Mercantile Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: July 31, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b302319a

Response Measures

None

Description

Article (dated 1884-07-31) reports that Jay Gould's connection with the Mercantile Trust Company led the public to withdraw about five million in deposits. This describes heavy withdrawals (a run) driven by adverse, bank-specific information about Gould's borrowing and perceived misconduct. No suspension, receivership, or reopening is mentioned.

Events (1)

1. July 31, 1884 Run

Cause: Bank Specific Adverse Info
Cause Details: Public withdrew about $5 million after reports about Jay Gould borrowing largely from the Trust company and concerns over his association with the bank.
Newspaper Excerpt: his connection with it caused the public to withdraw five millions of deposits.
Source: newspapers

Newspaper Articles (1)

1. July 31, 1884 The Emporia Weekly News Emporia, KS

Article from The Emporia Weekly News, July 31, 1884

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Article Text

GOULD GOING. The New York Herald thinks Jay Gould is going. It says: "He has gone from the directory of the Rock Island company. He has gone from the Louisville and Nashville directory. And now he has gone, together with his son, from the directory of the Mercantile Trust company. It is said down town that the latter corporation forced him to go because his connection with it caused the public to withdraw five millions of deposits. Mr. Gould himself is quoted as saying deliberately that he went voluntarily, because of the report that he had been borrowing largely from the Trust company. "The constant reiteration of the story,' he says, 'was not doing the company any good.'' It will be no loss to the country if Mr. Gould should be compelled to give up his grip, because his fortune has been acquired by means the practice of which are detrimental to the best financial interests of the country. The same may be said of many other rich men of New York, and the quicker they go the better. There was a tolerably thorough cleaning up among them in the recent panic, and those who have amassed fortunes by dishonest means may expec the good work to continue.