6914. Commonwealth Loan & Trust Company (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
February 24, 1891
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
05b6c97f0240e937

Response Measures

None

Description

Multiple contemporaneous newspapers (Feb 24–Mar 5, 1891) report that checks presented to the Commonwealth Loan & Trust Company in Boston were not cashed and that the company 'voted to liquidate' while claiming it could meet obligations. No article describes a depositor run; the action appears to be a voluntary liquidation/suspension leading to closure.

Events (1)
1. February 24, 1891 Suspension
Cause
Voluntary Liquidation
Cause Details
Company voted to liquidate; stopped cashing checks and moved to liquidate while claiming ability to meet obligations.
Newspaper Excerpt
Checks presented to-day were not cashed, and Vice-President Mason says the company has voted to liquidate.
Source
newspapers

Newspaper Articles (6)
1. February 25, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, February 25, 1891

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES. Banking Institutions Close Their Doors-Assignment of a Lumber Company. CORPUS CHRISTI (Tex.), Feb. 24.-P. Doddridg- & Co., bankers, have assigned. The amount of assets and liabilities is not known, but it is thought the former will exceed the latter. The assignees say depositors will be paid in full. NEW YORK, Feb. 24 - The North River Lumber Company assigned to-day, without preferences. WINDSOR (Vt.), Feb. 24.-It is stated the Windsor National Bank, with a capital of $50,000, has gone into liquidation on account of heavy Western losses. It is stated depositors will be paid in full. The bank had a Western agent named J.S. Warden, who made several large investments in mortgages by which the bank suffered heavily. Wardon was interested in several Kansas banks recently wrecked and in which he succeeded in investing some $40,000 for the Windsor people. BOSTON, Feb. 24.-A crisis has arisen in the affairs of the Commonwealth Loan and Trust Company. Checks presented to-day were not cashed, and Vice-President Mason says the company has voted to liquidate.

2. February 25, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 25, 1891

Click image to open full size in new tab

Article Text

TROUBLES IN TRADE. Eastern Banks and Firms Go Into Liquidation With Good Assets. Olympia, Feb. 24.-[Special.]-Samuel Stork, a grocer, today made an assignment in favor of R. L. Robertson. WINDSOR, Vt., Feb. 24.-It is stated that the Windsor National bank, with a capital of $50,000, has gone into liquidation on account of heavy Western losses. It is also stated that the depositors will be paid in full. The bank had a Western agent named J.S. Warden, who made several large investments in mortgages by which the bank suffered heavily. Warden was interested in several Kansas banks recently wrecked, and in which he succeeded in investing some $40,000 for Windsor people. BOSTON, Feb. 24.-A crisis has arisen in the affairs of the Commonwealth Loan and Trust Company. Checks presented today were not cashed, and Vice-President Mason says the company has voted to liquidate. CORPUS CHRISTI, Tex., Feb. 24.-P. Dodridge & Co., bankers, have assigned. The amount of assets and liabilities are not known, but it is thought the former exceed the latter. The assignees say depositors will be paid in full. NEW YORK, Feb. 24.-The North River Lumber Company assigned today without preferences. CHICAGO, Feb. 24.-A receiver has been asked for the Lone Star Cotton-Picking Machine Company by one of the stockholders. The company was organized in this city in 1889 with a capital stock of $5,000,000. The stockholder alleges that as a result of conspiracy his stock was sold at judgment sale to freeze him out. The court issued an injunction restricting disposition of the stock involved.

3. February 25, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, February 25, 1891

Click image to open full size in new tab

Article Text

A. Stone & Co., shoe manufacturers, have assigned to Ira A. Abbott for the benefit of their creditors. BOSTON. Feb. 24.-A crisis has arisen in the affairs of the Commonwe Ith Loan and Trust company. Checks presented at their office to-day have not been cashed. W. W. Mason. vice president, treasurer and Eastern manager of the concern. says: "We are not ready to-day to make any statement in the case. I think it is enough to say the company has voted to liquidate, though it claims to be able to meet its obligations in full."

4. March 5, 1891 The Sun Morris, MN
Article from The Sun, March 5, 1891

Click image to open full size in new tab

Article Text

FOREIGN. The Brazilian assembly has finally adopted the proposed constitution. The French budget estimates have been completed for I892. The revenue is estimated at 3,218,904,125 francs and the expenditures at 3,217,815,525 francs. A crisis has arisen in the affairs of the Commonwealth Loan and Trust company at Boston. The company has voted to liqnidate, though it claims to be able to meet it's obligations in full. The condition of the dockers' disputes in England seems to have somewhat changed for the better. The situation of affairs may be classed as one of suspended hostility. The stevedores are at work. The Belgian Council of Industry, composed of masters and workmen, has sent a memorial to the government asking it to avert a general strike by extending the right of suffrage. Ex-Premier of Canada Mackenzie has caused to be voiced his opinion, that it is of great importance that reciprocity in natural products and the manufacturers should be established between the United States and Canada. An unsuccessful attempt was made to hold an outside anti-Parnell meeting at Carrick-on-Shannon, the capital of County Leitrim. The Parnell sympathizers, who were out in a large force, refused to listen to speeches, and finally charged upon and demolished the platform which had been erected for the speakers accommodation. Among the prominent members of the anti-Parnell faction present were Messrs. Healy, Jordan and Matthew Kenny.

5. March 5, 1891 The Princeton Union Princeton, MN
Article from The Princeton Union, March 5, 1891

Click image to open full size in new tab

Article Text

FOREIGN. The Brazilian assembly has finally adopted the proposed constitution. The French budget estimates have been completed for I892. The revenue is estima. ted at 3,218,904,125 francs and the expenditures at 3,217,815,525 francs. A crisis has arisen in the affairs of the Commonwealth Loan and Trust company at Boston. The company has voted to liqnidate, though it claims to be able to meet it's obligations in full. The condition of the dockers' disputes in England seems to have somewhat changed for the better. The situation of affairs may be classed as one of suspended hostility. The stevedores are at work. The Belgian Council of Industry, composed of masters and workmen, has sent a memorial to the government asking it to avert a general strike by extending the right of suffrage. Ex-Premier of Canada Mackenzie has caused to be voiced his opinion, that it is of great importance that reciprocity in natural products and the manufacturers should be established between the Uniied States and Canada. An unsuccessful attempt was made to hold an outside anti-Parnell meeting at Carrick-on-Shannon, the capital of County Leitrim. The Parnell sympathizers, who were out in a large force, refused to listen to speeches, and finally charged upon and demolished the platform which had been erected for the speakers accommodation. Among the prominent members of the anti-Parnell faction present were Messrs. Healy, Jordan and Matthew Kenny.

6. March 5, 1891 The Telegraph-Courier Kenosha, WI
Article from The Telegraph-Courier, March 5, 1891

Click image to open full size in new tab

Article Text

These Three Were Rotten. Checks presented to the Commonwealth Loan and Trust Company of Boston were not cashed. The Vice President said the concern "had voted to liquidate, though it claims to be able to meet its obligations in full." The Windsor National Bank of Windsor, Vt., and P. Doddridge & Co., bankers, of Corpus Christi, Texas, assigned. The depositors will be paid in full.