Farmers Loan & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: October 9, 1889
Location: Anthony, Kansas (37.153, -98.031)

Metadata

Model: gpt-5-mini
Short Digest: a8932be7

Response Measures

None

Description

The bank decided to go into the hands of a receiver (Oct 1889 mention) and subsequently 'assigned for the benefit of its creditors' (July 3–4, 1890). No runs are described in the articles; failure/assignment is due to bad loans/poor securities (bank-specific adverse information).

Events (3)

1. October 9, 1889 Other

Newspaper Excerpt: The Anthony Loan & Trust company...has decided to stop business...has decided to go into the hands of a receiver. ANTHONY, Kan., Oct. -The stockholders of the Farmers' LORN and Trust company were in session again to-day. ... whether it was best to continue in business ... or to retire from business altogether. No decision was reached and another meeting will be held to-morrow.
Source: newspapers

2. July 3, 1890 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Large losses from loans placed on poor securities and trusting local agents; depreciation of values led to inability to meet obligations.
Newspaper Excerpt: HEAVY FAILURE AT BOSTON. The Farmers' Loan and Trust Company...Forced to Assign. BOSTON, July 3.-The Farmers' Loan and Trust Company...has assigned for the benefit of its creditors.
Source: newspapers

3. July 4, 1890 Receivership

Newspaper Excerpt: The Farmers' Loan and Trust company, of Kansas, 20 Water street, this city, and Anthony, Kan., has assigned for the benefit of its creditors.
Source: newspapers

Newspaper Articles (4)

1. October 10, 1889 The Helena Independent Helena, MT

Article from The Helena Independent, October 10, 1889

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Article Text

A Trust Company Retires From Business. BOSTON, Oct. 9.-The American Wool Reporter will say to-morrow: "The Anthony Loan & Trust company, of Anthony, Kas., with an office also in Boston, has decided to stop business. It was started in 1886 with a nominal capital of $250,000, only R portion of which, however, was paid in, and the company has done but a moderate business. The Anthony Loan & Trust Co., rather than have back interest accumulate beyond the amount of their capital, has decided to go into the hands of a receiver. They assert their securities are mainly held by their own friends." ANTHONY, Kan., Oct. -The stockholders of the Farmers' LORN and Trust company were in session again to-day. The entire session was devoted to a discussion of the question whether it was best to continue in business by covering the present embarrassment by an arrangement with the creditors and the negotiation of a loan. or to retire from business altogether. No decision was reached and another meeting will be held to-morrow.

2. July 4, 1890 Daily Tobacco Leaf-Chronicle Clarksville, TN

Article from Daily Tobacco Leaf-Chronicle, July 4, 1890

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Article Text

POOR SECURITIES Causes the Farmers' Loan and Trust Company of Kansas to Go Under. BOSTON, July 4.-The Farmers' Loan and Trust company, of Kansas, 20 Water street, this city, and Anthony, Kan., has assigned for the benefit of its creditors. At the office of the company it was said Thursday morning that no statement of assets and liabilities is yet possible. President Benjamin Dickerman has sent to each security holder the report of General Manager Coffin to the effect that he has visited the counties where $2,000,000 of the outstanding $3,000,000 loans are placed and investigated the securities as fully as possible. The system of trusting to local agents has proved pernicious, and large losses must result in loans placed before the company's examiner had reported. The depreciation of values in many cities and towns will entail large losses. In Harper county, Kan., where $640,000 was loaned the outlook is promising. West of Harper county, where over $1,000,000 was placed, securities average very poorly.

3. July 4, 1890 Telegram-Herald Grand Rapids, MI

Article from Telegram-Herald, July 4, 1890

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Article Text

HEAVY FAILURE AT BOSTON. The Farmers' Loan and Trust Company. of Kansas, Forced to Assign. BOSTON, July 3.-The - Farmers' Loan and Trust Company, of Kansas, at 20 Water street, in this city, and Anthony, Kan., has assigned for the benefit of its creditors. At the office of the company it was said this morning that no statement of assets and liabilities is yet possible. President Benjamin Dickerman has sent to each security holder the report of General Manager Coffin to the effect that he has visited the counties where $3,000,000 of the outstanding $3,000,000 loans are placed and investigated the securities as fully as possible. The system of trusting to local agents has proved pernicious and large losses must result in loans placed before the company's examiner had reported. The depreciation of values in many cities and towns will entail large losses. In Harper County, Kan., where $640,000 was loaned, the outlook is promising. West of Harper County, where over $1,000,000 was placed, securities average very poorly.

4. July 12, 1890 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, July 12, 1890

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Article Text

LOANS ON POOR SECURITY. Farmers' Loan and Trust Company of Kansas Assigns-Large Losses from Poor Management. BOSTON, July 4.-The Farmers' Loan and Trust Company of Kansas, 20 Water street, this city, and Anthony, Kan., has assigned for the benefit of its creditors. No statement of assets and liabilities is yet possible. President Benjamin Dickerman has sent to each security holder the report of general manager Coffin, to the effect that he has visited the counties where $2,000,000 of the outstanding $3,000,000 loans are placed and investigated the securities as fully as possible. The system of trusting to local agents has proved pernicious and large losses will result from loans placed before the company's examiner reported. The depreciation of values in many cities and towns will entail large losses. In Harper County, Kansas, where $640,000 was loaned, the outlook is promising. West of Harper County, where over $1,000,000 was placed, securities average very poorly.