16756. Pennsylvania Trust Company (Pittsburg, PA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
trust
Start Date
May 1, 1934*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
909b226b68b0b26a

Response Measures

None

Description

Articles (May 1934) report the Pennsylvania Trust Company in Pittsburgh as closed with a receiver conducting an accounting and promissory notes heavily written down. No mention of depositor runs; receiver appointed indicates closure by authorities. OCR errors in articles corrected (e.g., 'Pittsburg' -> 'Pittsburgh', garbled figures).

Events (2)

1. May 1, 1934* Suspension
Cause
Government Action
Cause Details
Bank was closed and a receiver appointed; accounting revealed worthless promissory notes and large write-downs of assets.
Newspaper Excerpt
The receiver for the closed Pennsylvania Trust Company an accounting Thursday which disclosed that ...
Source
newspapers
2. May 25, 1934 Receivership
Newspaper Excerpt
$100,000 NOTES NOW WORTH ONLY $150 ... The receiver for the closed Pennsylvania Trust Company ... disclosed that ... promissory notes ... are now valued at ... An appraisal of $1 was placed on $9,000 note ... Liabilities listed ... deposits ... savings accounts ... checking accounts ... No estimates were made regarding the probable amounts depositors will ultimately receive (Intelligencer Journal, 1934-05-25).
Source
newspapers

Newspaper Articles (2)

Article from Intelligencer Journal, May 25, 1934

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Article Text

$100,000 NOTES NOW WORTH ONLY $150 Promissory Paper Almost Valueless; Pittsburgh Bank Receiver Reports The receiver for the closed Pennsylvania Trust Company an accounting Thursday which disclosed that than $100,000 in promissory notes of Walter Bonitz, manufacturer, the late Roy D. Schooley and other Pittsburgh ers are now valued at than Schooley, until shortly before his city The notes listed among the bank's bills valued at but now praised at $328,381 An appraisal of $1 was placed on $9,000 note of Schooley's Pittsburgh Hockey Club. note $43,000 signed Bonitz ap praised $133.23 Anoter $42,000, signed by Ford for mer cashier bank, and dorsed by Benjamin Page, was appraised at $6. Bonitz, Repubican leader, was an backer of Francis Shunk Brown for governor four years Liabilities listed by included which the City Pittsburgh had deposit Other liabilities included savings accounts totaling $834 72. and checking ac counts totaling $436,035.92 No estimates were made regarding the probable amounts depositors will ultimately receive


Article from Bristol Herald Courier, May 27, 1934

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Article Text

SENATE CANDIDATE WILL PAY NOTES HE INDORSED AT BANK PITTSBURGH. 26. (AP) Joseph Democratic didute for United States senator. promised tonight that three of the closed Pennsylvania Trust notes. on which his name will The names dozen prominent Pittsburgh appeared on notes listed an accounting the bank's which several days ago. In addition $800 note now appraised at Guffey was dorser for sister, Ida appraised at $320 note for James Specifying the circumstances rounding the three Guffey each "like all other notes have had the Pennsylvania Trust Company, will be paid in full."