1.
December 11, 1930
The Republican
Springfield, MA
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Bank Man Suicide Run On Institution In West Springfield Follows the Suicide Of Bank Treasurer
President Horace A. Moses Advised By Springfield Bankers and State Banking Official to Stop Payments Temporarily In Justice to All; Dead Man Worried Over Personal Losses and Probability of Losing Position; Body Found By Janitor In Basement With Bullet Wound In Head
Representatives of the state banking commisstoner's office arrived at the West Springfield Trust company shortly before 8 this afternoon, and went into session with the bank directors, to consider further action, following the decision to suspend payments temporarily after a run on the bank.
The West Springfield Trust company suspended payments to depositors this afternoon, following a run on the bank that was precipitated by the suicide by shooting of James Malcolm Warren, 40, treasurer of the institution for the past six years. President Horace A. Moses of the bank announced that this action was taken on the advice of Springfield bankers and Deputy State Banking Commissioner Arthur Guy. A decision as to resuming payments to depositors awaited the arrival of two men from the state banking commissioner's office, who were expected late this afternoon. president of the Safe Deposit & Trust Springfield Bankers Advise Temporary
A. meeting of bankers, at the Institution for Savings was in session for nearly two hours considering the situation of the West Springfield Trust company All the Springfield banks stood ready with needed cash to help out the situation if necessary and continue payments. However, it was decided by the meeting that it would be fairer all depositors to suspend payments temporarily, until such time the bank examiner had more fully gone over the bank's affairs and the working capital had perhaps been increased. Among those present at the bankers' meeting were John B. Brand of the Institution for Savings, acting as chairman; William E. Gilbert, president of the Union Trust company, and Edward Kronvall, vice-
Bank Runs Out of Cash The decision to suspend payments came after the bank had paid out about $100,000 to depositors and had run out of cash. President Moses conferred with Springfield bankers regarding the ratsing of money on securities of the West Side bank. and then went into session with the directors of his bank. After the directors had met, President Moses went to the lobby of the bank, which was crowded with depositors waiting for their money, and told them of the decision reached. He advised them to leave the bank as nothing could be gained by waiting. Atty Walter McCarghy, counsel for
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2.
December 11, 1930
St. Louis Post-Dispatch
St. 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,-
3.
December 11, 1930
The Boston Daily Globe
Boston, MA
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BANK SUSPENDS PAYMENTS
West Springfield Run Due to Treasurer's Suicide
SPRINGFIELD. Dec 11 (A. the arrival bank examinthe the West Springfield Trust voted to suspend this After undergoing run that began early in the day, when it became known that Treasurer Malcolm Warren had committed suicide, the bank exhausted its liquid capital. It was that the advice of the bank examiners be sought as to the advisability of an immedia The bank it is stated, has some $800,000 tied up ingreal estate, on which would be impossible to realize immediately. Statements were issued by officers of the bank to the effect that the tution and in good condiand quickly made available by banks in this city to bridge the emergency. Horace A. Moses, in a statement made the text of note addressed to him by the dead bank treasurer, explaining the motive for his suicide. Mr Moses said tlat bank had made periodical visit to the bank within week and had found thing as it should be.
Personal Losses The note left by Warren said that his suicide be personal losses fear he would lose his position in the bank at the end of the year and the depression engandered by constantly listening to stories of misfortune by persons who came to the bank seeking loans and those whom he had advised to purchase securities that had since greatly depreciated in value. As the crowd grew Pres Moses addressed them, stating that funds were available to meet all demands but that the run the bank doors would be closed temporarily The body of Warren, who was about 40 and had been six or seven in the of the building by the janitor about 6 o'clock morning. Warren had attended an Exchange Club meeting last night, appearing in good spirits, and went to the bank and was there when the janitor left after banking his fires. Warren came to the West Springfield bank from Northampton bank. He was active in club, golfing and musical circles. He leaves a wife and three children. The bank is depository for West Springfield town funds, and has about $50,000 in savings of school children. It has resources more than 500,000, to the last statement order to avoid adding confusing factor to the situation, the Gilbert and Barker Manufacturing Company, the town's largest industry, deferred the issuing pay checks to its hundred employes until late today. This concern pays by checks drawn on the West Springfield Trust Company and the employes flock to the bank during the Thursday noon hour to cash their checks. By deferring the issue of the checks until after banking hours, so that the checks would not be cashed until tomorrow at earliest, it was believed cause embarrassment would be avoided. Convinced of the entire solvency of the bank, town officials that would be taken to withthe town' funds that are in the bank These include sinking funds $20,000 and other town funds of $125,000.
4.
December 11, 1930
Fitchburg Sentinel
Fitchburg, 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.
5.
December 11, 1930
Delaware County Daily Times
Chester, PA
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RUN ON BANK AFTER TREASURER'S SUICIDE
Dec. began "rim" today the West Springfield Trust Company on hours after the of Malcolm Warren. 40. bank treassinger former Presfrient Calvin Coolidge's building basement Cound In Church in wound in the head. suickle. Attempts by President Horace chairs rush the bank of depositors In Jobby birn, appeated mounted leave their money on deposit was perfectly "sound," bad the effect. bank of During 100 depositors. most of the forenoun line men. and was constantly in front of the trust company.
6.
December 12, 1930
The Springfield Daily Republican
Springfield, 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, 1930
The Springfield Daily Republican
Springfield, 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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8.
December 15, 1930
Springfield Evening Union
Springfield, MA
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Bank's Affairs Marking Time
Officials Reiterate That Depositors Will Lose
The affairs of the West Springfield Trust Company, which suspended pay "24 hours nearer solution.' state bank in charge of the this morning, but they were the direction in which able solution seemed to The bank suspended payment after sun followed the suicide of J. colm the whose body was the bank Thursday morning. doors the bank today Dermit the These that is to bank and the of set of made that the and there no that either or
9.
December 16, 1930
The Morning Union
Springfield, MA
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Checking of Bank's Books Nears End
West Side Trust Company's Officials Still Uncertain of Reopening Date.
Although progress was reported last night negotiations of West Springfield Trust Company officials to effect arrangement whereby the bank may open shortly. there was no information to when funds will be available to depositors State banking examiners no have been checking the records of the institution have almost that task and have not found they said of the West Springfield Trust understood to have several of reorganization in mind but have yet to decide upon any one They are making decided effort to the bank soon possible. The bank suspended after run caused by the suicide of Malcolm Warren. treasurer The doors of the bank remained to permit depositors to consult representatives of the state banking commissioner, who 18 now in possession of the Institution. These officials said that their duty is to protect the assets of the bank and to await action by the trust company's board of directors bring about settlement of the difficulties. It is still being made plain-that the bank is in sound condition and there no indication that either depositors or stockholders will lose a cent as result of the suspension
10.
December 22, 1930
The Republican
Springfield, 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.
11.
January 3, 1931
The Springfield Daily Republican
Springfield, 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
12.
January 3, 1931
Transcript-Telegram
Holyoke, 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
13.
January 9, 1931
The Republican
Springfield, MA
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that permission to not given the officials until the commissioner was satisfied that everything was as should be as regards cash on disposition of frozen assets, etc. public, therefore, has right to expect that the condition of the bank sound, since the nouncement not made hastily, but after sufficient time has elapsed over all the details with extreme care. Indeed, the commissioner still the helm of affairs in the institution.
All taken into consideration the prospects for the future of the West Springfield Trust company are encouraging. will need an expression of confidence the part its patrons. This hoped it have that the may community will not lose its single banking institution of this character which will, if full confidence stored, not be swallowed up by one of its neighbors on this side of the river. Community pride will doubtless show itself in the immediate ture as far the bank concerned. Meanwhile the officials to are felicitated on arriving at satisfactory solution of problem that under existing conditions was none too easy to solve. ployment and then hastily pass on something The trolly company both kinds policies, and paydepends the car. former Gov Allen ought decide which should universally prevail the lines.
Deputy Sheriff Denis Hogan has opened offices 1456 Main streetnumber easy remember, eh? Also licensed auctioneer. He has office and telephone looking for deputy sheriff shouldn't have look long.
And Denny somewhat singer (well, the "somewhat to be fair he will glad to oblige time with his latest song, got my little sign above the door, isn't 'Councilman' there any more; 'Sheriff's Deputy." business Observe little sign above the door. used represent good old ward council knew what ward' not the the game, With politics done and like to live the good old days But City hall won't me any more. my of blue other work do, And got sign above the mind that concerned with facts, the strong the spent Lucas to defeat Norris more odor of Republican tional committee funds than the perfume of Lucas's personality.
To those who have attempted to minimize to those have opposed relief, the conclusions chairman the emergency employment committee that there beand jobs and that expenditures involving $2,500,000,000 would be quired for relief, must be Woods's comment also on the relationship between poverty and crime should some awakening of those who have been slumbering peacefully in sense false security which Coolidge's daily offerings attempt instill.
There always the menace that exists all times from real criminals, but the menace that men turning crime they cannot obtain honest one far more serious proportions and potentialities.
The want and hunger, not only the but also of their families, that turn previously honest crime by the most rious disgrace dishonor that could upon any nation, particularly nation that boasts of its enormous riches.
President Green of the American Federation Labor statement that the responsibility the business depression unembe laid at the doors the leaders industry, banking and stated fact that cannot denied. their greed for wealth that blinded them the sity of broader distribution of least profits. Wealth in itself not make for security its sion. Just as the est menace its greatest security. When workers share on basis sound the wealth they help create they and happy in work they do and in the return brings them. On the great corporation bonus annually an already executive out earnings, which othhelped to make possible, can other but ating discontent what nation never progress stable basis, the cycles industry never ironed out, busidepressions and the physical soul anguish they entail and crime never until leaders industry, banking finance the responsibility that theirs and to sense the obligation that theirs in far greater Col Woods to hope that the situation making for such awakening. should nothing that prevent this nation from the most the richest in spiritual things populated by happy and peaceful people.
14.
January 12, 1931
The Jersey Journal
Jersey 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
15.
January 12, 1931
Evening Star
Washington, DC
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Massachusetts Bank Reopens. SPRINGFIELD, Mass., January 12 (P).-The West Springfield Trust Co., which Who taken over by the State Banking commissioner December 11, when a run that followed the suicide of its treasurer depleted its funds, reopened today.
16.
January 12, 1931
Brooklyn Eagle
Brooklyn, 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, 1931
The Philadelphia Inquirer
Philadelphia, 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, 1931
The Republican
Springfield, 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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