Article Text
Puter is Receiver, Chicago, Feb. 2.-E. M. Puter. of the American Trust and Savings Bank. was appointed receiver for the American Guaranty Company of Chicago today, in the United States Circuit Court. This
American Guaranty Company (Chicago, IL)
Episode Information
- Episode UID
6627326491307- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
662732649hash - Start Date
- November 1, 1908*
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
8298512fa75cf6a7
Response Measures
None
Description
The company was a West Virginia corporation operating in Chicago; it was dissolved by court order following the death of its president and discovery of large self-awarded commissions.
Events (3)
1.
November 1, 1908*
Other
- Newspaper Excerpt
- Charles La Tour Furey, who died last November, drew in the last three years about $300,000 -from the American Guaranty Company, of which he was president.
- Source
- newspapers
2.
February 1, 1909
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- Dissolution proceedings were initiated in West Virginia, leading to the appointment of a receiver.
- Newspaper Excerpt
- dissolution proceedings brought yesterday in the circuit court at Charleston, W. Va., by which a receiver in dissolution was appointed.
- Source
- newspapers
3.
February 2, 1909
Receivership
- Newspaper Excerpt
- E. A. Potter, of the American Trust & Savings Bank was appointed receiver for the American Guaranty company, of Chicago, today.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
A ONE-MAN CORPORATION. Chicago Man Drew $100,000 a Year from Guaranty Company. [By Telegraph to The Tribune.] Chicago, Feb. 2.-The almost unlimited possibilities of a "one-man corporation" were demonstrated clearly to-day when it was discovered that Charles La Tour Furey, who died last November, drew in the last three years about $300,000 -from the American Guaranty Company, of which he was president. No charges of criminality have been made, and it is probable the only question of legality involved is that of the validity of claims of his estate against the corporation. The contract under which he profited was self-awarded-made possible by Furey's absolute control of the affairs of the company. It gave him annual commissions of $2 on every $1,000 worth of business added since his connection with the company and of the same amount on every $1,000 of business gained or renewed. It was signed in 1903, but was dated back to 1901. It also provided for a continued payment of commissions to his heirs. This situation was discovered by E. A. Potter. president of the American Trust and Save ings Bank, who was appointed receiver for the company here this morning, following the formal dissolution of the corporation on Monday at Charieston, W. Va., in which state the corporation was incorporated.
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Article Text
Receiver for Guaranty Company. Chicago, Feb. 3-E A. Potter of the American Trust & Savings bank has been appointed receiver for the American Guaranty company of Chicago. This action is the immediate result of the dissolution proceedings brought
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Article Text
DISSOLUTION RECEIVER Appointed For the American Guaranty Co. of Chicago. Chicago, Feb. 2.-E. H. Potter of the American Trust & Savings Bank was appointed receiver for the American Guaranty company of Chicago today. This action is the immediate result of the dissolution proceedings brought yesterday in the circuit court at Charleston, W. Va., by which a receiver in dissolution was appointed. The appointment of a receiver here was made necessary in order that the entire assets of the company may be discovered.
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Article Text
Is Appointed Receiver CHICAGO, Feb. 2.-E. A. Potter of the American Trust & Savings bank was appointed receiver for the American Guaranty company of Chicago today. This action is the immediate result of the dissolution proceedings brought yesterday in the circuit court at Charleston, W. Va., by which a receiver in dissolution was appointed. The appointment of a receiver here was made necessary in order that the entire assets of the company be discovered.
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Article Text
RECEIVER FOR AMERICAN TRUST AND SAVINGS BANK By Associated Press. Chicago, Feb. 1-R A, Porter, of the American Trust and Savings Bank, was appointed receiver for the American Guaranty Company of Chicago today in the United States circuit court. This action was based upon and is the result of the dissolution proceedings brought yesterday in the circuit court at Charleston, W. Va., by which V. T. Baker, of this city, was appointed receiver in dissolution.
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Article Text
CHICAGO, Feb. 2.-E. A. Potter, of the American Trust & Savings Bank was appointed receiver for the American Guaranty company, of Chicago, today. This action is the immediate result of the dissolution proceedings brought yesterday in the c'rcuit court at Charleston, W. Va., by which a receiver in dissolution was appointed. The appointement of a receiver here was made necessary in order that the entire assets of the company be discovered.
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Article Text
RECEIVER FOR GUARANTY CO. E. A, Potter Appointed to Take Charge of Affairs of Chicago Financial Institution CHICAGO, February 3.-E. A. Potter of the American Trust & Savings bank was appointed as receiver for the American Guaranty company of Chicago, today. This action is the immediate result of the dissolution proceedings brought yesterday in circuit court at Charleston, W. Va., by which a receiver in dissolution was appointed. The appointment of a receiver here was made necessary in order that the entire assets of the company be discovered.
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Article Text
CONCENTRATE BANKS Depression Caused Chicago Institutions to Merge-Race Between State and National Banks Lively. Chicago, March 7.-Concentration of the banking busines in Chicago as a result of the depresion has been so rapid this year, smaller institutions to the number of four having been absorbed by larger ones. One case was dramatic in its suddenness, a court order upon the Royal Trust Company to turn over some $500,000 of the deposits of the American Guaranty Co., now in receivership, being hardly dry on the court records before the Central Trust Co., of which Charles G. Dawes, ex-comptroller of the currency, is president, "purchased" the Royal and a subsidary savings bank. It was announced that "negotiations" nad been under way for a year The court order proved most opportune and the Royal decided to sell, though some of the minority are not pleased. The race between the state and national banks is close, deposits last reported in the national banks being d $370,000,000, in the state banks, $343, 000,000. The rivalry as to cash resources is even eloser, those last reported by national banks being $156, d 000,000 as compared with the $135.d 000,000 reported by state banks, one state institution having on hand $29,000,000 and a national institution the sum of $46,000,000, a condition that does not suggest clearing house certificates.
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Article Text
Concentration of the banking business in Chicago as result of the depression has been rapid this year, smaller institutions to the number of four having been absorbed by larger ones. One case was dramatic in its suddenness, a court order upon the Royal Trust company to turn over some $500,000 of the deposits of the American Guaranty company, now in receivership, being hardly dry on the court records before the Central Trust company, of which Charles G. Dawes, ex-comptroller of the currency, is president, "purchased" the Royal and a subsidiary savings bank. It was announced that "negotiations" had been under way for a year. The court order proved most opportune and the majority stockholders of the Royal decided to sell, though some of the mimority are not pleased. The race between the state and national banks is close, deposits last reported in the national banks being $370,000,000. in state banks $343,000,000. The rivalry as to cash resources is even closer, those last reported by national banks being $156,000,000 as compared with the $135,000,000 reported by state banks, one state institution having on hand $29,000,000 and a national institution the sum of $46,000,000. a condition that does not suggest clearing house certificates.