Central Trust Company (Providence, RI)

Episode Information

Episode UID
4242652791291
Episode Type
Run Only
Bank Type
trust
Bank ID
424265279 hash
Start Date
July 16, 1907
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ea6ba89bce6dd8fd

Response Measures

None

Events (1)
1. July 16, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper articles alleging a connection between the Central Trust Company and the insolvent Home Realty Company prompted depositor withdrawals.
Measures
Invoked bylaws requiring 90 days' notice for withdrawals (to prevent further run).
Newspaper Excerpt
As a result of the withdrawal by depositors of $12,000 from the Central Trust Company of this city yesterday, Alfred T. Ward, president of the bank, to-day put into effect the provisions of the bylaws ... requiring that depositors give ninety days' notice of withdrawals.
Source
newspapers

Newspaper Articles (4)
1. July 17, 1907 New-York Tribune New York, NY
Article from New-York Tribune, July 17, 1907

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Article Text

TO PREV ENT RUN ON BANK. Depositors Required to Give Ninety Days' Notice in Providence. Providence, July 16.-As a result of the withdrawal by depositors of $12,000 from the Central Trust Company of this city yesterday, Alfred T. Ward, president of the bank, to-day put into effect the provisions of the bylaws of the institution requiring that depositors give ninety days' notice of withdrawals. This action was taken to prevent a possible run on the bank. In a statement issued to-day, President Ward admitted that $12,000 was withdrawn yesterday, and he said that no institution in the country could stand such a drain on its resources. He also said that the assets of the bank are approximately $215,000, well invested. The bank's deposits are understood to aggregate about $100,000 and are distributed among some three thousand depositors. President Ward said in his statement that the Central Trust Company had absolutely no connection with the Home Realty Company, which collapsed last Thursday. Continuing. the statement said: "To the depositors, I wish to say that there is no occasion for alarm. This bank can and will pay them, but it cannot, under present conditions, pay them in a day or in a week, nor can It be reasonably expected that the bank can do 80." The statement blames newspaper articles concerning the Home Realty Company for the run on the bank, and explains that the ninety days' notice provision was put into effect in order to protect the depositors.

2. July 17, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 17, 1907

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Article Text

CONDENSED DISPATCHES.' The engagement is announced in London of Miss Florence Padelford. daughter of Mrs. Ernest Cunard by her first marriage, and the Hon. Robert Victor Grosvenor, eldest son and heir of Lord Ebury. Sheriff John C. Boygan, testif Tuesday at Monroe, N. C., in the ti John Jones, one of several defer charged with the lynching of J Johnson, a white man, said the droused him and ex plained that they a prisoner to put into jail. He was over powered on opening the doors and up the keys, after which the mob dr ged the alleged half-crazed Johnson the road by a rope- placed around neck. To prevent a run on their banks as result of disclosures made in connec with the insolvent Home Realty Co., Central Trust Co. of Providence, R. which is affiliated with the Realty C made an announcement Tuesday to th 3000 depositors to the effect that a days notice would have to be given fore their deposits could be withdraw from the company. The Trust Co. wa organized June 13, 1900. Its president Alfred P. Ward and it has over $100,000 deposits mostly in small amounts. Applications for memberships in the American Federation of Catholic Societies were received from the Massachusetts State Court of Catholic Foresters and the Catholic Church Extension Society of America, at Tuesday's convention of the Federation at Indianapolis, Ind. Cheers greeted the reading of the applications. The committee on associate membership reported recommending the appointment of promotors in all parishes and cieties to secure members. An effor will be made to secure 10,000 additi al members next year. The National Deaconesses' conter at Chicago closed Monday night. work has been largely devoted to cussing recommendations to be laid fore the general conference of Methodist Episcopal church in B more next June. It was proposed the general deaconesses' board sho be composed hereafter of bishops, min isters, laymen and deaconesses and that a national deaconesses' conference be held every fourth year, at the time of the general conference, with district conferences in the years between. The recommendations made were passed on Tuesday by the general conference commission.

3. July 19, 1907 Middlebury Register Middlebury, VT
Article from Middlebury Register, July 19, 1907

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Article Text

A Precautionary Measure Providence, July 17.-As a result of the withdrawal by depositors of $12,000 from the Central Trust company of this city Monday, President Ward of the bank put into effect the provision of the bylaws of the institution requiring that depositors give 90 days' notice of withdrawals. This action was taken to prevent a possible run on the bank.

4. July 21, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, July 21, 1907

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Article Text

# RUN ON TRUST COMPANY. Home Realty Company, of Providence, Goes Into Receiver's Hands. PROVIDENCE, R. I., July 20.-The Home Realty Company, of this city, has assigned to Edwin O. Chase, one of the creditors of the concern. This action was taken upon advice of counsel. John S. Murdock, of the creditors' committee, said that a petition asking that the corporation be declared bankrupt will be filed in the United States district court to-day. It was because of the alleged connection of the realty company with the Central Trust Company that a run was started by depositors on the latter institution a few days ago. Officials of the trust company, however, denied any connection with the Realty concern.