8025. Union Loan & Trust Company (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
October 12, 1896
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
509d336e

Response Measures

None

Description

Savings bank commissioners petitioned the court alleging reserves below legal requirements; the company was ordered/not open for business (suspension) and a temporary receiver (Samuel McCall) was appointed. The institution remained in receivership and did not resume business; later court action in June 1897 dealt with settlement of depositors and discharge of the temporary receiver but did not authorize resumption. No run on deposits is reported in the articles.

Events (4)
1. October 12, 1896 Suspension
Cause
Government Action
Cause Details
Savings bank commissioners petitioned the supreme court and asked injunction and appointment of a receiver because reserves were about 5% below legal requirement.
Newspaper Excerpt
The Union Loan and Trust Company was not open for business this morning. This is the company for which the savings bank commissioners petitioned the court for a receiver last week, claiming its reserve is 5 per cent. below the legal requirements.
Source
newspapers
2. October 13, 1896 Receivership
Newspaper Excerpt
Samuel McCall, of Worcester, has been appointed temporary receiver for the Union Loan and Trust Company. This action is taken pending a decision by the Superior Court on an application of the bank commissioners to have the affairs of the company wound up.
Source
newspapers
3. December 1, 1896 Other
Newspaper Excerpt
Receiver McCall, of the Union Loan and Trust Company, reports assets, $341,950, liabilities as far as ascertained, $236,547.
Source
newspapers
4. June 5, 1897 Other
Newspaper Excerpt
Judge Holmes has ordered that, upon the depositors of the Union Loan and Trust company being paid in full, the temporary receivership of the company be discharged ... This order does not, however, give the company the right to resume business.
Source
newspapers

Newspaper Articles (11)
1. October 11, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 11, 1896

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Article Text

Receiver Wanted for a Bank. BOSTON, Oct. 10. 1 An application was presented in the Supreme Court to-day by the savings bank commissioners asking that an injunction be issued to restrain the Union Loan and Trust Company, of this city, from doing further business. The appointment of a receiver is also asked for. A hearing has been fixed for Tuesday next. The company was formed in 1894, with a capital of $100,000. On Sept. 10 the liabilities were $363,844, with resources placed at the same figures. Ex-Senator Clark, of Lynn, president of the company, says he does not fear a run on the institution and that with temporary assistance the bank will be able to comply with the commissioners' demand that the reserve fund be increased.

2. October 11, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 11, 1896

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TELEGRAPHIC BREVITIES. Domestic. Barnes & Ladow, sash and blind manufacturers of Mechanicville, N. Y., have failed. Jacob Raible of the cooperage firm of Raible Bros. of Cincinnati was shot by Thomas Ballon, whom he had discharged. Leadville Miners' union has called on the engineers and pumpmen to aid in the struggle. Further trouble is now looked for. Bondholders of the Louisville & New Albany have announced a plan for foreclosure and inauguration of a new company. O. B. Tennis, wholesale straw goods, at Chicago, has confessed to judgments aggregating $44,000. Poor collections caused the failure. Harry St. John, son of ex-Governor St. John of Kansas, has died of grip. He was under indictment at Oklahoma City for wife murder. Policyholders in the Massachusetts Benefit Life association have petitioned Governor Wolcott for an investigation of the association's affairs. At We-Wo-Ka. capital of the Seminole nation, an Indian was shot in the presence of a large crowd of persons for a murder committed six months, ago. George Coppell, chairman of the Wisconsin Central reorganization committee, says a plan is now in the hands of a subcommittee. He declines to give details. Lester F. Thurber of Nashua, N. H., has been appointed assignee of the Security Trust company of Nashua and the company has been enjoined from doing business. Buford Overton, who murdered and robbed Gus Loeb and his wife, will be hanged at Harlan, Ky., on Monday. His friends have sworn they will attempt his rescue. Alfred Cummings, a decrepit veteran of the Mexican war, was murdered at his home near Leavenworth, Kan. He was a miser and was evidently killed by a blow from behind with a hatchet. The Minnesota Methodist conference has expelled Rev. J. C. Hall from the ministry. Hall was a St. Paul minister accused of poisoning his wife. He has not yet been tried in civil court. Granville Harbert of Lima, O., and his family were taken violently sick after eating hot biscuits made from flour with which rat poison had been mixed. Harbert and his daughter, Mrs. Albert King, are dead. A. receiver has been asked for in the supreme court at Boston for the Union Loan and Trust company of that city. The president of the company says the bank will be able to increase the reserve fund if it be given a little temporary assistance. Foreign. George du Maurier's remains were cremated at Woking. Funeral services will be held Tuesday at Hampstead church. The czar and ezarina have promised the Due l'Aumales to visit the castie of Chantilly when they revisit Paris in the spring. Hon. L. H. Davies, Canadian minister of marine and fisheries, announces that the commission to inquire into the Bering sea claims will sit at Victoria, B. C., next month.

3. October 13, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 13, 1896

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Article Text

Business Embarrassments. BOSTON, Oct. 12.-The Union Loan and Trust Company was not open for business this morning. This is the company for which the savings bank commissioners petitioned the court for a receiver last week, claiming its reserve is 5 per cent. below the legal requirements. The court made the order returnable Tuesday. The savings bank commissicners were in consultation with President Clark regarding the matter this afternoon. MIDDLETOWN, Conn., Oct. 12.-By the assignment of E. F. Bigelow, of Portland, the printer, the following papers which were printed in his establishment are compelled to suspend: The Middletown Tribune, the Middletown County Record, the Wesleyan College Argus and the Colchester Advocate. Of these the Tribune is a daily, the others weekly. CHARLESTON, W. Va., Oct. 12.-Colonel J. T. McLain, a large lumber dealer of Putnam county. assigned last Saturday. To-day Orcult & McLain, of this city, of which firm McLain was a member. assigned. McLain's liabilities are said to be $100,000 and those of the firm much less. WASHINGTON, Oct. 12.-The Controller of the Currency has received a telegram announcing the failure of the First National Bank of Eddy, N. M. The bank had a capital of $50,000 and its last report showed an indebtedness to depositors of about $75,000. BRIDGEPORT, Conn., Oct. 12.--The directors of the Morning Union (newspaper) have decided to ask for a receiver. The plant will be sold at auction.

4. October 13, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 13, 1896

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Article Text

A Trust Company Not Open. Boston, Oct. 13.-The Union Loan and Trust company was not open for business yesterday. This is the company for which the savings banks commissioners petitioned the court for a receiver last week, claiming its reserve is 5 per cent below the legal rate.

5. October 14, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 14, 1896

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Article Text

Business Embarrassments. NEWCASTLE. Cal., Oct. 13.-The Cooperative Fruit Company, of Newcastle. has filed a petition of insolvency. Liabilities, $77,599; assets, $68,259. There is due to Eastern creditors $40,000. This was the largest fruit shipping concern in northern and central California. Its business extended from the Pacific coast to the Atlantic and from Canada to Mexico. Late frosts and untimely rains are given as causes for the failure, the crops being too light for profitable handling. KANSAS CITY. Mo., Oct. 13.-In the United States Circuit Court here this afternoon a receiver was asked for the Kansas City World, the only remaining United Press paper in this part of the Southwest. The appointment is asked for by the Manufacturers' Paper Company, of New York. on a claim of $18,000 for paper furnished the publication. BOSTON, Oct. 13.-Samuel McCall, of Worcester, has been appointed temporary receiver for the Union Loan and Trust Company. This action is taken pending a decision by the Superior Court on an application of the bank commissioners to have the affairs of the company-wound up. NEW YORK. Oct. 13.-Eleven judgments, aggregating $90,930 were entered to-day by default against Erastus Wiman. of Staten island, in favor of Austin B. Fletcher on notes made between 1892 and 1895.

6. October 14, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 14, 1896

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Article Text

TELEGRAPHIC BREVITIES. Domestic. About 1 500 miners quit work at Corning, O., refusing to accept a reduction from 61 to 45 cents in wages. Samuel McCall of Worcester has been appointed temporary receiver of the Union Loan & Trust company of Boston. Erie stockholders elected R. M. Galloway to a vacancy on the Board of Directors and re-elected all other directors and officers. W. T. Rambusch, president of the Citizens' National bank at Juneau, Wis., has disappeared. A number of trust funds are involved. Eleven judgments, aggregating $90 930 were entered at New York by default of Austin B. Fletcher, on notes made between 1892 and 1895. Novedadas, a Spanish paper published in New York, denies that the Dauntless has yet landed another expedition, though admitting it is trying to do so. Manufacturers' Paper company, on a claim of $18,000, has asked for a receiver for the Kansas City World, a paper subscribing to the United Press news service. Leon Guislan has been recognized by the president as consul from Belgium, Adolo Camal from Venezuela, and Jose Maria Tinaco from Costa Rica, all at San Francisco. Windsor line steamer Spartam is ashore on Heresford bar, a few miles from Cope May, N. J. She lies easy, but will probably have to beb lightened before she can be got off. Co-operative Fruit company of Newcastle, Cal., has failed with liabilities of $77,559, and assets of $68 259. Late frosts and untimely rains had made the crops too light for profitable handling. Wisconsin fish law has been declared invalid by the state supreme court on account of a defect in the legislation, which forbade fishing in state waters with any other device than hook and line. Swan and Burch, two Mormon elders, were dragged from their homes at Shaner. Okl., by a band of citizens, beaten and driven from the neighborhood. Mormons have been repeatedly warned to leave. Union meeting of the brotherhoods of engineers, firemen, conductors, telegraphers and trainmen will be held at Osawatomie, Kan., Thursday. Chiefs Arthur. Sargent, Clark, Powell and Morrissey will deliver addresses. General Edward S. Bragg has been appointed a special assistant United States attorney for eastern district of Wisconsin for prosecution of the land case against the Manufacturers' Investment company of Wisconsin. Mrs. John Harods, colored, fainted in an elevator in Columbus. As she fell her arm caught against a slightly projecting ledge of the floor, which dragged her into such a position that her head caught on the next floor and she was killed. George Coombs and Mattie Morgan of Sangerville, Me., went out in a small sailboat on a pond near that town and next day their dead bodies were found on the shores of the pond, the boat having probably been upset during the squall. West Superior Board of Trade requested Minnesota Grain and Warehouse commissioners to resume Minnesota grain inspection at West Superior, which was withdrawn a few weeks ago to give place to Wisconsin inspection. The request will be granted. Captain Simon Kane, a former member of the Seventeenth Wisconsin Volunteers, has been found hanging from a limb of a tree near Washington. It is said he applied to be admitted to the home for old soldiers at Hampton, Va., and feared his application might fail.

7. October 16, 1896 Cottonwood Report Cottonwood, ID
Article from Cottonwood Report, October 16, 1896

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Article Text

rwo EASTERN BANKS IN TROUBLE Nashua Concern Now Has a Receiver. Nashua, N. H., Oct. 10.-Lester F. Thurber of this city was appointed assignee of .he Security Trust Company of Nashua, ipon petition of the state commissioners, ind the company has been enjorned from loing business in this state. Thurber will De required to furnish bonds for $60,000. The trust company was enjoined during the panic of 1893, but latter the injuncion was modified so that it was permitted to do business. The present suspension is said to be due to the same causes which operated before, principally a diffijulty in making collections in the west. F. S. Sargent, treasurer of the bank, stated that the bank had a capitalization of $200,000 and a surplus of $140,000. In the savings department are savings amountng to $300,000 and check accounts of $125,000. Boston Bank Hard Up. Boston, Oct. 10. - An application was presented to the supreme court today by he saving bank commissioners asking for in injunction to restrain the Union Loan ind Trust Company of this city from dong business. The appointment of a reeiver is asked for. The hearing has been ixed for Tuesday next. The company was formed in 1894 with a capital of $100,000. September 10 the :labilities were $363,844, with resources placed it the same figure. Ex-Senator Clark of Lynn, president of the company, says hat he does not fear a run on the institution, and with temporary assistance the bank will be able to comply with the commissioners' demand, that the reserve fund be increased.

8. October 17, 1896 The Washburn Leader Washburn, ND
Article from The Washburn Leader, October 17, 1896

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Its Reserve Too Low. Boston, Oct. 14. - The Union Loan and Trust company was not open for business this morning. This is the company for which the savings bank commissioners petitioned the court for a receiver last week, claiming its reserve is 5 per cent below the legal requirements. The court made the order returnable Tuesday. The savings bank commissioners were in consultation with President Clark regarding the matter to-day.

9. October 23, 1896 Highland Recorder Monterey, VA
Article from Highland Recorder, October 23, 1896

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THE NEWS. The annual convention of the Commercial Travelers' Home Association met in Binghamton, N. Y No business of a pu'l lie nature was transacted.--The Clincinn ti, Lebanon and Northern Railway. recent purchased by the Pennsylvania Company, re-elected the old directors, except Ra ph Peters, whose place was filled --Eleven judgments, aggregating $90,930, were entered in New York by default against Erastus Wiman, of Staten Island, in favor of Austin B: Flecther on notes made between 1892 and 1895.-The directors of the Central Railroad met in annual session; in Savannah, Ga. The stockholders' annual meet ng was to have been held and a large number of them came into the city, but it was decided to postpone it until November 10. The direotors met behind closed doors. Barnes & Ladow, sash and bllud manufacturers, of Mechanicville, N. Y., are financially embarrassed as a result of the general depression. Figures are not giver. The firm have done a business of $200,000 a year. -F. W. Benham has been appointed receiver for Wilcox & Howe, of Derby, Conn., manufacturers of bicycle forgings. The liabilities of the concern are $43,000; assets, $149,000. The cause of the failure is said tc be the failur 8 of many bicycle concerns which owed the firm.--Application has been made for a receiver for the Union Loan and Trust Company, of Boston, a concern with a capital stock of $100,000 and liabilities of $363,844. The institution is expected to be able to increase its reserve and con tinue in business.- William Matuar, a fore. man, employed by the Brooklyn Gas Com. pany, of New York, wãa assassinated by Rocco Muralotto, a laborer, whom he has discharged. Muralotto fired upon his vic tim at close range with both barrels of & fowling-piece, and killed him instantly. The assassin was arrested. munificent addition to the Yale College library has been announced in the shape of a gift, by J. M. Sears, of the class of '77, now of Boston. The gift consists of 7000 volumes, which constituted the library of Ernest Curteuis, recently sold in Germany. In the collection there are 3,500 bound volumes and 3,500 unbound volumes, largely made up of pamphlets and digsertations.-Lester H. Thurber, of Nashua, N. H., has been ap. pointed assignee of the Security Trust Com. pany, of Nashua, upon petition of the State Bank Commissioners, and the company has been enjoined from doing business in New Hampshire. Mr. Thurber will be required to furnish bonds for $60,000.-Mrs Dora Rosenstadt, aged forty-seven, tried to fill 8 gasoline stove at the home of her son-in-law Jacob Rosenberg, Baltimore, Md., whi e the wicks were burning, when the oil became ignited, and exploded. Mrs. Rosenstadt and the infant daughter of Rosenberg were iatally, and Rosenberg and his wife seriously burned.

10. December 2, 1896 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 2, 1896

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GAGE & FELTON FAIL. Boston Firm of Bankers and Brokers Insolvent. Owing $100,000. Boston, Dec. 1.-Gage & Felton, bankers, 30 Kilby stret.suspended this afternoon and have left the city. Former counsel for the firm states that he understands the firm is insolvent and probably owes $100,000. He thought the cause of the failure was speculation, and as far as he knew, the members of the firm have no assets. Under date of Nov. 30, Receiver McCall, of the Union Loan and Trust Company, reports assets, $341,950,liabilities as far as ascertained. $236,547.

11. June 5, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, June 5, 1897

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ORDERED TO SETTLE UP. The Boston Loan and Trust Company Must/Pay Depositors In Full. Boston, June 5.-In the Suffolk Stlpreme court Judge Holmes has ordered that, upon the depositors of the Union Loan and Trust company being paid in full, the temporary receivership of the company be discharged and that its remaining property and affairs be turned over to its stockholders. This order does not, however, give the company the right to resume business. The capital stock of the company is $100,000. and its president was W. A. Clark, Jr. It was placed into the hands of Congressman McCall as receiver on Oct. 9 last. Presently it has $30,000 in cash, has time loans amounting to $107.4 000 and call loans amounting to $24,920 outstanding and overdue.