Article Text
FAILURE OF A WESTERN BANKER. Atlantic, Iowa, Sept. 30.-F. W. Whitney personally assigned to-night to J. B. Bruff in trust for all debtors. All surplus is to pay debts of the Bank of Atlantic. of which he is the senior member. The
Bank of Atlantic (Atlantic, IA)
Episode Information
- Episode UID
8408913191162- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
840891319hash - Start Date
- October 1, 1896
- Location
- Atlantic, Iowa (41.404, -95.014)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
26c27920e1ef9774
Response Measures
None
Description
Owner F. H. Whitney personally assigned assets and a receiver was appointed; bank did not resume operations.
Events (2)
1.
October 1, 1896
Receivership
- Newspaper Excerpt
- James B. Bruff, receiver for the Bank of Atlantic, owned by F. H. Whitney & Son, which closed its doors October 1; Bruff filed report Oct. 26 showing assets and liabilities
- Source
- newspapers
2.
October 1, 1896
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- F. H. Whitney personally assigned assets in trust for creditors leading to the bank's closure
- Newspaper Excerpt
- owned by F. H. Whitney & Son, which closed its doors October 1
- Source
- newspapers
Newspaper Articles (10)
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Article Text
ASSIGNED. Failure of a Prominent Business Man of Atlantic, In. Atlantic, Ia., Oct. 1.-At six o'clock Wednesday night F. H. Whitney personally assigned to J. B. Bruff in trust for all debtors, none preferred. All surplus is to pay debts of the Bank of Atlantic, of which he is the senior memher. The assets amount to $520,000, and the liabilities to $260,565. Mr. Whitney has been very ill for the past two weeks and his condition is alarming. The assignment causes much excitement among business circles, as he was considered gilt-edged.
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Bank Creditors Will Be Paid. ATLANTIC, Ia., Oct. 4.-Developments in the Bank of Atlantic and F. H. Whitney's failure tend to show that all claims will be paid in full, even if the property turned over to the receiver has to be sold at half its value. Whitney's condition is critical and he may not live twenty-four hours.
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CONDITION OF BANK OF ATLANTIC. Receiver Files His First Report of Assets and Liabilities. ATLANTIC, Ia., Oct. 26.-(Special.)James B. Bruff, receiver for the Bank of Atlantic, owned by F. H. Whitney & Son, which closed its doors October 1, filed his report with the clerk of the courts today. It shows the condition of that institution to have been as follows: ASSETS
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Depositors Protected. ATLANTIC, Ia., Oct. 27.-Receiver Bluff of the Bank of Atlantic has filed an official statement. Assets, exclusive of the Frank P. Whitney estate, $194,000; liabilities, $200,500. Whitney made a deed of trust to the receiver of property worth $500,000, to be applied on the indebtedness of the bank to depositors, leaving the surplus, at the lowest estimate,, over all indebtedness, about $300,000. This insures the payment of depositors in full and is in conformity with Mr. Whitney's dying wish.
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All Claims Will Be Paid. ATLANTIC, Oct. 27.-Receiver Bruff, of the Bank of Atlantic, has filed his official statement of the bank, showing assets of $194,000 and liabilities of $205,000. Whitney's property will enable the receiver to pay all claims and depositors in full, but it will take some time to collect in the bills receivable and to dispose of the real estate.
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Atlantic Bank Meets Claims. ATLANTIC, Ia., March 15.-James B. Bruff, the receiver of the Bank of Atlantic, will today pay off claims on the bank amounting to $55,000. This reduces the liabilities from $205,000 to $150,000. The reduction includes $32,000 in notes; etc., held by other banks. Thus far in the disposal of the bank's property the receiver has not touched the bulk of F. H. Whitney's personal property, which was deeded to the bank at the time of the assignment. Mr. Bruff says that if this property can be sold for even a medium price there will be sufficient money to pay all indebtedness.
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Dividend to Bank Creditors. ATLANTIC, Ia., June 22.-(Special.)Receiver James G. Whitney is making arrangements to declare another dividend of 20 per cent to be paid to the creditors of the bank of Atlantic. Mr. Whitney states that he will begin payment next Friday. Judge Green will grant the order while here holding the adjourned session of court. This will make 40 per cent that the bank has paid up to this time.
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VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his bosiness collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn vow to see that no creditor lost a cent, and he has kept his word to the letter.
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Article Text
VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his bosiness collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn VOW to see that no creditor lost a cent, and he has kept his word to the letter.