17109. New England Trust Company (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
October 25, 1907
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
c77df54201ffaec2

Response Measures

None

Description

In Oct 1907 the New England Trust Co. invoked the 90-day notice rule to prevent a threatened run (reaction to the wider 1907 panic / New York situation). On Jan 20, 1908 the bank failed to open and a temporary receiver (John B. Hilton) was appointed; later a permanent receiver was named. No clear successful reopening is reported. Cause of the initial suspension is tied to the national/NY panic (macro news) and local runs elsewhere; ultimate failure led to receivership.

Events (4)
1. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Invoked 90-day notice to prevent a threatened run driven in part by the New York financial situation and local runs on other Providence banks (1907 panic).
Newspaper Excerpt
The New England Trust Company ... put into operation to-day the rule requiring all depositors to give ninety days notice of the withdrawal of deposits.
Source
newspapers
2. January 20, 1908 Receivership
Newspaper Excerpt
Justice William P. Sweetland ... appointed John B. Hilton, treasurer of the New England Trust company, as temporary receiver of the institution (Jan. 20, 1908).
Source
newspapers
3. January 20, 1908 Suspension
Cause Details
Bank failed to open and officials cited inability to recover from difficulties following the 1907 disturbances; formal suspension leading to receivership.
Newspaper Excerpt
The New England Trust Company ... did not open its doors Jan. 20, and Justice Sweetland ... appointed John B. Hilton ... temporary receiver.
Source
newspapers
4. February 8, 1908 Receivership
Newspaper Excerpt
John B. Beagan, an attorney ... was appointed permanent receiver of the New England Trust Company after a hearing before Judge Swetland in the Superior Court today (Feb. 8, 1908).
Source
newspapers

Newspaper Articles (22)
1. October 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 26, 1907

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PROVIDENCE CRISIS MET After Eventful Day Banking Circles Feel Confident. Providence, R. I., Oct. 25.-Although a temporary receiver has been appointed for one trust company, another company is enforcing the rule requiring a notice of ninety days for the withdrawal of deposits and a third has withstood throughout the day an unusual drain caused by the withdrawal of deposits, it is believed generally in Providence banking circles to-night that the crisis has been met and passed successfully. The bank for which a receiver was appointed was the Union Trust Company, an institution with headquarters at Westminster and Dorrance streets, in this city, and operating branches in Olneyville, Central Falls and East Greenwich. This is the bank on which the run started yesterday noon and continued until the close of business hours. Long before the hour of opening to-day there was a long line of depositors waiting to withdraw their accounts, and it was decided by the bank officials not to open the institution. Notices were posted in the headquarters of the bank in this city and in the three branches at 9 o'clock that the bank would not open on account of the stringency of the money market. The next step was the application for a temporary receiver. The petitioner was Archibald G. Loomis, one of the vice-presidents of the institution, who in his petition alleged that the company was insolvent Justice William H. Sweetland, of the Superior Court, appointed Cornellus S. Sweetland, another vice-president of the company, temporary receiver. The New England Trust Company, with banking rooms at Westminster and Eddy streets, put into operation to-day the rule requiring all depositors to give ninety days notice of the withdrawal of deposits. The officers of the bank declined to discuss the matter, referring all inquiries to General Charles A. Wilson, the bank's counsel, who stated that, in his opinion, the company was in no condition to stand a run and that the ninety days' rule had been invoked for the protection of the bank and its depositors. According to the last report made by the New England Trust Company to the state auditor the resources of the institution were $642,884, against a capital stock of $140.000, deposits of $464,755 and undivided profits of $27,754. William R. Dunham is president of the company and William A. Taylor its vicepresident and secretary. The chief interest of the day centred, however, about the Industrial Trust Company, at Westminster and Exchange streets, one of the leading financial institutions in New England, operating nine branches throughout the state. At this bank a run was in progress throughout the day. The bank officials, fearing that the timidity of the depositors might be affected adversely by the general financial situation, were prepared for the emergency, and four paying tellers were stationed at the windows ready to pay the depositors who wished to close their accounts. The tellers worked rapidly, paid all demands and at no time during the day did the line of persons seem to grow faster than the tellers were able to care for it. The bank stood the strain successfully and when business closed at 3 o'clock there were no signs of excitement or disorder on the part of the depositors. During the day a committee of nine prominent business men of the city, in their desire to avert a panic, made an examination of the books and securities and cash of the Industrial Trust Company and its branches, and reported that the institution was in sound condition. When business closed at the Industrial Trust Company this afternoon the report of the committee of nine was read to the crowd, after which Arthur L. Kelley, one of ,the directors. addressed the depositors and told them that one person who had withdrawn his money had again deposited it, as he was satisfied that the bank was on a sound basis. He extended an offer on the part of the bank to receive any other books which depositors might care to return on condition that they also draw interest as if they had not been taken out. As a result of this announcement several persons regained their confidence and handed back their accounts. Waldo M. Place, assistant treasurer of the Industrial Trust Company, stated to-night that the bank would be open for business as usual to-morrow morning The cause for the extraordinary demands upon the three trust companies is not absolutely known, but they are believed to be due in part to the New York situation and partly to the fact that Marsden J. Perry, first vice-president of the Union Trust Company, was supposed to be closely connected with the Trust Company of America, the New York institution on which such unusual demands have been made for the last few days. In a statement late to-day Mr. Perry said that the situation seemed very encouraging and that he was confident that the bank would be reopened. He said, however, that he could not

2. October 26, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 26, 1907

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bankers, $296,357; capital and other cash Items, $1,191,962; redemption fund, $5,500. Total, $5,820,382. "Liabilities: Capital stock, $300,000; surplus, fund and undivided profits, $601,345; circulating notes, $300,000. due to banks and bankers. $1,065,068, deposits, $3,220,706; notes and bills rediscounted, $225,000; reserved for taxes, $8,263. Total, $5,820,382." CRISIS HAS BEEN PASSED IN PROVIDENCE SITUATION Providence, R. I., Oct. 25.-Although a temporary receiver was aappointed for one trust company, while another company is enforcing the rule requiring ninety days' notice of withdra wal, and a third withstood a heavy run, it was believed generally in Providence banking circles tonight, that the local crists had been passed. The bank for which a receiver was appointed was the Union Trust Company, an institution with branches in Olneyville, Central Falls and East Greenwich. This is the bank on which the run started yesterday, Cornellus S. Sweetland, Vice-Prestdent. was named as receiver. The New England Trust Company today put into operation the rule requiring all depositors to give ninety days' NOtice of withdrawals. Gen. Charles A. Wilson, the bank's counsel. said that the company was in no condition to stand a run, and that the rule had been invoked for the protection of depositors. Much of the interest of the day centered about the Industrial Trust Company. operating nine branches in Rhode-Island. At this bank a run was in progress throughout the day. Tellers paid all demands.

3. October 26, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 26, 1907

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Banks Meet All Demands. Pawtuckett, R. I., October 25.--Following the posting of the ninety-day notice to depositors by the local branch of the New England Trust company of Providence, runs were started on all banks in Pawtucket. With the exception of the New England Trust company. All the banks met the demand without difficulty.

4. October 26, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 26, 1907

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BANKS WITHSTAND RUN. Providence Institutions Issue Notices of Withdrawal. / Providence, R. I., October 25. Although a temporary receiver was appointed for one trust company, while another company is inforcing the rule requiring 90 days notice of withdrawal and a third withstood a heavy run, it was believed generally in Providence banking circles tonight that the local crisis had been passed. The bank of which a receiver was appointed was the Union Trust company, an institution with branches in Olneyville, Central Falls and East Greenwich. This is the bank on which the run started yesterday. Cornellus S. Sweetland, vice president, was named as receiver. The New England Trust company today put into operation the rule requiring all depositors to give 90 days notice of withdrawals. Gen. Charles A. Wilson, the bank's counsel, said that the company was in no condition to stand a run and that the rule had been invoked for the protection of depositors. Much of the interest of the day centered about the Industrial Trust company, operating nine branches in Rhode Island. At this bank a run was in progress throughout the day. Tellers met all demands.

5. October 26, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 26, 1907

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To Prevent Threatened Run. Providence, R. I., Oct. 26.-The New England Trust company of this city has posted a notice demanding ninety days' notice of withdrawal of deposits. General Charles A. Wilson, counsel for the bank, is authority for the statement that the action was taken to prevent a threatened run on the company.

6. October 26, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 26, 1907

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RECEIVER FOR UNION TRUST CO. Providence Institution Compelled to Post Notice on Account of Stringency. BRANCHES ALSO CLOSED ACTION TAKEN TO PROTECT DEPOSITORS. Providence, R. I., Oct. 25.-The Union Trust company, on which there was a run yesterday, did not open for business at 9 o'clock, the usual hour. As early as 6 o'clock this morning depositors began to form a line outside the entrance to the bank, and half an hour before the opening time there were more than 150 persons in line. There also was a detail of police to keep order. Shortly after 9 o'clock the following notice was posted: "This bank will not open today. owing to the stringency of the money market.' Up to a late hour last night the officers of the company expected to open today, but subsequent consultations brought a decision that in view of the tight money market the interests of the depositors would be conserved by closing. June Statement. According to the statement issued on June 29 last the bank had resources aggregating $28,238,335. Its liabilities included besides the $500,000 capital stock, a surplus of $2,250,000, undivided property of $22,709, and deposits of $25,465,625. J. Edward Studley is president of the institution and Marsden J. Perry is first vice president. An investigation was made today of the financial condition of the Industrial Trust company. A statement was issued. declaring the company in a sound condition and entirely worthy of credit. The institution continued paying depositors to the close of business and was then said to be able to meet all demands. Receiver Appointed. A director of the Union Trust company, alleging that the institution was insolvent, today petitioned the superior court to appoint C. S. Sweetland a director of the bank, as temporary receiver. The receiver was appointed. Hearing will be had November 6. Marsden J. Perry gave out an announcement that the Union Trust company found itself unable to immediately meet all its obligations. He said while the assets are amply sufficient to satisfy all claims under normal conditions, it is impossible to obtain suffiicent money at present to meet the demand precipitated by financial disaster in other cities, to institutions in which the Union Trust company is in no way involved. He added: "Personally I do not owe a cent directly or indirectly to the Union Trust company." Will Take Ninety Days. The New England Trust company of this city posted a notice today requiring the legal ninety days' notice of withdrawal of deposits. The action was taken to prevent a threatened run. The New England Trust company, which invoked the ninety days' law, is one of the smaller institutions. It has a capital of $140,000, surplus of about $35,224, and deposits of $363,949.

7. October 29, 1907 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, October 29, 1907

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draw their accounts Friday. The bank owes depositors about $2,500,000. Another Trust Company Fails. The Jenkins Trust company of Brooklyn, not an important institution, closed its doors Friday afternoon. Its total deposits was about $2,500,000. Dime Savings Bank Closed. The Union Dime Savings bank at Thirty-second street and Broadway, Friday afternoon posted a notice that it will require 60 days' notice from depositors desiring to withdraw. It has $27,450,000 due to depositors. Receivers for Knickerbocker. Upon application of State's Attorney General Jackson temporary receivers were appointed Friday for the Knickerbocker Trust company, which closed its doors on Tuesday after a run by its depositors. The receivers are Otto T. Bannard, Ernest Thalmann and Gen. Henry C. Ide, all of New York city. Receivers for Knitting Mills. Philadelphia, Oct. 26.-The Pennsylvania Knitting Mills, of Reading, Pa., manufacturers of hosiery, a Heinze company, affiliation, against whom a petition in bankruptcy was filed Thursday had receivers appointed for it Friday by Judge McPherson in the United States district court. The receivers are Jacob Bauer and George W. Chapin, both of this city. The cause of the concern's embarrasment is laid to the present unsettled financial situation and by attachments secured by creditors in the New York court. The liabilities are placed at about $600,000 and the assets at $2100000 Bank at Providence Suspends. Providence, R. I., Oct. 26.-Cornelius A. Sweetland was appointed temporary receiver of the Union Trust company of Providence by the Superior court, following the run on the bank Thursday. The officers of the company expected to open Friday but subsequent consultations brought a decision that in view of the tight money market the interests of the depositors would be conserved by closing. The Union Trust company was organized in 1894 with a capital of $500,000. It conducts several branches in this state. According to the statement issued on June 29 last the bank had resources aggregating $28,238,335. Its liabilities included beside the capital stock a surplus of $2,250,000, undivided profits of $22,709 and deposits of $25,465,626. J. Edward Studley is president of the institution and Marsden J. Perry is first vice president. New England Trust Closes. Providence, R. I., Oct. 26.-The New England Trust company of this city, posted a notice Friday requiring 90 days' notice of withdrawal of deposits. Gen. Charles A. Wilson, counsel for the bank, is authority for the statement that the action was taken to prevent a threatened run on the company. Savings Bank Closes. Baltimore, Md., Oct. 26.-The run on the east branch of the Home bank continued Friday morning and shortly before noon the depositors who were in line waiting to secure their money were notified that the bank would take advantage of a charter provision which permits the institution to demand 60 days' notice of a depositor's intention V to withdraw his or her account. member of the firm of Bernstein, Cohen & Co., owners of the bank, admitted that the run had been of much larger proportions than had been reported. He said that it had begun on Monday, and that a total of savings deposits of $200,000 or thereabouts, approximately $150,000 had been withdrawn. Only the east branch of the bank is affected, and this only in its savings department. Close at East Greenwish. East Greenwich, R. I., Oct. 26.-The East Greenwich branch of the Union Trust company of Providence did not open its doors Friday morning. A notice was posted stating that the branch was being kept closed for the protection of depositors. Branch Bank Also Closes. Central Falls, R. I., Oct. 26.-The Central Falls branch of the Union Trust company of Providence opened its doors Friday morning, but closed them again at 9:20. There was a large crowd about the institution. mainly mill

8. January 20, 1908 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 20, 1908

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Sweetland Named. Providence, Jan 20.-Justice Sweetland in the superior court to-day appointed John Hilton, treasurer of the New England Trust company, of this city, as temporary receiver of the institution. The trouble was due to inability to recover from the difficulties which developed in the pauie of 1907.

9. January 21, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 21, 1908

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NEW ENGLAND TRUST FAILS. Providence, R. I., Jan. 20.-The New England Trust company, one of the smaller financial institutions of this city, went into the hands of a temporary receiver to-day. The company had been having a rather difficult time recently to keep afloat, and with the closing of the Union Trust company last fall the plight of the New England Trust company is believed to have become more serious.

10. January 21, 1908 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 21, 1908

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NEW ENGLAND TRUST CO. IN HANDS OF RECEIVER. No Statement of Cause of the Difficulty Is Given. Providence, R. I., Jan. 21.-Justice William P. Sweetland in the superior court yesterday afternoon appointed John P. Hilton, treasurer of the New England Trust company of this city, as temporary receiver of the institution. No statement was given out by the trust company as to the cause of the difficulty. The trust company was organized June 15, 1902. Its capital stock is $140,000, and its deposits, according to a statement issued last June, was $464,754. William R. Dunham is president.

11. January 21, 1908 New-York Tribune New York, NY
Article from New-York Tribune, January 21, 1908

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RECEIVER FOR TRUST CO. Another Providence Institution in Trouble. Providence. Jan. 20.-The New England Trust Company, one of the smaller financial institutions of this city, went into the hands of a temporary receiver to-day. The company had been having a difficult time recently to keep afloat, and with the closing of the Union Trust Company last fall the plight of the New England Trust Company is believed to have become more serious. The New England company did not open its doors at the usual hour to-day, and Justice William P. Sweetland in the Superior Court this afternoon appointed John B. Hilton, treasurer of the company, temporary receiver and set a hearing on the question of making the receivership permanent for February 8. In the period of financial depression last October. when the Union Trust Company collapsed under a run of depositors, the New England Trust Company managed to weather the storm temporarily by invoking the rule requiring ninety days' notice of withdrawal of deposits. The ninety days' period has nearly expired, and the officials felt that the institution was not yet in a position to withstand successfully the strain that the payment of depositors would entall. They hope that within a reasonably short time they will be able to meet all demands without having to dispose of their securities at a great sacrifice. The deposits in the New England Trust Company, according to the statement issued by the State Auditor at the close of business on June 30 last, amounted to $434,754, of which $396,793 was in the savings department The total resources of the company as given in the statement of the State Auditor were $642,884. The bank was capitalized for $140,000 and was incorporated in 1902. William R. Dunham was the president. The company maintained a branch office in Pawtucket. The assets. listed in the list of resources as aggregating $264,600 at par, consist of the following, with their par values: 180 shares of the Boston Banking Company, $13,000; 1,500 shares of the Paw. tucket Security Company. $150,000; 640 shares of the Boston Security Company. $64,000; 375 shares of the Worcester Security Company. $37,500. and one share of the New England Trust Company, $100. There are 13,932 depositors. At the last legislative session Representative John McDonald, of Pawtucket, introduced a bill providing for the annulment of the charter of the New England Trust Company. but his measure was defeated.

12. January 30, 1908 Gloucester County Democrat Woodbury, NJ
Article from Gloucester County Democrat, January 30, 1908

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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association. from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank. to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury. the play broker. is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Berlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway. published in the February Everybody's. Thomas W. Lawson tells at length the

13. January 30, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 30, 1908

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RHODE ISLAND PROVIDENCE, R. I., Jan. 29.-After having passed the greater part of their lives quietly and uneventfully in a farm house, Jonathan King and his wife Abby, died Sunday night together. The wife passed away at 8:40 o'clock and a few minutes later the husband died. In both cases death was due to old age. Mr. King was 84 years. old and his wife 88 years. Announcement was made today that the plant of the Fitch Manufacturing company, at Thornton, makers of eiderdown, is to be sold under the hammer on February 5, as the result of a mortgage foreclosure. After standing three successive runs within six months the New England Trust company today went into the hands of a temporary receiver. Superior Judge William P. Sweetland appointed the company's treasurer, John P. Hilton, to act in that capacity. The New England Trust on October 25 last posted a notice requiring ninety days' notice of withdrawal of deposits. This was following the runs. The company's last report to the state auditor showed its resources to be $642,883. It then carried $396,793 in savings deposits. In June last all deposits amounted to $467,754. The receiver is hopeful of putting the company through its difficulties.

14. January 31, 1908 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 31, 1908

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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association. from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though It is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically A control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury, the play broker, is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Borlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway, published. in the February Everybody's, Thomas W. Lawson tells at length the

15. January 31, 1908 The Owosso Times Owosso, MI
Article from The Owosso Times, January 31, 1908

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COMMERCIAL $97,000,000 In Certificates. According to a statement prepared by President Alexander Gilbert of the New York Clearing House association, from Oct. 22 to the close of December, 1907, the association issued certificates to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best oblect lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the hundreds of play companies in America. Miss Marbury, the play broker, is president, and the company will have offices in New York, with branches in Chicago, London, Paris, Berlin and Vienna. It is said that the "trust" already controls about ninetenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway. published in the February Everybody's. Thomas W. Lawson tells at length the

16. February 1, 1908 Morris Tribune Morris, MN
Article from Morris Tribune, February 1, 1908

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to the amount of $97,000,000. These were not all in use, however, at any one time, and Mr. Gilbert places the amount actually utilized by the banks to effect their exchanges at $74,000,000. The retirement of these certificates has been rapid, and the amount now outstanding is much below the above figures. The issuance of these certificates, Mr. Gilbert says, furnishes the best object lesson of an emergency currency, one that is perfectly secure and one that can be put into effect without any complicated bank machinery. Providence Bank Suspends. The New England Trust company of Providence, R. I., failed to open its doors Jan. 20, and Justice Sweetland of the superior court appointed John B. Hilton, Its treasurer, temporary receiver and set a hearing on the question of making the receivership permanent. To weather the financial storm of last October the company invoked the rule requiring ninety days' notice of withdrawal of deposits. Morgan Closed Toronto Bank. The immediate cause of the recent suspension of the Sovereign Bank of Toronto, Ont., is said to be the refusal of J. Pierpont Morgan, acting for himself and the Dresdner bank, to make any further advances, though it is thought that the sum of $500,000 would have enabled the bank to pull through. The present debt of the bank to the Morgan interests is $2,241,000. Dramatic Trust Formed. An organization has been formed for the purpose of effecting practically a control of the dramatic material needed by the been of nlay companie in America VISS Marburs. the pla broker. 18 president, and the compan will have offices in New York, III branches in Chicago, London, Part Berlin and Vienna. It is said that the "trust" already controls about nine tenths of the foremost playwrights of England, France, Germany, Austria and Italy, and the number of authors enrolled on the books runs into the hundreds. The intention is to handle no unacted plays, but merely dramas with reputations already established. Why Lawson Quit. In a letter to Editor Ridgway, published in the February Everybody's. Thomas W. Lawson tells at length the

17. February 9, 1908 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, February 9, 1908

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RECEIVER FOR BANK. John B. Bengen Takes Charge of New England Trust Company. Providence, R. L., Feb. 8.-John B. Beagen, an attorney of this city, was appointed permanent receiver of the New England Trust Company after a hearing before Judge Swetland in the Superior Court today. In reporting to the court on the condition of the Trust Company which suspended on January 18, Temporary Receiver Hilton stated that the prospects for an early dividend to depositors were not bright and that the atfairs of the Institution were very much involved.

18. February 19, 1908 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, February 19, 1908

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LABOR AND BUSINESS. The Stoughton Wagon works, which have been shut down since before Christmas, have resumed work with a light force. A receiver has been appointed for the Inland bank at Spokane on application of one of the stockholders. The capital is $15,000, deposits $33,000. Levi Cox of Holcombe has been given a contract by the Omaha railroad to deliver 18,000 ties along the dump of the branch line running from this city to Holcombe. John B. Deagan has been appointed permanent receiver of the New England Trust company, Providence R. I. Prospects for an early dividend to depositors are not bright. The tube plant of the Mark Manufacturing company, at Zanesville, Ohio, employing 700, has resumed work and the Roseville pottery, emiploying 300 resumed on half time. The American Trust and Savings bank of Chicago has been appointed receiver to take charge of Joseph

19. March 28, 1908 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, March 28, 1908

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LARGE CONSPIRACY CHARGED AGAINST HIM. Thomas D. Taylor of Boston Was Arrested in Providence Yesterday in a Civil Suit. Providence, R. I., March 28.-Charging conspiracy in obtaining $350,000 belonging to depositors of the New England Trust company of this city and Pawtucket, which went into a receiver's hands recently, a writ of civil suit was served upon Thomas D. Taylor of Boston, organizer of the institution here late yesterday at the instance of John P. Beagan, receiver for the bank. Taylor was taken in charge by deputy sheruts and was escorted to the Providence county court house to await removal to the Cranston jail in case he is not able to procure $350,000 bail.

20. December 18, 1908 Coeur D'alene Evening Press Coeur D'alene, ID
Article from Coeur D'alene Evening Press, December 18, 1908

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NEW ENGLAND TRUST CASE Hearing Creates Interest on Account Of Sensational Failure. PROVIDENCE, R. I., Dec. 18.The case of William R. Dunham vs. the New England Trust company, a pettion for the appointment of a receiver, is on the calendar of the superior court for a hearing tomorrow. Much interest has been manifested in the hearing, as it was in connection with this matter that Thomas D. Taylor, who was formerly identified with the New England Trust Company, was taken into custody on a charge of conspiracy brought by John P. Beagan, the receiver of the New England Trust company, and being unable to secure bail in the amount of $350,000, has been at the Providence county jail since the first of April. Taylor, following his being taken into custody, undertook through habeas corpus proceedings, to secure his release. He had a hearing before the supreme court on April 23, He made the contention that his imprisonment and detention was brought about by unlawfully enticing him into the jurisdiction of the Rhode Island courts and then effecting his arrest, which he claimed, was therefore void and subsequent confinement illegal He claimed, too, that Mr. Beagan, the receiver, was the one who, per6 sonally or through agents, enticed I him to this city by representation that a mere friendly conference as to the bank's affairs was wished, and o claimed further that such representation was false and that it was the sole object of bringing about his arrest. The supreme court after the heart ing returned its findings, denying the writ of habeas corpus and declaring that the service of the writ upon TayI lor was not procured by fraud of Mr. Beagan or his agents. At the hearing there was considerh able testimony presented to show that Taylor came to this city March c 25 on the invitation of certain men a who had been connected with the e New England Trust Company as directors and who had given Taylor to n understand that the receiver desired c to discuss osme matters with him g relative to the bank's affairs. There b was also testimony to show that Mr. 0 Beagan was not aware of this invisi tation and knew nothing of Mr. Taylor's being in the city March 25 until a a third party told him. o

21. December 19, 1908 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, December 19, 1908

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NEW ENGLAND st TRUST CASE d y TO COME UP Thomas D, Taylor, Who Tried To Steal $350,000 is Still in Providenee Jail. # Providence, R. I., Dec. 18.-The case of Willian R. Dunham against the New England Trust Company, a petition for the appointment of a receiver, is on the calendar of the superior court for a hearing tomorrow. Much interest has been manifested in the hearing. as it was in connection with this matter that Thomas D. Taylor, who was formerly identified with the New England Trust Company, was taken into custody on a charge of conspiracy brought by John P. Beagan, the receiver of the New England Trust Company, and being unable to secure bail in the amount of $350,000, has been at the Providence county jail since the first of April. ta Taylor, following his being taken $3 into custody, undertook through hath beas corpus proceedings, to secure his sa elcase: He had a hearing before the M upreme court on April 29. He made le the contention that his imprisonment pr and detention was brought about by to unlawfully enticing him within the jurisdiction of the Rhode Island courts and then effecting his arrest, he which, he alleges, was, therefore, W void and subsequent confinement ilfo legal. He claimed too, that Mr. Beagan, the receiver, was the one who, ne personally or through agents, enticed an him to this city by representation po that a mere friendly conference as to 00 the bank's affairs was wished, and claimed further that such representation was false and that it was the sole R object of bringing about his arrest. sh The supreme court after the hearsu ing returned its findings, denying the $1 writ of habeas corpus and declaring th that the service of the writ upon Taygo lor was not procured by fraud of Mr. ca Beagan or his agents. At the hearing there was considiss erable testimony presented to show su that Taylor came to this city March in 25 on invitation of certain menhrd $7 25 on the invitation of certain men th who had been connected with the New Pa Engladn Trust Company as directors and who had given Taylor to undersu stand that the receiver desired to diswl cuss some matters with him relative ra 11 the bank's affairs. There was also wa testimony presented to show that Mr. ex Beagan was not aware of this invitatic tion and knew nothing of Mr. Tayfre br's being in this city March 25 until bo a third party told him.

22. August 24, 1909 New-York Tribune New York, NY
Article from New-York Tribune, August 24, 1909

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# TYPHOID IN RHODE ISLAND JAIL. Three Guards at Cranston Institution Afflicted -Prisoners Show Signs of Disease. Cranston, R. I., Aug. 23. -Three guards of the Providence County jail here have been taken to the Rhode Island State Hospital at Providence, suffering from typhoid fever, and two others are at their homes near the jail, with the same symptoms, while three prisoners are suspected of being afflicted. Among the prisoners is Thomas D. Taylor, former head of the defunct New England Trust Company, of Providence, who has been in the institution for more than a year pending the raising of $350,000 bail on civil suits brought by the receiver of the bank.