7129. Arlington Trust Company (Lawrence, MA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust
Start Date
December 16, 1931
Location
Lawrence, Massachusetts (42.707, -71.163)

Metadata

Model
gpt-5-mini
Short Digest
65baa2923a3fed78

Response Measures

None

Description

Newspaper accounts (Dec 16 and Dec 19, 1931) describe heavy withdrawals at the Arlington Trust Company in Lawrence, the bank invoking a 30-day notice requirement (temporary restriction on withdrawals) and reports that the bank had suspended operations. It appears a depositor run preceded/caused a suspension; sources do not state a final permanent closure or receiver appointment, so the ultimate outcome is unclear.

Events (2)
1. December 16, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals affecting multiple local banks in Lawrence and surrounding New England banks created contagion and depositor panic leading to withdrawals at Arlington Trust.
Measures
Required 30-day notice for withdrawals from savings department; brought in truckloads of cash from other cities.
Newspaper Excerpt
HEAVY WITHDRAWALS AT BANKS IN LAWRENCE
Source
newspapers
2. December 19, 1931 Suspension
Cause
Local Banks
Cause Details
Suspension reported as result of large withdrawals that also caused other New England banks to close their doors during the same period.
Newspaper Excerpt
el Arlington Trust Co., de Lawrence ... han suspendido sus operacio[n]es
Source
newspapers

Newspaper Articles (2)
1. December 16, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1931

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Article Text

HEAVY WITHDRAWALS AT BANKS IN LAWRENCE Dec of the the Trust Company today heavy the other local and they tinued until the close of business this savings banks and the cial banks that affected by the withdrawals, all of the banks took customers, and officials of said tonight that take of demands that might be made The Arlington Trust Company issued statement that it had temporarily the right to require notice statement said, in part: "The Arlington Trust has ample funds and resources in its savings department. All funds so deposited are entirely Moreover, means loss of terest for six months' period Because of this the company unwise permit continual withdrawal funds large While the requiring withput 30-day period. is likely that conditions will change that it may be possible to suspend it after few Several truckloads of cash were brought during the day from other cities and of were the banks depositors their Following meeting of the stockholders of the Lawrence Trust Company, Pres Cornelius Corcoran issued the closing the Federal National Bank of Boston, the depository of the Law-

2. December 19, 1931 La Gaceta Tampa, Ybor City, FL
Article from La Gaceta, December 19, 1931

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Article Text

(RC BANCOS CERRAGON SUSPUERTAS sto dic. 19.-Como resulBdo de las grandes vetiradas de dinero, cuatro bancos cerraron a sus puertas ayer, en New Inde gland. de Las instituciones bancarias que han suspendido sus operacio freció nes son el Boston Continental un National, de Boston; el Hamden Bank and Trust Company de Hamden, Conn.; el Arlington Trust Co., de Lawrence, y el Plymouth County Trust Co., de PERBrockton. El estado financiero de los bancos, según los últimos informes rendidos es como sigue: Boston resiContinental, depósitos de 6,281, esqui960 pesos, capital en existencia los de $1,000,000, sobrantes $150, 000; Hamden, valores de 2,097, diez 683 pesos; Arlington Trust, deen pósitos de $7,150,003.70; Plyla a mouth County, depósitos de co- $3,816,073.73.