Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-25

! Continued from First Page.)
than $50 persons in line. There also was
a detail of police to keep order.
At O'Clock the doors of the trust COM
| pany remained closed. few minutes
later the following notice was posted on
the door of the bank:
This bank will not open today, owing
to the stringency of the money market"
Up to a late hour last night the officers
of the company expected to open today
but subsequent consultations brought
decision that in view of the tight money
market the interests of depositors would
be conserved by closing.
Branches in the State.
The Union Trust Company was organ
lied in 1894 with a capital of 100000. 1t
conducts several branches In this state
According to the statement issued on
June % last The bank had resources ag-
gregating 50 23S, Boo
Its liabilities included besides the capital
stock surplus of 81 90, 600: undivided
profits of so. 100, and deposits of $25, 465-
626.
]. Edward Studley is president of the
institution. and Marsden j. Perry is first
vice president.
The general banking situation in Provi-
dence remained unchanged up to shortly
before noon today. The Industrial Trust
Company had been called upon to pay
more than 100 depositors and the waiting
line had attracted attention on the street.
During the forenoon, on petition of Ar
chibald G. LoomiS, director of the Union
Trust Company, alleging that the institu-
ton was insolvent. Judge Sweetland of the
superior court appointed Cornelius S.
SWeetland, director of the bank. as tenn
porary receiver. Judge Sweetland an
nounced hearing on the petition before
him November 6.
Marsden J. Perry gave out the following
statement concerning the banks closing:
The Union Trust Company regrets to
announce that it finds itself unable owing
to the prevailing financial stringency to
Immediately meet all its obliga tons Its
assets are amply sufficient to satisfy all
claims upon it under normal conditions.
but 1t Is impossible to obtain sufficient
ready money at present, even upon the
best approved securities to meet the de-
mand precipitated by financial disaster in
other cities to institutions in which neither
this company nor any of it's officers is in
any way involved.
Officers of this company feel that 1t
would be unjust to depositors to sacrifice
it's assets at present prices in an attempt
to postpone for few days the temporary
suspension which has become inevitable.
They believe that such an attempt would
greatly lessen the proba billty of an ulti-
mate payment of its depositors in full,
result which, they are confident will be
obtained If the liquidation of the assets
which the company holds can be post
poned until normal conditions are re-
stored.
Personally I do not owe a cent. d.
rectly or indirectly. to the Union Trust
Company"
Mr.. Perry. who had been in New York
assisting his associates in the Trust Com
pany of America in meeting the situation
there. was called to Providenc by the
crisis here last night.
Closed for Depositors' Protection.
EAST GREENWICH. r. l.. October 25
The East Greenwich branch of the
Union Trust Company of Providence did
not open its doors this morning. no
tice was posted stating that the branch
would open as soon as the officials found
out how much money they had on hand
to meet the demands of the depositors, A
little later another notice was placed on
the door stating that the branch was be-
Ing kept closed for the protection of de-
positors.
Receiver for the Knickerbocker.
NEW YORK, October 25.-Upon appli-
cation of State Attorney General Jackson
temporary receivers were appointed today
for the Knickerbocker Trust Company,
which closed It's doors Tuesday after
run by its deposito-s. The receivers are
Otto T. Bonnard, Ernest Thalmann and
Gen. Henry c. Ide, all of New York city.
Each of the receivers is required to fur
nish a bond in 100000.
The number of dc positors wishing to
withdraw from .he Trust Company of
America was so considerably lessened by
noon that 1t could be said the run was
over.
President Oakleigh Thorne deposited ST.
100000 for a friend at 1890 o'clock.
Another Loan Pool.
A pool Of $40 900. 900 or more was formed
at a conference held at the clearing
house this afternoon to take care Of the
money needs of the stock exchange. 1t
was confidently believed that this action
would tide over the situation completely
so far as the stock exchange was con-
cerned. All the loans made today will
carry over until Monday.
French Bourse Recovered.
PARIS. October 25.-There was a gen.
eral recovery the bourse today and
prices closed firm, owing to the belief
prevalent here that the worst of the finan-
cial troubles in New York are over. which
resulted in a covering movement in which
copper shares were included.
Boston Stability Proven.
BOSTON, October 25.-The stability Of
Boston trust companies has been salts
factorily proved by an official test made
two days ago. according to announcement
made today. 1t is learned that on We'd
nesday Pierre Jay. chairman of the board
of state bank commissioners and exam
liners, who is In charge of the trust COM
panies in this city, made an unexpected
call upon all the trust companies and
found the actual reserve fund SO per
cent and the legal reserve 24.47 per cent.
The latter figure was 1.47 per cent high
er than the legal reserve on October u,
1906.
Central Falls Branch Closed.
CENTRAL FALLS. r. l., October %
The Central Falls branch of the Union
Trust Company opened at o'clock. At
that time more than fifty people were
waiting at the doors and the number was
increasing. AS all wished to withdraw