Article Text
A Boston Bank Suspends. BOSTON, March 6.-The banking house of Chas, A. Sweet & Co. suspended payment this morning. It is believed the suspension will prove but a temporary one.
7856. Chas. A. Sweet & Co. (Boston, MA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- March 6, 1882
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini
- Short Digest
162d5cef
Response Measures
None
Description
The firm suspended payment on 1882-03-06. Articles describe inability to meet calls because of heavy advances on Massachusetts Central Railroad bonds, and a subsequent proposal to assign assets to trustees and liquidate (creditors to be paid dollar for dollar). No run is described; suspension followed by liquidation/assignment indicates permanent closure rather than reopening.
Events (1)
1.
March 6, 1882
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy advances and loans secured by Massachusetts Central Railroad bonds which declined in value; called by other banks for additional funds and the firm could not respond; led to suspension and proposed assignment/liquidation.
- Newspaper Excerpt
- A Boston Bank Suspends. BOSTON, March 6.-The banking house of Chas, A. Sweet & Co. suspended payment this morning.
- Source
- newspapers
Newspaper Articles (10)
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Failures. Boston, Mar. 6.-The banking house of Chas. A. Sweet & Co., suspended this morning, causing considerable excitement in financial circles. The house has been advancing money, it is stated, to the Massachusetts Central railroad, taking bonds and placing them on the market. The road is a new one and its bonds have shrunk in value and the banks which have been carrying the bonds called on Sweet for additional funds, and to this call the firm has been unable to respond.
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Suspension of a Banking House. BOSTON, March 6.-The banking house of Chas. A. Sweet & Co. suspended this morning, causing considerable excitement in financial circles. The house has been advancing money, it is stated, to the Massachusetts Central Railroad, taking bonds and placing them in the market. The road is a new one, and its bonds have shrunk in value, and the banks which have been carrying the bonds called on Sweet for additional funds. To this call the firm has been unable to respond.
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Boston Bank Failure. BOSTON, March 6.-The - banking house of Chas. A. Sweet & Co. suspended this morning, causing considerable excitement in financial circles. The house has been advancing money, it is stated, to the Massachusetts Central railroad, taking its bonds and placing them in the market. The road is a new one and its bonds have have a shrunken value and banks which have been carrying the bonds called on Sweet & Co. for additional funds. To this call the firm have been unable to re8 pond. The liabilities amount to between $3,000,000 and $4,000,000. The firm will probably not resume, but will liquidate by paying dollar for dollar.
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# Gone Down. Boston, 16.-The banking house of Chas. A. Sweet & Co. suspended this morning, causing considerable excitement in financial circles. The house has been advancing money, it is stated, to the Massachusetts Central Railroad, taking bonds and placing them in the market. The road is a new one, and its bonds have shrunk in value, and banks which have been carrying the bonds called on Sweet for additional funds. To this call the firm has been unable to respond. It is stated that C. A. Sweet & Co. borrowed about $2,000,000 from Boston banks on collateral recently, and that they hold $700,000 Massachusetts Central bonds. A member of the firm stated that they hoped to pay in full. The liabilities amount to about $3,000,000. The firm will probably resume, but will liquidate, paying dollar for dollar. The firm subscribed to only 5,000 Massachusetts Central bonds at the start, but they since loaned large sums upon them, and have of late been buying heavily to sustain the market. The rumored collapse of the Cannelton Valley securities hastened the disaster.
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Disagreeing DectorsGarfield's Last IIIness Again. CHICAGO, March 7th -The Times' Washington special says: Dr. Boynton, who was in attendance upon President Garfield during his last illness, has written a letter to Dr. Baxter, Medical Purveyor of the United States Army. Boynton says that Bliss was never placed in charge of the President's case by any member of the President's family, and was continued without any authority from them throughout the entire case. Upon the back of Boynton's letter is an indorsement by Mrs. Garfield of the truth of the statements therein made. Dr. Baxter has circulated this letter among the Senators and members, in order to defeat Bliss' bill. included in the report of the committee charged with auditing the expenses attendant upon Garfield's illness. There is such grave impropriety in all this, that it can have but little results. Dr. Bliss was summoned in the case by Secretary Lincoln, and if the President or any member of his family had at any time desired to make a change it would have been very easy. The Boston Failure. BOSTON, March 7th.-The creditors of Chas. A. Sweet & Co, the suspended bankiog firm, had to day the following statement made : Liabilities (all sorte), $2,876,111; assets (estimated), Massachusetts Central bonds, $2 775,057. In addition to this is Sweet's private capital of $447,000, which is liable for the debts of the firm, making the total a sets $3,222,057, leaving a surplus of $345,946. No detailed list of creditors or assets was furnished the press, There seems no doub; of the payment of the firm's liabilities in full, and without great delay. The feeling among the banks and brokers to-day is more confident. No other failures are probable.
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Boston's Collapsed Back. BOSTON, March 7.-A meeting of the creditors of Chas. A. Sweet & Co., the suspended banking firm, was had to-day. The following statement was made: Liabilities of all sorts, $2,826,000; assets, estimating the Massachusetts Central railroad bonds at 50c on the do!lar, $2,725,057. In addition to this is Sweet's private capital, $447,090, which is turned over for debts of the firm, making the total assets $3,222,057, leaving a surplus of $345,946. No detailed list of creditors or assets was furnished the press. James H. Beals, president of the Second national bank; D. B. Whitney, president of the Suffolk national bank; and Samuel Atherton, director of the New England bank, were "ppointed a committee to arrange for settling the firm's affairs, and will report Thursday. There seems no doubt of the payment of the firm's liabilities in full and without great delay. The feeling among banks and brokers to-day is more confident. No other failure is probable.
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ADDITIONAL TELEGRAPH. BRIEF TELEGRAMS. The Virginia General Assembly was convened in extra session yesterday, and the Governor sent in a message asking that precedence be given bills which concern the public welfare. A meeting of the creditors of Chas. A. Sweet & Co., the suspended banking firm of Boston, was held yesterday and the following statement made: Liabilities of all sorts, $2,876,111; assets, estimating Massachusetts Central bonds at fifty cents on the dollar, $2,775,057. A Denver, Col., dispatch says: Last night a Chinese laundryman, named Wing Chong, was murdered by his assistant, Lee Ting. The cause of the murder is not known. There are five deep gashes in the murdered man's throat, and the head was almost severed from the body. The journeymen painters of St. Louis between whom and their bosses there has been differences as to wages, are out on a general strike. They demand the uniform prices of three dollars per day, which the bosses decline to give. There are also disturbed relations between the masons, carpenters, bricklayers and shoemakers and their bosses, and some of them have quit work, but there is no general strike yet.
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Boston has Another Financial Sensa tion in the Failure of Sweet & Co., Bankers. A Whole Family Frozen to Death Near Winnipeg in the Bliszard of Saturday. Great Activity at the Track of the Louisville Jockey Club-Condensed Telegrams. Boston's "Busted" Bank. BOSTON, March 7.-At a meeting of the creditors of Chas. A. Sweet & Co., the suspended banking firm, had today, the following statement was made: Liabils ties, all sorts, $2,826,111; assets, estkmating Massachusetts Central bonds at 50 cents on the dollar, $2,775,057. In add's tion to this is Sweet's private capital, $447,000. which is turned over for the debts ot the firm making total assets $3,222,057, leaving a surplus of $345,94h No detailed list of creditors or assute was furnished the press. James H. Beals president of the second national banl D. B. Whitney, president of the Suffolk nati nal bank, and several other directors of the New England bank, were appointed a committee to arrange for setting the firm's affairs. There seems no doubt of the payment of the firm's liabilities in full, and without great delay. The feel ing among banks and brokers to-day more confident. No other failure fa probable. BOSTON. March 9.-At a meeting of the creditors of Chas. A. Sweet & Co., the firm proposed to assign all its property and assets to trustees, who are to take charge of its atfairs and settle up as soon as possible. The proposition was accepted by the creditors present, and-the remaining creditors are advised to co-operate. The committee. stated that claims will be met dollar for dollar, and that Sweet will besides have left an amplia competency. Thirty days are all allowed the other creditors to agree to the plan.
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Condition of the Suspended Boston Bank. BOSTON, MASS., March i.-A meeting of the creditors of Chas. A. Sweet & Co., suspended banking firm, was had to-day and the following statement made: Liabilities of all sorts $2,876, 151; assets estimated. Ma-sachusetts Central bonds ; cents on the dollar $2,775,059, in addition to this is Sw. et's private capital of 447,000 which is liable for the debts of the firm making the total assets 8,223,057. No detailed list of the creditors or assets was furnished the press.