Tremont Trust Company (Boston, MA)

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BANK HAS "RUN

" (Special United Press Wire.) Boston, Sept. 27.-The Tremont Trust company today invoked the 90-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which the police were called to restore order among the excited depositors.

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BOSTON'S FINANCIAL LEGS ARE SHAKY (Associated Press) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law in requiring 90 days notice of withdrawal of deposits. The first of these was the Tremont Trust Company, where a run started Saturday and continued today. The depositors are generally uneasy and further runs are feared.

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BOSTON BANKS REQUIRE 90 DAY WITHDRAWAL NOTICE (By Associated Press.) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law requiring ninety days' notice of withdrawals of deposits. The first of these was the Tremont Trust Company where a run started Saturday and continued today. Depositors generally are uneasy and further runs are feared.

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Boston Bank Hard Pressed

Boston, Sept. 27.-The Tremont Trust company today invoked the ninety-day clause of the banking laws. which requires depositors to give that much notice before withdrawing funds following a run on the bank, in which police were called to restore order among excited depositors.

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BOSTON BANK HAS RUN-STOPS PAYMENT Boston-(By A. P.)-After a steady withdrawals for nearly an hour with constantly increasing crowds of depositors, officials of Tremont Trust Company took advántage of the law permitting a bank to require 90 days notification before the withdrawal of savings accounts, until "the public Trust Company issued similar notice.

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Police Called to Calm Run on Bank BOSTON, Sept. 27.-The Tremont Trust company today invoked the 90-day clause of the banking laws, which required depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.

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(By Universal Service

) Boston, Sept. 27.-Following the action of three Boston trust companies in halting withdrawal of savings deposits today, Gov. Coolidge hurriedly summoned State officials to a conférence to consider the threatening banking situation. The institutions which under the ninety-day clause halted payments on savings accounts were the Tremont Trust Company, the Fidelity Trust Company, and the Dorchester Trust Company. They had been subjected to unusually heavy withdrawals by depositors, made apprehensive by the recent closing of the Hanover. Prudential and Cosmopolitan Trust companies. Suggests Co-operating. Gov. Coolidge said: "I understand the larger banks are considering what they can do to save the situation by concerted action. I have suggested that the

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BANK PANIC IN BOSTON As Result of Previous Bank Failures Runs Start on Several Other Banks NINETY DAYS NOTICE ON WITHDRAWALS REQUIRED Situation in Financial District in Boston Has Reached Critical Stage Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Co., the fifth banking institution to be closed here recentliy, several hig banks this morning were forced to invoke the law requiring ninety days' notice before withdrawals of deposits. The first of these was the Tremont Trust Co., where run started Saturday and continued today. Depositors generally are uneasy and further runs are feared.

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BANKS IN BOSTON HOLD ON TO MONEY Depositors Alaarmed And Seek To Withdraw Savings Boston, Sept. 28.-Three Boston banks were forced today to invoke the law requiring ninety days' notice of withdrawals from the savings departments, as a measure of protection from depositors who had become alarmed over local banking conditions as a result of the closing of five banks in the last two months and the Ponzi financial fiasco. Officers of all three, the Tremont Trust Company the Fidelity Trust Company and the Dorchester Trust Company, asserted that their institutions were solvent, but lacked ready cash to meet the heavy demands made upon them by thousands of depositors who desired to withdraw their accounts at once. The bank officers were joined by Governor Coolidge, Bank Commissioner Jos. C. Allen and city officials in statements assuring the public that the Boston banks were in sound condition and that funds entrusted to them were safe. At all three of the banks which suspended payment in their savings departments it was announced, that business in the commerical departments would continue as usual with no ban on withdrawals there.

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BOSTON, Sept. 30.-Bank Commissioner Allen has closed the Fidelity Trust company, the sixth bank to become involved in financial difficulties since the collapse of the Ponzi get-rich-quick scheme. Commissioner Allen explains that the heavy withdrawal of deposits from the Fidelity bank, combined with slow and doubtful loans, has rendered the institution unsound. Public Alarmed. The closing of six local banks has filled the public with alarm and withdrawals from other banks have been very heavy during the past week, and the situation is regarded as very grave. There was a heavy run on the Tremont Trust company

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RUSH ON BOSTON BANK, Boston, Mass.-The Tremont Trust company today invoked the ninety-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.

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Run on Boston Bank

Boston.-The Tremont Trust company invoked the 90-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.

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TRUST COMPANY CLOSED

Boston, Mass., Feb. 18.-The Tremont Trust company, which has aggregate deposits of $17,000,000 in savings and commercial accounts from many parts of New England. was closed today as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind here to be closed in five months. the suspension had no noticeable effect among other banks by which it was regarded as an independent. Bank Commissioner Allen said he had nothing to add to his supplemental statement of yesterday that violations of the banking laws and impairment of the capital had made his action necessary.

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CHICAGO STOCKS

(By Thomson & McKinnon.) -Feb. 17Open. High. Low. Close. 54 1/2 Carbide & Carbon. 55 3/4 56 551/4 12 12 11 % Libby 11 1/2 Mont.-Ward 181/4 181/8 18 % 181/4 National Leather.. 88 85 88 8% 89 Sears-Roebuck 89 1/2 89 3/4 89 1/4 34 34 Stewart-Warner 33 1/2 33% Swift & Co 1031/2 103 1/2 103 1031/8 27 Swift International 27 26% 263/4 Armour Leather 12 3/4 Reo Motors 223/4 22 1/8 223/4 22% 14 17 14 171/2 Piggly Wiggly In the Cotton Market NEW YORK, Feb. 18.-The cotton market opened at a decline of 2 to 16 points today under seiling from Wall street, local and southern sources, the latter being unusually heavy. Liverpool cables were hardly up to expectations and Liverpool was a seller of the bear positions here. Commission house liquidation of March was a feature. Poorer reports from textile centers and easier stock market and the suspension of the Tremont Trust Company of Boston were all emphasized by the bears and the market during the early trading showed little rallying power, notwithstanding considerable short covering and trade demand. New York cotton opening: March, 13.25c; April, 13.42c; May, 13.75c; June, 13.85c; July, 14,16c; October, 14.53c; December. 14.81c. LIVERPOOL, Feb. 18.-Spot cotton opened quiet today, with prices easier and sales around 4.000 bales. American middlings fair, 11.92d; good middlings, 9.62d; fully middlings, 9.12d; middlings, 8.27d: low, 7.12d; good ordinary, 5.62d; ordinary, 4.60d. Futures opened steady.

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COMMISSIONER CLOSES ANOTHER BOSTON BANK Tremont Trust Co. Had Deposits of $17,000,000No Run Takes Place. Boston, Feb. 18.-The Tremont Trust Co., which has aggregated deposits of $17,000,000 in savings and commercial acounts from many parts of New England, kept its doors closed today as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind in this city to be closed by the commissioner in the past five months, the suspension had no not.reable effect among other banks of The city by which it was regarded as an independent. The posting of a notice after banking hours yesterday had discounted the closing of today and only a few depositors and others passed through the police lines in front of the bank offices in Scollay Square to scan the brief statement. Bank Commissioner Allen said he had nothing to add to his supplemented statement of yesterday that violation of the banking laws and impairment of the capital had made his action necessary. Simon Swif, vice-president of the bank and its most active spirit, announced that depositors in both the savings and commercial departments were certain to get 100 cents on the not impaired and that the closing was not impaired and, that he closing was due to a conspiracy.

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SWIG BLAMES CONSPIRACY Leading Spirit of Tremont Trust Co. Says That Was Reason for Closing OTHER BOSTON BANKS ARE NOT AFFECTED State Bank Commissioner Says Bank Violated Laws -Capital Unimpaired Boston, Feb. 18.-The Tremont Trust company which has aggregate deposits of $17,000,000 in savings and commercial accounts from many partà of New England, kept its doors closed to-day as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind in this city to be closed by the commissioner in the past five months the suspension had no noticeable effect among the banks of the city by which it was regarded as an independent. The posting of a notice after bank ing hours yesterday had discounted the closed doors of to-day and only a few depositors and others passed through the police lines in front of the bank offices in Scollay square to scan the brief statement. Bank Commissioner Allen said he had nothing to add to his supplemental statement of yesterday that violation of the banking laws and impairment of the capital had made his action necessary. Simon Swig, vice-president of the bank and its most active spirit, announced that depositors in both the savings and commercial departments were certain to get 100 cents on the dollar. He asserted the capital was not impaired and that the closing was due to a conspiracy. The closing of the Tremont followed that of the Cosmopolitan Fidelity, Prudential and Hanover Trust companies which went to the wall last fall in a period of rigid inquiry and public exeitement growing out of the collapse of the Ponzi quick-rich bubble. The Tremont was under a heavy run at the time and with other banks was forced to déclare a ninety-day moratorium on savings withdrawals so that in ef feet the closing of to-day merely marks a prolongation of the period of suspension to savings depositors.

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BIG BOSTON TRUST FIRM SUSPENDS Doors of Tremont Trust Company Are Closed by Commissioner. Boston, Mass., Feb. 18.-The Tremont Trust company, which has aggregate deposits of $17,000,000 in savings and commercial accounts from many parts of New England, kept its doors closed today as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind in this city to be closed by the commissioner in the last five months, for alleged violation of banking laws, the suspension had no noticeable effect among other banks of the city, by which it was regarded as an independent. The posting of a notice after c banking hours yesterday had discounted the closing of today, and e only a few depositors and others le passed through the police lines in front of the bank offices to scan the brief statement. Simon Swig, vice president of the bank, and its most active spirit, announced that depositors in both the savings and commercial departments were certain to get 100 er cents on the dollar. He asserted d the capital was not impaired and that the closing was due to a "conIr. spiracy."

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BOSTON INSTITUTION CLOSED Boston, Feb. 18.-The Tremont Trust company remained closed today and Simon Swig, vice president of the bank. declared the closing was the result of a conspiracy and that the depositors of the $17,000,000 in the vaults would be paid in full. The suspension caused no flurry in banking circles today.

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President of Boston Bank Charges Closing Result of Conspiracy Boston, Mass., Feb. 3.-The Tremont Trust company remained closed today and Simon Swig, vice president of the bank. declared the closing was the result of a conspiracy and that the depositors of the $17,000,000 in the vaults would be paid in full. The suspension caused no flurry in bank ing circles today. Bank Commissioner Allen, who an nounced last night that violation of state banking laws and impairment of the bank's capital had caused his action, issued a statement this afternoon, saying: "The closing of the Tremont Trust company in no way affects any other trust company, national bank or savings bank in Boston or elsewhere. I believe the banking situation to bc sound."

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BOSTON BANK CLOSED

Tremont Trust Company's Affairs Taken Over by Commissioner. Boston, Feb. 19.-The Tremone Trust Company which has aggregate deposits of $17,000,000 in savings and commercial accounts from many parts of New England kept its doors closed yesterday as a result of the action of the bank commissioner Joseph C. Allen in taking over its affairs. The suspension had no noticeable effect among other banks of the city, by which It was regarded as an independent.