Is
affected, and it is said that the Fox river
properties will pull through unhurt.
The claim of $500 600 of the Atlas bank of
('hipapn n wi 10
only $12O 900, only that part of the whole
sum having been paid over by the bank
The Citizens National bank of this city, OF
which John S Van Nortwlck was president
will not be involved In the failure. John
S. has resigned as president and director
and his place has been filled by Lamar DIM
stead president and John McNaughton
as director No run has begun on the bank
though the news of the Van Nortwicks
failure has created a furry in business
circles. and is the one topic OF interest
throughout the city today. 1t is confidently
believed that the joint affairs of the Van
Nortwcks, aside from the Individual af-
fairs of William, in whose interest the
claims at issue were incurred will come
out all right. Chicago dispatches place the
entire liabilities of the brothers at $500, 900,
while the Combined Locks plant alone Is
worth nearly double that amount AS
matter Of fact, the loan of the Atlas bank
is only $l2O,0O0, instead OF $500 600, as
stated. John l.. Van NOrtwlCk refuses abSo-
lutely to he interviewed today.
AURORA. ILL.,. Dec. 29.-Wiliam Nortwick
is a stOckhOlder In the old Second National
bank of Aurora and the Aurora Cotton mills
lie is also a director in the institutions.
Both institutions are perfectly sound and
cannot be affected by his financial troubles.
CHICAGO. Dec. 29.-In regard to the as
sgnment of the Van Nortwick brothers at
Batavia, H., the Tribune today prints the
following: when John Van Nortwlck, who
was known as the King Of Kane county
died, in 1890 he left $1,000, 900 to his two
sons. The elder Van Nortwick had been
pioneer in western railroad building. He
surveyed the old Galena road from Chicago
and for eight years was president OF tine
Chicago. Burlington & Quincy railroad.
From the modest beginning of $4,000 which
he had with him when he came to Illinois
fifty years ago he accumulated the fortune
which went TO his two sons, This property
was in the shape OF large manufacturing in
tereSts at Batavia and along the Fox river
In Wisconsin In bank stocks In Kane county
institutions, in large farms around Batavia
and in the paternal bank in that thriving
Illinois city.
MANY NEW ENTERPRISES.
"The sons, instead of following in the foot
steps OF the father, began to spread out in
many directions. Large sums were spent in
lines wholly distinct from those in which
their patrimony was earned. Going south as
"a nd ua far