11907. American Loan & Trust Company (Omaha, NE)

Bank Information

Episode Type
Suspension β†’ Reopening
Bank Type
trust
Start Date
July 5, 1893
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini
Short Digest
d4ad0bc71b1bb35e

Response Measures

None

Description

The American Loan & Trust Co. (Omaha) was placed in the hands of a receiver July 5, 1893 because of heavy losses on land/venture companies (Omaha & Houston / Omaha and South Texas Land companies). The receiver was discharged and the company resumed business in early August 1893. A later receivership was again appointed May 10, 1894 (separate subsequent event). No article describes a depositor run or panic-driven withdrawals specific to this bank, so the primary sequence is suspension then reopening (with a later separate receivership in 1894).

Events (3)

1. July 5, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure/large loss from investments in the Omaha & Houston Improvement Company / Omaha and South Texas Land company indebtedness led to insolvency pressure and appointment of a receiver.
Newspaper Excerpt
The American Loan and Trust company of this city ... went into the hands of a receiver this afternoon at the request of the stockholders.
Source
newspapers
2. August 3, 1893 Reopening
Newspaper Excerpt
The American Loan and Trust Company is on its feet again. The receiver was discharged by the courts.
Source
newspapers
3. May 10, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continued problems arising from large guarantees and exposure to land company debts (Omaha and South Texas Land company indebtedness and related guarantees) prompted another receivership to straighten affairs.
Newspaper Excerpt
On the application of Boston stockholders ... Judge Dundy today appointed Phillip Potter receiver for the American Loan and Trust company.
Source
newspapers

Newspaper Articles (15)

Article from Grand Rapids Herald, July 6, 1893

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ASKED FOR A RECEIVER. An Omaha Trust Company Concern Dragged Down by a Texas Failure OMAHA, Neb., July --The American Loan and Trust company of this city, O.M. Carter president and C.S. Mont. gomery vice president, went into the hands of a receiver this afternoon at the request of the stockholders. The com. pany has a paid up capital of $400,000 has done a good business, and has been considered a sound institution. The cause of the failure was the failure yes terday at Houston, Texas, of the Omaha & Houston Improvement company, a town enterprise in which the American Lean & Trust company had $230,000 The directors of the American Savings


Article from St. Paul Daily Globe, July 6, 1893

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Gone Into Liquidation. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and has asked the state banking board to wind up its affairs. This action is due to the failure of the American Loan and Trust company, which was yesterday afternoon placed in the hands of a receiver at the instance of the directors of that concern, the investment company being the principal stockholder in the savings bank. The failure of the investment company is attributed to the failure of the Omaha & South Nebraska Land company.


Article from The Salt Lake Herald, July 6, 1893

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OMAHA BANK FAILURES The American Savings Bank Goes Into Liquidation. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and asked the state banking board to wind up its affairs. This action is due to the fact that the American Loan and Trust company which was placed in the hands of a receiver this afternoon at the instance of directors of the concern, the company being the principal stockholder in the savings bank. The failure of the Investment company is attributed to the failure of the Omaha and South Texas Land company. The American Loan company, the first of the concerns embarassed, had a paid up capital of $400,000, the savings bank was an off-shoot with a capital stock of $100,000 which was paid in. o. M. Carter was president of both institutions. Since the failure of the McCague bank the American Savings has been affected to a reduction of deposits to $90,000. The remaining securities amounting to $253,000 are of the very best. The total liabilities amount to but $153,000. Carter gave a mortgage on his residence yesterday for $50,000 to protect eastern creditors from whom money was secured. No statement of the bank's exact condition can be obtained tonight.


Article from St. Paul Daily Globe, July 6, 1893

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FIRMS BORNE DOWN. World's Fair Enterprises Begin ning to Come to Grief. CHICAGO, July 5.-Matthew J.Swatek one of the stockholders in the World's Fair Captive Balloon company, filed a bill in the circuit court today, asking that a receiver for the company be ap. pointed. Judge Collins appointed C. B. Mason to take charge of the come pany's affairs. The capital stock of the company is $50,000 divided into $1,000 shares, which, it is claimed, is being dissipated by its management. PUEBLO, Col., July 5.-The American National Bank of Pueblo closed its doors this morning. Assets, $1,250,000, liabilities, $635,000. The bank was unable to realize on its securities. O.H. P. Baxter, president of the bank, is on of the most prominent and wealthy men of Colorado, and its directors include some of the leading wholesale mero chants of the city. No runs occurred on the other banks. CHICAGO, July 5.-Mandel Bros. havi filed a bill in the circuit court asking that a receiver be appointed to taki charge of three hotel establish ment levied on Monday by the complainant, to secure a contession of judgement for $5s,323 by Arthur V. Lee. The hotela are the Pullman, the Inverness and the Harvard. All three hotels were estab lished by Lee to accommodate guest visiting the world's fair, but the busi ness has failed to meet the expectas tions. KANSAS CITY, July 5.-Creditors to day took possession of the stock of the Golden Eagle Clothing company ori chattel mortgages aggregating $50,000. The liabilities are $90,000, with assets about the same. SYRACUSE, July 5.-A. L. Jones & Co., grocers of this city, railed today, Liabilities, $20,000; assets, $40,000. TOPEKA, Kan., July 5.-The Finney County bank. of Garden City, Kan., has tailed. It is a state bank, and State Bank Commissioner Breidenthal went to Garden City this morning to investigate. SAN DIEGO, Cal., July 5.-In accorda ance with the instructions of Comp troller Eckels, the First National bank of this city, which suspended on June 22, resumed business this morning. Ab; solute confidence is established, and heavy deposits are being made with no withdrawals, OMAHA, Neb., July 5.-The American Loan and Trust company of this city, O. M. Steward president, went into the hands of a receiver today by request of the stockholders. The company has P. paid-up capital of $100,000, and was considered sound.


Article from The Star, July 12, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.


Article from The Middleburgh Post, July 13, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them antil after collection has been made by them. The First National Bank of San Diego, Cal., which suspended a month ago, has reumed. ALBEQUERQUE, N. M.-The albequerque National Ban's suspended and the New Mexico Savings Bank and Trust Company, an adjunct, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSHURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.-The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap: ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaba and Houston Improvement Company The Finley county bank of Garden City, Kas., has failed. The American National bank of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National ban't became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000. OMAHA. NEB.--The National bank of Ashand clo ed its doors. The closing of the American Saving Bank of this city are supposed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech bad an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $153,000 and assets of $259,000.


Article from The Sun, August 4, 1893

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A Trust Company Resumes Business. OMAHA. Aug. 3.-The American Loan and Trust Company is on its feet again. The receiver was discharged by the courts. There are many Eastern stockholders.


Article from Rock Island Daily Argus, August 4, 1893

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One Company in Excellent Shape. OMAHA, Aug. 4.-On application of the stockholders and creditors of the American Loan and Trust company, of this city, before Judge Dundy, of the United States circuit court, the bank was handed back to the officers, Receiver Rainey also made a statement in court to the effect that he had found the affairs of the company in excellent shape.


Article from Grant County Herald, August 10, 1893

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Big Omaha Institution Resumes. OMAHA, Neb., Aug. 5.-The American Loan & Trust company, which went into the hands of a receiver July 5, resumed business here Thursday, the receiver being discharged. The company's affairs are in good condition and arrangements have been made with creditors which permit an aggressive continuance. The capital stock is $400,000. Commercial circles here were greatly cheered by this news.


Article from The Red Cloud Chief, August 11, 1893

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In Excellent Shape. OMAHA, Aug. 5.-On application of the stockholders and creditors of the American Loan and Trust company, before Judge Dundy, the bank was handed back to the officers. Receiver Rainey made a statement in court that he had found the affairs of the company in excellent shape.


Article from The Iola Register, August 11, 1893

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or court ЭНВ. refusing to obey Gov. Lewelling's orders in the late legislative row began at Topeka, Kan., on the 2d. Hughes' counsel raised a question as to the eligibility of Gen. W. H. Sears, president of the court. Ex-Gov. CAMPBELL, of Ohio, denies emphatically that he is in the field again for the democraticnomination. THE officials of the world's fair announce that the finances are now in a satisfactory shape. THE silver convention effected a permanent organization by electing Gen, A. J. Warner president. THE private bank of Lazarus Silverman, Chicago, has suspended. GEN. W. P. INNES died recently at Grand Rapids, Mich. During the war he organized a regiment of mechanics, which was of great use in building and repairing bridges. INSPECTOR THORNBY, who had a fight with World's Fair Commissioner St. Clair and was discharged, has been reinstated. STRIKING iron men at Ely, Minn., have warned the cashier of one of the companies to leave the place, threatening to burn him alive. STARTLING developments are coming to light about the cold storage fire at Chicago, a witness testifying that the place was robbed and fired by an organized gang. THE Osage Indians, being well fixed financially, have declined to sell their lands to the government. SCHNAUBELT, the Haymarket bomb thrower, is reported to be living in Springfield, O. THE Michigan Peninsular Car Co., of Detroit. has laid off 500 employes and reduced the wages of the remaining 700 each 10 to 15 cents a day. LARGE numbers of Austrians and Italians are leaving Pueblo, Col., and returning to their native homes. ATTORNEY-GENERAL ELLIS, of Michigan. has given an opinion to the effect that the insurance law passed by the late legislature is unconstitutional, owing to section 5, which permits unauthorized companies to do business in that state. THE Union Stock Yards Co., at Rodeo, Contra Rista county, Cal., has suspended operations because of the inability of packers to continue under existing financial conditions. The plant is new and valuable and has only been running a few months. MRS. MARIA L. MITCHELL, widow of Alexander Mitchell, of Milwaukee, has begun a suit against her son. Senator John L. Mitchell, and the Wisconsin Marine & Fire Insurance Co.'s bank. The bank owes her $200,000, it is learned from good authority, and her son, it is alleged, is behind some $50,000 on her annual allowance. THE Anti-Somerby Iron Hallers in session at Indianapolis got down to work and materially modified the organic laws of the order. A BAD row between non-union and union sailors occurred at Chicago. Two men were probably fatally hurt. AT a colored emancipation celebration at Goose Neck Bend, I. T., John Vann, a colored desperado, was killed by a young white man named Singleton and almost a race war was precipitated by the occurrence. NELSON VAN KIRK, for many years a well known trader on the Chicago board of trade, committed suicide after failing. THE pruning of the expenses of the fair goes on and every effort is being made to save money with which to meet the bonds. JOSEPH W. HOWELL, who murdered a woman and four children near Brookfield, Mo., January 9, 1889, was executed at Trenton, Mo., on the 4th. WALKER & Co., dry goods, Chicago, failed. THE American Loan & Trust Co. has resumed business at Omaha under the old officers. THE Choctaw elections resulted in a victory for the Locke faction. A FIRE at Princeton, Minn., destroyed the First national bank building, a hotel and six business houses, causing a loss of $50,000; insurance only partial. FIFTEEN hundred of the depositors of the Akron, 0., Savings bank unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for


Article from Macon Beacon, August 12, 1893

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annower, IS reported to be living in Springfield, O. JOSEPH W. HOWELL, who murdered a woman and four children near Brookfield, Mo., January 9, 1889, was executed at Trenton, Mo., on the 4th WALKER & Co., dry goods, Chicago, have failed. THE condition of the silver market created a financial panic in Costa Rica. Many houses have failed and great distress prevails. OLIVER P. MINK, of Boston, comptroller of the Union Pacific has declared that retrenchment will be the watchword of the management all along the line. THE American Loan & Trust Co. has resumed business at Omaha under the old officers. THE Choctaw elections resulted in a victory for the Locke faction. MESSRS. PARROTT BROS., members of the New York Cotton exchange, have announced their inability to meet their engagements. A FIREAT Princeton, Minn., destroyed the First national bank building, a hotel and six business houses, causing a loss THE of steamship $50,000; insurance only Straits of Gibraltar partial. has been lost in the straits of Belle Isle by a collision with icebergs. Value, $100,000. No lives were lost. THE Lebanon Trust & Safe Deposit bank, of Lebanon, Pa., failed to open its doors. The bank is a state institution with a capital of $50,000. It is believed that the suspension is only temporary. THE grand jury at Memphis indicted Sheriff McLendon, Deputy Sheriff J. A. Perkins, Jailer Harold and Police Captains Ohaver and Hackett for failing to do their duty in permitting Lee Walker to be taken from the jail and lynched and burned two weeks ago. Several of the members of the mob were also indicted. THE Texas national bank at San Antonio is now in the hands of the United States bank examiner. It is the smallest bank in the city; capital stock $100,000. The closing caused no excitement. of of the O., FIFTEEN Akron, hundred Savings the bank depositors unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for business. THREE boys were drowned in Red Lake river near Grand Forks, N. D. Two were swimming a race and both went down. The third lost his life in a brave attempt at rescue. of the THE greed lobbyists of percentages who are making a fat thing out their that the Choctaws up prevents for collecting claims from and is giving all coming their separate government in as part of the United States. AT Corydon, Ind., a mob approached the house of William and Edward Conrad with the intention of lynching him, but they fired into the mob, killing and fatally wounding several. Two freight trains on the Big Four collided on a bridge near Danville, and Ill., and the reeults were loss of life great destruction of property. THE wreck on the Lake Shore at Lindsey, O., was a terrible one, three persons being instantly killed and a number fatally and seriously injured. THE gates of the world's fair were last Sunday, but the visitors were to open few and there was little for them look at. THE New Bedford, Mass., Safe & Trust Co. closed its doors. It was in- of corporated in 1888 with a capital $200,000. THE great reservoir of the water- Two works at Portland, Me., burst. houses were swept away and four of the inmates drowned. Other buildings of were destroyed but no further loss life resulted. t HEAVILY-LOADED suburban train A the Illinois Central was derailed at Chicago on by running into an open r' switch. Three or four cars were badly Miss damaged but only one passenger, hurt. Myra Bradshaw, was seriously York THE American liner New has I arrived. Among her passengers were her Nellie Grant Sartoris and and Mrs. children, Algernon, Vivien in e three Rose. She will reside permanently n this country. 6 Union Pacific has retrenched by discharging THE many men and discontinuS ing train service.


Article from The Salt Lake Herald, May 11, 1894

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# IN A RECEIVER'S HANDS. American Loan and Trust Company Embarrassed. Omaha, Neb., May 10.β€”On the application of Boston stockholders, representing some 400 shares, Judge Dundy today appointed Phillip Potter receiver for the American Loan and Trust company. The American Loan and Trust company has guaranteed the payment of several hundred thousand dollars for loans made and business transacted, and has sold its debenture bonds in sums aggregating $400,000 secured by its own bonds. July 1, 1893, the Omaha and South Texas Land company was indebted to the American Loan and Trust company for $550,000, but could not meet its obligations. The result was that the American Savings bank closed up for a short time, as did also the Houston venture, and when they were later opened receivers were appointed for them. The appointment of a receiver for the American Loan and Trust company is for the purpose of straightening out its affairs and tiding it over the financial depression.


Article from St. Paul Daily Globe, January 3, 1895

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U. P. WILL CONTEST. Lively Fight for Possession of the Oregon Short Line Promised. OMAHA, Neb., Jan. 2.-There is going to be an all-around fight for the Oregon Short Line & Utah Southern, the receivers of the Union Pacific having about made UD their minds to cons te t the application of the American Loan and Trust company for a separate receivership. There will be a meeting of the receivers in New York next Tuesday. at which a plan of action will be decided upon. General Solicitor Thurston will probably go to New York in order to attend the meeting and will probably represent the receivers when the application is taken up by Judge Gilbert Jan. 15. It is also thought the attorney general will intervene on the ground that the loss of the Short Line to the Union Pacific would seriously depreciate the second mortgage the government holds on the "Overland" property. With the filing of the application on the part of the consolidated mortgage bondholders for a separate receiver. five distinct suits have been commenced by mortgage interests in the Short Line property. Four of these interests have been satisfied with the appointment of the present receivers of the Union Pacific, and it is not likely that the AmerIcan Loan and Trust company, which is thought to be hostile to the present management, will be able to change exIsting conditions. For a time it looked as if the Short Line would be allowed to drift away without a struggle, but now, bowever. the line of battle is forming, and the American Loan and Trust coinpany will have a good-sized fight on its hands.


Article from The Anaconda Standard, May 25, 1895

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Still Want Egan. Omaha, May 24.-Receivers Clark, Mink and Anderson were in close conference to-day, making up their report to Judge Sanborn, which will be finished Monday in St. Paul. As to the outcome of the report it is purely problematic, though there seems to be a feeling at headquarters that the attorneys of the American Loan & Trust company will produce in court the money necessary to pay the interest in default on the Oregon Short Line and thereby secure the appointment of J. M. Egan as receiver.