gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
33703d92b63b9f8f
Response Measures
None
Description
Spelling of Pittsburgh appears as 'Pittsburg' in the articles; voluntary assignment to state commission led to receiver.
Events (3)
1.September 25, 1909Run
Cause
Bank Specific Adverse Info
Cause Details
Examiners had found low cash reserves two weeks earlier and the institution lacked required reserve; withdrawals depleted resources.
Newspaper Excerpt
a crisis being reached on Saturday when a run was made on the Mercantile Trust company.
Source
newspapers
2.September 27, 1909Receivership
Newspaper Excerpt
Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver.
Source
newspapers
3.September 27, 1909Suspension
Cause
Voluntary Liquidation
Cause Details
Unable to complete planned merger and lacked funds; banks voluntarily assigned to state banking commission and did not open for business.
Newspaper Excerpt
will not open their doors tomorrow... arrangements having been made tonight whereby they will make assignments tomorrow to State Banking Commissioner W. H. Smith.
Source
newspapers
Newspaper Articles (18)
1.September 27, 1909The Birmingham Age-HeraldBirmingham, AL
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Article Text
BANKS WILL FAIL TO OPEN TODAY Pittsburg, September 26.-The Land Trust company and the Mercantile Trust company, both of this city, will not open their doors tomorrow, arrangements having been made tonight whereby they will make assignments tomorrow 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. The Land Trust company, with a capital of $700,000, arranged about a year ago to take over the Mercantile Trust company, which has a capital stock of $750,000, but was unable to meet all the obligations to complete the merger. Two weeks ago Examiner White found the institution did not have the required reserve. The company was given an Apportunity to bring the amount up to requirements, but the run on the Mercantile Trust company on Saturday depleted the resources and it was decided to make the assignments. State Bank Examiner White stated that all the depositors will be paid in full.
2.September 27, 1909The Montgomery AdvertiserMontgomery, AL
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Article Text
TWO TRUST COMPANIES WILL CLOSE THEIR DOORS Pittsburg, Pa., Sept. 26. 1 The Land Trust Company and the Mercantile Trust Company both of this city, will not open their doors tomorrow, arrangements having been made tonight whereby they will make assignments tomorrow to State Banking CommisState sioner W. H. Smith. Deputy Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as the rea. son for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust Company. The Land Trust Company with a capital of $700,000 arranged about a year ago to take over the Mercantile Trust Company which has a capital stock of $750,000 but was unable to meet all the obligations to complete the merger. Two weeks ago Examiner White found the institution did not have the required reserve. The company was given an opportunity to bring the amount up to requirements, but the run on the Mercantile Trust Company on Saturday depleted the resources and it was decided to make the assignments. State Bank Examiner White stated tonight that all the deposits will be. paid in full.
3.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.
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.
7.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.
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.
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.
14.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.
15.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.
16.August 15, 1912Evening StarWashington, DC
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Article Text
Receiver of the Mercantile Trust Company or Pittsburgh. au15,22,29,se5.12 THOS. J. OWEN & SON. AUCTIONEERS.
17.April 18, 1914Harrisburg TelegraphHarrisburg, PA
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Article Text
LITTLE STORY OF TRAGEDY IN ORDER? Behind Few Line Explanation in Receiver's Petition May Be Pathetic Tale In a brief order handed down yesterday afternoon Additional Law Judge S. J. M. MeCarrell, granted Harry S. Calvert, receiver for the Mercantile Trust Company, Pittsburgh, permission to settle for $500 cash with C.G. Paul, a Pittsburgh real estate dealer and the SQUA on - $3,000
18.May 6, 1915Harrisburg TelegraphHarrisburg, PA
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Article Text
RECEIVER FILES ACCOUNT The second and partial account of Harry S. Calvert. receiver for the Mercantile Trust Company of Pittsburgh, was filed to-day.
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.
