Security Mortgage & Trust Company (Dallas, TX)

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Heavy Failure in Texas

DALLAS, TEX., December 26.-The Security Mortgage and Trust Company applied for a receiver this evening. Judge Smith, of the Fourteenth District Court, named H. A. Kahler, the company's manager, as receiver. The liabilities are $2,000,000. The assets are estimated to realize about $1,000,000. English, New York; and Philadelphia investors represent 75 per cent. of the stock, and will be the principal losers. The failure was caused by unprofitable real estate loans and investments.

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Million-Dollar Failure

Dallas, Tex., Dec. 26.-The Security Mortgage and Trust Company applied for a receiver this evening. Judge Smith of the Fourteenth judicial district court named H.A. Kahler, the company's manager, as receiver. The liabilities are $2,000,000; assets, estimated to realize about $1,000,000. English, New York, and Philadelphia investors, representing 70 per cent. of the stock, will be principal losers. The failure was caused by unprofitable real estate loans and investments.

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HEAVY DALLAS FAILURE

Special Wire To Sunday Light. Dallas, Tex., Dec. 26.-Between 5 and 6 o'clock this afternoon H. A. Kahler was appointed by the Fourteenth District court as receiver of the Security Mortgage and Trust company. The assets are $190,000 and the liabilities are $1,300,000. The failure is due to a long and continued depression in real estate, and defaults in payment on the part of money borrowers. The real estate and rental department is unaffected by the failure.

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Trust Company Fails.

DALLAS, Texas, Dec. 26.—The Security Mortgage and Trust company passed into the hands of Harry P. Kahler as receiver today. Total liabilities, $2,488,225; total assets, $2,314,000.

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MORTGAGE COMPANY FAILS

Its Liabilities $2,000,000 and Its Assets Half That Sum. Dallas, Tex., Dec. 26.-The Security Mortnge and Trust Company applied for a recelver this afternoon. Judge Smith of the Fourteenth judicial district court named H. A. Kahler, the company's manager, as receiver, The liabilities are $2,000,000. The assets are expected to realize about $1,000,000. English, New York and Philade. phia investor 8 represent 75 per cent of the stock and will be the princ.pal .osers. The failure was caused by unprofitable real estate loans and investments

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Security in Name Only

Dallas, Tex., December26.-The Security Mortgage and Trust company applied for a receiver this evening. Judge Smith named H. A. Kahler, the company's manager. The liabilities are $2,000,000; assets about $1,000,000.

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BANK FAILURES IN THE EAST

Atlas of Chicago Closes Its Doors, Followed by Dime Savings, Which is Under Same Directorship.

THESE ARE FOLLOWED BY MANY OTHERS

Bank of Superior and Scandia Bank in It, Also Security Mortgage & Trust Company and the Laconia Car Company.

Chicago, Dec. 28.—The Atlas National bank went out of business to-day. It was involved in the failure of the Meadowcroft Brothers and the Central Trust & Savings bank, which assigned a year ago, and cleared through the Atlas.

The collateral the defunct bank had on deposit to secure its clearances was said to be ample, and at the time President Grannis, of the Atlas, said it would not lose by the failure.

W. A. Paulsen, who was president of the Central Trust & Savings bank, recently brought suit for $250,000 against the Atlas bank, W. C. D. Grannis and Charles B. Farwell.

The suit is based upon trouble Paulsen had with the bank at the time of the failure of the Central Trust & Saving concern.

Paulsen alleged that, although his bank had deposited Atlas collateral sufficient to cover all claims against it, clearing facilities were refused and the bank was forced to assign.

The liabilities are about $2,800,000, deposits being $1,800,000.

Partly as a result of the failure of the National bank of Illinois, last week, the Atlas National bank began paying off depositors to-day, thus marking the first step in retirement from business. No deposits were received and as fast as accounts were checked up depositors were paid in full and their books taken up.

The Atlas suffered heavily from runs occasioned by the close of the National bank of Illinois, deposits aggregating $900,000 having been withdrawn last week. This brought the resources down to a low figure.

The clearing house committee at the request of the officers of the bank, investigated its accounts and found the bank solvent. To expedite liquidation the committee pledged the aid of the associate banks of Chicago.

Vice-President C. B. Farwell said to-day: "After depositors have been paid off, I believe the shareholders will receive a large percentage of their interest, if not every dollar."

The Atlas was organized in 1887. Its statement, December 17, shows the deposits to be $1,860,000. Deposits six months ago amounted to $3,500,000.

DIME SAVINGS BANK FAILS.

Chicago.—In pursuance of an agreement among the directors of the Dime Savings bank, Treasurer George W. Reed's window is barricaded to-day and payments suspended under the ninety-day withdrawal notice clause granted in the statutes to savings banks.

W. C. D. Grannis, president of the Atlas National bank, is vice-president of the Dime Savings bank, and several of the directors of the Atlas National bank are also on the directory of the Dime Savings bank.

The officials of the Atlas National bank vigorously denied that the Atlas liquidation had in any way influenced the future course of the Dime Savings bank. At the latter there was a persistent silence as to the action of the directors.

A majority of the Dime Savings bank depositors filed withdrawal notices. They were assured that the issuing of the notice was no indication of the bank's inability to meet all demands but simply means the protection against violent flurries. Nearly all the depositors are laboring people.

WILL BE PAID IN FULL.

Washington.—Comptroller Eckles said to-day the closing of the Atlas National bank of Chicago was entirely voluntary. Eckles said the creditors would be paid in full at once, through advances made by the Chicago clearing house, and in his opinion the stockholders will eventually realize 100 per cent.

MORTGAGE & TRUST COMPANY.

Dallas, Texas.—The failure of the Security Mortgage & Trust company created much discussion in business circles in this city.

Many business men had long expected trouble for this concern, but the public generally was surprised at the failure.

The opinion is general that local losses will be comparatively insignificant, but eastern and foreign capitalists will lose fully $1,500,000 on their investments and ventures.

The exact figures of the liabilities and assets were given as follows: Liabilities, $1,296,225; interest, $25,000; quits sale mortgages, $659,000; interest, $10,000; taxes, $17,000; liabilities on stocks, $500,000; cash and mortgages, $1,500,000; in sub-companies, $114,000; bonds in various corporations, $50,000; mortgages sold—not collected—$650,000. Total assets, $2,314,000.

Sub-companies are trust company, building associations, the Texas Farm Land company, Security Investment company and Cotton Mills Building association.

A PAYING TELLER DISAPPEARS.

Chicago.—A special from St. Paul says: Leander Bosch, paying teller of the suspended Bank of Minnesota, has disappeared. There is a small discrepancy in his accounts.

BANK OF SUPERIOR FAILS.

West Superior, Wis.—The bank of Superior, doing business in the east end, suspended to-day. An assignment was made by the directors to Henry S. Butler. The bank had $25,000 capital and $6,000 surplus. The big proportional deposits of $100,000 was a constant menace. A slight run on Saturday influenced the closing. The deposits are mostly small amounts and the bank expects to liquidate in full, unless there is a continual decline in the assets.

CAR COMPANY INSOLVENT.

Laconia, N. H.—The Laconia Car company was declared insolvent to-day, liabilities $617,000; assets $407,000.

THE SCANDIA BANK FAILS.

Minneapolis.—The Scandia bank suspended to-day. It was a small bank and was loaded up with real estate on which it could not realize.

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The Security Mortgage and Trust company of Dallas has passed into the hands of a receiver. The reasons give n are the long continued depression in real estate, together with the general financial stringency.

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THE Security Mortgage & Trust company of Dallas, Tex., one of the largest concerns of the kind in the South, has gone into the hands of a receiver. Assets, 2,314,000; liabilities, 2,488,325.

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CHRONOLOGICAL Brief Notes of the More Important Happenings of 1896 THE YEAR AT HOME AND ABROAD. Financial and Industrial Interests Note ble Disasters of Various Kinds Crimes and Lynchings-ThePolitical Arena Sportsman's Column. BUSINESS FAILURES. BANKS GENERALLY INCLUDING VOLUNTARY SUSPENSIONS. Jan. -Exchange, Greeley Center. Neb. Avenue / savings, Columbus, O Ogalail of Jan Neb Bank Jan Banks at Blue Springs and Stratton, Neb -Bank of Wauneta, Neb City Jan Unneapolis bank, Jan --Irish-American, Minneapolis, Jan -Bank of Commerce, Grand Jan Neb. Island Momence. III., bank of Wilton M. Durham. .Maurice. Ia., State. CitFlemingsburg, Ky. Central Trust and Savings, Chicago. Mich Bank of Frankfort, Maynard Apple Malach River, Kan Commercial Bloomfield and Deposit Minn. Co Banking and Liberty sav Bedford ings, City, tional, Denver, Col., Apr. Grand Forks (N. D.) ational Apr. City savi Hot Springs, Ark. Fairland Bank Union City, Ind Sumner national. Wellingten May K Citizens' Edwardsburg, Mich May Jefferson.' National Bank of New England, Manches ter, Bank of Maroa, T11 June Mo ghton. national, Kan Ind Inburg, of and Bank C Cheney, Winchester, N. June H Mich Lansing, First national, llsboro, O. Omaha Rock Valley, Ia. Denison (O.) deposit Orleans bankers (Mo.) Conkling Bros., Banks Mo. Richards, Aug county Lansing, Mich $800,000 Col. City, Kan. & Son's state bank at Lowe Sioux national, Sloux City, Ia. $900. Sept First national, Beatrice, Neb Sept West bank, Du luth Minn State Loan & Trust Co. bank Ogalalla, Sept. -First national. Helena, Mont Sept Jackson county, Black River Falls, Wis. Mutual national, New Orleans Sept New Commerce Bank of Sep -Bennett national, New What com Midland state, Omaha, Neb. bank Shellsburg $449,000. bank Mapleto (Minn.) bank bank. state Argonia (Kan. (Kan bank Tribune -First national, Mount Pleasant national. Ithaca, Mich N H Duluth, Minn of Bank Buffalo, Bank 's, Atlanta, Ga ) Deposit Mecests Mich., Rapids, Marine national Duluth Minn Harpe (III.) bank national, Sloux City, Ia Sloux First national East Saginaw Mich Dakota national, Sloux Falls, S. Nov. D Nov Davis County Savings associa Mo. Gallatin tion, Tex. bank, Midlothian, national Missouri national, Kansas City Wis. Portage, estport of Bank D Baxter, of Baxter Springs, Kan. county, Tonathan Harlan Dec. Columbian Easter Bank Duluth Minn First national, Niagara, -First national. Holidaysburg, Dec Banks at Martinsburg and Williams ational bank of Illinois at Chi$1,200,000 Chicago of Minnesota, and Union Paul stocky Dec. 23-Bank of Superior, Wis American Banking & Trust Co., Auburn, Dec. 24 -Calumet state bank, Blue Island, n Dec. 26 Security Mortgage & Trust Co. Dallas, Tex.; Atlas ational, Chicago. Dec 28-Bank of Superior Wis Scan dia, Minneapoli McCoy Banking Co. LARGER OMMERCIAL CONCERNS $500,000 ES OF OR OVER. Philadelphia, Solicitors' Loan & Jan. 10-At Philadelphia, Keene, Sutter $4. Co., exporters and importers, At Minneapolis, American SavJan In and Jan. mining Belle of Nelson dis$709,242 -At New York, R &H. Adams, cotgoods ton Columbus, O., Northern Fire I Baltimore & Ohio Railroad Co. Holy oke, Mass., Albion Paper Co $500,000. Mar. 14- St. Paul, Patrick H. Kelly $1,000,000 thant; Peck Conn. Mar of plumbers' Bros. and materials; cinnati, Smith & Nixon, Apr dealers; plano Little Rock, Ark., James E. Detroit, J. L. Hudson & Co. $500,000. May New York, American Trading Akron, O., Ferdinand Schu May president American Cereal Co. St. Louis, United Eleva Cal. Jacob Rich, and Mich.. James T. $500. Buggy Co Aug Bay City Samuel G. M. Gates, Chicago, Moore Bros. dealers In Diamond and New York Biscuit stocks -At Chicago, George W. Hankins: Aug. B1 13-At New York. S. F. Myers Aug & $500,000 jewelers, manufacturing York. Archor & Pan$800,000. coast Alexandria, Ind., Union Steel New York, Hilton, H lughes & City Ia., Whita Terre Haute and Indianapolis Slade and F H Clough Clear woolen mills, Bur$1,000,000 rellville. Malting & Elevate $500.00 Dec. 6-Norton & Co., millers, Chicago $500,000 Dec. 28-W. M & J. 8. Van Nortwick bankers.and manufacturers, at Batavia III.: $2,000,000. CASUALTIES

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winnam of one of the Kansas electors, W. H. Linton, who is alleged to be disqualified because he deserted from the army. The Laconia car works, at Laconia, N. H., was petitioned into an involuntary insolvency. The total liabilities are placed at $617,000 and the assets at $407,000. James R. Francisco, who operated the famous John Bullengine on the Camden and Amboy railroad, in 1836, died at: Fremont, O., aged eighty-one years. It is said that the failure of the Security Mortgage and Trust company of Dallas, Texas, will cause a loss of $1,500,000 to eastern and foreign capitalists. New York-The board of estimates inserted in the budget for 1897 the sum of $70,000 for ceremonies attending the dedication of the Grant monument. Baltimore-The ninth annual meeting of the American Economic association will begin at Johns Hopkins university and will continue until Thursday. Washington-The large furniture house of Julius Lansburg, on New York avenue, was burned; loss on building, stock and adjacent struetures, $200,000. John McCord of Oberlin, Ohio, died in the Grand Central railway station in New York, of heart disease. He was returning home from a visit to relatives at New Haven, Conn. Comptroller Eckels in an interview says the recent bank failures have been due largely to local causes and that the general condition of the national banks is excellent. District Attorney Olcott of New York has written a letter to the aittorney general asking his advice as to whether the deputies in his office are subject to civil service. Mrs. Ella Eager, wife of a locomotive engineer, committed suicide at New Haven, Conn., by throwing herself in front of her husband's locomotive. The couple had quarreled. Total appropriations for the various branches of the New York city government of New York for 1897 foot up close to $50,000,000, a larger sum than ever was granted before. Topeka, Kan.-General Buckner sent a cask of whisky and $50 to Dudley town for a Christmas present. It was the only township in the union carried by Palmer and Buckner. Otto Wasmansdorff, senior partner in the Chicago banking firm of Wasmansdorff & Heinemann, which suspended as a result of the failure of the National bank' of Illinois, committed suicide. It is reported that Charles T. Yerkes, the Chicago street railway magnate, will make his home in New York and will have two of his Chicago stocks listed on the New York exchange. H. C. Henry, the millionaire contractor, has confirmed the report that he had secured the contract to build the approaches to the Great Northern railroad tunnel through the Cascade mountains. Judge Myers, at Oskaloosa, Kan., dismissed the receivership case of the Atohison, Topeka and Santa Fe Railroad company, holding that the alien land law of Kansas is not applicable to railroads. Van Nortwick Bros., bankers at Batavia, III., and holders of large property interests in several states, made an assignment, as a result of the liquidation of the Atlas National Bank of Chicago. Chicago-Mrs. Mary Logan Tucker of Wisconsin and her son have been left a fortune by Captain Lemon of Washington. They are the wife and son of Major Tucker, who is now stationed at St. Paul. San Francisco-Information has been received announcing the death at San Salvador of Dr. Albert Sanchez, director of the meteorological and astronomical observatory of the state of San Salvador. A letter received at the state department in Washington from a high authority in the Turkish government indicates that Emperor William of Germany and the sultan have formed an alliance. After W. J. Bryan's Atlanta lecture Mr. McBee, his financial backer, offored to fulfil the contract and pay the lecturer $10,000 to bind the contract. Mr. Bryan refused It, and Mr. McBee did not press it. Governor Morton has appointed Col. Ashley W. Cole, his private sec-

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As AN additional evidence of the fact that prosperity IS again returning to the business channels in Texas, we mention the fact that a receiver has been appointed to take charge of the business of the Dallas Security Mortgage and Trust Company, whose assets are placed at $1,900,000, with liabilities opproximating $1,300,000. The cause assigned for the failure is the long continued depression in real estate and defaults in payment on the part of borrowers.

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THE Security Mortgage and Trust company, of Dallas, has failed and is now in the hands of receiver. There is about $2,000,000 involved in the failure. Cause of the failure: "Confidence could not pull it through." Its president and directors, Trezevant, Sanger and others, were very confident that by voting for McKinley, the big concern under their direction would pull through. But it didn't.

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Goldbug Good Times

D. J. Bear, of Richmond, Va., jeweler, failed here Monday for $15,000. The Security, Mortgage and Trust Company of Dallas, Tex., has failed. Phelps & Co., grain brokers of Salt Lake City, have failed with liabilities of $10,000. The McCoy Banking Company of Independence, Mo., has gone into voluntary liquidation. The Bank of West Superior, Wisconsin, capital $50,000 and $50,000 surplus, has suspended operations. The Columbus and Hocking Valley Coal and Iron Company has passed into the hands of a receiver. The Scandia Bank, of Minneapolis, Minn., with a capital of $60,000, has suspended payments. The Laconia Car company of Laconia, N. H., has been petitioned into an involuntary insolvency. Chicago's charity ball is likely to be postponed on account of the financial and business troubles there. The Parsons-Pelletier Dry Goods company, one of the largest houses of the kind in Sioux City, Iowa, have failed. White & Howe company of Sloux City, Iowa, shoe dealers, have assigned Creditors are mostly eastern shoe firms. The American Banking and Trust company of Auburn, Me., has closed its doors and made application for a receiver. The Excelsior Machine and Boiler Works company of Chicago failed Monday. Assets and liabilities each about $40,000. Dallas Wightman, a cloak manufacturer of Rochester, N. Y., has assigned. Assets between $20,000 and $25,000; d liabilities $15,000. Solomon Sales of New York, wholeet sale and retail dealer in meats and proa visions, has assigned to Charles A. Hess without preferences. The Calumet State Bank at Blue S Island, III., has failed. A statement $ was filed, showing that the assets are $87,069 and the liabilities $68,000. J. J. Wright & Stokes of Richmond, Va., manufacturers of harness, have d assigned for $18,000. Mr. Stokes made t a personal assignment for $16,000. el The large retail dry goods store of M. Frank & Co. of Fort Wayne, Ind. e was placed in the hands of Benjamin di Rothschild as receiver Monday. a One hundred and fifty men employed by the Georgetown Boot and Shoe comf pany are on strike in Haverhill, Mass. e against a reduction of wages. The Dime Savings bank of Chicago e has suspended payments under the g ninety day withdrawal notice clause e granted in the statutes to saving banks.

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TO WIND UP TRUST COMPANY

Appointment of Master in Case of Dallas Institution. NEW YORK, March 10.-Judge Lacombe in the United States Circuit Court 10-day, appointed Arthur H. Masten master, to examine the accounts of the New York Security and Trust Company, as trustee of the Security Mortgage and Trust Company, of Dallas, Tex., and to wind up the affairs of the latter concern. The order was granted in a suit of equity brought by R. Heaton Smith, Charles Henry Wade, William Brelsford, John E. Booth, and F. W. Martin, of England, and William Henry Fox, of Philadelphia, in which the New York Security and Trust Company is named as defendant. The complaint recites that in January, 1897, the Dallas company made default in the payment of interest on certain obligations. At that time its outstanding obligations amounted to $383,201. The New York Trust Company then entered upon the active execution of its trust, and since that time at the request of certain holders of debentures, has been settling and disposing of the pledged securities of the Dallas company. The complaint further alleges that the District Court of Dallas, Tex., appointed H. A. Kahler receiver for the Dallas company, July 18, 1898, and that in October 1898, the assets of the Dallas company were sold. The complainants claim that this sale included securities which are held by the New York Trust Company. It is further asked that the New York company be required to give a full and complete account of its acts as trustee.

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TO EXAMINE ITS ACCOUNTS

New York Security and Trust Company Brought Into Court. New York, March 10.-Judge Lacombe, in the United States Circuit Court to. day appointed Arthur H. Masten master to examine the accounts of the New York Security and "Trust Company as trustee of hte Security Mortgage and Trust Company of Dailas, Tex., and to wind up the affairs of the latter concern. The order was granted in a sult of equity brought by R. Heaton Smith, Charles Henry Wade, William Brensford, John E. Booth and F. W. Martin of England and William Henry Fox of Philadelphia, in which the New York Security and Trust Company is named as defendant. The company recites that in January, 1897, the Dallas company made default In the payment of interest on certain obligations. At that time its outstanding obligations amounted to $383,201. The New York Trust Company then entered upon the active execution of its trust. and since that time at the request of certain holders of debentures, has been settling and disposing of the pledged securities of the Dallas company. The complainant further alleges the District Court of Dallas, Tex., appointed H. A. Kahler receiver for the Dallas company July 18, 1898, and that in October, 1898, the assets of the Dallas company were sold. The complainants claim that this sale included the securities which are held by the New York Trust Company. It is further asked that the New York company be required to give a full and complete account of its acts as trustee.

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AN ACCOUNTING WANTED

AFFAIRS OF TRUST COMPANIES TO BE EXAMINED. (By Telegraph to Virginian-Pllot.) New York, March 10.-Judge Lacombe, in the United States Circuit Court to-day, appointed Arthur H. Masten, master, to examine the accounts of the New York Security and Trust Company as trustee of the SecurIty, Mortgage and Trust Company of Dallas, Tex., and to wind up the affairs of the latter concern. The order was granted in a suit of equity, brought by R. Heaton Smith, Charles Henry Wade, William Bretsford, John E. Booth and F. W. Martin. of England, and WilIlam Henry Fox, of Philadelphia, in which the New York Security and Trust Company is named as defendant. The committee recites that in January, 1897, the Dallas company made default in the payment of interest on certain obligations. At that time its outstanding obligations amounted to $383,201. The New Trust Company then entered upon the active execution of its trust, and since that time, at the request of certain holders of debentures, has been settling and disposing of the pledged securities of the Dallas company. The complaint further alleges the District Court of Dallas, Tex., appointed H. A. Karhler receiver for the Dallas company July 18, 1898, and that in October, 1898, the assets of the Dallas company were sold. The complainants claim that this sale included the securities which are hold by the New York Trust Company. It is further asked that the New York company be required to give a full and complete account of its acts as trustee.