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The American Loan and Trust Company. NEW YORK, Feb. 17.-The run on the American Loan and Trust Company continues this morning. President Baldwin refuses to make any statement solvent. but says the company is
American Loan & Trust Company (New York, NY)
Episode Information
- Episode UID
9496449991094- Episode Type
- Run → Suspension → Closure
- Bank Type
- trust
- Bank ID
-
949644999hash - Start Date
- February 17, 1891
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
71b99227c28a0e70
Response Measures
None
Description
Immediate run by small depositors preceded demands by savings/correspondent banks and appointment of a receiver.
Events (3)
1.
February 17, 1891
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large withdrawals by small depositors amid doubts about company solvency; underlying asset deficiency later reported.
- Measures
- Met small depositors' demands in cash; requested persons presenting large checks to wait a few hours.
- Newspaper Excerpt
- The run on the American Loan and Trust Company continues this morning.
- Source
- newspapers
2.
February 18, 1891
Suspension
- Cause
- Correspondent
- Cause Details
- Demand for large payments (about $360,000) by several savings/outside banks and correspondents which the company could not meet; apparent asset deficiency reported.
- Newspaper Excerpt
- The American Loan and Trust Company closed its doors at half-past 12 to-day; the immediate cause being a demand for a large amount of money which the Trust Company could not meet.
- Source
- newspapers
3.
March 7, 1891
Receivership
- Newspaper Excerpt
- Judge Beach in the supreme court to-day appointed Edward (J. Edward) Simmons receiver of the American Loan and Trust Company, fixing his bond at $200,000.
- Source
- newspapers
Newspaper Articles (24)
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Run on a Bank. NEW YORK, Feb. 17.-The run on the American Loan and Trust Company continues this morning. President Baldwin refuses to make a statement, but says the company is solvent. The run was mostly by small depositors, and the bank met all their demands. Persons presenting checks for large amounts were requested to wait a few hours. Bank Examiner Preston said to-night that the larger depositors of the company are standing by it, and this, together with the fact that the company has paid all demands, is prima facie evidence that it is able to meet arrangements.
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Trust Companies in Trouble. NEW YORK, Feb. 18.-Vice President Evans, of the American Loan and Trust company, states that the institution has raised all the money it needed to tide over the difficulty. The run on the company was apparently over at 1:30 p. m. The teller denied that advantage had been taken of the five day rule, and said all demands had been met with cash. There are persistent rumors that another trust company is in trouble. The president of the company referred to states, however, that there is no foundation for the reports.
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Anxious Depositors. NEW YORK, Feb. 17.-The run on the American Loan and Trust company was continued this morning. President Baldwin refused to made a statement, but said the company was solvent. The run was mostly by small depositors, and the bank met all demands. Persons presenting checks for large amounts were requested to wait a few hours. The bank examiner said tonight that the larger depositors of the company are standing by it, and this, together with the fact that the company has paid all the demands, is prima facie evidence that it is able to meet all its engagements.
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CLOSED ITS DOORS. The Company Could Not Meet Large Demands of Correspondents. NEW YORK. Feb. 18.-The American Loan and Trust company closed its doors this morning. The immediate cause of the failure was the demand for a large amount of money by the savings banks of this city which the trust company could not meet. This evening Bank Examiner Preston said the amount which it was asked to pay was between $200,000 and $300,000. "The company had not this amount. and while the officers were discussing what should be done, I came here. ascertained the facts and took possession. The apparent deficienev is $656,789. Since suspension to-day, I have been waited upon by influential men and have reason to believe it is possiblé that certain securities which I estimated at a low figure, may be paid in full. If this 18 done. the deficiency will be reduced to $475,000. I believe the remainder will be made good by the stockholders and the institution placed on its feet again. I am confident the depositors will be paid in full." The attorney-general instituted proceedings to-day for the appointment of n receiver. O. D. Baldwin, alleged to have been A former president of the American Loan and Trust company. with Charles E. Hubbell. is charged by James C. Mix with fraud and conspiracy in procuring franchises. contracts and patents of the Electric Railway Signal company. of New York, and the American Railway Signal company of Illinois. Baldwin is president of the Automatic Telegraph Railway company.
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Suspended. NEW YORK, Feb. 19.-The American Loan & Trust company has suspended. Killed it. 1.11
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To Dissolve is Trust Company. NEW YORK, Feb. - William J. Lardner, deputy attorney general, procured an order from the supreme court requiring the American Loan and Trust company to show cause today why it should not be restrained from exercising any corporate powers and disposing of its property and why a temporary receiver should not be appointed. The motion was made in connection with a suit brought by Attorney General Thber to dissolve the corporation. The statement of Bank Superintendent Preston of the financial condition of the company shows a deficiency of $656,789. Mr. Preston says: "Since the bank closed I have waited upon several people representing large corporations and I have reason to believe that certain securities may be paid today, which will reduce the deficiency to about $475,000. The same people hope that the deficiency will be made good by the stockholders, and that the institution may be placed on its feet again. If my statement proves correct the depositors will be paid in full. The steps to have a receiver appointed may be adjourned.
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Savings Banks Demand Payment. NEW YORK, Feb. 19.-There is no excitement over the closing the doors of the American Loan and Trust Company. There were three savings banks, one in Syracuse, one in Rochester and an: outside bank, the name of which is not known, demanded payment of deposits amounting to $360,000. The institution could not pay, and at the request of one of the savings banks, the Superintendent took possession. The deposits of the company amounted to about $2,275,000, and of this amount over 60 per cent. has been paid out since the run commenced
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Run on a Trust Co. NEW YORK, Feb. 17.-[Special.]-There was a big run on the American Loan and Trust company this morning. They are reported to have lost $3 4,000.
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A New York Trust Company Suspends. [By telegraph to the Dispatch.] NEW YORK, February 18.-The American Loan and Trust Company closed its doors at half-past 12 to-day, the immediate cause being a demand for a large amount of money which the Trust Company could not meet. Three savings banks, a bank in Syracuse, one in Rochester, and other outside banks, the names of which are not known, demanded payment of deposits amounting to $360,000. The institution could not pay, and at the request of one of the savings banks the Superintendent took possession. Later he sent for Bank-Examiner Cahill, who is now in charge. Bank-Examiner Preston says the apparent deficiency in the assets of the Ainerican Loan and Trust Company is $656,789. He has reason to believe that to-morrow this will be reduced to $475,000. This amount, some interested people expect, will be made good by the stockholders and the institution be placed on its feet again.
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nun on the Loan and Trust. NEW YORK, Feb. 17.-The run on the American Loan & Trust Company continues this morning. President Baldwin refuses to make any statement but VicePresident Evans says that the run will probably continue as long as there are any depositors unpaid and that the company is perfectly solvent.
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THE LATEST TELEGRAMS. NEWS IN BRIEF WORK on the world's fair site in Jack son Park was resumed Thursday. GENERAL HENRY H SIBLEY, Minnesota's first governor, is dying at St. Paul. ADOLPH HOFFMAN and Alfred E. Frommett, silk manufacturers, of Paterson, N.. J. have assigned. THE finest alabaster quarry in the world has been discovered near Canyon City, Col. THE only child of Rider Haggard is reported to have died at the city of Mexico. THE Ohio river is still rising at Cincinnati, and a disastrous flood at that point is feared. "DIAMOND Joe Reynolds, the wellknown capitalist and steamboat-owner of Iowa, died Saturday at Prescott. Iowa. THIRTY inches of snow has fallen in Bozeman, Mont. within the last two days, and it is still snowing. THE crippled American loan and trust company of New York will be reorganized and financially strengthened. THE John D. Knox & Co., banking house at Topeka. Kas., has failed. Estimated liabilities, $250,000. THE bill conferring the elective franchise on women passed Thursday by the Kensas house of representatives. THE body of Professor Bancroft, of Brown's University, Providence, R. I., was found in Dyer's Pond Monday. He disappeared on December 8. PROFESSOR ALEXANDER WINCHELL of the Michigan University, a geologist of world-wide reputation, died at Ann Arbor Thursday morning. A PECULIAR feature of a recent storm at Salt Lake was a large quantity of salt which fell with the snow, all mixed ready to place in the freezer. MASTER WORKMAN T. V. POWDERLY of the Knights of Labor was stricken with heart disease at Toveka, Kan., but his condition is not dangerous. GIBSON, ot the whisky trust, gave bail in the sum of $25,000 Wednesday for his appearance when the indictment found against him by the state grand jury shall come to trial. OVER $2,000,000 was divided among the four children of Chauncy B. Blair, by the will of the late banker which was filed for probate Tuesday. THE will of the late J. N. McCullough, Vice President of the Pennsylvania Company, has been filed for probrate. His estate is valued at from $7,000,000 to $10,000.
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Appointed Receiver. NEW York, March 7.-Judge Beecher of the supreme court today appointed Edward Simmons receiver of the American Loan & Trust Co., fixing his bonds at $200,000.
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Edward Simmons Appointed Receiver. NEW YORK, March 7.-Judge Beach in the Supreme Court today appointed Edward Simmons receiver of the American Loan and Trust Company, fixing his bonds at $200,000.
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Receiver of the American Loan and Trust Company. NEW YORK, March 7.-[Special]Judge Beach in the supreme court today appointed J. Edward Simmons receiver of the American Loan and Trust Company, fixing his bond at $200,000.
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Receiver of a Trust Company. NEW YORK, March 7.-Judge Beach in the supreme court to-day appointed J. Edward Simmons receiver of the American Loan and Trust Company, fixing his bond at $200,000.
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American Loan and Trust Company Receiver New YORK, March 7.-Judge Beach in the supreme court to-day appointed Edward Simmons receiver of the American Loan and Trust company, fixing his bond at $200,000.
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American Loan and Trust Company. NEW YORK, March 7 - -Judge Beach in the supreme court today appointed J. Edward Simmonds receiver of the American Loan and Trust company, fixing his bond at $ 00,000.
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Loan and Trust Receiver. NEW YORK, March 7.-Judge Beach in the supreme court to-day appointed J. Edward Simmons receiver of the American Loan and Trust Company, fixing his bond at $200,000.
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THE CRY OF ONE WHO WAS SHORN. To the Editor of The Tribune. Sir. I purchased a considerable amount of stock of the American Loan and Trust Company, shortly before the failure of that concern, at the highest price paid for these securities. It was purchased on the recommendation of one of its officers. It now appears that the officer was unloading his own securities, having reduced his holding to a nominal sum, prior to the suspension. Is there no protection for an investor? Is there no redress for a person who has been thus victimized ? Should not Mie Legislature provide means to prevent this sort of thing? A STOCKHOLDER. New-York, June 17, 1891.
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A QUEER COMPLICATION. Did Vice President Buckout, of the Third National Bank of New York, Resign? NEW YORK, July 22.-The officials of the Third National Bank announced today that the resignation of Vice President Buckout had been received and accepted. Later Henry Buckout, the vice president of the bank, appeared on Wall street and authorized a denial of the statement that he had resigned. When this denial was repeated the cashier of the bank said he could not understand how Mr. Buckout could make any denial as he had certainly resigned on account of the association of his name with the American Loan and Trust Company's troubles. It is stated in the receiver's report that Mr. Buckout owed the Trust company $17,000 on an over due note. It is stated that James S. Silver, who was one of the debtors of the American Loan and Trust Company, and of the Washington National Bank, overdrew his account in the Third National by $17,000. To make this good, Vice President Buckout borrowed a like amount on his own note from the American Loan and Trust Company and deposited it against Silver's overdraft. This note remained unpaid at the time the American Loan and Trust Company closed its doors, and has not been paid yet. Buckhout has not been at the bank to-day.
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TROUBLES OF BUSINESS HOUSES. HARRIS BROTHERS, THE KID GLOVE MAKERS, ASSIGN-OTHER EMBARRASSED FIRM. Harris Brothers, importers, manufacturers and dealers in kid gloves at No. 865 Broadway, have failed, and the partners, Sigmund and Albert Harris, have made a general assignment to William S. Kieley, of the Court of Common Pleas. The business was established in 1857 by William Harris, who was succeeded by the present firm in 1866. They formerly did a large and profitable business, but trade has fallen off considerably in late years on account of competition, etc. They formerly claimed to be worth about $300,000, but the firm has had no rating at Brad- street's since May, 1891. The assignee said that, from a hasty examination, he did not think the lia- bilities would exceed $100,000 and apparent assets $50,000, including personal equities. He attributes the failure to unfortunate investments in real estate, indorsements for friends and relatives, stringency in the money market, and the fact that dealing in kid gloves as a specialty is no longer remunerative by reason of severe competition. Deputy Sheriff Finn has received an execution for $57,610 against the American Loan and Trust Com- pany in favor of William L. Koester on an assigned claim from the German American Bank of Buffalo for balance due on an account stated January 1, 1891. Deputy-Sheriff Young has taken possession of the place of business of the Stanwood Manufacturing Com- pany, makers of sash, blinds and doors at No. 426 East One-hundred-and-tenth-st., under two attach- ments. About two weeks ago the Stanwood Com- pany gave a chattel mortgage on the plant here for $40,000 to the City National Bank of Green- ville, Mich., of which Leroy Moore is president. He is also president of the Stanwood Company, which he incorporated under Michigan laws in January, 1892, with a capital of $25,000. He was a heavy creditor of the McElwee Manufacturing Company of this city, and that business eventually passed into his hands and was continued under the name of the Stanwood Manufacturing Company. Michael J. Mulqueen and George M. Smith have been appointed receivers of the T. New Manufacturing Company and their bond was fixed at $20,000. Hartford, Conn., July 12.-The Charles Parker Company, of Meriden, has shut down for an indefinite period. The firm is one of the largest concerns in Meriden, employing about 1,000 hands in the manu- facture of lamps, screws, etc. Boston, July 12.-The creditors of Eugene R. Knapp, the Brookline real estate operator, held a meeting this afternoon. Colonel Rand, one of the assignees, laid before the meeting a financial exhibit of Knapp's affairs. The direct liabilities, secured and unsecured, aggregate $233,000. There are contingent debts, in the form of indorsements or notes discounted, of $42,920, but it is thought that the makers of the in- dorsed notes are all financially sound. The assets, encumbered and unencumbered, aggregate $478,813. A committee was appointed to confer with Mr. Knapp as to a proposition for settlement. Detham, Mass., July 12.-Oakah E. Nettleton, living in Brookline and doing business as a stock broker in Boston, filed schedules in insolvency to-day. His liabilities amount to $41,000, and his assets consist of certain shares of stock pledged as collateral to notes of $16,000 and an interest in a syndicate con- trolling fifty-three lots of land at Cardiff, Tenn. Waverly, Ill., July 12.-Yager Brothers, proprietors of a large flour mill here, failed yesterday. The heaviest creditor is the Bank of Waverly, and the bank at once placed the mill in the hands of persons who will run it. San Francisco, July 12.-The Insurance Commis- sioners have turned the State Investment Insurance Company, which closed its doors several months ago, over to the Attorney-General, who will take steps to wind up the affairs of the concern. Crawfordsville, Ind., July 12.-Robinson & Wallace, book dealers, one of the oldest firms in this city, as- signed to-day. All of their home creditors are pre- ferred, but it is thought that the assets will nearly equal the liabilities. Chicago, July 12.-C. M. Barnes, bookseller and stationer at No. 75 Wabash-ave., confessed judg- ments in the Superior Court yesterday for $57,000. According to the statement made by the attorneys for the creditors, the failure was caused by an inability on the part of Barnes to renew his paper, as was expected. THE CHAMBER OF COMMERCE COMMITTEE.
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Harris Bros., New York, importers, manufacturers and dealers in kid gloves, assigned on the 12th. Liabilities, $100,000. Elgar & Sheehan, painters, New York, assigned on the 12th. Richard Wooley's Sons, New York, were attached by the sheriff for a debt of $21,000 on the 12th. American Loan and Trust Company, New York, were attached by an execution for $57,610 on the 12th. Attachments were issued on the 12th against the Standard Manufacturing Co., John H. Queen, M. F. De Quin, C. W. Webb, all of New York, on the 12th, for large amounts. The New Jersey Sheep and Wool Co., Trenton, N. J., went into the hands of a receiver on the 12th. A freight train on the Findly, Fort Wayne and Western R. R., was seized by a sheriff for taxes due, on the 12th. R. M. Ollcott, exporter of grain and general merchandise, N. Y., assigned on the 12th. Liabilities over $50,000. SIOUX CITY, July 14 - -Baker & Birhall, hardware merchants, have failed. Liabilities $10.000. BUFFALO, N. Y., July 13 The safe in Ward's Bank at Forestville has been opened at last. Only $71 in cash was discovered, mostly in silver and pennies. Very few securities were found. Certificates representing several thousand shares of mining stock, which are considered valueless, are all the assets now known. The liabilities are unobtainable. The only ones known are the amounts due depositors, which together are somewhat over $100,000. It is doubtful if the depositors will ever receive over 10 or 15 per cent. TERRE HAUTE, Ind., July 13.-The Terre Haute Car Works Company, the largest in Indiana, employing more
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HEAVY MORTGAGE FORECLOSURE DIFFICULTIES OF THE SARATOGA GAS AND ELECTRIC LIGHT COMPANY Saratoga, Nov. 15.-The Saratoga Gas and Electrie Light Company was among the corporations whose bonds were floated by Coffin & Stanton, when it was organized about seven years ago, by William Foster, jr., Rowland N. Hazard of NewYork, and others, who capitalized it at $350,000. The company was founded on two former plants, the Saratoga Gas Company and the Saratoga Electric Light Company For the former the new company paid $120,000 on its purchase and $35,000 for the latter. and executed a trust mortgage to the American Loan and Trust Company for $300,000. Under this the company issued $300,000 in bonds, which were placed with Coffin & Stanton at 90. From the $270,000 thus received, the company used $75,000 in improvements to the plant and lost $55,000 to Rowland N Hazard, who was the treasurer of the company. William Foster jr., of No. 146 Broadway, New-York City, was president of the company, and E. H. Peters, of Saratoga, its first secretary, was succeeded by William V. Reynolds, of No. 93 Nassau-st. New-York City, When the American Loan and Trust Company failed. the New-York Security and Trust Company was substituted as mortgage trustee. It is now foreclosing the mortgage. and 1. B. Gleason, receiver, of No. 49 Wallst., New- York City, is in charge of the company's finances and plant.