3420. American Investment Company (Emmetsburg, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
June 7, 1894
Location
Emmetsburg, Iowa (43.113, -94.683)

Metadata

Model
gpt-5-mini
Short Digest
15a0b5d9

Response Measures

None

Description

The American Investment Company (Emmetsburg, IA) was placed in the hands of a receiver on June 7, 1894; subsequent reporting describes the receiver's actions (preferential claims) and sale of mortgages to satisfy debentures. There is no mention of a depositor run or reopening — this is a defunct investment company placed into receivership/closure by court order.

Events (2)

1. June 7, 1894 Receivership
Newspaper Excerpt
United States Judge Shiras at Dubuque, Ia., appointed a receiver for the American investment company of Emmettsburg. ... June 7, when the receiver was appointed.
Source
newspapers
2. December 1, 1894 Other
Newspaper Excerpt
Pay the poor first, is the spirit of the order issued by Judge Shiras to Receiver Allen of the American Investment company of Emmetsburg, Ia. ... he ordered the receiver to prefer all such claims.
Source
newspapers

Newspaper Articles (6)

Article from The Irish Standard, June 16, 1894

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THE IRISH STANDARD: SATURDAY, JUNE 1 MINOR NEWS ITEMS. CAPITAL NEWS. For the Week Ending June 13. and The Nation's Lawmakers The Isaac D. Smead foundry company tches What They Are Doing. at Toledo, a, failed for $250,000. the Burglars opened the safe in a private ettlebank at Bridge, Ont., and stole $4,000. The Progress Made on Various Measures of Importance in the Senate and Mrs. Henry L. Sweet and her 3-yearOhio House-Daily Proceedings old son were drowned at Duluth, Minn. to Briefly Recorded. Richard Croker, the ex-central power of Tammany hall, has sailed for Euit SENATE. rope. WASHINGTON, June 8.-The action of ining Flames in the lumber yard district of the the attorney general in claiming $15,Dubuque, Ia., destroyed property 000,000 of the Stanford estate was disworth $500,000. on cussed in the senate yesterday, after Sir Matthew Baillie Degbie, chief which the tariff bill was further con7,000 justice of British Columbia, died at his sidered. vork. home in Victoria. to WASHINGTON, June 9.-In the senate Five men were seriously hurt and ester yesterday the diplomatic and consular property worth $310,000 destroyed in a deappropriation bill ($1,579,438) and the fire in Kansas City, Mo. and army appropriation bill ($23,606,148) Congressman Breckinridge is no longwere reported. The tariff bill was er on the honorary roll of the Union Ohio further discussed. A resolution to set League club of Chicago. at rest the claim of the United States Col. Fred Grant denies that his sisagainst the estate of Leland Stanford deter, Nellie Grant Sartoris, is to marry was laid on the table. Gen. Douglas, of Maryland. WASHINGTON, June 11.-A bill was left Forest fires in Michigan swept a dispassed in the senate on Saturday diacviding the salaries of railway postal trict 1 mile wide and 5 miles long and minclerks into seven grades varying from wiped out the town of Sagoda. 8800 to $1,800 per year. Several schedForty-seven graduates of the naval ules in the tariff bill were disposed of academy at Annapolis were given that WASHINGTON, June 12.-The senate diplomas by Secretary Herbert. that yesterday entered on the eleventh The German national bank at Dennot. week of the tariff debate and nineteen ver, Col., closed its doors with deposits pages of the measure were disposed of. of $853,000; resources, $1,777,000. honWASHINGTON, June 13.-Senator Three members of a "suicide club" they Squire, of Washington, introduced a died within a short time of each other his bill in the senate yesterday for the at Bellevue hospital in New York. He free coinage of silver. The wool feaD. L. Harkness, dairy and food comture of the tariff bill was discussed. 0 missioner of Wisconsin, died at his The House. the home in Berlin of blood poisoning. what WASHINGTON, June 8.-A bill for a SI An earthquake at Grenada and Aldo to new public building at Elgin, Ill., was mere, in Spain. destroyed a number of setfavorably reported in the house yesterbuildings and killed several people. day, as was also one for the survey of Lack of rain is injuring the crop a ship canal route from the Ohio river prospects in nearly all of the western to Lake Erie. states. Illinois corn is in good condiWASHINGTON, June 9.-In the house Comtion. yesterday the Indian appropriation Four members of a boating party bill was considered. It was decided roke were drowned by the capsizing of by the committee on interstate and detheir boat on a lake near Brewster, foreign commerce to report a bill for N.Y. the acquirement of the Nicaragua canal EN in Mrs. Lois Tritton, who was the last by the government and for carrying on the slave sold at auction in New Haven, the work to completion. not WASHINGTON, June 11.-In the house Conn., (in 1825), is dead at the age near of 95. on Saturday the session was brief, and practically no business was tranThe American Investment company their sacted. A bill was introduced to limit at Emmettsburg, Ia., with a capital of and the rates of sleeping cars to one-half of $800,000, went into the hands of a recan one cent a mile for lower berths and ceiver. Tb one-third of one cent a mile for upper In a race lasting six hours on the Forty a poberths. acre cas Thames the American yacht Satinata lings Af WASHINGTON, June 12.-No business defeated Wales' Brittania- by seven arket and $2 was transacted in the house yesterday Pa minutes. of of land because of the lack of a quorum. the Eleven persons were injured in a Th WASHINGTON, June 13.-In the house fronting collision between two trains near StillSaints yesterday a bill was passed setting roofs water, R. I., and the property damage The aside $100,000 from the fund belonging fornia, 8 and was heavy. be of int to the estates of the deceased colored To check the tendency to lower valls, "TI soldiers of the war for the purpose of Diego, o prices Wisconsin paper manufacturers Francisco erecting in the District of Columbia a have decided to close their mills two To national home for aged and infirm ter of of days a week. Los Pali colored people. The Indian appropriThe three national banks at Deaddrag San Raf ation bill was favorably considered lands al wood, S. D., were consolidated and and a bill was favorably reported to wine an ossiwill be known hereafter as the First San Raf restore to the pension rolls the widows in national bank. years wl of soldiers who had been dropped bethe valle Samuel Slausen, president of the Excause of remarriage, and whose second been the 160,00 change bank at Ottawa, O., which husbands have died. ravines failed recently, has been indicted for propert and Little Left for the Creditors. embezziement. best lan and sup] SIOUX CITY, Ia., June 11.-Assignee A St. Bernard dog suffering from hyAs H. Hubbard, of the Union Loan & quoted f drophobia bit five men and two women fornia. Trust company, which failed over a in Dallas, Tex., three of them being "TI has year ago for over $7,000,000, has Is it ada fatally injured. that The soil made a report in the district court that Four jockeys were hurt and two laws as any o the company will not pay its common horses killed in the handicap steeple apples, 30 creditors over five cents on the dollar. He will chase, the first of the season at Haw"As venMr. Hubbard is also assignee of D. T. thorne, near Chicago. agement seemed Hedges, and of the Hedges estate he Alfred Johnson, a Swede laborer at two land sell reports that general creditors will get Delano, Minn., cut his wife's throat this mag the about fifteen cents and certain prewas orig and then killed himself. Loss of money light Coj ferred creditors about twenty-five had made him crazy. bery cents on the dollar. Mr. Hedges failed Car thieves Vincennes, Ind., bound of for about $1,500,000. it and gagged Claude McAlpin, who knew L Big Deal in Farm Land. of their work, and shipped him to Mexico in a closed car. SIOUX CITY, Ia., June 12.-The largest gon, C deal in farm land in the history of Bill Dalton's brother, Littleton, has western Iowa was made here Monday. identified the remains of the bandit at For Mulhall Brothers, of Rock Rapids, purArdmore, I. T., as those of the notorion chased of the assignee of the Union ous and much killed Bill. first Loan and Trust company 3,000 acres King William, the largest horse in of the Missouri river bottom lands, the world, being 271/2 hands high and situated in this county, at $24 an acre weighing 3,027 pounds, died at Chestercash. Less than 1,000 acres are imton, Ind. He was valued at $10,000. agers proved. Officers were elected by the supreme and Mother and Son Drowned. council of the Royal Arcanum in session at Detroit, C. W. Hazzard, of MoDULUTH, Minn., June 12.-Mrs. Henry ings, L. Sweet and her 8-year-old son were nongahela, Pa., being chosen regent. found dead on the shore of Lake SuThe national section of the Cadets of ,000. Or perior Monday evening. They had Temperance held their annual convenbeen out for a walk and it is supposed tion at Hoboken, N. J., delegates from for the boy went into the water beyond all parts of the United States being the


Article from Iowa County Democrat, July 5, 1894

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stating that Rev. L. C. Alvord, who wandered away from Denver two years ago while insane, is now in Russia. Mrs. O. J. Earnes, who said she lived in Chicago, was arrested in Vincennes, Ind., on the charge of obtainmg money under false pretenses. She claimed to be representing the Universal aid society, of which she said the mayor of Chicago was president. Some time ago a prominent Catholic died in Mobile. Ala., and left $2,000 to be used by the priest of St. Joseph's Catholic church in saying masses for the repose of his soul. His relatives contested the will and the supreme court of Alabama has decided that as there is no living beneficiary of the trust it is void. Frank and Ralph Lindsay were standing under a tree at Tuscola, III., when lightning struck it. The flash killed Frank instantly, and Ralph was severely injured. At Garett, four miles west, a large elevator belonging to Marr & McLaughlin, was blown down. T. J. Carran, a prominent banker of Los Angeles and ex-state senator of Ohio, who was to have nominated Millard for lieutenant governor at the convention at Sacramento, Cal., failed to appear. He was found dead in his room. Apoplexy is supposed to have caused death. United States Judge Shiras at Dubuque, Ia., appointed a receiver for the American investment company of Emmettsburg. The company claims assets amounting to $600,000. but only $54 of this is in cash, and the balance is made up of almost worthless equities upon land in the Dakotas. Governor Waite has granted a respite to L. J. Streeter, who was to have been executed this week for the murder of Marshal Cook at Como. If he does not get another respite he will be executed during the week of September 23. True bills have been found against Tom Henderson and C. A. Johnson, who were being tried in Greenville, Tex., for swindling the railroad companies by tying cheap cattle to the tracks and then getting a large sum after the stock had been killed. Sheriff Parke, Government TownSite Surveyor William Moorey, W. J. Shawcross and Fred Hoyt are under arrest, charged with conspiracy in opening the town of Perry, Okla., last September. The jury indicted them for alleged crookedness in seizing a town block in Perry. An electrical storm passed over Fort Wayne, Ind. The lightning struck in many places, and one residence was demolished, but the family escaped with only slight shocks. Just before the storm the heat was intense, and five track builders on an electric railroad on Spy Run avenue suffered from sunstroke. Louis A. Ramm will not recover. Miss Frances E. Willard. president of the world's and national Woman's Christian temperance unions, was welcomed from her trip abroad at Calvary Baptist church, New York city. There was a large attendance. Addresses were made by Mrs. Mary T. Burt of the Woman's Chris


Article from Morris Tribune, December 5, 1894

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PAY THE POOR FIRST. Gertain Claims Against a Defunct Invest ment Company Made Preferred. DUBUQUE, Ia., Nov. 30.-"Pay the poor first," is the spirit of the order is. sued by Judge Shiras to Receiver Allen of the Americrn Investment company of Emmetsburg, Ia. June 7, when the receiver was appointed, claims aggregating $160,000 had been filed for collection on the mortgages which President Ormsby had failed to remit to the mortgage holders. Judge Shiras Thursday night heard the complaint of Eliza Caroill, whose little $600 was invested in one of these mortgages, and he ordered the receiver to prefer all such claims. The assets applicable to this purpose are just about sufficient. A Scheme of Capitalists. The mortgages held by the Mercantile Trust company of New York are to be sold in that city Dec. 14, to redeem the debentures. If Judge Shiras had not made this order it would have been practicable for New York speculators holding most of the debentures to carry out a plan they had formed to buy these mortgages below their value and present a claim to the receiver for the remainder necessary to satisfy the debentures. Now, however, the resources of the receiver will be used first in paying the preferred claims.


Article from The Redwood Gazette, December 6, 1894

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PAY THE POOR FIRST. Certain Claims Against a Defunct Investment Company Made Preferred. DUBUQUE, Ia., Nov. 30.-"Pay the poor first," is the spirit of the order issued by Judge Shiras to Receiver Allen of the Americrn Investment company of Emmetsburg, Ia. June 7, when the receiver was appointed, claims aggregating $160,000 had been filed for collection on the mortgages which President Ormsby had failed to remit to the mortgage holders. Judge Shiras Thursday night heard the complaint of Eliza Caroill, whose little $600 was invested in one of these mortgages, and he ordered the receiver to prefer all such claims. The assets applicable to this purpose are just about sufficient. A Scheme of Capitalists. The mortgages held by the Mercantile Trust company of New York are to be sold in that city Dec. 14, to redeem the debentures. If Judge Shiras had not made this order it would have been practicable for New York speculators holding most of the debentures to carry out a plan they had formed to buy these mortgages below their value and present a claim to the receiver for the remainder necessary to satisfy the debentures. Now, however, the resources of the receiver will be used first in paying the preferred claims.


Article from The Pioneer Express, December 7, 1894

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AN UPRIGHT JUDGE. Resources of n Receiver Must Pay the Claims of the Poor. Dubuque, Iowa, Dec. .1-"Pny the poor first," is the spirit of the order issued by Judge Shiras last night to Receiver Allen, of the American Investment Company of Emmetsburg, Iowa, June 7. when the receiver WAS appointed. Claims aggregating $100.000 had been filed for collection on the martgages which President Ormsby had failed to remit to the mortgage holders. Judge Shiras last night heard the complaint of Eliza Caroill, whose little $600 was invested in one of these mortgages, and he ordered the receiver to prefer all such claims. The assets applicable to this purpose are about sufficient. The mortgages held by the Mercantile Trust Company of New York are said to be sold in that city Dec. 14 to redeem the debentures. If Judge Shiras had not made this order of last night. It would have been practicable for New York speculators holding most of the debentures to carry out n plan they had formed to buy these mortgages below their value and present a claim to the receiver for the remainder necessary to satisfy the debentures. Now, however, the resources of the receiver will be used first in paying the preferred claims.


Article from Bismarck Weekly Tribune, December 7, 1894

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PAY THE POOR FIRST Judge Shiras Makes Certain Claims Against a Defunct Investment Company Preferred. SHUTS OFF SPECULATORS Who Had Intended Buying Up the Mortgages For Less Than Their Their Face Value. DUBUQUE, Ia., Dec. 1.-"Pay the poor first," is the spirit of the order issued by Judge Shiras to Receiver Allen of the Americrn Investment company of Emmetsburg, Ia. June 7, when the receiver was appointed, claims aggregating $160,000 had been filed for collection on the mortgages which President Ormsby had failed to remit to the mortgage holders. Judge Shiras Thursday night heard the complaint of Eliza Caroill, whose little $600 was invested in one of these mortgages, and he ordered the receiver to prefer all such claims. The assets applicable to this purpose are just about sufficient. A Scheme of Capitalists. The mortgages held by the Mercantile Trust company of New York are to be sold in that city Dec. 14, to redeem the debentures. If Judge Shiras had not made this order it would have been practicable for New York speculators holding most of the debentures to carry out a plan they had formed to buy these mortgages below their value and present a claim to the receiver for the remainder necessary to satisfy the debentures. Now, however, the resources of the receiver will be used first in paying the preferred claims.