Article Text
New England Concern Collapses. New York, Sept. 26. - Otto T. Barnard was today appointed receiver of the New England Loan and Trust company. The company was a large lender of money on western mortgages.
14291. New England Loan & Trust Company (New York, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Start Date
- September 26, 1898
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
7d1634f8b4615fbd
Response Measures
None
Description
Multiple contemporaneous newspaper dispatches (dated Sept. 26–27, 1898) report that Otto T. Bannard (Bannard/Barnard/Bannard variants in OCR) was appointed receiver for the New England Loan & Trust Company in New York. Articles attribute the receivership to inability to realize on western 'boom town' loans (1888–89) and heavy debenture obligations. No articles mention a depositor run or temporary suspension prior to receivership; the bank was placed in receivership (failure) and did not resume operations. OCR variations in Bannard's name (Bannard, Barnard, Dannard) corrected to Otto T. Bannard; dates standardized to 1898-09-26 when dispatches state Sept. 26.
Events (2)
1.
September 26, 1898
Receivership
- Newspaper Excerpt
- Otto T. Bannard was today appointed receiver of the New England Loan and Trust company.
- Source
- newspapers
2.
October 1, 1898
Other
- Newspaper Excerpt
- Body of Daniel O. Eshbaugh, president of the defunct New England Loan and Trust Company, had been found in the North river.
- Source
- newspapers
Newspaper Articles (9)
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A RECEIVER APPOINTED. The New England Loan and Trust Company Forced Into Bankruptcy. New York, Sept. 26.-Otto T. Bannard of 30 Broad street was to-day appointed receiver of the New England Loan and Trust company by Judge Shipman of the United States circuit court on a suit brought by the Real Eestate Trust company of Philadelphia and Sabillion Allen of St. Albans, Vt. The company dealt in city and farm mortgages in the West. Its capital is given as $825,000 and its last printed statement showed a surplus of $100,000. The company is said to hold $5,000,000 in debentures, $5,000,000 in loans. and to have $175,000 cash on hand. The receivership is said to have been forced by the company's inability to realize on loans made in 1888 and 1889 on Western boom town property, most of which is said to have been in Omaha and which has proved a loss. The firm also carried heavy loans on Western farm property, and although this is said to have proved profitable, the losses on city property are said to have dragged the assets to a depth where a receivership became necessary. The complaint alleges that the defendant company will be required to pay on before January, 1899. about $302.945, the amount of principal and interest on debentures; that it was compelled to become the owner of much unprofitable real estate because of its inability to enforce the collection of loans, and because of the depressed financial conditions, and that it is unable to realize a sufficient sum to meet its obligations. The complaint in conclusion states that the defendant company is completely undermined, but that by judicious management the property of the company can be saved.
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Receiver for Trust Company. New York, Sept. 26.-Otto T. Barnard of No. 30 Broad street was to-day appointed receiver of the New England Loan and Trust Company by Judge Shipman of the United States Circuit Court on a suit brought by the Real Estate Trust Company of Philadelphia and Sabillion S. A1len of St. Albans, Vt. The receiver's bond was fixed at $75,000. The company was a large lender of money on Western mortgages.
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Loan Company Fails. New York, Sept. 26.-Otto T. Bannard today was appointed receiver of the New England Loan and Trust company. The company holds many western mortgages. The Kansas City company's headquarters were in this city. The capital stock is given at $825,000 and the last printed statement showed a surplus of $100,000. The receivership is said to be due to the company's inability to realize on loans made in 1888 and 1889 on property in western boom towns.
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Owes Six Million Dollars. New York, Sept. 27.-Otto T. Bannard of 30 Broad street has been appointed receiver of the New England Loan & Trust company by Judge Shipman of the United States circuit court, on a suit brought by the Real Estate Trust company of Philadelphia and Sabillion Allen of St. Albans, Vt. The company was a large lender of money on western mortgages. The company owes fully $6,000,000. They had a a vast sum invested in Kansas City, Omaha, Sioux City, Lincoln and Salt Lake City.
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MISCELLANEOUS TONAWANDA, N. Y., was struck by a iornado on the 26th and many buildings were unroofed and barns blown to pieces. Several persons were injured, but none fatally. A TORNADO struck Merriton, Ont., on the 26th, killing five persons and injuring others. Many buildings were unroofed. including the public school. A RECEIVER was appointed at New York for the New England Loan & Trust company. It has a branch at Kansas City and was a large lender of money on western mortgages. A DISPATCH from Asbury Park, N.J., said that the Corbett-MeCoy fight off. THE big hall at Kansas City, Mo., will be called Convention hall, 8,918 votes being cast for that name, 3,382 for Harvest hall, 1,167 for Agricultural hali and 164 for Industrial hall. As there were 12,931 votes cast and each vote was accompanied by 10 cents, netted the directors $1,393.10. A FREIGHT train on the Mobile & Ohio railroad was wrecked just below Hodges park, near Cairo, III., and Ernest Collie, a bridge carpenter, was killed and three of the train crew injured. The caboose of the train jumped the track and three cars were derailed. SECRETARY ALGER and party, consisting of Surgeon General Sternberg. Quartermaster General Ludington and others spent the 25th in Jacksonville, Fla., inspecting the Seventh army corps Lee. secretary war himself as expressed under Gen. The being highly of delighted with the conditions existing in the camp and hospitals. THE champion wingshot, Jim Elliott, of Kansas City, met his old rival, Fred Gilbert, of Iowa, in a 100 bird race at Chicago on the 24th for the Dupont trophy, but the Iowa man successfully defended the trophy, killing 97 birds out of 100 to Elliott's 94. SOCIETY women took charge of all the street car systems at Peoria, Ill., for a day and devoted the proceeds to charity. A rain prevailed all day, making travel good on the cars, but having a disastrous effect on the pretty dresses and carefully curled hair of the fair conductors. GREAT consternation reigns among white intermarried men in the Chickasaw nation, I. T., over an order issued by the Dawes commission, saying that white men who married Indian women have no right of citizenship and may be treated as intruders. Under this ruling the white men who married Indian women may be ordered from the territory and separated from their wives. FIVE men were drowned in St. Mary's river near Sault Ste. Marie, Mich., on the 25th by the foundering of the lighter Monitor. HERBERT KLEM, aged 23, and Miss Lettie Green, 17, lovers, were found lying on the floor of a bedroom in Daniel Green's residence at Versailles, Ky., unconscious from overdoses of morphine, taken with suicidal intent. Notes found stated that Klem had lost his situation and wanted to die. and Miss Green preferred dying with him to living without him. AT a meeting of ingrain carpet yarn spinners held in Philadelphia on the 23d an absolute shut-down of the mills represented was decided upon. This action was taken because of the overproduction of yarn. The shut-down will be indefinite.
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SUICIDE OF D. 0. ESHBAUGH. Body of an Eastern Financier Found in North River, Opposite Hoboken. NEW YORK, Oct. 1.-Otto C. Bannard, receiver of the New England Trust Company, this afternoon said that he received word that the body of Daniel O. Eshbaugh, president of the defunct New England Loan and Trust Company, had been found in the North river, opposite Hoboken. The body, he said, appeared to have been in the water for some days. Eshbaugh mysteriously disappeared on Monday last, and it was feared that he had made away with himself. On Monday last, the day the failure of the New England Loan and Trust Company was announced, Mr. Eshbaugh, who had been its president, disappeared, and he had not been seen since. Mr. Eshbaugh's friends say he had been in bad health for some time past.
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MR. ESHBAUGH A SUICIDE. Body of President of New England Loan and Trust Company Found in North River. NEW YORK, Oct. 1.-Otto C. Dannard. the receiver of the New England Trust Company, this evening stated that he had received word that the body of Daniel O. Eshbaugh, president of the defunct New England Loan and Trust Company, had been found in the North river, opposite Hoboken. The body. he said, appeared to have been in the water for some days. On Monday last. the day the failure of the New England Loan and Trust Company was announced, Mr. Eshbaugh, who had been its president, disappeared, and he had not beer seen since. Mr. Eshbaugh's friends say he had been in bad health for some time past.
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naces in the Mahoning and Shenango valleys owned by the company. Andrew Carnegie is said to be at the head of a syndicate which will establish a colossal shipbuilding plant at New York. The syndicate will have a capital of over $100,000,000 and expects to control shipbuilding in this hemisphere. The New England Loan and Trust Company of New York, which has long been regarded as the strongest of the financial concerns that exploited Western mortgages, has gone into the hands of a receiver, Otto F. Bannard, president of the Continental Trust Company, having been appointed.