18927. American Trust Company (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
November 17, 1909
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
aa664e82

Response Measures

None

Description

State banking commissioner ordered the American Trust Company closed on Nov 17, 1909; temporary receiver A.L. Taber (Taber/Taylor OCR variants) appointed. Cause repeatedly reported as 'undigested securities' (unsound loans, collateral of doubtful value). Permanent dissolution and receiver actions were anticipated; later (May 29, 1910) officers were arrested on embezzlement charges. No newspaper describes a depositor run prior to suspension.

Events (3)

1. November 17, 1909 Receivership
Newspaper Excerpt
A. L. Taber (state bank examiner) was appointed temporary receiver and immediately took charge of the company's affairs.
Source
newspapers
2. November 17, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Undigested securities / unsound loans and doubtful collateral (coal company bonds, loans on brick works and coal lands) caused insolvency.
Newspaper Excerpt
The American Trust Company ... was ordered closed today by State Commissioner of Banking Smith. A. L. Taber, State bank examiner, has been appointed temporary receiver. The trouble, according to Receiver Taber, was probably undigested securities.
Source
newspapers
3. May 29, 1910 Other
Newspaper Excerpt
Officials of Defunct Philadelphia Trust Company Placed Under Arrest. J. Kinnear Crawford ... and Joseph S. C. Crawford ... are locked up ... on embezzlement charges.
Source
newspapers

Newspaper Articles (16)

Article from The Washington Times, November 17, 1909

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Article Text

PHILADELPHIA BANK CLOSES ITS DOORS Commissioner Orders American Trust Company to Suspend Business. 17.-The PHILADELPHIA, Nov. American Trust Company, Broad street and Ridge avenue, was ordered closed today by State Commissioner of Banking Smith. : Al Taber, State bank examiner, has been appointed temporary receiver. The trouble. according to Receiver Taber, was probably "undigested securities." It is claimed that the institution had never recovered from the panic of 1907. The capital of the bank is $200,000. and has a surplus and undivided profits of $74,878. Total deposits of the bank amount appreximately to $100.000


Article from Evening Journal, November 17, 1909

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TRUST COMPANY IN PHILADELPHIA CLOSED By United Press Leased Special Wire. PHILADELPHIA, Pa., Nov. 17.-The American Trust Company, Broad street and Ridge avenue, was ordered closed today by State Commissioner of Banking Smith. A. L. Taber, State bank examiner, has been appointed temporary receiver. The trouble, according to Receiver Taber, is probably "undigested securities." It is claimed that the institution had never recovered from the panic of 1907. The capital of the bank is $200,000 and has a surplus and undivided profits of $74,878. Total deopsits of the banks amount approximately to $400,000.


Article from The Daily Missoulian, November 18, 1909

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Article Text

STATE BANK CLOSED. Harrisburg, Pa., Nov. 17.-The state department of banking today ordered the American Trust company of Philadelphia closed. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the institution's troubles. The company is a small concern and the failure had no effect on other institutions,


Article from The Marion Daily Mirror, November 18, 1909

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wa THE MEAT OF IT W. D. Lash, 63, for 34 years superintendent of the Zanesville (0.) schools, is dead. "Undigested securities" is assigned as the cause leading to the closing of the American Trust company of Philadelphia by order of the state bank commissioner. Charles W. Crittenton of New York, founder of the Florence Crittenton rescue homes for girls, died suddenly in San Francisco. Nathan I. Wilder, 67, the first manufacturer. of sauerkraut for commercial purposes, died at his home in Clyde, O. The Bellefontaine (O.) school authorities have canecled the remaining football games of the season, owing to numerous accidents to high school players.


Article from The Washington Herald, November 18, 1909

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Article Text

Trust Company Closes. Philadelphia, Nov. 17.-The State department of banking to-day ordered the American Trust Company of Philadelphia closed. A. L. Taylor, a State bank examiner, was appointed temporary receiver and immediately took charge of the company's affairs. "Undigested" securities probably caused the institution's troubles. The deposits amount to about $400,00().


Article from New-York Tribune, November 18, 1909

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Article Text

PHILADELPHIA BANK CLOSED. Philadelphia, Nov. 17.-The American Trust Company, of Philadelphia, was closed to-day. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the troubles. The company is a small concern, and the failure had no effect on any other financial institution. The deposits amount to about $100,000.


Article from Los Angeles Herald, November 18, 1909

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Article Text

Philadelphia Trust Company Closed PHILADELPHIA, Nov. 17. - The state department of banking ordered the American Trust company of Philadelphia closed today. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the institution's troubles. The company is a small concern, and the failure had no effect on other institutions.


Article from The Citizen, November 19, 1909

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TRUST COMPANY CLOSED. Philadelphia Concern Alleged to Have Made Unwise Loans. Philadelphia, Nov. 18.-Because it is understood the American Trust company of Philadelphia accepted as collateral security for a loan bonds of a coal company the value of which is uncertain the bank has been closed by order of State Commissioner of Banking William H. Smith. State Bank Examiner A. L. Taber was appointed temporary receiver. It is said the securities of doubtful value amounted to over $400,000.


Article from Watertown Leader, November 19, 1909

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TRUST COMPANY FAILS. Philadelphia Institution with Deposits of $400,000 Is Closed by State Authorities. PHILADELPHIA, Pa., Nov. 17.The state department of banking today ordered the American Trust company of Philadelphia closed. A. L. Taylor, a state bank examiner, was appointed temporary receiver and he immediately took charge of the company's affairs. Undigested securities probably caused the institution's troubles. The company's deposits amount to about $400,000.


Article from Democratic Messenger, November 20, 1909

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PHILADELPHIA TRUST COMPANY FAILS The American, With $395,000 in Deposits, Closed. Philadelphia, Nov. 18.-The American Trust company, of Philadelphia, Broad street and Ridge avenue, closed its doors. This was done at the order of the state commissioner of banking. and a state bank examiner, A. L. Taber, was appointed temporary receiver. The trouble is said to have been due to "undigested" securities. * The banking commissioners' report sets forth that the company is "in an unsafe and unsound condition to do business," and is believed to be insolvent. A permanent receiver and a decree of dissolution will be asked for, and If there is any objection it is like. ly that disclosures will be made in court. A substantial depositor of the suspended bank stated that by "undigested" securities was no doubt meant loans which he understood the trust company had made to a concern manufacturing bricks at Passaic, N. J.; also money said to have been advanced on coal lands in West Virginia. The trust company's capital is $200,000. with a surplus of $47,000. De. posits amount to $395,000. Only $18,500 in cash was found in the vaults.


Article from New Ulm Review, November 24, 1909

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Article Text

TRUST COMPANY SUSPENDS Undigested Securities Cause Failure of Philadelphia Institution. Philadelphia, Nov. 17.-The American Trust company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble according to Taber is probably "undigested securities." The capital of the bank is $200,000 and it has a surplus and undivided profits of $74,878. Total deposits of the bank amount approximately to $400,000.


Article from Smyrna Times, November 24, 1909

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Article Text

Philadelphia Trust Company Fails. The American Trust company. of Philadelphia, doing business at Broad stret and hidge avenue, has closed its doors. This was done at the order of the state commissioner of banking and a state bank examiner, A. L. Taber, was appointed temporary receiver. The trcuble is said to have been due to "undigested" securities. A substantial depositor of the suspended bank stated that by "undigested" securities was no doubt meant loans which he understood the trust company had made to a concern man ufacturing bricks at Passaic, N. J.: also money said to have been advance ed on coal lands in West Virginia. The trust company's capital is $200,000, with surplus of $47,000. De posits amount to $395,000. Only $18,500 in cash was found in the vaults.


Article from Connecticut Western News, November 25, 1909

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News of A Week Paragraphic Photographs of the World's Doings. Mrs. Augusta E. Stetson, leader of the First Church of Christ, Scientist, the mother Boston and on cated of New charges by York, of who teaching church was excommuni- heresy in animal her in the ism," church practicing resigned "malicious membership magnetand gave UY her $5,000 a year a letter in which she exhortto remain to salary ed her in followers loyal their "beloved leader, Mary Baker Eddy." Following a threat by Governor Stubbs of Kansas to institute receiverhip proceedings against the Central March railroad, a subsidiary road of the the J. of the Paline Gould. Missouri be president improved Pacific speedily system, Missouri George unless citic company, assured the governor that the road was to be improved immediately. For the purpose of controlling absolutely in this country and Canada all means air the backed by of aviation machines financiers by Wright controlling of company, heavier hundreds than was at trust New millions August York. of Among Behmont, dollars, those Cornelius in formed the are Vanderbilt. Howard Gould and Theodore P. Shonts. Suit for an absolute divorce and the two inMary Sherman custedy stituted at of McCallum, Washington her children by Mrs. was the adopted daughter and heiress of the late John Sherman of Ohio. secretary of state, secretary of the treasury and senator. She charged her husband with infidelity. The annual report of the isthmian canal commission estimated the cost of the Panama canal at $375,201,000. The first estimate, under the act of June, 1902, provided for the expenditure of $144,233,359. A modification adopted in 1906 fixed the cost, exclusive of the purchase price, at $139,703, 200. Dr. Louise G. Rabinovitch, the young Russian woman who recently announced that she could restore to life those who had been apparently put to death by electricity, gave a remarkable demonstration before the officers of the New York Edison company, New York, by reviving an apparently dead rabbit. The new Pennsylvania railread tunnels connecting New Jersey and Long Island and extending under the island of Manhattan were formally opened. President McCrea of the Pennsylvania system and a party of friends and officials made the trip in the first car to pass through th big tubes. Mrs. William Hayes Chapman of New York, who recently inherited $10,000,000 upon her aged husband's death and who was reported to be engaged to General Count Spiridovitch of Russia, was secretly married to Philip von Volkenburgh in a country town in Connecticut. Lucius Tuttle was re-elected president of the Boston and Maine railroad by the directors at Boston. Charles S. Mellen, president of the New York, New Haven and Hartford railroad; J. P. Morgan of New York and William Skinner of Holyoke, Mass., were elected directors. A general strike of 40,000 women shirt waist makers voted by the Women's Waist Makers' union began in all women wages 30 from the demand 25 shops to in an per New increase cent York. and of The fifty-two hours to be a full week's work. Because the American Trust company of Philadelphia accepted as collateral security for a loan bonds of a coal company the value of which was uncertain the bank was closed by or der of State Commissioner of Banking William H. Smith. Governor Deneen of Illinois removed Sheriff Frank E. Davis of Alexander county because Davis allowed William James, a negro murde er, and Henry Salzner, white uxoricide, to be taken from the jail at Cairo and lynched. To the surprise of the faculty and students, Professor Harry Alonzo Cushing, dean of Columbia university Law school at New York, suddenly resigned and left the city. Christie MacDenalde the comic opera a singer, began suit at Buffalo for divorce from William Winter Jefferson, son of the late Joe Jefferson, the famous comedian. The Standard Steel Car company gave the 3.000 workmen employed in its plant at Butler, Pa., a 10 per cent increase in wages. Mrs. John Jacob Astor, who recently 2 obtained a divorce, sailed from New York on the Lusitania to pass the winter in Europe . $ While acting as right CRIMES halfback in a football 4 AND game at Orange. N.J.


Article from Vernon County Censor, December 1, 1909

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LIABOR AND INDUSTRY. The county board of Kenosha county has adopted plans for the rebuilding of the Kenosha jail for $18,000. Canal engineers were successful in hanging the emergency gate replacing the damaged leaf of the Poe lock. It was found to miter properly and work was immediately commenced placing cables. Locking has already commenced. There were some seventy boats held up. Assemblyman Fred Peterson, one of the most extensive cattle buyers in Appleton, has shipped two carloads of hogs to Chicago, the combined shipment being valued at $2,700. It is believed that these two are among the highest priced carloads of hogs ever shipped out of Wisconsin. The American Trust company of Philadelphia closed its doors. The company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble, according to Taber, is probably "undigested securities." A $500,000 trust deed of the Wisconsin Engine company, covering their plant at Corliss, to the Milwaukee Trust company to secure a bond issue of $300,000 issued by the engine company, was filed with the register of deeds. The proceeds of the bond issue will be used for working capital and to pay for improvements. After a prolonged discussion in the county board, it has been decided to appropriate the sum of $130,000 to erect a county asylum for the insane. The city of Marshfield won out by a narrow margin over its two rivals, in a contest for the location. Operations on the new building will be begun at once, and those having the matter in charge anticipate the erection of one of the finest county asylums in the state. W. J. Ferris, president of the La Crosse Water Power company, operating the Hatfield water power, has announced that the aim of the company is to connect Winona, La Crosse, Sparta, Eau Claire, Chippewa Falls, Menomonie, Hudson, St. Paul and Minneapolis with a continuous inter urban line. The company is meeting with some setbacks, Winona having turn down a fifty-year franchise Several smaller cities have already granted franchises.


Article from Iowa County Democrat, December 2, 1909

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LABOR AND INDUSTRY. Canal engineers were successful in hanging the emergency gate replacing the damaged leaf of the Poe lock. It was found to miter properly and work was immediately commenced placing cables. Locking has already commenced. There were some seventy boats held up. Assemblyman Fred Peterson, one of the most extensive cattle buyers ID Appleton, has shipped two carloads of hogs to Chicago, the combined shipment being valued at $2,700. It is believed that these two are among the highest priced carloads of hogs ever shipped out of Wisconsin. The American Trust company of Philadelphia closed its doors. The company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble, according to Taber, IS probably "undigested securities." A $500,000 trust deed of the Wisconsin Engine company, covering their plant at Corliss, to the Milwaukee Trust company to secure a bond issue of $300,000 issued by the engine company, was filed with the register of deeds. The proceeds of the bond issue will be used for working capital and to pay for improvements. After a prolonged discussion in the county board, it has been decided to appropriate the sum of $130,000 to erect a county asylum for the insane. The city of Marshfield won out by a narrow margin over its two rivals, in a contest for the location. Operations on the new building will be begun at once, and those having the matter in charge anticipate the erection of one of the finest county asylums in the state. W. J. Ferris, president of the La Crosse Water Power company, operating the Hatfield water power, has announced that the aim of the company is to connect Winona, La Crosse, Sparta, Eau Claire, Chippewa Falls, Menomonie, Hudson, St. Paul and Minneapolis with a continuous interurban line. The company is meeting with some setbacks, Winona having turned down a fifty-year franchise. Several smaller cities have already I granted franchises.


Article from The Washington Times, May 29, 1910

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BANKERS ACCUSED OF EMBEZZLEMENT Officials of Defunct Philadelphia Trust Company Placed Under Arrest. PHILADELPHIA, Pa., May 29. - J. Kinnear Crawford, president and first vice president of the suspended American Trust Company, this city, and Joseph S. C. Crawford his brother, secretary and treasurer of the concern, are locked up in City Hall in default of $10,000 ball each on embezzlement charges. The amount of loot secured from the company by the officers, it is charged, was between $50,000 and $200,000. Every attempt has been made by the Police Department to keep the arrests secret. Constable Murphy. of Magistrate Gallagher's office, accompanied by Detectives Emmanuel and Scanlon, placed the two men under arrest late last night in their home at 2410 North Broad street. The prisoners were taken to the office of Magistrate Gallagher late last night. J. Kinnear Crawford was held in $10,000 bail upon charges preferred by Albert L. Tabor, bank examiner, who was put in charge of the bank when it closed as temporary receiver. Early this morning Joseph S. C. Crawford was held under the same bail. Both men will be given a further hearing by Magistrate Gallagher on Wednesday. John C. Bell represents the stockholders in the case and will appear against them.