Article Text
Bank Suspends. Chicago, Jan 26 -The Pan American Pank Co.. suspended today. Its capitalization was half a million dollars.
Pan American Banking Company (Chicago, IL)
Episode Information
- Episode UID
103983091261- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
10398309hash - Start Date
- January 26, 1905
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
f771d227a90310da
Response Measures
None
Description
The bank suspended due to insolvency and legal attachments before any run occurred; a crowd gathered only after the doors were closed.
Events (3)
1.
January 26, 1905
Receivership
- Newspaper Excerpt
- Edward C. Day was appointed receiver, his bonds being fixed at $20,000.
- Source
- newspapers
2.
January 26, 1905
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Insolvency and legal attachments following a refused check for $175; liabilities far exceeded assets.
- Newspaper Excerpt
- The Pan-American Banking company, 186 Dearborn street... closed its doors to customers today
- Source
- newspapers
3.
January 28, 1905
Other
- Newspaper Excerpt
- Wm. H. Hunt, president of the Pan-American Banking Co... was arrested here today. He was indicted by the grand jury at Chicago for the alleged embezzlement
- Source
- newspapers
Newspaper Articles (20)
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BANK SUSPENDS. Chicago Concern With Half a Million Capital. Chicago, III., Jan. 26.-The PanAmerican Banking company suspended today. Capital, $500,000.
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A SHORT LIVED BANK The Pan-American of Chicago Closes Its Doors. Chicago, Jan. 26.-The Pan-American Banking company, 186 Dearborn street, an institution little known in the financial world, closed its doors to customers today, but the announcement was made that payments might be resumed tomorrow. The bank is said to have done considerable business in small accounts. Declaring that the bank had a debt of $10,000, with no assets, a shareholder in the concern filed a petition in the circuit court early today for the appointment of a receiver. According to the petition, the bank was organized last January under the laws of West Virginia, and the capital stock was fixed at $500,000. Edward C. Day was appointed receiver, his bonds being fixed at $20,000. During the court proceedings the stockholders brought attachment proceedings against the concern and constables levied on everything in sight. Whether the loss to patrons of the bank will be large has not been determined. Attachment suits begun today amount to over $5,000. W. M. Hunt, president of the bank, whose name, with that of Secretary W. R. Travers, appears on the bank stationery, opposite the address 91 Wall street, New York city, is said to be a passenger on the Twentieth Century limited, which has been delayed by a blizzard near New York.
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Receiver Appointed for Bank By Associated Press. CHICAGO, Jan. 26.-The Pan-American Banking company, 186 Dearborn street, an institution little known in the financial world, closed its doors to customers today, but announcement was made that payments might be resumed tomorrow. Edward C. Day was appointed receiver, his bonds being fixed at $20,000.
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STALLED TRAINS CLOSE BANK. : Its Attorney Declares It Will Reopen When 20th Century Limited Reaches Chicago. [BY TELEGRAPH TO THE TRIBUNE.] Chicago, Jan. 26.-The stalling of the Twentieth Century Limited on the New-York Central is alleged to have caused the suspension of the PanAmerican Banking Company here to-day. No statement has been issued, and no notice has been posted at the bank. W. H. Hunt, president of the bank, is a passenger on the blockaded train, which should have reached Chicago to-day. Julius N. Heldman, the bank's attorney, declared that when Mr. Hunt reaches Chicago business will be resumed. W. R. Travers is secretary and treasurer of the bank. Julius N. Heldman, acting for the bank, announced that the Central Trust and Savings Bank had declined to make payments on uncollected funds, and that several of the Pan-American's checks had been thrown out. Travers's name appears on the bank stationery, opposite the address No. 91 Wall-st., New-York City. A branch of the Pan-American Bank was conducted also in Mexico City. A month ago two employes of this Mexican bank returned to Chicago, and the supposition is that the branch was closed. Hunt and his associates are said to have been interested heavily in Mexican enterprises. The bank, which claimed a capital of $500,000, did a savings business among small depositors.
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Failure of the Pan American Banking Company In Chicago Reveals Startling Facts STOCK VALUED AT $200 SHARE When Check for $175 Was Drawn the Bank Was Unable to Meet the Payment and the Institution Was Closed -Liabilities $10,000 With No Assets -Did Business on Hot Air. Chicago, Jan. 27. - An operation in "high finance" came to grief in Chicago yesterday, when the Pan-American Banking Company of this city suspended payment and went into the hands of a receiver. The institution, which did business at 185 Dearborn street, claimed to have $500,000 capital, $500,000 surplus, stock valued at $200 a share, and 3,000 depositors. But when one depositor drew a check on it for $175 and the Central Trust Company refused it credit the bank became embarrassed and the rude authorities stepped in. It is said that $40,000 of depositors' money is Involved. W. H. Hunt, president of the institution and the owner also of a banking business at 91 Wall, street, New York, is the person whose efforts in the world of finance have thus come to at least temporary collapse. President Hunt's attorneys said he was snowed in on the Twentieth Century Limited with a large amount of funds on his person for the relief of the bank. Some of the depositors, however, expressed fears that Mr. Hunt was snowbound more safely in New York. The Limited train reached here at an early hour this morning. Here is the list of embarrassments which the Pan-American suffered during the day: Richard A. Pick, an Insurance solicitor, deliberately drew a check for $175 on his account at the bank. The check came back unpaid, and Mr. Pick immediately sued out an attachme on the furniture in Justice Wolff's court in the amount of $199.93. Constable Peter Bretz took possession of the furnishings at 11:30 a. m. This proved so embarrassing that the bank suspended business at once. Close following upon this action George F. Kelly, a stockholder, petitioned Judge Dunne to appoint a reer for the bank, which, he said, had liabilities to the amount of $10,000 and no assets. His checks had not been cashed for a couple of days. Judge Dunne appointed E. C. Day receiver. Johnson's Story Pathetic. J. M. Johnson sued out an attachment in the superior court to cover a check for $1,650. Deputy Sheriff Michael Fitzgerald served it on the Central Trust Company, with which the Pan-American had a banking account. Johnson's story was pathetic. After years of work, it is said, he built up a little business. On Wednesday he sold his store for $1,650 receiving a check on the Pan-American in payment. The check was put in for collection, but was not paid. John M. Hess secured an attachment in the circuit court to cover his account of $3,500 in the bank, and secured a writ of garnishment on the Central Trust Company to recover $2,250, the amount of a certified check he held on the embarrassed bank. Deputy Thomas McGuire served the attachment on the Central Trust. Another suit in attachment against the Pan-American was in the interest of Dr. Hiram C. Castor. He claims $285 from the bank. At the Doors of the Bank. A crowd of twenty or thirty depositors hung around the doors of the bank all day, where Attorney Heldman of the firm of Cox & Heldman spent most of his time explaining President Hunt's unfortunate detention with his money bags on the Twentieth Century Limited. The only real excitement resulted from the hurried departure from the bank of several mysterious clerks carrying satchels. "They're making their getaway with our coin." cried one of the depositors. Attorney Heldman had to recall the mysterious clerks and replace the satchels the bank. Col. Turner Out of It. As an example of excited finance, the methods of the Pan-American are said
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Chicago Banker Arrested. New York, Jan. 28-Wm. H. Hunt, president of the Pan-American Banking Co., of Chicago which is in the hands of a receiver, was arrested here today. He was indicted by the grand jury at Chicago for the alleged embezzlement of thirty-six thousand dollars, and receiving deposits when the institution was insolvent.
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CHICAGO BANK FAILURE. Pan-American Owes $75,000 and Has But $17,200 Assets. Chicago, Jan. 28.-After searching three days the receiver of the PanAmerican bank tonight reported that he had discovered assets of the face value of $17,000 and $75,000 liabilities. Of the liabilities $48,000 are savings, individual deposits and foreign drafts.
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Creditors of the Bank May Realize home institution to offset a run by deChicago, Jan. 31.-If certain contracts positors. Turner declared that he had said to exist between stockholders of been the owner of the H. L. Turner Banking Co. and that he sold out the the Pan-American Bank, which susbusiness to Hunt, after which he bepended business last week, and Presicame vice president of the Pan-American Bank. Hunt, according to Turner's dent W. H. Hunt of that institution testimony, has been president of the Inand between Hunt and stockholders in ternational Banking & Trust Co. of Mexico, which had a capital stock of the defunct International Banking & $2,000,000, the assets amounting to $1,Trust Co. of Mexico, can be enforced, 000,000. The concern failed over two years ago. Turner declared that Hunt it is now believed that the creditors of had secured personal contracts with the Pan-American Bank will receive 100 more than 607 of the stockholders of cents on the dollar for their claims. This the defunct company in Mexico who had an interest in the $1,000,000 assets, to information was secured in the examiaid in financing the Pan-American Bank nation of Henry L. Turner, formerly and if they can be held to the contracts vice president of the Pan-American more than $500,000 will be realized for the creditors of the Pan-American Bank. Bank, before Referee in Bankruptcy This, Turner said, would permit payWear. Turner resigned as vice presiment of dollar for dollar of the claims dent of the Pan-American Bank, he against the Pan-American Bank. said, because Hunt had been sending Another development in the case was deposits of the bank to New York-and the retention of an attorney by Hunt, as Mexico, leaving little money in the his personal representative in the case.
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BANK OFFICIAL ARRESTED PRESIDENT OF DEFUNCT INSTITUTION IN TROUBLE. Grand Jury at Chicago Returns Two Indictments Against HimThe Charges. Chicago, Jan. 30.-President William H. Hunt, of the defunct Pan-American bank, was arrested in New York Saturday, two indictments against him were returned in court, and simultaneously came sensational information as to the methods of Hunt and some of his associates. It developed that deposits had been received at the bank as late as the evening before the institution suspended payment. A story was told of a deal whereby $200,000 worth of stock was taken by easterners. The money has not been found by Receiver Edwin C. Day. All forenoon depositors thronged to the bank doors and told pitiful tsories. Criminal prosecution of the bank officials was instigated by V. A. G. Murrell, of the law firm of Murrell & Takken. Friday afternoon the grand jury voted indictments against Hunt, president, and also W. S. Rector, assistant cashier. True bills were sought against W. R. Travers, secretary and treasurer, and George E. Foster, chairman of the board of directors. Secrecy is being maintained by the state's attorney a Nto the action of the inquisitors in the cases of Travers and Foster Immediately after the indictments had been. drawn State's Attorney Healy ordered extradition papers made up and plans were made to send Detective Frank Tyrrell to New York to bring Hunt to Chicago. He was arrested in that city by orders from Chief of Police O'Neill. The latter acted under directions from State's Attorney Healy. Judge Dunne authorized the receiver to expend money necessary to send a deputy sheriff to New York also. The charge against Hunt is that he accepted deposits when he knew that the bank was insolvent. The total deposits amounted to $45,000 at the time of the insolvency, and the balance in the institution amounted to $8,000, leaving a deficit of $37,000. He was released on $5,000 bail.
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CHICAGO BANK FAILS. Because Its President Was Snowbound on a Train Pan-American Banking Company Suspends. Chicago, Jan. 28.-The stalling of the twentieth century limited on the New York Central is aleged to have caused the suspension of the Pan-Americar Banking company here today w III
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BANK OFFICIAL ARRESTED PRESIDENT OF DEFUNCT INSTITUTION IN TROUBLE. Grand Jury at Chicago Returns Two Indictments Against HimThe Charges. Chicago, Jan. 30.-President William H. Hunt, of the defunct Pan-American bank, was arrested in New York Saturday, two indictments against him were returned in court, and simultaneously came sensational information as to the methods of Hunt and some of his associates. It developed that deposits had been received at the bank as late as the evening before the institution suspended payment. A story was told of a deal whereby $200,000 worth of stock was taken by easterners. The money has not been found by Receiver Edwin C. Day. All forenoon depositors thronged to the bank doors and told pitiful tsories. Criminal prosecution of the bank officials was instigated by V.A. G. Murrell, of the law firm of Murrell & Takken. Friday afternoon the grand jury voted indictments against Hunt, president, and also W. S. Rector, assistant cashier. True bills were sought against W. R. Travers, secretary and treasurer, and George E. Foster, chairman of the board of directors. Secrecy is being maintained by the state's attorney a Nto the action of the inquisitors in the cases of Travers and Foster. Immediately after the indictments had been. drawn State's Attorney Healy ordered extradition papers made up and plans were made to send Detective Frank Tyrrell to New York to bring Hunt to Chicago. He was arrested in that city by orders from Chief of Police O'Neill. The latter acted under directions from State's Attorney Healy. Judge Dunne authorized the receiver to expend money necessary to send a deputy sheriff to New York also. The charge against Hunt is that he accepted deposits when he knew that the bank was insolvent. The total deposits amounted to $45,000 at the time of the insolvency, and the balance in the institution amounted to $8,000, leaving a deficit of $37,000. He was released on $5,000 bail.
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No Pan-American Bank Assets in Mexico. AUSTIN, Tex., Feb. 12.-Frank M. Key of Chicago, receiver of the Pan-American Bank of that city, is on his way home from the City of Mexico. where he investigated the condition of the branch bank of the bankrupt institution. He says that he secured information which satisfied him that creditors cannot hope to secure anything from the Mexico end of the institution.
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Indignant Bank Depositors. Chicago, Feb. 17.-Sixty-four indignant depositors of the recently closed Pan-American bank, barred from the banking rooms met in the corridor today and formed an organization which adopted a resolution declaring that "Cox, Heldman & Everett, attorneys for receiver Edwin C. Day, are in league with the stockholders of the bank and should be fired."
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WILL PAY DEPOSITORS. Former President of Defunct Bank to Settle Today. CHICAGO, August 16.-About 1,500 men, women and children, depositors and holders of savings account books in the defunct Pan-American Bank Company, It is expected will appear at the Sherman House today and receive in full the amounts of their deposits. The first decisive announcement that depositors were to receive their money was made yesterday by Attorney Heldman, counsel for some of Banker William Hunt's creditors. Creditors of the banking company holding claims of $10 or less will be accommodated this morning and receive their money from Hunt personally. Hunt, the former president of the bank, is acting entirely independent of the receiver of the bank.
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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, M h., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.
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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000.000. 29-Pan-American bank. Chicago: assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 26-Barberton. O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 26-Knight, Donnelly & Co., Chicago. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank: liabilities. $125,000. Aug. 3-West Liberty, Ky., bank closes. Sep. 19-Minot. S. D., national bank closes doors. Oct. C-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National. Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of 826,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.
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Business Failures Jan. 3-First national bank of Faribault, Minn., closed: receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29--Pan-American bank. Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.: liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis: liabilities, $200,000. Apr 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 24-Canton, O., state bank closes... Lexington, Okla., First national bank fails. 26-Barberton. O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands 23-Vicksburg, Mich., exchange bank. 26-Knight. Donnelly & Co., Chicago 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, IIL, national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'eago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company. American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.
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Business Failures Jan. 3-First national bank of Faribault, Minn., closed: receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000.000. 29-Pan-American: bank. Chicago; assets $17,200, liabiNities $75,900. Mar. 5-Arnoid Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200.000. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109.000. Lexing. 24-Canton, O., state bank closes ton, Okia., First national bank falls. 26-Barberton. O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in recelver's hands, 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug 2-West Liberty, Ky., bank closes. 21-Western bank. Louisville, Ky.: due to overloans. Sep. 19-Minot, S. D., national bank closes dcors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks In Ch eago. Chicago National, Home SavIngs and Equitable company in liquidation. Local clearing house guarantees payment of . $26,000,000. Public and private accounts Involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.
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Business Failcres Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 23-Strauss-Green Co., Toledo, O.; liabilities $115,000, assets $100,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 6-Spartansburg, Pa., bank; capital, $25,000. 7-Coe Co., Minneapolis; liabilities, $200,000. 31-Citizens' bank, Lorain, O., as result of defalcation. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 16-Owosso, Mich., private bank closes. 23-Merchants' Trust Co., New York, closed. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank 27-R. H. York & Co.. old Cleveland, O., brokers; liabilities, $40,000. Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 21-City Trust Co., Philadelphia, closes doors. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities. $125,000. 13-Citizens' bank, Yellow Springs, O.; liabilities, $50,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 10-Four Denver, Col., Western bank officials' arrested on fraud charge. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. 27-Johnson & Sloan, Minneapolis, Minn.; liabilities, $200,000 First national bank, Orville, O., closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savingsand Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis. Tenn., close doors; first named in liquidation.