1420. Columbia Trust Company (Middletown, CT)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
December 14, 1906
Location
Middletown, Connecticut (41.562, -72.651)

Metadata

Model
gpt-5-mini
Short Digest
153bca359b210791

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 14โ€“18, 1906) describe a multi-day run on the Columbia Trust Company in Middletown, CT. Officials and the state bank examiner declared the institution sound; deposits were paid in full and a large stockholder brought funds. The run was driven by rumors/reports (changed hands, dividend passed), not by insolvency or a government closure. The run ended after a few days and the bank did not suspend or enter receivership in these accounts.

Events (2)

1. December 14, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Reports that the bank 'had changed hands' and rumors questioning solvency; mention dividend 'passed' and rumors the institution was about to fail.
Measures
Officials publicly assured depositors funds were safe and paid withdrawals in full; large depositors in New York drafts, small in currency; stockholder C.T. Marsh brought surplus; Bank Examiner investigated and found company sound.
Newspaper Excerpt
A run of some proportions on the Columbia Trust company, began to-day ... President Burr issued a statement that the company would pay all depositors in full
Source
newspapers
2. December 18, 1906 Other
Newspaper Excerpt
The run of three days on the Columbia Trust company has come to an end, only a few depositors withdrawing their money, while a large number of depositors returned money. Rumors that the company was about to fail started the run.
Source
newspapers

Newspaper Articles (10)

Article from Waterbury Evening Democrat, December 14, 1906

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Article Text

RUN ON MIDDLETOWN BANK. President Says Every Depositor Will Be Paid. Middletown. Dec 14.-A run of some proportions on the Columbia Trust company, began to-day and continued this afternoon. President Burr issued a statement that the company would pay all depositors in full with interest due them and there was no danger of a suspension of business. The cause of the run was due to reports that the bank had changed hands and the annual dividend had not been declared in October, but had been passed. In regard to these matters President Burr said that the divident was passed for business rea. sons and that New York parties had obtained control of thes tock and were about to increase the capital stock.


Article from The News-Democrat, December 14, 1906

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Article Text

RUN ON BANK AT MIDDLETOWN, CT STARTED TODAY Middleton, Conn., Dec. 14.-A run of considerable proportions on the Columbia Trust company, which under its charter does both a national and savings department business, began today. President Fugene H. Burr issued a statement at noon to the effect that the company would pay all depositors in full and with interest due them. and that there was no danger of interruption of business. The cause of the run so far as can be learned, is due to reports that the bank had changed hands. In regard to this President Burr say that the October semi-annual dividend was passed for business seasons and that considerable of the stock had gone to New York parties, who intended to increase the capital. The run today is entirely against the savings department and those asking for their money are mostly women.


Article from The Montgomery Advertiser, December 15, 1906

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Article Text

Run on Connecticut Bank. Middletown, Conn., Dec. 14.-A run of considerable proportions on the savings departments of the Columbia Trust Company began today. President Eugene H. Burr issued a statement that all depositors would be paid in full. The run, so far, as can be learned, is due to reports that the bank had changed hands.


Article from Waterbury Evening Democrat, December 15, 1906

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Article Text

RUN ON BANK CONTINUES. Depositors Probably Making a Foolish Mistake. Middletown, Dec 15.-The heavy run on the Columbia Trust company, which begun yesterday, continued unabated to-day, a long line forming at the company's building previous to the opening of the doors at 10 o'clock. Despite the fact that officials issued a statement to the effect that the company was absolutely sound and that there was not a word of truth in the rumors circulated regarding the company's financial condition. hundreds of depositors withdrew their savings to-day, the large depositors being paid in New York drafts and the smaller ones in currency, mostly gold. As each holder of a large account appeared at the window an explanation as to the company's stability was made, with the statement that If the explanation was not satisfactory their money would be turned over to them without delay. Many customers of the trust company appeared to be absolutely satisfied with the explanation and left their money with the Institution while others withdrew theirs. Several Wesleyan students were in the line to-day. Bank Examiner Noble made an investigation into the company's affairs a few days ago and announces that he found the company in excellent shape. It is stated that $38,000 was withdrawn from the institution yesterday and to meet any further extensive withdraw. C. T. Marsh of New York. a heavy stockholder in the company. came here to-day with a large surplus. In the last report of the state banking commission the following figures are given relative to the trust company: Assets. $469.543.86: Individual profits, $15,325.21: general deposits, $201.121.23; savings bank deposits, $203,097.42. The capital stock is $50,000 and there is a surplus of $14,000.


Article from The Daily Morning Journal and Courier, December 15, 1906

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Article Text

RUN ON MIDDLETOWN BANK. Institution Crowded With Anxious Depositors. Middletown, Dec. 14.-There was a run on the Columbia Trust company, of this city, to-day. No one could account for the rumor which started in questioning the bank's solvency, but it spread like wildfire, and yesterday afternoon a large number of depositors withdrew their accounts. This morning the bank was crowded all the morning with anxious depositors. The bank officers posted notice that they would pay all accounts in full, and they have been doing so as fast as possible. There are about seventeen hundred depositors, and the bank has about $350,000 in the savings department.


Article from The News-Democrat, December 15, 1906

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Article Text

RUN ON COLUMBIA TRUST CO. CONTINUES Middletown, Conn., Dec. 15.-The heavy run on the Columbia Trust company which began yesterday continued today. a long line forming at the company's building previous to the opening of its doors at 10 o'clock. Bank Exaimner Noble made an investigation into the company's affairs. a few days ago and announced that he found the company in excellent shape. It is stated that $38,000 was withdrawn from the Institution yesterday and to meet any further extensive withdrawal, C. T. Marsh, a heavy stockholder in the company, came here today with a large surplus.


Article from New-York Tribune, December 16, 1906

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Article Text

MIDDLETOWN BANK RUN CONTINUES. Middletown, Conn., Dec. 15.-The heavy run on the Columbia Trust Company, which began yesterday, continued to-day. Despite the statement issued by the officials that the company was absolutely sound, hundreds of depositors withdrew their savings to-day. Bank Examiner Noble made an investigation into the company's affairs a few days ago and announced that he found them in excellent shape. It is stated that $30,000 was withdrawn yesterday, and that to meet any further withdrawals C. T. Marsh of New York. a heavy stockholder, came here today with a large surplus.


Article from The Bennington Evening Banner, December 18, 1906

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Article Text

Run on Columbia Trust Company. MIDDLETOWN, Conn., Dec. 18. The run of three days on the Columbia Trust company has come to an end, only a few depositors withdrawing their money, while a large number of depositors returned money. Rumors that the company was about to fail started the run.


Article from Connecticut Western News, December 20, 1906

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Article Text

STATE AND COUNTY The twenty-second annual session of the Connecticut State grange will be held at the Auditorium, Hartford, Janary 2, 3 and 4. Dr. Streeter, the pastor, and the church committee appointed to secure the $10,500 to cancel the mortgage debt on the Methodist church at Torrington succeeded in obtaining about $8,000in pledges, to be paid on or before January 1, 1908 on condition that the full amount be raised. Henry J. Hendey, aged 62, president of the Hendey Machine Company of Torrington, died last week after a illness of several weeks. Seyeral newspaper publishers of the Second Congrsseional District of Donnecticut have petitioned against the bill to rate all postal matter at 4 cents per pound. Congressman Hill has introduced a bill granting a pension of $20 a month to James Burk of Winsted Charged with being an itinerant vendor, F. E. Capewell, of Bridgeport, formerly of Winsted, was arrested in that city last week. He was released under bonds of $150. There was a run one day last week on the Columbia Trust Company of Middletown and all who demanded their deposits were paid in full. A report became current that the institution was insolvent. The bank has $350,000 belonging to 1,700 depositors. Mrs. Olive E. Stanard was found dead in Mill Brook Friday. She resided with her son, Obed Stanard, and was in the sitting room. She had been left by members of the family but a few minutes when she was discovered lying on the floor back of the stove. Medical Examiner W. S. Hulbert of Winsted was notified and says death was due to heart disease. Mrs. Stanard was born in Norfolk in September, 1823, daughter of Preston and Olive Maria Miner. In the forties she married Appleton R. Stanard and went to live with him on the old Stanard homestead in the south end district of Norfolk. About 150 of the boss barbers of Bridgeport held a meeting Monday evening to raise funds to defend the case of Thomas Solazzi, the barber who is sued by H. H. Faulkner, a negro whom Solazzi refused to shave. The case will be argued in the April session of the supreme court of Connecticut. Faulkner is a negro porter in the employ of the Bridgeport Trust Company. He went to Solazzi's barber shop and asked for a shave. He was refused on the ground that the shop was not catering to the negro trade. Faulkner then entered suit for $500 against Solazzi, John Frank Swain, one of the prominent shoe manufacturers of Lynn, Mass., 20 years ago, and a former resident of Winsted, passed away at his home recently after a comparatively brief illness of cancer of the stomach. He was 53 years of age. J. F. O'Meara of Torrington won a pig at a Winsted fair recently. He took a chance on a 200-pound, $20 pig. The animal which he received weighed just 10 pounds. Mr. O'Meara will fatten it and later in the season will roast it. It is stated that the evergreen: which have hitherto been so numerous in the vicinity of Torrington are to be very scarce this year.


Article from The United Opinion, December 21, 1906

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Article Text

End of Run on Bank Middletown, Conn., Dec. 18.-The run of three days on the Columbia Trust company came to an end yesterday. only a few depositors withdraw ing their money, while a large number of deposits were recorded. Rumors that the company was about to fail started the run.