Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1897-01-01
ATLAS NATIONAL TO LIQUIDATE.
DepOsitOrs VIII BE Paid in Full on
FERMENTATION of Checks.

chicago, Dec. Z..-it was announced to-
night that the Atlas National bank will
go into liquidation and retire from bust
ness. The action is not considered as
failure in any sense and as the bank s
business was comparatively a small one
it Is not anticipated that any furry in
the banking circles Of Chicago will re-
suit. Two statements were made public
tonight, one from the officers Of the bank,
announcing that owing to Ill 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 its
Indebtedness and its liabilities, which a
few months ago were about 81, 800, OO0 are
now but $1,150,OOO and are amply covered
by good assets. The bank has about
$3.50, 900 in cash on hand and giltedged bills
receivable to the amount of 81, 200 900
more.
AS C. B. Farwell is president of the At
las National, 1t has been popularity sup
posed that the firm of John " Farwell
the firms paper is involved, and C. B.
Farwell has but an Insignificant amount
on deposit in the institution.
The bank has about 5000, 900 loaned to a
paper manufacturer of Batavia. ILL.,, and
1000 to Norton Bros, the millers, who
failed last week, but its other accounts
are all thought to be good.
The following are the official announce
ments which write the epitaph Of a finan-
cial institution which has lived almost 10
years:
Owing to the continued Ill health of the
president of this bank, 1t has been decided to
close Its business. No deposits will be re-
ceived hereafter, but all depositors will be
paid in cash upon demand. Deposltors and
correspondents are requested to present their
claims for balances due them before January
next, SO far as may be possible,
ATLAS NATIONAL BANK
W. D. c. GRANNIS, President.
S. W. STONE, Cashier.
December 2S, 1896.
Clearing House Announcement.
The Atlas National bank having decided to
retire from business the clearing house COM
mittee has made an examination of It's affairs
and their report the associated banks of the
city have decided to advance the amount need
ed to pay its depositors in full, as shown by
its books, December 2S. 1885, without waiting
to convert It's assets into cash. The amount
required to be advanced will not exceed $780,,
600. The bank will not receive any deposits
from date Checks on 1t will be settled through
the clearing house as usual.
ISAAC LOMBARD,
o. SMITH,
r. G. KEITH,
C. ]. BLAIR,
Clearing House Committee.
Story of Liquidation.
One year ago the Atlas had in deposits
s., POI, 400. On December IT, this year, they
footed 81, Az. At the close Of business
on Saturday they were in all probability
nearly 81, OOO, 900 less. This briefly tells the
story of this voluntary liquidation. One
month or sir 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
were loans to directors and officers of tho
bank exceeding its capital stock Of $70O,e0O
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 $400, 900, and raised the
cash reserve from rs per cent to the legal
minimum of 40 per cent. Subsequently the
constant checking out of deposits reduced
this reserve somewhat.
resulted largely from widely circulated
story that the bank had on Monday after
noon posted the sign CLOSED" on Its doors.
| When the bank closed Tuesday afternoon
1t was felt that immediate suspension
must follow the next day II the run was
continued, but Wednesday brought some
thing of a reaction In the feeling which
had followed the collapse Of the National
Bank of Illinois. and the withdrawal OF
| funds slackened.
Thursday the officials of the bank were
notified by some of the leading bankers OF
Chicago to call on them II trouble was IN
minent and they would agree upon plan
of action which would be the best for all
concerned.
The following day Comptroller Eckels.
who was receiving almost daily reports
from tho Institution by telegraph. advised
that pian Of liquidation be arranged. He