American Bond & Mortgage Company (Chicago, IL)

Episode Information

Episode UID
5902706191577
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
590270619 hash
Start Date
May 23, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
16453b00d55a09ff

Response Measures

None

Description

Company placed in receivership and later filed a voluntary bankruptcy petition; this is a mortgage company rather than a chartered bank.

Events (2)
1. May 23, 1931 Receivership
Newspaper Excerpt
Federal Judge James H. Wilkerson appointed the Chicago Title & Trust Co. receiver for the American Bond & Mortgage Co. yesterday.
Source
newspapers
2. September 5, 1931 Other
Newspaper Excerpt
A voluntary petition in bankruptcy was filed ... on behalf of the American Bond and Mortgage Co. at the direction of its board of directors.
Source
newspapers

Newspaper Articles (2)
1. May 23, 1931 Evening Star Washington, DC
Article from Evening Star, May 23, 1931

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Article Text

RECEIVER APPOINTED. CHICAGO, May 23 (P).Federal Judge James H. Wilkerson appointed the Chicago Title & Trust Co. receiver for the American Bond & Mortgage Co. yesterday. Application for a receivership was made by H. T. Clarke, a creditor. The company's affairs were placed in charge of protective committees in August, 1929, and the Department of Justice recently undertook an examination of the conduct of its business by the company's former officers. The American Bond & Mortgage Co. consented to the receivership, stating that best interests of all parties would be served "by an orderly administration looking toward an ultimate reorganization."

2. September 6, 1931 Evening Star Washington, DC
Article from Evening Star, September 6, 1931

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Article Text

MORTGAGE GROUP ASKS BANKRUPTCY Chicago Concern, Under Fire in Alleged Mail Frauds, May Get Receiver. By the Associated Press. CHICAGO, September 5.-A voluntary petition in bankruptcy was filed in United States District Court today in behalf of the American Bond and Mortgage Co. at the direction of its board of directors. Federal Judge James H. Wilkerson said he would hear a motion for appointment of a receiver September 10, and meanwhile directed Garfield Charles, referee, to consider the case. Several former officers of the company have been indicted recently by Federal Grand Juries in Boston and New York on mail fraud charges. No schedule of assets and Habilities was filed with the bankruptcy petition. The Chicago Title and Trust Co. has been acting for a year as receiver for the company under equity proceedings. The company's attorney said the directors authorized Arthur W. Draper, president, to file the voluntary petition after coming to the conclusion the company could not meet its debts in full. The mortgage company operates many large hotel and apartment buildings which it took over when the bonds were defaulted.