19797. Union Trust Company (Providence, RI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
October 25, 1907
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
f8c83be3

Response Measures

None

Description

The Union Trust Company suspended payments Oct 25, 1907 during the Panic of 1907 (systemic macro shock). It later reopened May 4, 1908. Subsequent articles through Feb–May 1912 report final redemption of contingent certificates and complete rehabilitation; there is no evidence in these clippings of a depositor run prior to suspension focused on this bank. Thus classification is 'suspension_reopening'.

Events (4)
1. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Suspended during the financial panic of 1907; bank was solvent but could not realize on loans because money was locked up across the market.
Newspaper Excerpt
The remaining indebtedness of the Union Trust Co. at Providence, R. I., which suspended on Oct. 25, 1907,...
Source
newspapers
2. May 4, 1908 Reopening
Newspaper Excerpt
On May 4, 1908, the bank reopened and payments of 10 and 20 per cent. have been made since that time so that now 90 per cent. has been returned.
Source
newspapers
3. February 5, 1912 Other
Newspaper Excerpt
With the payment to-day of $1,750,000, in redeeming the final 10 per cent contingent certificates, the Union Trust Company ... completely liquidated its indebtedness to its old depositors.
Source
newspapers
4. May 4, 1912 Other
Newspaper Excerpt
Complete rehabilitation of the Union Trust Company was accomplished today, when the last obligation resulting from the closing of the institution in 1907 was wiped off the books. Rathbone Gardner, one of the receivers appointed by the court at the time of the bank's suspension, resigned from the presidency today.
Source
newspapers

Newspaper Articles (11)
1. May 5, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 5, 1911

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Article Text

The rate of discount of the Bank of remained unchanged Thursat 3 per cent. fter several years' agitation and as setbacks by executive vetoes, the bill, which prohibits women minors in mercantile establishfrom working more than that each week, was passed to be enThursday in the MassachuHouse. Having the approval of Senate, it will reach the Governor The International Press Congress Thursday at the Capitol at 500 delegates reporting. King Emmanuel, Queen Helena, the mbers of the ministry and many verment officials were present. Nathan welcomed the visitors former Premier Luzzatti, who has urned to the work of a journalist, on the increasing importance of press. "hat Australia fears the Orient was opinion expressed by Frenk Wilpremier of Western Australia, who Wednesday at Victoria, B. C., the steamer Zealandia, en route to to attend the coronation. "Unwe people of Australia prepare to It, we will lose it," he said. "The movement, the construction of Australian navy. was not begun too statement just issued by the States treasury department $34.55 as the per capita circulabasing the figures upon an espopulation on May 1, 1911. of 705,000. The department showed that that date there was a general of money amounting to $3,546.which included $308,936,220 held the treasury and $3,237,688,117 in culation. The dirigible balloon Parseval I, on urning with a party of officers of army and government officials from ipsic, Wednesday evening was about land at Bitterfeld, Pressian Saxony, the motor broke down and the swept away to the northwest, by a strong wind. The occuexperienced a few uneasy mobut the pilot pulled the rip and releasing the gas from the made a skilful and / fortunate in the darkness. woman's comb and a button fura slight clue Thursday at New in the search for the slayer of Anna Muhlner, the young bride Wednesday night with her throat in her homes The comb picked up the body did not belong to Mrs. ihlner, her husband said. nor was button found on the floor like those on any of her apparel. A diamond was left on the murdered wofinger, showing that robbery was the motive of the crime. The Union Trust Co. at Providence, I. which temporarily closed its during the financial panic of 1907 Thursday half of the 20 per cent. ntingent certificates held by those money was tied up in the instiwhen it suspended. Thursday's yment leaves only 10 per cent. due depositors and President RathGardner stated that this final tstanding indebtedness would be paid soon as circumstances warranted. indictment of five counts charghim with making false statements the Massachusetts savings bank mmissioner has been returned Velenus W. Crowson, former easurer of the Westfield Savings by the Hampden County grand which reported late Wednesday Judge Crosby in the superior court. owson was arraigned immediately the indictment had been returnand pleaded not guilty. He has been on bail ever since his arrest someago, Four sisters, all widows of railroad gineers killed in wrecks, will meet the funeral of Engineer Thomas of Huntington, W. Va., who killed in a wreck on the Chesa& Ohio Road near Thurmond

2. January 10, 1912 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 10, 1912

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Article Text

The remaining indebtedness of the Union Trust Co. at Providence, R. I., which suspended on Oct. 25, 1907, will be wiped out on Feb. 5, by the reGemption of the contingent certificates held by its depositors. The sum thus made available with accrued interest at 3 per cent. will be about $1,750,000. The deposits in the bank at the time it suspended aggregated $21,694,800 and the depositors numbered 30,960. On May 4, 1908, the bank reopened and payments of 10 and 20 per cent. have been made since that time so that now 90 per cent. has been returned.

3. February 5, 1912 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, February 5, 1912

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O . OUTSIDE NEWS CONDENSED. . Miss Maxine Elliott, well known American actress, 41 years old today John Walter Smith. United States senator from Maryland, 67 years old today. Simeon E. Baldwin, governor of Connecticut and one of the foremost legal authorities in the United States, 72 years old today. A court-martial with Col. George Barnett presiding convened at the Philadelphia Navy Yard today for the trial of Lieut. C. W. Alger, of the Marine Corps. Lieut. Alger is charged with conduct unbecoming an officer. Rochester, N. Y., Fed. 5.-Active co-operation in the movement which makes for better agriculture and larger crops is to be che of the leading subjects of discussion at the annual convention of the National Canners' Association, which began in this city today with a large attendance. The-convention will continue in session until Thursday. Palatka, Fla., Feb. 6.-This city is rapidly filling up with delegates to tomorrow's Republican State convention, which will elect six delegates-at-large and an equal number of alternates to the national convention to be held in Chicago next June. Florida Republicans are believed to be a unit for President Taft, and it is expected the state delegation will be instructed for his renomination without a dissenting vote. The matrimonial difficulties of the Guggenheims have been frequently before the courts of Illinois and New York during the past ten years. In the present suit Mrs. Grace Guggenheim is seeking to have the divorce she obtained from her husband in 1901 set aside on the ground that she was not a legal resident of Illnois at the time she received her decree from the Chicago court. The remarriage of the husband since the divorce has tended to further complicate the situation. Providence, R. I., Feb. 5.-The remaining indebtedness of the Union Trust company, which suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended aggregated nearly $22,000,000, and the depositors numbered 30,960. On May 4, 1908, the bank re-opened, and several payments have been made since that time,- until a final 10 per cent. distribution today cleared up all of the indebtedness. In addition to the amount of their deposits the depositors received interest at 3 per cent. Boston, Mass., Feb. 5.-William DeGraff, a hunchback, was placed on trial for his life in the United States district court here today charged with the murder of Captain Charles H. Wyman of the coal barge Glendower, on which DeGraff was the cook. The murder of Captain Wyman, which occurred while the barge was on its way from Philadelphia to Boston, was one of the most heartless crimes committed for many years within the jurisdiction of the local Federal court. The head of the skipper was crushed by a blow from some heavy instrument, which was, it is believed, thrown into the sea after the murder. Chicago, III., Feb. 5.-Perhaps the most peculiar legal scandal ever exposed in a Chicago court will come to a focus in the trial of the suit of Mrs. Grace B. Guggenheim to annul the divorce granted her in 1901 from William Guggenheim, millionaire member of the famous smelter trust family. which came up for hearing today before Judge Thomas G. Windes in the circuit court. Popular interest in the case has been aroused to a great degree because the suit now comes before Judge Windes as the result of charges made by Judge A.

4. February 6, 1912 New-York Tribune New York, NY
Article from New-York Tribune, February 6, 1912

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Article Text

DEPOSITORS PAID IN FULL. Providence, Feb. 5.-With the payment to-day of $1,750,000, in redeeming the final 10 per cent contingent certificates, the Union Trust Company, which suspended during the panic of 1907, completely liquidated its indebtedness to its old depositors. The only obligations which now remain from the financial difficulties of 1907 are the deferred certificates held by the old stockholders, representing about $500,000, and these will be retired at par as soon as the directors believe the bank is in a position to do so.

5. February 6, 1912 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 6, 1912

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CONDENSED DISPATCHES. The minister of agriculture. province of Saskatchewan, has wired the American government at Washington from Regina, stating that there are 20,000,000 bushels of unthreshed wheat, all tough, and 12,000,000 bushels of wet and tough, which must be shipped at once or be a total loss. The Canadian railways have refused to ship this grain to Duluth and Minneapolis, except in foreign cars. This action, it IS claimed, has brought on another crisis in the car situation and the minister or agriculture is seeking the co-operation of the American government in getting the matter straightened out. With the payment, Monday, at Providence, R. I., of $1,750,000 in redeeming the final 10 per cent. contingent certificates, the Union Trust Co., which suspended during the panic of 1907, completely liquidated its indebtedness to its old depositors. Since the organization of the company and the reopening of the institetion, payments to the former depositors have been made at intervals and when the holders of the certificates presented them for redemption they received every cent they had in the bank when it closed. The only obligation which now remains from the financial difficulties of 1907 are the deferred certificates held by the old stockholders, representing about $500,000. and these will be retired at par as soon as the directors believe the bank in is a position to do so.

6. February 6, 1912 Bisbee Daily Review Bisbee, AZ
Article from Bisbee Daily Review, February 6, 1912

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Article Text

WIPES OUT INDEBTEDNESS Rhode Island Trust Company Also PaYs Interest. PROVIDENCE, R. I., Feb. 5:-The remaining indebtedness of the Union Trust company which was suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended, aggregated nearly $22,000,000, and the depositors numbered 30,960. On May 4, 1908 the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addition to the amount of their deposits the depositors received accrued interest at 3 per cent.

7. February 6, 1912 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, February 6, 1912

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Article Text

WIPES OUT ITS INDEBTEDNESS Providence, R. I., Feb. 5-The remaining indebtedness of the Union Trust Company which suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended aggregated nearly $22,000,000, and the depositors numbered $30,960. On May 4, 1908, the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addition to the amount of their deposIts the depositors received accrued interest at 3 per cent.

8. February 8, 1912 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, February 8, 1912

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Article Text

WIPES OUT REMAINING INDEBTEDNESS PROVIDENCE, R. I., Feb. 5.-The remaining indebtedness of the Union Trust company, which suspended on Oct. 25, 1907, was wiped out today by the redemption of the contingent certificates held by its depositors. The deposits in the bank at the time it suspended aggregated nearly $22,000, 000, and the depositors numbered 30,960. On May 4, 1908, the bank reopened, and several payments have been made since that time, until a final 10 per cent distribution today cleared up all of the indebtedness. In addtion to the amount of their deposits d the depositors received accrued intert est at 3 per cent.

9. February 13, 1912 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, February 13, 1912

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AN ECHO OF 1907. An echo of the Roosevelt panic of 1907 comes in the statement that the Union Trust Company of Providence, Rhode Island, has just paid in full its indebtedness to its old depositors. The last installment of ten per cent. amounting to $1,750,000, was paid on Monday of last week. This company was forced to the wall in that panic, although it was perfectly solvent, but it could not realize on its loans and commercial paper. The bankers of the East had done what they always do when a panic comes on, locked up all the money and prevented realization on any form of security whatever. Noth. ing but money would answer for the liquidation of any account. and the money was all locked up. Consequent. ly, any concern that was not cared for by the bankérs' trust through the clearing-bouse check system. was forced to suspend. It has been 8 little over four years since that panie. The Union Trust Company had plenty of resources: it was, from the banking and trust company's standpoint, and from any fair financial reckoning. entirely sound and solvent. But, since the money was all locked up, it could not get any ready eash, and so it had to suspend. An Eastern contemporary, noting this final payment, draws the moral that "any monetary and banking BVS. tem is unsound which does not provide means for averting such unnecessary ruin as the suspension of this trust company inflicted on many mercantile houses and private depositors in Providence, That is undoubtedly true. And vet. what is the remedy? Certainly not by putting the resources of the United States at the command of R. cotérie of bankers and involving the President. the Secretary of the Treas. Drv. and other high Government offieials in the tangled web of a quasipublic banking system whose apex is a central reserve association, altogether

10. May 4, 1912 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, May 4, 1912

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Article Text

REHABILITATE UNION TRUST Providence, R. I., May 4.-Complete rehabilitation of the Union Trust Company was accomplished today, when the last obligation resulting from the closing of the institution in 1907 was wiped off the books. Rathbone Gardner, one of the receivers appointed by the court at the time of the bank's suspension, resigned from the presidency today.

11. May 10, 1912 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, May 10, 1912

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Rehabilitate Union Trust. Providence, R. I., May 4.-Complete rehabilitation of the Union Trust company was accomplished today, when the last obligation resulting from the closing of the institution in 1907 was wiped off the books. Rathbone Gardner, one of the receivers appointed by the court at the time of the big bank's suspension, resigned from presidency today.