22307. Guarantee Loan and Trust Company (Seattle, WA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
May 27, 1896
Location
Seattle, Washington (47.606, -122.332)

Metadata

Model
gpt-5-mini
Short Digest
038d76d1

Response Measures

None

Description

The bank closed its doors and assigned for the benefit of its creditors (May 1896) and a receiver (Jacob Furth) was appointed June 19, 1896. Causes cited are injudicious loans on Washington property. No newspaper account describes depositor runs prior to or following the closure; the sequence is a suspension/assignment followed by receivership and litigation, consistent with a permanent closure.

Events (2)
1. May 27, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed and assigned because of injudicious loans on Washington property; insolvency implied.
Newspaper Excerpt
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.
Source
newspapers
2. June 19, 1896 Receivership
Newspaper Excerpt
Judge Langley yesterday signed an order appointing Jacob Furth receiver of the Guarantee Loan and Trust Company...The order simply changes his legal status from that of assignee to receiver, and thus enlarges his powers.
Source
newspapers

Newspaper Articles (10)
1. May 27, 1896 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 27, 1896

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BRIEF BITS OF NEWS. Col. John S. Mosby, the ex-Confederate soldier and more recently consul to Hong Kong, is lying critically at his home in San Francisco. 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. Mrs. R. De Young, Middleburg, Iowa, writes. I have used One Minute Cough Cure for SIX years, both for myself and children, and I consider it the quickest acting and most satisfactory cough cure I have ever used. FRANK SMITH.

2. 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.

3. May 29, 1896 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, May 29, 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.

4. June 19, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 19, 1896

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A Receiver Appointed. Judge Langley yesterday signed an order appointing Jacob Furth receiver of the Guarantee Loan and Trust Company. with orders that he proceed to collect from the stockholders of said company their statutory liability as such stockholders and distribute the fund according to law to those entitled. Bonds were fued at $5,000. This was done at the suit of Charles F. Munday, claiming to be n creditor to the amount of $361.37 as a depositor. Mr. Furth Is already assignee of the corporation. The order simply changes his legal status from that of assignee to receiver, and thus enlarges his powers.

5. June 19, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 19, 1896

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New Sults Filed. The following new suits were filed in the superior court yesterday: Charles F. Munday vs. Guarantee Loan and Trust Company-For appointment of & receiver. State Vs. Albert E. Boyd-Assault and battery: transcript on appeal from municipal court. W. L. Coggshall VS. Bernard Meyer et al.-$470.25, and foreclosure of mortgage on east half of northeast quarter and north half of southeast quarter of section 34, township 20 north, range 7 east.

6. November 27, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 27, 1896

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LEGAL NOTICES. IN THE SUPERIOR COURT OF THE State of Washington for King County-J. R. Burnham, plaintiff, vs. C. E. W. Bowers, P. B. Bowers, Maggie Bowers, the Guarantee Loan and Trust Company, a corporation, and Jacob Furth, its assignee and receiver: Phillip B. Bowers, G. M. Faulkner, C. E. Remsberg and King county, defendants. No. 22,999. Summons for Publication. The State of Washington to the said C. E. W. Bowers, P. B. Bowers. Maggie Bowers and Phillip B. Bowers, Defendants Above Named: You and each of you are hereby summoned to appear within sixty (60) days after the date of the first publication of this summons, to-wit: Within sixty (60) days after the 27th day of November, 1896, and defend the above-entitled action in the above-entitled court, and answer the complaint of the plaintiff and serve a copy of your answer upon the undersigned attorneys for plaintiff, at their office below stated; and in case of your failure so to do, judgment will be rendered against you according to the demand. of the complaint, which has been filed with the clerk of said court. The object of the above-entitled action is to obtain judgment against the defendants, C. E. W. Bowers, Maggie Bowers and P. B. Bowers, and Jacob Furth as receiver and assignee of the Guarantee Loan and Trust Company, for the sum of $1,096.52 upon the notes given to the Guarantee Loan and Trust Company and assigned to the plaintiff, and for the costs of this action, including an attorneys' fee of $40; also praying for a decree establishing and foreclosing a certain mortgage given to secure the payment of the above indebtedness and recorded in the mortgage records of the auditor's office of King county, state of Washington, in volume 49, on page 141 thereof, and describing and covering the following lands, situated in said county, to-wit: All the southeast onequarter (S. E. 1/4) of the southwest onequarter (S. W. 1/4) of section five (5), township twenty-six (26) north, range five (5) east, W. M., containing 40 acres; also praying that in said decree the Interest of each of the defendants in and to said property be declared junior, inferior and subordinate to plaintif's interest therein, and that the equity of redemption of each of the defendants be forever barred and foreclosed, and for generale equitable relief. HASTINGS & STEDMAN. Plaintiff's Attorneys. P. O. Address: 64 Haller Building, Seattle. King County, Washington.

7. 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.

8. May 9, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 9, 1897

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Court Notes. The cost bill for witnesses in the Newton Hunter case foots up something over $100. The suit of John Campbell against the county, set for May 13, was continued yesterday till June 3. The case of C. Rabel vs. The Washington Iron Works was continued yesterday from May 13 to May 26. The Queen City Printing Company case was again continued in the superior court one week by agreement. Motion to revive judgment in the case of Fischer vs. Kittenger was denied by Judge Benson yesterday. The city's suit against the Spring Hill Water Company has again been continued one week by agreement. Sale of real estate was confirmed yesterday in the case of Amy C, Jackson vs. J. P. H. Morris et al. Appraisement has been dispensed with in the Eilt T. Oltmanns estate. and the sale of personal property ordered. In the case of John N. Eckles vs. Jennie L. Eckles, Judge Moore yesterday ordered a decree in favor of the plaintiff. In the case of the state vs. Wilcox. an assignment of judgment of F. F. Twichell was filed yesterday for costs in the case. In the matter of the guardianship of Walter Scheuerman Judge Moore yesterday signed an order authorizing the sale of real estate. In the case of Charles F. Munday vs. the Guarantee Loan and Trust Company, D. W. Corbitt yesterday filed a petition for leave to sue the receiver. Judge Moore yesterday signed an order in the case of C. E. Vilas vs. Watson C. Squire et ux., settling interrogatories and appointing commissioners to take deposition. In the matter of the assignment of Riley Bros., the hearing of the motion that the receiver show cause why he should not pay certain money into court has been set for May 14. In the case of John Cranstoun vs. The Seattle Transfer Company. non-suited by Special Judge John H. Powell, the plaintiff yesterday filed notice and motion for a new trial. Default was entered yesterday in the following cases: William Copland vs. B. B. Freed et al.: William E. Hacker vs. Andrew Let et al., as to the John Schram Co. In the case of J. W. Hughes vs. The Seattle Savings Bank, the demurrer to George B. Adair's petition, reported several days ago, was yesterday sustained by Judge Moore. The hearing on various motions and demurrers in the case of the Puget Sound National Bank vs. the Spring Hill Water Company has been set for tomorrow afternoon at 3 o'clock. The Fidelity and Deposit Company, of Maryland, yesterday filed in the county clerk's office a certificate from the secretary of state confirming its authority to transact business in this state. Manager W. M. Russell's suit against the Seattle Amusement Company and Receiver Charles H. Baker was again continued in the superior court yesterday by agreement, going over until Monday. Sheriff's sale of real estate was confirmed yesterday in the case of Lewis A. Lukens vs. Michael Mullins et al. The mortgaged property. four lots in block 18, Walla Walla addition, was bid in by the plaintiff April 16 for $3,097.72. George W. Britain yesterday filed an affidavit explaining his failure to pay into court the suit money in the divorce case now pending against him. He claims to have sold certain property and turned over the proceeds, $30, to his wife by agreement. William V. Keating has judgment against Minnie M. Hayward et al., for $2,548.57, $125 attorney's fee and foreclosure. The suit grew out of a $2,200 promissory note of January 15, 1892, secured by a mortgage on lot 9, block 20, Denny's plan of North Seattle.

9. May 13, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 13, 1897

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Company judgment by default against Charles T. Conover for $1,185.82 and costs, The case of Fred Burch vs. W. Lindsley was continued in Judge Benson's court yesterday indefinitely. Sheriff's sale of real estate was confirmed yesterday in the case of Robert P. Wilder VS. Nannie Wickersham et al. In the Guarantee Loan and Trust Company receivership proceedings leave was granted yesterday to Eliza B. Stetson to sue Receiver Furth. The Hennigar-Stetson and Martin-Kaufman cases were transferred yesterday from the civil to the criminal department of the superior court. Petition was filed in the probate department of the superior court yesterday for probate of the will of David H. Vail, together with application for letters of administration. In the case of Joseph E. Nichols vs. George J. Milley, Inc., the jury in the civil department of the superior court yesterday returned a verdict in favor of the plaintiff for $285. James M. Epler and James E. Morrison have given notice of their withdrawal of

10. May 16, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 16, 1897

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Court Notes. The Rouse divorce case has been set for hearing on May 24. Sheriff's sale of real estate was confirmed yesterday in the case of F. F. Cooper vs. Adelbert M. Fisher. Charlotte Johnson was yesterday awarded judgment for $591.80 and foreclosure, against Kristian Ostensen. The suit of the city against the Spring Hill Water Company was yesterday continued one week by agreement. Permission was yesterday granted to Mary D. Malone to sue the receiver of the Guarantee Loan and Trust Company. Judge Jacobs yesterday granted the motion to revive judgment for $866.13 in favor of R. J. Graham vs. Hugh Hume et al. In the case of John Campbell vs. N. C. Peterson, writ of garnishment has been served on Frank Sandell and J. L. Anderson. The case of the Commercial National bank vs. H. W. Wheeler was yesterday dismissed as to the National Investment Company. Paul M. Elsasser has judgment against Thomas R. Fleming for $10,384.65 and a $500 attorney's fee, with foreclosure, based on a promissory note and mortgage of April 1, 1896. In the two tax suits of A. Melhorn and John Manion against the city, motions for new trials were granted yesterday in Judge Jacobs' court, and both cases were set for May 18. Judge Moore yesterday granted Louisa Cooke a decree of divorce from James T. Cooke, with title to the community property, and permission to resume her former name, Louisa Beaumont. In the Watson divorce case Judge Moore yesterday ordered John Watson to pay to Alice Watson $5 per week for the support