1.
October 24, 1907
Santa Fe New Mexican
Santa Fe., Santa Fe, NM
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jumping to 105 in a few minutes. Three Small Banks Suspend. The Hamilton Bank of West 125th Street and the Twelfth Ward Bank today suspended payments to depositors. The banks claim to be solvent and propose to re-open when public confidence is restored. The Hamilton bank was not a large institution but had deposits of about seven millions. E. R. Thomas, who was associated with Heinze and Morse in several financial ventures, resigned as president after he became involved in copper and William R. Montgomery was elected president. The Empire City Savings Bank also posted a notice of suspension for thirty days under the banking laws. The officers feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks which are in the same neighborhood. The bank owes depositors about three million dollars. Situation Unchanged at Pittsburg. Pittsburg, Pa., Oct. 24.-At a meeting today of the members of the Pitts. burg Stock Exchange, it was decide I not to re-open for business today. The suspension of the Iron City Trust Company last night and the ap. pointment of a receiver had no apparent effect upon the local situation. It is known the company is liquidating for the purpose of going out of business. A prominet financier said today he knew the trust company could pay $135 per share to stockholders. Run on Providence Bank. Providence, R. I., Oct. 24.-A run began on the Union Trust® Company about noon today and before the close of banking hours a large, number of depositors had been paid. Marsden G. Perry president of the Trust Company, is connected with the Trust Company of America of New York.
2.
October 24, 1907
The News-Democrat
Providence, RI
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RUN ON UNION TRUST CO. BY SMALL DEPOSITORS Started Under Mistaken Impression, Says Vice President Dooley-The Bank Is Perfectly Sound, He Adds, and All Demands Will Be Met Dollar for STOCKS UP, Dollar. close business associate of former PresiA run on the Union Trust company was dent Marsden J. Perry, is president of the begun by a number of small depositors Trust Company of America. about 9:30 this morning and at 1:15 this THEN DOWN, "The only connection this bank has with afternoon the banking room was full the Trust Company of America," said Mr. and a line was commencing to form on Docley, "is that institution acts as one of the street. our New York correspondents, but the Several policemen were kept busy outtrust company is all right and is paying side the bank, keeping the curious moving all claims against it. There is no reason on. In spite of this, however, a large at all for this run." crowd gathered on the sidewalks surHEAVILY The bank has many millions of deposits rounding the bank. and a big capital and surplus. Its officials The officials of the bank say that it is are: J. Edward Studley, president; Michabsolutely sound and that all demands ael F. Dooley, vice president and secreare being and will be met promptly. tary; George W. Lanphear, vice president Mr. Michael F. Dooley, vice president Evidence of Forced Liquidation and treasurer; George L. Shepley, vice and secretary of the institution, made in Some of the Market Leaders president; Marsden J. Perry, first vice the following statement to a News-Dempresident; Newton D. Arnold, vice presiocrat man this afternoon: dent; Cornellus S. Sweetland, vice presi"This bank is absolutely sound and all Soon After the Opening. dent; Clinton F. Stevens, assistant treasdemands upon it will be met dollar for urer; Francis E. Bates, assistant treasdollar." urer; Frank E. Chaffee, assistant secreAsked as to what he thought was the New York, Oct. 24.-The stock market cause of the run, Mr. Dooley said: "The tary; C. H. W. Mandeville, comptroller. gave prompt expression at the outset to AT THE OLNEYVILLE BRANCH. run was started by people who had the the feeling of relief over the measures There was no signs of any run at the impression that this institution was conannounced over night to end the financial nected with the Trust Company of Amerbranch office of the Union Trust company crisis. Active buying orders were in the ica. This impression was false, but, as up to 2 o'clock this afternoon and if there market and a buoyant up-shoot resulted. usual in such cases, however, the news had been the manager, Mr. William A. The opening price-pace proved too rapid that a run on that bank was in progress Capwell, was in readiness, for large to be maintained, and there was some restacks of bills of all denominations were spread like wildfire and the present state action, but the activity immediately of affairs is the result." in plain sight and a number of extra diminished at the lower prices. WestingWhen asked if the Union Trust comclerks were on hand. house electric rose 10, American Tobacco pany had any connection with the KnickMr. Capwell informed The News-Demopreferred 4%, and several prominent erbocker Trust company, Mr. Dooley said crat representative that he did not constocks from 1 to 1%. that it had not. template an unusual rush of business, In several stocks the pressure of liquifor that would have been started at noonThe cause of the run was probably the dation still made itself felt, Minneapolis, uneasiness felt by depositors on account time, when many of their customers were St. Paul and Sault Ste. Marie running off out of the mill for dinner. of the fact that Mr. Oakleigh Thorne, a 4½, Southern Pacific preferred 1½, and a
3.
October 24, 1907
The Laramie Republican
Laramie, WY
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A Run at Providence. Providence, R. I., Oct. 24.-A run began on the Union Trust company about noon today, and before the closing banking hours a large number of depositors had been paid. Marsden J. Perry, president of the trust company. is connected with the Trust Company of America of New York.
4.
October 25, 1907
The Washington Times
Washington, DC
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Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.
5.
October 25, 1907
The Evening Statesman
Walla Walla, WA
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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
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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
The Laramie Republican
Laramie, WY
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Failed to Open Doors. 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, this morning. The following notice was posted: Many People in Line. "This bank will not open today, owing to the stringency of the money market." There were many people in line who wished to draw money. Had Big Surplus. According to the statement issued June 29 last, the bank had resources aggregating $28,238,335. Its liabilities included, besides its $500,000 capital stock, a surplus of $2,250,000 and deposits of $25,465,625. J. Edward Stadley is the president and Marsden J. Percy the first vice president of the institution.
8.
October 25, 1907
The Washington Times
Washington, DC
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Providence Bank Forced to Close By Money Slump PROVIDENCE R. L. Oct. 25.-The Union Trust Company, the largest- financial Institution in this city, closed its doors today, posting a notice that it was compelled to do so because of the stringency in the money market. The company announces that It has assets of $28,000,000, with deposits of $21,900,000. Of the deposits $10,500,000 were subject to check, and $11,400,00 were savings accounts deposited by more than 25,000 persons, most of them poor. J. Edward Studley is president of the company, and Marsden J. Perry, who was associated with Oakleigh Thorne, of the Trust Company of America in the purchase of the Central railroad, of Georgia, is vice president, director, and ruling spirit of the Institution. The capital of the Union Trust Company was $500,000. with a surplus of $3,250,000. C. S. Wetland has been appointed a receiver for the company. At the close of the meeting of the directors of the company this morning the following notice was posted: "Expect to resume Monday."
9.
October 25, 1907
New-York Tribune
New York, NY
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RUN IN PROVIDENCE. Many Withdraw Funds from Union Trust-Officers Confident. Providence, Oct. 24.-A steady stream of depositors passed before the window of the paying teller of the Union Trust Company of this city for three hours to-day and withdrew the amounts they had deposited with the institution. The demand began at noon, and when the bank closed its doors for business at the usual hour, 3 o'clock, there were between 100 and 150 depositors waiting in line to withdraw their savings. While no statement of the amount withdrawn from the institution was available at the close of business to-day, it was generally understood that the deposits withdrawn were principally small accounts, ranging from $100 to $3,000. although the bank officials said there were few withdrawals that reached the last mentioned figures. The officials of the trust company seemed to manifest no uneasiness at the situation, and when the bank was closed for business Michael F. Dooley, vice-president and secretary, addressed the waiting line of depositors, telling them that the closing hour had come, but that if they would return to-morrow morning at 9 o'clock their demands would be satisfied. An unofficial estimate of the number of persons withdrawing their deposits to-day placed the figure at about seven hundred. The bank officials asserted that the institution was in no danger, and that it would be fully able to meet all claims against it. 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, the New York institution which for two days has successfully stood up under a great strain of withdrawals. The Union Trust Company was organized in 1894 with a capital of $500,000. Its main headquarters are at Westminster and Dorrance streets, and it conducts branches at Olneyville, Westerly, Central Falls and East Greenwich. At none of the branches was there any marked number of withdrawals to-day. According to the statement issued by the institution on June 29 last, its total resources were $28,238,335 69 The capital stock is $500.000 and the surplus $2,250,000. The Union Trust Company has always transacted a large volume of business, and has been known well and favorably throughout New England banking circles. There was absolutely no disorder to-day. Under the Rhode Island banking laws the officials of the Union Trust Company may, if they deem it necessary, require every depositor to give ninety days' notice of withdrawal. Vice-President Marsden J. Perry arrived from New York to-night and conferred with the officers of the company. The officials agreed that there was no cause for alarm. Arrangements were made to have a large supply of money on hand in case the demand to-morrow should be abnormal. It was stated late to-night that the company would make a statement of the situation during the night or early to-morrow. Marsden J. Perry, who has been devoting himself to the affairs of the Trust Company of America during the last two or three days. said yesterday afternoon that he had no particular solicitude as to the affairs of the Union Trust Company of Providence; that the organization was unquestionably solvent and able to pass through any crisis that it was likely to meet. He said he would, however, take the matter in hand at once.
10.
October 26, 1907
The Pacific Commercial Advertiser
Honolulu, HI
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General Tone of Financial Reports Is Improving--Indians in NorthWest on the Warpath--France May Have Another Dreyfus Case. (Associated Press Cablegrams.) NEW YORK, October 26.-The savings banks are enforcing the clause in their agreement with all depositors requiring a sixty days notice of the withdrawal of funds. This has prevented much money being withdrawn now from the banks and further embarrassing them in the present situation. It is probable that the banks will issue clearing house certificates to the extent of fifty million dollars. MORE FAILURES REPORTED. NEW YORK, October 25.-The United States Exchange Bank, the First National of Brooklyn and the International Trust Company have suspended. Losses are comparatively small. The market is firmer. A pool of ten millions has been formed to aid in the Stock Exchange. PROVIDENCE, R. I., October 25.-The Union Trust Company, with branches in East Greenwich and Central Falls, has suspended.
11.
October 26, 1907
The Marion Daily Mirror
Marion, OH
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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 Madison Daily Leader
Madison, SD
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MANY DEPOSITORS IN LINE Union Trust Comppany of Providence, R. 1. Closes Its Doors. Providence, R. I, Oct. 26.-The Un. ion Trust company, on which there was a run, did not open for business at 9 a. m., the usual hour. As early as 6 o'clock 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 owing to the stringency of the money market." Later in the day Cornelius A. Sweetland was appointed temporary receiver of the Union Trust company by the superior court. The East Greenwich and Central Falls branches of the Union Trust company also have suspended.
13.
October 26, 1907
The Free Lance
Fredericksburg, VA
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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 clossly connected with the Trust Company of America. According to the statement issued by the institution on June 29 last, 1'm condition was as follows: Resources, $28,288,335; srplus, $2,250,000; deposits, $25,465,686.
14.
October 30, 1907
The News-Democrat
Providence, RI
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# DEPOSITORS
# PROMISE TO AID
# UNION TRUST CO.
At a conference of Cornelius S. Sweet-land, temporary receiver of the Union Trust company, and some of the largest depositors, it was said this afternoon, the persons present promised to give all the assistance in their power to bring about a speedy resumption of business.
It is understood that the depositors recommended the early resumption of the bank.
15.
December 11, 1907
The News-Democrat
Providence, RI
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# NOTHING NEW
# AT UNION TRUST
No new developments have taken place in the situation at the Union Trust company, according to the receivers.
Mr. James M. Scott said that while several conferences have taken place, nothing definite has as yet been arrived at.
Many local bankers believe that the depositors should proceed at once to appoint a committee to represent them in forming a plan for the reopening of the bank. They would also serve to express the views of the depositors, who are by far the most important factor in the situation.
The local bankers are evidently chary of promising support or aiding in re-organizing the bank until the position of the depositors is better known.
So far the depositors have been rather apathetic and have not shown themselves specially interested in whether the bank resumes or not. Their only desire seems to be for an early settlement of some kind.
16.
December 17, 1907
The News-Democrat
Providence, RI
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Yesterday afternoon two committees met which will have a large influence in the proposed reorganization of the Union Trust company. The committee appointed by the receivers met to organize and consider two plans for the reorganization of the bank, presented by the receivers, and the committee of depositors, elected last Friday, met for the first time, organized and informed the receivers that it had done so. The advisory committee appointed by the receivers of the Union Trust company to aid in formulating a plan for reorganization met at 2:30, in the offices of Edwards and Angell, on the top floor of the Union Trust company building. This committee is composed as follows: Robert H. I. Goddard, Arthur L. Kelley, Henry F. Lippitt, Herbert J. Wells, Cyrus P. Brown, Henry D. Sharpe, Joseph Davol, Rt. Rec. Matthew Harkins, Rev. Thomas F. Doran, William A. Copeland, Harry Outler, James Hanley, Leander R. Peck, Webster Knight. The committee organized by electing William A. Copeland chairman and Henry D. Sharpe secretary. A discussion of the affairs of the suspended institution then followed. The receivers presented two plans to the committee, both similar in general, but differing in some details. A sub-committee of three, the membership of which is withheld, was then appointed to consider the plans thoroughly. This committee.
17.
December 25, 1907
The Sun
New York, NY
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PLAN TO REORGANIZE TRUST co. Receivers Hope to Soon Reopen the Union of Providence. PROVIDENCE, Dec.24.-The advisory committee named by the receivers of the Union Trust Company, which suspended in the recent financial flurry. indorsed to-day a plan whereby it is proposed to reorganize the bank with new officers and directors, the resignations of all of the present officials being required. It proposes to resume business in the near future with a capitalization of $1,000,000 and a surplus of $500,000. Provision is made for the payment of all accounts of $100 or less. and there are 140,000 of these. The claims of all depositors with accounts of over $100 are to be paid in instalments during three and a half years. If the plan is approved by a majority of the stockholders, creditors, depositors. etc., it will be put into operation at once.
18.
January 18, 1908
The News-Democrat
Providence, RI
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DEPOSITORS RECEIVE UN'ON TRUST PAPERS Papers were sent out to the depositors and stockholders of the Union Trust company last night, and it is hoped that early next week a sufficient number of replies will come to enable the receivers to formulate a definite statement to be presented to the superior court next Saturday. The signatures of Nathan W. Littlefield, acting on the part of the depositors; Samuel M. Nicholson, for the stockholders, and the proper officials for the Rhode Island Hospital Trust company and the Industrial Trust company as depositaries, have been affixed to the original agreement now in the hands of the printers. Four papers are being sent to the various classes, viz.: copies of the agreement, the letter of the depositors' committee, the release of claim and subscription blank for stock in the proposed new company. The stockholders will receive copies of the agreement, the letter of the depositors' committee, blank power of attorney to the voting trustees and blank for transfer of stock. There have been nine separate papers drawn up and between 75,000 and 100,000 copies had to be printed. The replies to all these papers will be sent to the depositaries in care of the Union Trust company, addressed envelopes accompanying each letter sent out. These replies will be tabulated and recorded so that the receivers can formulate a report to hand to the court next week Saturday. At 9:30 a. m. next Saturday a hearing will be held before Presiding Justice William H. Sweetland in the superior court on the question of the appointment of a receiver for the company and the receivers will ask for further time to get the proposed plan of reorganization and resumption into operation.
19.
February 7, 1908
Coeur D'alene Evening Press
Coeur D'alene, ID
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BIG BANK TO REOPEN Hearing for Receivership for Union Trust Co. 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 the 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.
20.
February 12, 1908
The Barre Daily Times
Barre, VT
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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
Lewiston Evening Teller
Lewiston, ID
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To Reopen Big Bank. PROVIDENCE, R. I., March 27.Action fixing the date and final details for the resumption of business by the Union Trust company, which failed during the recent panic, is ex-pected 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.
March 27, 1908
Coeur D'alene Evening Press
Coeur D'alene, ID
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REOPEN BIG BANK Union Trust Company Will Resume Business. PROVIDENCE, R. I., Mar. 27.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 in its vaults. The total indebtedness of the company is $19,112,577.62. Practically all of the creditors have given assent to the reorganization plan.
23.
May 1, 1908
The Olneyville Times
Providence, RI
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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-
24.
May 4, 1908
Waterbury Evening Democrat
Waterbury, CT
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OPEN FOR BUSINESS. Providence Trust Company Will Put $3,000,000 in Circulation. Providence, R. I., May 4.-The Union Trust company, the banking institution which went into the hands of temporary receivers on October 25 last, reopened for business to-day in its headquarters at the corner of Westminster and Dorrance streets. The Olneyville and East Greenwich branches also reopened to-day but business will not be resumed at the branch in Central Falls. By the reopening of the institution $3,000,000 in cash which has been out of circulati)n for more than six months will be liberated.
25.
February 4, 1909
Palestine Daily Herald
Palestine, TX
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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.