Union Trust Company (Providence, RI)

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11. Bank 1 Run at Providence. PROVIDENCE, Oct. 24.-Depositors of the Union Trust company started a run on the bank at noon, and large amounts are being paid out puromptly.

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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.

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Providence Is Affected

Providence, Oct 24.-Depositors 1 of the Union Trust Co began about noon to-day in withdrawing deposits. Before the closing hour a large number were paid. President Terry of the Trust Co is also connected with the North American Trust Co of New York.

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PROVIDENCE

R. I., Oct. 25. A receiver was appointed today for the Union Trust Company, of this city. on which there had been a run. The banks announced this morning It would not open. It had deposits of over twenty million dollars. Another at East Greenwich closed its doors today.

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PROVIDENCE IS CAUGHT

Union Trust Company Goes into Mands of a Receiver. Providence, R. I., Oct. 25.-The Union Trust company temporarily suspended today. It is the biggest institution in the city. E. S. Sweetland was appointed receiver.

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Receiver for Union Trust Co

Providence, R. I., Oct. 25.—C. S. Sweetland has been appointed receiver of the Union Trust company. The company's individual deposits exceed $25,000,000.

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Wanted Payrolls

The suspension of the Union Trust company will probably be felt somewhat severely by working people today, as many of the large manufacturers dealt with that company and no money is available at the trust company for payrolls. Representatives of many of the manufacturing companies called at the trust company this morning for the payrolls, but were turned away with the answer that no business will be done today.

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Is Named to Administer Affairs

FOR UNION TRUST CO.

TRUST COMPANY OF AMERICA IS DOING BUSINESS

BANK COULD NOT GET READY MONEY, SAYS MR. PERRY

"The Union Trust company regrets to announce that it finds itself unable, owing to prevailing financial stringency, to immediately meet all its obligations. Its assets are amply sufficient to satisfy all claims upon it under normal conditions. But it is impossible to obtain sufficient ready money at the

Hundreds of Depositors Surrounded Banking Rooms This Morning, but Receivership Petition Had Been Filed and Cornelius S. Sweetland Appointed Before Daybreak-Bank's Assets Exceed $28,000,000, and Are Said to be More Than Enough to Meet Its Obligations.

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pended payment

The Providence, R. I., Union Trust company today suspended payment temporarily. At Pittsburg. Pittsburg, Oct. 25.-Stock Exchange is closed again today.

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More Deposits Than Withdrawals at Most of the Local Institutions. Less Business Than Usual Mondays at the Industrial Trust Co. Receiver Sweetland of Union Trust Co. Says It Will Be Reopened As Soon As Possible.

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FINANCIAL SITUATION IN SYNOPSIS.

Wednesday.- Corner in copper securities engineered in New York City by the F. Augustus Heinze interests collapses and stocks slump heavily. Gross & Kleeberg, brokers, forced to suspend. Otto Heinze & Co., brokers, unable to settle with other New York Stock Exchange firms. Thursday.- After conference of bankers at home of Charles W. Morse, F. Augustus Heinze retires as president of Mercantile National Bank. State Savings Bank, of Butte, Mont., a Heinze institution, closes its doors. Friday.- On demand of the Clearing House Association the entire directorate of the Mercantile National Bank, of which F. Augustus Heinze, Charles W. Morse and E. R. Thomas gained control last January, resigns. Mercantile Bank requires aid in clearing debit balance of $754,000. Stocks reached lowest point of the year. Saturday.- Charles W. Morse resigns as director and trustee of fourteen banks and financial institutions, among them the National Bank of North America. Sunday.- Bankers held all day conferences and Seth M. Milliken is chosen president of Mercantile Bank. Monday.- O. F. Thomas resigns as president of the Consolidated National Bank. William R. Montgomery succeeds E. R. Thomas as president of the Hamilton Bank. The National Bank of Commerce notifies the Clearing House that it will cease to redeem checks for the Knickerbocker Trust Company, and Charles T. Barney retires as president of the Knickerbocker Trust Company. Tuesday.- The Knickerbocker Trust Company forced to suspend payment following a run by depositors and after $8,000,000 is withdrawn. Marcus Mayer & Co., stock brokers, with liabilities of $5,000,000, forced to suspend. George B. Cortelyou, Secretary of the Treasury, goes to New York City to take charge of financial situation. Wednesday.- Depositors start a run on the $80,000,000 Trust Company of America and withdraw $8,000,000. Westinghouse Electric and Manufacturing Company, with liabilities of $100,000,000, forced into hands of receiver. Pittsburg Stock Exchange suspends trading operations. Thursday.- With stock market demoralized, Mr. J. P. Morgan and associates save situation by sending $27,000,000 to be put out as call loans. Twelfth Ward Bank, Hamilton and Empire City Savings Banks suspend payments to protect depositors. Friday.- United States Exchange Bank, of Harlem; Borough Bank, of Brooklyn, and Union Trust Company, of Providence, R. I., close doors. Eight banks and trust companies in Manhattan and Brooklyn suspended payment. The Clearing House decided to issue loan certificates which will be used in the settlement of bankers' balances. Reassuring statements as to the financial situation were issued by leading business men and Government officials. The savings bank presidents decided to require sixty days' notice from depositors for the withdrawal of funds. Confidence being restored, President Roosevelt issues semi-official reassurances. No cause for further alarm. Whole country prosperous and good times will continue.

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TODAY'S DIVERSIONS

PROVIDENCE OPERA HOUSE-Miss Frances Starr in "The Rose of the Ranco," 8 p. m. KEITH'S-Vaudeville, headed by "Pianophiends," 1:30 to 10:30 p. m EMPIRE-"King and Queen of Gamblers," 2:15 and 8:15 p. m. IMPERIAL-Burlesque, 2 and 8 p. m. WESTMINSTER-Burlesque, 2:15 and 8:15 p. m. NICKEL-Pictures and Songs, 10 a. m. to 10:30 p. m. SCENIC-Pictures, Songs and Vaudeville, afternoon and evening. INFANTRY HALL-Polo, Providence vs. New Britain, 8:30 p. m ; amateur game at 7:30 p. m.

NO TIME FOR HASTE.

Mr. Rathbone Gardner should advise his co-receivers of the Union Trust company to take the machine organ into their confidence, if they desire it to approve either the necessary delay in perfecting plans for reopening the institution or the plans when they are announced. Perhaps they don't desire it, knowing full well that the public recognizes that if there is any lack of confidence at this time, it is merely a reflection growing out of the task the court has imposed upon the receivers.

All that is now needed is patience. The bank management acted suddenly enough. The receivers should have a reasonable time to make the best of conditions as they have found them. And the 30,000 depositors, to say nothing of the court, which is acting for the interests of all, are disposed to await with both patience and confidence the receivers' action, believing they will protect, so far as they can, the interests of the depositors.

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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.

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Trust Company to Resume

PROVIDENCE. R. I., December 25.The receivers' advisory committee of the Union Trust Company has come to an

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RECEIVER GETS INJUNCTION

Transfer of Sargeant Assets Forbidden

RELATIVES ENJOINED

Seven Financial Institutions Are Also Restrained—Four Others, Opposing Court's Order, to Be Heard.

Providence, R. I., Dec. 28. -The petition of National Bank Examiner Harry F. Currier of Malden, Mass., for an injunction restraining Marian M. Sargeant, F. W. Sargeant and Edward E. Morgan, relatives of the late Frederick E. Sargeant, who was cashier of the suspended bank, from paying out any moneys or transferring and property be-longing to the late cashier, was heard in the United States district court yesterday. Restraining orders were granted in the case of seven financial institutions, their attorneys not opposing the issuance of the injunctions. The petition was not opposed by any of the defendants mentioned.

The attorneys of four institutions, however, opposed the granting of the petition of Mr. Currier, and the court set Tuesday, Dec. 31, as the date for a hearing on the arguments. The companies opposing the injunction are the Industrial Trust company, People's Trust company, Rhode Island Hospital Trust company and the Rhode Island Safe Deposit company, all of this city. The companies against which a restraining order was issued, are the Colonial Trust company, Italio-American Mutual Trust company, New England Trust company, Rhode Island Investment and Trust company, and the Title Guarantee company of Pawtucket and the receivers of the Union Trust company of Providence.

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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.

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To Reopen Providence Bank

PROVIDENCE, R. 1., April 6.May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panie. Ninety-six per cent of the depositors have agreed to the organization plan.

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To Re-Open Providence Bank

Providence, R. I., April 6.-May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panic Ninety-six per cent of the depositors have agreed to the reorganization plan.

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To Reopen Providence Bank

PROVIDENCE, R. I.. April 6.-May 4 has been fixed as the date for reopening of the Union Trust company, which failed during the panic. Ninety-six per cent. of the depositors have agreed to the reorganization plan.

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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.

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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.

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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.

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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.

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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.