15291. American Loan & Trust Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
November 4, 1900
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
7adf163f

Response Measures

None

Description

Articles refer to the American Loan & Trust Company having a receiver (J. Edward Simmons) and to the company's collapse related to scandals involving John S. Silver. There is no mention of a depositor run; instead the bank had been placed in receivership and appears closed. Dates: receiver referenced by Nov 1900; receiver's accounts confirmed July 7, 1901.

Events (3)

1. November 4, 1900 Receivership
Newspaper Excerpt
judgments aggregating $121,070 were entered ... in favor of J. Edward Simmons, as receiver of the American Loan and Trust Company, for balance due on sixteen notes and drafts ... . J. Edward Simmons, receiver of the American Loan and Trust Company, for balance due ... They show a balance in his hands of $99,620.
Source
newspapers
2. November 4, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Collapse related to financial scandals and alleged misconduct by John S. Silver who is said to have 'assisted in the collapse' of the company.
Newspaper Excerpt
assist in the collapse of the American Loan and Trust Company
Source
newspapers
3. July 7, 1901 Other
Newspaper Excerpt
Justice McAdam ... confirmed the report of John H. Judge, the referee appointed to take testimony as to the accuracy of the accounts of J. Edward Simmons, receiver of the American Loan and Trust Company. Mr. Judge declared Receiver Simmons's accounts to be correct. They show a balance in his hands of $99,620.
Source
newspapers

Newspaper Articles (3)

Article from New-York Tribune, November 4, 1900

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Article Text

JUDGMENTS AGAINST JOHN S. SILVER. Two judgments aggregating $121,070 were entered yesterday against John S. Silver in favor of J. Edward Simmons, as receiver of the American Loan and Trust Company, for balance due on sixteen notes and drafts made by Mr. Silver at various dates from 1880 to 1891. with interest,


Article from The Times, November 11, 1900

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Article Text

the lines upon which the steamships of recent years have been built. The result has been the evolution of two distinct types, illustrated by the Ivernia, of the Cunard line, and the Deutschland, of the North German Lloyd. Cost of construction and of operation increases at a far greater ratio than mere speed, and this consideration chiefly has delayed the advent of the four day liner. The Deutschland, for instance, could not be driven, by increasing her engine power, to so high a speed as would be necessary for the four day boat, and it is estimated that if all the available space were given over to driving machinery her shell could not accommodate more than one-half of the power required to transform her from a twenty-three knot to a thirty knot ship. The prediction is made that the four day boat will be driven by a combination of water tube boilers using hot forced draught with fast running reciprocating engines using superheated steam, or with turb nes of the Parsons type. Reduction of weights and saving a space to such an extent will be achieved by this change, it is contended, that it will be possible to produce, on a displacement not much greater than that of the Deutschland, a thirty-knot steamer with equal accommodations for passengers. # A SHARPER CAUGHT. John S. Silver, son of a Portuguese truckman, whose ingenuity raised him to prom nence in various financial scandals, is now in serious trouble. The man who is said to have hoodwinked the Chemical National Bank's cashier and safely to have assisted in the collapse of the American Loan and Trust Company, yesterday pleaded guilty in the West Side Police Court to a charge of passing a worthless check for $30. Henry Buch, a druggist, of No. 79 West Ninety-second Street, the recipient of this alleged worthless check, forced this man of a brilliant financial career to figure in the role of prisoner. Slver waived ex-amination and was held for trial. It is asserted that various Columbus Avenue merchants may press similar charges. Silver was arrested on November 1, forfeited his $1,000 hail, was rearrested and taken to the West 100th Street police station on Thursday. Silver has numbered presidents of prominent financial institutions in this city


Article from New-York Tribune, July 7, 1901

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Article Text

AMERICAN LOAN AND TRUST CO. BALANCE. Justice McAdam, in the Supreme Court, yesterday confirmed the report of John H. Judge, the referee appointed to take testimony as to the accuracy of the accounts of J. Edward Simmons, receiver of the American Loan and Trust Company. Mr. Judge declared Receiver Simmons's accounts to be correct. They show a bala ice in his hands of $99,620.