Treasurer J. Malcolm Warren's suicide on Dec 11, 1930 precipitated a depositor run (~$90–100k withdrawn). The bank suspended payments and the state banking commissioner took control at directors' request (Dec 11–12, 1930). No defalcation was found; directors and stockholders raised funds and the bank reopened in mid-January 1931. Dates derived from article publication dates and internal chronology.
Events (3)
1.December 11, 1930Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered immediately by the suicide of the bank treasurer J. Malcolm Warren discovered in the bank building.
Measures
Officers issued statements the bank was sound; other banks made funds available to bridge the emergency; roughly $90,000–$100,000 withdrawn; directors later requested state control to protect depositors.
Newspaper Excerpt
Following the discovery of the body of J. Malcolm Warren, treasurer of the West Springfield Trust Co., ... a run of depositors developed. Within a short time some persons thronged the banking rooms seeking to withdraw deposits.
Source
newspapers
2.December 11, 1930Suspension
Cause
Government Action
Cause Details
Directors requested the deputy bank commissioner take possession to protect depositors; state authorities assumed control following the run and suspension.
Newspaper Excerpt
The bank voted to suspend payments this afternoon. ... The state formally took over the affairs of the West Springfield Trust company last night and the bank will not open its doors this morning.
Source
newspapers
3.January 12, 1931Reopening
Newspaper Excerpt
The West Springfield Trust Company ... reopened for business today with no evidence of continuance of the run. In fact bank officers said that deposits outnumbered withdrawals.
Source
newspapers
Newspaper Articles (18)
1.December 11, 1930St. Louis Post-DispatchSt. Louis, MO
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RUN ON BANK STARTED BY OFFICER'S SUICIDE
West Springfield, Mass., Depository Suspends Payments and Plans Reopening.
By the Associated Press. SPRINGFIELD. Mass., Dec. 11. Following the discovery of the body of J. Malcolm Warren, 40 years old. treasurer of the West Springfield Trust Co., in the bank building this morning, a suicide by shooting, run of depositors developed. Within a short time some persons thronged the banking 500.75. rooms seeking to withdraw deposits. The bank voted to suspend payments this afternoon. It was announced the advice of the bank examiners would be sought as to the abvisability of an immediate opening. The bank, it is stated. has By the Associated Press. some $800,000 tied up in real estate on which it would be impossible to effect an immediate realization. Horace A. Moses, president of the bank, said that bank examinere had made a periodical visit to the bank within a week and had found everything as it should be. A note left by Warren said his sui- Commons yesterday. cide could be ascribed to personal losses, the fear that he would lose his posiion in the bank at the end of the year and the depression engendered by constantly listening to stories of misfortune by persons ho sought loans and those whom from London." he had advised to purchase securities that had since greatly depreclated in value. Columbus (O.) Banker Shoots Self to Death at Club. By the Associated Press. COLUMBUS O., Dec. 11.-William C. Willard. vice president of ary of that year. the Huntington National Bank and vice president and treasurer of the Columbus Savings Bank. ended his life in the Columbus Athletic Club today by shooting. table life? Willard had gone to a retiring room on the fourth floor. He removed his coat and vest and then sit. "That's more been in ill health.
Cashier of Arlington (Tenn.) Bank Shot Dead in Auto. By Associated ARLINGTON. Tenn., Dec. John Falls, cashier of the Bank of Arlington. was found dead in an automobile near here today with bullet wound in his head. J. F. Hunt, a State examiner, took charge of the bank and said he would make an audit of its books. A statement of the bank, published May 19. showed resources of $162,174.22 and deposits of $123,-
RUN FOR DEPOSITS FOLLOWS SUICIDE 200 Persons Throng West Springfield Bank This Morning TREASURER SHOOTS SELF J. Malcolm Warren Ends Life During Night-Widely Known in Musical Circles - President Says Money Safe. Springfield, Mass., Dec. 11 (AP) Following the discovery of the body of J. Malcolm Warren, treasurer of the West Springfield Trust company. in the bank building this morning, a suicide, a run of depositors developed and within a short time some 200 persons thronged the banking rooms seeking to get their deposits. Statements were issued by officers of the bank to the effect that the institution was sound and in good condition and funds were quickly made available by banks in tihs city to tide over the emergency. Moses Discloses Note Horace A. Moses, president of the bank, in a statement, made known the text of a note addressed to him by the dead bank treasurer explaining the motive for his suicide. Mr. Moses said that bank examiners had made a periodical visit to the bank within a week and had found everything as it should be. The note left by Warren said that his suicide could be ascribed to personal losses, the fear that he would lose his position in the bank at the end of the year and a feeling of depression engendered by constantly listening to (Continued on Page Two)
3.December 11, 1930Fitchburg SentinelFitchburg, MA
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Bank Treasurer Suicide; 'Run' Quickly Follows
West Springfield Trust Co. Officer In Note Blames Depression For Act
SPRINGFIELD Dec 11 The body of J Malcolm Warren. 40, treasurer of the West Springfield Trust Co. suicide by shooting was found today in the bank building Within few hours more than 200 depositors thronged the banking rooms, seeking withdraw their money Statements issued by the banks officers said the institution was sound Funds quickly made available by banks in this city to bridge the emergency Horace A Moses. president of the bank, in statement made the contents of note addressed to him by Warren explaining the motive for his suicide The note said his suic.de could DE ascribed to personal losses. the fear that or would lose his posttion at the end of the and the depression engendered constantly listening to stories 01 misfortune by persons who came to those whom he had advised to purchase securities that had since greatly depreciated in value Mr Moses said bank examiners had made visit the bank within week and had found everything in order As the crowd grew President Moss told them that funds were available to meet all demands but that if the run the bank doors would be closed temporarily.
BANK TREASURER SHOOTS HIMSELF
Body of J. M. Warren Found in West Springfield Trust Co.'s Rooms
DEPOSITORS START RUN ON BANK
President Says Institution Will Temporarily Close if Withdrawals ConDespondent Over Misfortune of Bank's Customers. SPRINGFIELD. Mass., Dec. 11 The body of Warren, treasof the West Springfield Trust Co., by shooting, found today in the bank building. Within few hours more than depositors thronged banking rooms seeking withdraw their money. Statements by officers of the bank said the institution sound and good Funds were quickly made available by banks in city to bridge the emergency. Horace Moses, president of the bank, in made known the of note to him Warren explaining the motive for his suicide. The his suicide could ascribed personal losses, the fear that he would lose his position in the bank at the end of the and by listening stories of fortune persons who the bank seeking and advised to that since greatly depreciated in value. Mr. Moses bank examiners had made the found everything in order. the Moses told them funds that the the doors would be body Warren with bullet wound found in the the building by the janiabout six o'clock Death to been instantaneous. an change pearing good spirits. went was the janitor bankabout 40 years old, came Springfield bank from He widow and three children. The depository West funds has about in more than according to the last official statement
Accounts Already Examined. BOSTON, Dec. the the the West Springfield Trust since the suicide the institution's Deputy Bank Arthur Nye today. The reports the brought here for study by the office. placed $150,000 and its surplus at
5.December 11, 1930Pampa Daily NewsPampa, TX
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RUN MADE ON BANK SPRINGFIELD Mass Dec. 11. (P:-- Following discovery of the body the West Springfield Trust company. in the bank building this
6.December 12, 1930The Springfield Daily RepublicanSpringfield, MA
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STATE OFFICIALS ARRIVE FROM HUB AND JOIN SESSION
Conference Still Early This Moses Optimistic
NO INDICATION OF ANY SHORTAGE
Moses Says Bank Can Obtain $250,000 But Doubts if That Course Best at This Time
A lengthy conference of bank officials and representatives of the state banking commission was in progress late last night to determine whether or not the West Springfield Trust company, which suspended payments to depositors yesterday, would reopen this morning. Suspension followed run on the bank resulting from the suicide of its treasMalcolm Warren. There urer, no indication that there was any was shortage.
Can Obtain $250,000
Horace Moses, president of the bank, yesterday afternoon expressed that payments would be rethe hope sumed this morning. No further and midnight officials still cussing the plight the bank. Mr Moses that the bank could obtain $250,000 at any time by rendering securities he whether that banks, would The bank sound condition, ficials stated. The situation itself into this: That great part tied up estate cannot time for proper Its cash hand could meet the anxious the ditional $250,000 would stem was nobody could answer. About $90,000 Withdrawn $90,000 was withdrawn during the rush of the
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7.December 12, 1930The Springfield Daily RepublicanSpringfield, MA
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WEST-SIDE BANK CLOSED; STATE ASSUMES CONTROL TO PROTECT DEPOSITORS
Bank Commissioner's Statement Regarding West-Side Institution
Deputy Commissioner of Banks Arthur Guy issued the follow*ing statement at 12.45 this morning in regard to the West Springfield Trust company:"At meeting of the directors of the West Springfield Trust company held tonight the directors requested me to take possession of the company in order that the interests of the depositors would be fully protected. Negotiations with banking interests pending which it is hoped will effect satisfactory reopening of the Trust company at an early date. recent examination was made by the banking department as of November 29 and the company was found to be in a sound condition. No defalcation by the treasurer has been discovered. "ARTUHR GUY, Deputy Commissioner of Banks."
8.December 12, 1930The Springfield Daily RepublicanSpringfield, MA
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ACTION IS TAKEN AT THE REQUEST THE DIRECTORS
No Defalcation Found in Accounts of J. M. Warren Who Killed Self
BANK IS SOUND, STATE OFFICIAL SAYS
General Feeling of Confidence in Solvency of West Springfield Trust Company Expressed by Citizens
The state* formally took over the affairs of the West Springfield Trust company last night and the bank will not open its doors this morning. Arthur Guy of Framingham, deputy coommissioner of banks, announced this fact early this morning following a series of conferences lasting until well past midnight. Negotiations are pending, it was said, through which it is hoped to reopen the bank "at an early date." No defalcation by the treasurer, J. Malcolm Warren, whose suicide started the run on the bank yesterday and brought about suspension of payments, has been discovered by bank examiners, it The passing of control into the hands of the state is thus not caused by any discovery of shortage, but accomplished at the request of the directors themselves. Bank officials generally believed that the interests of could be best served by
Brimmer In Charge The West Springfield Trust commanaged during this period of state control by Eugene director of state of trust companies, Bursley, bank examiner. Both these with Mr Guy, participated yesterday In his formal statement, Mr Guy
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State Assumes Control Of Bank After Closing West Springfield, Mass., Dec. 12 (UP)-Deputy Bank Commissioner Arthur Guy announced early today that at the behest of the directors he had taken over the affairs of the West Springfield Trust company. The purpose of the action, he said. was to fully protect the inter. ests of depositors. Payments at the bank were stopped yesterday after a run during which approximately $100,000 was withdrawn.
10.December 12, 1930The Lewiston Daily SunLewiston, ME
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WEST SPRINGFIELD BANK RUN CAUSED BY SUICIDE
Dec. the discovery the of Malcolm Warren, Treasbody the West Springfield Trust in the mornwithin short some persons the seeking deposits. issued officers the bank were to effect that the institution sound and good funds banks this city to bridge over Moses, President of the Horace bank, made known the text note addressed to him the dead bank treasurer, for his suicide. Mr. had made visit the within week had found everything should Warren said that suicide ascribed personal losses, the fear that he his position in the bank of year listening stories persons came the bank ing loans those whom had vised securities had since greatly depreciated in value. grew Moses them that funds meet all the the bank doors would closed temporThe body of Warren who was and had been treasthe seven years, the the byNlet had fired into the death said to have been inPending the arrival of bank examiners, directors voted suspend 2.15 o'clock this afternoon. After that began early day came known that Warren suicide. the bank its liquid that the advice the bank examiners be sought to the advisability of an immediThe has tied in real to effect an immediate realization.
11.December 22, 1930The RepublicanSpringfield, MA
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DEPOSITORS ON WEST SIDE PESSIMISTIC
Lack of Information When Bank Will Reopen Is Causing Uneasiness
While officials of the West Springfield Trust bank have maintained ence as to what the latest developments bank's situation have the friends the have less emphatic their voiced liefs that the trust company before Christmas accordance the hopes of President HorMoses. rumors circulated among the institution business "the day before Christmas,' first of the Bank directors, members of the state ficials in the company Members the the committee questioned by reporters for during past several days invariably have referred the into Moses. When possible reach Mr Moses, the has out that are not sufficiently out be In the meantime there have been "leaks" one kind and another, that West Old Colony Trust credence. that has been ingiven out by Mr Moses yesterday. Moses and McCarthy Confer With Officers Mr visit brief duration the the The purpose the and ter McCarthy, attorney for bank, was also conference the officials today usual, inquirers Moses. The could be reached for the morning and from no the be given out. The trust doors open still charge the state officials. on mortgage notes are being made daily, no deposits and Springfield closed its sult run the bank the suicide of its treasurer, MalWarren.
12.January 3, 1931The Springfield Daily RepublicanSpringfield, MA
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DIRECTORS FURNISH $225,000 OF AMOUNT
Stockholders' Protective Committee to Raise Remainder Officials Optimistic Over Outlook
The directors of the West Springfield Trust company announced after meeting last night that they have increasing confidence that the bank will reopen an early date because of the success they are in the reorganization of the bank's assets. The officers directors the advisers been laboring to bring about an justment the assets which would accomplish this result ever since the bank closed three ago. The bank suspended thereby threw the the withdrawals following immediately upon the suicide of its treasurer Warren, had led many smaller depositors to suspect irregularities the institution which might seriously impair its ability The ficers the the that the treasurer had
13.January 3, 1931Transcript-TelegramHolyoke, MA
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WEST SPRINGFIELD TRUST COMPANY TO REOPEN DOORS
Plans for the resumption of bust. by the West Trust date nounced by the board directors last night. stockholders' commit. tee are positing will the bank's for of the put 000 while strong forward with the other
Having decided to and upon the the real the as the directors obtained the help outside chase the that the will be reliev. ed this burden. The plan has the support the and The latter ing splendidly with the the program, which the bank will not have to wait months deposits forced to for they will continue to advantages banking facilities in Went Springfield. The bank suspended and passed the custody of the state authorities Dec. follow. run by the suicide denials by officers bank that the had any the hundred smaller positors became panicky manded accounts Because the withdrawals decided the to this action with the
TO HIRE BLIND TYPISTS by Counthat blind typlats be county was
14.January 9, 1931The RepublicanSpringfield, MA
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REOPENING OF BANK
It was with feeling of great lief and gratification that many sons the announcement that the West Springfield Trust company will resume business Monday. Its wholly unexpected closing brought about by the tragic act of one its employes which precipitated panicky feeling among some of the depositors who, thereupon, gaged in on the bank that the officials and the state bank commissioner nothing to do but shut shop temporarily after nearly $100,had been paid out to depositors. Now, the word of the same bank commissioner, the institution found to be "sound and solvent." Not only that, but has ahead with the precautionary measure of turning its of sufficient amount to pay off all the depositors they should elect to demand upon the resumption business by the bank nex+ must taken into consideration
15.January 12, 1931The Jersey JournalJersey City, NJ
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Springfield, Mass., Bank Reopens
Mass. West Springfield Trust Company. which taken by the state banking commissioner when run followed the suicide its depleted its funds, reopened for no evidence continuance the run: fact bank officers that deposits numbered about funds had placed in the vault to meet guard The Harry Robin his duties in of Malcolm suicide just prior to the beginning of the
16.January 12, 1931Brooklyn EagleBrooklyn, NY
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Steel Outlook
More Optimistic Than for Months
Some Predictions Are for 60% S. Corp. Satisfied at 50%
Since beginning of this year there has been some increase in new buying of steel This has come as surprise to for was the popular that demand would small until toward the end of February The present belief is that gain will continue gradual and as result will permit increases in steel mill operations in the few Some of the optimistic interests outside the steel trade have been talking of rate of as high R.S 55 or 60 ingot produstion for the U. S. Steel Corporation by the first of next month It known operating officials will be satisfied reach 50 percent by the end of February Rail mills have become active in recent weeks on contracts which were placed by carriers toward the end of last year Plants supplying some of the automobile also have doing better and there is hope that with more for building operations there will an increase in structural steel demand for spring delivery The Immediate outlook more hopeful than it has been months
TRUST COMPANY REOPENS The West Springfield Trust Company, which taken over by the State Banking Commissioner Dec. 11, when run that followed the suicide of its treasurer depleted its funds. reopened for business today with no evidence of continuance of the run. In fact bank officers said that deposits outnumbered withdrawals
17.January 13, 1931The Philadelphia InquirerPhiladelphia, PA
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PHILADELPHIA STOCKS, JANUARY 12, 1931
Net Sales High Amer Stores Wheel Camden Dairy Victory Bros Mfg 87 sales for Plus Including cash stock cent. stock 500 10% 10% common stock 24 Hds
Call funds were quoted officially and some dealers cent. with thirty day money loans at per United States Governments Liberty 4th duplicated their 1930 103 and closed 32nd under that figure Turnover Treasury issues was light compared with recent sions but prices ruled firm Brazilian Government and State loans buoyant. Brazil nearly Sao Paulo rose Porto Alegre Rio Grande do Sul bonds actively The and Argenadvanced 1%
New York Sugar Market with world the RAW and comSUGAR prices spots Feb later Sales 3150 demand for Porto prompt shipment were Philippines for March shipment upturns raw futures result Bay State Bank Reopens covering trade buying were market closing West Springfield Trust Comlater which was taken over by the London State Banking Decemfailed ber when run that followed the and late cide of its treasurer depleted its funds, liberal reopened for business today with no more evidence continuance of the run. In bank officers said that deposappeared and await its outnumbered withdrawals.
18.April 22, 1931The RepublicanSpringfield, MA
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BANKING EXPERT WELL KNOWN IN THIS SECTION IS ON MISSING LIST
Guy L. Vaughan Worked On Northampton and West-Side Cases
Guy L. Vaughan, the banking ex pert whose discoveries in Hamp shire Trust company of Northampton finally sent Harold R. (Dick) Newcomb to state prison for from 8.to 10 years and in West Springfield for several weeks straightening out the difficulty brought about by the suicide of Malcolm Warren, the West Springfield Trust company treasurer, and the resultant run on the bank. has after leavthe five defunct pri vate of which er, in tangled condr* State Bank Commissioner Arthur revealed yesterday that Vaughan has been missing since April although business associates have reported that they have been unsuccessful in getting in touch with him for at least Norman Chadwick. state bank examiner, made affidavit that a hasty survey of Vaughan's affairs revealed that there were irregularities due principally to of funds several banks in charge and that and "negligently and carelessly" handled these affairs. to Vaughan's parents, Mr and Mrs Robert Vaughan of Melrose, he went to Washington on busi-
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