Guarantee Loan & Trust Company (Seattle, WA)

Episode Information

Episode UID
1846047291157
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
184604729 hash
Start Date
May 26, 1896
Location
Seattle, Washington (47.606, -122.332)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f5923422329c0419

Response Measures

None

Description

Failure described as closing and assignment for benefit of creditors with ongoing receivership and stockholder assessment.

Events (2)
1. May 26, 1896 Receivership
Newspaper Excerpt
Receiver Jacob Furth (special receiver) and later S. C. Calderhead appointed; final report filed by special receiver March 22, 1899.
Source
newspapers
2. May 26, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Injudicious loans on Washington property blamed for the failure.
Newspaper Excerpt
the Guarantee Loan and Trust company of Seattle, Wash., has closed its doors and assigned for the benefit of its creditors.
Source
newspapers

Newspaper Articles (11)
1. May 28, 1896 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, May 28, 1896

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# MINOR ITEMS OF INTEREST. Charles Warren Lippitt was inaugurated as governor of Rhode Island Tuesday. The New York court of appeals has decided that the Raines excise law is constitutional. Dr. William A. McGill, one of the most prominent physicians in the country, is dead at Erie, Pa. The senate committee on pensions has referred the Pickler pension bill to sub-committee consisting of Senators Gallinger, Vilas, Peffer, Palmer and Pritchard. The Guarantee Loan and Trust company of Seattle, Wash., has closed its doors and assigned for the benefit of its creditors. Injudicious loans on Washington property are blamed for the failure. At a meeting of the business men of Baltimore $138,750 were subscribed to aid in freeing Johns Hopkins university from the burdens which the failure of the Baltimore and Ohio railway to pay dividends has imposed upon it.

2. July 9, 1896 River Falls Journal River Falls, WI
Article from River Falls Journal, July 9, 1896

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# LATER NEWS. The Seattle (Wash.,) Dime Savings bank has suspended. I. N. Bigelow, president and cashier, accounts for the closing by the fact that since the payment of taxes began, and the failure of the Guarantee Loan and Trust company, the deposits have been rapidly withdrawn, and no new ones were being made. At Castlewood, S. D., Anton Paulson's store was broken open early the 7th, and a robbery committed. The robber made his escape on a wheel belonging to Arthur Paulson, a clerk in the store. A 13-year-old boy named Erickson, living at Pleasant View, Wis., tried to see if he could touch the cars as the train went by him. He did so and was knocked down and had one foot crushed to a pulp and then thrown into a culvert and is badly bruised all over. The grand lodge of Elks opened at Cincinnati the 7th, and the city was at once startled by the fact that a new badge was being used. Everywhere, as if by magic, appeared men who were wearing the sign: "I am for Minneapolis in '97" backed by a miniature American flag. In the boat race at Henley-on-Thames, England, the 7th, the Yale college crew was beaten by Leander by one and three-quarter lengths. Time, 7:14. Another expedition has landed safely on Cuban soil. It consisted of 64 men and they had with them 400,000 rounds of ammunition, dynamite, electric batteries, etc. The gavel used by Chairman Harrity in opening the Democratic National Convention was presented by Ossian Guthrie, of Chicago, made from an oak timber taken from old Fort Dearborn. The block house from which the timber was taken survived the Chicago fire, and was purchased by Mr. Guthrie and other philanthropic citizens and re-erected in South park, Chicago, as a reminder of the city's frontier days.

3. October 25, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 25, 1896

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Court Notes. The United States Savings and Loan Company yesterday sued Charles and Matilda MeLachlan and others to recover $2,225.26 and to foreclose & mortgage. Defendants confessed judgment yesterday in Judge Langley's court in the sum of $300.34 in the case of the city of Seattle vs. Annie L and Richard Roe Reynolds. In the case of Catherine Poncin Crane VS. E. M. Church and others, Judge Langley yesterday gave judgment for the plaintiff in the sum of $2,078.89, and for the foreclosure of a mortgage. An order granting Josephine H. Cook the right to sue Receiver Jacob Furth in the case of Charles F. Munday vs. The Guarantee Loan and Trust Company, was made by Judge Langley yesterday. The city of Seattle filed an amended complaint in the supreme court yesterday in the action against Catherine Cook and others, by which it seeks to recover $91.71 due for the improvement of Rainier street. An order confirming sale of real estate was made yesterday in the case of W. A. Grubb vs. Henry F. Thumm et al., by Judge Langley. The land sold consists of lots 1 and 2, block 9, Ross' second addition to the city of Seattle, and the price It brought was $200. Decrees settling the accounts of Administrator Oliver A. Spencer were made by Judge Langley in the matter of the estaets of Liugi Feurari, Plippio di Marino and Rocco Tell Guiseppi Bosio yesterday. All these were killed in the Franklin coal mine disaster. Judgment in favor of plaintiffs was rendered yesterday by Judge Humes in the case of A. C. Marconnier et al. vs. the Security Savings bank, in which It is declared that the defendant has the legal title to certain tracts of land in section 22. township 24 north, of range 4 east. Johanna Ridgway and John P. Pearson yesterday filed a petition in the probate court for the probate of the will of Mrs. Gustava Pearson. The latter recently died and left a community estate worth $5,200. Judge Langley appointed a commission to take the testimony of the witnesses to the will. Articles of incorporation of the Deep Creek Hydraulic Mining and Improvement Company were yesterday filed by R. E. Siebert, Homer Olls, J. R. Wilson, H. J. Mohler, John Holze and W. B. Goodrich. The object is to carry on a general hydraulic mining business. The capital stock is $500,000, divided into 500,000 shares of $1 each

4. April 3, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, April 3, 1897

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# Court Notes. Default was taken yesterday by Anna C. Schulz against Thomas Flynn and wife. Kate Grossman, charged with insanity, had a careful hearing before Judge Moore yesterday, and was discharged. Anna C. Schulz has been awarded judgment against Thomas Flynn for $150 on a promissory note, with foreclosure. A. O. MoCallister was yesterday appointed administrator of the estate of A. J. Nims, Judge Moore fixing the bond at $500. N. A. Veline's final report as assignee of Taft & Clark was approved yesterday by Judge Moore and the assignee was discharged. In the case of William Cunningham vs. Smith & Smith, the hearing of the application for the appointment of a receiver has been continued till April 9. Counsel for the Union Trunk Ane yesterday filed motion for a new trial of the damage case in which George H. Smith obtained a $6,000 verdict against the company. In the Guarantee Loan and Trust Company receivership case the application for a court order as to the manner of distributing money on hand has been continued to Aprill 23. Exceptions to sureties on the appeal bond in the case of A. L. McDonald vs. Neille Lewis et al. were to have been argued yesterday, but the hearing was continued till today. County Commissioners Boyce and Nickerson are still out of the city, or at least are so reported at the courthouse, and Mr. Ryan is holding the fort alone. The board will not reassemble until Monday. Charles T. Lawson, who has been on probation in the asylum at Steilacoom since February 2, has been discharged as improved. Notice of discharge was filed yesterday in the county clerk's office. Cases set for hearing yesterday before Judge Moore were continued as follows: John M. Isaacs vs. F. M. Pike, April 15; W. H. Davis vs. Seattle National bank, April 19; Nettie M. Collins vs. Charles Watson, April 8. The Washington National Building Loan and Investment Association yesterday obtained judgment by default for $390 against Niels Miller and wife, with foreclosure on the north half of lot 6, block 70, Gilman park, Ballard. The Provident Life Insurance and Trust Company was given judgment yesterday for $1,794, amount of principal and interest on promissory notes, and $75 attorney's fee, against John P. H. Morris et al. Decree of foreclosure followed. Frank Minor, applying for letters of administration on the estate of Lucretia K. Ives, deceased, certifies that deceased left no will, and that her only heirs are Russell Ives and Lother C. Ives, both of Detroit, Or., and Clara L. Minor, of Vashon, Wash. He was appointed administrator, Judge Moore fixing the bond at $3,000. The motion of the Merchants' National bank to vacate judgment taken against it March 27 by David B. Denton was at the time taken under advisement. Judge Moore yesterday denied the motion, solely on the ground that another action is pending between the same parties on the same ground of action. The Northwestern Steamship Company yesterday undertook to furnish bond for appeal from the recent $150 judgment against it in favor of Oscar Christiansen for loss of baggage. Judge Benson rejected the bond offered as insufficient, inasmuch as the sureties' wives had not signed. He granted the company until April 6 to perfect the bond. John Megrath is suing the county commissioners of King county for damage to his property in the survey and construction of a county road through his premises south of the city. The particulars of the case were fully published when the complaint was filed some weeks ago. McGrath charges that the commissioners took away his gates and fences. The case was heard by Judge Moore yesterday and taken under advisement.

5. September 24, 1898 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, September 24, 1898

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# GEORGE HEILBRON'S ESTATE. Excutors File a Report in the Superior Court. The report of George F. Fay and William A. Peters, executors of the estate of George H. Heilbron, who died suddenly April 1, 1835, was filed in the probate court yesterday afternoon. The face value of the assets is $54.094.64 but the executors say that the actual value will not exceed $13.179.94. There are claims againg the estate amounting to $33,132.95. When the matter was taken before Judge Moore he appointed E. B. Downing, A. B. Stewart and J. M. Lyon appraisers, and issued an order directing that the estate be setted up according to law. This dedados vas rendered because the value of the property is not sufficient to pay off the indebtedness and the creditors will have to be ontent with their pro rata. Mr. Heilbron's estate, after his death, was find to consist of stocks, a $10.000 life insurance policy, a residence in Seattle sone acre tracts across Lake Washington and lots 1 and 2 in block 1, Werreit's addition. The insurance policy was held by the Guarantee Loan and Tust Company, which claimed it on the ground that has been deposited to secure an indebtedness on the part of Mr. Heilbron to the company, of which he was manager. The executors won the case both in the supelor and supreme courts. The $10,000 was hen deposited in three banks, one of whier was the Guarantee Loan and Trust Company. At the time the last mentioned sttution failed it had on deposit about of the insurance money. The exec-los say that their claim for this amount has been allowed by the receiver of the cinct institution and that they believe they will realize about 5 per cent of its

6. March 23, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 23, 1899

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IN THE SUPERIOR COURT OF THE State of Washington, for the County of King-Charles F. Munday, plaintiff, vs. the Guarantee Loan & Trust Company, defendant. No. 22,431. Notice. Notice is hereby given that the undersigned did, on the 22nd day of March, A. D. 1899, file his final report and account as special receiver of the Guarantee Loan & Trust Company, in the above-entitled court. in the above-entitled action, and that the said final report and account will betcalled on for hearing and determination on the Sist day of March, A. D. 1899, in the Equity Department of the above-entitled court, at the King County Court House, in the City of Seattle, King County, State of Washington, the same being the time and place fixed by an order of the above-entitled court for the hearing of the said final report and account. Dated at Seattle. Washington, this 22nd day of March, A. D. 1899. JACOB FURTH, Special Receiver of the Guarantee Loan & Trust Company, Preston. Carr & Gilman, Attorneys for said special receiver.

7. April 1, 1899 The Seattle Star Seattle, WA
Article from The Seattle Star, April 1, 1899

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FURTH'S COMPENSATION. Judge Moore decided yesterday afternoon that Jacob Furth was entitled to $3000 as a compensation for his services as asignee and receiver of the Guarantee Loan & Trust company. Attorney Donworth, representing 8. C. Calderhead, the new receiver, said the amount was satisfactory. Mr. Furth collected $32,000, but some of the depositors thought the affairs of the company were not being settled up fast enough, and requested another receiver.

8. May 14, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 14, 1899

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STOCKHOLDERS MUST PAY UP. Receiver of Guarantee Loan and Trust Co. Levies an Assessment. The first step toward the settlement of the indebtedness of the defunct Guarantee Loan and Trust Company, a private banking corporation which failed on May 26, 1896, was taken in the superior court yesterday by Samuel C. Calderhead, the new receiver appointed by Judge Moore to succeed Jacob Furth, Receiver Calderhead obtained an order of court authorizing the proceeding, and will at once levy an assessment of 78% per cent. upon the stockholders of the bank. If entirely collected the assessment will net $156,500. Judge Moore's order. is quite lengthy. It recites the insolvency of the bank and the appointment of the receiver, and states that the claims presented and approved by the latter aggregate $192,840.77. The assets, it is stated. with the exception of the amount due from the stock-

9. December 21, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 21, 1899

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C. L. BAILEY'S ESTATE. An Administrator Appointed, With Bonds Fixed at $30,000. C. E Vilas was appointed administrator of the estate of Charles L. Balley, a capitalist of Harrisburg, Pa., yesterday, in the probate court, with bonds of $30,000. Mr. Balley owned 3,393 shares in the Balley Building Company, which built the block at the corner of Second avenue and Cherry street, just after the great fire. W. E. Balley, his son, who owned the old Press, an afternoon newspaper afterwards consolidated with the Times, was generally looked upon as the owner of the Balley block. In the petition filed by Mr. Vilas asking for letters of administration as the representative of the heirs, the value of Mr. Bailey's estate in King county is estimated at about $10,000. A petition in Intervention, filed by Receiver Calderhead, of the Guarantee Loan & Trust Company, also asking that Mr. Vilas be appointed administrator, estimated the estate at $50,000. Mr. Calderhead is interested in the estate for the simple reason that Mr. Bailey owned a large number of shares in the Guarantee Loan & Trust Company, against which an assessment amounting to $21,518 has been made, but not paid. The court placed the administrator's bonds at $30,000.

10. January 14, 1900 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 14, 1900

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WILL LISTEN TO OBJECTIONS. Judge Moore Sets Day for Hearing of Brewster-Calderhead Matter. Judge Moore yesterday set January 30 for the hearing of objections to the sale of certain lands on Lake Washington, which are included among the assets of the Guarantee Loan & Trust Company, to J. M. Brewster. John Graham, one of the creditors of the company, is opposing the sale. He claims that Receiver Calderhead, of the company, is attempting to sell at a low figure to Mr. Brewster, whereas the land can be sold, as he claims, for more money.

11. April 12, 1901 The Seattle Republican Seattle, WA
Article from The Seattle Republican, April 12, 1901

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SUMMONS. IN THE SUPERIOR COURT OF THE State of Washington, for King County. W. K. Curtis, Plaintiff, vs. E. A. Strout and Mary Doe Strout, his wife, John Gibbon, Jr., and S. C. Calderhead, Receiver of Guarantee Loan and Trust Company, a corporation, Defendants. No. 31,214. Notice and Summons. The State of Washington to the above named defendants, E. A. Strout and Mary Doe Strout, his wife, John Gibbon, Jr., and S. C. Calderhead, as Receiver of the Guarantee Loan and Trust Company, a corporation, who are the owners, or reputed owners, of, and all persons unknown, claiming or having an interest or estate in or to the hereinafter described real property: You and each of you are hereby notified that the above named plaintiff, W. K. Curtis, is the owner and holder of four certain delinquent tax certificates, to-wit,