Article Text
ALBANY, N. Y., May 23.—Doug- las Robinson, brother-in-law of President Roosevelt, has been ap- pointed receiver for the defunct New York Trust company.
16375. New York Trust Company (New York, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- trust company
- Start Date
- May 23, 1905
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
75ff71dd
Response Measures
None
Description
State bank examiner took charge and a receiver (Douglass/ Douglas Robinson) was appointed on May 23, 1905. Reports cite rumors and bad investments (Hudson Valley Railway, Rutland & Vermont securities) leading to closure; no explicit depositor run is described in the articles, and the company was placed in receivership.
Events (2)
1.
May 23, 1905
Receivership
- Newspaper Excerpt
- ALBANY, N. Y., May 23.—Douglas Robinson ... has been appointed receiver for the defunct New York Trust company.
- Source
- newspapers
2.
May 23, 1905
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Reported bad investments and losses on large blocks of railroad and gas securities; coupled with circulating rumors in Wall Street that prompted examiner intervention.
- Newspaper Excerpt
- State Bank Examiner Judson took charge of the Merchants' Trust company at 10 o'clock this morning. ... said this afternoon the concern has been subject to rumors in Wall street for some time. It is reported the bank made some bad investments.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
BANK EXAMINER TAKES CHARGE OF TRUST COMPANY (Scripps News Association.) called for June 1 to vote upon a proposed increase in the capital from NEW YORK, May 23.-State Bank $500.000 to $1,000,000. This announceExaminer Judson took charge of the ment caused the closing of the doors Merchants' Trust company at 10 today. o'clock this morning. ALBANY, N. Y., May 23.-AttorSamuel Undermeyer, counsel for ney General Mayer went before Suthe trust company, stated this mornpreme Court Justice Cochrane today ing the trouble would probably be and made application for the appointment of receivers for the New York only temporary. The company would be able to pull through. Trust company. Douglass Robinson was appointed. Robinson is a The main office of the company is brother-in-law of Roosevelt. at 346 Broadway. According to its last statement the assets were $4,Jacob L. Phillips, president of the 034,437, Habilities $2,959,888. The Merchants' Trust company, said this afternoon the concern held bonds to concern has been subject to rumors in Wall street for some time. It is the extent of $2,000,000 of the Hudreported the bank made some bad inson Valley Railway company, a large vestments. This morning the stateblock of Rutland & Vermont railway ment was published that a special and gas securities on which it had not realized. meeting of stockholders had been
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Article Text
Of the four new directors elected yesterday, Mr. Robinson is one of the receivers of the Merchants' Trust Company, and Messrs. Bannard and King are respectively president and vice-president of the New-York Trust Company, the other receiver. Dr. Munn, goes into the board as a representative of the interests of the Merchants' Trust Company, of which he is a. director. At the meeting of the directors to-day It is probable that the old officers will be re-elected.' Either at that or a. subsequent meeting two additional directors, representing the receivers' interests will be elected.