18838. Fifth Avenue Savings and Loan Association (McKeesport, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 7, 1900
Location
McKeesport, Pennsylvania (40.348, -79.864)

Metadata

Model
gpt-5-mini
Short Digest
65edb737

Response Measures

None

Description

Multiple contemporary articles (dated Sept 7–8, 1900) report the association as insolvent, that it 'failed to open' on Sept. 7 and that the Mercantile Trust Company of Pittsburgh was appointed temporary receiver by the state banking examiner. The cause is reported as alleged embezzlement/shortages by a former secretary and accumulation of bad real estate. OCR variations in some articles (e.g., 'Pittsburg' vs 'Pittsburgh', amounts $22,000/$32,000) are noted in sources; I used the 1900-09-07 date reported repeatedly.

Events (2)
1. September 7, 1900 Receivership
Newspaper Excerpt
The Mercantile Trust Company, of Pittsburg, has been appointed receiver by State Bank Examiner C. P. Cochrane.
Source
newspapers
2. September 7, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged embezzlement/shortage discovered in accounts of a former secretary (reported amounts ~$22,000–32,600) and accumulation of unmarketable real estate during depression; examiner closed institution.
Newspaper Excerpt
Weeping women and angry men crowded about the doors of the Fifth Avenue Savings and Loan Association today when it failed to open.
Source
newspapers

Newspaper Articles (10)
1. September 7, 1900 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, September 7, 1900

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Article Text

Bank Failure. Pittsburg, Pa., September - -The Fifth Avenue savings and loan associaciation, McKeesport, Pa., Is Insolvent. The Mercantile Trust company of this city have been appointed temporary recelvers. An alleged discrepancy of $32,000 has been discovered in the accounts of the former secretary. The cash value of the association is $467,690.04. The failure is the largest in the history of building and loan associations in the state. Nearly seventeen hundred mill workers deposited all their savings in the concern, expecting to buy homes.

2. September 7, 1900 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 7, 1900

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Article Text

In Receiver's Hands. McKeesport, Pa., Sept. 7.-The Fifth Avenue Savings and Loan Association was placed in the hands of the Mercan. tile Trust Company of Pittsburg last evening as receiver by Banking Examiner O. P. Cochran, representing the Pennsylvania State Banking department. The failure is due partly 10 the alleged shortages of a former Secretary and partly to the accumulation of real estate during the depression a few years ago. On January 1, 1900, the associations assests were $545,709,55; while the installment stock was $140,790 93; full paid stock, $1,376,658.

3. September 7, 1900 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, September 7, 1900

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Article Text

LOAN CONCERN FAILS A Pennsylvania Association at Mo. Keesport Goes to the WallReceiver Appointed. Largest Failure of the Kind in the State-Many Mill Hands Caught. Peculiar Case of Theft at Des Moines-Young Woman Under Arrest. McKeesport, Pa., Sept. 7.-The Fifth Avenue Savings and Loan Association is insolvent and the Mercantile Trust Company, of Pittsburg, has been appointed temporary receiver. An alleged discrepancy of $32,000 has been discovered in the accounts of a former secretary, but no proceedings have been instituted. The cash value of the association is $467,690. The failure is' the largest in the history of building and loan associations in this state. Nearly seventeen hundred mill workers had deposited all their savings in the concern, expecting to buy homes.

4. September 8, 1900 New-York Tribune New York, NY
Article from New-York Tribune, September 8, 1900

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Article Text

HAVINGS AND LOAN ASSOCIATION FAILS. Pittsburg, Sept. 7.-The Fifth Avenue Savings and Loan Association, of McKeesport, Penn., is insolvent, and the Mercantile Trust Company, of this city, has been appointed temporary receiver. An alleged discrepancy of $22,000 has been discovered in the accounts of a former secretary, but no proceedings have been instituted. The cash value of the association is $467,690 04. and the failure is the largest in the history of building and loan associations in the State Nearly seventeen hundred mill workens had deposited all their savings in the concern, expecting to buy homes.

5. September 8, 1900 The Times Washington, DC
Article from The Times, September 8, 1900

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Article Text

M'KEESPORT BANK CLOSED. Deficit Caused by an Alleged Embezzlement of Long Standing. McKEESPORT, Pa., Sept. 7.-Weeping women and angry men crowded about the doors of the Fifth Avenue Savings and Loan Association today when it failed to open. Over half a million dollars of their savings were tied up. The Mercantile Trust Company, of Pittsburg, has been appointed receiver by State Bank Examiner C. P. Cochrane. Secretary J. S. Goodwin, of the association, stated that the failure was due to the embezzlement of $32,600 by former Secretary E. E. Dearborn. The shortage in Dearbon's accounts was discovered over two years ago, only a few minutes before the New Enterprise Association, of McKeesport, had gone under from the same cause. The secretary, Enoch Liezure, is now serving a sentence of one year for stealing over $40,000 from that association. The directors of the Fifth Avenue feared an exposure at that time, thinking it would cause a run. With the advice and consent of the banking commission it was kept quiet, and an effort was made to make up the deficiency from the earnings. There is still a deficit, the directors state, of $10,000. At the recent examination of the affairs of the institution the bank examiner demanded that this sum be made up at once. This was impossible without complete exposure, which the directors wanted to avoid. The examiner appointed the receiver, and last night appeared at the meeting of the directors and took charge of the books. The first indication the thousands of depositors had of it was when the institution failed to open its doors this morning. Secretary Goodwin has held the office for about two years. He took the place after Dearborn's allege embezzlement. Up until about a month ago his salary was $1,500 a year then it was reduced to $1,200 a year. He had an assistant, John Pollock, who receives a salary of $60 a month. The depositors are mostly poor people. One newsboy lost $70 and another $40. Widows and orphans are among the losers. Nearly every secret society and church in the city had its funds invested. The deposits vary from a few dollars to $10,000. Ex-Mayor R. T. Carothers, one of the directors, is said to have had on deposit about $10,000. Dozens of business men are affected.

6. September 8, 1900 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, September 8, 1900

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Article Text

MILL HANDS CAUGHT. They Deposited With a Loan Association Which Is Insolvent. Pittsburg, Sept. 7.-The Fifth Avenue Savings and Loan association of Mc. Keesport, Pa., is insolvent and the Mercantile Trust company of this city has been appointed temporary receiver. It is alleged a discrepancy of $22,000 has been discovered in the accounts of the former secretary, but no proceeding has been instituted. The cash value of the association is $467,690.04 and the failure is the largest in the history of building and loan associations in the state. Nearly 1700 mill workers had deposited all their savings in the concern, expecting to buy homes.

7. September 8, 1900 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, September 8, 1900

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Article Text

SAVINGS ARE SWEPT away. Seventeen Hundred Mill Workers Affected by Failure of Pittsburg Savings Institution. PITTSBURG, Pa., Sept. 7.-The Fifth Avenue Savings and Loan Association, of McKeesport. Pa., is insolvent, and the Mercantile Trust Company, of this city, has been appointed temporary receiver. An alleged discrepancy of $32,000 has been discovered in the accounts of a former secretary. but no proceedings have been instituted. The cash value of the assets is $467,690. and the failure is the largest in the history of building and loan associations in the state. Nearly 1,700 mill workers had deposited all their savings in the concern, expecting to buy homes.

8. September 12, 1900 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, September 12, 1900

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Article Text

Sad Blow to Mill Workers. The Fifth Avenue Savings and Loan Association of McKeesport, Pa., is insolvent, and the Mercantile Trust Company of Pittsburg has been appointed temporary receiver. Nearly 1,700 mill workers had deposited all their savings in the concern, expecting to buy homes.

9. September 12, 1900 Juniata Sentinel and Republican Mifflintown, PA
Article from Juniata Sentinel and Republican, September 12, 1900

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Article Text

dance at Burnham on Saturday. Officer Lapp was in Liverpool last Saturday on official business. The brick layers are busily at work on the new Lutheran church. Mrs. Cox of Camden, N. J., is the ily. guest of Capt. McClellan's famMrs. John Copeland of Patterson, west. is off on a trip through the Mrs. J. H. Martin and daughter arrived home from a trip to Europe. Miss Sallie Irwin has returned home Ohio. from a visit to Springfield, What the Juniata county peach lacks in size, it gains in flavor this year. Mrs. Sarah Derr of Milton, is visiting among friends in the twin boroughs. Miss Mary Cramer of Harris burg Patterson. has been visiting relotives in Miss Anna Will as a student has entered the Bloomsburg State Normal School. Drougth destroyed the cropsthis year. Who do you blame the drougth on? The Perry county soldiers' re-union will be held at Millerstown on the 13th of October. Rev. Mr. Finn of Pittsburg preached for the Presbyterianslast Sunday morning and evening. The latest news from Behring strait is, great destitution among the gold seekers at Cape Nome. Something uncommon took place on Monday morning. The thermometer dropped to 70 degrees. Mrs W. H. McNitt of Patterson, spent from Friday until Monday with relatives in Mifflin county. Ralph McMeen of Patterson and his cousin Wm. Albert, spent sev eral days of this week in Harris burg. According to the late census enumeration Altoona has a population of 38,973, a gain of 8,636 over the census of 1890. Benjamin K. Focht has received the district Senatorial nomination in the Union, Snyder and Northumberland district. William Holmes of Miller township, Perry county, died the 1st of September, 1900, aged 87 years. He was the father of 22 children. The communion of the Lord's Supper will be administered in the Presbyterian church next Sunday by Rev. Mr. Miller of Homestead Pa. After visiting her parents Mr. and Mrs. Clark Wright in Patterson, Mrs. Eminger and two children have returned to their home in Phila. So many children are having whooping cough, that the school board deemed it best not to keep those who have the cough out of the schools. The failure of a banking institution, the Fifth Avenue Savingsand Loan Association of McKeesport, Pa., last Thursday. caused a panic in that town. Miss Mary Stone, the Indian girl, who has been staying with Mrs. John Copeland, during the summer, left for the Carlisle Indian school on Monday. The Carnegie Company is engaged in issuing their onehundred and sixty million dollars of bonds. If they are paid before the crack of doom they will be doing well. It is now reported that almost one hundred American and British missionaries were murdered in China by the Boxer uprising. 20 men, 21 women and 20 American children are missing. A young man named Duncan from Port Royal was in jail over night last week on a chargeof hav ing attempted an indecent assault upon a five year old girl in Turbett township. He gave bail to answer the charge at the next court. Since the abandonment of the canal, the millerstown dam is of no use and parties are urging a petition to the railroad company to make a break in the dam or permit other people to break the dam SO that fish can come up stream. Last Friday the Sheriff land ed in the western penitentiary the three prisoners of the law found guilty in the late court, namely:

10. September 13, 1900 Audubon Republican Audubon, IA
Article from Audubon Republican, September 13, 1900

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Article Text

Sad Blow to Mill Workers. Pittsburg, Sept. 8.-The Fifth Avenue Savings and Loan association of McKeesport, Pa., is insolvent, and the Mercantile Trust company of this city has been appointed temporary receiver. An alleged discrepancy of $32,000 has been discovered in the accounts of a former secretary, but no proceedings have been instituted. The cash value of the association is $467,690.04, and the failure is the largest in the history of building and loan associations in the state. Nearly 1,700 mill workers had deposited all their tavings in the concern, expecting to buy homes.