American Trust Company (Baltimore, MD)

Episode Information

Episode UID
7011671604
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
701167 routing
Routing Number
7-0116
Start Date
August 14, 1933
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f71d8916c5b03a62

Response Measures

None

Events (3)
1. August 14, 1933 Receivership
Newspaper Excerpt
Judge Eugene O'Dunne has signed an order ... appointing John J. Ghingher, bank commissioner for the State of Maryland, receiver ... for the assets of the American Trust Co.
Source
newspapers
2. December 31, 1934 Other
Newspaper Excerpt
Seven Baltimore which remain closed, six of them in receivership ... THE AMERICAN TRUST COMPANY ... An original distribution of fifteen ... Early last November compromise reached under which the receiver obtained ... approximately $185,357 for distribution.
Source
newspapers
3. January 3, 1935 Other
Newspaper Excerpt
An order calling for the payment of $20,000 as a fee to Stuart S. Janney for his services as counsel to the receiver of the American Trust Company ... court ... will be asked to give formal approval to the proposed payment of forty-five per cent. of their claims to the depositors ...
Source
newspapers

Newspaper Articles (3)
1. August 14, 1933 Evening Star Washington, DC
Article from Evening Star, August 14, 1933

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Article Text

RECEIVER IS APPOINTED FOR AMERICAN TRUST Special Dispatch to The Star. BALTIMORE, August 14.-Judge Eugene O'Dunne has signed an order in the Circuit Court No. 2 appointing John J. Ghingher, bank commissioner for the State of Maryland, receiver under bond of $25,000, for the assets of the American Trust Co. The order was signed upon a bill of complaint filed by the State of Maryland, which stated that on August 8 last the board of directors of the company passed a resolution placing the affairs and assets of the institution in the hands of the bank commissioner.

2. December 31, 1934 The Evening Sun Baltimore, MD

Article Text

By Rodney Crowther Financial Editor The Evening Sun Seven Baltimore which remain closed, six of them in receivership, and one shortly to placed in receivership, have far distributed depositors total 537,514, slightly more than cent. of the aggregate deposits of 273,161.87 which they had when their doors to figures compiled from records the State The six institutions in receivership the American Trust Company, the Chesapeake the Commercial Savings Bank, the Park Bank. the Title Guarantee Trust Company and the Savings Bank. The last named placed in ceivership last Friday. The Baltimore Trust after of to be placed in in the near future. Payments Made By Six Of the total distributions made the bulk has come from the Baltimore Trust Company. Including offsets and secured deposits, the positors out original deposits $37,389,567. Only the Title Guarantee has If plans of this are will be made. The status of the seven institutions present set forth in the following summary: THE AMERICAN TRUST COMPANY An original distribution of fifteen amour to $57,537, 18, 1933. Because of the difficulty in enforcing agreement orginally made with institution the Union Trust Company and the Baltimore Clearing House Association with the Union Trust Company with respect to its losses in the American Trust Company the institution was placed in ceivership. Early last November compromise reached under which the receiver obtained from the Clearing House banks sources of approximately $185,357 for distribution. receiver stated yesterday that he pects make payment from per cent. on this institution shortly. THE CHESAPEAKE reports that distributions, for per cent. on December 1931, and one for ten cent., per aggregating are the moneys which have Since the distribution he has collected has fair money on hand, but another distribution this THE COMMERCIAL first distribution of five mailed out positors last week. No further yet been collected for tribution. THE PARK distribufar made depositors of this aggregate one payment per having been made 1933, and another May 1934. The receiver states that he collected fair amount of cash since [Continued On Page

3. January 3, 1935 The Evening Sun Baltimore, MD

Article Text

TO ASK PAYMENT OF 45 PER CENT. FOR DEPOSITORS American Trust Receiver's Counsel To Get Fee Of $20,000 FIRST DISTRIBUTION TOTALED 15 PER CENT. Circuit Judge Today Signs Order For Payment To Lawyer An order calling for the payment of $20,000 as a fee to Stuart S. Janney for his services as counsel to the receiver of the American Trust Company today was signed by Judge Eugene O'Dunne in the Circuit Court No. 2. At the same time it was revealed that the court within a few days will be asked to give formal approval to the proposed payment of forty-five per cent. of their claims to the depositors of the institution, who previously had received the first distribution of fifteen per cent. Preparations are being made to carry out the additional forty-five per cent. distribution within a short time, it was learned. Other Distributions Expected It was also stated that the State bank commissioner, receiver for the institution, and his counsel, expect to make other distributions to depositors of the bank at a later date, being partly dependent upon litigation now being appealed concerning the liability of stockholders. The impending 45 per cent. distribution was said to be connected with the recent settlement by the receiver of claims against other banks in connection with guarantees of deposits of the American Trust Company when that institution was taken over by the Union Trust Company several years ago.