13354. American Loan & Trust Company (Omaha, NE)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: July 5, 1893
Location: Omaha, Nebraska (41.259, -95.938)

Metadata

Model: gpt-5-mini
Short Digest: bc437aac

Response Measures

None

Description

The company was placed in the hands of a receiver July 5, 1893 due to large losses on investments (Omaha & Houston/Omaha & South Texas land companies). No contemporaneous article describes depositor runs on this institution; the receiver was discharged and the company resumed business in early August 1893.

Events (3)

1. July 5, 1893 Receivership

Newspaper Excerpt: the American Loan and Trust Company ... was placed in the hands of a receiver this afternoon at the instance of the directors of the concern
Source: newspapers

2. July 5, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Heavy losses and insolvency exposure from large investments/advances to Omaha and Houston Improvement Company and Omaha & South Texas Land Company; placed in receivership at stockholders' request.
Newspaper Excerpt: went into the hands of a receiver this afternoon ... The failure is due to the failure ... of the Omaha and Houston Improvement company, an enterprise in which the American Loan and Trust company had placed $250,000.
Source: newspapers

3. 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

Newspaper Articles (15)

1. July 6, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, July 6, 1893

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THE BANK PANIC. IT REACHES PUEBLO WITH A VENGEANCE. Four Institutions Close Their Doors in One Day-A Savings Bank at Omaha Goes Under. Special to the RECORD-UNION. PUEBLO, (Col.), July 5.-The bank panic did not reach Pueblo until this morning, and then it came with a vengeance. When the American National opened for business a large number of depositors were waiting to take out their money. The crowd grew, and about 10 o'clock the doors were closed. A notice was posted stating that the bank would commence business again soon, and that the assets were $1,250,000 and the liabilities $650,000. Runs commenced on both the Western National and the First National. The Western National closed its doors before noon. They have deposits of over $1,000,000, and were always considered very strong. Hundreds stood in and about the First National Bank all day, and the depositors were paid as fast as the paying teller could handle them. The general expectation is that the First National will be able to pay its creditors in full when called for, and they cannot be forced to close. The Central National closed at noon. The assets are about $170,000, and the liabilities about $70,000. A run was made on the Pueblo Savings Bank, but they took advantage of the law which allows them sixty days. The bank is regarded as perfectly safe. A much better feeling prevails this evening, and the worst is believed to have passed. Each of the closed banks will pay in full as soon as they can realize on collateral. FAILURES AT OMAHA. OMAHA (Neb.), July 5.-The American Savings Bank has gone into voluntary liquidation, and asked the State Banking Board to wind up its affairs. The action is due to the failure of the American Loan and Trust Company, which was placed in the hands of a receiver this afternoon at the instance of the 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 and the American Loan Company. The first of the concerns embarrassed had a paid-up capital of $400,000. The savings bank was an offshoot, with a capital stock of $400,000, of which $100,000 was paid up. O. M. Garter is President of both institutions. Since the failure of the McCague Bank the American Savings has effected a reduction of deposits to $9,000, the remaining securities amounting to $253,000 of the best. The total liabilities amounted to but $153,000. Carter gave a mortgage on his residence property yesterday for $50,000, to protect one of the Eastern creditors, from whom no money was secured, No statement of the bank's exact condition can be obtained to-night.

2. July 6, 1893 The Times Richmond, VA

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In Receiver's Hands, OMAHA, NEB., July .-The - American Loan and Trust Company of this city, O. M. Carter, president, and C. S. Montgomery, vice-president, went into the hands of a receiver this afternoon at the request of the stockholders. The company has a paid up capital of $100,000, has done a good business, and has been considered a sound institution. The cause of the failure was the failure yesterday at Houston, Texas, of the Omaha and Houston Improvement Company, a town-development enterprise, in which the American Loan and Trust Company had $250,000. The directors of the American Savings Bank, controlled by the American Loan and Trust Company, requested the State Bank Examiner to take charge of the bank when the receiver of the trust was appointed. Carter and Montgomery assert that the institution will resume when relieved from the present embarrassment. They say they have two dollors of good assets for one dollar of indebtedness. Deposits in the institution amounts to $295,000. Other Banks Frightened. PUEBLO, COL., July 5.-After the suspersion of the American National became known something of a run was started on the First National Bank, but it was ready for everybody, and the run did not last long. It served to frighter , WO of the other banks. The Central National closed up at once, and the Western National closed the moment an unusual number of calls for money appeared. These are all sound concerns, and assets are ample. The Central National has assets of $200,000 and liabilities of $85,000. "The Western can pay all depositors tvice and then have enough for all stockholders," is the statement made by its president, W. is. Graham. Florence Bank Closed. FLORENCE, COL., July 5.-The Bank of Florence closed its doors this afternoon after a short run. The bank is a branch of the American National, at Pueblo, and the closing of that institution caused It to suspend. Assets are claimed to be in excess of the liabilities, and the claim is made that the depositors will be paid in full.

3. July 6, 1893 The Herald Los Angeles, CA

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FAILURES AT OMAHA. Many Big Concerns Dragged Down One After Another. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and asked the state banking board to wind up its affairs. The action is due to the failure of the American Loan and Trust company, which was placed in the hands of a receiver this afternoon, at the instance of the 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 and the American Loan company. The first of the concerns embarraesed had a paid up capital of $400,000. The savings bank was an offshoot, with a capital stock of $400,000, of which $100,000 was paid up. O.M. Garter is president of both institutions. Since the failure of the McCague bank, the American Savings bank's deposits were reduced to $9000; the remaining securities, amounting to $250,000, are of the best. The total liabilities amount to but $153,000. Garter gave a mortgage on his regidence yesterday for $50,000 to protect one of the eastern creditore from whom money was secured. No statement of the bank's exact condition can be obtained tonight.

4. July 6, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, July 6, 1893

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IN A RECEIVER'S HANDS. Failure of the American Loan and Trust Company of Omaha. OMAHA, July 5.-The American Loan and Trust company of this city, O. M. Carter president, went into the hands of a receiver to-day. The company has a paid up capital of $400,000. The failure is due to the failure at Houston, Tex, of the Omaha and Houston Improvement company, an enterprise in which the American Loan and Trust company had placed $250,000. The directors of the American Savings bank, controlled by the American Loan and Trust company have requested the state bank examiner to take charge of the bank. Mr. Carter claims that the institution has $2 of good assets for $1 of indebtedness.

5. July 6, 1893 The Salt Lake Herald Salt Lake City, UT

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.

6. August 4, 1893 The Sun New York, NY

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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.

7. August 4, 1893 Rock Island Daily Argus Rock Island, IL

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.

8. August 10, 1893 Grant County Herald Lancaster, WI

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.

9. August 11, 1893 The Red Cloud Chief Red Cloud, NE

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.

10. August 11, 1893 The Iola Register Iola, KS

Article from The Iola Register, August 11, 1893

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or court ЭНТ. 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

11. August 12, 1893 Macon Beacon Macon, MS

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.

12. May 11, 1894 The Morning Call San Francisco, CA

Article from The Morning Call, May 11, 1894

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GIVEN A RECEIVER. The American Loan and Trust Company in Trouble. OMAHA, May 10.-On the application of Boston stockholders, representing some 400 shares, Judge Dundy appointed Phillip Potter receiver for the American Loan and Trust Company. The 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. On 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.

13. May 16, 1894 Barbour County Index Medicine Lodge, KS

Article from Barbour County Index, May 16, 1894

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In Omaha, Neb., on the application of Boston stock-holders representing some 400 shares, Judge Dundy appointed Philip Potter receiver for the American Loan and Trust company.

14. June 5, 1895 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, June 5, 1895

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THE SHORT LINE AFFAIRS. All Eyes Now Directed Toward Salt Lakeand Judge Merritt. OMAHA, June 4.-Unsatisfactory as it may be, and against the hopes of those in interest, there 18 a growing feeling about the Union Pacific headquarters that the American Loan & Trust company will, through a separate receiver, succeed to the control of the Oregon Short Line, Utah Northern and Southern Extension railroads, now a part of the Union Pacific. It had been hoped that Judge Gilbert would BD modify Judge Sanbora's order in the premises that the representatives of the consolidated mortgage would hesitate about taking upon themselves 80 heavy a burden, but the modification was in the nature of strengthening the hands of the trustees of the consolidated mort. gage, and the hopes of those interested have gone down correspondingly as the trustees' interests have risen. In view of this somewhat complieated condition of affairs, all eyes are directed toward Salt Lake, where the final battle is to be fought before Judge Merritt of the Territorial court. Should be include the Southern Extension in the order of transfer, it will put an additional obligation of at least representing defaulted interest, upon the successor receiver, which will have to bb paid in addition to the $1,750,000 for the other properties composing the Short Line, AM it 18 commonly known. It is contanded that in equity Judge Merritt can do nothing less than protect the first mortgage interests, which are in his court, and to do this he will have to ask Mr. Egan, or whoever the receiver IN to be, to look after non-paying AS well as pay. ing properties. In addition to the amounts named above, there will be $425,000 in interest due August 1, which will have to be ra seefin two months from the surplus earnings of the several companies included in the Short Line. It 19 con-

15. June 11, 1895 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, June 11, 1895

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BANCROFF ALL RIGHT. that is What Dickinson Thinks about 2118 Appointment. OMAHA, June 10.-General Manager Dickinson was elated over the appoint. ment of Mr. Baneroft, whom he regards 88 the one man to direct the interests of the separated property. "But I 00 not believe Mr. Egan will accept the terms of the transfer," said Mr. Dickinson, "embodying,as it dees, the Utah Southern, a property which Das not paid operating expenses. Our people feel eatisfied with the terms of the order as made by Judge Merritt, and if it je accepted by the American Loan & Trust company It must be done at great cost to (that corporation. The American Loan & Trust c mpany through its attorneys, nas tought the co-receivership idea from the brginning, and this coupled with theinterwet feature of the order, which is along the lines outlined by the attorneys for the first mortgage Interests of the Union Pacific and Oregon Short Line, will probably prove too much of a load forthe receivers to carry. "Should Mr. Egan accept, it would not affect the forces at Union Pac: fie Beadquarters to the extent of more thirty men, and as for our mechanical forces, they are reduced to a minimum."