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RECEIVERS APPOINTED FOR PROVIDENCE BANKS Associated Press. Providence, R. I., October 25.-Receivers were appointed today for the Union Trust Company and the New England Trust Company, but the ninety days' notice will be invoked. The Industrial Trust Company withstood an all days' run.
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bankers, $296,357; capital and other cash Items, $1,191,962; redemption fund, $5,500. Total, $5,820,382. "Liabilities: Capital stock, $300,000; surplus, fund and undivided profits, $601,345; circulating notes, $300,000. due to banks and bankers. $1,065,068, deposits, $3,220,706; notes and bills rediscounted, $225,000; reserved for taxes, $8,263. Total, $5,820,382." CRISIS HAS BEEN PASSED IN PROVIDENCE SITUATION Providence, R. I., Oct. 25.-Although a temporary receiver was aappointed for one trust company, while another company is enforcing the rule requiring ninety days' notice of withdra wal, and a third withstood a heavy run, it was believed generally in Providence banking circles tonight, that the local crists had been passed. The bank for which a receiver was appointed was the Union Trust Company, an institution with branches in Olneyville, Central Falls and East Greenwich. This is the bank on which the run started yesterday, Cornellus S. Sweetland, Vice-Prestdent. was named as receiver. The New England Trust Company today put into operation the rule requiring all depositors to give ninety days' NOtice of withdrawals. Gen. Charles A. Wilson, the bank's counsel. said that the company was in no condition to stand a run, and that the rule had been invoked for the protection of depositors. Much of the interest of the day centered about the Industrial Trust Company. operating nine branches in Rhode-Island. At this bank a run was in progress throughout the day. Tellers paid all demands.
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BANKS WITHSTAND RUN. Providence Institutions Issue Notices of Withdrawal. / Providence, R. I., October 25. Although a temporary receiver was appointed for one trust company, while another company is inforcing the rule requiring 90 days notice of withdrawal and a third withstood a heavy run, it was believed generally in Providence banking circles tonight that the local crisis had been passed. The bank of which a receiver was appointed was the Union Trust company, an institution with branches in Olneyville, Central Falls and East Greenwich. This is the bank on which the run started yesterday. Cornellus S. Sweetland, vice president, was named as receiver. The New England Trust company today put into operation the rule requiring all depositors to give 90 days notice of withdrawals. Gen. Charles A. Wilson, the bank's counsel, said that the company was in no condition to stand a run and that the rule had been invoked for the protection of depositors. Much of the interest of the day centered about the Industrial Trust company, operating nine branches in Rhode Island. At this bank a run was in progress throughout the day. Tellers met all demands.
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To Prevent Threatened Run. Providence, R. I., Oct. 26.-The New England Trust company of this city has posted a notice demanding ninety days' notice of withdrawal of deposits. General Charles A. Wilson, counsel for the bank, is authority for the statement that the action was taken to prevent a threatened run on the company.
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RECEIVER FOR UNION TRUST CO. Providence Institution Compelled to Post Notice on Account of Stringency. BRANCHES ALSO CLOSED ACTION TAKEN TO PROTECT DEPOSITORS. Providence, R. I., Oct. 25.-The Union Trust company, on which there was a run yesterday, did not open for business at 9 o'clock, the usual hour. As early as 6 o'clock this morning depositors began to form a line outside the entrance to the bank, and half an hour before the opening time there were more than 150 persons in line. There also was a detail of police to keep order. Shortly after 9 o'clock the following notice was posted: "This bank will not open today. owing to the stringency of the money market.' Up to a late hour last night the officers of the company expected to open today, but subsequent consultations brought a decision that in view of the tight money market the interests of the depositors would be conserved by closing. June Statement. According to the statement issued on June 29 last the bank had resources aggregating $28,238,335. Its liabilities included besides the $500,000 capital stock, a surplus of $2,250,000, undivided property of $22,709, and deposits of $25,465,625. J. Edward Studley is president of the institution and Marsden J. Perry is first vice president. An investigation was made today of the financial condition of the Industrial Trust company. A statement was issued. declaring the company in a sound condition and entirely worthy of credit. The institution continued paying depositors to the close of business and was then said to be able to meet all demands. Receiver Appointed. A director of the Union Trust company, alleging that the institution was insolvent, today petitioned the superior court to appoint C. S. Sweetland a director of the bank, as temporary receiver. The receiver was appointed. Hearing will be had November 6. Marsden J. Perry gave out an announcement that the Union Trust company found itself unable to immediately meet all its obligations. He said while the assets are amply sufficient to satisfy all claims under normal conditions, it is impossible to obtain suffiicent money at present to meet the demand precipitated by financial disaster in other cities, to institutions in which the Union Trust company is in no way involved. He added: "Personally I do not owe a cent directly or indirectly to the Union Trust company." Will Take Ninety Days. The New England Trust company of this city posted a notice today requiring the legal ninety days' notice of withdrawal of deposits. The action was taken to prevent a threatened run. The New England Trust company, which invoked the ninety days' law, is one of the smaller institutions. It has a capital of $140,000, surplus of about $35,224, and deposits of $363,949.
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draw their accounts Friday. The bank owes depositors about $2,500,000. Another Trust Company Fails. The Jenkins Trust company of Brooklyn, not an important institution, closed its doors Friday afternoon. Its total deposits was about $2,500,000. Dime Savings Bank Closed. The Union Dime Savings bank at Thirty-second street and Broadway, Friday afternoon posted a notice that it will require 60 days' notice from depositors desiring to withdraw. It has $27,450,000 due to depositors. Receivers for Knickerbocker. Upon application of State's Attorney General Jackson temporary receivers were appointed Friday for the Knickerbocker Trust company, which closed its doors on Tuesday after a run by its depositors. The receivers are Otto T. Bannard, Ernest Thalmann and Gen. Henry C. Ide, all of New York city. Receivers for Knitting Mills. Philadelphia, Oct. 26.-The Pennsylvania Knitting Mills, of Reading, Pa., manufacturers of hosiery, a Heinze company, affiliation, against whom a petition in bankruptcy was filed Thursday had receivers appointed for it Friday by Judge McPherson in the United States district court. The receivers are Jacob Bauer and George W. Chapin, both of this city. The cause of the concern's embarrasment is laid to the present unsettled financial situation and by attachments secured by creditors in the New York court. The liabilities are placed at about $600,000 and the assets at $2100000 Bank at Providence Suspends. Providence, R. I., Oct. 26.-Cornelius A. Sweetland was appointed temporary receiver of the Union Trust company of Providence by the Superior court, following the run on the bank Thursday. The officers of the company expected to open Friday but subsequent consultations brought a decision that in view of the tight money market the interests of the depositors would be conserved by closing. The Union Trust company was organized in 1894 with a capital of $500,000. It conducts several branches in this state. According to the statement issued on June 29 last the bank had resources aggregating $28,238,335. Its liabilities included beside the capital stock a surplus of $2,250,000, undivided profits of $22,709 and deposits of $25,465,626. J. Edward Studley is president of the institution and Marsden J. Perry is first vice president. New England Trust Closes. Providence, R. I., Oct. 26.-The New England Trust company of this city, posted a notice Friday requiring 90 days' notice of withdrawal of deposits. Gen. Charles A. Wilson, counsel for the bank, is authority for the statement that the action was taken to prevent a threatened run on the company. Savings Bank Closes. Baltimore, Md., Oct. 26.-The run on the east branch of the Home bank continued Friday morning and shortly before noon the depositors who were in line waiting to secure their money were notified that the bank would take advantage of a charter provision which permits the institution to demand 60 days' notice of a depositor's intention V to withdraw his or her account. member of the firm of Bernstein, Cohen & Co., owners of the bank, admitted that the run had been of much larger proportions than had been reported. He said that it had begun on Monday, and that a total of savings deposits of $200,000 or thereabouts, approximately $150,000 had been withdrawn. Only the east branch of the bank is affected, and this only in its savings department. Close at East Greenwish. East Greenwich, R. I., Oct. 26.-The East Greenwich branch of the Union Trust company of Providence did not open its doors Friday morning. A notice was posted stating that the branch was being kept closed for the protection of depositors. Branch Bank Also Closes. Central Falls, R. I., Oct. 26.-The Central Falls branch of the Union Trust company of Providence opened its doors Friday morning, but closed them again at 9:20. There was a large crowd about the institution. mainly mill
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Sweetland Named. Providence, Jan 20.-Justice Sweetland in the superior court to-day appointed John Hilton, treasurer of the New England Trust company, of this city, as temporary receiver of the institution. The trouble was due to inability to recover from the difficulties which developed in the pauie of 1907.
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PROVIDENCE BANK CLOSES ITS DOORS PROVIDENCE, R. I., Jan. 20.-The New England Trust Company closed its doors today and John Hilton, its treasurer, was appointed temporary receiver. During the recent financial flurry the company took advantage of the law requiring depositors to give ninety days' notice. The ninety days expired today. The company has between 13,000 and 14,000 depositors, mostly working people.
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Receiver Appointed. Providence, R. I., January 20.-Justice Sweetland, 112 the superior court this afternon appointed John P. Hilton, treasurer of the New England Trust company of this city, as temporary receiver of the institution. No statement was given out by the trust company as to the cause of the difficulty.
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RECEIVER IS APPOINTED. Treasurer of New England Trust Company Adjusts Difficulty. PROVIDENCE. R. I., Jan. 20.-Justice Sweetland. in the superior court this afternoon appointed John R. Hilton. treasurer of the New England Trust company of this city, as temporary receiver of the institution. No statement was given out by the trust company as to the cause of the difficulty.
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RECEIVER IS APPOINTED. Treasurer of New England Trust Company Adjusts Difficulty. PROVIDENCE. R. I., Jan. 20.-Justice Sweetland. in the superior court this afternoon appointed John R. Hilton, treasurer of the New England Trust company of this city, as temporary receiver of the institution. No statement was given out by the trust company as to the cause of the difficulty.
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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association. from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank. to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury. the play broker. is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Berlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway. published in the February Everybody's. Thomas W. Lawson tells at length the
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RHODE ISLAND PROVIDENCE, R. I., Jan. 29.-After having passed the greater part of their lives quietly and uneventfully in a farm house, Jonathan King and his wife Abby, died Sunday night together. The wife passed away at 8:40 o'clock and a few minutes later the husband died. In both cases death was due to old age. Mr. King was 84 years. old and his wife 88 years. Announcement was made today that the plant of the Fitch Manufacturing company, at Thornton, makers of eiderdown, is to be sold under the hammer on February 5, as the result of a mortgage foreclosure. After standing three successive runs within six months the New England Trust company today went into the hands of a temporary receiver. Superior Judge William P. Sweetland appointed the company's treasurer, John P. Hilton, to act in that capacity. The New England Trust on October 25 last posted a notice requiring ninety days' notice of withdrawal of deposits. This was following the runs. The company's last report to the state auditor showed its resources to be $642,883. It then carried $396,793 in savings deposits. In June last all deposits amounted to $467,754. The receiver is hopeful of putting the company through its difficulties.
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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association. from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though It is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically A control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury, the play broker, is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Borlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway, published. in the February Everybody's, Thomas W. Lawson tells at length the
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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association, from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best oblect lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury, the play broker, is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Berlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway. published in the February Everybody's. Thomas W. Lawson tells at length the
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Permanent Rec iver Wanted Providence, Jan. 29.-A meeting of 400 depositors of the New England Trust company. which closed its doors last week, was held last night. It was voted to appoint a committee to represent the depositors in a petition to the superior court for the appointment of a permanent receiver for the institution. The committee was instructed to ask for a receiver not connected in any way at present with the affairs of the company.
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to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, Its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the been of nlay companie in America VISS Marburs. the pla broker. 18 president, and the compan will have offices in New York, III branches in Chicago, London, Part Berlin and Vienna. It is said that the "trust" already controls about nine tenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway, published in the February Everybody's. Thomas W. Lawson tells at length the
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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association, from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however. at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency. one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence. R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury, the play broker. is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Berlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway, published in the February Everybody's. Thomas W. Lawson tells at length the
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Receiver Made Permanent. Providence, R. I., February 8.-John B. Beagan, an attorney of this city, was appointed permanent receiver of the New England Trust company after hearing before Judge Sweetland in the superior court today. In reporting to the court on the condition of the trust company, which suspended on January 18, Temporary Receiver Hilton stated that the prospects for an early dividend to depositors were not bright, and that the affairs of the institution were very much involved.
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ACCUSED OF CONSPIRACY. Providence, March 27.-Charging conspiracy 'n obtaining $350,000 belonging to depositors of the New England Trust Company, of this city and Pawtucket, which went into a receiver's hands recently, a writ in a civil suit was served on Thomas D. Taylor, of Boston, here late to-day at the instance of John P. Beagan. Mr. Taylor was organizer of the institution.
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CHARGED WITH MULCTING DEPOSITORS OF $350,000. PROVIDENCE, R. I., March 28.Charging conspiracy in obtaining $350.000 belonging to depositors of the New England Trust Company, of this city and Pawtucket, which went into a receiver's hands recently, a writ in a ciyil suit has been served upon Thomas D. Taylor, of Boston, at the instance of John P. Reagan, receiver. Taylor was unable to procure bail.
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Affairs of the New England Trust Company, which have been in the courts for several years, were terminated in Providence, R. I., today by the discharge of John P. Boogan as receiver.
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Affairs of the New England Trust Company. which have been in the courts for several years, were terminated in Providence, R. 1., today by the discharge of John P. Boogan as receiver.