19765. New England Trust Company (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 1, 1908*
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
d7e85f99

Response Measures

None

Description

Articles report the New England Trust Company failed about six years before 1914 and has been in receivership; John P. Beagan (Boogan/Boogan OCR variants) was receiver and was discharged in July/September 1914 when receivership was terminated. No run is described in the articles; the bank remained closed and in receivership, so classify as suspension_closure.

Events (2)
1. January 1, 1908* Other
Newspaper Excerpt
The company ... failed six years ago.
Source
newspapers
2. July 14, 1914 Receivership
Newspaper Excerpt
FINAL REPORT OF RECEIVER FOR N. E. TRUST COMPANY. ... John P. Beagan, receiver of the New England Trust Company, in his final report today ... asks the superior court to discharge the receiver ... The company ... failed six years ago.
Source
newspapers

Newspaper Articles (7)
1. July 15, 1914 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, July 15, 1914

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Article Text

FINAL REPORT OF RECEIVER FOR N. E. TRUST COMPANY. Only Asset to Pay $300,000 Claims Is a Note for $50,000. Providence, R. I., July 14-John P, Beagan, receiver of the New England Trust Company, in his final report today, said the only asset with which to pay preven claims amounting to almost $300,000 was the $50,000 note given by Thomas D. Taylor, the premoter of the company under the agreement by which Taylor was released from jail in a civil action. The report states that Tayler never has naid a dollar on the principal or the interest due on the note, and asks the superior court to discharge the receiver after. allowing him to turn over his accounts to the Rhode Island General treasurer. The company, which did a large busines in small savings acounts, failed six years ago.

2. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

FINANCIAL BRIEFS Approximately $175.000 of the 5 per cent. first mortgage bonds of the Birmingham, Ensley and Bessemer Railroad, interest on which was defaulted on September 1, have been deposited with the American Trust Company, of Boston, depository of the Minority Bondholders' Protective Committee, since the call for the deposit of the bonds was issued. The investigation of the railroad, which was started by the minority committee, is continuing. By direction of the Secretary of the Treasury authorized and issued bonds of the territory of Hawaii are now acceptable security as a basis for the issuance of currency to national banks through the national currency associations, under the amended Vreeland-Aldrich currency act. Affairs of the New England Trust Company, which have been in the courts for several years, were terminated in Providence, R. I., today by the discharge of John P. Boogan as receiver. Representatives of the State and national banks of Cleveland have voted to contribute $1,750,000 to the $100,000,000 national gold pool. The Wheeling and Lake Erie Railroad Company has laid off 400 men at its Brewster. O., shops, and has made a similar reduction in its shops at East Toledo, O. The strike of the Ohio coal miners has affected the earnings of the company. I It was announced today that an order for 500 tons of special billets has been given to the Pennsylvania Steel Company by one of the manufacturers who recently participated in the big contract for horseshoe nails placed in this country by the French and Russian Governments. A cable was received here today announcing that the Russian Government has raised the embargo on exports of Ferro-manganese, which it imposed about a month ago. The New York Shipbuilding Company has received an order from the Gulf Oil Company to construct a large oil tanker costing about $250,000. It is announced from San Francisco that the Northern Electric Railway will default on October 1 on coupons of $3,750.000 underlying bonds. Interest on $6,652.000 junior bonds was defaulted on June 1. Because of unsettled financial conditions, directors of the American Public Utilities Company have decided not to declare the usual 3/4 of 1 per cent. dividend on the common stock of the company. The regular quarterly dividend of 1½ per cent. on the preferred has already been declared and will be payable October 10- to stock of record September 30. Retiring directors of the Philadelphia Traction Company were re-elected at the annual meeting of stockholders here today.

3. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

UTILITY EARNINGS SOUTHERN CALIFORNIA EDISON COMPANY. 1914. Increase. August gross revenue $411,053 *$1,301 Net revenue 227,845 31,060 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY. $286,430 August gross earnings *$3,454 Operating income 130,036 *8,450 Twelve months Gross earnings 4,259,227 499,148 Operating income 1,997,873 198,367 PACIFIC POWER AND LIGHT COMPANY. $123.457 August gross earnings $10,614 Net earnings 62,289 4,385 For 12 months ended August 31Gross earnings 1,343,236 73,903 Net earnings 697,555 97,511 . Decrease. FINANCIAL BRIEFS Approximately $175,000 of the 5 per cent. first mortgage bonds of the Birmingham, Ensley and Bessemer Railroad, interest on which was defaulted on September 1, have been deposited with the American Trust Company, of Boston, depository of the Minority Bondholders' Protective Committee. since the call for the deposit of the bonds was issued. The investigation of the railroad, which was started by the minority committee, is continuing. By direction of the Secretary of the Treasury authorized and issued bonds of the territory of Hawaii are now acceptable security as a basis for the issuance of currency to national banks through the national currency associations, under the amended Vreeland-Aldrich currency act. Affairs of the New England Trust Company, which have been in the courts for several years, were terminated in Providence, R. I., today by the discharge of John P. Boogan as receiver. Representatives of the State and national banks of Cleveland have voted to contribute $1,750,000 to the $100,000,000 national gold pool. The Wheeling and Lake Erie Railroad Company has laid off 400 men at its Brewster, O., shops, and has made a similar reduction in its shops at East Toledo, O. The strike of the Ohio coal miners has affected the earnings of the company. It was announced today that an order for 500 tons of special billets has been given to the Pennsylvania Steel Company by one of the manufacturers who recently participated in the big contract for horseshoe nails placed in this country by the French and Russian Governments. A cable was received here today announcing that the Russian Government has raised the embargo on exports of Ferro-manganese, which it imposed about a month ago. The New York Shipbuilding Company has received an order from the Gulf Oil Company to construct a large oil tanker costing about $250,000. It is announced from San Francisco that the Northern Electric Railway will default on October 1 on coupons of $3,750,000 underlying bonds. Interest on $6,652,000 junior bonds was defaulted on June 1. Because of unsettled financial conditions, directors of the American Public Utilities Company have decided not to declare the usual 3/4 of 1 per cent. dividend on the common stock of the company. The regular quarterly dividend of 1½ per cent. on the preferred has already been declared and will be payable October 10 to stock of record September 30. Retiring directors of the Philadelphia Traction Company were re-elected at the TO annual meeting of stockholders here tot day.

4. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

Affairs of the New England Trust Company, which have been in the courts for several years, were terminated in Providence, R. I., today by the discharge of John P. Boogan as receiver.

5. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

FINANCIAL BRIEFS Approximately $175.000 of the 5 per cent. first mortgage bonds of the Birmingham, Ensley and Bessemer Railroad, interest on which was defaulted on September 1, have been deposited with the American Trust Company, of Boston, depository of the Minority Bondholders' Protective Committee. since the call for the deposit of the bonds was issued. The investigation of the railroad, which was started by the minority committee, is continuing. By direction of the Secretary of the Treasury authorized and issued bonds of the territory of Hawaii are now acceptable security as a basis for the issuance of currency to national banks through the national currency associations, under the amended Vreeland-Aldrich currency act. Affairs of the New England Trust Company, which have been in the courts for several years, were terminated in Providence, R. I., today by the discharge of John P. Boogan as receiver. Representatives of the State and national banks of Cleveland have voted to contribute $1,750,000 to the $100,000,000 national gold pool. The Wheeling and Lake Erie Railroad Company has laid off 400 men at its Brewster. O., shops. and has made a similar reduction in its shops at East Toledo, O. The strike of the Ohio coal miners has affected the earnings of the company. It was announced today that an order for 500 tons of special billets has been given to the Pennsylvania Steel Company by one of the manufacturers who recently participated in the big contract for horseshoe nails placed in this country by the French and Russian Governments. It is understood that the Fourth Street National Bank was the largest contributor to the gold pool fund of $100,000,000. this bank depositing one and one-quarter millions which was the largest deposit in the State The New York Shipbuilding Company has received an order from the Gulf on Company to construct a large oil tanker costing about $250.000. It is announced from San Francisco that the Northern Electric Railway will default on October 1 on coupons of $3,750.000 underlying bonds. Interest on $6,652.000 junior bonds was defaulted on June 1. Because of unsettled financial conditions, directors of the American Public Utilities Company have decided not to declare the usual % of 1 per cent. dividend on the common stock of the company. The regular quarterly dividend of 143 per cent. on the preferred has already been declared and will be payable October 10 to stock of record September 30. I Retiring directors of the Philadelphia Traction Company were re-elected at the day. annual meeting of stockholders here to-

6. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

FINANCIAL BRIEFS Approximately $175.000 of the 5 per cent. first mortgage bonds of the Birmingham. Ensley and Bessemer Railroad. interest on which was defaulted on September 1, have been deposited with the American Trust Company, of Boston, depository of the Minority Bondholders' Protective Committee, since the call for the deposit of the bonds was issued. The investigation of the railroad, which was started by the minority committee, is continuing. By direction of the Secretary of the Treasury authorized and issued bonds of the territory of Hawaii are now acceptable security as a basis for the issuance of currency to national banks through the national currency associations, under the amended Vreeland-Aldrich currency act Affairs of the New England Trust Company. which have been in the courts for several years, were terminated in Providence, R. 1., today by the discharge of John P. Boogan as receiver. Representatives of the State and national banks of Cleveland have voted to contribute $1,750,000 to the $100,000,000 national gold pool. The Wheeling and Lake Erie Railroad Company has laid off 400 men at its Brewster. O., shops, and has made a similar reduction in its shops at East Toledo, O. The strike of the Ohio coal miners has affected the earnings of the company. | It was announced today that an order for 500 tons of special billets has been given to the Pennsylvania Steel Company by one of the manufacturers who recently participated in the big contract for horseshoe nails placed in this country by the French and Russian Governments It is understood that the Fourth Street National Bank was the largest contributor to the gold pool fund of $100,000,000. this bank depositing one and one-quarter millions. which was the largest deposit in the State. The New York Shipbuilding Company has received an order from the Gulf on Company to construct a large oil tanker costing about $250,000. It is announced from San Francisco that the Northern Electric Railway will default on October 1 on coupons of $3.750.000 underlying bonds. Interest on $6,652.000 junior bonds was defaulted on June 1. Because of unsettled financial conditions, directors of the American Public Utilities Company have decided not to declare the usual % of 1 per cent. dividend on the common stock of the company. The regular quarterly dividend of 1½ per cent. on the preferred has already been declared and will be payable October 10 to stock of record September 30. I Retiring directors of the Philadelphia Traction Company were re-elected at the day. annual meeting of stockholders here to-

7. September 29, 1914 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1914

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Article Text

Affairs of the New England Trust Company. which have been in the courts for several years, were terminated in Providence, R. 1., today by the discharge of John P. Boogan as receiver.