11030. Jackson Loan & Trust Company (Jackson, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
June 30, 1910
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini
Short Digest
7c54a180

Response Measures

None

Description

No run is described in the articles. The state sought injunction(s), a receiver was appointed, and the Mississippi supreme court later condemned the company's contracts as fraudulent and effectively ended its business. Regulatory/government action led to suspension and eventual winding up/closure.

Events (5)
1. June 30, 1910 Other
Newspaper Excerpt
Bank Commissioner C. B. Cockrell has made a peremptory demand on the Jackson Loan and Trust company of Jackson, Miss., that it promptly settle claims with its Oklahoma patrons...the bank commissioner has refused to renew [its] state license. Recently it cancelled all its agents contracts and withdrew from the state.
Source
newspapers
2. November 17, 1910 Suspension
Cause
Government Action
Cause Details
State injunction restraining company from doing business; chancery action sought by attorney general.
Newspaper Excerpt
Chancellor Lyell has granted the injunction asked for by the state to restrain the Jackson Loan and Trust company doing business.
Source
newspapers
3. November 25, 1910 Receivership
Newspaper Excerpt
The court appoints Fred M. West of Jackson as receiver to furnish bond in the penal sum of $10,000...the court held that while the concern is not shown to be insolvent...the transactions are contrary to law and public policy.
Source
newspapers
4. July 3, 1911 Other
Newspaper Excerpt
State supreme court held that the loan form contract written by the Jackson Loan and Trust company ... is fraudulent and usurious, and the company should be forced to quit business.
Source
newspapers
5. January 22, 1913 Other
Newspaper Excerpt
Jackson Loan and Trust company ... went into the hands of a receiver a year or more ago, on ouster proceedings ... several summoned to testify in the United States vs. Crisler and Ward charged with fraudulent use of the mails.
Source
newspapers

Newspaper Articles (10)
1. June 30, 1910 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, June 30, 1910

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Article Text

DEMANDS COMPANY OBEY LAW Bank Commissioner C. B. Cockrell has made a peremptory demand on the Jackson Loan and Trust company of Jackson, Miss., that it promptly settle claims with its Oklahoma patrons, estimated to total as high as a quarter of a million dollars. "Unless you do," says the bank commissioner, "I am going to consolidate these claims and ask for a receiver for your company." The Jackson Loan and Trust company has been making loan contracts all over Oklahoma. Bank Commissioner Cockrell now has correspondence involving approximately 300 such contracts, but few of which the Mississippi company seems to have lived up to. The company, according to the bank commissioner, sells a contract at so much a month, calling for a certain building loan when the contracts are paid up. Some applicants appear to have gotten nothing back. Others after the banking department took up their case, would get back a part of what they had paid in, the loan company keeping the remainder for attorney fees, commission, etc. The Jackson Loan and Trust company has been operating under a state license, which the bank commissioner has refused to renew. Recently it cancelled all its agents contracts and withdrew-from the state. It is under a $100,000 state bond signed by W. H. Coyle. The company has also $5. 000 cash with the banking department here, as a surety of its good in tentions. When it withdrew from the state the company made demand for this $5,000 cash, but was refused the money.

2. July 1, 1910 Macon Beacon Macon, MS
Article from Macon Beacon, July 1, 1910

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Article Text

Must Settle Its Loans. Guthrie, Okla., June 29-Bank Commissioner C. B. Cockrell today sent a letter to the Jackson Loan and Trust Company of Jackson, Miss., advising that if the company does not immediately settle with policyholders and agents in Oklahoma, a receiver will be appointed. More than 200 loan contracts have been made in Oklahoma, the cleints being promised certain returns after a number of monthly instalments have been paid. The bank commissioners has more than a hundred complaints from person over the state, who have received no returns. W. H. Coyle of Guthrie is on a $100,000 bond for the Company in Oklahoma. It withdrew from the state several months ago, without making statements with some of its contract holders and agents.

3. November 18, 1910 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 18, 1910

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Article Text

INJUNCTION AGAINST TRUST COMPANY GIVEN Jackson, Miss., November 17.-(Specitl.) Chancellor Lyell has granted the injuction asked for by the state to restain the Jackson Loan and Trust company doing business. F. M. West is named as receiver, under $10,000 bond, and meantime the case may be appealed to the supreme court. The chancellor agrees that the company may give bond in the sum of $15,000 and continue business without a receiver. The company has been doing a great business it appears, but frequent complaints came to the attorney general that purchasers of certificates were unable to secure loans. It is not found to be insolvent, but the chancellor finds it is not operated according to its charter provisions.

4. November 25, 1910 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, November 25, 1910

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Article Text

RECEIVER FOR TRUST CO. Court Holds That Its Transactions Are Contrary to Law. Jackson.-After having sat for four days hearing testimony and arguments in the case of the state of Mississippi against the Jackson Loan & Trust Company, being an injunction asked for by the attorney.general to restrain the concern from carrying on business ending investigation by a receiver, Chancellor Lyell rendered a decree sustaining the motion of the state for a receiver, and denying the motion of the defendant to dismiss the bill of injunction. The court held that while the concern is not shown to be insolvent, an examination of the contracts made and entered into with customers satisfies it that the transactions are contrary to law and the public policy of the state, as well as the charter franchise. The court appoints Fred M. West of Jackson as receiver to furnish bond in the penal sum of $10,000, and meanwhile grants a supersedeas appeal to the supreme court in order to settle the principles of the case. The appeal bond is fixed at $1,000 and the defendant given ninety days in which to perfect the appeal.

5. April 25, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, April 25, 1911

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Article Text

JACKSON BANKERS CHARGED WITH FRAUD Jackson, Miss., April 24.-(Special.)--J W. Crisler and F. A. Ward, officers of the Jackson Loan and Trust company, have been arrested here on indictments returned by the Oklahoma federal court at Guthrie, charging them and M. O. Bounds, manager of the Oklahoma branch. with using the mails to defraud. Both men will be released on $5000 bonda to secure their attendance on the federal court at Enid in June. Recently the Mississippi courts placed the affairs of the company in the hands of a receiver under ouster proceedings, and on the charge of doing business contrary to charter privileges.

6. July 4, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 4, 1911

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Article Text

Loan Contracts Void Jackson, Miss., July 3.-In a decision rendered here the state supreme court held that the loan form contract written by the the Jackson Loan and Trust company of this city, is fraudulent and usurious, and the company should be forced to quit business. The concern has been operating extensively in several southern states. The ruling of Chancellor Lyells in the lower court was sustained on all points except the appointment of a receiver, and on this ground a reversal was ordered. It is estimated that the company has several hundred thousand dollars in outstanding contracts.

7. July 6, 1911 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, July 6, 1911

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Article Text

Loan Contracts Usurious. Jackson, Miss., July 3.-In a decision rendered here to-day the State supreme court held that the loan form contract written by the Jackson Loan and Trust company of this city is fraudulent and usurious, and the company should be forced to quit business. The concern has been operating extensively in several Southern States. The ruling of Chancellor Lyell in the lower court was sustained on all points except the appointment of a receiver, and on this ground a reversal was ordered. It is estimated that the company has several hundred thousand dollars in outstanding contracts.

8. July 13, 1911 Okolona Messenger Okolona, MS
Article from Okolona Messenger, July 13, 1911

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Article Text

LOAN CONCERN A FA&E. Career Jackson Loan and rust Company Nears End. Jackson.-The career of the Jackson Loan and Trust Company, a corporation which has been operating among the poorer class of people of the state, has been practically ended by a sweeping decision rendered by the Mississippi supreme court. The case was an appeal from the chancery court of the Fourth district of Hinds county, from a decree of Chancellor G. G. Lyell, holding that the contracts written by the company to be contrary to public policy. The court denounces the whole scheme and operative plan of the company as one to mislead and defraud the unwary. The chancellor held that a receiver should be appointed, but allowed bond to be given by the company in lieu of a receiver, and enjoined the company from doing further business pending the hearing by the supreme court. The court affirmed the decision of the chancellor on the main proposition, though the case is technically reversed for the reason, as given by the court, that Mississippi has no statute authorizing the appointment of a receiver in a suit by the state to wind up the affairs of a corporation.

9. July 14, 1911 Greene County Herald Leakesville, MS
Article from Greene County Herald, July 14, 1911

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Article Text

LOAN CONCERN A FAKE. Career Jackson Loan and rust Company Nears End. Jackson.-The career of the Jackson Loan and Trust Company, a corporation which has been operating among the poorer class of people of the state, has been practically ended by a sweeping decision rendered by the Mississippi supreme court. The case was an appeal from the chancery court of the Fourth district of Hinds county, from a decree of Chancellor G. G. Lyell, holding that the contracts written by the company to be contrary to public policy. The court denounces the whole scheme and operative plan of the company as one to mislead and defraud the unwary. The chancellor held that a receiver should be appointed, but allowed bond to be given by the company in lieu of a receiver, and enjoined the company from doing further business pending the hearing by the supreme court. The court affirmed the decision of the chancellor on the main proposition, though the case is technically reversed for the reason, as given by the court, that Mississippi has no statute authorizing the appointment of a receiver in a suit by the state to wind up the affairs of a corporation.

10. January 23, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 23, 1913

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JACKSON CITIZENS GOING TO OKLAHOMA Several Summoned to Testify in Government Suit Tomorrow y Jackson, Miss., January 22.-(Special.) Several prominent citizens of Jackson have been summoned to appear as witnesses before the federal-court at Guthrie, Okla., January 24, in the case of the United States vs. C. F. Crisler and F. A. Ward of Jackson and R. O. Bonds of Oklahoma, who are charged with fraudulent use of the mails. Crisler was president and the others officers of the Jackson Loan and Trust company, a Mississippi corporation that did business all over the United States and which went into the hands of a receiver a year or more ago, on ouster proceedings institu-