Article Text
Another Trust Company Fails. BOSTON, Sept. 3.-The Suffolk Trust company, doing a general banking and mortgage loan business has gone into the hands of a receiver. Liabilities $162,000; quick asssets $160,000.
Suffolk Trust Company (Boston, MA)
Episode Information
- Episode UID
3714182891101- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
371418289hash - Start Date
- September 3, 1891
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6c9cd408cbead866
Response Measures
None
Description
Court injunction placed company into receivership; later modifications by court but remained under receiver.
Events (2)
1.
September 3, 1891
Receivership
- Newspaper Excerpt
- The Suffolk Trust company ... has gone into the hands of a receiver. Liabilities $162,000; quick assets $160,000.
- Source
- newspapers
2.
September 3, 1891
Suspension
- Cause
- Government Action
- Cause Details
- Injunction by court/savings bank commissioners' orders led to suspension of business
- Newspaper Excerpt
- Judge Allen this morning granted an injunction against the Suffolk Trust Company restraining the company from doing business and appointed John Haskell Butler, of Boston, receiver.
- Source
- newspapers
Newspaper Articles (14)
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mate purpose being to reach Buenos Ayres. The weather was bitterly cold and the snow-on the ground made traveling very difficult. Balmaceda rode a mule, which is the only animal that is of any use in the mountain passes through which he was making his way. Tuesday. morning the muleteers began to grumble and attempted to turn back, as the weather was be coming so severe and the snow NO deep that they feared they would lose their lives. Batmacede, know. ing that almost certain death awaited him If he returned, refused to turn back, and in a fit of passion struck one of the muleteers, who retailated by drawing a pistol and shooting the ex-president dead. His companion then killed Balmaceda's companion and, after rifling their pockets, made good their escape Their bodies, according to the story sent here. were found by a party of mountaineers and returned to Lot Andeas. No further particulars could be obtained. The news created great interest In the city, but no one seemed surprised as it was generally believed that the unfortunate mai would either be killed or perish with the cold before he reached a place of safety, If he tried to make his escape by crossing the Andes. TRUST COMPANY FAILS. BOSTON, Mass., Sept. 3.-The Suf folk Trust Company, doing general banking and mortgage loan business have gone Into the hands of a receiver. Liabilities, $162,000; quick assets, $160,000. SUDDEN DEATH. BETHLEHEM, Pa., Sept. 3.-Richard Nash, engineer on the Reading express, while on the lookout, was struck by some obstruction near Orrville station, and his head was severed from bis body. The body hung out of the cab some minutes before the fireman discovered it. MINE BURNED OUT. SALT LAKE CITY, Utah, Sept. 3. -The Shaft house of the Hoisting Works, the machinery and timbers in the mine at Stockton, burned yesterday, causing a loss of $40,000. The miners escaped unhurt. THE WORLDS FAIR. CHICAGO, (Sept. 3.-The national Columbian commission met yester. day. The first subject to come up was the reading of a communica tion from the general secretary of the American Sabbath Union asking asking a hearing for a delegation from that body on the subject of closing the exposition on Sunday. Finally, after considerable debate on the motion of Commissioner De Young,of California,and amendedby Massey, delegate, it was voted to appoint a committee of three to confer with the Sabbath Union delegation, and fix an hour during tod ays ses. sion at which the commission would hear the memorial. After hearing reports of the board of control, the president and directors, a general recess was taken until 3 o'clock. The national board of lady managers of the Columbian Exposition met here this morning and elected Mrs. Susan Gale Cook secretary in place of Miss Couzins. Congressman Springer, who was present, was asked by Mrs. Palmer to speak, and he camplied. Mrs. Palmer, the president, then presented her report, and reviewed her European trip and its result. HOME AGAIN. NEW YORK, Sept. 3.-The steamship Majestic, with Mrs. Russoll B. Harrison and Mrs. McKee on board, arrived off Fire Island yester day. Mrs. Harrison and her son, Russell B. Harrison, went down the bay on the United States cutter Grant to meet them. CLOSING SALOONS AT MIDNIGHT. CHICAGO, Sept. 3.-Many of the restaurant-keepers are protesting vigorously against the order to close their bars promptly at midnight. Chief McLaughey, how ever, is determined to earry out the law in the strictest sense. He will not allow a customer to buy a bottle of wine just before midnight and finish it at his leisure. EARLY AND LATE.-The peaches that everybody likes are the Craw.
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Financial Disasters. BOSTON, Sept. 3.-The Suffolk Trust Company, doing a general banking and mortgage loan business, has gone into the hands of a receiver. Its capital and surplus is tied up in Western securities which, while they have value, cannot be turned into cash. It has $162,000 owing depositors, against which the quick assets consist of $150,000 in good commercial paper, and $10,000 in cash. NEW YORK, Sept. 3.-A dispatch received here today announces the suspension of the Knickerboker Grain
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Capital Tied Up. BOSTON, Sept. 3.-The Suffolk Trust company, doing a general banking and mortgage business, has gone into the hands of a receiver. Its capital and surplus is tied up in western securities, while they have a value, it cannot be
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Restrained from Doing Business. BOSTON, MASS., September 3.-Judge Allen this morning granted an injunction against the Suffolk Trust Company. restraining the company from doing businees and appointed John Haskell Butler, of Boston, receiver.
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UNPROFITABLE INVESTMENTS. A Boston Trust Company Directed to Pay No More Money on Kansas Farm Loans. The Suffolk Trust Company of Boston, chartered in 1886 by the Massachusetts legislature and authorized to do a general banking business and a mortgage loan businews, have been notified by the savings bank commissioners to pay no more money on the western portion of their business. The western farm loans, located in Kansas, have failed to satisfy expectations. The company's statement made in April shows liabilities and assets of $489,965. The company guaranteed the interest on $560,000 outside of what appears in the statement, and this interest has been promptly paid by the company, not always with funds sent from the west, but out of its own funds. So poor has this western business been that the company has now on hand over $70,600 of foreclosures of western mortgages, $10,000 of tax titles which it has received in legal proceedings and $16,000 in mortgages which have not been sold but have remained in the company's assets since first bought. Its capital and surplus are tied up in western securities, which, while they have value, cannot be turned into cash. It has $162,000 owing to depositors, against which the quick assets consist of $150,000 in good commercial paper and some $10,000 in cash. For the 1st of September the guaranteed mortgages demanded about $5,000 for coupon interest. It has not been paid, owing to the orders of the commissioners, and the company's business has been suspended. The company is an offshoot of the Showalter Mortgage Company, which failed two years ago, and has been used largely as a depository for the funds of the lottery bonds investment companies. It was also identified with the Georgia and Alabama Investment Company. BOSTON, Sept. 3.-Judge Allen this morning granted an injunction against the Suffolk Trust Company restraining the comp any from doing business and appointed John Haskell Butler of Boston receiver.
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4 BOSTON TRUST COMPANY SUSPENDS. UNPROFITABLE WESTERN FARM MORTGAGES CAUSE THE TROUBLE. Boston, Sept. 3.-Judge Allen this morning granted an injunction against the Suffolk Trust Company, restraining the company from doing business, and ap pointed John Haskell Butler, of Boston, receiver. Mr. Butler stated this afternoon that all depositors would undoubtedly be paid in full; that the stockholders were liable, just as stockholders of National banks were, and could be assessed if the quick assets were not sufficient. The company had been warned by the Savings Bank Commissioners to pay no more money on the Western portion of their business. The. Western farm loans in Kansas have failed to satisfy expectations. The company has now on hand over $70,000 of foreclosures of Western mortgages, $10,000 of tax titles and $16,000 in mortgages which have not been sold. Its capital and surplus are tied up in Western securities. It has $162,000 owing to depositors, against which the quick assets consist of $150,000 in good commercial paper and some $10,000 in cash. The guaranteed mortgage coupons for September 1 have not been paid, owing to the orders of the commissioners, and the company's business has been suspended. The company is an offshoot of the Showalter Mortgage Company, which failed two years ago, and has been used largely as a depository for the funds of the lottery bond investment companies.
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Want the Injunction Modified. BOSTON. MASS. September 4.-An effort will be made by the creditors of the Suffolk Trust Company to have the injunction recently granted modified so that a number of certificates of the Pennsylvania and West Virginia railroad held by the trust company can be obtained from the receiver, in whose hands they now are. Public interest is again aroused by the connection of the trust with the so-called Georgia-Alabama Investment Company and the lottery bond companies. About four weeks ago the company held over its checks and the commissioners demanded that its assets be increased by $25,000 or close its doors. The money was furnished by R. L. Spence, of the Georgia-Alabama company, and it is now said the Georgia-Alabama company has but $4,000 on deposit with the trust company.
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THE ENJOINED SUFFOLK TRUST COMPANY. Boston, Sept. 4.-The injunction issued by the Supreme Judicial Court against the Suffolk Trust Company has made things so unpleasant for other concerns that an effort will be made to modify the injunction in court to-morrow. The Suffolk Company held in trust, among other things, a number of certificates of the Pennsylvania and West Virginia Railroad, which the road is anxious to get possession of. The injunction prevents the enjoined company from doing any business whatever, and the certificates must remain in the hands of Receiver Butler, unless the court decrees to the contrary. The Commissioners express the belief that the depositors of the trust company will be paid in full.
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The Suffolk Trust Company. BOSTON, Sept. 26.-The injunction against the Suffolk Trust company has been modified again by the supreme court. This time permission is given Receiver Haskell to pay the interest on certain Western mortgages held by the company, to the mortgagers. The first modification gave the receiver the right to transfer railroad certificates.
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The Suffolk Trust Company. BOSTON, Sept. 26.-The injunction against the Suffolk Trust company has been modified again by the supreme court. This time permission is given Receiver Haskell to pay the interest on certain Western mortgages held by the company, to the mortgagers. The first modification gave the receiver the right to transfer railroad certificates.
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Ordered to Come Into Court. BOSTON, Aug. 4.-Judge Morton of the Supreme Judicial Court has entered an order that the stockholders of the Suffolk Trust Company come into court on Sept. 13, and show cause why the assessment recommended by the receiver should not be levied upon them. The creditors of the company, whose claims have been disallowed, are also required to show cause at the same time why their claims should be allowed.
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MASSACHUSETTS. Gov. William E. Russell has returned from his fishing trip to New Brunswick and is at his summer home in Magnolia. The arrangements for the celebration of Woburn's 250 anniversary are well under way. The celebration is to occupy two whole days, Thursday and Friday, October 6 and 7. Nathan A. Doe, who was suspended by Warden Lovering of the state prison at Charlestown for alleged neglect of duty as a watchman, has resigned and his resignation has been accepted. Chief Justice Mason of the superior court at Boston has rendered an important decree in the case of the Progressive Benefit order, one of the largest of the short term endowment orders. The result of the court's decision is that the number of participants in the fund in the hands of Receiver Lord is cut down from 15,000 to 5000. Judge Morton of the supreme court at Boston has ordered the stockholders of the Suffolk trust company to appear September 13 and show cause why an assessment should not be levied on them. Creditors whose claims have been disallowed are also required to appear at the the same time and show cause why their claims should not be allowed. John H. Estes and son have bought the Wyoming mill property at Fall River for $40,000. Just before the sale which was at auction, a notice was received that a writ of injunction had been applied for by one of the owners of the milt to prevent its sale. The purchase was made with the understanding that it should not hold unless a clear title could be given. The dispatch from Chicago regarding the wholesale swindling of Boston, Now York and Chicago banks by Bartels Forbes, Burnside and Anson, seems a mistake as far as Boston banks are concerned, although the dispatch states that several thousand dollars worth of worthless paper is held there. Inquiry at the Boston clearing house brought this reply "It'sall in Chicago; there's none of it here."
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TROUBLES OF ENDOWMENT SOCIETIES AN INJUNCTION AGAINST THE AMERICAN PROTECTIVE LEAGUE-NEWS OF OTHER ORGANIZATIONS. Boston, Sept. 7 (Special)."It's wicked-that's the only way to speak of it," said Insurance Commissioner Merrill to-day in giving the figures showing the manner In which the officers of the American Protective League had eaten the funds of their members. The fact that a number of members yesterday secured a temporary injunction against It led to a looking up of the figures, showing the enormous disproportion between the expenses and any possible payment to those who have put money into the concern. This League is one of the Massachusetts assessment endowment corporations which have lately been tumbling as rapidly as they were reared. Its terms for maturing of endowment is a five-year one, and an idea of what a forlorn hope the subscribers will have at the end of the term can be had from the fact that three-fifths of that time is already past, leaving the league with 5,562 certificates in force and $2,781,000 due, while the fund out of which this must be paid amounts to only $101,878. Even this latter sum cannot be counted all available, as $10,000 of it consists of stock in the Suffolk Trust Company, which, instead of being worth anything, involves an obligation of $20,000 on the holders on account of the suspension. The semi-annual statement shows that the sums paid in six months under the head of compensation to officers amount to $8,000; this is independent of travelling expenses paid to these officers. Although the principal items of what would be considered office expenses are separately specified, all these items are largely connected with influencing legislation. The officers of the American Protective League are: Dwight S. Woodworth, Governor-General: William S. Purman, Secretary-General; James M. Olmstad, Treasurer-General; Clarence S. Anthony. Auditor-General. Judge Andrich to-day appointed Henry E. Turner receiver of the Union Endowment Order. The organization has 16,000 members and a fund of $42,000. At a meeting yesterday of the members of the Order of the Helping Hand, a five-year endowment concern, It was voted to authorize the officers of the order to apply for a receiver and to close up the business. Lowell, Mass., Sept. 7.-An injunction was granted yesterday against the officers and directors of the Supreme Lodge of the American Protective League, a five-year: benefit order, who are charged with squandering and misappropriating the funds of the order. It is alleged that the order owes $2,000,000 and has only $101,000 in its benefit fund; that it can* not pay its certificates without violating the rights of contracts with its members and is therefore insolvent. A receiver is also asked for. Trenton, N. J., Sept. 7.-Thomas P. Curley, who was appointed a receiver for the Order of the Iron Hall in this State, to-day filed his bond of $200,000 in the Court of Chancery. It had seventeen signers.