17139. Union Trust Company (Providence, RI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
trust
Start Date
October 24, 1907
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
1fad5386fec3f891

Response Measures

None

Description

Multiple contemporary articles report a depositor run on Union Trust Co. (Oct 24–25, 1907), temporary suspension of payments and posting of notice Oct 25, appointment of a receiver (C. S. Sweetland/Cornelius S. Sweetland) Oct 25–26, and eventual reorganization and resumption of business in spring/summer 1908 (resumption described as occurring in May 1908). The run is described as a consequence of the broader New York financial panic (macro/systemic news), aggravated by local connections to Trust Company of America. OCR typos corrected (e.g., C. S. Wetland -> C. S. Sweetland).

Events (6)
1. October 24, 1907 Run
Cause
Macro News
Cause Details
Withdrawals were driven by the nationwide financial panic centered in New York in late October 1907 and by concern over connections with the Trust Company of America.
Measures
Officers consulted with other trust companies; bank closed its doors and posted notice to protect depositors; police kept order.
Newspaper Excerpt
There was a run on the Union Trust company yesterday; depositors began to form a line outside the entrance
Source
newspapers
2. October 25, 1907 Receivership
Newspaper Excerpt
C. S. Sweetland has been appointed receiver of the company. / Cornelius S. Sweetland, Vice-President, was named as receiver for the Union Trust Co.
Source
newspapers
3. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Temporary suspension of payments was attributed to the stringency of the money market and the run triggered by the wider financial crisis in New York; decision reached after conference with other trust company officials to conserve depositors' interests.
Newspaper Excerpt
This bank will not open today owing to the stringency of the money market. / payments would be suspended temporarily.
Source
newspapers
4. December 12, 1907 Other
Newspaper Excerpt
Receivers' advisory committee formed to consider plans to resume business and avoid liquidation; committee of local leaders organized to aid reorganization.
Source
newspapers
5. March 27, 1908 Other
Newspaper Excerpt
Action fixing the date and final details for the resumption of business by the Union Trust company ... action expected to be taken in the superior court tomorrow; permission given for its reopening.
Source
newspapers
6. May 1, 1908 Reopening
Newspaper Excerpt
By way of observing the anniversary of its reopening, following a temporary receivership of three months... the Union Trust Company of this city today paid out $3,200,000 to its depositors. / Two partial payments were received today by depositors of the Union Trust company, which resumed business last May after being for some months in the hands of a temporary receiver.
Source
newspapers

Newspaper Articles (25)
1. October 25, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 25, 1907

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fairly sharp rate followed. New York alternately sold and bought and the market finished comparatively steady at fractions of a point to a point below the noon level. Union Trust Did Not Open. Providence, R. I., Oct. 25.-The Union Trust company on which there was a run 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. At 9 o'clock the doors of the trust company remained closed. A few minutes later the following notice was posted on the door of the bank: "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 interest of the depositors would be conserved by closing. 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 profits 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. Wanted to Count Their Money. East Greenwich, R .I., Oct. 25.The East Greenwich branch of the Union Trust company of Providence did not open its doors this morning. A notice was posted stating that the branch would open as soon as the officials found out how much money they had on hand to meet the demands of the depositors. A little later another notice was placed on the door stating that the branch was being kept closed for the protection of depositors. Protecting Their Banks. Goldfield, Nev., Oct. 25.-George Winfield authorizes the statement that he and Senator Nixon are using their entire finances for the protection of the banks in which they are interested. The banks are at Reno, Tonopah, Goldfield and Rhyolite. The Goldfield Consolidated was forced to lay off a large number of miners yesterday by reason of the refusal of the sampling works to accept ore.

2. October 25, 1907 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 25, 1907

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Financial Cloud Is Now Passing Away. WEAK ONES GO. NEW YORK, Oct. 25: The finansituation is easier here today. cial The run on Lincoln Trust Company and the Trust Company of America incontinue to some extent, but both are meeting every obligaconfidence is Financial stitutions where tion and restored. being institu- everyreport that the outfavorable and no tions everywhere is that their one any fear about financiers at the home of J. which lasted earconference gan need look posits. last have night Leading it until P. held Mor- over de- a this morning. After was the they ly expressed their opinion that There of the flurry is over. worst four minor suspensions early today, were but they hand no effect United on general outlook. The States the Exchange Bank, a Harlem business. indid not open for of stitution, International Trust Company, The New York, and the Brooklyn owing Bank, of Brooklyn, closed their doors At their inability to secure cash. Providence, to R. I., notice was posted on the Union Trust Company, that by a run was made yesterday, which it had suspended payment temporarily. E. S. Sweetland has been appoint- It receiver for the institution. ed individual deposits exceeding the $25,000,000. has The first prices higher, on market were generally bestock in a few minutes they broke ralbut last night's close. Feverish nerlies low followed, but the market is vous. PITTSBURG, Oct. 25:-The exchange here is still closed. NEW YORK, Oct. 25.-As a result of latest developments in the financial the world the there is every indication that in the banking and trust company crisis situation has been safely passed. most Pierpont Morgan ended the J. erisis of the financial cyclone loans sinister by throwing $25,000,000 for here 10 per cent into the stock exchange loans at period when money on call the botat a not to be had at 150 and was tom was dropping out of the market. amountEquipped with a relief fund cash and to $60,000,000 in actual availaing an additional $50,000,000 the with Mr. Morgan, co-operating with John ble, Washington administration and preventRockefeller, succeeded in ining D. the collapse of many financial stitutions in this city. it not been for his appreciation Had the situation and his promptness resulted of would undoubtedly have exthere panic on the stock a For a few tense change. most serious moments the com- the indications strongly pointed to the excollapse of values on was plete That such a calamity decisive change. was solely due to the assoaverted of Mr. Morgan and his of the action ciates who were in command financial situation. the most serious situation of It has was arisen since the beginning fell off that panic. Standard stocks minutes. the and ten points in fifteen and in eight exchange was a bedlam, it must The quarter of an hour conanother been closed to avert a worse acthave of affairs when Mr. Morgan, Stillman of dition with President James presiing National City bank and the First Nathe of the Hanover, Chase, dents and other big banks. responded President tional dramatic appeal of and to Thomas the of the stock exchange $25,000,000 into the gap. poured market instantly responded upward to The treatment. Prices soared cheerthe and the day closed with exagain. Indeed, to such an Corful the anxiety of dinrelieved that he telyou instead of any momentous of ner ence tent prospects. was bankers. attended Secretary improved." confer- a are greatly sub"Conditions just before leaving the restorhe said "Confidence has been coned. treasury. and the outlook grows brighter tinually. (Continued on page 4.)

3. October 25, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, October 25, 1907

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New York, Oct. 25.-A much cooler tone was apparent in the business district this morning. The success of relief measures undertaken yesterday by J. P. Morgan, John D. Rockefeller and other prominent financiers together with the promptness with which the officials of the Trust Company of America met the run of depositors, gave great encouragement to bankers and business mea generally that no further trouble was to be feared. A pool of twenty-four million 'ollars made up by a pool headed by J. P. Morgan, which went into the stock market yesterday afternoon is believed to have given permanent relief to brokers in need of funds to carry stock bought and sold on margins for customers. In an address at a dinner last night Secretary Cortelyou referred to the financial situation:: "We are having a trying experience, but with all embarrassments I feel my faith in the general stability of business strengthened by the examples I have seen of high courage and splendid devotion to the public shown by many men of great influence in the commercial and and industrial affairs of this city. The weak places have been fortified, but what is better those of evil influences have been scourged from their positions, and the determination to carry this work forward will have a far reaching influence in restoring the public confidence." The announcement was made this morning that the United States Exchange Bank, a small institution in Harlem, would not open for business today. The bank has little more than $500,000 on deposit, and its suspension was evidently without effect on the general situation. There were lines of depositors waiting this morning at daylight in front of the Trust Company of America. The line was maintained all night and a woman declined to leave her place, even when the men behind her promised to restore the place to her in the morning. The International Trust Company, one of the small and inconspicuous companies, closed its doors at 10:40. This company had business connections with the Borough Bank of Brook lyn which suspended today. The Brooklyn Bank at Fulton and Clanton street did not open today. It has capital stock of $300,000 and owes about one million five hundred thousand dollars. The Borough Bank of Brooklyn, a state institution with capital of $200.000 and deposits of about three millions did not open for business today. Its business was not very large, and no prominent financiers were connected with it. One of its principal connections was the Kniekerbocker Trust company. The Lincoln Trust Company resumed payment to depositors today as usual. Big Failure at Providence. Providence, R. I., Oct. 25.-The Union Trust Company, on which there was a run yesterday, did not open for business today. At nine o'clock, the usual hour of opening, the following notice was posted: "This bank will not open today, owing to the stringency of the money market." There were several hundred people in line who wished to get their money According to the statement issued June 29th last, this bank had resources aggregating $28,238,335. The liabilities included besides $500,000 capital stock a surplus of $2,250,000 and deposits of $25,445,625. East Greenwich, R. I., Oct. 25.-The East Greenwich branch of the Union Trust Company of Providence, did not open this morning. A notice was posted saying the bank was closed for the protection of depositors. Central Falls, R. I., Oct. 25.-The Central Falls branch of the Union Trust Company closed today after a run started. It is the only bank in the city and the depositors are mainly

4. October 25, 1907 The Seattle Star Seattle, WA
Article from The Seattle Star, October 25, 1907

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PROVIDENCE, R.I., Oct. 25.-A notice was posted this morning on the door of the Union Trust company, where a run was started yesterday announcing that payments would be suspended temporarily. C. S. Sweetland has been appointed receiver of the company. The company's individual deposits exceed $25,000,000.

5. October 25, 1907 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, October 25, 1907

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NEW YORK IS CONVALESCENT Confidence is Being Restor ed but Runs Continue NEW YORK, Oct. 25.-Financial New York is convalescent but shaky. The hardest blow today was the suspension of the Union Trust company of Providence and the failure of the Brooklyn banks. The runs on the Trust Company of America and the Fifth Avenue Trust Co., continue but are decreasing steadily as confidence is restored. A run developed on the Union Trust company's bank late yesterday afternoon but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar.

6. October 25, 1907 The Spokane Press Spokane, WA
Article from The Spokane Press, October 25, 1907

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ALL ARE CONSIDERED SOLVENT BUT SUSPEND TO PROTECT DEPOSITORS - COUNTRY'S PROSPERITY NOT THREATENED. NEW YORK, Oct. 25.-Despite the strong close of yesterday, the troubled financiers of the East had to face the failure of three more banks this morning. Notices were posted on the doors of the United States Exchange bank of New York, with a capital stock of $100,000, that it would not open its doors today. The doors of the Borough Bank of Brooklyn held the kame notice. In Providence, Rhode Island, the Union Trust Co. formally posted notice that payments would be temporarily suspended. A run developed on the Union Trust Co. bank late yesterday afternoon, but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar. Bankers state that the Twelfth Ward bank, which closed yesterday, is solvent but suspended to safeguard all depositors. The Hamilton bank, which also closed, posted a notice to the same effect. In the excitement following the closing of the banks the loaning section of the exchange became a wild mob demanding money at any price. One national bank loaned $500,000 at 50 per cent and the First National bank put out $2,000,000 at the same rate of interest. A syndicate of banks added $3,000,000 more in the stand to stay the market. In spite of enormous rates commanded Rockefeller continued to loan steadily at 6 per cent. Morgan stood behind the movement to quiet the panic stricken street and his management of the situation is the greatest triumph of his financial career. Through him the mighty power of the U. S. treasury, represented by Sec. Cortelyou, and the Standard Oil strength was brought to bear at the psychological moment. In the thick of it Morgan said: "We have done all we can and I hope for the best. It is time for action and not for talk." It is estimated that $200,000,000 has been withdrawn from the banks in the past two weeks. Notwithstanding the suspension of three smaller banks today, the trouble is regarded as purely local, resulting from ill advised speculation and evil consequences to tne country at large are considered out

7. October 25, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 25, 1907

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More Banks Close. Brooklyn, N. Y., Oct. 24.-The Inter: national Trust Company with two branches, the Brooklyn Bank and the Borough Bank of Brooklyn, closed its doors this morning owing to the inability to secure cash. The capital of the bank is given as $300,000; its deposits are $3,500,000 and its surplus is $135,400. The liabilities of the bank are stated as $2,789,000; capital is $300,000; the deposits smount to $2,220,000; the surplus is given as $160,000 and $1,410,000 is out on loan. There is little excitement in connection with these suspensions. New York, Oct, 24 -The United States Exchange Bank, at 23 west 125th street, announced this morning that it would not open today. Police protection was requested. An officer of the bank was asked if the suspension was temporary and replied: "No information to give out." Providence, R. L., Oct. 25.-A notice was posted today on the doors of the Union Trust Company, on which a run was made yesterday, announcing that the company has suspended payment to depositors temporarily. The Union Trust Company's individual deposits exceed $25,000,000. The paid up capital is halfa million. C. S. Wetland has been appointed a receiver for the Union Trust Company. Brooklyn, N. Y., Oct. 25.-The Williamburg Trust Company, Broadway and Kent avenue, Williamsburg, closed its doors at 1:15, being unable to cash a cbeck for $10,000. Frank Jenkins is president. The bank had a capital of $700,000. Liabilities, $9,676,484. Brooklyn, N. Y., Oct. 25.-The First National Bank, on Kent avenue and Broadway, Williamsburg, suspended payment at 1:30 this afternoon.

8. October 25, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 25, 1907

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ca, of which he is a director. Col. J. Edward Studley, the president of the Union Trust, also came home, and the two were in conference until late last evening with officials of the other leading trust companies of the city at the office of the Rhode Island Hospital Trust company. The run on the Union Trust company yesterday and the probable continuance of the rush to-day were discussed in all their aspects. The result of the conference was a decision to close the Union Trust this morning as it was the general sentiment that in ordinary circumstances the company would have had no difficulty whatever in continuing to pay all demands as fast as they were made, but the nature of the run, taken in connection with the general uneasiness in New York, demanded more ready cash than could have been immediately available in the early forenoon to-day. The Union Trust company's last report to the State auditor on June 30 showed 25,209 depositors in its savings department and its total deposits amounted to more than $28,000,000. PAID OUT $900,000. It was stated today that about $900,000 in cash was paid out by the Union Trust company yesterday. There was enough money on hand today to have paid quite a number of depositors, it was said, but not to pay off within a few hours a large proportion of the claims that could have been presented.

9. October 25, 1907 The Daily Banner Cambridge, MD
Article from The Daily Banner, October 25, 1907

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A Run In Providence. Providence. Oct. 25.-For over three hours a steady stream of depositors passed before the window of the paying teller of the Union Trust company of this city and withdrew the amounts they had deposited in the institution. It is generally understood that the unusually large withdrawals were a reflection of the financial situation in New York. and were aggravated by the fact that Marsden J. Perry, first vice president of the institution, is closely connected with the Trust Company of America. According to the statement issued by the institution on

10. October 25, 1907 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, October 25, 1907

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Run on the Industrial Trust Co. Special to the Herald. Providence, R. I., Oct. 25.-Announcement is made that the Union Trust company is solvent, but the suspension of payments was made after a conference of the presidents of all the trust companies of the city. A run is now being made on the Industrial Trust company.

11. October 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 26, 1907

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Receiver Appointed for a Bank. Providence, R. I., Oct. 26.-Although a receiver has been appointed for one trust company, while another company is enforcing the rule requiring a notice of 90 days for the withdrawal of deposits and a third on Friday withstood an unusual drain caused by with drawal of deposits, it was believed in banking circles last night that the crisis is over. The bank for which a receiver was appointed was the Union Trest Co., an institution with headquarters here and operating branches in Olneyville, Central Falls and East Greenwich. This is the bank on which a run started Thursday.

12. 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.

13. October 30, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 30, 1907

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UNION TRUST RECEIVER AT WORK Affairs Being Rapidly Straightened Out by Large Force of Clerks-Situation Elsewhere in City Normal. Receiver Cornelius S. Sweetland's work on the books of the Union Trust company is progressing satisfactorily, and affairs are being rapidly straightened out there. A large number of clerks was at work today under the direction of the receiver, who said today that he could not give out any statement as to the condition of the bank, as he has only just began to go into the accounts, and many new phases are presented to him as he investigates. At the other banks business was entirely normal, and bankers said that the situation is satisfactory now. At the Indutrial Trust company business is absolutely normal, according to a statement made to the News-Democrat by Waldo M. Place, assistant treasurer of the company. The arrangements of the clearing house committee to have all checks stamped, "Payable only through clearing house, is having its effect in restoring the banking situation. This method of drawing checks is in force all over the country at this time, and is helping materially to husband the supply of currency.

14. October 30, 1907 Alma Record Alma, MI
Article from Alma Record, October 30, 1907

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BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPORTANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. The financial crisis in New York was declared to be safely passed. An association of trust companies analagous to a clearing house was formed; secretary of the treasury directed the deposit in New York banks of $25, 000,000 of government funds, and John D. Rockefeller said he would lend the banks large sums. Three minor banks closed in New York but the general financial situation was vastly improved. A pool headed by J. P. Morgan lent millions of dollars in the stock exchange, thereby preventing a ruinous sacrifice of of securities. The Trust Company America successfully withstood an all day run. Six minor banking institutions in New York closed their doors, but all were believed to be solvent and the general financial condition was improved. The Morgan pool lent $15,000,000 in the stock exchange and stocks moved up. The Union Trust company of Providence, R. I., suspend. ed and there was a run on all the banks of Pawtucket, R. I. In order to prevent the draining of their supplies of currency the banks of many cities followed the example of New York and Chicago and adopted the clearing house loan certificate system and made the withdrawal of savings deposits subject to the legal notice. A negro at Byron, Ga., was lynched because he stole 75 cents. James Reddick. one of the foremost Republican politicians of Chicago, was killed in an automobile accident at Half Day, a village about 28 miles from Chicago. President Roosevelt passed his forty-ninth birthday without special celebration of any sort. Skeleton railway tickets valued at $15,000, with the stamps, punches and ink-pads to make them out, were stolen at Santa Monica, Cal. A monument to the memory of the late Brig. Gen. John M. Thayer, erect ed by the state of Nebraska, was dedicated at Lincoln. The historic home of the late Gen. Don Carlos Buel at Airdrie, Ky., on the Green river, was destroyed by fire. Fire at Nome, Alaska, caused prop erty loss of about $300,000. One man was killed and 40 were injured in a wreck on the Missouri, Kansas & Texas railway near Dallas, Tex. The railway commission of Mexico gave the roads of that country per mission to raise their rates 12 per cent. Denis J. Hogan, secretary of the Illinois Democratic committee, died suddenly at his home in Geneva, III. Joseph Cenino of Perry, Pa., was arrested for killing his baby with a miner's pick. The Peking Gazette, the world's old est newspaper and China's official bulletin for memorials and edicts, has been superseded by a modern newspa per. The balloon known as Ben Franklin, having a gas capacity of 92,000 cubic feet and said to be the largest in the world, landed in Belchertown, Mass., after a successful trip from Philadel phia. Mrs. E. T. Molzalin was shot and killed, her husband, Dr. Molzalin, was shot and seriously wounded and Charles McElvain was slightly wound ed in a pistol duel between McElvain and Dr. Molzalin at Ravenwood, Mo. John Welborn, member of the fifty ninth congress from the Seventh Mis souri district, died at his home in Lexington, Mo. T. N. Moorehouse, a traveling sales man of Chicago, was killed by the wreck of the Roseburg-Myrtle Point stage on Monties hill in Oregon. Capt. Harry B. Weaver, one of the best-known and most popular sea cap tains on the Pacific coast, died in Seat tle, Wash., from typhoid fever. Miss Loa Mather, of Steuben, O., confessed that she set fire to her own house three times to obtain the insurance. Three persons were killed and a dozen injured in a collision on the London underground railway. The emperor of Japan has conferred upon Thomas Burke, head of the Alas ka-Yukon-Pacific Exposition commis sion of Seattle, the Order of the Third Class of the Rising Sun. R. E. Lockwood, a well-known Idaho newspaper man, accidentally shot and killed himself at Reggin. Mrs. Ellen E. Kenyon-Warner, au thor and educator, who sued Dr. Flavius Packer and Dr. Sidney D. Wilgus at New York city, N. Y., for $50,000 damages because they adjudged her insane and caused her commitment to the Middletown insane asylum, was awarded a verdict of $25,000. Four Italians near Corbin, Ky., ate a buzzard. One died and the others were made dangerously 111. Havana's mayor has forbidden open air meetings of railroad strikers and authorized the companies to employ armed guards to protect their workmen. The French forces at Casablanca, under the command of Gen. Drude, suffered a serious repulse at the hands of the Moors. Rear Admiral Thomas O. Selfridge, U. S. N. (retired), was married to Miss Gertrude Wilds, of Jamestown, R. I., in Boston.

15. December 12, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, December 12, 1907

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That a most determined effort is being made to save the Union Trust company not only from liquidation, but also to enable it to resume business, was shown today, when the three receivers issued the following statement: At the request of the receivers of the Union Trust company, the following gentlemen have consented to serve as a committee to consider the plan of the receivers and any other plans which may be offered to enable the Union Trust company to resume business and to avoid liquidation, and to give their advice with reference thereto. The delay in making this announcement has been due to the desire of the receivers to enlist the services of gentlement having in a supreme degree the confidence of the depositors and the community, and to have the list complete before making it public. The names are as follows: Robert H. I. Goddard. Arthur L. Kelley. Henry F. Lippitt. Herbert J. Wells Cyrus P. Brown. Henry D. Sharpe. Joseph Davol. Rt. Rev. Matthew Harkins, Bishop of Providence. Rev Thomas F. Doran. William A. Copeland. Harry Cutler. James Hanley. Leander R. Peck. Webster Knight. The committee has held two largely attended meetings and several plans are under consideration. DEPOSITORS' COMMITTEE. It is practically assured now that

16. December 25, 1907 Evening Star Washington, DC
Article from Evening Star, December 25, 1907

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Trust Company to Resume. PROVIDENCE. R. I., December 25.The receivers' advisory committee of the Union Trust Company has come to an

17. January 26, 1908 New-York Tribune New York, NY
Article from New-York Tribune, January 26, 1908

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BUSINESS NOTES OVER THE WIRES. Providence, Jan. 25.-When the question of appointing a permanent receiver for the Union Trust Company came up before Justice William H. Sweetland in the Superior Court to-day action was again postponed, the hearing being continued until February 8. Statements made by counsel indicated the belief that the affairs of the company would be SO adjusted that it would be able to reopen its doors. Counsel for the depositors presented a statement showing that 2,991 claims against the company, amounting to $3,819,550. had been released; that 1,627 shares of new stock had been taken and 350 shares

18. February 7, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, February 7, 1908

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THE GREAT BANK IS TO REOPEN ITS DOORS. Providence, R. I., Feb. 7.-A hearing will be held tomorrow on the application for a permanent receivership for the Union Trust company, the third largest bank in the state, which closed its doors last October, owing depositors more than $20.000,000. It is believed that the application will be dismissed and that the bank will be allowed to reopen its doors by the first of next month. The temporary receivers' resumption plan has received the indorsement of stockholders representing a large majority of the capital stock, and depositors with an aggregate of millions of dollars have also assented to the reorganization project.

19. February 8, 1908 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, February 8, 1908

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BIG BANK WILL REOPEN ITS DOORS Providence, R. I., Feb. 7.-A hearing will be held tomorrow on the application for a permanent receivership for the Union Trust Company, the third largest bank in the state. which closed its doors last October, owing depositors more than $20,000,000. It is believed that the application will be dismissed and that the bank will be allowed to reopen its doors by the first of next month. The temporary receivers' resumption plan has received the indorsement of stockholders representing a large majority of the capital stock. and depositors with an aggregate of millions of dollars have also ascented to the reorganization project.

20. February 12, 1908 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, February 12, 1908

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# PLAN FOR RELIEF. Latest Information About the Brattleboro and Keene Toy Factories. Brattleboro, Feb. 12. -The Brattleboro and Keene, N. H., factories of the Hardware and Woodenware company, the toy combine, which went into the hands of a receiver Saturday, are closed this week, but it is probable work will be resumed within a short time. The local factory was taken over last year from S. A. Smith at a valuation of $125,000. Many Brattleboro people are stockholders in the Hardware and Woodenware company, which controls sixteen factories, the majority of which are in New England states. The corporation has a capital of $3,750,000. A plan for the financial relief of the company looking to the payment of all its liabilities and the resumption of business is now under consideration by a committee of the directors and stockholders. The embarrassment of the big combine is attributed partly to trade conditions and partly to a cautious money market. The failure of the Union Trust company of Providence, R. I., was also a factor. Nicholas H. Colwell, the New York receiver, has been formally appointed ancilliary receiver for the property in Massachusetts, Vermont and other states.

21. March 27, 1908 The Daily Ardmoreite Ardmore, OK
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To Reopen Big Bank. Providence, R. I., March 27.-Special.-Action fixing the date and final details for the resumption of business by the Union Trust company, which failed during the recent panic, is expected to be taken in the superior court tomorrow. The company was recently declared solvent by Justice Sweetland and permission given for its reopening. The concern was one of the most important financial institutions in Rhode Island and its failure created a sensation here. The bank will reopen its doors with about $6,000,000 cash in its vaults. The total net indebtedness of the company is $19,112,577.62. Practically all of the creditors have given assent to the reorganization plan.

22. May 1, 1908 The Olneyville Times Providence, RI
Article from The Olneyville Times, May 1, 1908

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Entered at the Olneyville Post Office as Second Class Matter FRIDAY, MAY I, 1908. Three of the Providence school to chers resigned last Friday evening 1 order to become brides. And now some other teachers are wondering if it is catching.-Westerly Sun. It may be catching, but an epidemic is not likely to occur. Why not let women wear the "Merry Widow", or any other kind of hat to church without fear or molestation, for if it were not for the women going to the church, some congregations would be extremely easy to count. It is now stated that automobiles can ruin a macadam road in about two years and a half.Considering the cost of such roads, gasolene cars may be considered about as expensive to the state, as to their owners. The Sultan of Turkey very wisely "came off his perch" in the recent little misunderstanding between Italy and Turkey. The Sultan is the king bluffer of Europe, and that is saying quite a good deal. It is predicted that this will be as big a year agriculturally in this coun try, as it is likely to be a poor year in a commercial way. Electing a president does not, for a wonder, affect the crops. The Providence base ball team has begun the season in "the same old way", and is now very near the bottom of the list, but it is still very early in the game. 1 The price of eggs vary about as much in the run of a year as any commodity in general use. Eggs are so fragile, that no wonder the price breaks. The banking act has passed the General Assembly and thus becomes a law. It is hoped the people are now amply protected. It is now stated that malaria caused the down fall of Rome. It cannot be disputed that Rome was "great shakes" in its day. There seems to be a truce in the Standard oil war. Chancellor Day has not raised his voice in defence of the monopoly in two weeks. If Secretary Taft runs for the presidency and wins it without losing flesh, he will be the heaviest man ever holding the position. The Rhode Island General Assembly has been working on its own time this week and doing excellent work at that. It is generally supposed that the re-opening of the Union Trust Company will resemble the arrival of a golden argosy. England is just emerging from snow drifts. It would seem that the Gulf Stream was away on a vacation. The base ball umpire is on deck, and he is just as unpopular as ever with the losing side. War ships are not proof against ocean liners,when the latter have the advantage of full steam. A half a loaf is better than none, and two battle ships a year is better than nothing. The circus will soon be here with its street parade and crimson lemon-

23. May 15, 1908 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, May 15, 1908

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Ex-Representative Smyser Dies. Wooster, Ohio.-Ex-Representative Martin L. Smyser was stricken with apoplexy at his home and died before physicians arrived. Wyoming For Taft. Lander, Wyo.-Wyoming Republicans in State convention instructed for Taft. Johnson Carries Minnesota. St. Paul.-Governor Johnson won every district in the Democratic primary and carried all but two of the eighty-five counties. Bar Copper-Treated Foods. Washington, D. C.-Foods greened with copper salts will not be entitled to entry into the United States under the Pure Food and Drugs law after January 1. Steel Plant Resumes. Pittsburg. - The Allegheny steel plant at Tarentum started up in full, giving employment tomore than 1000 men. During the winter the plant had been running on half time. Mexican Newspapers Organize. Aguascalientes, Mexico.-The first convention of Mexican newspaper owners was held here. Its object is to form a permanent organization. Bishop Brent Goes to Washington. Washington, D. C.-Bishop Chas. N. Brent, Episcopal Bishop of the Philippines, was elected Bishop of the Diocese of Washington. Orchard Reprieved Till July 2. Boise. - Governor Gooding reprieved Harry Orchard until July 2. H. H. Tucker, Jr., Found Not Guilty. Topeka, Kan.-A jury in the case of H. H. Tucker, Jr., charged with using the mails in a scheme to defraud in promoting the Uncle Sam Oil Company, brought in a verdict of not guilty. Rooster Kills Child. Chattanooga, Tenn.-Max Crockett, Jr., fifteen months old, is dead at Lewisburg of wounds inflicted by a rooster. Receivers Get $25,000 Each. Providence, R. I.-Treasurer Rathbone Gardner, Vice-President James M. Scott and Director C. S. Sweetland, of the reorganized Union Trust Company, get $25,000 each as receivers for six months by a court award. Erie Canal Open-Wheat Shipment. Buffalo. - Canalboats, carrying about 364,000 bushels of wheat, passed through immediately when the Erie Canal was formally opened. Press Took Off Toes. Des Moines, Iowa. - Getting too near a printing press the Rev. O. D. Elliott, editor of the Iowa Prohibitionist and Prohibition candidate for Governor, lost three toes of his right foot.

24. February 4, 1909 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, February 4, 1909

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TWO SMALL DIVIDENDS For Depositors of the Union Trust Company of Providence, R. I. Bank Making Good. Special to the Herald. Providence, R. I., Feb. 4.-Two partial payments were received today by depositors of the Union Trust company, which resumed business last May after being for some months in the hands of a temporary receiver. One of the payments was due today, while the other would not have been due until next November, according to the terms of the reorganization plan under which the concern was reopened. Forty per cent has now been paid to depositors. Of the remaining 60 per cent due them, 40 per cent is to be paid in 10 per cent installments at intervals of six months, and the remaining 20 per cent is to be in the form of certificates which will be payable after all other indebtedness of the bank is cancelled.

25. May 5, 1909 The Morning Astorian Astoria, OR
Article from The Morning Astorian, May 5, 1909

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$3,200,000 FOR DEPOSITORS. | PROVIDENCE. R. I., May 4.-By way of observing the anniversary of its reopening, following a temporary receivership of three months, due to financial conditions in New York. the Union Trust Company of this city today paid out $3,200,000 to its depositors. This sum represents twenty per cent of the amount due when the bank became embarrassed, and brings the total distributed among the depositors to sixty per cent. The remaining forty per cent will be paid later.