gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e1017790eae07e33
Response Measures
None
Events (3)
1.April 16, 1913Run
Cause
Local Banks
Cause Details
Run was triggered by the sudden closing of the First National (and distrust from related Providence failure) and withdrawals tied to president Jerome's association with the United States Finishing Company.
Measures
Treasurer invoked 60-day notice for savings; bank placed in hands of state bank commissioners to stop run
Newspaper Excerpt
the closing of the First National started a run upon the Thames Loan and Trust Company
Source
newspapers
2.April 16, 1913Suspension
Cause
Government Action
Cause Details
State bank commissioners obtained a three-month restraining order (court order) to restrain payments and preserve assets
Newspaper Excerpt
To protect depositors the State Bank Commissioners placed a restraining order of three months upon the institution
Source
newspapers
3.June 27, 1913Receivership
Newspaper Excerpt
Charles F. Thayer, former mayor, was made permanent receiver of the Thames Loan & Trust Co., by Judge Williams in the superior court, today. ... The trust company closed its doors on April 16, shortly after the First National bank found itself unable to meet financial obligations.
Source
newspapers
Newspaper Articles (23)
1.April 17, 1913Daily Kennebec JournalAugusta, ME
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CLOSES ITS DOORS. Thames Loan and Trust Co., of Nor. wich, Conn., Shuts Up. Norwich, Ct., April 16.-The Thames Loan & Trust Co., of which Franklin S. Jerome. President of the First National Bank, which was closed, today, is also president, closed its doors, this afternoon. I The following notice was posted at the bank building, this afternoon: "On April 4 we published in response to the call of the department a statement of our condition. We were solvent at that time and we believe that we are now, but the suspension of the Atlantic National Bank of Providence and of the First National Bank of Norwieh has cre ated a distrust that is resulting in our depositors called for their deposits and
2.April 17, 1913New-York TribuneNew York, NY
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TWO BANKS CLOSE DOORS Norwich Institutions Act to Protect Depositors. [By Telegraph to The Tribune.] Norwich, Conn., April 16.-The First National Bank and the Thames Loan and Trust Company closed their doors to-day, the first by vote of the directors and the latter to stop the run which the First National's closing had caused. The First National is capitalized at $300,000 and has a surplus and undivided profit account of $100,000, while the deposits include certificates amounting to $440,000. The trouble follows that of the United States Finishing Company, which has a branch here. The bank was not involved in the company's finances, but Franklin S. Jerome, president of the bank, was the treasurer of the finishing company, and this led to the withdrawal of accounts and the embarrassment of the institution, though, in the opinion of Cashier Hopkins, the depositors will lose nothing. The closing of the First National started a run upon the Thames Loan and Trust Company, of which also Jerome is president. To protect depositors the State Bank Commissioners placed a restraining order of three months upon the institution. In their opinion the bank can pay in full all its depositors. Its capital is $100,000, and it has a surplus of $100,000. Its general deposits amount to $522,000 and its savings department deposits total $643,000.
3.April 17, 1913The Barre Daily TimesBarre, VT
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AWAITS THE EXAMINER. N. S. Bean Is Appointed to Look After Norwich, Conn., Bank. Norwich, Conn., April 17.-Cashier C. Leslie Hopkins of the First National bank, which is now in the hands of the comptroller of the currency, said last night that the suspension of the bank yesterday was in no way connected with the closing of the Atlantic National bank at Providence earlier in the week. as had been commonly rumored. He further said that the bank has not a dollar in the United States Furnishing company, of which Franklin S. Jerome, the bank's president, recently resigned as treasurer, because of financial difficulties of that company. Mr. Hopkins was emphatic in his declaration that the bank could pay every cent to its depositors. Treasurer Robert W. Perkins of the Thames Loan & Trust company, which is an adjoining building to the First National bank, and whose president is also Mr. Jerome, stated last night that the closing of the trust company's doors at noon yesterday was a precautionary measure. He considers the bank solvent, but desired to ward off a run on the institution during a period of public unrest and therefore placed the company in the hands of the state bank commissioners. Upon the application of the state bank examiners, Judge Williams of the superior court issued a restraining order against the trust company for three months. National Bank Examiner N. S. Bean of Manchester, N. H., is expected here today to take charge of affairs at the First National bank.
4.April 17, 1913Norwich BulletinNorwich, CT
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NOTICE. 4 we published. in response stateOn April of the department, solvent to the call condition. We were are ment of our time and we believe we of bank of that now, but the suspension Providence the First National has created a for in our depositors solvent Atlantic and at Norwich of the National order distrust calling to bank protect that of is resulting deposits, and in have detheir customers fully, we ourselves all of our suspend and place decided in the to hands of the state banking partment. The Thames Loan R. W. & Trust PERKINS, Co., Treasuerr. National Bank Examiner in Charge. Bean Bank Examiner N. S. here National N. H., is expected affairs of Manchester, to take charge of the tomorrow the First National bank. of Cashier Hopkins Makes Statement. National depositors in the First cent of That receive every bank ought was to the opinion confident- by ly their expressed money Wednesday afternoon With our our C. Leslie Hopkins. believe Cashier properly handled, I loss loans should experience bank, no exdepositors the suspension of the of having from embarrassment probably cept the tied up, as it said Mr. their will be, money for some sime," Hopkins. Cashier Hopkins said that in the no sus- way pension of with the the bank closing was Providence of the Atconnected National bank of Nationearlier lantic in the week. Mr. Hopkins, The First has not com- a al bank. United said States Finishing subsidiary dollar of nor of any of its crisis pany paper so that the present those secompanies, to holding any of has been is not due indicated that it distrust curities. about He by a feeling of which brought the public the part of past few weeks, that has on growing in the knowledge been traceable S. to Jerome, the public formerly treasurer comFranklin United States Finishing bank, and of the president of the number pany, was been an increasing from there has of sums of money which had of withdrawals with few deposits, close the accounts, finaly made it odvisable to bank. Statement by Treasurer Perkins. of Robert W. Perkins Wednesday the Treasurer stated on the trust trust company that the placing of the bank company evening in the hands done of more as a commissioners the was savings department departprotection well as to to the commercial other reason. In than for bank is solvent ment as his opinion the any will receive his closing money and every depositor he knew of the Wednesin of the full. First When National bank at on once what day morning would he realized be on the there Thames had Loan the effect and Trust company, been some as indications and already recently than a week ago, comof a run more at once -nt commission- into he accordingly with the bank charge of munication and asked them to take ers the affairs of the bank. Restraining Order Issued. of Fred P. Holt and Upon petition LAppitt, bank commissioners restrainof Norris the state S. of Connecticut, months a upon the ing order for and three Trust company here was by Thames Wednesday Loan afternoon the suissued Judge William H. Williams of perior court. petition, which was attorney, presentIn their Donald G. Perkins as state that ed by bank commissioners of the reI the the issuance to prethey order is trust straining believe necessary the con- isserve the assets of is accordingly pany. The order the trust company sued destraining out its funds or deposits A from from paying declaring or paying stock for dividend a peor on deposits or months capital from April 16, riod unless of the three order is sooner revoked or modified. Taking Care of Customers. Many of bank the customers were taken of the National care First of National by the Thames drawn on S Wednesday that their checks be paid. bank, so National bank will National i the First officials of the Uncas give every I The that they will bank state accommodation in the on way the reasonable checks outstanding Thames of cashing National bank and the First and Trust company. Statement. Loan First National's Officers, and Fnancial officers and directors following: of the S The National bank are the Jerome; vice t First President, Franklin S. Leslie HopS president and cashier, C. Edward H. kins; assistant cashier, William I. Cook: did rectors, Tibbits; Daniel teller, B, Spalding, James B.
5.April 17, 1913Norwich BulletinNorwich, CT
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TWO NORWICH BANKS SUSPEND Heavy Withdrawal of Deposits Causes First National to Close Its Doors-Thames Loan and Trust Company Closed on Restraining Order From State Bank CommissionersThey Believe Trust Company Depositors Will Not Lose -Cashier Hopkins Expresses Confidence That First National Will Pay in Full.
6.April 17, 1913Norwich BulletinNorwich, CT
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The First National bank, of which Franklin S. Jerome is president, did not open for business on Wednesday morning, and after a meeting of the board of directors at 10.30 o'clock the following notice was posted on the door: "By action of the board of directors this bank has been closed to await action of comptroller of currnecy." News of the financial difficulties of the First National bank spread rapidly, and was enough to have an immediate influence upon the Thames Loan and Trust compan, next door. of which Mr. Jerome is also president. Within a short time a run had started on the savings department of the Thames Loan and Trust company, and when Treasurer Robert W. Perkins considered it advisable to put into effect about 11 o'clock the 60 day notice clause in the savings department, the commercial department began to feel the run. and the state bank examiners in Hartford thought it the safest thing to have the bank closed. The following notice was posted at the Thames Loan and Trust bank at 12 o'clock:
7.April 17, 1913The Salt Lake TribuneSalt Lake City, UT
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NORWICH, Conn., April 16.-According to one of the directors of the First National bank of this city, which was closed today by order of its directors, the order was brought about by the recent withdrawal of some of the largest deposits. The last statement showed deposits of $300,000 and assets of $600,000. The president of the bank, Franklin S. Jerome, recently resigned as secretary of the United States Finishing company, which has been in financial difficulties for some time. The Thames Loan & Trust company, of which Jerome also is president, closed its doors this afternoon.
8.April 25, 1913Putnam PatriotPutnam, CT
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NORWICH BANKS CLOSE DOORS Indirect Result of U. S. Finishing Company's Difficulties DISTRUST OF PRESIDENT Franklin J. Jerome Was Head of Two Banks and Treasurer of Industrial Concern-$40,000 Savings Withdrawn from Thames Trust. Norwich.-The First National Bank and the Thames Loan & Trust Company, both of this city, closed their doors, the first under orders of its creditors, and the latter by reason of a restraining order secured by the State bank commissioners from Judge Williams in the Superior Court. It is believed here, however, that the depositors in both institutions will recelve dollar for dollar. The failure of the First National Bank comes almost directly after the closing of the Atlantic National Bank of Providence, by order of the Federal Comptroller. Franklin J. Jerome, president of the bank, was, until recently, treasurer of the United States Finishing Company, which has a large plant at Norwich, and which is now in the hands of a reorganization committee. The failure of the Providence bank was attributed to the embarrassment of the United States Finishing Company, and, as Mr. Jerome was president of the First National and also of the Thames Loan & Trust Company, it created a distrust in the stability of both institutions and resulted in a run on both banks, more than $40,000 having been withdrawn from the savings department of the Thames Trust since the last statement was issued April 4. For this reason the directors of the First National decided that It was best to close its doors, in order to conserve to the fullest extent the holdings of the bank for the benefit of the depositors. The bank commissioners also decided to forestall any extended run on the trust company, and so obtained a restraining order for three months.
9.June 23, 1913Norwich BulletinNorwich, CT
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INVITES NORWICH CITIZENS TO RAISE $50,000 On Plan for Reorganization of Thames Loan and Trust Company-Board of Trade Committee Will Work. According to letters exchanged on Saturday between President Harold Lawton of the Thames Loan and Trust company and President James C. Macpherson of the Norwich Board of Trade the citizens of Norwich have until Friday of this week to raise the sum of $50,000 to add to $75,000 which Mr. Lawton can secure from outside parties to be used in a plan proposed by him for reorganizing the Thames Loan and Trust company. The letters are as follows: Plainfield, Conn., June 20, 1913. J. C. Macpherson, President Norwieh Board of Trade: Dear Sir: Regarding the reorganization of the Thames Loan and Trust company, I beg to advise that if the people of Norwich can see their way to raise before Friday at 10 o'clock $50,000, I am assured of $75,000 from outside parties who are willing to come in and assist in the reorganization of the Thames Loan and Trust company. In order that the new interest and new money come in (this also includes the people of Norwich), this money must be conserved in manner and form about as follows: 1. We must have the assurance of the court and the bank commissioners of the state of Connecticut that the present charter must be saved to the new interests. 2. That in order to facilitate and hasten the ability to pay out funds as rapidly as possible to the depositors and safely conserve the new capital, the restraining order must be in manner and form effective so that from time to time the money as it accumulates can be paid out by permission of the bank commissioners, same being endorsed on the back of certificates which will be given to the depositors on the surrendering of their books at the banking house. 3. It must be understood that the present stockholders will surrender their stock to the new plan with the understanding that after the depositors have been satisfied and paid, any remaining assets shall be distributed to the old stockholders pro rata to their holdings, less the expense which would be a proper charge for the adof the and ministering depositors stockholders. affairs of This, the old of course, subject to compiying with the statutes pertaining to the winding up of savings institutions that come within the jurisdiction of the bank commissioners of the state of Connecticut, If this plan can be carried out, there is no question but what a large saving of money would accrue to the benefit of the present depositors and stock over my opinion this In holders, any plan would of receivership. amount to the saving of not less than $50,000. Trusting that you will be able to raise the amount mentioned, and that you will have individual subscription papers properly signed and witnessed to present to the court when it meets Friday next, I remain, Yours very truly, H. LAWTON.
EX-MAYOR THAYER MADE RECEIVER OF THAMES CO. Norwich, June 27-Charles F. Thayer, former mayor, was made permanent receiver of the Thames Loan & Trust Co., by Judge Williams in the superior court, today. The receiver's bond was made $50,000. The court stated that if Harold Lawton, of Plainfield, recently elected president of the company, was able to raise money enough to save the institution, it believed that the receiver would gladly step aside. Mr. Lawton has raised about $80,000. Under the court's order appraisers will be appointed later. The trust company closed its doors on April 16, shortly after the First National bank found itself unable to meet financial obligations. Mr. Lawton was elected president after Franklin S. Jerome had resigned.
11.November 3, 1913Norwich BulletinNorwich, CT
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was reached, when the advances were only $100 at a time. At $33,500 the sale was made to the Uncas bank by Receiver Murray. The figure is more than the property was put in at the government appraisal, which it is understood was $30,000 at the time of the receivership. The location of the building is central, the building is of substantial construction with handsome front, has large safe vaults, burglar and fire proof, and is equipped with time locks and all good modern devices for safety; also a safe, counters, desks, tables, chairs, typewriter, adding machines, fixtures and other personal property used therein as a complete banking equipment. It was not along ago that the First bank expended, it is stated, about $20,000 for the new limestone front. The bank is fully equipped and will give the Uncas bank a more central and commodious place for transacting its business. For some time it has been understood locally that a number of Norwich business men were looking with favor upon the possibility of starting another bank there, since it was considered that there was business enough for another since the closing of the First National bank and the Thames Loan and Trust company. The First National bank building which the Uncas bank has now secured would have made a suitable place for the new bank and it is understood that if it had been secured by interests having the plan for a new bank in view, the plan to establish a new bank might have been expected to take definite shape within a short time.
12.January 24, 1915Arizona RepublicanPhoenix, AZ
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BANKER AND BROKER GUILTY [ASSOCIATED PRESS DISPATCH] PROVIDENCE, Jan. 23.--Edward Melcalf. former president of the Atlantic National bank and Henry De Kay. a new York broker. were found guilty tonight on indictments charging misapplications of the bank's funds. The bank closed its doors in April, 1913, owing $219,000. De Kay was an oficer of the Mexican National Packing company. which went into the hands of a receiver in 1910. It. was charged that much of the money lost by the bank was due to financing this and. other unfortunate ventures. The failure of the Atlantic National bank was also partly responsible for the closing of Traders' National bank of Lowell, Mass., and of the Thames Loan and Trust company of Norwich, Conn.
BROWNING RECEIVER. Norwich, April 30.-Judge Gardiner reene of the superior court today opointed Amos A. Browning of Norch as receiver for the Thames Loan d Trust company to succeed the te Ex-Mayor Charles F. Thayer.
14.February 12, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn., about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator, on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver.
15.March 15, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator. on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
16.March 20, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator. on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
17.April 1, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator. on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
18.April 14, 1916Norwich BulletinNorwich, CT
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SUPERIOR COURT COMES IN HERE TODAY, Short Calendar Matters to Be Disposed of by Judge Reed. The superior court is scheduled to come in in this city on Friday morning at 10 o'clock with Hon. Joel H. Reed, judge, on the bench. The short calendar matters to come before the court are as follows: Spaulding vs. Jerome, default for failure to plead; Lippitt, et al., bank commissioners, vs. Thomas Loan and Trust company, approval of semi-annual statement and account of receiver; White vs. city of Norwich; Cowhey, et al., vs. Mulcahy, ex., appeal from probate, non-suit for failure to answer plea in abatement; Beardsley VS. Abernethy: Cowhey, et al., vs. Mulcahey, ex., appeal from probate, hearing on plea in abatement. Colchester Farm Produce company V.S. Goldstein, et al., permission to file reply; Luce vs. Cobb, for a disclosure by defendant's counsel of the defense to be made to said action and a statement of the nature and substance S thereof. 1 Edwards vs. Edwards, second order of notice; Lippitt, et. al., bank commissioners, vs. Thames Loan and Trust company, authority to compromise note of Ella M. Potter; Porter VS. H. B. Porter & Son Co., allowance of receiver's report for March, 1916: Hickey vs. Miller, action to amend complaint.
19.April 29, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator. on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
20.May 16, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator, on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
21.May 20, 1916Norwich BulletinNorwich, CT
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FOR SALE The fine Bank Building of The Thames Loan and Trust Company, 2634 Shetucket St., Norwich, Conn, about 70 feet front. One part of the main floor is finely equipped for banking, and the other part, also provided with vault, is admirably suited for corporation or other purposes. Offices, with elevator, on the second and third floors. Superior location for bank, insurance, trust, agency, or other business. AMOS A. BROWNING, Receiver
22.May 16, 1917Norwich BulletinNorwich, CT
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# Receiver Browning's New Quarters.
Receiver Amos A. Browning of the Thames Loan and Trust company has moved his quarters from the bank building, which was recently sold at auction, to the building formerly occupied by the Uncas National bank.
23.July 2, 1917Norwich BulletinNorwich, CT
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Great, Is It Not? Mr. Editor: Mr. Higgins, vice president and a director of the Hopkins & Allen Arms Co., says in an interview published in the Norwich Evening Record of June 27, "No comment ought to be necessary as to the importance of this industry to Norwich. If negotiations now pending terminate successfully, it may mean the continuance of this industry on a larger scale than herstofore and skilled help now being sought in Norwich to go to other places will be required here." Great. is it not? coming from one who has been identified with- the management of the plant. Now, Mr. Editor. what has become of the three or four million dollars. who got it and if they succeed in getting three or four million more who will get that? It would seem that the present condition of the Hopkins & Allen Co. would show the very great executive ability of the board of directors under whose diretion the Hopkins & Allen Arms Co. seems to have come to, an untimely end. and it is not necessary for Mr. Higgins to tell us of the calamity: we can see it with both eyes shut. It is only one of the many that has been pulled off in Norwich. Columbus Phaeton Co., Wickersham Nail Co., Ward. well Sewing Machine Co., West Side Rubber Mill. Celulite Trunk Co., and others too numerous to mention. But when the new Lester & Wasley Co., wanted a little help, nothing doing. The Lester & Wasley Co. management when they asked for help to get started were informed they were dead with dry rot. but you will notice they have run every day since they started and have paid dividends notwithstanding the dry rot and no help. But we should worry, we have got the Mohegan Trail. There can't anyone come here and lug that off. a cosy corner. the public press art gallery and a committee to investigate and report back to the directors of the chamber of commerce just what the Hopkins & Allen Co., died of that caused the blight on the good name of our city. Mr. Editor. I don't suppose it was necessary when the Thames Loan & Trust Co. passed away to appoint a committee to investigate and report back to. the directors as that was not a blight on the good name of our city but just a natural death due to poor medical advice. besides it was not in good form to have a coroner's inquest at that time on account of the doctor's standing in the community. A TAX PAYER LOOKING FOR WORK. Norwich, June 30. 1917.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
