Closed by state banking commissioner; permanent receiver and embezzlement charges followed.
Events (3)
1.November 17, 1909Suspension
Cause
Government Action
Cause Details
Ordered closed by State Commissioner of Banking due to the institution being in an unsafe and unsound condition reportedly from 'undigested securities' (bad loans/collateral).
Newspaper Excerpt
The state department of banking today ordered the American Trust company of Philadelphia closed.
Source
newspapers
same day
2.November 17, 1909Receivership
Newspaper Excerpt
A. L. Taber (Taylor), state bank examiner, has been appointed temporary receiver and immediately took charge of the company's affairs.
Source
newspapers
+6 months
3.May 29, 1910Other
Newspaper Excerpt
Officials of the suspended American Trust Company... are locked up... on embezzlement charges involving between $50,000 and $200,000.
Source
newspapers
Newspaper Articles (19)
1.November 17, 1909The Daily Gate CityKeokuk, IA
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BANK CLOSED BY OFFICIALS American Trust Company of Philadel. phia Is In the Hands of a Receiver. PHILADELPHIA, Pa., Nov. 17-The American Trust Company was ordered closed today by the state commissioner of banking. A. L. Taber, state bank examiner has been appointed temporary receiver. The trouble according to Taber is probably undigested securities. The capital of the bank is $200,000 and it has a surplus and undivided profits of $700,000; total deposits of the bank amount to about $400,000.
2.November 17, 1909The Washington TimesWashington, DC
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PHILADELPHIA BANK CLOSES ITS DOORS Commissioner Orders American Trust Company to Suspend Business. 17.-The PHILADELPHIA, Nov. American Trust Company, Broad street and Ridge avenue, was ordered closed today by State Commissioner of Banking Smith. : Al Taber, State bank examiner, has been appointed temporary receiver. The trouble. according to Receiver Taber, was probably "undigested securities." It is claimed that the institution had never recovered from the panic of 1907. The capital of the bank is $200,000. and has a surplus and undivided profits of $74,878. Total deposits of the bank amount appreximately to $100.000
3.November 17, 1909Deseret Evening NewsSalt Lake City, UT
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AM. TRUST CO. OF PHILADELPHIA CLOSED Philadelphia, Nov. 17.-The state department of banking today ordered the American Trust company of Philadelphia closed. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the institution troubles. The company is a small concern and the failure had no effect on other institutions.
4.November 17, 1909The Marion Daily MirrorMarion, OH
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AMERICAN TRUST COMPANY CLOSED By United Press Wire. Philadelphia, Nov. 17.-The American Trust Co. was ordered closed today by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble according to Taber is probably "undigested securities." The capital of the bank is $200,000 and it has a surplus and undivided, profit of $74,878. Total deposits of the bank amount approximately to $400,000.
STATE BANK CLOSED. Harrisburg, Pa., Nov. 17.-The state department of banking today ordered the American Trust company of Philadelphia closed. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the institution's troubles. The company is a small concern and the failure had no effect on other institutions,
6.November 18, 1909The Marion Daily MirrorMarion, OH
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wa THE MEAT OF IT W. D. Lash, 63, for 34 years superintendent of the Zanesville (0.) schools, is dead. "Undigested securities" is assigned as the cause leading to the closing of the American Trust company of Philadelphia by order of the state bank commissioner. Charles W. Crittenton of New York, founder of the Florence Crittenton rescue homes for girls, died suddenly in San Francisco. Nathan I. Wilder, 67, the first manufacturer. of sauerkraut for commercial purposes, died at his home in Clyde, O. The Bellefontaine (O.) school authorities have canecled the remaining football games of the season, owing to numerous accidents to high school players.
7.November 18, 1909The Washington HeraldWashington, DC
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Trust Company Closes. Philadelphia, Nov. 17.-The State department of banking to-day ordered the American Trust Company of Philadelphia closed. A. L. Taylor, a State bank examiner, was appointed temporary receiver and immediately took charge of the company's affairs. "Undigested" securities probably caused the institution's troubles. The deposits amount to about $400,00().
8.November 18, 1909New-York TribuneNew York, NY
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PHILADELPHIA BANK CLOSED. Philadelphia, Nov. 17.-The American Trust Company, of Philadelphia, was closed to-day. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the troubles. The company is a small concern, and the failure had no effect on any other financial institution. The deposits amount to about $100,000.
9.November 18, 1909Los Angeles HeraldLos Angeles, CA
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Philadelphia Trust Company Closed PHILADELPHIA, Nov. 17. - The state department of banking ordered the American Trust company of Philadelphia closed today. A. L. Taylor, a state bank examiner, was appointed temporary receiver. Undigested securities probably caused the institution's troubles. The company is a small concern, and the failure had no effect on other institutions.
10.November 19, 1909The CitizenHonesdale, PA
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TRUST COMPANY CLOSED. Philadelphia Concern Alleged to Have Made Unwise Loans. Philadelphia, Nov. 18.-Because it is understood the American Trust company of Philadelphia accepted as collateral security for a loan bonds of a coal company the value of which is uncertain the bank has been closed by order of State Commissioner of Banking William H. Smith. State Bank Examiner A. L. Taber was appointed temporary receiver. It is said the securities of doubtful value amounted to over $400,000.
11.November 19, 1909Watertown LeaderWatertown, WI
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TRUST COMPANY FAILS. Philadelphia Institution with Deposits of $400,000 Is Closed by State Authorities. PHILADELPHIA, Pa., Nov. 17.The state department of banking today ordered the American Trust company of Philadelphia closed. A. L. Taylor, a state bank examiner, was appointed temporary receiver and he immediately took charge of the company's affairs. Undigested securities probably caused the institution's troubles. The company's deposits amount to about $400,000.
12.November 20, 1909Democratic MessengerSnow Hill, MD
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PHILADELPHIA TRUST COMPANY FAILS The American, With $395,000 in Deposits, Closed. Philadelphia, Nov. 18.-The American Trust company, of Philadelphia, Broad street and Ridge avenue, closed its doors. This was done at the order of the state commissioner of banking. and a state bank examiner, A. L. Taber, was appointed temporary receiver. The trouble is said to have been due to "undigested" securities. * The banking commissioners' report sets forth that the company is "in an unsafe and unsound condition to do business," and is believed to be insolvent. A permanent receiver and a decree of dissolution will be asked for, and If there is any objection it is like. ly that disclosures will be made in court. A substantial depositor of the suspended bank stated that by "undigested" securities was no doubt meant loans which he understood the trust company had made to a concern manufacturing bricks at Passaic, N. J.; also money said to have been advanced on coal lands in West Virginia. The trust company's capital is $200,000. with a surplus of $47,000. De. posits amount to $395,000. Only $18,500 in cash was found in the vaults.
13.November 23, 1909The Free LanceFredericksburg, VA
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PHILADELPHIA TRUST COMPANY FAILS The American, With $395,000 in Deposits, Closed. Philadelphia, Nov. 18.-The American Trust company, of Philadelphia, Broad street and Ridge avenue, closed its doors. This was done at the order of the state commissioner of banking and a state bank examiner, A. L. Taber, was appointed temporary receiver. The trouble is said to have been due to "undigested" securities. The banking commissioners' report sets forth that the company is "in an unsafe and unsound condition to do business," and is believed to be insolv. ent. A permanent receiver and a decree of dissolution will be asked for, and If there is any objection it is like. ly that disclosures will be made in court. A substantial depositor of the suspended bank stated that by "undigested" securities was no doubt meant loans which he understood the trust company had made to a concern manufacturing bricks at Passaic, N. J.; also money said to have been advanced on coal lands in West Virginia. The trust company's capital is $200,000, with a surplus of $47,000. De. posits amount to $395,000. Only $18,500 in cash was found in the vaults.
14.November 24, 1909New Ulm ReviewNew Ulm, MN
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TRUST COMPANY SUSPENDS Undigested Securities Cause Failure of Philadelphia Institution. Philadelphia, Nov. 17.-The American Trust company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble according to Taber is probably "undigested securities." The capital of the bank is $200,000 and it has a surplus and undivided profits of $74,878. Total deposits of the bank amount approximately to $400,000.
15.November 24, 1909Smyrna TimesSmyrna, DE
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Philadelphia Trust Company Fails. The American Trust company. of Philadelphia, doing business at Broad stret and hidge avenue, has closed its doors. This was done at the order of the state commissioner of banking and a state bank examiner, A. L. Taber, was appointed temporary receiver. The trcuble is said to have been due to "undigested" securities. A substantial depositor of the suspended bank stated that by "undigested" securities was no doubt meant loans which he understood the trust company had made to a concern man ufacturing bricks at Passaic, N. J.: also money said to have been advance ed on coal lands in West Virginia. The trust company's capital is $200,000, with surplus of $47,000. De posits amount to $395,000. Only $18,500 in cash was found in the vaults.
16.December 1, 1909Vernon County CensorViroqua, WI
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LIABOR AND INDUSTRY. The county board of Kenosha county has adopted plans for the rebuilding of the Kenosha jail for $18,000. Canal engineers were successful in hanging the emergency gate replacing the damaged leaf of the Poe lock. It was found to miter properly and work was immediately commenced placing cables. Locking has already commenced. There were some seventy boats held up. Assemblyman Fred Peterson, one of the most extensive cattle buyers in Appleton, has shipped two carloads of hogs to Chicago, the combined shipment being valued at $2,700. It is believed that these two are among the highest priced carloads of hogs ever shipped out of Wisconsin. The American Trust company of Philadelphia closed its doors. The company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble, according to Taber, is probably "undigested securities." A $500,000 trust deed of the Wisconsin Engine company, covering their plant at Corliss, to the Milwaukee Trust company to secure a bond issue of $300,000 issued by the engine company, was filed with the register of deeds. The proceeds of the bond issue will be used for working capital and to pay for improvements. After a prolonged discussion in the county board, it has been decided to appropriate the sum of $130,000 to erect a county asylum for the insane. The city of Marshfield won out by a narrow margin over its two rivals, in a contest for the location. Operations on the new building will be begun at once, and those having the matter in charge anticipate the erection of one of the finest county asylums in the state. W. J. Ferris, president of the La Crosse Water Power company, operating the Hatfield water power, has announced that the aim of the company is to connect Winona, La Crosse, Sparta, Eau Claire, Chippewa Falls, Menomonie, Hudson, St. Paul and Minneapolis with a continuous inter urban line. The company is meeting with some setbacks, Winona having turn down a fifty-year franchise Several smaller cities have already granted franchises.
17.December 1, 1909The CitizenHonesdale, PA
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Receiver for Trust Company. HARRISBURG, Pa., Nov. 28.The application for a permanent receiver for the American Trust Co. of Philadelphia, will be made in Dauphin County Court on Monday. To-day was the day set, but the matter was deferred. The company was closed by the State Banking Department about ten days ago.
18.December 2, 1909Iowa County DemocratMineral Point, WI
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LABOR AND INDUSTRY. Canal engineers were successful in hanging the emergency gate replacing the damaged leaf of the Poe lock. It was found to miter properly and work was immediately commenced placing cables. Locking has already commenced. There were some seventy boats held up. Assemblyman Fred Peterson, one of the most extensive cattle buyers ID Appleton, has shipped two carloads of hogs to Chicago, the combined shipment being valued at $2,700. It is believed that these two are among the highest priced carloads of hogs ever shipped out of Wisconsin. The American Trust company of Philadelphia closed its doors. The company was ordered closed by State Commissioner of Banking Smith. A. L. Taber, state bank examiner, has been appointed temporary receiver. The trouble, according to Taber, IS probably "undigested securities." A $500,000 trust deed of the Wisconsin Engine company, covering their plant at Corliss, to the Milwaukee Trust company to secure a bond issue of $300,000 issued by the engine company, was filed with the register of deeds. The proceeds of the bond issue will be used for working capital and to pay for improvements. After a prolonged discussion in the county board, it has been decided to appropriate the sum of $130,000 to erect a county asylum for the insane. The city of Marshfield won out by a narrow margin over its two rivals, in a contest for the location. Operations on the new building will be begun at once, and those having the matter in charge anticipate the erection of one of the finest county asylums in the state. W. J. Ferris, president of the La Crosse Water Power company, operating the Hatfield water power, has announced that the aim of the company is to connect Winona, La Crosse, Sparta, Eau Claire, Chippewa Falls, Menomonie, Hudson, St. Paul and Minneapolis with a continuous interurban line. The company is meeting with some setbacks, Winona having turned down a fifty-year franchise. Several smaller cities have already I granted franchises.
19.May 29, 1910The Washington TimesWashington, DC
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BANKERS ACCUSED OF EMBEZZLEMENT Officials of Defunct Philadelphia Trust Company Placed Under Arrest. PHILADELPHIA, Pa., May 29. - J. Kinnear Crawford, president and first vice president of the suspended American Trust Company, this city, and Joseph S. C. Crawford his brother, secretary and treasurer of the concern, are locked up in City Hall in default of $10,000 ball each on embezzlement charges. The amount of loot secured from the company by the officers, it is charged, was between $50,000 and $200,000. Every attempt has been made by the Police Department to keep the arrests secret. Constable Murphy. of Magistrate Gallagher's office, accompanied by Detectives Emmanuel and Scanlon, placed the two men under arrest late last night in their home at 2410 North Broad street. The prisoners were taken to the office of Magistrate Gallagher late last night. J. Kinnear Crawford was held in $10,000 bail upon charges preferred by Albert L. Tabor, bank examiner, who was put in charge of the bank when it closed as temporary receiver. Early this morning Joseph S. C. Crawford was held under the same bail. Both men will be given a further hearing by Magistrate Gallagher on Wednesday. John C. Bell represents the stockholders in the case and will appear against them.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
