Article Text
A Trust Company Assigns. KANSAS CITY, Mo., Nov. 6.-The Continental Trust Company has assigned to O. S. Young. The stock is $100,000. The company has $60,000 on deposit. The assets will probably fully cover the liabilities.
Continental Trust Company (Kansas City, MO)
Episode Information
- Episode UID
7143037791115- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
714303779hash - Start Date
- November 5, 1892
- Location
- Kansas City, Missouri (39.100, -94.579)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6aa0361414f76f7a
Response Measures
None
Description
The company was assigned to an assignee and treated as failed; officers later arrested for receiving deposits while insolvent.
Events (3)
1.
November 5, 1892
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Company was insolvent; assets largely comprised of officers' and directors' notes and heavy insider indebtedness.
- Newspaper Excerpt
- the failure, November 5, 1892, of the Continental Trust Co.
- Source
- newspapers
2.
November 6, 1892
Receivership
- Newspaper Excerpt
- KANSAS CITY, Mo., Nov. 6.-The Continental Trust Company has assigned to O. S. Young.
- Source
- newspapers
3.
December 5, 1893
Other
- Newspaper Excerpt
- Warrants for the arrests of George S. Toulmin, President of the suspended Continental Trust Company, and Horace S. Lynn... charged with grand larceny by receiving a deposit of $738 while they knew that their company was in an insolvent condition.
- Source
- newspapers
Newspaper Articles (7)
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Article Text
Charged with Grand Lareeny. KANSAS CITY, Mo., Dec. 5.-Warrants for the arrests of George S. Toulmin. President of the suspended Continental Trust Company. and Horace S. Lynn. Vice-President and Treasurer of the same institution. were issued late this afternoon on complaint of County Prosecutor Brown. They are charged with grand lareeny by receiving a deposit of $738 while they knew that their company was in an insolvent condition. Hearing that the warrants had been issued. both men surrendered themselves, and were taken before Justice Latshaw and held in $4,000 bonds to appear on Friday for a preliminary examination. The Continental Bank suspended a year ago, with assets of $115,000 and liabilities of an equal amount.
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Charged With Grand Larceny. KANSAS CITY, Dec. 5.-George S. Toulmin, president of the suspended Continental Trust company and Horace S. Lynn, vice president and treasurer of the same institution, were put under arrest to-day, charged with grand larceny in receiving a deposit while they knew that the company was insolvent.
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BANKERS IN HOCK. Kansas City High-Flyers Arrested for Grand Larceny. KANSAS CITY, Mo., Dec. .-Warrants for the arrest of George S. Toulmin, president of the suspended Continental Trust company, and Horace S. Lynn, vice president and treasurer of the same institution, were issued this afternoon on complaint of Co-Prosecutor Marcey K. Brown. They are charged with the crime of grand larceny by receiving a deposit of $738 while they knew that their company was in an insolvent condition. The appraisement of the bank's assets shows that the chief debtors of the bank at the time of its failure were Directors Lynn, Toulmin and Hoffman. Their indebtedness, as evidenced by their notes, amounted to almost the full amount of the deposits, which were about $115,000. Since the assignment both Toulmin and Lynn have deeded property to Assignee Young, as further securing of their debts. The property turned in by Toulmin is said to be heavily encumbered, and that turned in by Lynn is stated to be of small value. The appraisors were John W. Byers and James H. Chandler. Their appraisement is somewhat surprising, in view of the fact that depositors have received only 3 per cent of their deposits. It places a total valuation on the assets of $115,280. The notes, among which are Toulmin's, Lynn's and Hoffman's, are appraised at $99,734, overdrafts at $5,473; real estate coupons at $2,097; checks, drafts and currency, $1,604; stocks at $2,900, and furniture and fixtures at $1,471.
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A Fellaheen Minister.-Ali Pacha Moubank, whose death has recently taken place, was the only Egyptian fellaheen, or peasant, who ever attained the rank of Cabinet Minister. He possessed all the craftiness of his downtrodden race, trimmed his political sails with much skill when he saw that the Arabi revolt was on the point of failure, and found means of remaining a friend both of his countrymen and their English masters, a matter of some difficulty. Like most fellaheen, he was exceedingly uncleanly in his appearance and personal habits, objecting most strongly to sanitary appliances as superfluous. Revolver Shooting in England.-With their usual spirit of contrariness, the English people have followed the enactment of the recent laws destined to check the use of revolvers, by developing a perfect mania for revolver shooting. and numerous clubs have been formed all over the United Kingdom for the practice and pursuit of this branch of sport. IN THE BUSINESS WORLD. OFFICERS OF A WRECKED BANK ARRESTED. Kansas City, Mo., Dec. 5.-Warrants for the arrest of George S. Toulmin, president of the suspended Continental Trust Company. and Horace S. Lynn, vice-president and treasurer of the same institution. were issued this afternoon on complaint of County Prosecutor Brown. They are charged with grand larceny by receiving a deposit of $738 while they knew that their company was in an insolvent condition. Toulmin and Lynn, hearing that the warrants had been issued, surrendered themselves. and were taken before Justice Latshaw and held in $4,000 bonds to appear Friday for a preliminary examination. The Continental Bank suspended a year ago with assets of $115,000 and liabilities of an equal amount Charles G. Young was assignee of the bank. and when he investigated the affairs of the concern he found that the assets consisted almost entirely of personal notes of the officers and directors of the bank, secured by encumbered property. Of these notes $99,280 were those of Toulmin and Lynn. The appraisers appointed by the court to place an estimate on the value of the assets handed in a report placing the value at the face of the notes. Since he obtained possession of the assets Mr. Young has paid a dividend of only 3 per cent, and says the creditors may consider themselves very fortunate if they ever get another 3 per cent. All things considered. the case is an extraordinary one, especially in view of the facts that the condition of the bank has been kept secret, that the appraisers appraised the assets at their face value, and that the court was not advised of the facts in the case.
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A GUTTED CONCERN. How the Officers Wrecked the Continental Trust Co. of Kansas City. KANSAS CITY, Mo., Dec. 4.-It is probable that the affairs of another suspended bank will soon receive the attention of Prosecuting Attorney Marcy K. Brown. During the trial of a suit over a check for $196 brought by the Midland national bank against the Roll Lumber Co., growing out of the failure, November 5, 1892, of the Continental Trust Co., Assignee Adus G. Young, testified that depositors of the trust company have thus far received a dividend of only 3 per cent. and that it is very doubtful if they will receive 3 per cent. more. He testified that he held the notes of officers and directors of the bank for nearly the entire amount of its deposits. The deposits subject to check shortly before the failure of the bank were about $97,000, and the time deposits about $10,000. The witness said that $30,000 in cash was borrowed from the bank by one of the directors only a few days prior to the assignment. The total indebtedness to the bank of its officers. as evidenced by their notes, was stated to be about $115,000.
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MISSOU been started in Louis looking ministers A MOVEMENT of the to has Christian the taxation church of of Kansas believes THE that lizing of safe their police blowers forces and for burglars a raid association, are upon mobel that town. State Dairy session THE Missouri hold its annual 19. will of dairy which will January 11 exhibitors papers. products dairy subjects, aggregating Carrolton premiums to Missouri and readers of in value of the state about and 200. THE an order discharging the First, Second Carand thage has issued private tes from at St. discharged their having served forty Fourth Brookfield. infantry the full term of senrecently men enlistment MARION HOVEY penitentiary was for for the life whose murtenced to guilty a the at Vanduson, Dexter, with Mrs. Vanduson der plea of Matthew was intimate life sentence wife Harvey is already is serving assault violent and the the State as as necessory. THE grip people has made of Jefferson a istration. City, Lesueur, upon tacked Secretary of Stephens Gov. even Stone, ibert, the clerks Treasurer about departments of Auditor and nearly half were of the sufferers from its the secretary in sidious GEORGE at P. SCOTT. and principalitation.at figure at Grocers union sunday closing with the KansaM recen City, has of organization the gone He that a young 8600 deserted of the funds his wife typewriter and had terJUDGE day other were with him REQUA to Greaseria died in and the the Indian body was He interment was ritory taken the to Nevada Vernon for county, court and helped organize of the first county county in the was state the represented in mber ted the terms. He the present was legislature Hon. two J. J. Requa, Vernon, and father of tive from Jefrepresent of age. of V. J. Reid, City, on was ST : years resi lence in Kansas night, and ferson THE street. fire the other time to escape destroyed by barely had their night the family building in one of from the servants. from the save herself Jumped the window. third-story was and clothes. Anna To Nelson, The loss about on furniture dwelling Fairly recentis 000. mandamus the supreme sought court, to be Is a before dentist under the instituted St. Louis service the ccurt exempt which from jury physicians, not exempt law exemptentists were divided. how held that was closely Barclay, Gantt court Sherwood. the opinion. Chief ever, The Justices joining in and Justices and Burgess Justice Black dissentir Burgess and Brace and supreme Macfarlane court Judge day in a case in IN the the of the law an opinion The judge regard to deal involving filed dealing a consti involving in grain. the delivery and property held that a was the under concurred of misdemeanor no Gantt and Sher wood by Judge Bur Judges in the The views decision expressed former is more ruling first far of ruling law, the gess. ing than any in fact. is the dealing court, and. anti-option deafwhere the has teen years invoked. old, dumb 12 deaf and FREI student LAMAR, in the was frozen the to death instiasylum mute at Fulton, pasture, near He and some in the the asylum other night. out gathering boys tution. students were the time the and The other About fell in fit. boy could hazlenuts started home Lamar went to Lamar, him. and left ground. smaller boy not wake The officials searching went says him lying he on at the supper. him. and but did not He next missed him to look for morning. nd an orphan party till early and granted a find from him Jasper of county state has Chicago was THE River & stock $1, of charter to the The capita the articles Railway Co. According to will be con 200,000. a railroad the Missouric Calla associati from a point railroad, in and structed & Eastern near St. Aubert direction Kansas county northwesterly from the lat diFulton northern near way thence in a and Columbia, and easterly Centralia, point in a Wabash counties ter to the through the Marion 120 to Hannibal, Audrian, a distance rection and thence Monroe. Ralls and of about miles. of anthe affai that City will bank the receive During other IT 18 suspendention suppended probable Kansas of the the grand trial jury for a note case which the sued been at an the early other day. day in as a result of Trust Continental failure $196 had in 1892 of testified the that per cent. and Co. the assignee been paid if three they would receive that had only doubtful He testified diheld that it is cent. more. officers and bank The three per the notes, of for nearly the depos- enrectors he of the of its deposits. shortly before $97,000. the the tire amount ubject the to check bank were about about $10,000. cash by its failure of time deposits that $30,000 in one of and witness said from the bank days prior to court was The directors borrowed only a Upon few the assignee directed the the assignment testimony matter the before the giving the clerk this to attorney lay the for man his action. about f prosecuting ASHCHAFT, a by the Chicago, Edg 0 WILLIA'S old. was run over railway at night, at and Rock years Island & Pacific the other intoxicated, Junction. He was train while erton legs cut off to board the and fell beboth and in trying lost his footing in motion ears. of selling tween the JENNINGS convicted territory day' and JOHN the Indian and one a a sentenced in from liquor in to one the year penitentiary United t imprisonment O., escaped at Rockville, Columbus, Adams by jumping on Mo., the the window States Marshal other morning a Missouri livery through & Texas car. fired the Kansas AN exploding Howell lantern & at Nevada, th of