Article Text
11. Bank 1 Run at Providence. PROVIDENCE, Oct. 24.-Depositors of the Union Trust company started a run on the bank at noon, and large amounts are being paid out puromptly.
Union Trust Company (Providence, RI)
Episode Information
- Episode UID
6863924291294- Episode Type
- Run → Suspension → Reopening
- Bank Type
- trust
- Bank ID
-
686392429hash - Start Date
- October 24, 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
1319ecc3d9f204c3
Response Measures
None
Events (5)
1.
October 24, 1907
Run
- Cause
- Macro News
- Cause Details
- Large withdrawals occurred during the Panic of 1907 leading depositors to run on the bank.
- Newspaper Excerpt
- Depositors of the Union Trust company started a run on the bank at noon, and large amounts are being paid out promptly.
- Source
- newspapers
2.
October 25, 1907
Receivership
- Newspaper Excerpt
- A receiver was appointed today for the Union Trust Company, of this city, on which there had been a run. Cornelius A. Sweetland was appointed temporary receiver of the company.
- Source
- newspapers
3.
October 25, 1907
Suspension
- Cause
- Macro News
- Cause Details
- Following the run during the 1907 panic the bank suspended payment and a receiver was appointed.
- Newspaper Excerpt
- The Union Trust company temporarily suspended today. E. S. Sweetland was appointed receiver.
- Source
- newspapers
4.
May 4, 1908
Reopening
- Newspaper Excerpt
- May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panic.
- Source
- newspapers
5.
February 5, 1912
Other
- Newspaper Excerpt
- The remaining indebtedness of the Union Trust company ... was wiped out today by the redemption of the contingent certificates held by its depositors.
- Source
- newspapers
Newspaper Articles (20)
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Article Text
Providence Is Affected. Providence, Oct 24.-Depositors 1 of the Union Trust Co began about noon to-day in withdrawing deposits. Before the closing hour a large number were paid. President Terry of the Trust Co is also connected with the North American Trust Co of New York.
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PROVIDENCE. R. I., Oct. 25. A receiver was appointed today for the Union Trust Company, of this city. on which there had been a run. The banks announced this morning It would not open. It had deposits of over twenty million dollars. Another at East Greenwich closed its doors today.
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PROVIDENCE IS CAUGHT. Union Trust Company Goes into Mands of a Receiver. Providence, R. I., Oct. 25.-The Union Trust company temporarily suspended today. It is the biggest institution in the city. E. S. Sweetland was appointed receiver.
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, Receiver for Union Trust Co. Providence, R. I., Oct. 25.--C. S. Sweetland has been appointed receiver of the Union Trust company. The company's individual deposits exceed $25,000,000.
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pended payment. The Providence, R. I., Union Trust company today suspended payment temporarily. At Pittsburg. Pittsburg, Oct. 25.-Stock Exchange is closed again today.
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UNION TRUST RECEIVER PROVIDENCE, R. I., Oct. 26.C. S. Sweetland has been appointed receiver for the Union Trust Co. The company's individual deposits exceed $25,000,000.
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More Deposits Than Withdrawals at Most of the Local Institutions. Less Business Than Usual Mondays at the Industrial Trust Co. Receiver Sweetland of Union Trust Co. Says It Will Be Reopened As Soon As Possible.
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Providence Bank Closed. Providence, R. I.,Oct. 26.-The Union Trust company, on which there was a run. did not open for business. Cornelius A. Sweetland was appointed tem. porary receiver of the company.
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Providence Bank Closed. Providence, R. I.,Oct. 26.-The Union Trust company, on which there was a run. did not open for business. CorneHus A. Sweetland was appointed temporary receiver of the company.
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Trust Company to Resume. PROVIDENCE. R. I., December 25.The receivers' advisory committee of the Union Trust Company has come to an
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To Reopen Providence Bank. PROVIDENCE, R. 1., April 6.May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panie. Ninety-six per cent of the depositors have agreed to the organization plan.
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To Re-Open Providence Bank. Providence, R. I., April 6.-May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panic Ninety-six per cent of the depositors have agreed to the reorganization plan.
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TO REOPEN PROVIDENCE BANK. PROVIDENCE. R. I., April 6.-May 4 has been fixed as the date for reopening of the Union Trust Company, which failed during the panic. Ninety-six per cent. of the depositors have agreed to the reorganization plan.
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The Remaining Indebtedness of the Union Trust company of Providence, which suspended on Oct. 25, 1907, will be wiped out on Feb 5 by the redemp= tion of the contingent certificates held by its depositors.
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The remaining indebtedness of the Union Trust Co. at Providence, R. I., which suspended on Oct. 25, 1907, will be wiped out on Feb. 5, by the reGemption of the contingent certificates held by its depositors. The sum thus made available with accrued interest at 3 per cent. will be about $1,750,000. The deposits in the bank at the time it suspended aggregated $21,694,800 and the depositors numbered 30,960. On May 4, 1908, the bank reopened and payments of 10 and 20 per cent. have been made since that time so that now 90 per cent. has been returned.
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DEPOSITORS PAID IN FULL. Providence, Feb. 5.-With the payment to-day of $1,750,000, in redeeming the final 10 per cent contingent certificates, the Union Trust Company, which suspended during the panic of 1907, completely liquidated its indebtedness to its old depositors. The only obligations which now remain from the financial difficulties of 1907 are the deferred certificates held by the old stockholders, representing about $500,000, and these will be retired at par as soon as the directors believe the bank is in a position to do so.
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WIPES OUT INDEBTEDNESS Rhode Island Trust Company Also PaYs Interest. PROVIDENCE, R. I., Feb. 5:-The remaining indebtedness of the Union Trust company which was suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended, aggregated nearly $22,000,000, and the depositors numbered 30,960. On May 4, 1908 the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addition to the amount of their deposits the depositors received accrued interest at 3 per cent.
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WIPES OUT ITS INDEBTEDNESS Providence, R. I., Feb. 5-The remaining indebtedness of the Union Trust Company which suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended aggregated nearly $22,000,000, and the depositors numbered $30,960. On May 4, 1908, the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addition to the amount of their deposIts the depositors received accrued interest at 3 per cent.
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Article Text
WIPES OUT REMAINING INDEBTEDNESS PROVIDENCE, R. I., Feb. 5.-The remaining indebtedness of the Union Trust company, which suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended aggregated nearly $22,000, 000, and the depositors numbered 30,960. On May 4, 1908, the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addtion to the amount of their deposits d the depositors received accrued intert est at 3 per cent.