Cambridge Trust Company - Cambridge, MA

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 7d5edd45

Response Measures

None

Description

OCR in the article is garbled. The item lists nine Massachusetts banking institutions closed Dec 15, 1931, affiliated with Federal National Bank of Boston; the Cambridge Trust Company (deposits ~$3,808,412) is listed among the closings. The directors of the Federal National asked the comptroller to take charge after runs; the Cambridge institution closed as an affiliate. Cause classified as correspondent (failure/distress of affiliated/correspondent bank) though the article also notes directors asked the comptroller to take charge (government action).

Events (1)

1. December 15, 1931 Suspension

Cause: Correspondent
Cause Details: Closed as one of nine Massachusetts institutions affiliated with the Federal National Bank of Boston after runs on the Federal National; affiliate institutions were closed/taken over following that failure and directors asked the comptroller to take charge of the central bank and affiliates.
Newspaper Excerpt: The list included ... The Lawrence Trust Comman Trust Company. Cambridge. $3,808,412
Source: newspapers

Newspaper Articles (1)

1. December 16, 1931 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, December 16, 1931

Click image to open full size in new tab

Article Text

STUDENT WHOSE AUTO FEDERAL NATIONAL KILLED MAN INDICTED OF BOSTON CLOSES The grand jury yesterday voted an indictment charging leaving the scene an injury to person against Robert C. Behn, 25-year-old the death of Wilfred Fone, 37. flower salesman, 1407A Ange street, who was injured fatally by an automobile driven by Behn at Lindell and Euclid avenue on November In confession to the police. Behn said he unavoidably struck Fone when the flower seller stepped out from behind traffic going the opposite direction, and that he drove on to Taylor avenue and stopped and walked back. There, his confession said. he heard woman say he had been careless and speeding and became frightened and drove home without Identifying himself as the driver. He told his mother what had OCcurred. and. on advice, surrendered to the police. Governor Expects Speedy Reopening of Bank and Eight Affiliates. By Associated Press MASS., December 15.Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements. of $58 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 Boston, which has five city branches and with which all the other institutions were affiliated. Gov Joseph B. Ely. in statement from his home in Westfield. said that with proper measures. plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs the bank and its branches yesterday. had deposits, on September 29, of $28,285,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000: The State National Bank, Lynn, $2,013,565; The Gloucester National Bank, The Bancroft Trust Company. Worcester. $5,876,474 The Lawrence Trust Comman Trust Company. Cambridge. $3,808,412 The Brockton Trust ComTrust $2,-