Providence Trust Company (Providence, RI)

Episode Information

Episode UID
4598579691294
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
459857969 hash
Start Date
October 24, 1907
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f4c9dbc15de7b460

Response Measures

None

Description

The articles refer to the Union Trust Company; the Providence Trust Company mentioned in the headline of Article 1 appears to be an OCR or editorial error for Union Trust.

Events (4)
1. October 24, 1907 Run
Cause
Macro News
Cause Details
stringency in the money market during the Panic of 1907
Newspaper Excerpt
Union Trust Company, on which there was a run yesterday
Source
newspapers
2. October 25, 1907 Receivership
Newspaper Excerpt
Cornelius A. Sweetland was appointed receiver for the trust company.
Source
newspapers
3. October 25, 1907 Suspension
Cause
Macro News
Cause Details
stringency in the money market
Newspaper Excerpt
This bank will not open today owing to stringency in the money market.
Source
newspapers
4. March 14, 1908 Reopening
Newspaper Excerpt
The Union Trust Company, which suspended last October, will be reopened for business, according to a decree of Presiding Justice William H. Sweetland
Source
newspapers

Newspaper Articles (2)
1. October 25, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 25, 1907

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Article Text

AT OTHER POINTS. Providence Trust Company Fails to Open Its Doors. Providence, R. I., Oct. 25.-Posted on the doors of the Union Trust Company, on which there was a run yesterday, this morning was the following: "This bank will not open today owing to stringency in the money market." Cornelius A. Sweetland was appointed receiver for the trust company. Up to a late hour last night the officers of the company expected to open today, but subsequent consultations brought a decision that in view of the light money market the interests of depositors would be conserved by closing. The company was organized in 1894 with a capital of $500,000. It conducts several branches in the state. According to its statement June 29, the bank has resources aggregating $28,238.000. Its liabilities included, besides the capital stock, a surplus of $2,250,000; undivided profits, $23,000, and deposits of $25.465,000. The New England Trust Company posted notice today requiring ninety days' notice of withdrawal of deposits.

2. March 15, 1908 New-York Tribune New York, NY
Article from New-York Tribune, March 15, 1908

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Article Text

PROVIDENCE TRUST CO. TO REOPEN. Declared Solvent by the Rhode Island Superior Court. Providence, March 14.-The Union Trust Company, which suspended last October, will be reopened for business, according to a decree of Presiding Justice William H. Sweetland in the Superior Court to-day, when the case came up after many postponements upon the question of appointment of a permanent receiver. Chief Justice Sweetland declared that the bank was solvent and announced that at a later hearing a date would be fixed for a reopening The receivers and a committee of depositors who since December 28 have been at work on a plan for the reorganization of the institution reported that about 96 1/2 per cent of the claims against it had been released. Out of a total of more than $19,000,000 in deposits $18,431,085 was released by 16,250 depositors, while the issue of 10,000 shares of new stock in the reorganized institution was oversubscribed.