1549. Canton Trust Company (Collinsville, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
October 5, 1916
Location
Collinsville, Connecticut (41.813, -72.920)

Metadata

Model
gpt-5-mini
Short Digest
e5543b72

Response Measures

None

Description

The Canton Trust Co. directors resolved to liquidate, accepted a restraining order from the state banking department and applied for a receiver (Oct 5, 1916). No run is mentioned. Cause of suspension is depreciation of securities (Garland Company stock). Later (1918) distribution of checks to depositors occurred as part of liquidation, not a reopening.

Events (3)
1. October 5, 1916 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors voted to liquidate because some assets were liable to depreciate (securities: stock of the Garland Company); they requested appointment of a receiver and accepted a restraining order to protect depositors.
Newspaper Excerpt
Action toward this end was taken at a meeting of the directors last night, when they adopted a resolution asking for the appointment of a receiver and accepting a restraining order from the banking department of the state in order to protect the depositors.
Source
newspapers
2. October 7, 1916 Receivership
Newspaper Excerpt
Depreciation in the value of securities held by the Canton Trust company of Collinsville has resulted in the closing of its doors and the appointment of a receiver.
Source
newspapers
3. August 17, 1918 Other
Newspaper Excerpt
The Canton Trust company of Collinsville, which closed its doors last October, sent out another batch of checks to depositors yesterday. Half of the money deposited has already been paid back, and the directors say that eventually the depositors will get all their money.
Source
newspapers

Newspaper Articles (5)
1. October 5, 1916 New Britain Herald New Britain, CT
Article from New Britain Herald, October 5, 1916

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Article Text

BANK TO LIQUIDATE Fear of Depreciation of Assets Spurs Directors of Canton Trust Co. to Go Out Of Business. Collinsville, Oct. 5.-The Canton Trust company, which has a savings department and which has been conducted as a banking institution for the past forty-five years, is to be liquidated, it was announced today. Action toward this end was taken at a meeting of the directors last night, when they adopted a resolution asking for the appointment of a receiver and accepting a restraining order from the banking department of the state in order to protect the depositors. It was expected that application for the receiver would be made in the superior court at Hartford today. Benjamin F. Case, president of the institution, said today that the affairs of the Trust company were in good shape but that the action was being taken because some of the assets were liable to depreciate. No statement of the assets and liabilities was given out. The aggregate deposits in the trust and savings departments were said to be about $225,000.

2. October 5, 1916 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 5, 1916

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Article Text

Canton Trust Co. To Liquidate Soon Collinsville, Conn., Oct. 5.-The Canton Trust company, which has a savings department and which has been conducted as a banking institution for the past 45 years, is to be liquidated, it was announced today. Action toward this end was taken at n meeting of the directors last night when they adopted a resolution asking for the appointment of a receiver and accepting a restraining order from the banking department of the state in order to protect the depositors. It was expected the application for the receiver would be made in the superior court at Hartford today. Benjamin F. Case, president of the institution, said today that the affairs of the trust company were in good shape but that the action was being taken because some of the assets were liable to depreciate. No statement of the assets and liabilities was given out. The aggregate deposits in the trust and savings departments were said to be about $225,000.

3. October 7, 1916 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, October 7, 1916

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Article Text

BRIEF STATE NEWS Middletown-Former President William Howard Taft, now of Yale university, will speak at Wesleyan, October 10th. Collinsville.-Depreciation in the value of securities held by the Canton Trust company of Collinsville has resulted in the closing of its doors and the appointment of a receiver. Hartford.-Rev. Dr. James Goodwin, rector of Christ church, has a leave of absence because of the rector's ill health, for six months, beginning Friday, which was granted by the vestry. Waterbury.-James H. Freney, superintendent of the charities department, is to attend the state tuberculosis conference in New Haven Thurs_ day and Friday of next week, as a dellegate from this city. Waterbury.-It is the belief of City Health Officer T. J. Kilmartin that there has been mild cases of smallpox in this city, unknown to either the health department of the persons suffering from the disease, since last July.

4. October 18, 1916 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, October 18, 1916

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Article Text

BRIEF STATE NEWS Ivoryton--At the republican caucus held in Essex T. M. Rose, of Iveryton, received the nomination for representative and Thomas D. Coulter, judge of probate. Fair Haven-Andrew G. Case, a Civil war veteran, who has been in poor health for. over a year at his home, 109 East Pearl street, has been removed to the Soldiers' home at Noroton. Hartford-The Connecticut State Spiritualist Association held services at Unity Hall yesterday afternoon and Sunday evening, with Rev. Mary Pepper Vanderbilt as speaker and message bearer. Torrington-Richare F. Cooke, of the firm of Cooke Bros., marketmen, is likely to be the democratic candidate for judge of probate for the district comprising the towns of Goshen and Torrington. Watertown-With the opening of the year of 1916-1917 the Taft preparatory school has attained its maximum enrollment. Two hundred and twenty-six names are entered on the school list 85 of these being new boys. Meriden-The Socialist party of Meriden held an open air meeting at Crown street square Monday evening when Joseph M. Coldwell of Brockton, Mass. was the principal speaker. His subject was The High Cost of Living. Collinsville-Depreciation in the value of securities held by the Canton Trust company of Collinsville has resulted in the closing of its doors and the appointment of a receiver. These securities, which are the stock of the Garland Company of Pittsburgh, Pa., were considered all right until subsidiary corporations of this company went into a receivership during the past year.

5. August 17, 1918 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, August 17, 1918

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Article Text

BRIEF STATE NEWS Danbury.-Danbury's annual Dollar day will be held Thursday, Aug. 27. Essex.-Rev. Charles H. Peck of the Congregational church is visiting relatives in New Jersey. Portland.-F. R. and R. M. Goodrich Thursday completed the harvesting of the tobacco crop on their home lot. containing 50 acres. This is believed to be a record for the state. Deep River.-George A. Wormwood, superintendent of Pratt, Read & Co.'s west factory, has been elected secretary of Pratt, Read & Co., to fill the vacancy caused by the death of William B. Stevens. South Manchester.-The Globe Hollow swimming pool was the most frequented of any of the Ninth district recreation centers last week, a total of 2,018 men and boys enjoying a dip there during the week. Norwalk.-Dr. A. H. Baldwin has brought suit against the city of Norwalk for damages of $50,000 for injuries received last February, when his automobile struck:á pile of dirt that had been left at the side of a street railway track in that city. He was permanently crippled through the accident and for a long time was unable to attend to his practice. Ihompsonville.-Antonic Tina was convicted of the theft of coal to the value of 25 cents from the plant of the Bigelow-Hartford Carpet corporation and was fined $5 and costs, but Judge Burke suspended sentence out of "consideration for the condition of the accused's family. Middletown.-A party of six Middletown men who were at Grove Beach last Saturday made plans for a fishing trip out to the reef, putting in 50 cents each. The first fish caught was to take the money, and the largest fish the other half. There was only one fish caught among the entire party and it was a smail one, too, but the one, who caught it took the entire $3. Collinsville. - The Canton Trust company of Collinsville, which closed its doors last October, sent out another batch of checks to depositors yesterday. Half of the money deposited has already been paid back, and the directors say that eventually the depositors will get all their money.