American Loan & Trust Company (Omaha, NE)

Episode Information

Episode UID
817123491123
Episode Type
Suspension β†’ Reopening
Bank Type
trust
Bank ID
81712349 hash
Start Date
July 5, 1893
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0a10a34fa21334fe

Response Measures

None

Description

The company went into receivership July 5, 1893, was returned to officers in August 1893, and a later receivership was appointed May 10, 1894.

Events (3)

1. July 5, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses from failure of the Omaha and Houston Improvement Company / Omaha and South Texas Land Company in which the trust had large exposure ($250,000–$550,000 cited).
Newspaper Excerpt
The American Loan and Trust Company of this city ... went into the hands of a receiver this afternoon at the request of the stockholders.
Source
newspapers
2. August 3, 1893 Reopening
Newspaper Excerpt
The American Loan and Trust Company is on its feet again. The receiver was discharged by the courts.
Source
newspapers
3. May 10, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Extensive guarantees, debenture bonds and prior losses (large indebtedness of Omaha and South Texas Land Company) left the company embarrassed and needing receivership to straighten affairs.
Newspaper Excerpt
On the application of Boston stockholders ... Judge Dundy appointed Phillip Potter receiver for the American Loan and Trust Company.
Source
newspapers

Newspaper Articles (15)

Article from New-York Tribune, July 6, 1893

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Article Text

AN OMAHA TRUST COMPANY SUSPENDS. Omaha, Neb., July 5. The American Loan and Trust Company of this city, O. M. Carter, president. and C. S. Montgomery, vice-president. went into the hands of a receiver this afternoon at the request of the stockholders. The company has a paid-up capital of $100,000, has done a good basiness and has been considered a sound institution. The cause of the failure was the failare ye-terday at Houston. Tex.. of the Omaha and Houston Improve ment Company, a town-development enterprise, in which the American Loan and Trust Company had $250,000. The directors of the American Savings Bank, controlled by the American Loan and Trust Company, requested the State Bank Examiner to take charge of the bank when the receiver for the Trust Company was appointed. Messis. Carter and Montgomery assert that the Institution will resume when reflexed from the present embarrassment. They say they have #2 of good assets for $1 of indebt. eduess. Deposits in the institution amounted to #295,000.


Article from Morning Journal and Courier, July 6, 1893

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IN A RECEIVER'S HANDS. Failure of the American Loan and Trust Company of Omaha. OMAHA, July 5.-The American Loan and Trust company of this city, O. M. Carter president, went into the hands of a receiver to-day. The company has a paid up capital of $400,000. The failure is due to the failure at Houston, Tex, of the Omaha and Houston Improvement company, an enterprise in which the American Loan and Trust company had placed $250,000. The directors of the American Savings bank, controlled by the American Loan and Trust company have requested the state bank examiner to take charge of the bank. Mr. Carter claims that the institution has $2 of good assets for $1 of indebtedness.


Article from The Salt Lake Herald, July 6, 1893

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OMAHA BANK FAILURES The American Savings Bank Goes Into Liquidation. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and asked the state banking board to wind up its affairs. This action is due to the fact that the American Loan and Trust company which was placed in the hands of a receiver this afternoon at the instance of directors of the concern, the company being the principal stockholder in the savings bank. The failure of the Investment company is attributed to the failure of the Omaha and South Texas Land company. The American Loan company, the first of the concerns embarassed, had a paid up capital of $400,000, the savings bank was an off-shoot with a capital stock of $100,000 which was paid in. o. M. Carter was president of both institutions. Since the failure of the McCague bank the American Savings has been affected to a reduction of deposits to $90,000. The remaining securities amounting to $253,000 are of the very best. The total liabilities amount to but $153,000. Carter gave a mortgage on his residence yesterday for $50,000 to protect eastern creditors from whom money was secured. No statement of the bank's exact condition can be obtained tonight.


Article from The Star, July 12, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.


Article from The Farmers' Union, July 13, 1893

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FINANCIAL AND INDUSTRIAL --The Omaha and South Texas Company. which built manufacturing suburb to Houston, Texas, has assigned with liabilities of $400,000. -Three of the six national banks of Pueblo, Colo., closed their doors They were the American National. Western National, and Central National. - -THE Wellston (Ohio) Furnace Company. owned principally by Forsythe, Hyde & Co., of Chicago. has been placed in the hands of a receiver. -A receiver has been appointed for the American Loan and Trust Company at Omaha. The concern was interested in the Omaha and Houston Improvement Company. which failed at Houston, Texas. The American Savings Bank, controlled by the trust company. has been placed in the hands of the State Bank Examiner.


Article from The Sun, August 4, 1893

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Article Text

A Trust Company Resumes Business. OMAHA. Aug. 3.-The American Loan and Trust Company is on its feet again. The receiver was discharged by the courts. There are many Eastern stockholders.


Article from Rock Island Daily Argus, August 4, 1893

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Article Text

One Company in Excellent Shape. OMAHA, Aug. 4.-On application of the stockholders and creditors of the American Loan and Trust company, of this city, before Judge Dundy, of the United States circuit court, the bank was handed back to the officers, Receiver Rainey also made a statement in court to the effect that he had found the affairs of the company in excellent shape.


Article from Grant County Herald, August 10, 1893

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Big Omaha Institution Resumes. OMAHA, Neb., Aug. 5.-The American Loan & Trust company, which went into the hands of a receiver July 5, resumed business here Thursday, the receiver being discharged. The company's affairs are in good condition and arrangements have been made with creditors which permit an aggressive continuance. The capital stock is $400,000. Commercial circles here were greatly cheered by this news.


Article from The Red Cloud Chief, August 11, 1893

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In Excellent Shape. OMAHA, Aug. 5.-On application of the stockholders and creditors of the American Loan and Trust company, before Judge Dundy, the bank was handed back to the officers. Receiver Rainey made a statement in court that he had found the affairs of the company in excellent shape.


Article from The Iola Register, August 11, 1893

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or court ЭНВ. refusing to obey Gov. Lewelling's orders in the late legislative row began at Topeka, Kan., on the 2d. Hughes' counsel raised a question as to the eligibility of Gen. W. H. Sears, president of the court. Ex-Gov. CAMPBELL, of Ohio, denies emphatically that he is in the field again for the democraticnomination. THE officials of the world's fair announce that the finances are now in a satisfactory shape. THE silver convention effected a permanent organization by electing Gen, A. J. Warner president. THE private bank of Lazarus Silverman, Chicago, has suspended. GEN. W. P. INNES died recently at Grand Rapids, Mich. During the war he organized a regiment of mechanics, which was of great use in building and repairing bridges. INSPECTOR THORNBY, who had a fight with World's Fair Commissioner St. Clair and was discharged, has been reinstated. STRIKING iron men at Ely, Minn., have warned the cashier of one of the companies to leave the place, threatening to burn him alive. STARTLING developments are coming to light about the cold storage fire at Chicago, a witness testifying that the place was robbed and fired by an organized gang. THE Osage Indians, being well fixed financially, have declined to sell their lands to the government. SCHNAUBELT, the Haymarket bomb thrower, is reported to be living in Springfield, O. THE Michigan Peninsular Car Co., of Detroit. has laid off 500 employes and reduced the wages of the remaining 700 each 10 to 15 cents a day. LARGE numbers of Austrians and Italians are leaving Pueblo, Col., and returning to their native homes. ATTORNEY-GENERAL ELLIS, of Michigan. has given an opinion to the effect that the insurance law passed by the late legislature is unconstitutional, owing to section 5, which permits unauthorized companies to do business in that state. THE Union Stock Yards Co., at Rodeo, Contra Rista county, Cal., has suspended operations because of the inability of packers to continue under existing financial conditions. The plant is new and valuable and has only been running a few months. MRS. MARIA L. MITCHELL, widow of Alexander Mitchell, of Milwaukee, has begun a suit against her son. Senator John L. Mitchell, and the Wisconsin Marine & Fire Insurance Co.'s bank. The bank owes her $200,000, it is learned from good authority, and her son, it is alleged, is behind some $50,000 on her annual allowance. THE Anti-Somerby Iron Hallers in session at Indianapolis got down to work and materially modified the organic laws of the order. A BAD row between non-union and union sailors occurred at Chicago. Two men were probably fatally hurt. AT a colored emancipation celebration at Goose Neck Bend, I. T., John Vann, a colored desperado, was killed by a young white man named Singleton and almost a race war was precipitated by the occurrence. NELSON VAN KIRK, for many years a well known trader on the Chicago board of trade, committed suicide after failing. THE pruning of the expenses of the fair goes on and every effort is being made to save money with which to meet the bonds. JOSEPH W. HOWELL, who murdered a woman and four children near Brookfield, Mo., January 9, 1889, was executed at Trenton, Mo., on the 4th. WALKER & Co., dry goods, Chicago, failed. THE American Loan & Trust Co. has resumed business at Omaha under the old officers. THE Choctaw elections resulted in a victory for the Locke faction. A FIRE at Princeton, Minn., destroyed the First national bank building, a hotel and six business houses, causing a loss of $50,000; insurance only partial. FIFTEEN hundred of the depositors of the Akron, 0., Savings bank unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for


Article from Macon Beacon, August 12, 1893

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annower, IS reported to be living in Springfield, O. JOSEPH W. HOWELL, who murdered a woman and four children near Brookfield, Mo., January 9, 1889, was executed at Trenton, Mo., on the 4th WALKER & Co., dry goods, Chicago, have failed. THE condition of the silver market created a financial panic in Costa Rica. Many houses have failed and great distress prevails. OLIVER P. MINK, of Boston, comptroller of the Union Pacific has declared that retrenchment will be the watchword of the management all along the line. THE American Loan & Trust Co. has resumed business at Omaha under the old officers. THE Choctaw elections resulted in a victory for the Locke faction. MESSRS. PARROTT BROS., members of the New York Cotton exchange, have announced their inability to meet their engagements. A FIREAT Princeton, Minn., destroyed the First national bank building, a hotel and six business houses, causing a loss THE of steamship $50,000; insurance only Straits of Gibraltar partial. has been lost in the straits of Belle Isle by a collision with icebergs. Value, $100,000. No lives were lost. THE Lebanon Trust & Safe Deposit bank, of Lebanon, Pa., failed to open its doors. The bank is a state institution with a capital of $50,000. It is believed that the suspension is only temporary. THE grand jury at Memphis indicted Sheriff McLendon, Deputy Sheriff J. A. Perkins, Jailer Harold and Police Captains Ohaver and Hackett for failing to do their duty in permitting Lee Walker to be taken from the jail and lynched and burned two weeks ago. Several of the members of the mob were also indicted. THE Texas national bank at San Antonio is now in the hands of the United States bank examiner. It is the smallest bank in the city; capital stock $100,000. The closing caused no excitement. of of the O., FIFTEEN Akron, hundred Savings the bank depositors unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for business. THREE boys were drowned in Red Lake river near Grand Forks, N. D. Two were swimming a race and both went down. The third lost his life in a brave attempt at rescue. of the THE greed lobbyists of percentages who are making a fat thing out their that the Choctaws up prevents for collecting claims from and is giving all coming their separate government in as part of the United States. AT Corydon, Ind., a mob approached the house of William and Edward Conrad with the intention of lynching him, but they fired into the mob, killing and fatally wounding several. Two freight trains on the Big Four collided on a bridge near Danville, and Ill., and the reeults were loss of life great destruction of property. THE wreck on the Lake Shore at Lindsey, O., was a terrible one, three persons being instantly killed and a number fatally and seriously injured. THE gates of the world's fair were last Sunday, but the visitors were to open few and there was little for them look at. THE New Bedford, Mass., Safe & Trust Co. closed its doors. It was in- of corporated in 1888 with a capital $200,000. THE great reservoir of the water- Two works at Portland, Me., burst. houses were swept away and four of the inmates drowned. Other buildings of were destroyed but no further loss life resulted. t HEAVILY-LOADED suburban train A the Illinois Central was derailed at Chicago on by running into an open r' switch. Three or four cars were badly Miss damaged but only one passenger, hurt. Myra Bradshaw, was seriously York THE American liner New has I arrived. Among her passengers were her Nellie Grant Sartoris and and Mrs. children, Algernon, Vivien in e three Rose. She will reside permanently n this country. 6 Union Pacific has retrenched by discharging THE many men and discontinuS ing train service.


Article from The Morning Call, May 11, 1894

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GIVEN A RECEIVER. The American Loan and Trust Company in Trouble. OMAHA, May 10.-On the application of Boston stockholders, representing some 400 shares, Judge Dundy appointed Phillip Potter receiver for the American Loan and Trust Company. The company has guaranteed the payment of several hundred thousand dollars for loans made and business transacted and has sold its debenture bonds in sums aggregating $400,000, secured by its own bonds. On July 1, 1893, the Omaha and South Texas Land Company was indebted to the American Loan and Trust Company for $550,000, but could not meet its obligations. The result was that the American Savings Bank closed up for a short time, as did also the Houston venture, and when they were later opened receivers were appointed for them. The appointment of a receiver for the American Loan and Trust Company is for the purpose of straightening out its affairs and tiding it over the financial depression.


Article from The Salt Lake Herald, May 11, 1894

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# IN A RECEIVER'S HANDS. American Loan and Trust Company Embarrassed. Omaha, Neb., May 10.β€”On the application of Boston stockholders, representing some 400 shares, Judge Dundy today appointed Phillip Potter receiver for the American Loan and Trust company. The American Loan and Trust company has guaranteed the payment of several hundred thousand dollars for loans made and business transacted, and has sold its debenture bonds in sums aggregating $400,000 secured by its own bonds. July 1, 1893, the Omaha and South Texas Land company was indebted to the American Loan and Trust company for $550,000, but could not meet its obligations. The result was that the American Savings bank closed up for a short time, as did also the Houston venture, and when they were later opened receivers were appointed for them. The appointment of a receiver for the American Loan and Trust company is for the purpose of straightening out its affairs and tiding it over the financial depression.


Article from St. Paul Daily Globe, January 3, 1895

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U. P. WILL CONTEST. Lively Fight for Possession of the Oregon Short Line Promised. OMAHA, Neb., Jan. 2.-There is going to be an all-around fight for the Oregon Short Line & Utah Southern, the receivers of the Union Pacific having about made UD their minds to cons te t the application of the American Loan and Trust company for a separate receivership. There will be a meeting of the receivers in New York next Tuesday. at which a plan of action will be decided upon. General Solicitor Thurston will probably go to New York in order to attend the meeting and will probably represent the receivers when the application is taken up by Judge Gilbert Jan. 15. It is also thought the attorney general will intervene on the ground that the loss of the Short Line to the Union Pacific would seriously depreciate the second mortgage the government holds on the "Overland" property. With the filing of the application on the part of the consolidated mortgage bondholders for a separate receiver. five distinct suits have been commenced by mortgage interests in the Short Line property. Four of these interests have been satisfied with the appointment of the present receivers of the Union Pacific, and it is not likely that the AmerIcan Loan and Trust company, which is thought to be hostile to the present management, will be able to change exIsting conditions. For a time it looked as if the Short Line would be allowed to drift away without a struggle, but now, bowever. the line of battle is forming, and the American Loan and Trust coinpany will have a good-sized fight on its hands.


Article from Deseret Evening News, June 5, 1895

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THE SHORT LINE AFFAIRS. All Eyes Now Directed Toward Salt Lakeand Judge Merritt. OMAHA, June 4.-Unsatisfactory as it may be, and against the hopes of those in interest, there 18 a growing feeling about the Union Pacific headquarters that the American Loan & Trust company will, through a separate receiver, succeed to the control of the Oregon Short Line, Utah Northern and Southern Extension railroads, now a part of the Union Pacific. It had been hoped that Judge Gilbert would BD modify Judge Sanbora's order in the premises that the representatives of the consolidated mortgage would hesitate about taking upon themselves 80 heavy a burden, but the modification was in the nature of strengthening the hands of the trustees of the consolidated mort. gage, and the hopes of those interested have gone down correspondingly as the trustees' interests have risen. In view of this somewhat complieated condition of affairs, all eyes are directed toward Salt Lake, where the final battle is to be fought before Judge Merritt of the Territorial court. Should be include the Southern Extension in the order of transfer, it will put an additional obligation of at least representing defaulted interest, upon the successor receiver, which will have to bb paid in addition to the $1,750,000 for the other properties composing the Short Line, AM it 18 commonly known. It is contanded that in equity Judge Merritt can do nothing less than protect the first mortgage interests, which are in his court, and to do this he will have to ask Mr. Egan, or whoever the receiver IN to be, to look after non-paying AS well as pay. ing properties. In addition to the amounts named above, there will be $425,000 in interest due August 1, which will have to be ra seefin two months from the surplus earnings of the several companies included in the Short Line. It 19 con-