16697. United States Trust Company (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
September 1, 1873*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
d8478cef

Response Measures

None

Other: Referenced court case (1874) involves U.S. Trust Co. as executor; no additional operational actions described.

Description

Article (New-York Tribune, 1873-09-29) describes a 'run upon the bank' connected to the disappearance/ruin of an employee (Charles Carlton) whose speculative obligations came to light. No articles describe a suspension, reopening, or receivership of the United States Trust Company. Legal mention in 1874 is unrelated to suspension.

Events (1)

1. September 1, 1873* Run
Cause
Bank Specific Adverse Info
Cause Details
Run appears triggered by revelations of an employee's speculative obligations/financial ruin (Charles Carlton), implying adverse bank-specific information about exposures or misconduct.
Newspaper Excerpt
he seemed much excited at times, but I attributed it to the run upon the bank, and a feeling that they might suspend. He then remarked, 'This run will kill me.'
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, September 29, 1873

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Article Text

The financial depart the funds of the Book Concern ment is, and has been for a good many years. regulated by an admirable which system. and bas reached in its management a degree of exsetness can scareely be improved." What was the action of the General Conference!" The General Conference, at its session held in Brook lyn in May, 1872, made a searching review of the investigation and indorsed the report of the Book Committee, that no fraud had been committed in any of the agencies of the Book Concern." " When did you sever your connection with the Concern 9" "In May, 1872. I resigned my position, but continued to assist the present incumbent, Dr. Nelson, up to the following December. As evincing the feeling toward me at this time, let me read this document, for warded to me sometime afterward: (reading] The committee to whom was assigned the duty to prepare a suitable minute on the occasion of the resignation of the Rev. Dr. Carlton submit the following: The Board of Managers of the Missionary Society of the Methodist Episcopal Church having received the regignation of the Rev. Dr. Thomas Carlton, D. D., of the office of Treasurer of their Society, desire to make this minute as an expression of the character and value of the services rendered by him. That through all the protracted term of more than twenty years during which Dr. Carlton has held the office and discharged the duties of Treasurer of the Missionary Society of the Methodist Episcopal Church, be which he has been called into constant intercourse with this Board. the most cordial relations have at all times existed between him and ourselves; that his accounts, extending through 80 long a period and amounting to many millions of dollars, have always been correct and in a satisfactory condition; that the ability with which he has conducted the monetary affairs of the Society. especially in times of financial stringency. has proved of great value to the Society and to the missionary work of the church; that his devotion to the cause of missions 10 our church, as shown by the use of his personal credit and funds to relieve the Society in times of need, merits our sincere thanks. That we regret that although be has felt constrained by his changed circumstances to resign the office that he has held 80 long and filled 80 ably and satisfactorily, he will still be associated with us. to aid us by his counsels and cooperations in our efforts for the extension and upbuilding of the Redeemer's Kingdom in the world. DANIEL CURRY, Committee. "H. B. RIDGAWAY. CLINTON B. FISK, ) Attest: A true copy. DAVID TERRY, Recording Secretary. To the best of my knowledge this feeling has in nowise changed up to the present time. Such, I think, you will find to be the case upon inquiry among those connected with the Concern or Conference. I don't think I can say more. If the documentary evidence I have shown is not sufficient proof of my integrity, as has regarded (the affairs of the Missionary Society, then I shall seek no further vindication. I am in hopes, though, to see a refutal in the same column in which the charges were made.' Do you know anything of the whereabouts of Charles Carlton of the Union Trust Company!" "No, Sir. I do not. It was represented in one of the morning papers that he was stopping at my house, but such was not the case. I was at the bank, upon the Friday that he left, and conversed with him. He seemed much excited at times, but I attributed it to the run upon the bank, and a feeling that they might suspend. He then remarked, 'This run will kill me.' While I was with him, he suddenly arose from his desk and went out. as I supposed, to get some refreshment, and I have not seen or heard of him since. I have written, telegraphed, and made every inquiry in my power. to learn his whereabouts, but without success. I knew nothing of his obligations to until afterward. He was very foolish have taken the course he did, for I think I could have aided him in his trouble. He was a pure-minded, wholesouled boy, and I never knew him to be guilty of a dishonest action. Such was the character he gained in the number of years spent in the employ of the United States Trust Company. I know who led him into these speculations in Wall-st., and who are directly to blame. Previously, Charles was in very good circumstances for a man of his age; he was worth, perhaps, from $200,000 to $300,000. I tried to persuade him to keep out of Wallst., but to no purpose, and it has proved his utter ruin. I know nothing further in this matter."


Article from The New York Herald, June 18, 1874

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Article Text

BUSINESS IN THE OTHER COURTS. UNITED STATES CIRCUIT COURT. Decisions. By Judge Ward Hunt. During the short session of the above-named Court, recently held here by Judge Ward Hunt, several causes on appeal were argued before him, and yesterday he filed his decisions, as follows, in the cases stated below:In the matter of the Stuyvesant Bank, a bankrupt, and in the matter of the Sixpenny Savings Bank, a creditor and petitioner, vs. John H. Platt, assignee in bankruptcy of the Stuyvesant Bank, Judge Hunt affirms the order of the District Court, entered in January, 1874, from which the appeal was taken. In the matter of John Sedgwick, as special receiver, against John Q. Peble and the United States Trust Company, as executors of the estate of Mary A. Sparkman and others, the decree which declared the transfer by James D. Sparkman to his wife of real estate, situate in Forty-second street, and of government bonds, amounting to the sum $40,000, to be void and fraudulent; and further, that the title of Mr. Peble to certain bonds and mortgages and his right to collect the amounts therein stated belongs to the plaintiff, is affirmed by the Court. In the matter of the Stuyvesant Bank, a bankrupt, and in the matter of the New York Savings Bank vs. John H. Platt, the assignee in bankruptcy of that establishment, Judge Hunt affirms the order of the District Court. in the case 01 John Sedgwick, assignee in bank-