3039. Georgia Loan & Trust Company (Savannah, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
September 15, 1893
Location
Savannah, Georgia (32.084, -81.100)

Metadata

Model
gpt-5-mini
Short Digest
3b7497d4

Response Measures

None

Description

No newspaper article describes depositor runs or heavy withdrawals. The company was placed in receivership (temporary receiver appointed, drilling open of safe, court hearings) beginning Sept 1893 and later creditors again sought a receiver in July 1894. This is a case of a company placed in a receivership (government/court action) due to alleged mismanagement and indebtedness; no run is reported. The outcome appears to be winding up/liquidation under receivership rather than a temporary suspension followed by normal reopening.

Events (6)
1. September 15, 1893 Receivership
Newspaper Excerpt
The safe was drilled and opened... Mr. Falconer was arrested for contempt. He then produced the books, which were turned over to the receiver. Mr. F. S. Lathrop was appointed temporary receiver.
Source
newspapers
2. September 15, 1893 Suspension
Cause
Government Action
Cause Details
Court-appointed temporary receiver (appointed after claims by creditors Hull & Lathrop; alleged mismanagement and president Falconer's pledged stock and overdue personal notes).
Newspaper Excerpt
The Georgia Loan and Trust Company is in a receiver's hands... Mr. F. S. Lathrop was appointed.
Source
newspapers
3. September 16, 1893 Other
Newspaper Excerpt
The hearing of the application for a permanent receiver for the Georgia, Loan & Trust Co., will come up before Judge Falligant... Mr. Falconer said a settlement will be affected probably this morning, and the receivership petition will be dismissed if settled.
Source
newspapers
4. September 21, 1893 Other
Newspaper Excerpt
Four receivership cases up yesterday... receivership of ... Georgia Loan and Trust Company. Judge Falligant seemed inclined to discharge the receiver and appoint some one else.
Source
newspapers
5. November 22, 1893 Other
Newspaper Excerpt
A meeting of the stockholders of the Georgia Loan and Trust Company... Steps were taken for immediately taking the company and its assets out of the hands of a receiver.
Source
newspapers
6. July 3, 1894 Suspension
Cause
Government Action
Cause Details
New creditor petition led to appointment of temporary receiver to wind up affairs after alleged further defaults and the president's disappearance; indicates continued insolvency and liquidation process.
Newspaper Excerpt
A bill has been filed ... asking for an injunction, accounting and the appointment of a receiver to wind up the company's affairs. Judge Falligant appointed Sheriff John T. Ronan temporary receiver.
Source
newspapers

Newspaper Articles (6)
1. September 15, 1893 The Morning News Savannah, GA
Article from The Morning News, September 15, 1893

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Article Text

IN A RECEIVER'S HANDS. The Georgia Loan and Trust Company in a Bad Way. The Georgia Loan and Trust Company is in a receiver's hands. Its affairs are in tangled condition, with little likelihood so far as the investigation of the receiver has gone, of being straightened out. The stock was very nearly all owned by William Falconer who organized the company and was its president and treasurer. A considerable amount was pledged by him as collatoral for personal loans. Failing to meet these loans and to make any satisfactory showing as to the condition of the company, a receiver was applied for and Mr. F. S. Lathrop was appointed. An expert accountant is going over the books to get at. if possible, the assets. Hull & Lathrop are among the principal creditors, and it was upon their application that Mr. Lathrop was appointed temporary receiver. A hearing will be had to-morrow before Judge Falligant to determine the appointment of a permanent receiver. COULDN'T GET AT THE BOOKS. Mr. Falconer was absent from the city when the application for a temporary receiver was made. The business of the company had been left in the hands of a bookkeeper who could give no information as to his whereabouts. Messrs. Hull & Lathrop had in the meantime disposed of their stock, but were unable to secure its transfer. Mr. Falconer's obligations having becomedue, and failing to secure a settlement or any assurance of one, they decided to take legal steps. Mr. Falconer was located in Charleston and was notified of the proceedings and was instructed to turn over the property of the company. He replied that he would do so at once, but failing to show up. an order was secured from Judge Falligant to open the safe, which Mr. Falconer said contained the company's books. THE SAFE OPENED. The safe was drilled and opened yesterday morning, but only a few unimportant books were found. A warrant was at once issued and Mr. Falconer, having returned to thecity, was arrested for contempt. He then produced the books, which were turned over to the receiver. So far as the investigation had gone last night very little information could be gained from them as to the company's condition. Mr. Falconer having control of the stock has wholly managed its affairs for the last two years. It paid a divideud of 8 per cent. up to the present year. That is about all the stockholders knew about it. Some time ago the president began buying up the stock. giving his personaisnote in payment and pledging the stock thus bought as security. In this way, according to his statement, he had bought all but about fifteen shares. These notes are past due. Hull Lathrop held "Mr. Falconer's personal notes for $8,500 partly secured by the company's stock and partly by other collateral which will cover all but $1,5000 of the loans. They also held indorsed notes for a considerable amount. which the indorsers were called upon to pay. The stockholders of the company have been unable to obtain any information as to its condition. No meeting has been held this year, and its offairs have been SO unsatisfactory that stockholders were anxious to dispose of their holdings. NO TROUBLE IN SECURING LOANS. Having confidence in his integrity, Mr. Falconer was able to obtain loans for a large amount, for which he gave his personal note. secured by stock in the company. He said last night that he has no doubt he will be able to effect a settlement to-day and that the bill for a reciever will be dismissed. In any event he will resist the present bill. He was allowed to 20 ves-

2. September 16, 1893 The Morning News Savannah, GA
Article from The Morning News, September 16, 1893

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Article Text

# To Make a Settlement. The hearing of the application for a permanent receiver for the Georgia, Loan & Trust Co., will come up before Judge Falligant in the superior court to-day. Mr. Falconer spent some time with the receiver assisting in the unraveling of the books. Everything was satisfactorily explained, and Mr. Falconer said last night that a settlement will be affected probably this morning, and the receivership petition will be dismissed.

3. September 20, 1893 The Dawson News Dawson, GA
Article from The Dawson News, September 20, 1893

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Article Text

Judge Simmon's Company All Right. We un derstand that the Georgia Loan and Trust Company, of Savannah, is in the hands of a receiver. But this company is not connected with the Georgia Loan and Trust Company of Americus, which is doing now and still expects to At do a fine business with our people. an early day it will again loan money to those who desire it. Judge k. F. Simmons has been managing the interests of this company here for three years past and in that time has never lost a single dollar from Terrell county.

4. September 21, 1893 The Morning News Savannah, GA
Article from The Morning News, September 21, 1893

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Article Text

ADJOURNED FOR THE TERM. The Superior Court Winds Up a Long Session. Judge Falligant to Hear Causes in Chambers Until Oct. 1-Four Receivership Cases Up Yesterday-A Sensation in the A. J. Miller Company Case-The Telegram Muddle Not Yet Settled. The superior court adjourned yesterday for the term, having been in continuous session over four months. Judge Falligant will hear causes in the chambers during the next few weeks. Judge Falligant and Solicitor General Fraser will go on the circuit in November which will occupy their time for about a month. Court will open again in Savannah in December. Four receivership cases came up yesterday morning, being the receivership of the concerns of the A. J. Miller Company, the Savannah/Telegram, Lloyd & Adams and Georgia Loan and Trust Company. Mr. Johnson, agent of W. A. Dodson, whose bid of $800 forthe material and supplies of the Savannah Telegram, was accepted by the receiver, was required to give a check for the amount. Mr. Johnson asked for permission to give bond for the amount he had bid upon his own property, included in the Telegram's assets. Judge Falligant refused to allow this, but ordered Receiver Doolan to keep the amount in a separate bank until the case shall be decided in December. Mr. Dodson holds a reservation of title to the material furnished by him to the Telegram, and does not propose to pay for his own property if he can help it. A LITTLE SENSATION. A little sensation developed in the A. J. Miller case. Mr. W. E. Wimpy, president of the Chatham Furniture Company, applied for further time, through his attorney, George W. Owens, Esq., to complete an inventory of the stock of the Miller company, which he is engaged upon with a view to making a bid. Mr. Wimpy testified that obstacles had been thrown in his way in making the inventory and that Mr. Jeff D. Miller had assaulted him in the store on Saturday. He had Mr. Miller arrested for the assault. According to Mr. Miller's story of the affair, Mr. Wimpy came in and asked him for permission to make an inventory. He told him that he would have to apply to the receiver. Mr. C. P. Miller, who was out at the time. Mr. Wimpy became very abusive to Mr. Miller, and shook a paper in his faec. Mr. Miller snatched the paper out of his hand and threw it on the floor, when Mr. Wimpy struck at him, grazing him on the cheek. Mr. Miller then struck Mr. Wimpy, knocking him down. The employes of the store separated them and prevented further difficulty. WARRANTS ISSUED. Mr. Wimpy swore out two warrants for Mr. Miller before Justice Naughtin, one to keep the peace and one for assault and battery. Mr. Miller was arrested and gave bond. Judge Falligant seemed inclined to discharge the receiver and appoint some one else, but the receiver showed that so far as he was concerned he had not attempted to interfere with Mr. Wimpy in making his inventory. He said further that he had discharged Mr. J. D. Miller when he heard of the difficulty. The case was postponed until Friday in order to give Mr. Wimpy an opportunity to complete his inventory and make a bid on the stock. J. B. Johnson, A. B. Moore and D. J. Morrison were granted letters of incorporation for the Liberty Brick Manufacturing Company. E. J. Kieffer, J. W. Davis, R. F. Baker and D. Griffin were appointed notaries public. An order to perfect service in the case of Mary A. Harris vs. James N. Harris, suit for divorce, by publication was granted.

5. November 22, 1893 The Morning News Savannah, GA
Article from The Morning News, November 22, 1893

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Article Text

TO DISMISS THE RECEIVER. A Meeting of the Stockholders of the Georgia Loan and Trust Company. An amicable meeting of the stockholders of the Georgia Loan and Trust Company was held yesterday afternoon at the office of Messrs. Harden, West and McLaws. The meeting was held for the purpose of deciding what should be done with regard to the receivership and the indebtedness of Mr. Falconer, the president and treasurer. Steps were taken for immediately taking the company and its assets out of the hands of a receiver. Mr. West made a statement to the meeting of the affairs of Mr. Falconer and of the company, upon which it appeared that there would be no difficulty at all in settling the litigation now pending against Mr. Falconer and the company. The meeting was a large one and nearly all the stock in the company was represented.

6. July 3, 1894 The Morning News Savannah, GA
Article from The Morning News, July 3, 1894

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Article Text

# THEY WANT A RECEIVER. More Creditors After the Georgia Loan and Trust Company. President Falconer Collected Some of the Assets and Took a Summer Trip. The Parsons-Desvergers Land Suit Settled by Drawing Lots-A Question of Pleas Brought Up in the City Court-The Term Opened in the Court of Ordinary. A bill has been filed in the superior court by J. A. Threatt and others against the Georgia Loan and Trust Company, asking for an injunction, accounting and the appointment of a receiver to wind up the company's affairs. The other parties to the petition are M. S. and D. A. Byck and T. J. Davis. Their claim against the company amounts to about $800. The petition sets forth that the company is indebted to other parties in large sums. Judge Falligant appointed Sheriff John T. Ronan temporary receiver and appointed next Saturday as the day for the hearing on the question of a permanent receivership. It will be remembered that a similar petition against the company was filed in the superior court some time ago by Hull & Lathrop, to whom the company was indebted. The company had lost a great deal through the manipulations of its president and manager, William Falconer, but an arrangement was made whereby matters were fixed up for a while, and a committee was appointed under whom the accounts of the company were to be collected and the concern was to go into liquidation. This committee undertook the work and employed Falconer as collector. The committee was to look after and supervise the work of marshaling the assets. This was done about four months ago. For two months the collections went on until, it is said, about $800 had been obtained. This was two months ago, at which time Falconer went north, presumably for a business trip, and from all accounts it was business with him. He has never been heard from since he left, and the belief is that he never will be. SETTLED THE CASE. A consent decree was taken in the superior court yesterday in the case of George Parsons againt Maxime J. Desvergers. The suit involved a certain tract of land at Thunderbolt. An agreement was entered into whereby the tract should be surveyed by Mr. Edward J. Thomas and divided into plats proportionate in value, or as nearly so as possible. The plot was made, and the two contestants then drew to decide which tracts should go to each. Mr. Parsons received a large tract fronting on the bluff and a small one on the road, while Mr. Desvergers got the smaller tract on the bluff and a large one on the road. It would be a hard matter to say which got the best of it. However, this being satisfactory to all parties, a consent decree was asked for and signed by the judge. The intervention of Goldstein Bros. and others in the case of C. O. Baxter and others against J. S. Tart was allowed by the court. A QUESTION FOR THE CITY COURT. The city court convened yesterday for the July term, and the greater part of the session was spent in calling the docket for assignments. Several default judgments were taken. A question came up during the morning on the matter of filing pleas to contested cases. There was a law upon this point passed in 1893, to which the attention of the court was called. It is usual in the court to file a plea of defense before the case is called on appearance day, otherwise a judgment can be taken by default. The law of 1893, however, does away with the plea of general issue, which was usual in such cases, and requires a plea that shall answer each allegation of the plaintiff's petition. This is considered a hardship by many members of the bar, and it is considered that time should be allowed, a week at least, in which to file the plea as required by law. Some of the attorneys thought the court could relieve the situation by passing an order to that effect. It has been held by some courts that the enforcement of the letter of the law is impracticable. Judge MacDonell thought the best plan would be to refer the matter to a committee from the bar, and this course will probably be adopted. IN THE COURT OF ORDINARY. The court of ordinary convened for the July term yesterday. An order to sell real and personal property was granted to John Screven, Jr., administrator of the estate of F. Buchanan. Letters dismissory were granted John Murken, administrator of the estate of J. H. Koster; Jordan F. Brooks, administrator of the estate of John Hill, and Dr. J. C. LeHardy, executor of the estate of E. P. LeHardy. A year's support was allowed Retta H. Elliott and children from the estate of Stephen Elliott, Jr. Letters of administration were granted to Otto Seiler on the estate of John Johnson. A caveat to the letters dismissory on the estate of John A. Douglass was filed. Dr. George H. Stone applied for extra compensation from the estate of James J. and John H. Monahan. Applications for letters of administration were filed by Charles Collins on the estate of Emmett J. Collins, and by Adam Kessel for letters of administration de bonis non cum testamento annexo on the estate of Christie Holverson. DEBT OF THE NATION. A Net Increase of $251,156 During