Mercantile Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust
Start Date: June 11, 1899
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d05e9e82313ffa85

Response Measures

None

Description

Article (New-York Tribune, 1899-06-11) discusses the Mercantile Trust Company being under a Committee and Receivership with a plan of readjustment, expert accountants appointed, and negotiable receipts to be issued. No mention of a depositor run; the institution is in receivership and undergoing closure/rehabilitation proceedings, so classified as a suspension leading to closure/receivership.

Events (2)

1. June 11, 1899 Receivership

Newspaper Excerpt: Until the recent changes in the personnel of this Committee and Receivership... The plan will be formulated as soon as these examinations shall have been completed. Negotiable receipts will be issued by The Mercantile Trust Company, and application for their listing on the New York Stock Exchange will be made in due course.
Source: newspapers

2. June 11, 1899 Suspension

Cause: Government Action
Cause Details: Institution placed in receivership with a committee overseeing a plan of readjustment; expert accountants appointed to examine books and property
Newspaper Excerpt: The Committee is of the opinion that no intelligent Plan of Readjustment can be formulated until a physical examination... At the request of, and in conjunction with the representatives of the Amsterdam bondholders, expert accountants have been appointed to examine the books and accounts... Negotiable receipts will be issued by The Mercantile Trust Company
Source: newspapers

Newspaper Articles (1)

1. June 11, 1899 New-York Tribune New York, NY

Article from New-York Tribune, June 11, 1899

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Article Text

a Further deposits of stocks and bonds above named will be received by The Mercantile Trust Company of the City of New York until further notice, under an agreement, copies of which may be obtained at the office of the Trust Company. Securities may be withdrawn by non-assenting depositors if the Plan of Readjustment shall not prove to be satisfactory to them. An amount equal to the interest maturing April 1st, 1899, will be advanced to depositing bondholders. The Committee is of the opinion that no intelligent Plan of Readjustment can be formulated until a physical examination showing the needs of the property, and an examination of the accounts shall have been completed. The result of such examinations will form a proper basis for a plan. Until the recent changes in the personnel of this Committee and Receivership, satisfactory arrange ments could not be made for such examinations. At the request of, and in conjunction with the representatives of the Amsterdam bondholders, expert accountants have been appointed to examine the books and accounts, and an expert has also been appointed for the physical examination The plan will be formulated as soon as these examinations shall have been completed. Negotiable receipts will be issued by The Mercantile Trust Company, and application for their Stating on the New York Stock Exchange will be made in due course. ERNST THALMANN, Chairman. LOUIS FITZGERALD, E. H. HARRIMAN, J. LOWBER WELSH, JAMES STILLMAN, GEORGE COPPELL, W. L. BULL, W. E. GLYN. W. C. GULLIVER. Counsel ALVIN W. KRECH, Secretary, 120 Broadway.