1.
September 27, 1909
The Birmingham Age-Herald
Birmingham, AL
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BANKS WILL FAIL TO OPEN TODAY Pittsburg, September 26.-The Land Trust company and the Mercantile Trust company, both of this city, will not open their doors tomorrow, arrangements having been made tonight whereby they will make assignments tomorrow to State Banking Commissioner W. H. Smith. Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as a reason for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust company. The Land Trust company, with a capital of $700,000, arranged about a year ago to take over the Mercantile Trust company, which has a capital stock of $750,000, but was unable to meet all the obligations to complete the merger. Two weeks ago Examiner White found the institution did not have the required reserve. The company was given an Apportunity to bring the amount up to requirements, but the run on the Mercantile Trust company on Saturday depleted the resources and it was decided to make the assignments. State Bank Examiner White stated that all the depositors will be paid in full.
2.
September 27, 1909
The Montgomery Advertiser
Montgomery, AL
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TWO TRUST COMPANIES WILL CLOSE THEIR DOORS Pittsburg, Pa., Sept. 26. 1 The Land Trust Company and the Mercantile Trust Company both of this city, will not open their doors tomorrow, arrangements having been made tonight whereby they will make assignments tomorrow to State Banking CommisState sioner W. H. Smith. Deputy Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as the rea. son for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust Company. The Land Trust Company with a capital of $700,000 arranged about a year ago to take over the Mercantile Trust Company which has a capital stock of $750,000 but was unable to meet all the obligations to complete the merger. Two weeks ago Examiner White found the institution did not have the required reserve. The company was given an opportunity to bring the amount up to requirements, but the run on the Mercantile Trust Company on Saturday depleted the resources and it was decided to make the assignments. State Bank Examiner White stated tonight that all the deposits will be. paid in full.
3.
September 27, 1909
The Newark Star and Newark Advertiser
Newark, NJ
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RUNS DRAIN RESOURCES; PITTSBURG BANKS SUSPEND. Mercantile Trust and Land Trust Will Pay Depositors. PITTSBURG, Sept. 27.-The Mercantile Trust Company, capitalized at $750,000, and the Land Trust Company, capital $500,000, are closed today following a big run. An application will be made for a receiver and the affairs of both concerns will be wound up. State Bank Examiner James L. White asserts that there has been no crooked work and that no one will lose. There was a great run on the Land Trust Company. the cause of which is not known. Two weeks ago the bank examiners found the cash reserves of both concerns low and gave warning that they must be fixed up. The bankers say they were getting along well when the run came and hurt them badly. As they coûld not stand another run they decided on voluntarily closing.
4.
September 28, 1909
New-York Tribune
New York, NY
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BANKS SHUT DOORS. Temporary Receiver Named for Two Pittsburg Trust Companies. [By Telegraph to The Tribune:] Pittsburg, Sept. 27.-A secret meeting of the directors of the Mercantile and Land Trust Companies, which failed to open their doors today, was held at the Fort Pitt Hotel to-night. What was done could not be learned, but there is a report that the session was stormy at times and that the history of the banks was traced back a number of years. James L. White has been appointed temporary receiver, and an application will be made immediately for a permanent receiver. In the mean time a statement has been issued that the books show no irregularities, and the depositors are expected to receive dollar for dollar. When the banks closed it was known that no irregularities would be shown by tht books, but in the financial district to-day the purchase of the Mercantile Trust Company stock by the Land Trust Company was characterized as "most feverish high finance." The state bank examiner said that the stock of the Mercantile company had been paid for by certificates of deposit. These certificates could not have been met when they became due. This method of buying control of a trust company is regarded as precarious, and to it is traced in a manner the necessity of closing the doors of both institutions.
5.
September 28, 1909
The Bemidji Daily Pioneer
Bemidji, MN
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DEPOSITORS WILL NOT LOSE Two Pittsburg Financial Institutions Retire From Business. Pittsburg, Sept. 28.-The Land Trust company and the Mercantile Trust company, both state Institutions, did not open for business. James L. White, state bank examiner, is temporary receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements to assign voluntarily to the state banking commission. According to the officials the depositors will be paid in full. The capital stock of the Land Trust company is $500,000, with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust company is $710,000. The deposits approximate $300,000.
6.
September 28, 1909
The Pensacola Journal
Pensacola, FL
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BANKS SUSPEND WHEN MERGER PLANNED FAILS TWO STATE INSTITUTIONS AT PITTSBURG WITH AGGREGATE DEPOSITS OF $1,100,000 GO TO THE WALL-DEPOSITORS WILL BE PAID. By Associated Press. Pittsburg. Sept. 27.-The Land Trust Company, and the Mercantile Trust Company. both state institutions, did not open for business today. Failure to carry out a merger caused these companies to assign voluntarily to the state. The capital stock of the Land Trust Company is $500,000, with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust Company is $710,000. The deposits approximate $300,000. According to the bank's officials, depositors will be paid in full.
7.
September 28, 1909
The Daily Missoulian
Missoula, MT
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TWO INSTITUTIONS CLOSE THEIR DOORS Pittsburg. Sept. 27.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials, the depositors will be paid in full. The capital stock of the two companies is $1,210,000.
8.
September 28, 1909
The Fargo Forum and Daily Republican
Fargo, ND
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MERGER-OF BANKS ENDS IN FAILURE PITTSBURG TRUST COMPANIES GO INTO HANDS OF STATE EXAMINER. Pittsburg, Pa., Sept. 28.-The Land Trust Co. and the Mercantile Trust Co., both state institutions, did not open for business today. James' L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out their merger, and made arrangements Saturday to assign voluntarily to the state banking commission. According to the officials, the depositors will be paid in full. The capital stock of the Land Trust Co. is $500,000 with a surplus of $100,000. The deposits approximate $800,000. The capital stock of the Mercantile Trust Co. is $710,000. The deposits approximate $300,000.
9.
September 29, 1909
The Forest Republican
Tionesta, PA
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BANKS FAIL TO OPEN DOORS Bank Examiner Has Charge but Officers Say Depositors Will Get Their Money. Pittsburg, Sept. 28.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open for business yesterday. James L. White, state bank examiner, S temporary receiver for both banks. It is expected the court will appoint a permanent receiver some time today. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluncarily to the state banking commission. According to the officials the depostors will be paid in full. The aggregate deposits of the institutions approximate $1,100,000.
10.
September 30, 1909
The Mitchell Capital
Mitchell, SD
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PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000.
11.
September 30, 1909
The Citizen-Republican
Scotland, Parkston, SD
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PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000,
12.
September 30, 1909
The Free Lance
Fredericksburg, VA
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TRUST COMPANIES FAIL Two In Pittsburg Make Assignments to Banking Commissioner. Pittsburg, Sept. 27.-The Land Trust company and the Mercantile Trust company. both of this city, did not open their doors this morning. They made assignments to State Banking Commissioner W. H. Smith. Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as a reason for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust company.
13.
September 30, 1909
The Bon Homme County Independent
Tabor, SD
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PITTSBURG BANKS SUSPEND PAYMENT Two State Institutions, Recently Consolidated, Fail to Open for Business. Pittsburg, Pa., Sept. 29.-The Land Trust company and the Mercantile Trust company, both state institutions, did not open their doors for business today. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry out the merger and made arrangements Saturday to assign voluntarily. According to the officials the depositors will be paid in full. The capital stock of the two companies is $2,210,000.
14.
October 1, 1909
Perrysburg Journal
Perrysburg, OH
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Trust Companies Assign. Pittsburg, Pa.-The Land Trust Co. and the Mercantile Trust Co., both of this city, did not open their doors September 26. Lack of money is given as a reason for the assignments, a crisis being reached when a run was made on the Mercantile Trust Co
15.
October 2, 1909
Martinsburg Herald
Martinsburg, WV
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TRUST COMPANIES FAIL Two In Pittsburg Make Assignments to Banking Commissioner. Pittsburg, Sept. 27.-The Land Trust company and the Mercantile Trust company, both of this city, did not open their doors this morning. They made assignments to State Banking Commissioner W. H. Smith. Deputy State Bank Examiner James L. White is in charge of both institutions as temporary receiver. Lack of money is given as a reason for the assignments, a crisis being reached on Saturday when a run was made on the Mercantile Trust company.
16.
October 5, 1909
Wausau Pilot
Wausau, WI
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TWO PITTSBURG BANKS CLOSED. Land and Mercantile Trust Companies in State Examiner's Hands. The Land Trust Company and the Mercantile Trust Company, both, State institutions in Pittsburg, did not open for business Monday. James L. White, State examiner, is temporary receiver for both banks. These companies were consolidated recently, but, it is said, they were unable to carry out the merger and made arrangements Saturday to assign voluntarily to the State banking commission. Officials say the depositors will be paid in full.
17.
October 6, 1909
The Lamar Register
Lamar, CO
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GENERAL NEWS. Four persons were killed and three others injured in a collision between a freight train and a hand car one mile west of Edgar, Wis. Pole dwellings 4,000 years old, similar to those discovered in the north of Switzerland, have been unearthed in a swamp on the plateau east of Lake Vatter, 120 miles northwest of Stockholm. The excavations disclosed petrified apples, wheat kernels, nuts, pottery, flint and horn implements, amber ornaments and wild boar teeth, all in a good state of preservation in the calcareous mud. The Land Trust Company and the Mercantile Trust Company, both state institutions at Pittsburg, did not open for business Monday. James L. White, state bank examiner, is temporarily receiver for both banks. The trust companies consolidated recently. It is said they were unable to carry cut the merger, and made arrangements Saturday to assign voluntarily. According to the officials, the depositors will be paid in full. The capital stock of the two companies is $1,210,000. The late Gov. Johnson's will has been filed in the Ramsey county probate court. The value of the estate is valued in a petition for probate in excess of $37,430. Wireless telephone communications for Colorado and Wyoming is the object of the visit to Cheyenne of Sam Covington of Seattle, representative of a wireless company now operating in the Northwest city. Covington declares that his company proposes to establish wireless stations at Cheyenne and Sheridan, Wyo., and Denver and Pueblo, Colo. A voluntary increase in wages has been announced for the 2,200 motormen and conductors employed by the Detroit United Railway and on interurban lines who have been in the service of the company for two years or more. Five days ahead of schedule time, Walter Chaffee and Charles Hahn, each twenty-one years old, arrived in Seattle, 131 days out from Philadelphia, whence they started out on a foot journey across the country the afternoon of May 19
18.
October 28, 1909
New-York Tribune
New York, NY
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REPORT MADE TO WASHINGTON. Pittsburg Trial Held Up Until Immunity Allegation Is Sifted. Pittsburg, Oct. 27. -United States District Attorney Jordan forwarded a complete report to the Department of Justice to-day concerning the statement by counsel for Barney Grossman, on trial for national bank Irregularities, that his client had received a promise of immunity from representatives of the Controller of the Currency on payment of $60,000. Grossman, who was a former merchant of Waynesburg, was being tried charged with aiding and abetting ex-Cashier J. B. F. Rinehart, of the Farmers and Drovers' National Bank, to defraud the institution. The alleged claim against Grossman is for $230,000. Until advices are received from Washington action in the case is delayed. Harrisburg, Penn. Oct. 27.-Judge Kunkel named to-day David P. Black as receiver of the Land Trust Company of Pitsburg and Harry S. Calvert as receiver of the Mercantile Trust Company of the same city. The two companies closed their doors some time ago.