19269. Central Trust Company (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 24, 1916
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
392a5c35

Response Measures

None

Description

Central Trust Company of Pittsburgh was closed by order of the State Banking Department on Aug 24, 1916 for bad loans and overdrafts. A receiver (named in sources as A. H. Gettys or G. H. Getty) was appointed. The institution did not reopen; it went into liquidation/receivership and a dividend (50%) to depositors was announced for Nov 15, 1916. OCR variation in receiver name (Gettys vs. Getty) noted. Deposit totals differ across dispatches ($561,334 vs. $600,000) — reported by different wires.

Events (3)

1. August 24, 1916 Receivership
Newspaper Excerpt
Banking Commissioner Smith has named A. H. Gettys, receiver ... in charge of the affairs of the Central company. / notice posted on the door ... signed by G. H. Getty, temporary receiver ... said the bank had been closed by reason of a number of bad loans and overdrafts.
Source
newspapers
2. August 24, 1916 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State Banking Department closed the bank citing bad loans and overdrafts in the institution's portfolio.
Newspaper Excerpt
The Central Trust Company of Pittsburgh was closed to-day by order of the State Banking Department, an announcement posted on the door giving bad loans and overdrafts as the cause.
Source
newspapers
3. November 1, 1916 Other
Newspaper Excerpt
the first dividend to depositors will be fifty per cent and that it will be paid November 15.
Source
newspapers

Newspaper Articles (6)

Article from Harrisburg Telegraph, August 24, 1916

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Pittsburgh Trust Co. Closed by State Banking Dep't. By Associated Press Pittsburgh, Aug. 24. - The Central Trust Company of Pittsburgh was closed to-day by order of the State Banking Department, an announcement posted on the door giving bad loans and overdrafts as the cause. In its last report to the banking commissioner the company reported total deposits as $561,334. The bank. which has a capital of $150,000. was located in the wholesale produce district, and its business was almost exclusively among commission men. Deputy Attorney General Horace W. Davis is on the ground in Pittsburgh looking after the legal end of the. business. Banking Commissioner Smith has named A. H. Gettys, receiver of a bank now in liquidation, in charge of the affairs of the Central company. Mr. Smith held a hearing yesterday and decided upon the action taken this morning.


Article from South Bend News-Times, August 24, 1916

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PITTSBURGH BANK FAILS BECAUSE OF BAD LOANS International News Service: PITTSBURGH, Pa., Aug. 24.-The Central Trust Co., a small bank, patronized chiefly by commission merchants, failed to open its doors at 9 o'clock this morning. Bad loans are given as the reason for the bank's failure. A notice posted on the door of the institution signed by G. H. Getty, temporary receiver, and Horace W. Davis, representing the state attorney general, said the bank had been closed by reason of a number of bad loans and overdrafts. The bank was capitalized at $150,000 and had deposits amounting to $600,000.


Article from New-York Tribune, August 25, 1916

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Other Cities Coppers.-Boston, Aug. 24.-Interest in copper shares embraced trading in most issues to-day, although with few and fractional price changes. East Butte developed activity and strength, closing at 15. The market was firm at the close. Copper Range, 65%; Allouez, 69 1/8; Granby, 88½; Old Dominion, 701/4. Pittsburgh Trust Company Closed.Pittsburgh, Aug. 24.-The Central Trust Company, of Pittsburgh, was closed to-day by order of the State Banking Department, an announcement posted on the door giving bad loans and overdrafts as the cause. In its last report to the Banking Commissioner, the company reported total deposits as $561,334. The bank, which had a capital of $150,000, was located in the wholesale produce district, and its business was almost exclusively among commission men. 'Frisco Reorganization. - Jefferson City, Mo., Aug. 24.-Articles of incorporation for the reorganized St. Louis & San Francisco Railroad Company were filed in the office of the Secretary of State here to-day and a charter was immediately issued. The capital stock of the company is $450,000,000, of which $200,000,000 is to be in preferred shares and the remainder common stock. All directors of the reorganized company are from St. Louis. Boston & Maine Earnings.-Boston, Aug. 24.-The Boston & Maine Railroad, which yesterday assented to a creditors' petition for receivership with the statement that it was unable to meet its current obligations, to-day filed with the Public Service Commission a report for the quarter ended June 30, showing a net income of $1,749,695. This amount compares with a net income of $410,234 for the corresponding period last year and a deficit of $257,308 in 1914. The total operating revenue amounted to $13,914,764, according to the report.


Article from Norwich Bulletin, August 26, 1916

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Paper Its Total Circulation is the Largest in Connecticut in Proportion to the City's Population Condensed Telegrams A Crisis in the Plans Counter Proposal Both houses of Parliament adjourned until Oct. 10. im ston The sub-treasury has transferred ino Railroad Tangl $325,000 to San Francisco. heehy to Adjourn Friday by Railroad Heads court King Ludwig III., of Bavaria, has sponREPRESENTATIVES OF BROT been stricken with apoplexy. TO BE SUBMITTED TO PRESIIealey TO IGNORE THREATS OF ADMINibrate HOODS HAVE LOST PATIENCE Four thousand raincoat makers of DENT WILSON TODAY and ISTRATION LEADERS New York threaten to strike. done world Three boys escaped from the New WILL WAIT NO LONGE Jersey Reformatory near Rathway, N. HOLD FOR ARBITRATION TWO HOUSES IN ACCORD J. King William Welles, of the Welles alding. Informed President Wilson That Un tribe of gypsies, of Passaic, N. J., is Crisis Expected at Noon Today, When A Joint Resolution Will Be Submitted bishop dead. has O No Circumstances Would They F President Has Engagement to See to Both Houses as Soon as the last The schooner Rieta arrived at BosThe main in Washington Longer Th the Brotherhood Leaders at the ton with a hole in her bottom, caused General Deficiency Bill Has Passed mbers by a swordfish. Tonight. at his White House. the House. years Gold to the amount of $650,000 was withdrawn from the sub-treasury for that shipment to Spain. Washington, Aug. 25.-A crisis Washington, Aug. 25.-After the aged Washington, Aug. 25.-Congress is morrow in the threatened nation-w heads of the four great brotherhoods n and preparing to adjourn next Friday if Conductors and motormen of the railroad strike appeared unavoida threatening a nation-wide strike had possible ignoring all threats of memtonight. Louisville Railway Co. have demanded gone to the White House today with per of bers to press special bills for considan increase in wages. Heads of the four railroad broth a warning that their men would not ralytic eration over protests of administration hoods went to the White House to wait longer than tomorrow night for n exleaders. and informed President Wilson The Kewanee Coal Co., at Pikeville, R reply from the railroad executives His It is expected that a joint resolution under no would circumstances has been sold to J. B. and Bruce Rogto President Wilson's suggestion that No to provide for adjournment Friday ers of Youngstown, O. hold their committee of 640 here at an eight hour day be granted, the exdays evening will be submitted to both tomorrow night. The men, they Sa ecutives tonight agreed upon a counhouses next week as soon as the genwere demanding that they obtain so The Central Trust Company of ter-proposal to be submitted to the caster eral deficiency appropriation bill has Pittsburgh was closed by order of the definite answer from the railroad he president tomorrow. This plan, holdof the passed the house, probably on TuesState Banking Department. ing to the demand for arbitration on President Wilson's plan, already a, III., day. Democratic leaders declare the cepted by them, or that they be P which the employes have declared use of resolution will be adopted and that A number of Chilian students left mitted to go home and prepared foi they unalterably oppose, proposed. followthis will operate to check athreatened Santiago, Chili, to attend different unstrike. Everything was declared to archWhat Railroad Officials Propose. prolonged fight in the senate over the iversities in the United States. in readiness for a walkout whene Owen corrupt practices bill which "That the question of an eight hour the committee of 640 gave the word. ninent aroused a fusillade of charges and day is not directly connected with the The transport Hancock, en route To Meet Men This Noon. church matter at issue and that there is a counter-charges of political corruption from New Orleans to Vera Cruz. ran ceived yesterday. The president is understood to h difference between an actual eight aground at the mouth of the Missisident Senator Owen's to determination given the men no definite promise hour day and an eight hour day as a ssippi River. he arto what he would do. He made coal appointment with them for tomor Hamburg bankers and shipping comnor of noon, however, and shortly after panies are planning the establishment topics left the White House sent for three of a new shipbuilding plant at Ilamon rethe railroad executives to advise burg. of what had happened. The railr Lebapresidents and managers held Seven women and three men were edue conferences during the day and Wields a Widespread Influence injured as a result of a collision beCintinued their sessions until late toni tween surface cars on the Queensboro uvain, working on a communication to Bridge. degree president setting forth their posit After There is nothing mystical nor enigmatical about advertising. It on the proposal that they grant for a The Dutch steamer Ryndam and eight hour day with pay at the is simply a straightforward publicity proposition. As one advocate of elgian Prins Frederick were compelled by now given for a ten hour basic day the the British to leave all their mail in was understood that the tentative d it says, "It can influence a million minds at once, at the cost of from a life's England. of this communication sets forth few cents down to the decimal part of one cent each. The mission the railroads agree to the eight hedral day principle but believe that the The British steamer Quebra has of advertising is to take the burden of educational work off the ion to for such a day should be made foundered after striking rocks west of shoulders of the salesman and enables him to start in nearer to the secresubject of arbitration the Big Blasket Island, off the ccast mained order." The railroad heads insist. as of Kerry. at his have from the beginning of nego with Unfortunately there are not millions in this end of Connecticut tions, that it is increased pay and Special trains carrying members of Before a shorter work day that the emple the Patriotic Sons of America from all who might be influenced by the advertising carried in the columns of built really desire. To grant them parts of Pennsylvania arrived at Philhouse shorter basic day at the present The Bulletin. There are, however, many thousand who depend upon adelphia. it is contended, would mean an a it to get in touch with the opportunities for trade, for chances of after tional annual expenditure of $52,0 000. Elliot Wadsworth, of Boston, was Revsupplying their wants to the best advantage and for the assistance elected vice-chairman and executive bishop Representatives of the men in everal head of the American Red Cross, at which it renders to those who have the purchasing to do, property to cated tonight that such a reply W Washington. f that be unsatisfactory, rent, articles for sale or those who make the seeking help or positions. sistant Railroad Heads Would Welcome St New It is as invaluable to the business houses as an advertising medium The Derby Manufacturing company It has been well known since aile in has filed with the secretary of state a railroad presidents came here as it is to the two counties as a news distributor. It is a positive hop of certificate of organization showing a many of them would welcome a st factor as a business builder. capital of $300,000. Some of them have pointed out the Bishop their opinion submission in the pre The following matter has appeared in its columns during the past 51 to Governor Brumbaugh has appointed week: crisis would weaken discipline on Herman L. Collins, of Philadelphia, a lines and that it would only be a trustee for the Home for Training of time until the trainmen's demands Bulletin General Local Total Telegraph Deaf Children. followed b cssmilar ones of other ANCE. ployes. Many of them feel tha 19 159 146 1177 1482 Three men were killed and three Aug. Saturday, strike could last only a few days others seriously injured when two Dis21 169 467 145 the longest, and the more impor 781 Aug. Monday, large cranes collapsed at the National systems would have little tro Foundry at Erie, Pa. 22 172 152 225 549 Tuesday, handling the mails and milk trains Aug. supplying the larger cities with f of the 182 144 23 659 333 A Russian torpedo boat of the largAug. Wednesday, stuffs. on to est and most modern type was badly The railroad executives virtually W for 24 182 132 291 605 Aug. Thursday, damaged by an explosion off the Courmissed from all consideration the land Coast on Aug. 22. 25 170 150 questions of freight rate increases 242 562 Aug. Friday, today of methods of insuring settlemen disEmil Herter, for almost 30 years future disputes They centered a mmisThomas A. Edison's chief mechanical tion on the two propositions of scienTotals 1034 869 2735 4638 engineer in the laboratory at the West eight hour day and the arbitration ns in Orange, N. J., plant, is dead. wages under it. he reindusHoward Elliott's Views, President Wilson has asked Senate ms of Statements were issued by Pr leaders to pass at this session the bill r-savdent Howard Elliott of the New Ha to increase the Interstate Commerce demand a vote on a motion to take up basis for pay. idered. the corrupt practices bill still hangs and R. H. Aishton of the Chicago Commission to nine members. 'That questions of increases of bserve Northwestern Mr Elliott said over the senate but several influential wages are indisputably questions capihoped a real solution would be fo democrats said today his motion, if Navigation on the St. Lawrence which should be settled by arbitrazed in tion. for the situation "rather than tha River was at a standstill for several he got an opportunity to make it, ustrial should be settled off-hand and SO would be defeated. Senator Smith of hours because of a blanket of heavy "That the present demands of the in the interest of the 400,000 who smoke from forest fires in Canada. Carolina intends to seek another optrainmen be submitted to arbitration on are now pressing their demands." portunity to pass the imigration bill by the Interstate Commerce Commisworld. dent Aishton said that in 1900 and he might get it through if it Secretary of the Treasury McAdoo sion or some board to be created by irman. amount of wages paid train emple could be done without provoking deannounced that the total outstanding the president or in some other way. for each 1,000 tons of freight m bate. After the deficency and revewar risk incurance policies issued 'That if the arbitrating board finds RE one mile was 56.4 cents, while it nue bills are passed, however, senate since Sept. 2, 1914, amount to $2,237,859 wage increases should be granted it was 61 cents, an increase of 23 leaders on both sides say, "Wild horses net. SELF. their finding will be retroactive and cent. could not hold a quorum." the increase will take effect from the The conference committee of m President Wilson sent to the Senate al For House Absentees Sent For. time the arbitration begins. gers made public several telegri a list of nominations of physicians to To clear the way for adjournment, "That a fund shall be created by from commercial organizations be first lieutenants in the medical reMajority Leader Kitchin sent urgent the railroads to provide for this condividuals supporting their insist serve corps under the army reorganiFurber, telegrams today to all house absentees, tingency, the Interstate Commerce upon arbitration of labor disputes zation bill. minent asking that they return at once for commission to keep the accounts that Practically an Ultimatum. r, shot the final legislative drive of the seawill be necessary and the arrangement An unidentified woman, about 30 Hosson It was a determined quartette to continue in force for a time not years old, was run down and killed at the brotherhoods that visited the patient vet determined upon, the men agreeIf anything should happen to preForty-first Street and Tenth Avenue survivident today to deliver their ultimat vent adjournment next Friday it will ing that during the period of arbitraby a limousine car. One of the wheels Or. Wednesday evidence of be necessary for congress to stay over tion there shall be no further demands passed over her face. imated among the committee of 640 becam until the following week as president nor any attempt to strike." apparent that their leaders consid Wilson will be in New Jersey SaturThe cruiser Yankee, which sank in Drafted by Eight Presidents. d Mr. the situation grave and it requ day receiving formal notification of Buzzards Bay, near Pekinese Island. evolver their best efforts to prevent a vote his nomination of re-election. A draft of this report was submitwill be removed by the War Departt. He a proposal to withdraw from the ted tonight by the committee of eight ment. The Yankee struck Spindale protiations immediately, MILITIA CAPTAIN SHOT presidents who have been constantly Rock in a fog in 1909. heat at work upon its various phases for Some Trains Would Run Anywa AND KILLED BY A WOMAN a week. There was some discussion, One of the leaders said tonight The Department of Commerce anbut only one vote was taken and by in the event of a strike being ca nounced that a new high record for Who Claimed He Had Offended Her it the sixty presidents and the manacrews hauling trains with supplies American imports and exports was by His Attentions. gers approved the draft. Some slight IILES. soldiers on the Mexican 'border, a reached in the year ending July 30, additions to the phraseology are to be ited number of passenger and exp exports totalling $4,511,000,000 and immade and the final draft presented at uddentrains and, possibly, some milk tra ports $2,237,000,000. Macon, Ga., Aug. 25 Captain Edanother meeting tomorrow morning k. would be permitted to continue wo gar J. Spratling of F Company, Fifth From that meeting the report is exMayor Mark M. Eagan of Jersey Regiment, National Guard of Georgia, pected to be taken to President WilCharles MOTORIST HELD ON City announced that unless he received was shot and killed in his tent at the son. It was said tonight this will be a su cient money to run the City Hosstate mobilization camp near here toMANSLAUGHTER CHAP the final report from the executives. was day by Mrs. H. C. Adams of Atlanta. pital over which he is supervisor, he "It puts the issue squarely un to


Article from The Detroit Times, August 28, 1916

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ASPINWALL BANK CLOSES ITS DOORS BY UNITED PRESS PITTSBURGH Pa., Aug. 28.-The First National Bank of Aspinwall failed to open its doors today and shortly before noon a national bank examiner was in charge of its at fairs. C. O. Spillman. former president of the Central Trust Co., of Pitts burgh. is president of the Aspinwall institution Following the closing of the Central Trust Co. last week. depositors made a small run on the Aspinwall bank on Saturday. The Aspinwall bank had deposits of $125,000, largely savings ac. counts.


Article from Evening Public Ledger, November 1, 1916

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News at a Glance PITTSBURGH, Nov. 1.-Announcement has been made by G. H. Getty, receiver of the defunct Central Trust Company. that the first dividend to depositors will be fifty per cent and that it will be paid November 15. NEW YORK, Nov. 1.-Dollar eggs appeared not far off today. In the last twenty-four hours the top price on the exchange touched sixty-seven cents a dozen, which means about seventy-five cents to Mrs. Housekeeper for the very fresh fancy variety. Butter prices also were way up, and cheese was quoted at twenty-one and onehalf cents and twenty-two cents a pound, near a record. NATIONAL PARK, N. J., Nov. 1.-An elaborate farewell reception was tendered Mr. and Mrs. A. Morrison at the SmithHurst on the boulevard on Monday night by the residents of National Park. Speeches were made and there were vocal and instrumental selections by Miss Mabel Batten and Charles H. Hulse. SEOUL, Korea, Nov. 1.-Fin Welhaven, believed to be an American. has been killed and two other American mining engineers have been wounded in an encounter with bandits in northern Korea. BOSTON, Nov. 1.-The fishing schooner Arthur James of Gloucester was sunk in a fog off Castle Island last night in a collision with the steamship Camden, bound from this port to Rockland, Me Mulasker Hager. the cook, is missing. The other members of the crew were rescued. The Camden's bow plates were bent in and it was decided to cancel her trip. The 150 passengers disembarked. / EL PASO, Tex., Nov. 1.-Pennsylvania Guardsmen. numbering approximately 13,000, will vote at Camp Stewart. near here, Tuesday Election commissioners from Pennsylvania have been sent to each of the regiments in the division to count the ballots and take them back to Pennsylvania. The two batteries of Connecticut artillery have already voted, according to military headquarters. The ballots will be taken to Hartford, Conn., and counted Tuesday. SOUTHBRIDGE," Mass., Nov. 1.-Seven hundred men, went on strike today at the American Optical Company lens factory, the largest factory of its kind in the world. They demand twenty per cent increase in wages and double pay for overtime. LANCASTER, Pa., Nov. 1.-The receipts of the Ninth Internal Revenue District for October were $307,118, against $277,904 in October a year ago. The increase from cigars alone was $27,516.