The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-29
BREAKS AMONG THE BANKERS.
SMALL SCANDANAVIAN BANK AT
MINNEAPOLIS SHUT.

AdyihS IeAAcr or the suspended
Bank of Minnesota at st. Paul
Missing and a Trivial Discrepancy
i'm His Accounts DiscOvered-Bnnl
of Superior Fails to Open-rhe
Winding Up of the Atlas National
at Chicago Begips-Dime Savings
Bank Puts In Force the 30 Days
Notice Rule.
Chicago, ILL.,, Dec. 2S.-The Atlas Ma
tional Bank, at Washington and La Sale
streets, was practically in charge of the
Chicago Clearing House Association, rep
resenting the associated financial institu-
tions of the city, when the doors were
opened to the public at 10 o'clock this morn
ing. William C. Oakley, former national
bank examiper, 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 for the bank.
The collateral securities and other assets
of the Atlas Bank will be turned over to
Isaac G. Lombard chairman of the clear
ing house committee, as trustee of the as
sociated banks as quickly as the cash
equivalent is paid to the cash depositors.
There was steady stream of serious
faced business men and other creditors of
the Atlas Bank passing into the building
all the morning. Their steps were bent
towards the desks of Cashier S. w. Stone,
his assistant and the paying teller, where
anxious inquiries were made as to how and
when the money on deposit would be paid
by the bank. Most of the callers brought
their pass books, showing the balances to
their credit.
The hooks uera raoaixyad apd tba ounarc
Informed that as soon as their accounts
were balanced on the books, checks on
Trustee Isaac 6. Lombard, president of
the National Bank of America, for the
full amount of their claims VIII be sent.
small accounts were paid in full when pre-
sented this morning, but in no case did
large depositors press for immediate pay
ment, accepting the signed guarantee of
the banks in the clearing house that all
depositors would get their money in full.
Many business men and bankers called
to express their sympathy with the Off
GERS and directors of the bank
1t is believed the stockholders will get
nearly all that is due them at par
The well-known connection between the
Atlas Bank and the Dime Savings Bank,
a small banking institution, caused the
circulation of a report that it would also
be forced to liquidate. Its doors were
opened for business as usual, but there
was little business to do. Depositors
came to draw out their savings, but they
were presented with a bank notice by the
bank that if they desired to withdraw so
much in ninety days from date, and were
requested to fill out the blank. This posi-
tive rule of the bank, which was put i'm
force Dec p, exceeds the highest limit of
other savings banks by thirty days, and
1t was made applicable to the Dime Saw
ings Bank depositors of the smallest
amounts This rule is not enforced in
normal financial times, but it was regard
ed necessary for the present at least by
President Samuel G.. Bailey.
Considerable money is due 1t from the
Atlas Bank. The Chicago safety vaults
1gn tod
bank.
Other banks of the city were doing busi-
ness under normal conditions this morn
ing.
The officers and directors of the Dime
Savings Bank were not at the bank this
morning to answer the numerous and anx-
1ous questions of depositors. 1t was stated
they were out attending a meeting to de-
eide on a course of action in view of the
Atlas Bank liquidation. The general opin-
ion is that the Dime Bank will follow the
Atlas into voluntary liquidation within
ninety days. The enforcement of the 90
day notice rule on depOsitOrs, who wanted
to withdraw after the big bank collapse
last week did not create any excitement al
the Dime Bank, as the trouble did at other
savings banks. Depositors accepted the
statement of the bank officials that the
precaution was best for all concerned, and
the ninety-day notice could be withdrawn
for Immediate payment of depositors at
any time the cash resources warranted
such a step. The Atlas liquidation how
ever brought such a run of depositors for
their money that the decision was reached
this morning, to advise all persons not to
deposit any more of their savings be-
cause they might not get what they had
on deposit for ninety days. The hint was
amply sufficient to stop deposits and the
bank relapsed into a state of suspended
animation, pending developments
The resources of the Atlas National
Bank are estimated at $2,550000, with OBJ
legations approXimating the same amount
Owing to inability to realize the actual
value. of the assets on a declining mar
ket 1t will be necessary for the banks
which are members of the clearing house
association to advance between $500 900
and $500 600, pro-rated according to their
ed claims in full at once. This is expect
ed to be done within a week. The amount
of money needed to complete the liquida-
tion is about 100000 more than was at
citation committee. After Chairman Lom-
bard of the clearing house committee, who
is acting as trustee for the associated
banks, had held a conference to-day with
manager of the bank, and had gone over
some of the accounts, he expressed his
confidence that the bank had not only am
pie assets to cover all the liabilities but
severely as was at first expected. Mr.
Stone also said the stockholders would
not fare badly in the division of the as
sets.
President Grannis is reported to be seri-
ously i'll at his home, and his physicians
will not allow him to do anything IN con-
nection with the liquidation of the bank.
1t was known to the inner financial circle
that the Atlas Bank had not been doing
a profitable business for a year, and with
in six weeks the stock was offered freely
from IS down 70 go. Lately, IL has been
struggle for the bank to keep Open and
the assistance to honorabiy discharge its
obligations in full was gladly accepted
-s-S-s-