Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-01-01
MORE FAILURES.
Suspension of Two Banks in Min
\ neapolis Announced.
INABILITY TO REALIZE ON ASSETS.
Many Interests Are Involved in the AS
alignment of tho Van Nortwick Broth
ers at Batavia, m.-other BUSH
ness Troubles.

Minneapolis, Mimi, Dec. 3O.-The Co.
lumbia national bank, whose president
Is Charles Kittleson, eN-state treasurer,
and whose cashier is Joseph Bobleter,
also an ex-state treasurer, failed to open
ITS doors Tuesday morning, and George
M. Coffin, deputy controller of the cur
rency, who happened to be in the city,
took charge. Cashier Bobleter said
that the liabilities, not including the
capital stock, ETC., and including prin-
Cipally deposits, amount in round num-
bers to $247,0oo, while the assets, most
1y notes, amounted to $45o,0oO. He said
that he had no doubt but that the de-
positors would in time be paid in full.
The state is creditor to the amount OF
$4,000 and the county to about $4,000.
The city had $1,000 ON deposit. AT the
present time, according to Cashier Bob
letter, there is $4,000 cash in the vault,
and 100000 will be collected within the
next 80 days. The suspension was or
dered for the purpose of protecting the
majority of the creditors. The banks
capital is 100000.
! Closed Its Doors.
The suspension of the Scandal Mon
day and the Columbia Tuesday MORN
ing created CONSERVATION among the
patrons of the Washington bank and
such run ensued that the bank was
compelled to close it's doors shortly
after noon. Depositors drew their
checks directly at the bank and through
the clearing house at such rate that it
was evident that the interests of all the
depositors demanded a suspension of
business. The bank knew that its
strength would be sorely taxed, and had
made arrangements to get $4,000 in
cash which would have tided it over
safely, but the money was not forth
coming Tuesday morning, and after a
vain attempt to stand the demands,
Cashier Brecke telephoned Bank EN-
aminer Kenyon that the officials had
decided to close the bank and asked
him to take charge.
Cashier Brecke stated that aside from
the matter of cash on hand, the bank
was In excellent shape. Exactly what
will be done has not yet been deter
mined. It is very likely that the sus-
pension will be only temporary, as the
resources of the bank are in such shape,
according to Mr.. Brecke, that it's de-
positors can be paid in full in COM
paratively short time. In round num-
beers the liabilities arc 100000 and the
assets 100000. OF the latter only
$14,500 are real estate. The bank had
some city deposits, $4,000 of state
money and $4,000 of the county's. The
banks officials are President A. c. Hau-
gan, who is at present city treasurer;
vice president, z. S. E. Johnson; CASH
ier, o. 3. Brecke. The banks loans and
discounts are $5o7,145. Its deposits
are $458,0O0 and it's capital stock $780,
600.
Run on Savings Banks.
The failure of two banks in this city
IN one day has caused a run on the
Farmers & Mechanics savings bank,
the largest savings bank in the north
west. 1t has over 81, 100000 on deposit,
and does a strictly savings business.
Quite ON amount of money is being de-
posted there during the run. The Of
Acials say they can pay all demands and
will not take advantage of the 60-day
notice.
Failure Involving Many Interests.
Batavia, ILL.,, Dec. 3O.-This city is in
the throes of a financial disaster due to
the failure of William M. & John s.
Van Nortwick, bankers, of this place.
The Van Nortwicks are not only lead
ing commercial spirits Of the Kane
county town, but are heavily interested
at other points. The assignment COW
ers its interests in the following con.
GERMS:
Bank Of William ]. and ]. s. Van Mort
wick, Batavia, Ill.
Western Paper Bag company of Batavia.
Appleton Manufacturing company, of
Appleton, Wis.
Memphis Woodenware company OF
Memphis, Tenn.
Cotton mills at Aurora, Ill.
WIS.
Combined Lock Paper company.
Wisconsin Sulphite Fiber company.
Union Pulp company.
{ The assignment was made to the
Equitable Trust company of Chicago.
The cause of the failure was Me liquid.
alton of the Atlas national bank OF
Chicago, that institution having backed
the Van Nortwicks to the extent of
100000. w. M. Van Nortwick was a
Director in the Atlas.
The father Of the two men died in
1890. He left the sons $5,ooo,o00. He
had built paper mills and others, and
his sons widely extended the business.
It is thought the great fortune is dis.
bipated.
Attorney A. w. Green, of Green, Rob.
bins & Honore, who drew up the as.
eignment papers for the Batavia bank
disclosed the principal causes which led
up to the assignment in an interview
Aside from the Atlas liquidation the
most important factor in the Van Mort,
wick crash, he said, was the recent fail.
hre to dispose of 100000 worth Of
bonds in the Boston market, secured on
The great Combined Lock mills on Fox
river and valued at 100000 in a clear
market. Negotiations for the con
illusion of this deal had nearly been fin.
lshed when the National Bank of Iii
hois' failure was announced. That put
b stop to the sale of the bonds, and the
Van Nortwicks were thrown upon
Their cash resources once more. Mr.
Green says that if this bond sale hac
been successful the Batavia bank would
have been tided through the present
crisis.
4 Think Creditors VIII Not Lose.
Batavia, Ill, Dec. 3o.-Although the
Wan Nortwick brothers owned large
part Of the manufacturing industries
and real estate of this town, the assign