Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1897-01-04
A BIG FIRM ASSIGNS.
William. M. and John s. Van Mort
wick of Batavia, H., Are
Involved.

OF the AtIaS NallOnd1 Dirk OIL CulCdSO
has precipitated the suspension of the
Van Nortwick bank of Batavia and the
assignment by William M. and John 5.
| Van Nortwick Of all their vast property
interests, aggregating $2,500,000, to the
Equitable Trust company of Chicago.
| Articles of assignment were filed III
| the Kane county court at Geneva and
were three in number, William NJ. and
| John S. Van Nortwick each assigning as
| individuals and the two assigning as
| firm Their schedule of Indebtedness
was not filed with the articles OF as
signment, but the liabilities are said to
aggregate $200O,000.
Had Widespread Business Interests.
| The Van Nortwick interests, aside
| from Batavia property, are largely Ill
| paper mills and manufacturing indus
| tries. Their last statement Of assets,
prepared a year ago, placed their wealth
| at S2,50O.O0O. They own a business
! block, residences and two farms IN Ba-
| tavia township, the whole valued at
| $150,000; also the Western paper bag
| factories of Batavia and Kaukauna, the
largest concerns of the kind in the world,
| with a daily output of 100000 bags;
| also a strawboard mill at Batavia. I'M
| used. The paper mills at Appleton,
| Wis, are valued at $SOO,OOO They own
have stock in the old Second National
bank of Aurora, the Aurora cotton mills
| and the kaukauna and Appleton banks.
| They are principal owners in the Apple
| ton Manufacturing company of Geneva,
| I'll. The brothers own 464 shares in the
/ Atlas National bank of Chicago.
The Van Nortwick bank in Batavia
had a large clientage. The bank has
been soliciting deposits for some time
past, paying large interest, fact which
with good business men gave evidence of
weakness if not distress. Such was the
general confidence of Batavia depositors
| in the Van Nortwick, however, that there
was no run on the bank. notwithstanding
| the reports of the trouble of the Atlas
bank and the Van Nortwicks' connection
| With the same.
Cashier W. T. Grimes of the bank,
when seen by reporter, declined to give
a statement Of The banks assets and La
bilities, simply declaring that the deposit
tors would be paid in full. The Van
| Nortwicks' assets, he said, were ample
| to meet all liabilities if the assignees took
sufficient time to realize upon the prop
| erty.
How They Came Into Prominence.
When John Van Nortwick, who was
known as the "King of Kane county,"
died in 1890, he left $5.00O.OO0 to his two
sons. The elder Van Nortwick had been
| a pioneer in Western railroad building.
| He surveyed the old Galena road from
! Chicago and for eight years was presi-
dent of the G. E. & Q. road. From the
modest beginning of $4,000 which he had
with him when he came to Illinois fifty
years ago he accumulated the fortune
which went to his two sons. This prop
erty was in the shape of large paper
manufacturing interests at Batavia and
along the Fox river in Wisconsin, in
| bank stocks in Kane county institutions,
in large farms around Batavia and in the
paternal bank in that thriving Illinois
/ city.
/ The sons. instead of following the
footsteps of the father, began to spread
out i'll many directions. Large sums
We're spent in lines wholly distinct from
those in which their patrimony was
earned. Going south as far as Tennes-
see and west as far as Kansas City,
| no new enterprise seemed unworthy of
Il portion of the Van Nortwick fortune.
1t was in this manner that some $780,,
OOO in cash went into the Combined
| Lock Paper company at Appleton. Wis.
A bagetelle of $4,000 went into the re-
building OF the old mill at Batavia, for
which no use, other than storehouse,
has yet been found.
Might Have Pulled Through.
Had not the National Bank of Illinois
failed week ago all might have come
out well for the brothers, but that fail
ure put off negotiations they had under
way for longtime loan OH new
plant at Appleton. United States Comp
troller Eckels was all this time calling
in no uncertain tone upon the Atlas Ma.
tional to reduce its loans to it's directors,
particularly that to William NJ Van
Nortwick. Failing to secure money on
the Appleton plant, the borrowing direc-
tor was unable to reduce his obligations
to the imperiled bank of which he was q
director This inability to reduce the
loan forced the Atlas National to apply
to the clearing house for assistance and
then the liquidation of the Atlas COM
| PEELED the assignment of the Van Mort
| wicks.
The general impression in Batavia is
that while the local bank has not been
making any money, the side ventures OF
the firm have been successful. The pa
per bag factory at that place has been
running night and day, doing an inn
mense business. The paper bag manu-
featuring company at Batavia has in
creased its time to twelve hours Il day
since the election and has had orders for
4 all it's product.
The manufacture of butter plates by
the Memphis Woodenware company at
| Memphis, Tenn. also owned by the Van
| Nortwicks. is supposed to be highly sue
cessful and the brothers frequently have
expressed much satisfaction at the result
| OF their experiment III that direction.
Assignment Wholly Voluntary.
Chicago, H., Dec pa. W. Green
of the firm of Green, Robbins & Honore,
who are attorneys for the Van Mort
wicks, said today: 1.-THE assignment was
wholly voluntary and was due to the de-
sire of the Messrs. Van Nortwick to
avoid more serious consequence as re-
suit OF the liquidation of the Atlas Ma
| tiOpa1 hank ~
Lyman A. Walton, secretary of the
Equitable Trust company, who was en-
trusted with the assignment papers of
the Van Nortwick bank, has returned
from Batavia. When seen he disclaimed
all knowledge of the banks affairs. Il
spent only thirty minutes in Batavia
| said MIR. Walton, "and did not have time
to look over the situation carefully. The
Immediate cause Of the failure was of
course the liquidation of the Atlas bank.
| The Van NortWick interests are so large
that it will take some time before the
exact figures can be given"