Pennsylvania Trust Company (Pittsburg, PA)

Episode Information

Episode UID
3503544791599
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
350354479 hash
Start Date
March 4, 1933
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
234295c02e21df51

Response Measures

None

Description

Newspaper uses 'Pittsburg' (no 'h'); likely Pittsburgh, PA—spelling preserved per source.

Events (2)
1. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Closed as part of the national banking holiday (March 4, 1933) and did not reopen thereafter.
Newspaper Excerpt
has never opened since the national bank holiday, March 4, 1933.
Source
newspapers
2. May 25, 1934 Receivership
Newspaper Excerpt
The receiver for the closed Pennsylvania Trust Company an accounting Thursday which disclosed ... and other ... were now valued at ... An appraisal ... liabilities listed ... savings accounts totaling ... No estimates were made regarding the probable amounts depositors will ultimately receive
Source
newspapers

Newspaper Articles (6)
1. May 25, 1934 Intelligencer Journal Lancaster, PA

Article Text

$100,000 NOTES NOW WORTH ONLY $150 Promissory Paper Almost Valueless; Pittsburgh Bank Receiver Reports The receiver for the closed Pennsylvania Trust Company an accounting Thursday which disclosed that than $100,000 in promissory notes of Walter Bonitz, manufacturer, the late Roy D. Schooley and other Pittsburgh ers are now valued at than Schooley, until shortly before his city The notes listed among the bank's bills valued at but now praised at $328,381 An appraisal of $1 was placed on $9,000 note of Schooley's Pittsburgh Hockey Club. note $43,000 signed Bonitz ap praised $133.23 Anoter $42,000, signed by Ford for mer cashier bank, and dorsed by Benjamin Page, was appraised at $6. Bonitz, Repubican leader, was an backer of Francis Shunk Brown for governor four years Liabilities listed by included which the City Pittsburgh had deposit Other liabilities included savings accounts totaling $834 72. and checking ac counts totaling $436,035.92 No estimates were made regarding the probable amounts depositors will ultimately receive

2. May 27, 1934 Bristol Herald Courier Bristol, TN

Article Text

SENATE CANDIDATE WILL PAY NOTES HE INDORSED AT BANK PITTSBURGH. 26. (AP) Joseph Democratic didute for United States senator. promised tonight that three of the closed Pennsylvania Trust notes. on which his name will The names dozen prominent Pittsburgh appeared on notes listed an accounting the bank's which several days ago. In addition $800 note now appraised at Guffey was dorser for sister, Ida appraised at $320 note for James Specifying the circumstances rounding the three Guffey each "like all other notes have had the Pennsylvania Trust Company, will be paid in full."

3. June 26, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

Council Cool on Proposal To Compromise Bank Claim (Continued from Page 1) the Pennsylvania Trust Company set aside this lot of privately-indorsed notes for liquidation in an effort to return the city some of its deposit. Deposit Whittled Down By selling the $225,000 in posted securities—U. S. Government bonds—and liquidating private notes, the original deposit had been whittled down to $1,047,836 when the bank closed, last year. The last report to Controller Kerr showed the face value of these securities as $1,095,737, but the State Banking Department's appraisal of these notes is less than $125,000. These figures are based entirely on the reports. Payments may have been made since by certain debtors, but neither the State Banking Department or the Colonial Trust Company will make any comments on such payments. $2; a $945 note of Theodore L. Moritz, secretary to the Mayor, appraised at $319.78, and a $500 note of Leo Rothenberg, former police magistrate, appraised at $128.96. Guffey to Pay Sister's Note A $9,000 note of Ida V. Guffey, indorsed by her brother, Joseph F. Guffey, Democratic nominee for the United States Senate was also in the list. Although the note was appraised as worth only $106.60, Mr. Guffey has announced that it will be paid in full. Mr. Guffey said he had dealt with the bank for 30 years and believed the value placed on stock which secured the note of his sister was entirely too low, inasmuch as the corporation which issued is now operating again at a profit. Others whose notes are held as security for the city's deposit have also announced that their obligations will be paid in full.

4. October 27, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

Cites Guffey Notes "The public records in the Prothonotary's Office of Allegheny County, open to anybody, disclose that Mr. Guffey has a $10,000 note in that bank which is officially appraised at $106.60. Guffey borrowed this money on July 3, 1930, over four years ago, and has only paid $100 in four years. He still owes to the depositors of this closed bank $9,900 with interest from March 2, 1933. "In addition to the $10,000 note, he has a note for $300, also on record in the Prothonotary's Office of Allegheny County. That note is officially appraised at $1.00. "On May 25, 1934, two days after the inventory and appraisal was filed in the Prothonotary's Office, Guffey said through the public press of Pittsburgh that these notes would be paid. Well, he hasn't paid anything yet. "Have the people of Pennsylvania got to elect him to the United States Senate before he will pay what he owes to the depositors of the Pennsylvania Trust Company." "The Sugar Daddy of Miss Democracy," was the label placed on George H. Earle, Democratic candidate for Governor, by Governor Pinchot. He discussed Mr. Earle's financial interest in the sugar business and accused him of garnering benefits from the "sugar trust." Attacks Earle's Business Mr. Pinchot recently attacked Mr. Earle because of labor troubles of the Pennsylvania Sugar Company, which occurred while Earle was in Austria serving as United States Minister to that country. Mr. Pinchot cited the statement of David L. Lawrence, Democratic state chairman, that Mr. Earle has but $6,000 worth of stock in the company and said "but what Mr. Lawrence neglected to say was that Earle's father left his millions as one of the largest holders of Pennsylvania sugar stock. "George Earle is a very considerable part of the sugar trust. He is a vice president of the Pennsylvania Sugar Company and the Earle estates have tremendous holdings in the Pennsylvania Sugar Company. Turning his attention to Senator Reed, the Governor said: "So far as David A. Reed is concerned, I have said before, and I repeat again, that everything I said"

5. November 20, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

CLOSED BANK SEEKS LOAN FOR DIVIDEND Pennsylvania Trust Plans 13 Per Cent Payment The closed Pennsylvania Trust Company is seeking a loan from the Reconstruction Finance Corporation to make an initial dividend payment of 13 9-10 per cent to its depositors. This was revealed today when the receiver for the bank, Frank W. Jackson, and David Glick, deputy state attorney general, appeared before City Council and outlined the plan. The city's permission for the deal is necessary since it is a preferred creditor to the extent of $1,046,000. At one time the city had on deposit in the bank, in violation of city ordinances, more than $2,000,000 but this amount has been liquidated approximately $1,000,000. Should the RFC deal go through the city would receive in cash at once $309,663 as a preferred creditor. The Finance Committee of Council took no action pending a study of the proposal. The bank has never opened since the national bank holiday, March 4, 1933, with total deposits of $2,354,333.

6. November 24, 1934 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

COUNCIL FAVORS RFC BANK LOAN Calls for Ordinance To Co-operate With Receiver. City council is disposed to go along with the receiver for the closed Pennsylvania Trust Company in plans to obtain a Reconstruction Finance Corporation loan, it was indicated yesterday. Council, without a dissenting vote, directed the law department to prepare legislation covering the city's co-operation with the receiver in the move. The city is expected to receive $309,663 in the first distribution to depositors if the RFC loan is granted. James C. Chaplin, president of the Colonial Trust Company which, as trustee for the city, is holding securities posted by the Pennsylvania Trust to cover the city deposits, advised council to go along with the receiver, Frank W. Jackson. His approval of the plan was conditional on the city obtaining assurances that its position as a preferred and a common depositor would be protected and that it would not surrender its claim on the securities now held by his bank. Receiver Jackson hopes to obtain a loan of more than $1,000,000 by lumping the assets of the closed trust company.