7053. Inman Trust Company (Cambridge, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
December 15, 1931
Location
Cambridge, Massachusetts (42.376, -71.118)

Metadata

Model
gpt-5-mini
Short Digest
aeb8b51d6914bead

Response Measures

None

Description

Articles (Dec 15–16, 1931) report that the Massachusetts State Bank Commissioner (Arthur Guy) took possession of the Inman Trust Company of Cambridge after the affiliated Federal National Bank of Boston was closed following runs. The Inman Trust was closed by the commissioner to conserve assets and protect depositors and did not reopen in these reports. Date of takeover reported Dec 15, 1931. OCR errors in source (e.g., missing words) corrected when extracting facts.

Events (2)
1. December 15, 1931 Other
Newspaper Excerpt
The closing of the Federal National Bank was the consequence of runs that developed on the bank and its five branches ... the trust companies were 'affiliated with and controlled by the Federal National Bank' so the commissioner took possession of the trust companies to conserve the assets and for the protection of depositors.'
Source
newspapers
2. December 15, 1931 Suspension
Cause
Government Action
Cause Details
State Bank Commissioner Arthur Guy took possession of the Inman Trust Co. after the affiliated Federal National Bank of Boston was closed following runs; action taken to conserve assets and protect depositors.
Newspaper Excerpt
Inman Trust Co., Cambridge ... the State bank commissioner ... have this day taken possession of the following companies: '... Inman Trust Co., Cambridge.'
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, December 15, 1931

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Article Text

CLOSE All Affiliated With Federal National, Of Boston BOSTON, Dec. banking tions, with aggregate cording the latest were The list included four banks and five State central figure the closing the Federal National bank which has five city with which the institutions were affiliated. The Federal National whose directors voted to comptroller currency to charge after runs the and its branches deposits, September The other banks and available statements of The Middlesex National Lowell, $4,000,000; the State tional bank, Lynn, the Gloucester National $1,600,000; the croft Trust company, $5,876,474; the company, the Inman Trust bridge, $3,808,412; the Trust company, Brockton, 753; the Salem Trust $2,115,530. Governor Joseph B. Ely, his home field, said that with proper plan for the ures, the institutions opening Three savings banks Boston south Boston experiencing small runs today.

2. December 15, 1931 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 15, 1931

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BANKS CLOSED BOSTON Institutions with Aggregate Deposits of 58 Million Fail to Open ONE HAD FIVE BRANCHES Four Were National and Five Were State Banks; Runs Start on Three BOSTON, Dec. 15 (P)-Nine Massachusetts banking institutions with aggregate deposits, according to latest statements, of $58,700,000 were closed Tuesday. 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 take charge after runs at the bank and its branches Monday, had deposits, on September 29, of $28,The other banks and their latest statements of deposit were: the National bank, Lowell, $4,000,000; the State National bank, Lynn, the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926: the Inman Trust company, Cambridge, the Brockton Trust company, Brockton, the Salem Trust company, Salem, Three savings banks in East Boston and South Boston were experiencing small runs Tuesday They were independent of the group affected in Tuesday's

3. December 15, 1931 Salt Lake Telegram Salt Lake City, UT
Article from Salt Lake Telegram, December 15, 1931

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Nine Massachusetts CAPPER ASKS PROBE Banks Are Closed BOSTON, Dec. 15 Massachuseits banking Institutions, with OF SHORT SELLING aggregate deposits, according to the latest $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 Boswhich has five city with which all the other institutions affiliated. The Federal National bank, whose directors voted to the take after at the bank and its branches yeshad deposits, on September of The other banks and their latest statements deposit were: The Middlesex National Lowcll, $4,000,000; the State National bank, Lynn, 013 the Gloucester National bank, the Bancroft Trust company, Worcester, 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. Governor Joseph B. Ely said that with proper plan for the speedy reopening of the institutions could be accomplished and further said he had Bank Commissioner Arthur Guy to proceed with end in President Daniel C. Mulloney of the Federal National bank the opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.

4. December 15, 1931 Casper Star-Tribune Casper, WY
Article from Casper Star-Tribune, December 15, 1931

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BANKS CLOSED Four National Institutions Included BOSTON, Dec. (AP) Massachusetts banking institutions, with aggregate deposits, the latest of 000, were closed today The list cluded four national banks and five state banks. The central figure the the Federal National bank of Boston, which has five city and with which other institutions here were affiliat- The Federal National bank, whose directors voted to the comptroller of currency to take charge after runs at the bank and its branches had deposits on Sept. 29 yesterday, of The other banks and their latest available statements deposit were: The Middlesex National Bank, Lowell, the State National bank, the Gloue ter National bank. the Bancroft Trust company, Worcester, 474; the Lawrence Trust company, $9,555,926: Inman Trust Cambridge, 412: the Brockton Trust company, the Salem Trust company, Salem $2,115,530.

5. December 15, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 15, 1931

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Article Text

INMAN TRUST COMPANY OF CAMBRIDGE IS CLOSED Inmar Trust Company Cambridge morning on the State Bank Commisnotice the office the Bank windows the bank posted at sq and the of. 795 near Central sq. vested me law, hereby take and business of the Inman Trust Cambridge, Mass. Arthur Banks. gathered both banks this president, Albert Lynch, could not be reached for statement. According Treasurer WilE. Shea of Cambridge, of the Inman Trust Company.

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

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Article Text

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."

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 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.

9. December 16, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 16, 1931

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Boston, Dec 16.-(UP)-A receiver appointed by the comptroller of the currency to-day took charge of the affairs of the Federal National Bank of Boston, the closing of which has tied up deposits totaling $57,740,238. Herbert Pearson, the receiver, arrived from Washington last night at the end of a day which witnessed the closing of eight affiliated banks in central and eastern Massachusetts, To-day he was to begin an appraisal of the Federal National's assets with a view to liquidatoin. There were several reassuring reports, including the statement of President Daniel C. Mulloney that Federal National depositors would be paid 100 cents on the dollar, and the prediction of Gov Joseph B. Ely of Massachusetts that with "proper action" it should be possible to reopen all the closed institutions. The closed banks and their deposits follow:Federal Natoinal $28,235,238. Lawrence Trust Co, $8,000,000. Bancroft Trust Co of Worcester, $6,000,000. Middlesex National Bank of Lowell, $4,505,000. Inman Trust Co of Cambridge, $3,500,000. Lynn State National, $2,200,000. Salem Trust Co, $2,200,000. Gloucester National Bank, $1,600,000. Brockton Trust Co, $1,500,000. It was estimated that more than 75,000 depositors were affected by the bank closings. A suggestion by Governor Ely that the newly-organized National

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 (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.

11. 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.

12. December 16, 1931 The Mercury Manhattan, KS
Article from The Mercury, December 16, 1931

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NINE MASSACHUSETTS ARE SHUT DOWN BANKS Includes Four National and List Five State Banks With Deposits Boston. Dec. 15 Massachusetts banking institutions, with aggregate deposits, according to the latest were closed today. The list included four national banks and five state banks. central figure in the closings The Federal National bank the which has five city branchwith which all the other inand stitutions were affiliated. Federal National whose The directors voted to ask the comptrolto take charge after ler currency the bank and its branches runs had deposits, Septemof other banks and their latest The available statements of deposit The Middlesex National bank. Lothe State National well. the Gloucesbank. Lynn. National bank. the Bancroft ter Worcester, $5,876,Trust 474: the Lawrence Trust company, Lawrence, the Inman Trust company, Cambridge,

13. December 16, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, December 16, 1931

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IN MASSACHUSETTS Four National and Five State Institutions Fail To Open Doors [BY THE ASSOCIATED PRESS.] BOSTON, Dec. 15.-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, closed The list included four national banks and five state banks. The central figure the closings the Federal National Bank of Boston, which has five city branches with which the other institutions were affilThe Federal National Bank, whose rectors voted to the comptroller of currency take charge after runs at the bank and its branches had deposits. on September 29, of $28,The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565 Gloucester National Bank, Gloucester. $6,600,000; the Bancroft Trust Company, WorcesLawrence Trust Company, Lawrence, $9,555,926; the Inman Company, Cambridge, the Brockton Trust Company, Brockton, $1,508,753 the Salem Trust Company, Salem, 115,530 Three savings banks in East Boston and experiencing small independent of the affected in today's closings and sought to reassure depositors that their funds were PROJECT ASSURED WASHINGTON, Dec. (/P)-An allotment of $22,750 rivers and harbors surveys in vicinity Jacksonville, made today by the war

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.