Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-01-02

BANK AND BUSINESS FAILURES.
Atlas National of Chicago Goes Out
of Business.

BANK ANB BUSINESS FAILURES.
Atlas National of Chicago Goes Out
of Business.
Chicago. Dec. 2s.-The Atlas National
bank, which went out of business today,
was involved in the affairs of Meadow
Croft Bros and the Central Trust and
Savings bank, which assigned a year ago,
cleared through the Atlas. The collateral
the defunct bank had on deposit to secure
it's clearances was said to be ample ana
President Grannis at the time said the
Atlas National would not lose by the
failure. w. A. Paulsen, who was presi-
dent Of the Central Trust and Savings
bank, recently brought suit for SGoG, wv
against the Atlas National W. c. j..
Grannis and Charles 3. FarWeI Tue
suit is based upon the trouble which Paul~
sen had with the bank at the time OF
the failure of the Central Trust and SaE-
ings concern. Paulsen alleged that al
though his bank had deposited iii the
Atlas National collateral sufficient 20
cover all claims against it, clearing facll-
tiles were refused, and the bank was
forced to assign. The liabilities of the
Atlas bank are about 81, SOC, 600, the depos-
it's being s1,S0O, GOO. Vice President c. b.
Farwell said today: after the deposi-
tors have been paid off ! believe the
shareholders will receive a large per
centage of their interest if not every
dollar.''
Savings Bank Protects Itself.
Chicago, Dec. 2S.-At the Dime Savings
bank payments are suspended under the
80 day withdrawal notice clause granted
in the statutes to savings banks. W. G.
D. Grannis, president of the Atlas Ma
tional is vice president of the Dime SaV-
ings bank, and several directors Of the
Atlas National are also on the directory
Of the savings bank. Officials of the At
las National vigorously denied that the
Atlas liquidation in any way influenced
the future course Of the Dime Savings
bank. At the latter persistent silence was
maintained. A majority of the depositors
have filed withdrawal notices. There was
a steady stream today during banking
hours. They were assured the issuing OF
the notice was no indication of inability
to meet all demands for money, but stmp-
ly means protection against violent fur
ries. Nearly all the depositors are labor
ing people.
One at West Superior.
West Superior, Wis, Dec 2S.--The B2nt
of Superior, doing business in the east
end, suspended today. An assignment was
made by the directors to Henry S. Butler
who has taken possession of the bank
| The bank has $25, 900 capital and $6000 sur
plus, which is largely tied UP in invest
| ments. The big proportion OF the de
| posits, 100000, was q constant menace
slight run Saturday caused the closing
| The deposits are mostly small amounts
| The officers of the bank expect to liGui
date in full unless there is a continua
| decline in the assets.
I.nconi:s Car Company.
Laconia, N. H, Dec. 2S.-The LaconiS
| Car company was petitioned into 1nyol
untary insolvency today. Liabilities, $6l7,
| 0co; assets, s47Oooo.
| CosngstroIIer EcIse1a' Views.
| Washington, Dec. 2S-Comptroller Eek
| els said today that the closing of the AT
| las National bank at Chicago was entire
| " voluntary, and information he had re
ceived indicated that al the banks cred
/ ~ 'S'ANs -
affairs will be settled promptly. Mr.. Eek
!. els said the creditors Of the bank will b
| paid in full at once, through advances b
| the Chicago clearing house, and in hi
| opinion the stockholders will eventual
| realize 100 per cent.
| Small One at EEiaaIsesa sessi5ss
! Minneapolis, Dec. 2S.-The Scandea ban
| suspended today. It was a small bank
and loaded up with real estate upon WIlic
it could not realize.
| Paying Teller Disappears.
Chicago, Dec. 2S.--A special from S.
| Paul says: Leander Bosch, paying tell9
Of the suspended Bank Of minnesota, ha
disappeared. There is a small discreE
ancy in his accounts.
Into Voluntary liquidation.
| Kansas City, Dec. 2S.-The Mccoy Bank
ing company of independence, Mo, wen
into voluntary liquidation today. Th
reason given is that it's president, Willia1
Mccoy, is too advanced in years to man
age it's affairs longer.
At batavia, Illinois.
| Batavia, ILL.,, Dec. 25.-WiiliaTl M. an
J. S. Van Nortwick, bankers and mant
facturers, made an assignment to IL
Equitable Trust company of Chicago
This was brought on by the Atlas NJ
tional bank closing. Their property il
terests are heavy, and they will pay OF
in full.
Fort Wayne, Ind, Dec. 2S.-The reta
dry goods firm of M. Frank & Co. faile
today. The firms Indebtedness to locs
creditors amounts to $4,000. There is ais
a heavy Indebtedness to eastern credi