Evening star., 1896-12-28
LATE NEWS BY WIRE
Paying Of Depositors Of the Atlas
National Bank.
SHAREHOLDERS MIGHT NOT lose
Closing Caused by Heavy Run in
the Last Few Days.
MR.. ECKELS' TATEM EN- T

CHICAGO. December 2S.-The Atlas Ma
tIonal Bank which went out of business
Saturday. was involved in the failure of
the Mesdowcroft Brothers, and the Cen
trail Trust and Savings Bank. which as
signed year ago, cleared through the At
las. The collateral which the defunt bank
had on deposit to secure its clearness was
said 10 be ample. however. and at the time
Mr.. Granris made the statement that the
Atlas National Bank would not lose
through the failure.
W A Paulsen, who was president of the
Central Trust and Savings Bank, recently
brought suit for S2-l0.OO against the Atlas
National Bark. W. c. D. Grannis and Chas.
B. Farwell. The suit Is based upon the
II Iouble Which Mr.. Paulsen had with the
bank a. the time OF the failure of the Cen
trail Trust and Savings concern. Mr.. Paul
sen alleged that although his bank had de-
pcsited in the Atlas National Bank collat-
erai sufficient to cover all claims against
It, clearing facilities were refused and the
bank was forced to assign.
Mr. Grannis, president of the Atlas Ma
tional Bank. has been identified with the
banking interests of Chicago for nearly a
quarter of a. century. In 1873 he was
director of the Union National Bank and
IN 1870 was chosen its vice president. His
marked abilities as a financial manager
were speedily recognized by the direc tors
OF the bank, and in June 1888, he was elect
ed president of the institution. Mr.. Gran
lis continued in this position until 1852
when he resigned to organize the Atlas
National Bank, of which he has been the
president and directing genius ever since.
His reputation for business sagacity and
integrity has been everywhere acknowl-
edged. In the present condition of affairs
Mr. Grannis enjoys the confidence and es-
tenn OF every banker in Chicago. and their
offer OF liquidation Is an evidence of the
confidence reposed in him.
Mr. Grannis is seventy years old He was
born in Hatley. province of Quebec After
serving clerkship in local drug store
he came TO Chicago in 1852. He was first
employed in the wholesale grocery house of
NJ. ID. Gilman Co. In few years be OBJ
tained an interest in the business and the
hrm name became Gilman, Grapnis & Far
well He remained in the firm until 1873
when he withdrew to enter the banking
business. OF late years Mr.. Grannis has
been suffering from severe attacks of rheu-
mausm, which have prevented him from
attending with his usual energy to the
business of the bank.
The last public statement of the condition
of the Atlas National Bank was given i'm
response TO the call of Controller Eckels
after the National Bank of Illinois closed.
and involved dealings up to the close of
busirsss. December Il. The report was
as follows:
Resources: Loans and discounts. sl.911
20: overdrafts. s1,62U.4I; United States
ana other bonds, s59.:Ss4; premium on bonds
S2oD: real estate. furniture and fixtures
Si, ,iU.Sl: redemption fund, $50; cash
and sight exchange, ssao e;s5 Total. 81
~, 0t:;:l9
Liabilities: Capital stock, sIO0, 900: surplus
1und sip.oo: undivided profits. s49031. %:
circulation. 81 go: bills PAYABLE sltsD OO:
deposits 81 SGD. l.i12.16. Total 81 S92 Otr:;; 30
Paying Depositors.
Partly a result of the failure of the
National Bank of Illinois last week. the
4
depositors today, thus marking the first
step in the retirement of that institution
from business. No deposits were received
and as fast as accounts were checked up
depositors were paid in full and their
books taken in
TIE Atlas suffered heavily from the runs
occasioned by the closing of the National
Bank of Illinois. deposits aggregating $780,
'sp having been withdrawn last week This
and the fact that a gradual shrinkage of
deposits extending over a long period of
time brought the resources of the insti-
tuition down to low figure decided the
officers TO retire from business.
The clearing house committee at the re-
quest of the officers of the bank made an
of it's accounts with view TO
the doors to close without loss to
the public. and the bank was found to be
solvent To expedite liquidation. so far as
the creditors are concerned. the committee
pledged the aid of the associated banks of
said today: After the depositors have
been paid off l believe that the sharehold-
ers will receive a large percentage of their
interest, if not every dollar"
The Atlas is a comparatively young
bank. 1t was organized in 1887. Its state
ment of December II showed a surplus of
$4,000" and undivided profits of $4,000.
The statement also showed deposits of
81 .s5o.OD. bills payable to the amount of
SiUJ.oDu. loans and discounts of 81, ,941 900,
and cash of $500 The deposits six
months ago amounted to S3J0O.O0o.
Controller Eckels' Statement.
Controller Eckels said today that the
closing of the Atlas National Bank of Chi
cago was entirely a voluntary affair, and
tnat the information he had received indi-
Gated that all the banks creditors would
receive payment In full, that no one would
lose anything by the banks liquidation,
and that affairs would be settled very
promptly He had no details concerning
The matter. and the last report of the bank
naturally showed such different state of
affairs than the banks condition at this
time that it could throw no light on the
present state of the banks finances.
Mr.. Eckels said that the creditors of the
Atlas Rank would be paid i'll full at once
through advances by the Chicago clearing
house, ana, in his opinion. the stockholders
eventually would realize 1Oo per cent, thus
losing nothing on what they had put in