American National Life and Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 5, 1878
Location: New Haven, Connecticut (41.308, -72.928)

Metadata

Model: gpt-5-mini
Short Digest: eba603a1

Response Measures

None

Description

Articles describe the company as insolvent with assets < liabilities, application for a receiver (July 1878) and a receiver (Talcott H. Russell) in control by Dec 1878, plus subsequent suits in 1879. No mention of depositor runs; this is a receivership/closure of a life insurance / trust company rather than a commercial bank. Dates are taken from newspaper publication lines.

Events (3)

1. July 5, 1878 Suspension

Cause: Government Action
Cause Details: Assets reported insufficient and an application will be made for a receiver (formal suspension of regular operations sought).
Newspaper Excerpt: The assets of the American Mutual Life Insurance Company and American National Life and Trust Company of New Haven, Conn., have been declared less than three-fourths of the liabilities, and application will be made for a receiver for each company.
Source: newspapers

2. December 12, 1878 Receivership

Newspaper Excerpt: Talcott H. Russell, receiver of the American Mutual Life Insurance Company and the American National Life and Trust Company ... has addressed a circular to the parties interested, stating ... the contract ... is not, in his opinion, valid ... The receiver since taking charge has received no cash from the estate, nor has he, so far, reduced any assets to actual possession. (Dec. 12, 1878).
Source: newspapers

3. July 29, 1879 Other

Newspaper Excerpt: Receiver Russell ... has brought suit for the subscribed capital ... and also a suit against the directors of American National Life and Trust Company for the assets of the company, over $1,000,000, alleging that they have been mismanaged and squandered (Jul 29, 1879).
Source: newspapers

Newspaper Articles (6)

1. July 5, 1878 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, July 5, 1878

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Article Text

If any other scheme will work better then he is in favor of that. It is stated that Russian agents in New York closed a contract on the 26th for fifty Lay torpedoes, to be manufactured at once. In New York City on the 27th ult., Michael Tobin, a United States soldier, was found guilty of the murder of Peter Albers, at West Point, a short time ago. The jury recommend executive clemency. George W. Stiles, of Philadelphia, shot his wife and then cut the throats of himself and child on the 27th ult. All are in the hospital. In the great boat race at New London, Conn., on the 28th ult. Harvard beat Yale by about twelve lengths. On the 28th ult. the Executive Committee of the Lake Shore Company declared a dividend of 1 per cent. The stock declined from 581/4 to 5714. Miss Sarah Helen Whitman, the poetess, died on the evening of the 27th ult. of heart disease, at Providence, R. I. John Lane, of Buffalo, killed his father on the 28th ult., while drunk. The centennial celebration of the battle of Monmouth and laying of the corner stone for the granite shaft to bear the names of the New Jersey soldiers killed in-the Revolutionary war took place on the 28th ult., at Freehold, N. J., and were made the occasion for a grand civic and military procession. B. L. Solomon & Sons, prominent furniture dealers, of New York City, made an assignment on the 28th ult. Their liabilities are estimated at $1,000,000, principally in this city and in Europe. The assets of the American Mutual Life Insurance Company and American National Life and Trust Company of New Haven, Conn., have been declared less than three-fourths of the liabilities, and application will be made for a receiver for each company. The assignee of Green & Cranston, bankers and brokers, Providence, R. I., who failed more than a year ago, announced a readiness, on the 29th ult., to pay all claims in full, principal and interest. An oil train was thrown from the track of the New York Central road, at Albany, N. Y., on the night of the 29th ult., by the removal of a rail, and nineteen cars were wrecked. The oil took fire and a brakeman named Truat was burned to death. The engineer and fireman were injured.

2. December 13, 1878 The New York Herald New York, NY

Article from The New York Herald, December 13, 1878

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Article Text

AN INSURANCE TANGLE. THE RECEIVER OF BENJAMIN NOYES' LIFE COMPANIES UNABLE TO FIND THEIR ASSETS-HE ADDRESSES A CIRCULAR TO POLICY HOLDERS. NEW HAVEN, Conn., Dec. 12, 1878. Talcott H. Russell, receiver of the American Mutual Life Insurance Company and the American National Life and Trust Company (Benjamin Noyes' companies), has addressed a circular to the parties interested, stating, in substance, that the contract by which the National Capital Life Insurance Company of Washington assumed the assets and liabilities of the American National Life and Trust Company is not, in his opinion, valid, nor need policy holders be bound by it. The assets of the companies consist of the Insurance building in this city, which cost over $300,000, and about $135,000 known as the Albany fund, which the receiver thinks can be secured for the policy holders. The liabilities of the stockholders amount to about $200,000 in both companies, all of which the receiver believes to be valid against both companies. The receiver since taking charge has received no cash from the estate, nor has he, so far, reduced any assets to actual possession. Complaint is made of a difficulty in obtaining facts and that there are few books or papers from which to derive information.

3. December 13, 1878 The Sun New York, NY

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Article Text

BEN NOYES'S INSTITUTIONS. Hope Given his Many Victims that they may yet Realize Something. NEW HAVEN, Conn., Dec. 12.-Taleott H. Russell. receiver of the American Mutual Ltie Insurance Company, and the American National Life and Trust Company (Ben Noyes's companies), has addressed a circular to the persons interested, setting forth in substance that the contract by which the National Capitol Life Insurance Company of Washington assumed the assets and liabilities of the American National Life and Trust Company is not, in his opinion, valid, nor need policy holders be bonnd by it. The assets of the companies consist of the insurance building in this city, which cost over $300,000, and about $135,000, known as the Albany fund, which, the receiver thinks. can be secured for the polic r holders. The liabilities of the stockholders amount to about $200,000 in both companies, all of which the receiver believes to be valid against both companies. The receiver, since taking charge, has received no cash from the estate, nor has he. so far, reduced any assets to actual possession. Complaint is made of a difficulty in obtaining facts, and that there are few books or papers from which to derive information

4. December 14, 1878 New-York Tribune New York, NY

Article from New-York Tribune, December 14, 1878

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Article Text

A CERTAIN INSURANCE SPONSORSHIP NOT VALID. NEW-HAVEN, Conn., Dec. 12.-Talcott H. Russell, receiver of the American Mutual Lite Insurance Company and the American National Life and Trust Company (the companies of Benjamin Noyes). has addressed a circular to the persons interested, stating in substance that the contract by which the National Capital LA e Insurance Company, of Washington, assumed the assets and Itabilities of the American National Life and Trust Company is not. in his opinion, valid, nor need the policy-holders be bound by it,

5. July 30, 1879 The New York Herald New York, NY

Article from The New York Herald, July 30, 1879

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Article Text

LIFE INSURANCE LIABILITIES. NEW HAVEN, Conn., July 29, 1879. Receiver Russell, besides attaching the property of the trustees of the American National Life and Trust Company for the guaranteed capital, amounting to $75,000, has brought suit for the subscribed capital, amounting to $100,000 or $125,000, and the also a suit against the directors of American National Life and Trust Company for the assets of the company, over $1,000,000, alleging that they have been mismanaged and squandered. Then there is a suit against the trustees of the American Mutual Life Insurance Company for a similar amount, making a similar claim, and a petition in equity for the same cases against the trustees of the American Mutual Life Insurance Company. There are two attachments, each for $1,400,000; one attachment for $1,000,000, and individual suits for nearly $200,000. Talcott H. Russell, receiver of the National Capitol Life Insurance Company. has attached the property of John B. Carrington. editor of the Courier; N. D. Sperry, Postmaster; Richard F. Lyon, John B. Robertson, Jeremiah A. Bishop, ex-president of the Yale National Bank; Samuel Noyes, brother of Benjamin Noyes; Benjamin Noyes and Joseph B. Sargent, on a suit brought to the September term of the Superior Court, to collect the subscriptions to the guaranteed capital of the American Life and Trust Company, amounting to $75,000. The record of the attachment was filed at the Town Clerk's office at noon to-day.

6. July 30, 1879 The New York Herald New York, NY

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Article Text

LIFE INSURANCE LIABILITIES. NEW HAVEN, Conn., July 29, 1879. Receiver Russell, besides attaching the property of the trustees of the American National Life and Trust Company for the guaranteed capital, amounting to $75,000, has brought suit for the subscribed capital, amounting to $100,000 or $125,000, and also a suit against the directors of the American National Life and Trust Company for the assets of the company, over $1,000,000, alleging that they have been mismanaged and squandered. Then there is a suit against the trustees of the American Mutual Life Insurance Company for a similar amount, making a similar claim, and a petition in equity for the same cases against the trustees of the American Mutual Life Insurance Company. There are two attachments, each for $1,400,000; one attachment for $1,000,000, and individual suits for nearly $200,000. Talcott H. Russell, receiver of the National Capitol Life Insurance Company. has attached the property of John B. Carrington, editor of the Courier; N. D. Sperry, Postmaster; Richard F. Lyon, John B. Robertson, Jeremiah A. Bishop, ex-president of the Yale National Bank; Samuel Noyes, brother of Benjamin Noyes; Benjamin Noyes and Joseph B. Sargent, on a suit brought to the September term of the Superior Court, to collect the subscriptions to the guaranteed capital of the American Life and Trust Company, amounting to $75,000. The record of the attachment was filed at the Town Clerk's office at noon to-day.