13205. Lincoln Trust Company (Lincoln, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
July 9, 1932
Location
Lincoln, Nebraska (40.800, -96.667)

Metadata

Model
gpt-5-mini
Short Digest
593bcf8f

Response Measures

None

Description

Articles (July–Dec 1932) describe Lincoln Trust Company as insolvent, state department petitioning for winding up and a federal bankruptcy filing; trustees were appointed. No newspaper text describes a depositor run. Classified as suspension_closure (regulatory-driven closure/receivership).

Events (4)
1. July 9, 1932 Suspension
Cause
Government Action
Cause Details
State banking department filed petition in district court alleging capital impaired and inability to meet obligations, asking that affairs be wound up (regulatory action).
Newspaper Excerpt
The petition filed in district court by the state department sets up briefly that the capital the has impaired, that it cannot meet obligations as mature and that it is inexpedient that it continue in business. The asks an order that its affairs be wound up.
Source
newspapers
2. July 16, 1932 Other
Newspaper Excerpt
In re Lincoln Trust Co of Lincoln vol pet in bankruptcy, schedules not filed, Fred C Foster, Don W Stewart
Source
newspapers
3. July 30, 1932 Other
Newspaper Excerpt
Attorneys for intervenors ... called upon Friday informed the court the argue the for trial would the court ruling upon the record. ... when the First Trust company was appointed trustee handle the in mortgage bonds bankrupt Lincoln Trust company Lincoln Safe Deposit company.
Source
newspapers
4. December 14, 1932 Other
Newspaper Excerpt
City of Lincoln's suit against Standard Accident Insurance company of Detroit to collect $45,000 was dismissed ... Kier the company's check for $10,000 as first installment. Similar payments will be made ... The Detroit company was sued as surety for the bankrupt Lincoln Trust company with which the city had deposited $45,000
Source
newspapers

Newspaper Articles (4)
1. July 9, 1932 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, July 9, 1932

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Article Text

LINCOLN TRUST CO. FILES AS BANKRUPT (Continued From Page 1.) number of years with capital of $600,000, but April of was reduced to $400,000 by the arbitrary of third of the total. At that time it was hoped new capital could be but the increasing tenof the times balked this hope. The assets consist large part of farm lands and city or equities in addition to bonds, notes and securities, and when ehe appraisal was made in April on conservative basis these were valued in excess of $400,000. Since then, in an effort to obtain ready money, the by the company was sold for $50,000 to seve%! including C. McCloud, B. M. Holland and Paul H. Holm, all other stockholders being invited to take part interest efforts to save the company were fruitless, due the frozen of most of the and the sion in price levels. The last one took the form of the of to act as liquidating agent, but arcould not be effected. Mr. Richardson made the following statement Effort Made to Save. "In April this year, when the with the approval the the tive was and new added had stock made the the sales from and the have not improved. On have credits and faces the of of added the has degree where earnings longer of the have took charge and its no not creditors mean but under anything who the task save company. They the assistance but The city of Lincoln is a creditor of the the extent of $45,000, city funds left with The money is secured by bond of the Standard Accident company and the treasurer says that opinions of City Attorney Frank Peterson and the present attorney, Max Kier, are on file showing the bond is The petition filed in district court by the state department sets up briefly that the capital the has impaired, that it cannot meet obligations as mature and that it is inexpedient that it continue in business. The asks an order that its affairs be wound up. Bryan gave out statement to the effect that the filing of the petition the state is the procedure and hat he wanted to assure all depositors and investors that if the department not from carry ing out its legal functions they need have no fear of for attorneys or oher costs. He said the of all would be protected.

2. July 16, 1932 Nebraska Legal News Lincoln, NE
Article from Nebraska Legal News, July 16, 1932

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Article Text

FEDERAL COURT LINCOLN DIVISION NEW CASES Prudential Ins Co V Alma S Albers et al mtg foreclosure on land in Otoe Co, Perry Van Pelt & Marti, Q Joyner U S A V Fairmont Creamery Co viol food and drugs act, Robert Van Pelt-ord transfering to Omaha division In re Lincoln Trust Co of Lincoln vol pet in bankruptcy, schedules not filed, Fred C Foster, Don W Stewart In re Lincoln Safe Deposit Co of Lincoln vol pet in bankruptey, schedules not filed, Fred C Foster, Don W Stewart In re Guy T Dahl carpenter of Lincoln, vol pet in bankruptey assets $90 & all exempt, debts $937.44, ord adj, Roy B Ford In re Otis W Glascock delivery expressman of Lincoln vol pet in bankruptcy, assets $350 & all exempt, debts $1958.40, Oscar V McCracken J S Jones admr V Miss Valley Supply Co et al on removal from Dist Ct Gage Co, Loren H McLaughlin, JA McGuire Clayton E Kline, C M Reed Minnie A Wachter, Martin Katt & Harold Dean V o M Campbell Co invol pet in bankruptcy, Beghtol & Foe, J Lee Rankin In re Jos H Cogil sta agent for C B & Q R of Pleasant Dale vol pet in bankruptcy, schedules not filed, ord adj, Sterling F Mutz, George Woodward Jr

3. July 30, 1932 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, July 30, 1932

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Article Text

INTERVENOR NOT Base Request for Rehearing in Lincoln Trust Case on Records. Attorneys for intervenors the Trust and coln Deposit trusbe heard Saturday at called upon Friday informed the court the argue the for trial would the court ruling upon the record. This, the attorwould be done order handle the Beghtol James Brown were torneys herd. Mr. Campbell attorneys would additional affidavits district court Saturday before as to what happened the forhearing when the First Trust company was appointed trustee handle the in mortgage bonds bankrupt Lincoln Trust company Lincoln Safe Deposit company. Mr. Campbell informed court that with the documents filed the additional affidavits, intervenor attorneys were willing to stand upon records. The intervenor attorneys, twenor more of them, are attorneys the former hearing proposed which Judges Shepherd, Broady, Frost and did not accept. the that the hearing was irregular and no opportunity given them to put any evidence and that there other in court The four judges are in the mornHerbert Daniel, bankruptcy the origto have trustee pointed.

4. December 14, 1932 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, December 14, 1932

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Article Text

MERE MENTION Specials at True's, baked ham sandwiches 10c, pumpkin pies 25c. -Adv. Collectors club will hold its regular meeting the Lindell hotel at Thursday. Extra choice dinner steaks, Sirloin or Porter House 19c 1b. Raisin bread, the delicious, wholesome loaf, try toasted, 8c. Florida oranges 63c pk. Freadrich GrocThe Dental Study club, under direstion Clyde Davis, held its regular meeting at the Cornhusker Tuesday night. The club is of younger dentists of the city. Three Lincoln men were pledged to Delta Sigma Delta, honorary dentistry fraternity the University of Nebraska, Tuesday night of series of "smokers" be held during the year. The pledges are Gibson, Davie and Sam Philpot. Pledging was-at the Lindell hotel. Rev. Ben F. Wyland showed mopictures of his trip to Europe the meeting of the county federation of Hi-Y clubs at the Hi-Y building Tuesday evening. More than fifty youths were present. John Groth, president, had charge. Prior to the meeting, Rev. Paul Johnston addressed dinner on the occasion of the final session of boy leadership training. For the scores of children who with their mothers visit the ladies' rest room in the city hall basement, Mrs. M. Cory, matron, has provided Christmas tree. It located under the skylight the north with windows opening upon it. An illuminated star at top and Santa Claus at the bottom with clusters of light draw attention. Special rest room table decorations with candles are being arranged. Governor Bryan gave directions Tuesday to Secretary Porterfield to notify the Nebraska democratic presidential electors to meet at the capitol on the date fixed in the federal law, the first Wednesday in January, which will be Jan. the day following the convening of the legislature, to cast their vote. The old state law which fixes the date of voting on the second Monday January is to be disregarded, as it was ignored four years ago by the day before he retired from office. City of Lincoln's suit against Standard Accident Insurance company of Detroit to collect $45,000 was dismissed in federal court when Don W. Stewart, representing the handed City Kier the company's check for $10,000 as first installment. Similar payments will be made at monthly intervals and $5,000 payment on or before April The Detroit company was sued as surety for the bankrupt Lincoln Trust company with which the city had deposited $45,000 in connection with sale of issue of airport bonds. Emmanuel Methodist Epworth league will present "An Old Fashioned Mother,' in three acts Thursday evening at 8 m., the church, 15th and sts. The cast will be assisted by mixed quartet. Members of the cast are: Lois Gates, Paul Lembke, Alfred Holmes, Frances Neel, John DeHattie Lembke, Marie Gerdes, Lucy Sawyer, Orville Hutcheson, Harold Pine, Aletha Davis, Ralph Pullen. The quartet "composed of Elizabeth Hogle, Ramona Henry Gembala and Bruce Reed, accompanied by Lois Watt. Major E. C. Wallington of Omaha, warfare officer of the seventh corps area. addressed thirty-five members the Laneaster County Reserve Officers association at the state house restaurant Tuesday night. Tracing the history of chemical warfare from the time when the early Spartans used smoke to rout their enemies, Major Wallington outlined its scope at the present day He declared this type of warfare reached its highest development during the World war. At that time chemical warfare department was organized in the army and later the national defense act of 1920 the chemical service was created. He showed two reels of films depicting how gas may be used for smoke scréens. After jury had been sworn to try George Cronkleton's suit against Frank D. Eager in federal court, the parties agreed to try it to the court alone. and the jurors were excused until m. Wednesday. Ira D. Beynon, representing Mr. Cronkleton, who sued as receiver for First National bank of Auburn, then offered Mr. Eager's $5,000 note in evidence rested his case, rescinding his long enough to stipulate cerfacts about it with R. W. Devoe, for the defense. It was agreed that the note came into the receiver's when he was ppointed on Oct. of last year, being part of the papers in the bank. The contends that it was an asset of the bank, and the defense try to prove that it wasn't, Mr. Eager claiming