5816. Commercial Trust Company (Indianapolis, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
March 29, 1904
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
5ce2a5e3

Response Measures

None

Description

Articles (Mar 28–29, 1904) report the Commercial Trust Company closed its doors in anticipation of a suit by the Indiana Auditor to appoint a receiver; the Union Trust Company was appointed receiver. No run is reported and a receivership/government action is in progress with no evidence of reopening.

Events (1)
1. March 29, 1904 Suspension
Cause
Government Action
Cause Details
State (Auditor of State) brought suit seeking appointment of a receiver; Union Trust Company appointed receiver to assume temporary control.
Newspaper Excerpt
The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of a receiver.
Source
newspapers

Newspaper Articles (10)
1. March 28, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 28, 1904

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Article Text

PAPERS NOW PREPARED FOR SUIT AGAINST THE COMMERCIAL TRUST CO. Attorney General, It Is Said, Will Ask for Appointment of a Receiver. NO LOSS FOR DEPOSITORS Troubles of the Company Will Not Disturb Financial Circle of the City. It became known yesterday that papers have been prepared in the office of the attorney general of Indiana for a suit against the Commercial Trust Company, of this city, with offices at No. 4 East Market street, for the appointment of a receiver. Some time ago the affairs of this company were brought to the attention of the auditor of state, and an examination of the company's books was recently made by George U. Bingham, expert accountant in the auditor's office. It is understood that after Mr. Bingham's report had been thoroughly considered by Auditor David E. Sherrick, the matter was submitted to the attorney general's office for immediate action, with the result that the papers are now ready to be turned over to the prosecuting attorney for this circuit. John C. Ruckelshaus, who will bring the suit on behalf of the State. When questioned yesterday attaches of the attorney. general's office were loath to speak of the matter before the filing of the suit, but it is learned on good authority that the complaint asking for a receiver to handle the affairs of the Commercial Trust Company will contain three principal allegations: First, that the company is insolvent. Second, that the directorate is not properly constituted, for the reason that some of the directors do not own the ten shares of stock each required by the law governing trust companies. Third, that, at the time the Commercial Trust Company secured a certificate from the auditor of state entitling it to do business in Indiana, it did not have the necessary amount of paid-up capital stock. The Commercial Trust Company was organized a year ago last January by W. W. Hubbard and Willis E. Hackedorn, but these men have since disposed of their interest in the company and are said to be no longer identified with it. The present officers are: President-C. C. Pierce, jr. Vice President-R. T. Snapp. Secretary and Treasurer-J. M. Martens. Assistant Secretary-W. E. Ashbaugh. It is understood that the depositors of the Commercial Trust Company will not lose anything if the company is placed in the hands of a receiver and is shown to be insolvent. The law governing trust companies makes the stockholders liable for twice the amount of their holdings to secure depositors, and it is understood that this provision will afford ample security for the depositors. In local banking and financial circles there is gossip that there may be some sensational developments in the litigation affecting the Commercial Trust Company. These developments, it is said, will hinge on the substantiation of the third allegation in the complaint-that, at the time the company secured its certificate from the auditor of state, it did not have the required amount of paid-up stock. It is understood that some of the stockholders of the company have been dissatisfied for some time with the condition of its affairs. The suit, it is said, will be brought either to-day or to-morrow.

2. March 29, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 29, 1904

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Article Text

UNION TRUST CO. IS MADE RECEIVER FOR A RIVAL Commercial Concern Fights Receivership Suit and Officials Appear in Court. DENIED ALLEGATIONS In the petition for the appointment of a receiver for the Commercial Trust Company, brought by the State of Indiana, Judge Carter, of the Superior Court, yesterday appointed the Union Trust Company to assume temporary control of the property until the hearing could be made. Henry Eitel, vice president, appeared for the Union Trust Company and accepted the trust of receiver. Particulars as to the cause of the suit were exclusively given in Monday's Journal. C. C. Pierce, jr., president of the Commercial Trust Company, and E. J. Jacoby filed papers for the defendants, in which a denial of every material allegation in the complaint was made.

3. March 29, 1904 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, March 29, 1904

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Article Text

Trust Company Fails. INDIANAPOLIS, Ind., March 29.The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of a receiver. C.C. Pierce, Jr., president of the company, said that his company would be able to pay the depositors 100 per cent, though the stockholders would suffer losses.

4. March 29, 1904 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, March 29, 1904

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Article Text

ONLY STOCKHOLDERS LOSE BY INDIANAPOLIS CRASH Iadianapolis, March 29.-The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of a receiver. C. C. Pierce, Jr., president of the company, said that his company would be able to pay the depositors 100 per cent.; though the stockholders would suffer losses. The company has nearly 2.000 depositors, only five or six having more than $500.

5. March 29, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, March 29, 1904

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Article Text

Trust Company Fails. INDIANAPOLIS, Ind., March 29.The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of a receiver. O. C. Pierce, Jr., president of the company, said that his company would be able to pay the depositors 100 per cent, though the stockholders would suffer losses.

6. March 30, 1904 Grant County Herald Lancaster, WI
Article from Grant County Herald, March 30, 1904

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Article Text

Only the Stockholders to Lose. Indianapolis, March 29.-The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of n receiver. C. C. Pierce, Jr., president of the company, said that his company would be able to pay the depositors 100 per cent.; though the stockholders would suffer losses. The company has nearly 2,000 depositors, only five or six having more than $500.

7. March 31, 1904 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, March 31, 1904

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Article Text

Only the Stockholders to Lose. Indianapolis, March 29.-The Commercial Trust company has closed its doors in anticipation of a suit brought in the superior court by Auditor of State Sherrick for the appointment of a receiver. C. C. Pierce, Jr., president of the company, said that his company would be able to pay the depositors 100 per cent.; though the stockholders would suffer losses. The company has nearly 2,000 depositors, only five or six having more than $500.

8. April 7, 1904 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, April 7, 1904

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Article Text

General. Reports from Nome say the output of gold next spring will be the greatest in the history of the peninsula. The Iowa senate has passed a bill providing a penalty of $100 for the docking of horses' tails in that state. What is believed to be the germ of mumps has been discovered by Dr. Samuel Darling, resident pathologist of the Baltimore city hospital. Frank E. Snow, a sophomore of Detroit, has been expelled from the University of Michigan for the part he took in a hair-cutting fracas. The Commercial Trust company of Indianapalis has closed its doors in anticipation of a suit brought in the superior court for the appointment of a receiver. The American-Hawaiian line steamer Nebraskan has arrived at New York from San Francisco with a large cargo of wine. The Nebraskan hurns only oil as fuel. Ephriam J. Dean, a pioneer of Waverly, Iowa, has filed a claim of $100,000 with the state legislature against the State of Iowa for false imprisonment twenty-eight years ago. Representatives acting for Baron von Sternberg leased one of the most beautiful estates at Lenox, Mass., for the use of the Germaz ambassador during the summer and autumn. So heavy have become the importations of sugar into New Orleans since the 20 per cent reduction in duties on the Cuban product went into effect that the customs service there is swamped. A compilation by the New York Journal of Commerce of dividends so far announced by industrial corporations payable in April shows an increase of more than $2,300,000 over the same month in 1903. Returns have been received from seventy-one out of seventy-five counties in Arkansas and these show that Gov. Jefferson Davis fifty-three and Judge Wood eighteen counties in the Democratic state primaries. New legal complications promise to tie up the legacy of $500,000 left to Jose Seveilla to found a home for poor girls near New York. During the sixteen years since Sevilla died the bequest has grown to nearly $800,000. The board of trustees of the Carnegie institute at Pittsburg received a cablegram from Rt. Hon. John Morley, the distinguished British author and statesman, accepting the invitation to make the principal address at the Founders' day exercises, Nov. 3. The Pennsylvania supreme court has directed that an injunction be issued perpetually restraining the Jones & Laughlin Steel company of Pittsburg from such operation of its furnaces as to produce clouds of ore dust that would injure surrounding property. The effort to drive the Royal Arcanum, a fraternal insurance order, from Nebraska has failed, the Nebraska insurance auditor having decided that the fraternal sections are exempt from the reciprocal features. The students of the University of Missouri have circulated a petition asking that foreigners be excluded from the men's dormitory. The petition followed upon the announcement that an Egyptian student at the university had prevailed upon several of his countrymen to enter the university

9. April 7, 1904 Rosebud County News Forsyth, MT
Article from Rosebud County News, April 7, 1904

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Article Text

General. Reports from Nome say the output of gold next spring will be the greatest in the history of the peninsula. The Iowa senate has passed a bill providing a penalty of $100 for the docking of horses' tails in that state. What is believed to be the germ of mumps has been discovered by Dr. Samuel Darling, resident pathologist of the Baltimore city hospital. Frank E. Snow, a sophomore of De troit, has been expelled from the University of Michigan for the part he took in a hair-cutting fracas. The Commercial Trust company of Indianapalis has closed its doors in anticipation of a suit brought in the superior court for the appointment of a receiver. The American-Hawaiian line steam er Nebraskan has arrived at New York from San Francisco with a large cargo of wine. The Nebraskan burns only oil as fuel. Ephriam J. Dean, a pioneer of Wa verly, Iowa, has filed a claim of $100,000 with the state legislature against the State of Iowa for false imprison. ment twenty-eight years ago. Representatives acting for Baron von Sternberg leased one of the most beautiful estates at Lenox, Mass., for the use of the German ambassador during the summer and autumn. So heavy have become the importa. tions of sugar into New Orleans since the 20 per cent reduction in duties on the Cuban product went into effect that the customs service there is swamped. A compilation by the New York Journal of Commerce of dividends so far announced by industrial corporations payable in April shows an increase of more than $2,300,000 over the same month in 1903. Returns have been received from seventy-one out of seventy-five counties in Arkansas and these show that Gov. Jefferson Davis fifty-three and Judge Wood eighteen counties in the Democratic state primaries. New legal complications promise to tie up the legacy of $500,000 left to Jose Seveilla to found a home for poor girls near New York. During the sixteen years since Sevilla died the be. quest has grown to nearly $800,000. The board of trustees of the Car negie institute at Pittsburg received a cablegram from Rt. Hon. John Morley, the distinguished British author and statesman, accepting the invitation to make the principal address at the Founders' day exercises, Nov. 3. The Pennsylvania supreme court has directed that an injunction be issued perpetually restraining the Jones & Laughlin Steel company of Pittsburg from such operation of its furnaces as to produce clouds of ore dust that would injure surrounding property.

10. April 9, 1904 The Washburn Leader Washburn, ND
Article from The Washburn Leader, April 9, 1904

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Article Text

General. The Iowa senate has passed a bill providing a penalty of $100 for the docking of herses' tails in that state. What is believed to be the germ of mumps has been discovered by Dr. Samuel Darling. resident pathologist of the Baltimore city hospital. Frank E. Snow. a sophomore of Detroit. has been expelled from the University of Michigan for the part he took in a hair-cutting fracas. The Commercial Trust company of Indianapalis has closed its doors in anticipation of a suit brought in the superior court for the appointment of a receiver. The American-Hawaiian line steamer Nebraskan has arrived at New York from San Francisco with a large cargo of wine. The Nebraskan burns only oil as fuel. Ephriam J. Dean, a pioneer of Waverly. Iowa, has filed a claim of $100,000 with the state legislature against the State of Iowa for false imprisonment twenty-eight years ago. Representatives acting for Baron von Sternberg leased one of the most beautiful estates at Lenox, Mass., for the use of the German ambassador during the summer and autumn. So heavy have become the importations of sugar into New Orleans since the 20 per cent reduction in duties on the Cuban product went into effect that the customs service there is swamped. A compilation by the New York Journal of Commerce of dividends so far announced by industrial corporations payable in April shows an increase of more than $2,300,000 over the same month in 1903. Returns have been received from seventy-one out of seventy-five coun ties in Arkansas and these show that Gov. Jefferson Davis fifty-three and Judge Wood eighteen counties in the Democratic state primaries. New legal complications promise to tie up the legacy of $500,000 left to Jose Seveilla to found a home for poor girls near New York. During the sixteen years since Sevilla died the bequest has grown to nearly $800,000. The board of trustees of the Carnegie institute at Pittsburg received Mor a cablegram from Rt. Hon. John ley, the distinguished British author and statesman, accepting the invitation to make the principal address at the Founders' day exercises, Nov. 3. The Pennsylvania supreme court has directed that an injunction be isstud perpetually restraining the Jones & Laughlin Steel company of Pittsburg from such operation of its furnaces as to produce clouds of ore dust that would injure surrounding property. The effort to drive the Royal Arcanum, a fraternal insurance order, from Nebraska has failed, the Nebraska insurance auditor having decided that the fraternal sections are exempt from the reciprocal features. The students of the University of Missouri have circulated a petition asking that foreigners be excluded from the men's dormitory. The petition followed upon the announcement that an Egyptian student at the university had prevailed upon several of his countrymen to enter the university next year. The members of the Panama canal commission sailed for Colon. They will inspect the entire route of the canal. They probably will remain at the isthmus about two months. The medical men who go with the commission will make an inspection with respect to the sanitary conditions, and will plan arrangements for the sanitation of the canal zone.