United States Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: November 25, 1917
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 3e29a60b

Response Measures

None

Description

Article (Evening Star, 1917-11-25) states the United States Trust Company was liquidated and a receiver had been handling claims; bondholders accepted settlements. No mention of a depositor run—this is a suspension leading to closure/receivership.

Events (1)

1. November 25, 1917 Receivership

Newspaper Excerpt: these bonds were accepted at par value by shareholders in the United States Trust Company, liquidated, in lieu of an offer to the receiver ... after the receiver had practically settled all other claims against the corporation.
Source: newspapers

Newspaper Articles (1)

1. November 25, 1917 Evening Star Washington, DC

Article from Evening Star, November 25, 1917

Click image to open full size in new tab

Article Text

Bondholders Discuss Plans. Representatives of an ownership of nearly $900,000 of the bonds of the Chevy Chase and Great Falls Land Corporation met yesterday and discussed action to be taken in view of default on two interest periods. These bonds were accepted at par value by shareholders in the United States Trust Company, liquidated, in lieu of an offer to the receiver of $40 a share cash, or full value in these bonds for the remainder of the assets, after the receiver had practically settled all other claims against the corporation. Peyton Gordon, for the committee, read a long agreement under which deposits of bonds with the National Savings and Trust Company, are to be asked for, so that action, when taken, will be harmonious. Many of the bondholders present signified their intention to deposit their bonds. It is understood that plans are under consideration by which the property will be made, ultimately, to pay off the bonds. It was stated at the meeting that holders of only $100,000 of the stock of the United States Trust Company. took the cash settlement of $40 per share. Enters on Fifty-First Year. Charles C. Glover, president of the Riggs National Bank will start tomorrow morning on his fifty-first year of continuous service with the Riggs National Bank and its predecessors. Mr. Glover has long been to the fore in financial and other matters in. Washington. He celebrated his seventyfirst birthday yesterday, remaining at home and receiving the congratulations of many close personal friends. Turning Out the Pennies. Since November 1, the mints have turned out 53,000,000 pennies, or ten times the usual output for a like period. Subsidiary silver coin minted in 1917 will come close to $80,000,000. The smallest American coin has come into considerable prominence since the passage of the revenue bill of 1917, the additional war taxes on amusements etc., giving it prominence heretofore unknown.