Union Trust Company - Providence, RI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: October 31, 1873
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 65c998c2

Response Measures

None

Description

Article (Chicago Daily Tribune, 1873-10-31) reports the Union Trust Company in Providence was suspended but Trustees found capital unimpaired and resolved to resume operations Dec 1, 1873. No run or depositor panic at this specific bank is mentioned; suspension appears tied to wider contagion from the Spragues' failures and related local bank distress.

Events (2)

1. October 31, 1873 Suspension

Cause: Local Banks
Cause Details: General panic and distress stemming from the Spragues' failures and suspension of their New York agents, which affected several Providence banks and led to temporary suspension of the Union Trust Company
Newspaper Excerpt: The Trustees of the Union Trust Company find its capital unimpaired, and have passed resolution to resume Dec. 1 with their capital increased to $2,000,000
Source: newspapers

2. December 1, 1873 Reopening

Newspaper Excerpt: have passed resolution to resume Dec. 1 with their capital increased to $2,000,000,-double the present amount.'
Source: newspapers

Newspaper Articles (1)

1. October 31, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 31, 1873

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Article Text

The interest of yesterday's financial nows contrea in the critical condition of tho Spragues' affairs. The facts, as sifted out of the conflicting reports, are substantially as follows: Hoyt, Spraguo & Co., the : Now York agents of the Rhode Island Spragues, have suspended, and their . suspension is one of the gloomiest features of the panic, three millions of their acceptances being afloat in New Yorkalone. The condition of the Rhode Island Spragues still remains critical, but their fato will bo docided at the bank meeting in Providence to-day. The Providence & New York Steamship line, in which they are concerned, is reported to be unembarrassed, but their banks have suffered, the Cranston Bank having made a bad failure, the Franklin having temporarily suspended, and three others in Providence being Bomowhat crippled. Another item of importance is the fact that the Trustees of the Union Trust Company find its capital unimpaired, and have passed resolution to resumo Dec. 1 with their a capital increased to $2,000,000,-doublo tho present amount.' The reports . from the manufacturing districts do not lighten up the general situation. From overy quarter coines the news of reduction of timo and wages and discharge of operatives. Thousands are now without employment in Massachusetts, Pennsylvania, and Now York.