The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-12-28
ATLAS BANK
CLOSES UP.
Nine Hundred Thousand Dollars
Having Been Withdrawn.
The Atlas National Bank of
Chicago Decides
TO PAY OFF ALL ITS
DepositOrs and Go Out of Busi-
ness at Once.
Dime Savings Bank Closes In
Sympathy With 1t.

Chicago. Dec. 28.-The Atlas National
bank announced this morning that it
would liquidate and voluntarily go out
of business. This is not one of the larger
banks of the city. It's deposits one
year ago We're S3. .221. 400.
The action is not considered as a fail
ure, and as the banks business was a
comparatively small one it is not antici-
pated that any furry in the banking
circles of Chicago will result. Two
statements We're made public, one from
the officers of the bank announcing that
owing to i'll health, they would liquidate
and go out of business and the other
from the Clearing House association.
showing that the other banks of the city
viii furnish the Atlas ample support
Depositors viii be paid in fun upon
presentation of checks
The bank has been for some time
gradually reducing it's Indebtedness and
its liabilities. which a few months ago.
were about s2,sOo, 600, are now but 81
10000 and are amply covered by good
assets. The bank has about S250. 900 in
cash on hand and gilt-edge bills receiv-
able to the amount of 1900, 600 more
AS c. b. Farwell is vice president of the
Atlas National, it had been popularity
supposed that the firm of John " Far
well & Co. was heavily interested, but
none of the firms paper is involved,
and c. B. Farweu has but an insignif-
cant amount on deposit in the institu-
ton. The bank has about 100000 loaned
to a paper manufacturer at Batavia,
Ill, and $40 900 to Norton Bros, the mil
lers who failed last week, but its other
accounts are al Thought to be good.
w. c. D. Crannis, the president of the
was a residence
When informed Of the action Of the
clearing house committee Mr.. Grannis
seemed quite relieved. The bank" he
said will pay every dollar it owes.
I'VE have suffered a severe drain
upon our ready cash during the
past week" he went on TO say, ''and
perhaps every bank has But every
thing will be found to be perfectly
straight, and we can pay every dollar.
The committees action is in the
right direction, and am quite relieved
and thankful for this decision in the
matter There is not the slightest trace
of crookedness in our transactions, as
the committee undoubtedly discovered.
Washington, d. c., Dec 2S--Comp-
tr0lIer Ecl1els said today that the clos
ing Of the Atlas National bank of Chi
cagO was entirely voluntary affair
and that the information ne had re
ceived indicated that all the bank $
creditors would receive payment IN Iulli
that no one would lose anything by the
banks liquidation and tnat af1alE5
would be settled very promptly He
had no details of the matter ana the
last report of the bank naturally snow
ed such a different state of affairs than
the banks condition at this time that
it would throw no light on the present
state of the banks finances.
Chicago. Dec. 2S.=As direct result
Of The retirement of the Atlas National
bank. the Dime Savings bank temper
ariIy suspended payments this nornlng-
4f4ea III f7f tors
this a afternoon TO decide upon the bank $ |
fltl,ra course The directors of the
Dime Savings bank are practically the
same as those of the Atlas National
The Atlas National bank began pay
inc off its depositors today, thus max
ing the first step in the retirement oI
that institution from business no 0e-
D0eits were received, and as Iasl as &c
counts were checked up deposltors We're |
paid in fun and their books taken up.
The Atlas suffered heavily from the +
,.,,,,s occasioned by the closing of the /
National Bank OF Illinois, deposits as-
srragatfng $500. 600 having been WITH I
drawn last week This and the tact tnat |
a gradual shrinkage OF deposits eNlefld- /
ING over a long period of time brought /
4l7e resources of the institution down 10 I
a low figure and it was decided TO retire /
from business
The clearing house committee at the f
raouest of the officers of the bank made +
an investigation of its accounts with a /
view to allowing the doors to close with {
oITf loss to the DuDnCs anu IAAG bcatAfA {
Vas found to be solvent. To expedite /
lianidation so far as the creditors are +
concerned the committee pledged the 4
aid of the associated banks of Chicago /
Vice President c. B. FarWeH said to- /
day:
off. I believe that the shareholders Will /
receive large percentage OF their IN I
terast. if not every dollar
The Atlas is a comparatively young /
bank ii was organized in 1881 It's /
statement of December II shows sur I
Mus Of $4,000 and undivided profits Of /
$50 600 The statement also showed de !
Dosits of 81. .S60. GOO bills payable to the /
amount of 500 600, loans and discounts I
of 81 941 600 and cash SS20,O0o
The deposits six months ago amount !
ed to 50. 500, 600.
BANK OF SUPERIOR CLOSES.
Milwaukee, Dec. 2S.-A special to the (
Evening Wisconsin from West Super /
doing business at the East End, sus-
pended today on account Of a run /
with which they were threatened on ac- /
count of the recent failure An assign I
uent was made by the directors to /
Henry S Butler who has taken pos /
session The bank had $4,000 capital /
ana s5O. coo surplus, which was largely 4
tied up in investments. The big pro- /
portfonaI deposit of S100. 600 was q CON T
stant menace and a slight run was ex-
perienced Saturday which Influenced /
the closing of the institution. The de- !
and the bank expects to be able TO liqui- /
IL, &c Al