19669. Slater Trust Company (Pawtucket, RI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
October 25, 1907
Location
Pawtucket, Rhode Island (41.879, -71.383)

Metadata

Model
gpt-5-mini
Short Digest
d70a15da

Response Measures

Accommodated withdrawals

Description

Newspaper accounts from Oct 25-26, 1907 report runs/above-normal withdrawals at Slater Trust Company tied to posting of 90-day notices and closing of nearby trust branches (local contagion). Slater initially met demands and officials said they had plenty of money. A December 1907 article references a receiver in connection with the Slater Trust Company, indicating the bank later entered receivership and did not survive—thus classified as run -> suspension/closure. The articles do not explicitly report the exact suspension posting date for Slater, but the presence of a receiver by Dec 1907 supports closure following the October run.

Events (3)
1. October 25, 1907 Run
Cause
Local Banks
Cause Details
Runs in Pawtucket were triggered by the posting of a 90-day notice by the local branch of the New England Trust Company and the closing of the Central Falls branch of the Union Trust Company, which set off withdrawals at local trust companies including Slater.
Measures
Officials stated they had plenty of money and met withdrawal demands; no special suspension notice for Slater reported in October articles.
Newspaper Excerpt
Following the posting of the ninety-day notice ... runs were started on all the banks in Pawtucket. Many depositors appeared at the Slater Trust Company's building
Source
newspapers
2. October 26, 1907 Other
Newspaper Excerpt
Withdrawals from the Slater Trust Company continued to be above the normal, but the officials stated that they had plenty of money. There were also small runs on other Pawtucket banks.
Source
newspapers
3. December 1, 1907* Receivership
Newspaper Excerpt
the only safe deposit vault in Rhode Island, in which Mr. Sargent had anything, is in the Slater Trust company, Pawtucket... I had already called this fact to the attention of the receiver
Source
newspapers

Newspaper Articles (7)
1. October 26, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, October 26, 1907

Click image to open full size in new tab

Article Text

sion, in an address last night before the Traffic Club. Clark declared it was not President Roosevelt's policy, but the policy of the law-breakers who have been exposed that was to blame for the present flurry. He said the President's policy was a "square deal" and those who profit by it should be willing to give a square deal in return. Trust Company Seeks Time. Providence, R. I., Oct. 26.-The Industrial Trust Company posted notices just before the opening hour today stating that ninety days' notice of the withdrawal of deposits would be required. A committee from the clearing house has charge of the financial situation here today, and is prepared to render assistance to the banks if called upon to prevent the withdrawal of money from circulation. The committee recommended that in payment and certification of checks such checks shall be payable only through the clearing house. At Pawtucket, R. I., withdrawals from the Slater Trust Company continued to be above the normal, but the officials stated that they had plenty of money There were also small runs on other Pawtucket banks. Pittsburg Situation Improving. Pittsburg, Oct. 26.-It is announced here that if the situation continues to improve the stock exchange will re-open Monday. Smelter Closed for Want of Funds. Prescott, Ariz. Oct. 26.-The Humboldt Smelter ceased operation at midnight, upon telegraphic instructions from Boston. Inability to raise funds to keep the plant in operation is given as the reason for the shutdown. Miners Play at High Finance, Spokane, Wash, Oct. 26.-With four teen thousand dollars in bank notes concealed on their persons, at the point of revolvers and surrounded by detectives, two rough looking men threw up their hands and were arrested in a Great Northern dining car as the train entered this city last night. They tally exactly with the description of the bandits who held up the Great Northern Oriental Limited near Hondo Siding, Mont., Sept. 12. and secured sixty thousand dollars in greenbacks. They said they were miners. and gave their names as G. E. McDonald and Ed Smith. Have you talked with Col. Baker?

2. October 26, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 26, 1907

Click image to open full size in new tab

Article Text

Have Plenty of Money. Providence, R. I., Oct. 26.-At Pawtucket withdrawals from the Slater Trust company continued to be above normal, but the officials stated that they had plenty of money. There were also small runs on other Pawtucket banks.

3. October 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 26, 1907

Click image to open full size in new tab

Article Text

place an exact date for such an event Under ordinary conditions, he said, the Union Trust Company could have met the demand, but at the present time and under existing apprehension the result of an unusual run which threatened their institution would have been very disas trous. He said that the time which was gained by the suspension and the appointment of temporary receiver would aid greatly in restor4 ing confidence. Pawtucket, R. I., Oct. 25.-Following the post= ing of the ninety-day notice to depositors by the local branch of the New England Trust Com pany, of Providence, and the closing of the Cent tral Falls branch of the Union Trust Company to-day, runs were started on all the banks in Pawtucket. Many depositors appeared at the Slater Trust Company's building, and the local branch of the Industrial Trust Company, of Providence. The number of withdrawals of ac counts at the County Savings Bank and the Pawtucket Institution for Savings was not SO large as at the trust companies. With the exq. ception of the New England Trust Company, all the banks in the city met the demand without difficulty. Boston, Oct. 25.-The stability of Boston trust companies has been satisfactorily proved by an official test made two days ago, according to announcemvent made to-day. It is learned that on Wednesday Pierre Jay, chairman of the board of state bank commissioners and exam iners, who is in charge of the trust companies in this city, made an unexpected call on all the trust companies and found the actual reserve fund 26.76 per cent and the legal reserve 24.47 per cent. The latter figure was 1.47 per cent higher than the legal reserve on October 21, 1906

4. October 26, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 26, 1907

Click image to open full size in new tab

Article Text

Run on Pawtucket Banks Begins Early in Day PAWTUCKET, R. I., Oct. 26.-Three Pawtucket banks are withstanding runs today, the depositors having gathered before the doors several hours before the opening. The institutions affected are the Slater Trust Company, the Pawtucket Institution for Savings, and the local branch of the Industrial Trust Company. The last named has posted word that ninety days' notice of withdrawal must be given. While the entire night and day police force has been ordered out, thus far there has been no disorder.

5. October 29, 1907 The Free Lance Fredericksburg, VA
Article from The Free Lance, October 29, 1907

Click image to open full size in new tab

Article Text

Runs on Pawtucket Banks. Pawtucket, R. I., Oct. 26.-Following the posting of the 90-day notice to depositors by the local branch of the New England Trust company, of Providence, and the closing of the Central Falls branch of the Union Trust company, runs were started at all the banks in Pawtucket. Many depositors appeared at the Slater Trust company's building and the local branch of the Industrial Trust company, of Providence. The number of withdrawals of accounts at the County Savings bank and the Pawtucket institution for savings for not as large as the trust company's. With the exception of the New England Trust company, all the banks in the city met the demand without difficulty.

6. October 31, 1907 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, October 31, 1907

Click image to open full size in new tab

Article Text

CRISIS IS OVER Financial Conditions at Pittsburg Continue to Improve But Exchange is Closed. BANKS ARE HOLDING OUT In Rhode Island Cities Where Runs Occur and Latter Are Now Subsiding. [By Associated Press.] PAWTUCKET, R. I.. Oct. 26.Withdrawals today from the Slater Trust Company, a Pawtucket institution for savings, and the Providence County Savings Bank, were above normal, but officials stated they could pay all demands.

7. December 26, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, December 26, 1907

Click image to open full size in new tab

Article Text

assist him. As far as I know, the only safe deposit vault in Rhode Island, in which Mr. Sargent had anything, is in the Slater Trust company, Pawtucket. I had already called this fact to the attention of the receiver and I am perfectly willing to have it opened in the presence of the receiver or his representatives." The petition to which Mr. Morgan referred to was presented to the United States court at Providence on Tuesday last, and asked that the members of the Sargeant family be restrained from disposing of any of the cashier's property pending a settlement of his and the bank's affairs.