New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-17
COMING TO IT'S SUPPORT.
EFFORTS TO SAVE THE AMERICAN LOAN
AND TRUST COMPANY.
THERE WAS A HEAVY DRAIN ON THE INSTITU-
TIoN YESTERDAY, ALL DEMANDS, WITH
ONE EXCEPTION. BEING
PROMPTLY NET.
PROMPTLY NET.

Important action was taken yesterday by the
Executive Committee ana some of the largest stock
holders Of the American Loan and Trust Company,
oy which ii is hoped by the projectors that the
company will be raced firmly on its feet once more.
meetings were held by the committee and stock
holders, and efforts were made to raise sufficient
money to tide the company over its present am
cutles The particulars could not all be OBJ
'alhed last night, but it is known that Russell
Sage for example. one of the largest holders,
promised his assistance and that the company
VIII continue business to-day as usual
There was great deal of suppressed excitement
IN wall Street yesterday over the developments
In the affairs of the company. william Preston,
superintendent Of the State Banking Department,
arrived in the city, and was in consultation with
Lawrence F. Cahil the examiner who has been
IN charge of the investigation, and with the
directors and officers of the company. At the
same time there was a heavy drain being made
on The company The officers met the small
demands, but were not so prompt in paying out
amounts that ran up into the thousands Several
times they incrposed the ive-days clause in the
companyS charter, which allows the company to
deiland five days notice before making pay
mcht when it deems it necessary. But Secrc-
lafy Ihurston said that the company
"'er IN the day cashed all these larger
oemahds, except in one instance. In that case
'h' demand was refused simply because the man
presenting the claim was disposed to be ugly.
The presence of Mr.. Preston and the chains
caused the suspicion in some quarters that there
was more serious trouble in store for the company.
but all tins time the members of the executive
committee and the company's counsel Granville
T. llawcs were eXerting all their efforts to procure
shihcIent money to tide the company over its
difficulties
II was admitted that the company WIS in finan-
'ial straits; because since the story was first
circulated atut the concerns condition ,lasa
Thursday, the company has paid ont SI,1OO, ,O0C
But some of the largest men in the American Loan
and Trust decided t. prevent ii from closing up its
accounts and if all pledges are realized everything
IS eA cctcd 10 come out all right. The company
II was said last night by one who is in a position
to know, owed Sl,3OO,oOo. 1t was also reported
that John L. Blair Of Blairsvllc. ~ j. the we'll
known millionaire was expected to help. 1t was
also reported that the Holland Trust Company in
tended to buy some stock in the American Loan
and Trust Company.
The executive committee is composed of Presi
dent o. . Baldwin. Vice President George 4.
Evans. Secretary James 5. Thurston, w. An.
drewS, John =. Silver and George : Hart. The
meetings of tie committee were secret but il
was admitted last night that the company had
made some loans that were moi rs profitable as
they IN gii ic although il was believed by those
an the mcctlnes that the e.orts 20 raise money
would be- suc"csSiu. Nothing could he learned
concerning tho InVcstigation being made by Mr.
Cahill. He SAID that he had expected 10 close
MS work by last cvcniI :. put believed that he
would certainly hc through by this afternoon or
noon lie shoul thcn send his report to the State
BInk Examining Department. and II would b.
made public through the usual channels
Stock of the American Loan and Trust Com
pany sold Yesterday at 80 II, the lowest figure
vet reached