gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5912914bc2c7c16b
Response Measures
None
Description
Institutions made voluntary assignment to the state banking commission; officials said depositors would be paid in full.
Events (3)
1.September 27, 1909Receivership
Newspaper Excerpt
James L. White, state bank examiner, is temporarily receiver for both banks.
Source
newspapers
2.September 27, 1909Run
Cause Details
Immediate cause not reported; examiners had earlier warned of low cash reserves.
Measures
Bank was unable to withstand run; arranged to assign voluntarily and did not open next day.
Newspaper Excerpt
There was a great run on the Land Trust Company, the cause of which is not known.
Source
newspapers
3.September 27, 1909Suspension
Cause
Voluntary Liquidation
Cause Details
Companies were unable to carry out planned merger and made arrangements to assign voluntarily to the state banking commission.
Newspaper Excerpt
The Land Trust company ... did not open for business today. James L. White, state bank examiner, is temporarily receiver for both banks.
Source
newspapers
Newspaper Articles (16)
1.September 27, 1909The Newark Star and Newark AdvertiserNewark, NJ
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Article Text
RUNS DRAIN RESOURCES; PITTSBURG BANKS SUSPEND. Mercantile Trust and Land Trust Will Pay Depositors. PITTSBURG, Sept. 27.-The Mercantile Trust Company, capitalized at $750,000, and the Land Trust Company, capital $500,000, are closed today following a big run. An application will be made for a receiver and the affairs of both concerns will be wound up. State Bank Examiner James L. White asserts that there has been no crooked work and that no one will lose. There was a great run on the Land Trust Company. the cause of which is not known. Two weeks ago the bank examiners found the cash reserves of both concerns low and gave warning that they must be fixed up. The bankers say they were getting along well when the run came and hurt them badly. As they coûld not stand another run they decided on voluntarily closing.
DEPOSITORS WILL NOT LOSE Two Pittsburg Financial Institutions Retire From Business. Pittsburg, Sept. 28.-The Land Trust company and the Mercantile Trust company, both state Institutions, did not open for business. James L. White, state bank examiner, is temporary receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements to assign voluntarily to the state banking commission. According to the officials the depositors will be paid in full. The capital stock of the Land Trust company is $500,000, with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust company is $710,000. The deposits approximate $300,000.
3.September 28, 1909The Salt Lake Herald-RepublicanSalt Lake City, UT
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Article Text
RECEIVERS APPOINTED. Two Trust Companies at Pittsburg Go to the Wall. Pittsburg, Sept. 27.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials, the depositors will be paid in full. The capital stock of the two companies is $1,210,000.
BANKS SUSPEND WHEN MERGER PLANNED FAILS TWO STATE INSTITUTIONS AT PITTSBURG WITH AGGREGATE DEPOSITS OF $1,100,000 GO TO THE WALL-DEPOSITORS WILL BE PAID. By Associated Press. Pittsburg. Sept. 27.-The Land Trust Company, and the Mercantile Trust Company. both state institutions, did not open for business today. Failure to carry out a merger caused these companies to assign voluntarily to the state. The capital stock of the Land Trust Company is $500,000, with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust Company is $710,000. The deposits approximate $300,000. According to the bank's officials, depositors will be paid in full.
TWO INSTITUTIONS CLOSE THEIR DOORS Pittsburg. Sept. 27.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials, the depositors will be paid in full. The capital stock of the two companies is $1,210,000.
6.September 28, 1909The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
MERGER-OF BANKS ENDS IN FAILURE PITTSBURG TRUST COMPANIES GO INTO HANDS OF STATE EXAMINER. Pittsburg, Pa., Sept. 28.-The Land Trust Co. and the Mercantile Trust Co., both state institutions, did not open for business today. James' L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out their merger, and made arrangements Saturday to assign voluntarily to the state banking commission. According to the officials, the depositors will be paid in full. The capital stock of the Land Trust Co. is $500,000 with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust Co. is $710,000. The deposits approximate $300,000.
7.September 28, 1909Omaha Daily BeeOmaha, NE
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Article Text
New York Mining Stocks. NEW YORK. Sept. 37.-Closing quotations on mining stocks were as follows: Allee 176 "Leadville Con Brunswick Con 1 "Little Chief 6 Comstock Tunnel 8. 28 Mexican 23 *do bonds 185 Ontaria 750 Cen, Cal. & Va 110 Ophir 115 Horn Silver 75 Sist.dard 50 Iron Silver too Yellow Jacket 110 *Offered. Two Trust Companies Close. PITTSBURG, Sept. ST.-The Land Trust company and the Mercantile Trust/company. both state institutions, did not open for business today. James L. White state bank examiner. is temporarily receiver for both banks.
8.September 29, 1909The Forest RepublicanTionesta, PA
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Article Text
BANKS FAIL TO OPEN DOORS Bank Examiner Has Charge but Officers Say Depositors Will Get Their Money. Pittsburg, Sept. 28.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business yesterday. James L. White, state bank examiner, S temporary receiver for both banks. It is expected the court will appoint a permanent receiver some time today. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluncarily to the state banking commission. According to the officials the depostors will be paid in full. The aggregate deposits of the institutions approximate $1,100,000.
PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000.
PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000,
11.September 30, 1909The Free LanceFredericksburg, VA
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Article Text
TRUST COMPANIES FAIL Two In Pittsburg Make Assignments to Banking Commissioner. Pittsburg, Sept. 27.-The Land Trust company and the Mercantile Trust company. both of this city, did not open their doors this morning. They made assignments to State Banking Commissioner W. H. Smith. Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as a reason for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust company.
12.September 30, 1909The Bon Homme County IndependentTabor, SD
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Article Text
PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000.
Trust Companies Assign. Pittsburg, Pa.-The Land Trust Co. and the Mercantile Trust Co., both of this city, did not open their doors September 26. Lack of money is given as a reason for the assignments, a crisis being reached when a run was made on the Mercantile Trust Co
TRUST COMPANIES FAIL Two In Pittsburg Make Assignments to Banking Commissioner. Pittsburg, Sept. 27.-The Land Trust company and the Mercantile Trust company, both of this city, did not open their doors this morning. They made assignments to State Banking Commissioner W. H. Smith. Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as a reason for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust company.
15.October 5, 1909Wausau PilotWausau, WI
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Article Text
TWO PITTSBURG BANKS CLOSED. Land and Mercantile Trust Companies in State Examiner's Hands. The Land Trust Company and the Mercantile Trust Company, both, State institutions in Pittsburg, did not open for business Monday. James L. White, State examiner, is temporary receiver for both banks. These companies were consolidated recently, but, it is said, they were unable to carry out the merger and made arrangements Saturday to assign voluntarily to the State banking commission. Officials say the depositors will be paid in full.
16.October 6, 1909The River PressFort Benton, MT
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Article Text
Banks Close. PITTSBURG, Sept. 27.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials, the depositors will be paid in full. The capital stock of the two companies is $1,210,000.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
