Article Text
Second Boston Bank In Receiver's Hands REVERE Mass., Oct. 13 (I.N.S.) Revere Trust Company, second Greater Boston bank to go into the hands of the bank commissioner within less than a week. failed to open its doors for business today.
8207. Revere Trust Company (Revere, MA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- trust company
- Start Date
- October 13, 1931
- Location
- Revere, Massachusetts (42.408, -71.012)
Metadata
- Model
- gpt-5-mini
- Short Digest
d8b6ef54
Response Measures
None
Description
State bank commissioner Arthur Guy took charge and the bank did not open on Oct 13, 1931. Articles explicitly state there was no run on the bank today though commissioner cited prior heavy withdrawals depleting reserves. Attempts to reorganize failed and December reporting shows depositors to receive partial recovery, indicating the suspension became a permanent closure/receivership.
Events (1)
1.
October 13, 1931
Suspension
- Cause
- Government Action
- Cause Details
- State Bank Commissioner Arthur Guy took charge and closed the bank to protect the depositors and conserve the assets after prior heavy withdrawals had depleted cash reserves, rendering continuation unsafe and unsound.
- Newspaper Excerpt
- Revere Trust company did not open today for business. The affairs of the bank were taken over by State Bank Commissioner Arthur Guy
- Source
- newspapers
Newspaper Articles (12)
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Oldest Bank in Revere, Mass, Closed To-day Revere, Mass, October 13 - (UP) The Revere Trust Company, one of this city's oldest banks, was closed today by State Bank Commissioner Arthur Guy. The commissioner issued no statement immediately, but it was indicated one would be forthcoming later today. This to the second Massachusetts Trust company to close within a week, the Medford Trust company of Medford having suspended operations a few days ago.
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Second Boston Bank In Receiver's Hands REVERE, Mass., Oct. 13 (I.N.S.).-The Revere Trust Company, second Greater Boston bank to go into the hands of the bank commissioner within less than a week. failed to open its doors for business today.
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BANK OFFICIAL NOW HANDLING AFFAIRS OF REVERE TRUST CO. REVERE, Mass., Oct. 13 Revere Trust company did not open today for business. The president of the bank Joshua Harron. The affairs the bank were State Bank Arthur Guy who said he would issue tion later in There the bank today and until affixed notice on the bank door of the closing public unaware of change the bank's The began business crowd of about depositors their friends gathered outside the bank soon after failed Several women were weeping and others told freely of their posits. Two policemen were duty. Two branches state deposit trust State Hurley reported the state had $15,000 its funds the institution while the had deposited 000 there. BOSTON, Oct. today officially closing the Revere Trust company with the following 'Recent heavy withdrawals have depleted the cash reserves the Revere Trust company render the the business and and, therefore, to protect the depositors serve the assets have today taken the business fairs the As 1931, total deposits of the commercial were proximately the total posits of the savings department "There commercial acsavings Revere company connected with any other banking institution the
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REVERE TRUST CO. FAILS TO OPEN Revere Trust company did not open to-day for business. The president of the bank is Joshua Harron. The affairs of the bank were taken over by the state bank commissioner Arthur Guy who said he would issue a statement regarding his action later in the day There was no run on the bank to-day and until the bank commissioner affixed notice on the bank door of the closing the public was unaware of any change in the bank's status. The bank began business in 1916. crowd of about 250 depositors and their friends gathered outside the bank soon after it failed to open. Several women were weeping and others told freely of their deposits to pelicemen who were on duty.
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Revere Trust Co. Was Closed Today Massachusetts State Bank Commissioner Took Charges of Bank Unexpectedly. Revere, Mass., Oct. Revere Trust company did not open today business. The president the bank Joshua Harron. The affairs of the bank were taken by State Bank thur Guy, said he would issue statement regarding his action later the There run on the bank today and until the bank affixed notice the door closing the public aware status. The began business 1916. crowd of about 250 depositors their outside the after failed freely deposits licemen who were Boston, banking day officially the closing the Revere Trust company with following statement "Recent heavy withdrawals have depleted the reserves the vere Trust render continuation business unsafe and unsound and, therefore, protect the depositors and conserve the assets have taken of the affairs the July the deposits the the deposof department imately commercial accounts accounts. is not connected any other banking stitution in the
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Revere Trust Co. Doors Are Closed did not open Tuesday business The president bank Joshua Harron The affairs of the bank were taken over thur he would his action no OR the bank Tuesday and the bank Ixed notice bank door the closing public was of any change the bank's status The bank began 1916 A crowd of-about 250 depositors and friends the to the were on Somerville, Bank Closses SOMERVILLE Oct 13 AP) Highland Trust of Somerville closed at noon Tuesday The bank confirmed the closing but said all other must come from the office of the state bank is one the largest in this city and had recently completed large new building is affiliated with the Somerville Institution for Savings and the Winter Hill Cooperative bank Another Suspension NEW YORK. Oct 13 The investment banking house Kountze brothers. formed in 1870, by stock exchange for insolvency Tuesday The from at one time occupied a prominent position in bond underwiting but has been less recently Its difficulties were attributed to severe decline in the bond market in the past two months. The firm was active in stocks maintained no out of town offices
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Lutheran Women Open Meet Here Dinner And Addresses Among The High Lights through through Luther Sieber opening sermon significant that factors His Recalling campaign Campaign God. great members keenly campaign God waged Many enlisted throng the but ourselves and the burning Christ's out and the redeem every barren tract urged his hearers greater behind them. the Power thrusts women vital belief God His This tribution and to carry world. said in concluding appeal Mrs Louis Krause, of Newport News. president the society. presided morning's session meeting of the the church reported that night. sixty representing WinRoanoke Knoxville, registered before the opening this session committee local 100 rangements delegates tendance before the close today's Devotionals were conducted by Mrs. Wythe Morehead, spoke the subject, Worker's using text thy hand findeth to do, do it with thy might.' Greetings On behalf Mark's Mrs McNeace extended greetings and Eldridge Copenhaver of Marion. brought sage the Woman's Missionary ciety of the United Lutheran church response made by of After the church. the Mrs. Miss Elese Briel speakers on the Mrs. Almond, preside Young Woman's to be tonight o'clock (Continued on Page Twelve Column Two.) Halifax Is First Without Bank here suspension Halifax Bank to order The doors notice suspended days. Officers operpresident. Bank Chase First City, yesterday the the stated temporarily could be adjusted with National Bank reported financial condition action closing taken the interests of its positors. Drakes Branch Bank Closes. Brisof insurance and banking yesterday State of Drakes Branch closed action its board protect its Mr. Bristow to apply The bank the last report had assets of and and deposits and its undivided profits $2,146. Bank Closes. Philadelphia, Oct. Trust Company Roxborough Trust small institutions, closed their doors today. Coatesville Bank Closes. Pa., CoatesTrust failed to for 000; Revere Trust Company. Revere. Oct Trust Company did not open today for Westmont, mont closed today. Deposits approximated $463,000. Pay All Depositors. Here's about bank failures: The Bank January 19. Griffin appointed Today filed his final showing all depositors the full their deposits eight per besides that balance of and this was paid to the State treasurer Monessen, First
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BANK CLOSES DOORS Mass Institution in Hands Revere Mass Oct 13 The Revere Trust company did not open today for business The president of the bank Joshua Harron The affairs of the benk were taken by State Bank Commissioner Arthur Quy who said he would issue statement regarding his action later in the day There was no run on the bank today and until the bank affixed notice on the bank door of the closing the public was unaware of any change in the bank status The bank business in 1916
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BREVITIES ORDERS AIR SURVEY OF MAINE FOREST BLAZE Augusta- (AP) -Forest Commissioner Violette, Tuesday instructed Supervisor Harry Tingley to hire an the of the forest fire in which started two days ago. Violette dered the air survey after being formed by the fire wardens that impossible determine the limits of the blaze because telephones lines were down Pemadumcook was too Trough to cross. MARINE OFFICER HONORED FOR NICARAGUAN ACTION Boston- Evans Carlson, M. C., Tuesday ceived the Navy cross distinguished service in Nicaragua. presentation made the Navy yard, Lieut, Carlson the head Ma. 1930, and put flight than 100 Nicaraguan rebels who looting town. WOULD HAVE LEGAL PROFESSION OUST MISFITS St. Petersburgh. Edgar Hoover, director of the Bureau of the Justice, before the Police Chiefs convention Tuesday asserted that the legal profession would purge itself of those parasites who themselves "attorneys at law' but might be more properly styled "legal technicians and alibi framers, the courts function more and the problems enwould be materially simplified. 5 KILLED. 145 HURT BY AUTOS IN MAINE IN SEPT. Highway Po- lice Department reported Tuesday that five persons were killed 145 injured 167 automobile cidents in Maine during Septemfirst the persons killed and 767 injured. APPROVE INCORPORATION OF TWO MAINE CONCERNS Attorney General's office has approved incorporation papers the Rocky Gorge capitalized for $50,000. and Supply Portland, capitalized for BIG SOMERVILLE BANK CLOSES ITS DOORS Highland Trust Co., one of the largest this city, closed Tuesday bank conclosing but oththe office of the State Bank BANK FAILS TO OPEN FOR SINESS Revere, Mass. Revere Trust in 1916, did not open Tuesday for business. State Bank Arthur Guy took the affairs of the bank There run on the bank and until the affixnotice on the bank door, the public was unaware of any change in the bank's BRUENING FOREIGN POLICY NOT CHANGED BrueTuesday told the Reichstag that Germany's policy The Chancellor made the nouncement immediately after presenting his new cabinet to the representatives the people. nett; household editor, Mrs. Leo Coughlin: local editor, Mrs. Charles Green; fashion editor, Mrs. Everett Plummer; sports editor, to be nounced community singing social time will follow and ice cream will be on sale. The Pythian Sisters met Monday with good attendance and plans oldfashioned boiled at Columbia hall, Wednesday, Oct noontime This open to the pub. lic and the in charge Mrs. Elizabeth Moschner Mrs. Mae Curtis, Mrs. Sara Foster, Mrs. Evelyn Reynolds, Margaret Goddard, and Mrs Myrtle Estes. At the enjoyed, the prize in one nut going Mrs. Foster, and the other to Florence Dickinson. Mrs. Dickinson also won the prize in the guessing contest. committees Mrs. Maud Russell and Mrs. Kathryn Wrenn. The next meeting will Oct. The second series of whist parties under auspices of American Legion, was held Monday evening the four tables In First prize for men was won by Elmer Prince and the consola-
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TWO BANKS CLOSE IN GREATER BOSTON BY STATE'S ORDERS Revere Trust of Revere and Highland Trust of Somerville Suspend to Conserve Assets Boston, Oct. greater Boston the Trust company of Revere and the Highland Trust company of Somerville, closed today. The Revere bank failed to open for business and the Somerville bank's doors were closed noon: The actions in both by order Arthur Guy, state bank The Revere bank on July 30 had deposits and savings of $900,000. There commercial 4660 savings accounts. The bank of and deposits of There 2500 commercial and 12,000 savings accounts. Heavy Withdrawals Made Guy said the closing both banks was due to desire to protect the positors and conserve the assets of the institutions. Heavy withdrawals had made continuation business unsound. His department took control of both institutions. Depositors at the Revere bank were unaware until they found on its this morning saying had closed. Within short hundred persons and policethe building. Many the crowd wept. The Somerville bank did business those doing busiwithin were cleared from the premises and doors locked. this city, depositors who could not believe the news hurried to the bank make sure it. Public Funds Banks The state had $10,000 on deposit in the Highland Trust and $15,000 deposited the Revere bank. In this latter there was on deposit $46, 000 of the which the state treasurer had supervision. The Revere bank established in 1915 and its president Joshua Harron. Somerville bank began business in 1917 George G. Brayley was president.
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REVERE TRUST DEPOSITORS TO GET UP TO 70 PERCENT Depositors in the savings department of the Revere Trust Company will receive approximat 70 of their deposits and those in the commercial department 30 according to Representative Thomas F. Carof Revere who yesterday that he had so assured by Bank Arthur Guy. Carroll yesterday gave out the statement as coming to him from Commissioner Guy: "This week depositors will have an opportunity their claims against the bank An estimate of covery is 70 percent in the department and 30 percent in the commercial department. This does not include what may be salvaged from assets classifled as or from stockholders and liability "It is felt that arrangements can be made to have interested banks loan on the proofs of claims of the depositors, so that some funds may be available for taxes and Christmas. Attempts to reorganize the bank have failed, due economic conditions, but it should be understood that everything that can be done will be done for the benefit of the depositors of the Revere Trust Company.