15956. Guardian Trust Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
December 5, 1900
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
aceacf7b

Response Measures

None

Description

The articles report that an auxiliary receiver (Francis M. Black) was appointed for the Guardian Trust Company (a Missouri corporation with chief offices in Kansas City and branches including New York). There is no mention of a depositor run or a temporary suspension prior to the receivership — the decisive event is appointment of a receiver (government action) and liquidation proceedings. I classify this as a suspension_closure because the bank was placed in receivership and is to be liquidated/closed. Note: the company is a Missouri corporation headquartered in Kansas City; the provided location (New York) refers to a branch where the auxiliary receivership was appointed.

Events (1)

1. December 5, 1900 Receivership
Newspaper Excerpt
Judge Lacombe, in the United States Circuit Court, yesterday appointed Francis M. Black auxiliary receiver of all the property and records in this State of the Guardian Trust Company, a Missouri corporation, with its chief offices in Kansas City and branches in Chicago and this city.
Source
newspapers

Newspaper Articles (3)

Article from New-York Tribune, December 6, 1900

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Article Text

New-York Daily Tribune THURSDAY, DECEMBER 6, 1900. THE NEWS THIS MORNING. FOREIGN.-Minister Conger has been instructed to sign the agreement reached by the conference of Ministers at Peking on Tuesday; It is believed that on the questions of punishment and indemnity the views of the United General Wood faStates have prevailed. vors an award of $58,000 to Michael J. Dady for his Havana contract rights; it is likely that the report of the Sewer Commission, giving Dady The British $555,684. will be rejected. press is showing irritation and excitement over General Mercier's speech in the French Senate The Earl of on the invasion of England. Donoughmore, noted for his work in connection Viswith the finances of Peru, is dead. count Halifax denies that he is a convert to the President Krüger Roman Catholic faith. visited the Cathedral at Cologne, being cheered by crowde along the way; in the Dutch Chamber the Premier said the Netherlands could not foresee the moment to offer arbitration in South Storms are sweeping over the Africa. British Channel and many wrecks are reported; the British steamer Rossgull foundered off the Island of Jersey, one report saying that nine of her crew were missing, another that only eleven out of forty people on board were saved. CONGRESS.--Senate: The Hay-Pauncefote Treaty was considered in executive session, Mr. Lodge urging prompt ratification: in open session Mr. Frye finished his speech in favor of House: Considerathe Ship Subsidy bill. tion of the Army Reorganization bill was begun under a rule limiting debate to four hours; Mr. McCall. of Massachusetts, made a bitter attack on the bill and the President's Philippine policy, and was answered by Mr. Hull, of Iowa, chairman of the Committee on Military Affairs. DOMESTIC. - The President has selected George von L. Meyer, of Massachusetts, for AmA reduction of $40,000,bassador to Italy. 000 in taxes under the War Revenue law is made in the bill completed the Republican members of the Ways and Means Committee. Thirty-two men were entombed by the fall of the roof of a coal mine in Dunmore, Penn., but were able to dig their way out without disaster. William Wirt Henny grandson of Patrick Henry, died at his home in Richmond. CITY.-Stocks were irregular, with a strong closing. The City Club adopted resolutions denouncing the proposed State Constabulary bill, and urging all who want protected vice supExpressed to work against Tammany. Senator Hill, it was said, will arrive here today to begin the organization of the anti-Tammany forces and a fight against Croker. Charles W. Morgan, a Consolidated Exchange broker at No. 71 Broadway, and his bookkeeper were arrested, charged with conspiracy and grand larceny. A receiver was appointed Señor for the Guardian Trust Company. Gregorio De Quesada, a wealthy Cuban, dropped dead in the Bank of the Manhattan Company, No. 40 Wall-st. Bishop Potter spoke on "Civic Righteousness" at the monthly meeting of the Brotherhood of St. Andrew at the ProCathedral, in Stanton-st. Yachtsmen were elated over the report that Boston will build a Cup defender, designed by Crowninshield or Gardiner. The United States Government bought 672 acres of land on Plum Island, in order to strengthen the fort there THE WEATHER.-Forecast for to-day: Fair. The temperature yesterday: Highest, 47 degrees; lowest, 41: average, 44%


Article from New-York Tribune, December 6, 1900

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Article Text

RECEIVER FOR A TRUST COMPANY. PRESIDENT STILLWELL ACCUSED OF MISMANAGING THE GUARDIAN. Judge Lacombe, in the United States Circuit Court, yesterday appointed Francis M. Black auxildary receiver of all the property and records in this State of the Guardian Trust Company, a Missouri corporation, with its chief offices in Kansas City and branches in Chicago and this city. The appointment was made upon an action in equity brought by John W. Gates, W. W. Bierce, W. I. Brown and eleven other stockholders, for the purpose of having its affairs liquidated and to prevent the misappropriation of funds. The company was organized in 1889 as the Missouri. Kansas and Texas Trust Company, with a capital of $1,200,000. In 1899 it was reorganized as the Guardian Trust Company and the capital was increased to $2,500,000. Mr. Black was appointed receiver of the company by Judge Thayer, of the United States Circuit Court for the Western District of Missouri, on November 30 last. Judge Lacombe's order of appointment enjoins the company's officers and directors from interfering with the management of the propenty by the receiver. It also orders that all parties interested show cause on December 14 why the said auxiliary receivership should not be continued during the pendency of the suit. The bill of complaint shows that during the ten years the company was operated as the Missouri, Kansas and Texas Trust Company it was controlled by its organizer, A. E. Stillwell, who, by issuing stock without asking compensation to various of his employes and business associates, was enabled by the aid of these "dummies to his will" to run the affairs of the company to serve his own erds. According to the complainant stockholders the business has not been conducted in accordance with the plan under which they had been induced to subscribe te stock, and the statement is made that the funds of the company were used to bolster up Stillwell's subsidiary corporations, instead of being used for their legitimate purpose. According to the complaint. Stillwell and his associates conceived the idea last April of building a railroad from Kansas City to the Gulf of California and developing a portion of Northern Mexico. Some of the stockholders denounced this as unwise, and the suit resulted. Seward, Guthrie & Steele, No. 40 Wall-st, are atI torneys for the complainants.


Article from The Wichita Daily Eagle, January 18, 1901

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Article Text

More Power for Receiver. New York, Jan. 17.-Francis M. Black, receiver for the Guardian Trust company, was today empowered by Judge LaCombe in the United States circuit court to pay $25,182 due to the American Exchange National bank and to remove to Missouri forty first mortgage bonds of the South Missouri Light company, valued nt $1,000 each, that are now held as security by the bank. Mr. Black was appointed receiver by Judge Thayer of the United States circuit court of Missouri He said that the light company was readjusting its indebtedness and wished to take up the bond issue of which these securities held by the bank are a part.