19404. Industrial Building and Loan Association (Pittsburgh, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 6, 1900
Location
Pittsburgh, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
1f329544

Response Measures

None

Description

Multiple contemporary reports (Aug 6–7, 1900) state the Cash, Globe Mutual and Industrial Building and Loan Associations 'have suspended business' after discovery of a shortage and alleged embezzlement by Secretary Robinson; applications for receivers were to be made. No clear independent bank run (heavy withdrawals) is described prior to suspension. Suspension followed by planned receivership → classified as suspension_closure.

Events (3)
1. August 6, 1900 Other
Newspaper Excerpt
Hundreds of shareholders surrounded the offices ... anxious to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours the crowd quietly dispersed.
Source
newspapers
2. August 6, 1900 Receivership
Newspaper Excerpt
Application will be made for the appointment of the Equitable Trust Company, Mercantile Trust Company and Charles Root as receivers.
Source
newspapers
3. August 6, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shortage discovered in association funds; charges of embezzlement and falsification of accounts involving Secretary Robinson (confession of judgment for $65,000).
Newspaper Excerpt
The three concerns have suspended business, pending the result of the investigation now being made by Bank Examiner Cochran.
Source
newspapers

Newspaper Articles (7)
1. August 7, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 7, 1900

Click image to open full size in new tab

Article Text

SHAREHOLDERS ANXIOUS. Affairs of Three Building Associations Involved in an Embezzlement. PITTSBURG, Aug. 6.-Hundreds of shareholders surrounded the offices of the Cash, Globe Mutual and Industrial Building and Loan Associations to-day anxious to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours the crowd quietly dispersed. The three concerns have suspended business, pending the result of the investigation now being made by Bank Examiner Cochran. The total assets are $325,000, and if the shortage does not exceed $60,000. as claimed, the shareholders will lose about 30 per cent. Application will be made for the appointment of the Equitable Trust Company, Mercantile Trust Company and Charles Root as receivers. The charges of embezzlement and falsification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.

2. August 7, 1900 Wheeling Register Wheeling, WV
Article from Wheeling Register, August 7, 1900

Click image to open full size in new tab

Article Text

SHAREHOLDERS In Mismanaged Pittsburg Building Associations Will Lose About Thirty Per Cent. PITTSBURG, Aug. 6.-Hundreds of shareholders surrounded the office of the Cash, Globe, Mutual and Industrial Building and Loan Associations today, anxious to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours the crowd quietly dispersed. The three concerns have suspended business, pending the result of the investigation now being made by Bank Examiner Cochran. The total assets are $325,000, and if the shortage does not exceed $60,000, as claimed, the shareholders will lose about 30 per cent. Application will be made for the appointment of the Equitable Trust Co., Mercantile Trust Co., and Charles Root, as receivers. The charges of embezzlement and falsification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.

3. August 7, 1900 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 7, 1900

Click image to open full size in new tab

Article Text

Looking for Their Cash. PITTSBURGH, Pa., Aug. 6.-Hundreds of shareholders surrounded the office of the Cash, Globe-Mutual and Industrial Building and Loan Associations to-day, anxious to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours the crowd quietly dispersed. The three concerns have suspended business, pending the result of the investigation now being made by the bank examiner.

4. August 7, 1900 The Denison Review Denison, Dow City, IA
Article from The Denison Review, August 7, 1900

Click image to open full size in new tab

Article Text

SHAREHOLDERS ANXIOUS Desire to Know of Extent of Shortage of Building and Loa n Associations. PITTSBURG, Aug. 7.-Hundreds of shareholders surrounded the offices of the Cash, Globe Mutual and Industrial Building and Loan associations today, anxious to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours, the crowd quietly dispersed. The three concerns bave suspended business pending the result of the investigation now being made by Bank Examiner Cochran. The total assets are $326,000 and if the shortage does not exceed $60,000, as claimed, the shareholders will lose about 30 per cent. Application will be made for the appointment of receivers. The charges of embezzlement and falsification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.

5. August 8, 1900 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, August 8, 1900

Click image to open full size in new tab

Article Text

SHAREHOLDERS WILL LOSE. Shortage Discovered in Three Building and Loan Associations. Pittsburg, Aug. 6.-Hundreds of shrareholders surrounded the offices of the Cash, Globe Mutual and Industrial Building and Loan associations, anxous to learn the extent of the shortage discovered on Saturday. The doors were locked, however, and after waiting around for several hours, the crowd quietly dispersed. The three concerns have suspended business pendng the result of the investigation now being made by Bank Examiner Cochran. The total assets are $325,000, and if the shortage does not exceed $60,000, as claimed, the shareholders will lose: about 30 per cent. Application will be made for the appointment of the Equitable Trust company, Merchantile Trust company and Charles Root as receivers. The charges of embezzlement and fasification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.

6. August 10, 1900 Rocky Ford Enterprise Rocky Ford, CO
Article from Rocky Ford Enterprise, August 10, 1900

Click image to open full size in new tab

Article Text

Loan Associations Collapse. Pittsburg. Pa., Aug. 7.-Hundreds of shareholders surrounded the offices of the Cash. Globe, Mutual and Industrial Building and Loan associations, to-day. anxious to learn the extent of the shortage discovered Saturday. The doors were locked. however, and after waiting several hours, the crowd quietly dispersed. Three concerns have suspended business pending the investigation now being made. The total assets are $925.000 and If the shortage does not exceed $60,000 as claimed. the share bolders will lose about thirty per cent. Application will be made for the appointment of the Equitable Trust Company. Mercantile Trust Company and Charles Root as receivers. The charges of embezzlement and falsification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.

7. August 10, 1900 The Wisconsin Tobacco Reporter Edgerton, WI
Article from The Wisconsin Tobacco Reporter, August 10, 1900

Click image to open full size in new tab

Article Text

SHAREHOLDERS WILL LOSE. Shortage Discovered in Three Building and Loan Associations. Pittsburg, Aug. 7.-Hundreds of shrareholders surrounded the offices of the Cash, Globe Mutual and Industrial Building and Loan associations, anxous to learn the extent of the shortage discovered on Saturday. The doors were locked. however. and after waiting around for several hours, the crowd quietly dispersed. The three concerns have suspended business pendng the result of the investigation now being made by Bank Examiner Cochran. The total assets are $325,000, and if the shortage does not exceed $60,000, as claimed, the shareholders will lose about 30 per cent. Application will be made for the appointment of the Equitable Trust company, Merchantile Trust company and Charles Root as receivers. The charges of embezzlement and fasification of accounts entered against Secretary Robinson were withdrawn after his confession of judgment for $65,000.