The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1897-01-01
ATLAS NATIONAL TO LIQUIDATE

Dep0sttOrs Will BE Paid in Full on
of Checks.
Chicago, Dec. Pit was announced to-
night that the Atlas National ban will
go into liquidation and retire from bust
ness. The action is not considered as n
failure in any sense and as the bank's
business was comparatively a small one,
1T is not anticipated that any furry in
the banking circles of Chicago will re
suit. Two statements We're made public
tonight, 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 will furnish the Atlas ample
support.
Depositors will be paid in full upon
presentation Of checks. The bank has
been for some time gradually reducing is
Indebtedness and it's liabilities, which d
few months ago were about $500, 900. are
now but 81, 150, 900 and are amply covered
by good assets. The BAN has about
$3.50, 900 in cash on hand and giltedged bills
receivable to the amount of 81, 200. 900
more.
As G. B. Farwell is president of the At
las National, it has been popularity sup
posed that the firm of JOIN V. Farwell
& Co. was heavily interested, but none Of
the firms paper is involved, and c. b.
Farwell has but an insignificant amount
on deposit in the institution.
The bank has about $500, 900 loaned to a
paper manufacturer of Batavia. ILL.,, and
$4,000 to Norton Bros, the millers, who
failed last week, but it's other accounts
are all thought to be good.
The following are the official announce
ments which write the epitaph of a fnan-
cial institution which has lived almost 10
years:
Owing to the continued i'll health of the
president of this bank, it has been decided to
i. close its business. No deposits will be re.
ceived hereafter, but all depositors will be
paid in cash upon demand. pepositors ana
claims for balances due them before January
next, SO far as may be possible.
ATLAS NATIONAL BANK.
w. D. C. GRANNIS, President.
S. ". STONE, Cashier.
December 2S, 1896.
Clearing House
The Atlas National bank having decided to
retire from business, the clearing house com.
mittee has made an examination of it's affairs
and on their report the associated banks of the
city have decided to advance the amount need.
ed to pay it's depositors in full, as shown by
it's books, December rs, 1896, without waiting
to convert its assets into cash. The amount
required TO be advanced Will not exceed 5000
900. The bank will not receive any deposits
from date. Checks on it will be settled through
the clearing house as usual.
ISAAC LOMBARD,
L. G. G
o.. NTH,
r. G, KEITH,
c. j. BLAIR,
Clearing House Committee.
Story of Liquidation.
One year ago the Atlas had in deposits
So, POI, 400. On December II, this year, they
footed 81, S60, 412. AT the close of business
on Saturday they were in all probability
nearly 81, 900, 900 less. This briefly tells the
story of his voluntary liquidation. One
month or SIX weeks ago the attention Of
Comptroller of the Currency Eckels was /
called to the condition of the bank. The
report of the bank examiner showed there
We're loans to directors and officers of the
bank exceeding its capital stock of 500, cos. |
The comptroller sent several pointed mes |
sages telling them to clean up" and re- |
duce this aggregation of loans inside the
institution. !
The bank officials cut the total down TO
between $3.50, 900 and $500, 900, and raised the
cash reserve from % per cent to the legal |
minimum of 40 per cent. Subsequently the |
constant checking out of deposits reduced !
this reserve somewhat.
Inc heaviest run came on Tuesday and |
largely from a widely circulated
story that the bank had on Monday after
posted the sign CLOSED" on it's doors.
When the bank closed Tuesday afternoon
1t was felt that immediate suspension
must follow the next day if the run was
continued, but Wednesday brought some
thing Of a reaction in the feeling which
had followed the collapse of the National
of Illinois, and the withdrawal of
funds slackened.
Thursday the officials of the bank were
by some of the leading bankers CT
chicago to call on them if trouble was i'm
and they would agree upon a plan
of action which would be the best for all
concerned.
h following day Comptroller Eckels,
who was receiving almost daily reports
from the Institution by telegraph, advised
that a plan of liquidation be arranged. He
sent this advice both to the officers of The
oank and to Bank Examiner McKeon. The
house committee was notified and
l sub-committe of two appointed to make
n examination of the securities held by
he Atlas. The examination was ended on
and the report was satisfactory.