Merchants National Bank (Boston, MA)

View Charter #475 on SPMC View balance sheet

Episode Information

Episode UID
47501376
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
4750 national
Charter Number
475
Start Date
August 3, 1914
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a1dd7ca4b38de7a5

Response Measures

None

Description

Articles describe city-wide/state/federal bank suspensions affecting Boston banks; the specific bank is not named.

Events (3)
1. July 2, 1864 Chartered
Source
historical_nic
2. August 3, 1914 Suspension
Cause
Macro News
Cause Details
Precautionary suspension of specie payments to conserve gold and respond to international (WWI) financial shock; clearing house certificates issued.
Newspaper Excerpt
In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead.
Source
newspapers
3. March 7, 1933 Suspension
Cause
Government Action
Cause Details
Banks remained closed or delayed opening under holiday proclamations and banking restrictions during the March 1933 banking holiday; federal/state measures governed reopening.
Newspaper Excerpt
Boston Commercial Banks Delay Opening... banks of Boston, still functioning under the holiday banking restrictions, today received thousands of checks dated during and prior to the proclamations relative to the suspension of business by all banks.
Source
newspapers

Newspaper Articles (4)
1. August 6, 1914 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, August 6, 1914

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Article Text

MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. Depositors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.

2. August 6, 1914 The Tabor Independent Tabor, SD
Article from The Tabor Independent, August 6, 1914

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Article Text

MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. DeposItors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.

3. March 7, 1933 Sun-Journal Lewiston, ME
Article from Sun-Journal, March 7, 1933

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Article Text

Boston Commercial Banks Delay Opening To Resume Business WednesTrust Companies Open But an Hour BOSTON, March spite of authority given open for the purpose new deposits, today after Clearing House postpone opening until Several companies Boston opened nine closed again about hour later because of some fusion to procedure. difficulty might be against understood accounts that they deposit make portion deposit but that they not checks against after the banking day lifted. inWashington before time for Clearing banks open business The Clearing House of certificate for use as

4. March 12, 1933 Evening Star Washington, DC
Article from Evening Star, March 12, 1933

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Article Text

BOSTON BANKS GET FLOOD OF CHECKS Thousands Dated During and Prior to Holiday Proclamations Are Received. By the Associated Press. BOSTON, March 11.-Banks of Boston, still functioning under the holiday banking restrictions, today received thousands of checks dated during and prior to the proclamations relative to the suspension of business by all banks. Acting under a notice issued by the Boston Clearing House Association, the banks undertook to clear up much of the work entailed in handling the checks in an effort to have as much as possible of it accomplished before the opening of some banks for regular business next week. The Federal Reserve Bank of Boston received hundreds of applications from banks in the first Federal Reserve district (New England) seeking licenses to open and resume business. Also many non-member banks have expressed a desire to join the reserve system. It was expected that non-member banks would be permitted to draw money through member banks by posting proper security. Boston banks continued the release of pay rolls and necessities-of-life funds in small amounts. The Federal Reserve Bank announced yesterday's receipts as $1,272,659 in gold coins and $849,060 in gold certificates.