The Oskaloosa herald., 1896-12-31
BUSINESS MEN FAIL.
A Long List OF Suspensions d
Reported.
4 VARIETY OF INTERESTS AFFECTED.
Closing OF the Atlas National Bank OF
Chicago Forces Another Institution 90
Practically suspend-FsiIures &c
Other Points.

Chicago, Dec. 2e.-The Atlas nationa.
bank, at Washington and La salIs
streets, was practically in charge of ths
Chicago Clearing House association
representing the associated financial
institutions of the city, when the door.
We're opened to the public at ten o'clocl
Monday morning. William c. Oakley
q former national bank examiner, was
appointed the agent of the associated
banks to superintend the clerical and
other details in connection with the
work of voluntary liquidation with the
necessary cash assistance of the other
banks. The collateral securities and
other assets of the Atlas bank will be
turned over to Isaac g. Lombard, chair
nan of the clearing house committee,
as trustee for the associated banks, as
quickly as the cash equivalent Is paid to
the banks depositors.
Must Give Ninety Days Notice.
The well-known connection between
the Atlas bank and the Dime savings
bank, a small but old institution, caused
the circulation of the report that it
would also be forced to liquidate. Its
doors were open for business as usual,
but there was little business to do. De-
positors came to draw out their saw
ings; but they were presented with a
blank notice to the bank that they de.
sired to withdraw so much within 80
days from date and requested to fill
out the paper. This protective rule of
the bank, which was put in force De-
cember %, exceeds the highest limit
OF other savings banks by 80 days, and
1t was made applicable by the. Dime
bank to depositors of the smallest
amounts. This rule is not enforced in
normal financial times, but it was con-
sidered necessary for the present at
least by President Samuel G.. Bailey.
No deposits were being received and
the bank may be said to have temporari-
~ stopped receiving and paying out
money. Considerable money is due 1t
from the Atlas bank. The Chicago
safety vaults are also operated in o
nection with the bank. Other banks
of the city were doing business under
normal conditions.
The capital stock of the Dime savings
bank is $1,000 00 The report made to
the state auditor of public accounts last
July by the bank officers placed the liza
bilities in savings deposits at $45S,O00,
but the total amount owing to deposit
ors at present, owing to steady with
drawals due to hard times, Is about
$500 900. The bank did not do a general
business. 1t is reported that the bank
held considerable stock of the Atlas as
an investment. President Grants, Of
the Atlas, was the active power in the
Dime savings, and much of its money
was loaned to Atlas customers. The
general opinion in banking circles
is that the Dime savings will have
to go out of business at once as a result
of the Atlas liquidation.
Affairs of the Atlas National
The of the Atlas national
bank are estimated at 81, $50, O0O, with
obligations approXimating the same
amount. Owing to inability to realize
the actual value of the assets on a de-
Ginning market il will be necessary for
the banks which are members of the
Clearing House association to advance
between 100000 and 100000, pro-
rated according to their capital stock.
in order to pay all approved claims in
full at once. This is expected to be done
within a week. The amount of money
needed to complete the liquidation is
about 100000 more than was at first
expected by the clearing house commit
tee.
President Grannis is reported to be
seriously i'll at his home, and his ply
sicians will not allow him to do any
thing in connection with the liquida-
ton of the bank. 1t was known to the
inner financial circles that the Atlas
bank had not been doing a profitable
business for a year, and within six
weeks the stock was offered freely from
IS down TO 60. Lately it has been a
struggle for the bank to keep open,
and the assistance to h~onorably dis
charge it's obligations in full was gladly
accepted.
Not Result of Illinois National Failure.
Washington, Dec. 20. - Comptroller
Eckels says that the voluntary assign
ment of the Atlas national bank at Chi
cago did not result from the failure of
the Illinois bank. On December II, the
date of the last bank call, the Atlas had
q cash reserve of 40 per cent, which was
is per cent. more than required by law.
1t had a large deposit of county funds,
and these being drawn on rapidly it
was found for this and other reasons
the bank could not be run at a profit.
1t therefore went into voluntary
liquidation.
Mr.. Eckels said the creditors of the
Atlas bank would be paid in full at once
through advances by the Chicago clear
ing house, and in his opinion the stock
holders eventually would realize 100 per
cent, thus losing nothing on what they
had put in.
Bank of Superior Goes Under.
West Superior, Wis, Dec. 30. - The
Bank of Superior, doing business at the
east end, suspended on account of a
run with which il was threatened after
the recent failures.
An assignment was made by the d.
rectors to Henry S. Butler, who has
taken possession. The bank had $685.
600 capital and $1,000 surplus, which
was largely tied up In Investments.
The big proportional deposit of about
100000 was a constant menace and q
slight run was expected Saturday,
which influenced the closing of the in
stitution.
The deposits are mostly in small
amounts and the bank expects to be
able to lianidate In full unless there 10
a continual decline in assets. The city
of Superior had $i3,2f0 in the bank,
making nearly $4,000 lost by the city
during the last week.
New York Banks Prosperous.
Albany, n. Y, Dec. 29.-The reports
of the forty state banks in New York
city which nave just been fled with