19275. Columbia Savings & Trust Company (Pittsburg, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: May 9, 1906
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 5efc185a

Response Measures

None

Description

The Columbia Savings & Trust Co. was closed by order of the Pennsylvania Commissioner of Banking on May 9–10, 1906 (no run mentioned). Articles report the failure tied to the failure of the Ohio Coal and Sewer Pipe Co. and allegations of crooked dealing. A receiver (George H. Calvert) was later appointed and announced payments to depositors (announcement dated 1907-05-05), so the institution remained closed and entered receivership. OCR variants of 'Pittsburg' appear in the articles; retained the provided spelling.

Events (2)

1. May 9, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by order of state banking commissioner; failure of the Ohio Coal and Sewer Pipe Company (in receivership) and charges of crooked dealing cited as responsible.
Newspaper Excerpt: The Columbia Savings and Trust company ... was closed this morning by order of the state commissioners of Banking.
Source: newspapers

2. May 5, 1907 Receivership

Newspaper Excerpt: Attorney George H. Calvert, receiver of the defunct Columbia Savings and Trust Company, of Pittsburg, announces that depositors will be paid dollar for dollar on June 1.
Source: newspapers

Newspaper Articles (11)

1. May 9, 1906 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, May 9, 1906

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GOSSIP OF THE MARKETS Joe Leiter has been suspended from the Chicago Board of Trade. It is reported that the suspension is a reflection of the famous Leiter deal some years ago. Non-settlement of certain claims is believed to have caused the action of the directors, Pittsburg-The Columbia Savings and Trust company of No. 19 Fouth avenue, this city, was closed this morning by order of the state commissioners of Ranking. The last report showed a paid-up capital of $144,000 and deposits of $188,000. The weather man shows light frosts as far south as Wichita, quite general in Missouri and along the Ohio river. Rains in southern Kansas, Missouri and in the Ohio valley. Clear northwest with rising temperatures. Friedman buying in short September wheat. Rankin and Scott bidding Chicago wheat up; crowd following. Chicago says: 'Peavey Grain company have been buying July and selling September wheat all morning quietly. They did the same yesterday." No trade in May wheat to speak of; one sale of 10,000 bu early. Antwerp unchanged. Chicago to Watson-There is a report here from Kansas City that says the secretary of agriculture of Kansas says wheat crop of western Kansas will show half a crop. Liverpool close: Wheat, unchanged; corn, unchanged to 1/8d higher. Kidston buying September wheat. Rankin bought and bid up the May. Provisions firm under general buying. Offerings light. Oats higher with commission houses buying July and September. Armour bought some May. Corn a shade firmer with the Chicago locals generally buying. not much offered. Weather shaping better for planting. New York wired Lewis: "Get your friends on the bull side of the stock market and double up on every setback. We look for higher prices than ever, and a good bull market when congress adjcurns, if not before. New York to Piper-The market has rallied easily, especially Smelters, which has all the earmarks of going higher. Chicago to Lewis-Crowd act as tho pretty well in on short wheat. Total clearances: Wheat, 33,000 vu: flour, 47,000 brls; corn, 257,000 bu: oats, 34,000 bu: wheat and flour equals 243,000 bu. Ontario & Western report for the quarter ended March 31: Increase, $144,309; net increase, $145,757; surplus increase, $34,993. t New York to Lewis-Attorney General Mayer, District Attorney Jerome and Commissions Gunnison. Sheldon, Davies of the state gas commist sion were served with injunctions issued by the United States court to restrain them from putting into effect the order of the commission d establishing 80c gas in New York city. The t order is returnable Monday before the United States court in New York city. 2 Boston to Piper-This North Butte is going to be a speculative favorite and a good trading stock. Berlin wheat closed 8/4c lower. y New York to Whallon-There is some ime provement in the bond market. Milmine sold about 150,000 bu of oats. New York to Watson-Bull points were current on American Car and Foundry Company, American Locomotive, Republic Iron & Steel and other propositions of the same kind. In /8 each case the bullish talk was traceable to houses which were in the pool leaders before the San Francisco disaster. Liverpool cabled: "Wheat inactive; prices steady. Corn quiet, but rather steadier.' /8 Chicago, clear and cool; Kansas City. clear and cool; Omaha, clear and pleasant; Springfield, cold and clear, had heavy frost: Peoria, clear and cold, heavy frost; St. Louis, clear and fine. C. E. Lewis from Winntpeg-Nothing doing. Only two trades made today. No export demand.

2. May 10, 1906 Perth Amboy Evening News Perth Amboy, NJ

Article from Perth Amboy Evening News, May 10, 1906

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Pittsburg Bank Fails. PITTSBURG, May 10.-The Columbia Savings and Trust company has closed its doors on orders from the state banking commissioner. The failure of the Ohio Coal and Sewer Pipe company, which is in a receiver's hands, is said to be responsible. Charges of crooked dealing have been made, it is said.

3. May 10, 1906 Durango Semi-Weekly Herald Durango, CO

Article from Durango Semi-Weekly Herald, May 10, 1906

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exploded in the Mount Rouge district in this city this afternoon, injuring three persons. PHILADELPHIA, May 8.-An efis being made by the Russian extrafort government to bring about the chargdition of Maxim Gorky. He is chiefwith all manner of offenses, of ed ly political, but including also one defalcation. If the government can secure his extradition Russia will certainly the novelist and revolutionist. the The hang cloud that has settled upon he man's career in this country since his introduced the actress as has has made it seem possible to that they can secure but Gorky's portation, wife Russia Socialistic his sum dehere have raised a large B. and employed Martin, a noted lawyer of friends of money James this city, efother attorneys, to fight every and fort that shall be made for his extraidtion. Gorky comes to Philadelphia today aclecture. The actress will not company to him and thus the moral ob- rejection of her presence will be moved. It is likely that two very behalf large meetings will be held in his here and in New York. ST. PAUL, Minn., May -Joseph years Wheelock, aged 75 years, for 50 Press, of the St. Paul Pioneer old editor died today from exhaustion following CITY age. OF MEXICO, May 9.-The into question has entered celetemperance for a Fourth of July much the plans here. and has caused the bration feeling among members ministers of and bitter American colony. The the colony temperance people in held other the meeting recently and captured for the celebration the to arrange a resolution prohibiting passed of intoxicating liquors. sale "wets" in the colony promptly and The held a mass meeting rebelled, for a rival celebration. Amtook steps through the efforts compromise of However, Thompson a will be bassador been effected, and there and wine has celebration. Beer brandy, gin but one sold, but whiskey, be proand will other be distilled liquors will the hibited. temperance members at of some The were greatly shocked celecolony of the Fourth of these July was features last year. One of high bration champagne duel between prominent a a official and a was government of the colony. The duel finwoman by pulling corks, placing the bottles fought over the months of liquor over gers squirting the precious of and other. After several quarts the goveach had been wasted undignified ernment champagne official made an escape. NEW YORK, May 9.-Nicholas the first D. the man who fired Admiral Magland, the engagement of Manila shot Dewey's in famous squadron destruction in of which aided in the St. Joseph's bay Spanish fleet, died in disease was the last night. His from the hospital contracted anxious consumption, Moyland stood Philippines. big gun to which his squad his ly by the when Dewey issued are was assigned order, "Fire when you was famous Gridley," and the word ready, through the ships. Moyland passed and ever after that he prided fired, on this distinction. Cohimself PITTSBURG, Pa., May Trust company The was lumbia closed Savings today & by the state commissoner WASHINGTON, of banking. MAY' family 9.- of & % $3 S Members Gorman of the today denied condi- S SO SO Senator he is in a critical im- & % S that While there is no considSO $ S tion. mediate danger, it is will & doubtful if he ever his % X S ered be able to again resume X senatorial duties. 9.-The WASHINGTON. May committee on public bill lands to fav- pay house orably reported on the on sales of publie California lands. 5 This per will cent amount to about $900,000. CHICAGO, May 9.-A truce October between was and Voliva until inDowie today and the business turned arranged of Zion City will be Dowterests a committee of three. Deaover appointed to on the committee Grangie and Voliva, Deacon third con er. Lewis, These two will appoint a member. is considered by Dowie's believed fol- by This victory, as it will lowers as a a mass of Zionists reOctober the Dowie camp. turn to May 9.-John Alexander the opinCHICAGO, sound mentally in who Dowie of is three Chicago physicians, his home in ion examined him at to Emil i have and who reported the Zion City attorney in fight C. Wetten, Doe's with Overseer Voliva. N. Harold court Alfred C. Croftan, subjected Drs. and Sanger Brown exe Moyer "First Apostle" to a searching them at t amination, that he the Dowie assuring desired thort the ough beginning work, as he sought no authority

4. May 10, 1906 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 10, 1906

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CONDENSED DISPATCHES. Mohammedans of high rank residing Lamore, Punjab. British India, have at been notified that the Amir of Afghanistan, Habibullah Khon, will visit India next winter. In view of the political importance of the Amir's journey steps are already being taken to give him a fitting welcome. The Columbia Savings & Trust Co. of Pittsburg, Pa., closed its doors Wednesday by order of the commissioner of banking. William J. Diehl, former mayor of Pittsburg, and J. M. Volan, secretary and treasurer. The capital is $145,000: deposits $200,000; loans, $290,000: and surplus $6000. The New York state board of railroad commissioners have reported that the total number of cash fares collected on the surface. elevated and subway lines of Greater New York for the first three as months of 1906 was 297.339.165. against 260,277,915 for the corresponding quarter of 1905, an increase of 37,061,250. Investigation shows that the authorities of San Domingo were mistaken in believing that they discovered a plot May 6 to assassinate Pres. Caceres as he was leaving the theatre. The persons arrested in connection with the alleged conspiracy have been released. Quiet reigns in the city and its vicinity and business is improving. The soft coal and wood yards of A. L. Thomas, Beach street and Columbus by fire Wednesday. The flames also damaged a dozen small dwellings and the Cramer Iron Works. Two men who were sleeping in the stable of the coal yard are missing. Thirty-three horses were burned to death. The origin of the fire is unknown. The monetary loss is about $15,000. The signal corps of the United States army is photographing San Francisco ruins from balloons. A series of pictures is being taken to be kept on file by the war department in Washington. Several hundred pictures have already been taken of the different buildings and an order sent for three balloons so that a complete panoramic picture of the city can be had. The pillars supporting the second floor and roof of the rear part of a large new cigarette factory at Havana, belonging to Joseph Cener. collapsed Tuesday and of the 40 men and women working in that part of the factory half were caught in the falling debris. Six persons were taken out dead and a dozen more were injured. The dead and injured include cigarette makers and men who were at work in the building. Fears that a run on the Kingston Savings Bank of Kingston. N. Y., will follow the suicide Tuesday of Accountant Frank Johnson, caused the trustees Wednesday to decide to ask the state banking department for an immediate examination of the bank's affairs. They decided meanwhile to enforce the rule requiring 60 days notice in writing of intention to withdraw deposits. No reason for Johnson's suicide colid be assigned by his family or friends Tuesday. The bank officials issued a statement immediately afterward that his accounts were all right and that it was impossible for him to have used the bank's moneys. Supreme Court Justice Jaines A. Betts is president of the Kingston Savings Bank.

5. May 10, 1906 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, May 10, 1906

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Pittsburg Bank Fails. PITTSBURG, May 10.-The Columbia Savings and Trust company has closed its doors on orders from the state banking commissioner. The failure of the Ohio Coal and Sewer Pipe company. which is in a receiver's hands, is said to all be responsible. Charges of crooked dealing have been made, it is said.

6. May 11, 1906 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, May 11, 1906

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DOORS OF A PITTSBURG TRUST COMPANY CLOSED Pennsylvania Commissioner of Bank. ing Orders the Suspension of the Institution. PITTSBURG, Pa., May 10.-The Columbia Savings and Trust Company of this city has closed its doors by order of the Commissioner of Banking. Hon. William J. Diehl, former Mayor of Pittsburg, is president, and J. M. Votan is secretary and treasurer. The capital is $145,000; deposits, $200,000; loans, $90,000, and surplus $6000. Attorney T. F. Newlin of the board of directors declared there was no shortage, that all the securities were good and that every dollar of indebtedness would be paid.

7. May 12, 1906 The Free Lance Fredericksburg, VA

Article from The Free Lance, May 12, 1906

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Columbia Savings and Trust Co., Pitts burg. suspended. Former Mayor William J. Diehl was president of the institution.

8. May 16, 1906 The Fulton County News McConnellsburg, PA

Article from The Fulton County News, May 16, 1906

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LATESTNEWS INSHORTORDER DOMESTIC The plan to construct a floating drydock to be stationed at Solomon's Island, has been temporailry defeated in the House on the point of order that the money for the same should not be included in the Naval Appropriation Bill. The Southern Baptist Convention opened at Chattanooga with nearly 5.000 delegates and visitors. President Stepens' report showed that the churches have contributed more than ever before, the aggregate being $315,248. The strike of the funeral drivers' union in New York City greatly interferes with the burial of the dead. In one instance the drivers of the hearse and carriages at a funeral drove off and abandoned the body and the mourners in a church. The Electric Properties Company of with which John chief engineer of New former York, the F. Wallace, Panama Canal is to be identified, was incorporated at Albany, with a capital stock of $13,000,000. David B. Hill testified as to the reasonableness of his $5,000 retaining fee from the Equitable Life before the subcom- the mittee of the grievance committee of New York State Bar Association. The lives of several men were endangered by the cavein of a copper mine in Cuba. The "Paper Trust" has surrendered and the government wins the final decision. E. M. Wilhoit, formerly an agent in the employ of the Standard Oil Comtestified before the Interstate ComCommission in by of his superiors he varpany, merce direction Chicago bribed that the ious clerks to get information of business of competitors, and also cheated customers. W. F. Bechtel, on trial in Minneapolis p for embezzling insurance funds, testified on the witness stand that he paid $5,000 which had been demanded, to State Insurance Commissioner O'Shaughnessy. : Police Magistrate Wahle, in New York, released two merchants who had the been arrested at the instigation of Chicago police authorities and roasted the Chicago chief. State Bank Examiner Cameron announced that the depositors of the Columbia Savings and Trust Company will be paid in full. W. H. Sylvester, president of the First National Bank of Montezuma, Ind., shot and killed by for Mrs. Duke filed an Counsel was his brother. appeal in Trenton, N. J., from the decision granting a divorce to Mr. Duke, A petition was filed in Cincinnati for a receiver for the Springfield and Western Railroad. Troops are gradually being witht drawn from San Francisco and the police resuming authority. General Greely reported the conditions 1 in San Francisco to be improving. Moses Haas, accused of the agricul/ 1 tural cotton report "leak," and charged with misconduct in office under the / common law, was by Holt, of New Maryland Judge York. dismissed who 1 holds that the Maryland law cannot ob] tain in New York. An autopsy shows that Charles L. ) : Spier, who was killed while on a supe posed burglar hunt in his home, on Staten Island, died from a 32-calibre bullet, I which Officials filled of the the revolver American he carried. Sugar York Cen- Refining Company and the New f tral and Hudson River Railroad entered e pleas of not guilty to the indictment n charging them with rebating. The Hamburg-American Line steamer d Sarina, from the West Indies, arrived in New York, after having been afire at sea 1 20 hours, with 40 passengers aboard. At the first Woman's Chess Congress, S held at the Martha Washington Hotel, e New York, the championship was won by Mrs. Charles P. Frey. The Columbia Savings and Trust Com) pany of Pittsburg has been closed by the e Pennsylvania State Banking Department, I

9. May 18, 1906 The Lee County Journal Leesburg, GA

Article from The Lee County Journal, May 18, 1906

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PITTSBURG BANK GOES TO WALL. Newest Institution in the District Forced to Suspend Business. The Columbia Savings and Trust company of Pittsburg closed its doors Wednesday upon orders from the state commissioner of banking, J. C. Berkey. The bank was one of the newest in the Pittsburg district, having been organized in August, 1904. Hon. William J. Diehl, former mayor of Pittsburg, is president of the institution. The order to close came as a surprise, as the institution was considered a strong one.

10. May 5, 1907 The Washington Times Washington, DC

Article from The Washington Times, May 5, 1907

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FINANCIAL GOSSIP. Many are of the opinion that the broadening of the market, and the better tone assumed every now and then, is a good indication, and argues well for the spring and summer. It is figured out by some brokers that If the scares in connection with the crops were out of the way, the trading would increase in a marked degree, while the outside public would be induced to come in. Attorney George H. Calvert, receiver of the defunct Columbia Savings and Trust Company, of Pittsburg, announces that depositors will be paid dollar for dollar on June 1. There are 2,600 depositors, with $182,000. The bank failed May 9, 1906. The surplus of the United States Steel Corporation and its subsidiaries, on December, 1906, stood at $97,720,714. Adding the surplus of $3,684,576. reported by the Steel Corporation itself for the quarter ended March 31, gives a total surplus of $101,405,290, the first time this item has exceeded $100,000,000. One rumor touching Union Pacific is that the dividend may be made payable quarterly instead of semi-annually. Such a change might be used as a bull card on the stock in a sentimental way. In April, forty-six national banking associations, with authorized capital of $5,480,000. were chartered. At the close of the last month there were 6,422 national banks in existence, with authorized capital of $887,684,275. Charles M. Schwab just now has an ambition to make his manual training school at Homestead, Pa., larger and broader in scope than the Carnegie Technical School at Pittsburg. The floating supply of Southern Pacific is said to be about exhausted, and this, it is understood, has led many of the traders to believe that the stock is in for a rise. They say there is no reason why Southern Pacific should sell where it is now, in comparison with Union Pacific, although it pays but half the yearly dividend of the latter. A Toronto dispatch says that control of the Sovereign Bank of Canada has passed to a syndicate headed by the Dresdener Bank of Berlin, in which J. P. Morgan & Co. are also interested, a clear majority of the stock having now been obtained. An estimate of the earnings of the Rock Island Company for the fiscal year ended June 30 next indicate, after making an allowance for the preferred dividend, about 1 6-10 per cent earned on the common stock. Last year the earnings on this issue were one-half of 1 per cent. It is said that bankers generally consider the prospects for the money market remaining around the present rates until about the time it will be necessary to begin preparations for the large dividend and interest disbursements in July. These payments promise to be extraordinarily large. Foreign money centers fear that railroad and other corporations of the United States will begin to borrow. not only here but abroad. and they do not like the idea. It is to their interest that the money market of this country remain in as normal a condition as possible. and If there is much borrowing by the railroads this condition cannot obtain. At the same time. the foreigners say they do not want our railroads to borrow either. money on the other side of the water, Allowing about the average increase in the world's gold production for the previous four years, the world's production in 1906 is estimated at about $410,000,000 and for 1907 at $435,000,000. The latter figure is considerably below the production indicated by the increase in the output of gold in Rhodesia and the Transmale

11. May 5, 1907 The Washington Times Washington, DC

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Attorney George H. Calvert, receiver of the defunct Columbia Savings and Trust Company, of Pittsburg, announces that depositors will be paid dollar for dollar on June 1. There are 2,600 depositors, with $182,000. The bank failed May 9, 1906.