The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-01-02
RECENT FAILURES.
Many Banks and Large Business
Concerns Forced to the Wan.
Comptroiier Eckeis Says Suspensions Were
Due 10 Local Characterization OF Banks
Throughout the Country Good
An Insolvent County.


afternoon that he feels no apprehen-
sion over the bank failures which have
occurred OF late. Mr.. Eckels, when
asked by a representative Of the As
sociated Press as to the general bank
tug situation. said:
'Of course bank failures are more or les.
diSquieting. but those which have occurred
have little or no general Significance nt-
tached 10 them They were due largely 10
LEGAL causes wholly unconnected with the
general condition OF the banks throughout
The country at large. The case OF the
Atlas bank was not failure at all but
was mere voluntary liquidation every de-
positor being paid In full The two failures
Tuesday are OF minor importance, In each
case the banks capital being only seO0.o0o
AS against these few failures based o.
local causes, the general condition OF the
banks is excellent. The reports received
under the last call, that OF December H.
are uniformly favorable and show IN aver
age reserve held or considerable above tho
20 per cent. required by the law one ~
the last reports. that OF the Brooklyn banks.
shows the average reserve 10 be s4.02 per
cent. and most OF the reports run FIVE or
ten per cent. above the legal requirement
In each case. too, the assets I'm detail make
an entirely satisfactory showing as com
pared with the liabilities. On the whole Il
Is evident that tho national banks TO-DAY
are as stable az they ever were. and the
hpofAulc ldltuTe OF a DAuk mere ana there
through defects peculiar 10 the failing
bank Is OF small Importance. wholly with
out general significance. am advised from
Minneapolis that the failure there has oc-
casioned no disturbance beyond the insti-
tuition concerned"
Voluntary Suspension OF the Atlas.
Chicago, Dec. 2s.-The Atlas national
bank of Chicago has decided TO retire
from business. and the clearing house
a .f..I O..
day night decided that the associated
banks of the city would advance the
amount needed TO pay It's dcpositors in
full. The amount required is In the
neighborhood OF 100000. The bank
will not receive any deposits from date
Checks on il will be settled through the
clearing house as usual. The meeting
was held at the home Of Isaac G.. LON
bard. member of the committee. about
IL o'clock Sunday night. The officers
of the Atlas national are: President.
w. G. ID. Grannis; vice president. G. T..
FarweIl; cashier. S. w. Stone; assistant
cashier. w. S. Tillotson.
Big Mincrs Assign.
Chicago, Dec. 2S.-Norton a. Co, of
Chicago and Lockport, H., millers and
grain dealers, went into the hands OF a
receiver late Saturday afternoon. The
affairs of the firm were IN such shape
that il was impossible 10 learn definite
ly what the assets and liabilities are.
IL was represented that the assets
might approach 100000. and il was
stated that the liabilities were consid-
erably under tnnt figure. Norton g. Co.
have been known for 40 years through
their operation of the Lockport mills.
They added other enterprises 10 their
early business, and in addition 10 their
Touring mill they have grain elevators
and an electric light plant az Lockport.
They have also large grocery store
at Romeo. on the Illinois e. Michigan
canal. and in Chicago a large Touring
establishment. The company also owns
paper mill at Niagara Falls and is
largely interested in the water and cleo
trio power scheme at the fails. They
have done a private banking business
of enormous proportions In LoclSport.
and nearly half OF the Lockport popu-
lace is directly interested through de-
posits. The business Integrity OF the
company has never been questioned
here. and the failure is n gloomy sur
prise. However. assurance Is given TINT
the embarrassment Is only temporary.
The company was caught deep by the
failure OF the National Bank of Hi.
nois, aud finding themselves thus I'M
able 10 continue the operation OF their
extensive properties and meet the de.
mands of deposltors until they could
realize from other sources receiver
was applied for rs the most safe and |
equitable mode OF adjusting the hnan-
cial difficulties.
Failure OF Dallas CTexD Concern.
Dallas, Tex, Dec. 2s.--The board az
directors OF the Security Mortgage n
Trust company. local financial con
Germ, has made application TO Judge
.J.J Smith. Of the Fourteenth judicial
district court. for the appointment OF
receiver. The court appointed II. A. /
KabIer. for four years past the manager
OF the Security Mortgage & Trust com
pany. as receiver The liabilities OF the |
company are approximately $4,000. 900:
assets. nomnnlly the same. but they
will not probably realize more than
81 100000 In the market. The company
has been doing business for nine years.
Tho Van NortwIcks rail.
Geneva. H.. Dec. 90 William NJ and
w. NJ. Van Nortwick. bankers NJ Bntn-
via. H.. made an assignment In the Kane
county court here Monday evening. All |
their prnperty. both in the Batavia hank |
and stock IN the large corporation, in |
which they urc interested were turned /
over TO the Equitable Trust company. OF
Chicago. There were three assign I
nents In ALL John S. and William NJ. /
assigned nil their personal property and |
homes. and then assigned MS firm. The I
failure was due 10 the liquidation u the I
Atlas national bank OF Chicago. In which /
the Van Nortwicks were heavy stock /
holders.
Banks OF Superior. wis.
West Superior. Wis. Dec. 20. The 7