Inman Trust Company (Cambridge, MA)

Episode Information

Episode UID
53006371584
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
5300637 routing
Routing Number
53-0063
Start Date
December 15, 1931
Location
Cambridge, Massachusetts (42.376, -71.118)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2bffb7baed561f3b

Response Measures

None

Description

Taken into possession by the state banking commissioner after the Federal National Bank closing; later litigation (1934) concerns repayments, implying permanent closure.

Events (1)
1. December 15, 1931 Suspension
Cause
Government Action
Cause Details
State Bank Commissioner took possession of the trust companies after the affiliated Federal National Bank of Boston was closed following runs at that bank and its branches.
Newspaper Excerpt
Inman Trust Co., Cambridge. The parent bank having been closed, no other course remained but to take possession of these five trust companies to conserve the assets and for the protection of depositors.
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, December 15, 1931

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Nine Banking Institutions in' Massachusetts Fail Open Doors for Business Federal National Bank of Boston and Eight .Affiliated Firms Are Closed Runs Start on Three Independent Greater Boston Institutions Gov. Ely Foresees Rapid ReorganizΔ…tion. BOSTON Nine banking with according the latest statements, of were closed today. The list included four national banks and state banks. Deposits $28,235,238. National Bank, whose the Comptroller Currency take charge after and its branches yes. had deposits Sept. 29 of The banks their latest other and available statements of deposit were The Middlesex National Bank. Lowell, $4,000,000: the State National Bank, Lynn, the Gloucester tional Bank. Gloucester. the Bancroft Trust Company. WorLawrence Trust Company the Inman Trust Company Cambridge, the Brockton Trust Company. Brockton. the Salem Trust $2,115,530. Gov. Joseph B. Ely in statement [Continued on Nineteenth Page.)

2. December 15, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 15, 1931

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NATIONAL BOSTON AND AFFILIATES Aggregate Deposits of ConAffected cerns 000, According to Their Latest Statements. By the Associated Press.. BOSTON, Dec. Massachusetts banking houses with aggregate deposits of cording to their latest statements, were closed today. The list includes four National banks and five State banks. The central figure the Federal National Bank of which has five city branches and with which all the the other banks closed were affiliated. The Federal National Bank, whose directors voted to ask thhe Comptroller of Currency to take charge after runs at the bank and its branches yesterday, had deposits, Sept. 29, of $28,235,238. The other banks and their latest available statements of deposits follow: Middlesex National Bank, Lowell, State National Bank, Lynn, $2,013,565; Gloucester National Bank, Bancroft Trust Co., Worcester, $5,876,474; Lawrence Trust Co., Lawrence, Inman Trust Co., Cambridge, $3,Brockton Trust Co., Brockton, Salem Trust Co., Salem. $2,115,530. Gov. Ely, in statement, said that with proper measures, plan for the speedy reopening of the institutions could be arranged and further said had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East Boston and South Boston experienced small runs today. They are independent of the group affected by today's closings and officers sought to assure depositors that their funds were President Daniel Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources. depositors in his bank would receive 100 cents the dollar. The Federal National member of the Boston Clearing House. It held State deposits of $729,889. National Bank at Marion, O., Closed: Ex-Cashier Missing. By the Associated Dec. B. Hane, president of the Marion National Bank, said apparent irregularities in the accounts of his son, H. W. Hane, former cashier, caused the closing of the bank today. The elder Hane issued statement that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. nature and the amount of the apparent defalcations have not been determined.' the stateHane, cashier, in whose accounts the confusion in records has been found, resigned an officer of the bank last week. He left the city at that time and his not now known. The bank's deposits are listed

3. December 15, 1931 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 15, 1931

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NEW YORK BOND MARKET [By the Associated Press] Boston. Dec. 15 (AP)-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, of $58,700,000. were closed today. The list included four national banks and five State banks. The central figure in the closings was the Federal vational Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the Comptroller of Currency to take charge after runs at the bank and its branches resterday, had deposits on September 29 of $28,235,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; the State National Bank, Lynn. $2,013,565; the Gloucester National Bank: the Bancroft Trust Company, Worcester, $5,876,474 the Lawrence Trust Company. Lawrence, $9.555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, Brockton, $1,508,753; the Salem Trust Company, Salem, $2,115,530. Sales Gas Runs On Three Banks Three savings banks in East Boston and South Boston were experiencing small runs today. They were independent of the group affected in today's closings and officers sought to reassure depositors that their funds were safe. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources depositors in his bank would receive 100 cents on the dollar. Clearing House Head Confident President Alfred L. Ripley, of the Boston Clearing House Association, announced that the association wished to assure the public that the banking situation in Boston was "in their best (Continued from Page 32) judgment" essentially sound and safe Sales in High Low Close Sales and that there was no just reason for apprehension or alarm on the part of depositors. The Federal National Bank had not been member of the Clearing House Association, he said, since May, 1930. The Boston Fish Exchange, which serves as clearing house between fishing boat captains and dealers, was closed today as result of the closing of the fish pier branch of the Federal National Bank. stp Gloucester National Shuts Gloucester National Bank. founded in 1796 and one of the oldest financial institutions in the United States. voluntarily closed its doors today after heavy demands for withdrawals had been made by depositors is associated with the Federal National Bank of Boston. Ohio Banker Blames Son For Closing Marion. Ohio, Dec. 15 /P)-Henry B. Hane, president of the Marion Na. tional Bank, said that apparent irregularities in the accounts of his son, H. W. Hane. former cashier, caused the closing of the bank today The elder Hane issued statement announcing that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. "The nature and the amount of the apparent defalcations have not yet been determined, the statement said, Hane, cashier, in whose accounts the confusion in records has been found, resigned as an officer of the bank last week. He left the city at that time and his whereabouts are not now known. He was under surety bond. Until the examiners make a complete check of the records, it not possible to announce any details of the possible shortage Investment Trusts NEW YORK DE Insurance Companies New York Bank Stocks

4. December 15, 1931 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, December 15, 1931

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State Bank Commissioner Gives Statement BOSTON, Dec. Arthur Guy. state bank comstatement today: result of the closing of the Federal National hank of Boston. national banking stitution. have this day taken possession of the following companies: "Bancroft Trust Co., Worces- "Brockton Trust Co., Brock- ton. "Inman Trust Co., Cambridge. "Lawrence Trust Co., Lawrence. "Salem Trist Co., Salem "These trust companies are affiliated with and controlled by the Federal National bank. The parent bank having been closed. no other course remained but to take possession of these five trust companies to conserve the assets and for the protection of depositors. "No other state banks are Boston Clearing House association has stated in the press that in their best judgment the banking situation essentially sound and safe. In the judgment of the banking department the same is to be said of the banks of the eommonwealth generally and there should be no undue apprehension on the of depositors."

5. December 15, 1931 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, December 15, 1931

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FOUR NATIONAL AND FIVE STATE BANKS CLOSED Federal National Bank of Boston and Affiliated Institutions Involved Had Aggregate Deposits of in Last Statement BOSTON, banking institutions aggregate deposits, according to the latest statements of 000 were closed today. The list included four National Banks and State The central figin the closings was the Federal National Bank which has five city branches and with which all the other institutions were affiliated The Federal National whose directors voted to ask Comptroller Currency take on the bank had posits September $28,- Bank Deposits. The other and their latest Middlesex National Lowell, $4,000,000; the State National Lynn, the National Bank, Glouces$1,600,000; Bancroft Trust Company, the Trust Company, Lawrence Trust Lawrence, the Inman Trust Company, Cambridge, the Brockton Trust Company, Brockton, the Salem Trust ComSalem, Governor statement from home Westfield, said that the proper measures, for the speedy reopening could accomplished said he had structed Bank Arthur proceed with that view. Ely Hastens to left home Continued 19th Page

6. December 15, 1931 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, December 15, 1931

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Close Nine Banks In Massachusetts Boston, Dec. 15 (/P)-Nine Massachusetts banking institutions with aggregate deposits, according to the latest statements of were closed today. The list included four national banks and five state banks. The central figure in the closings was the Federal National bank of Boston, which has five city branches and with which all the other Institutions were affiliated. The directors of the Federal National bank voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday. The other banks and their latest available statements of deposit were: ling of resources, depositors in his bank would receive 100 cents on the dollar. Today, small runs started on three shavings banks, two in east Boston and one in south Boston, while their officers endeavored to assure depositors that the institutions were entirely indΓ©pendent of the other Institutions and their funds were safe. The Middlesex National bank, Lowell, $4,000,000; the State National bank, Lynn, $2,013,565; the Gloucester National bank, the Bancroft Trust company, Worcester, $5,876,474; the Lawrence Trust company, $9,555,926: the Inman Trust company, Cambridge, $3,808,412; the Brockton Trust company, Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530. SPEEDY REOPENING Governor Joseph B. Ely, in state- Gloucester, Mass., Dec. 15-(P)ment from his home in Westfield. The Gloucester National Bank said that with proper measures, founded in 1796 and one of the oldplan for the speedy re-opening of est financial institutions in the the institutions could be accom- United States, voluntarily closed its plish and further said he had in- doors today after heavy demands structed Bank Arthur for It associated Guy to proceed with that end in with the Federal National bank of view. President Daniel c. Mulloney of the Federal National bank expressed oHTo BANK CLOSES the opinion that with careful hand- Marion National Bank with resources of failed to open today. Frozen assets and a depleted cash reserve was given as the reason. Liberty State bank of Bidney closed today. sign on the door said deflation of values, adverse conditions and withdrawal of deposits had led to the closing. The bank's last statement showed deposits of $365,345.

7. December 15, 1931 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, December 15, 1931

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Difficulties To Closing 8 Federal National of Boston Involved Affiliated Banks IN FIVE CITIES OF MASSACHUSETTS Federal Bank Had Five Branches Scattered in Boston Boston, Dec. chusetts banking institutions, deposits, according the gregate The list included four today. and five state banks. national The central figure the was the Federal bank of five and with which city which all the other institutions National bank, whose The directors after runs the and on September banks and their latest The other The bank, bank, Gloucester the company, the Lawrence Trust Inman Cambridge, the the Trust Joseph statement Westfield. said that plan the further had instructed Commis Guy proceed with Commissioner Guy, left his Framingham begin the the five banks af fected. receiving reports in Westfield, started for Three in East Boston today. They pendent the in to officers sought reassure that their funds President Daniel Mulloney of Federal that handling receive 100 cents the dollar.

8. December 15, 1931 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, December 15, 1931

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Institutions BOSTON, Dec. Nine Boston institutions with aggregate deposits, according to the last statements, of $58,700,000 were closed today. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of Boston which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday, had deposits, on September 29, of $28,235,238. The other banks and their latest available statements of deposits were: The Middlesex National Bank, tional Bank, Lynn, $2,013,565; the Lowell, $4,000,000; the State NaGlouchester National. $1,600,000, the Bancroft Trust company, Worcester, $5,876,474; The Lawence Trust company, Lawrence, $9,555,926; the Inman Trust company, Cambridge, $3,808,412; the Brockton Trust company, Brocton, $1,508,753; the Salem Trust company, Salem, $2,115,530. To Reopen Soon. Governor Joseph B. Ely. in statement from his home in Westfield, said that with proper measures, plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. President Daniel C. Mulloney on the Federal National Bank Expressed the opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.

9. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

10. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (AP)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the migst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank Lynn, $2,013,565; Gloucester Na tional Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474: Lawrence Trust Company Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412 Brockton Trust Company, Brockton. $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield. said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

11. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (/P)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (A).-The Marion National National Bank with resources of $1,911,422 failed to open today.

12. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

13. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

14. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.

15. December 9, 1934 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, December 9, 1934

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STATE WINS FIRST STEP IN FEDERAL BANK LITIGATION Judge Brewster Overrules Motion to Dismuss Case and Orders Heard on Its Merits in Federal Court Boston, Dec. State Bank Arthur Guy tonight won the first step in his efforts compel repayment $3,100,000 to 60,000 depositors of four closed banks which alleged illegally taken the closed Federal National bank Judge Elisha H. Brewster in United States district court tion counsel for the Federal Nathe and ordered be heard merits. four banks involved. now in possession of the state commissioner, Inman Trust of Cambridge, Bankcroft Trust company the Trust of Brockton the Lawrence Trust company Neil Leonard, counsel the companies, alleged the National bank of trust companies through the medium the Federal National ment trust. He contended legal national to and alleged the officers the cash and other good assets the trust companies and gave in return straw loans. By these are added, the four banks lost thousands of dolfurther alleged that the Federal the these from trust for the worthless loans corporations and over these loans to the trust compahis decision, Judge Brewster would bank party fraudulent, would least breach trust the part those charged with administering the affairs the trust allegations also would comthe conclusions the bank, indirect means tained control trust outright capital stock of the trust Poli's) Counsel Federal National called bank contended that could not account for the alleged in much did not directly own stock in trust companies.