8217. Salem Trust Company (Salem, MA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 15, 1931
Location: Salem, Massachusetts (42.520, -70.897)

Metadata

Model: gpt-5-mini
Short Digest: 2f51b2e7

Response Measures

None

Description

Salem Trust Company (Salem, MA) was closed Dec 15, 1931 as one of five state trust companies taken over after runs on the affiliated Federal National Bank of Boston; it was opened (limited operations) Dec 16, 1931 to receive payments on notes, interest and mortgages. No article describes a discrete run on Salem itself.

Events (2)

1. December 15, 1931 Suspension

Cause: Correspondent
Cause Details: Taken over because it was affiliated with the Federal National Bank of Boston, which experienced runs; state trust companies' affairs were taken by the Bank Commissioner following runs at the Federal National Bank.
Newspaper Excerpt: the Salem Trust company, Salem $2,115,530. ... Five state banks trust companies, had their affairs taken over by the Bank Commissioner
Source: newspapers

2. December 16, 1931 Reopening

Newspaper Excerpt: SALEM TRUSTCOMPANY OPEN TO RECEIVE PAYMENTS ... The Salem Trust Company, affiliated with the closed Federal National Bank of Boston, was opened this morning, only for payment on notes, interest and mortgages. State Examiner F. F. Bursley is still in charge.
Source: newspapers

Newspaper Articles (15)

1. December 15, 1931 Casper Star-Tribune Casper, WY

Article from Casper Star-Tribune, December 15, 1931

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BANKS CLOSED Four National Institutions Included BOSTON, Dec. (AP) Massachusetts banking institutions, with aggregate deposits, the latest of 000, were closed today The list cluded four national banks and five state banks. The central figure the the Federal National bank of Boston, which has five city and with which other institutions here were affiliat- The Federal National bank, whose directors voted to the comptroller of currency to take charge after runs at the bank and its branches had deposits on Sept. 29 yesterday, of The other banks and their latest available statements deposit were: The Middlesex National Bank, Lowell, the State National bank, the Gloue ter National bank. the Bancroft Trust company, Worcester, 474; the Lawrence Trust company, $9,555,926: Inman Trust Cambridge, 412: the Brockton Trust company, the Salem Trust company, Salem $2,115,530.

2. December 15, 1931 The Kokomo Tribune Kokomo, IN

Article from The Kokomo Tribune, December 15, 1931

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BANKING FIRMS EAST BUSINESS Boston, Dec. banking with aggregate deposits, according to the latest of $58,700,today. The were closed 000. cluded four national banks and five central figure in The state the closings the Federal NR. tional Bank of Boston, which has and with which city branches five institutions were all the other filiated. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the its branches yesterday, had deposits, on September 29, of $28.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, $1,600,000; The Trust cester, $5,876,474; the Lawrence Trust Company, Lawrence. $9,555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, $1,508.753; the Salem Trust Company, Sa$2,115,530. Governor Joseph Ely, in statement from his home in Westfield, said that with proper measures, plan the speedy reopening of the Institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East (Continued on Page Thirteen)

3. December 15, 1931 The Berkshire Eagle Pittsfield, MA

Article from The Berkshire Eagle, December 15, 1931

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FOUR NATIONAL AND FIVE STATE BANKS CLOSED Federal National Bank of Boston and Affiliated Institutions Involved Had Aggregate Deposits of in Last Statement BOSTON, banking institutions aggregate deposits, according to the latest statements of 000 were closed today. The list included four National Banks and State The central figin the closings was the Federal National Bank which has five city branches and with which all the other institutions were affiliated The Federal National whose directors voted to ask Comptroller Currency take on the bank had posits September $28,- Bank Deposits. The other and their latest Middlesex National Lowell, $4,000,000; the State National Lynn, the National Bank, Glouces$1,600,000; Bancroft Trust Company, the Trust Company, Lawrence Trust Lawrence, the Inman Trust Company, Cambridge, the Brockton Trust Company, Brockton, the Salem Trust ComSalem, Governor statement from home Westfield, said that the proper measures, for the speedy reopening could accomplished said he had structed Bank Arthur proceed with that view. Ely Hastens to left home Continued 19th Page

4. December 15, 1931 The Santa Fe New Mexican Santa Fe, NM

Article from The Santa Fe New Mexican, December 15, 1931

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Close Nine Banks In Massachusetts Boston, Dec. 15 (/P)-Nine Massachusetts banking institutions with aggregate deposits, according to the latest statements of 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. The directors of the Federal National bank voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday. The other banks and their latest available statements of deposit were: ling of resources, depositors in his bank would receive 100 cents on the dollar. Today, small runs started on three shavings banks, two in east Boston and one in south Boston, while their officers endeavored to assure depositors that the institutions were entirely indépendent of the other Institutions and their funds were safe. 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 company, $9,555,926: the Inman Trust company, Cambridge, $3,808,412; the Brockton Trust company, Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530. SPEEDY REOPENING Governor Joseph B. Ely, in state- Gloucester, Mass., Dec. 15-(P)ment from his home in Westfield. The Gloucester National Bank said that with proper measures, founded in 1796 and one of the oldplan for the speedy re-opening of est financial institutions in the the institutions could be accom- United States, voluntarily closed its plish and further said he had in- doors today after heavy demands structed Bank Arthur for It associated Guy to proceed with that end in with the Federal National bank of view. President Daniel c. Mulloney of the Federal National bank expressed oHTo BANK CLOSES the opinion that with careful hand- Marion National Bank with resources of failed to open today. Frozen assets and a depleted cash reserve was given as the reason. Liberty State bank of Bidney closed today. sign on the door said deflation of values, adverse conditions and withdrawal of deposits had led to the closing. The bank's last statement showed deposits of $365,345.

5. December 15, 1931 Fort Collins Coloradoan Fort Collins, CO

Article from Fort Collins Coloradoan, December 15, 1931

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9 Banks Close Massachusetts Boston. (AP) Nine Massachusetts banking aggregate deposits, to the latest of closed today. The list included four national and five state banks. The central figure in the closings 12t-195G was the Federal bank Boston, which has five city es and with which all the other 3t-199G stitutions were affiliated. before The Federal National bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and had posits, on 29, of 3t-199G The other banks and their available statements of deposit were: The Middlesex National bank. 3t-200G Lowell, $4,000,000; the State National bank, Lynn, $2,013,565; the GlouNational bank, $$1,600,000; See the Trust Worcester, $5,876,474 the Trust company, Lawrence, $9,555,926; the 5t-200G Cambridge, $3,808,412; the lyn Trust Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530.

6. December 15, 1931 The Iola Register Iola, KS

Article from The Iola Register, December 15, 1931

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MASSACHUSETTS Deposits of 58 Millions Jeopardized As Nine Houses Close Dec. Massachusetts banking institutions, aggregate deposits, according the latest statements, of 000 were closed today. The list cluded four national banks and five state banks. The central figure the closings the Federal tional bank of Boston, which has five city branches and with which all the other institutions were The Federal National whose directors voted to comptroller to take charge at bank and its branches had deposits, on other banks and their available statements of deposit Middlesex National Bank. well. the State National Lynn. the GlouNational Bank. Bancroft Lawrence Trust company, Inman Trust company. Cambridge, the Trust company, the Salem Trust company. Salem Governor Joseph Ely. from his home field. proper ures, plan for the speedy ening the institutions could accomplished that he had structed bank Arthur Guy proceed with that view. Motor Law Upheld Dec. the motor carrier taxation statute private upheld opinion livered federal The its application carriers been held in federal Constitutionality of the law had been challenged by Continental Baking company, the General the company wholesale company, operating Kansas, on various them that discrimination provisions exempting trucks within mile radius of city and trucks operated by farmers

7. December 15, 1931 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, December 15, 1931

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Nine Massachusetts Banks Close Doors Dec. Massachusetts banking institutions, with deposits, according to the latest statements, of $58 700,000, were closed Tuesday. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of which has five city branches and with which all the other institutions affiliated The Federal National Bank, whose directors voted to ask the the comptroller of currency to take charge after runs at the bank and its branches Monday had deposits, September 29, of $28,235 238, The banks and their latest available statements of deposit were: Middlesex National Bank Lowell, the State National Bank, Lynn, $2,013,565; the Gloucester National Bank, Gloucester, the Bancroft Trust Company, Worcester. $5,876,474; the Trust Company, Lawrence, $9,555,926 the Inman Trust Company. Cambridge, the Brockton Trust Company, Brockton, the Salem Trust Company, Salem, $2,115,530 Naval Stores Trade SAVANNAH, Dec. The naval stores section of the Board of Trade Tuesday announced that on the day before Christmas and day before New Year's trading would start at instead of 12:45 No trading will be on Christmas or New Year's Day or the day immediately following. Naval Stores receipts, ments, and $2.50 N. WG, $6.00; and

8. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

9. December 16, 1931 The Los Angeles Times Los Angeles, CA

Article from The Los Angeles Times, December 16, 1931

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Group of Banks in Boston Fail Doors to Open BOSTON, Dec. Boston banking with aggreaccording to the last gate deposits statements of were closed list included four natoday. The banks, and five State banks. tional The central figure the closing was the Federal National Bank of Bosfive city branches ton which with the other institutions were affliated. The Federal National Bank. whose directors voted ask the Comptroller of Currency take charge after runs the bank and its branches yesterday. had deposits, September 29. of The other banks and their latest available statements deposit were: The Middlesex National Bank, $4,000,000; State National Bank, Lynn, $2,013,565; the Bank, Gloucesthe Bancroft Trust ter. the Lawrence Lawrence, Inman Trust Company Cambridge, Trust the Salem Trust Company, Salem, $2,115,530.

10. December 16, 1931 Daily News New York, NY

Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS sachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, O., Dec. 15 (/P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

11. December 16, 1931 Daily News New York, NY

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

12. December 16, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, December 16, 1931

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IN MASSACHUSETTS Four National and Five State Institutions Fail To Open Doors [BY THE ASSOCIATED PRESS.] BOSTON, Dec. 15.-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, closed The list included four national banks and five state banks. The central figure the closings the Federal National Bank of Boston, which has five city branches with which the other institutions were affilThe Federal National Bank, whose rectors voted to the comptroller of currency take charge after runs at the bank and its branches had deposits. on September 29, of $28,The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565 Gloucester National Bank, Gloucester. $6,600,000; the Bancroft Trust Company, WorcesLawrence Trust Company, Lawrence, $9,555,926; the Inman Company, Cambridge, the Brockton Trust Company, Brockton, $1,508,753 the Salem Trust Company, Salem, 115,530 Three savings banks in East Boston and experiencing small independent of the affected in today's closings and sought to reassure depositors that their funds were PROJECT ASSURED WASHINGTON, Dec. (/P)-An allotment of $22,750 rivers and harbors surveys in vicinity Jacksonville, made today by the war

13. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.

14. December 17, 1931 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 17, 1931

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SALEM TRUSTCOMPANY OPEN TO RECEIVE PAYMENTS DUE SALEM, Dec 16-The Salem Trust Company, affiliated with the closed Federal National Bank of Boston, was opened this morning, only for payment on notes, interest and mortgages. State Examiner F. F. Bursley is still in charge. Holders of safety deposit boxes who have urgent reasons for visiting their boxes must have his before being permitted to do so. This last restriction is imposed only on the ground that the presence of safety deposit vault patrons might hamper the memhis staff working upon the panly's books, papers and accounts.

15. March 30, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article from Pittsburgh Sun-Telegraph, March 30, 1933

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Closed Boston Bank Faces Another Suit Chinese Kidnap BOSTON March 30 British Officers Suit for $90.000 against the Fed- eral National Bank of Boston which collapsed in $60 failure 15 months ago, was filed in Federal Court today on behalf the closed Salem Trust Company, one of eight affiliates of the Federal National Bank This brought the total amount of suits against the Federal Na. tional Bank to approximately $1,370,000. Suits in the amount of $2.000,000 more were still to be filed by Bank Commissioner Arthur Guy, SHANGHAL March British gunboats searched the Gulf of Liao- Tung today for four British officers kidnaped from their ship by Chinese pirates in one of the most daring raids conducted along the Manchurian coastline for years. The victims were officers of the British freighter Manchang All are held for hostage, were Mrs. Pawley and Charles Corkran. British subjects. months ago.