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Business Embarrassments. NEW YORK. July 12.-L. D. Alexander & Co. have announced their suspension on the Stock Exchange. The house was established in 1880. The senior member of the firm has been a member of the exchange since 1869. DULUTH, Minn., July 12-The American Loan and Trust Company, of Duluth, today made a voluntary assignment to W. T. Richardson. It has been in voluntary liquidation for a year, and this step has been expected.
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ASSIGNMENT OF A BANKING COMPANY. Duluth, Minn., July 13.-The American Loan and a Trust Company, a State banking institution with capital of $600,000, assigned yesterday to W. E. Richardson, its managing director. Its capital was impaired through unfortunate loans based on the big boom on the Mesaba Iron Range.
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IN THE NAME OF CREDITORS. One Trust Company Asks for a Receiver for Another. DULUTH, Minn., July 21.-The Internation Trust Company has begun action against the American Loan and Trust Company in the name of 100 creditors, asking that a receiver be appointed; that the company's officers. be compelled to make an accounting of all money entrusted to them: that all stockholders,
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AN INSOLVENT CONCERN. Receiver Asked For the American Loan & Trust Company. Duluth, Minn., July 21.-The International Trust company has begun action against the American Loan and Trust company, in the name of 100 creditors, asking that a receiver be appointed; that the company's officers be compelled to make an accounting of all money entrusted to them; that all stockholders be compelled to pay in the full amount of their stock subscriptions, and to be held to make good all losses, and that the defendant company be restrained from disposing of any money or property. It is alleged that the liabilities are $17,000,000 in excess of the assets. The American Loan and Trust company has, it is alleged, been insolvent for nearly a year anl it is now in the hands of W. E. Richardson, as assignee. It is alleged that under its former management, the funds of the company were squandered, loaned upon insuflicient security and that the abused. trust reposed in the company was grossly
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Want the Assignee Enjoined. Duluth, Minn., July 22.-Action was begun yesterday by the International Trust company, in the name of one hundren creditors, against the American Loan and Trust company, asking that a receiver be appointed and that the defendant be restrained from disposing of any money or property. It is alleged that the liabilities are $1,000,000 in excess of the assets. The American Loan and Trust company has been insolvent for nearly a year and is now in the hands of an assignee. It is alleged that under its former management the funds of the company were squandered,
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A MISMANAGED TRUST COMPANY. Duluth, Minn., July 22.-Action was begun here yesterday by the International Trust Company In the name of 100 creditors against the American Loan and Trust Company, asking that a receiver be appointed and that the defendant company be restrained from disposing of any money or property. It Is alleged that the liabilities are $1,000,000 in excess of the assets. The American Loan and Trust Company has been insolvent for nearly a year, and is now in the hands of W. E. Richardson, assignee. It is alleged that under its former management the funds of the company were squandered, loaned upon insufficient security, and that the trust reposed in the company was greatly abused. When the concern was taken out of the hands of its manager, G. A. Elder, about a year ago there were practically no assets. It was shown that the bulk of the bank's funds had been loaned to officers, directors and friends. A good portion of the money was absorbed in iron speculations by men to whom the money was loaned.
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NEWS NUGGETS. Brought by the Wires from the North, East South and West. The Canadian Parliament was prorogued by the Governor General, Monday. The schedule of the defunct American Loan and Trust Company of Duluth, Minn., shows liabilities, $811,623; assets, $440,693. The Britannia defeated the Vigilant, Monday, off Queenstown, Ire. by 45 seconds elapsed time, or 1 minute and 55 seconds corrected time. Schooners Tidal Wave of Bangor, Capt. Pendleton, and Lottie M. Gray of Deer Isle, Capt. Eaton, lumber laden are at Boston, in distress. Florence Leiler, a German, aged 66, committed suicide by hanging at his resi dence, 139 Union street, Lawrence, Mass., Monday. Despondency is thought to be the cause of the act. A special from Cooperstown, N. Y., says: "Mr. Edwards and daughter and Mrs. Andrews and child were drowned, Monday, in Otsege lake, near Five-mile point. The bodies were not recovered." Early, Monday, a gasoline stove xploded in the restaurant and lodging house of Wiiliam Hancock at St. Louis. Fifteen per sons were asleep on the second and third floors. Two were burned to death and three were seriously injured. It is learned that Mr. Guillardeau proved a most valuable witness before the sugar investigating committee, Monday. It is said that he admitted that he had had in his possession at one time the original order upon which one senator had ordered sugar stock purchased. A passenger train on the Texas & Pacific, was wrecked near Queen City, Texas, Monday night. It is reported that the engineer, fireman, Express Messenger Marshal, the negro porter and three pissengers were killed. A special train left Texarkana for Queen City with several doctors. Louis A. Wright, who escaped from the state workhouse at lgewater, Mass., Monday, is the boy who became notorious by causing a destructive fire on Lincolo street, Boston, a little over a year ago, which originated in the building owned by Fred L. Ames. Dunraven's vacht Valkyrie which was sunk by the Satanita has been pumped dry, towed to Greenock and docked. The damage to her hult is less than supposed The Satanita, which suffered some damage in the collision, has been repaired and put in a fit condition to take part in the races in the Solent. Ship's Writer Magee of the United States cruiser Atlanta, who was tried by a naval general court-martial, at Boston, about a fortnight ago, will receive a new trial, by order of the navy department. The court convened, Monday. at the rooms of the naval library anl institute. Capt. James O'Kane, U. S. N., presides. Frederick A. Hobbs, ex-receiver of the Stockbridge, Mass., Savings Bank, was brought into the superior court at Pitts field, Mass., Monday, and arraigned on an indictment charging embezzlement. He was weak-kneed, and, while standing. clung to the bar for support. He pleaded not guilty and was taken back to jail. Twelve frame houses on Van Horn street, Chicago, were burned, early Monday. While a number of people were watching the flames, the walls of one of the buildings fell out into the street, burying three men in the ruins. One was rescued but will die. Two others are still buried in the ruins. Property loss, stimated at $20,000.