1611. Willimantic Trust Company (Willimantic, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
April 29, 1885
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini
Short Digest
aff9aae485a13e64

Response Measures

None

Description

The articles refer to the 'late Willimantic Trust Company' and discuss receivers paying dividends after a court decision requiring stockholders to repay funds. There is no mention of a depositor run; the bank failed, a receiver was appointed, and dividends are being paid to depositors — consistent with a suspension/closure and receivership. OCR appears consistent; key facts drawn from articles dated March–May 1885.

Events (3)
1. April 29, 1885 Receivership
Newspaper Excerpt
A dividend of 30 per cent, amounting to $29,000, will be paid tomorrow to the depositors of the late Willimantic Trust Company by the receivers. This is the third dividend ... Receiver Osborn states that the full amount will probably be paid finally.
Source
newspapers
2. May 1, 1885 Other
Newspaper Excerpt
This dividend is the result of the recent decision of the Connecticut Supreme court, compelling the stockholders who sold out when the trust company was threatening insolvency to restore to the receiver the money they got thereby.
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier bought stock of the stockholders with funds of the company; misappropriation/insolvency led to failure.
Newspaper Excerpt
Soon after the company failed.
Source
newspapers

Newspaper Articles (3)
1. March 25, 1885 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, March 25, 1885

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Article Text

STATE NEWS. Miss Kate Miller, for several years teacher of the school in Staddle Hill district, Middletown, died on Monday of scarlet fever after only three days' illness. Fred. S. Work of Middletown, who has been in Nebraska about three months, returned home on Monday. His father will go out there next week. Father Desmond, of the Catholic church, Middletown, is still dangerously ill with pneumonia. The Middlesex Assurance company lost $4,000 by the Bridgeport fire of last week. Judge Beardsley on Monday passed the final decree enforcing the decision of the Supreme Court of Errors in the Willimantic Trust company's suit. The cashier bought stock of the stockholders with funds of the company. Soon after the company failed. The decision is that the stockholders must pay back the money received for the stock with interest. The sum involved is about $33,000. Work is to be resumed on the Ridgefield, Connecticut and New York railroad. About $220,000 was expended some years ago on the road and it is stated that $250,000 more will complete and equip it. When completed it will connect with the New England road at Fishweir Bridge, about two miles west of Danbury. The road has never issued bonds and money to complete it will be raised by the sale of stock. Romeo, one of the fine dogs. imported by the late Judge Harris B. Munson of Seymour, is now living in Bridgeport and is still searching for his dead master. Not a team passes through the street that Romeo does not run out and take a sniff at the hind wheel in hope of recognizing the vehicle in which Judge Munson used to make trips into the country.

2. May 1, 1885 New-York Tribune New York, NY
Article from New-York Tribune, May 1, 1885

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Article Text

DEPOSITORS GETTING BACK THEIR MONEY. WILLIMANTIC, Conn., April 29.2A dividend of 30 per cent, amounting to $29,000, will be paid tomorrow to the depositors of the late Willimantic Trust Company by the receivers. This is the third dividend, and results from the recent decision of the Connecticut Supreme Court that stockholders who sold out when the Trust Company threatened insolvency must pay back to the receivers the money thereby obtained. Only 71g per cent now remains due the depositors, and Receiver Osborn states that the full amount will probably be paid finally.

3. May 1, 1885 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, May 1, 1885

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Article Text

Stockholders Who Have Had to Pay Up. A dividend of 30 per cent. was declared to the depositors by the receivers of the late Willimantic Trust company yesterday. This makes a total of 921/2 per cent. thus far divided. This dividend is the result of the recent decision of the Connecticut Supreme court, compelling the stockholders who sold out when the trust company was threatening insolvency to restore to the receiver the money they got thereby. Most of these stockholders have recently made payment accordingly. A few will be unable to pay, b it Receiver Osborn states that the depositors will finally be paid 100 per cent. with0 it interest. The amount comprised by the 30 per cent. dividend is nearly $29,000.