16686. Union Trust Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
December 28, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
28cff07c

Response Measures

None

Description

Articles from Dec 1893 describe filing for appointment of receivers for the Union Trust Co. of New York and subsequent discussion of receivers and removal requests in Aug 1894. There is no description of a depositor run; the sequence is receivership/suspension and ongoing receivership/management disputes, so classified as suspension_closure (suspension leading to receivership/closure). Dates are drawn from article publication dates and text (Dec 28–30, 1893; later Aug 8, 1894 discussion of receivers).

Events (3)
1. December 28, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Filing of a bill for appointment of receivers due to financial difficulties and loss of investor confidence (referenced with railway/financial troubles).
Newspaper Excerpt
it is asserted that the affair destroys the last vestiges of confidence which English investors might have had in American railroads... arrangements for the filing of the bill of the Union Trust Co. of New York for the appointment of receivers had been already completed.
Source
newspapers
2. December 30, 1893 Receivership
Newspaper Excerpt
Inquiries were made ... concerning the story telegraphed from Kansas City that the Union and Mercantile Trust companies were dissatisfied with the appointment of J. G. Wilson as western receiver... Counsel for both trust companies deny the rumor, and state that to their positive knowledge it is entirely without foundation, ... . (Deseret Evening News, Dec. 30, 1893). )
Source
newspapers
3. August 8, 1894 Other
Newspaper Excerpt
Atchison Committee Wants Reinhart and McCook Removed. Said to Be Unfit to Manage the Business... The letter has been referred to Messrs. Wheeler, Peckham & Dixon, counsel for the Union Trust Company.
Source
newspapers

Newspaper Articles (3)
1. December 30, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 30, 1893

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Article Text

A Rumor Denied. NEW YORK, Dec. 80.- - Inquiries were made of counsel in the Atenison foreclosure sult concerning the story telegraphed from Kansas City that the Union and Mercantile Trust companies were dissalistied with the appointment of J. G. Wilson as western receiver, because he lives in the West, and would apply for E& third eastern receiver in his place. Counsel for both trust companies deny the runnor, and state that to their positive knowledge It 14 entirely without foundation, and that such a matter had never entered their minds.

2. December 30, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, December 30, 1893

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Article Text

g StateProceed12 Taken-Guessne Cause of No n Railway insolveney. , Dec. 28.- The English press on what it calls the misleading Sevements of President Joseph W. Reinhart. of the Santa Fe railway system, as to the position of the company as cabled to London. It is claimed that these alleged misleading statements were made after all the arrangements for the filing of the bill of the Union Trust Co. of New York for the appointment of receivers had been already completed. and it is asserted that the affair destroys the last vestiges of confidence which English investors might have had in American railroads. The Daily News says that the Santa Fe developments have made men distrustful of the very best American lines, managed by the very best and solid men in America. The Standard doubts if a 25 per cent. assessment on the par value of shares would yield enough to put the line on its legs again. The Financial News says that the Santa Fe "deception" is in some respects the worst of all the deceptions with which investors on this side have been taken in and pronounce the opinion that the whole business is discreditable to the last degree. The Chronicle says that the losses to British investors in American railways are due to the bad administration and market operations of railway magnates of a character which would not be tolerated in this country. It adds that payment of interest is often dependent, not upon the solvency of the company, but upon the interests of those in control. judged from a market point of view. A committee is being formed to protect the interests of the Santa Fe railroad bondholders. TOPEKA, Kan., Dec. 28.-Receiver J. C. Wilson, of the Santa Fe railroad. has appointed W. W. Phelps to be his private secretary. Mr. Phelps has for seven years been private secretary to M. A. Low, the general solicitor of the Rock Island.

3. August 8, 1894 The Evening World New York, NY
Article from The Evening World, August 8, 1894

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Article Text

RECEIVERS ATTACKED Atchison Committee Wants Reinhart and McCook Removed. Said to Be Unfit to Manage the Business. Reorganization Committee Hold Another Meeting. Shortly after noon to-day Wall stree was surprised by the announcement that the Atchison Protective Reorgant zation Committee. of which Theodon W. Myers is Chairman, has written to President King, of the Union Trus Company, trustees under all the mort gages. requesting him to take some ac tion for the removal of Receivers Rein hart and McCook on the ground that they are irresponsible and unfit to hold the position or manage the business. When President King was seen TO garding this request he stated he has nothing to say for publication. It is no ported that the letter has been referred to Messrs. Wheeler, Peckham & Dixos counsel for the Union Trust Company. Col. John J. McCook. one of the no ceivers named above, was seen at be office in the Equitable Building SOLD after the news of the action of the Myers Committee was known, but e declined to make any statement. Prep dent Reinhart is downtown. but copy not be found in bis on the