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BANK HAS "RUN." (Special United Press Wire.) Boston, Sept. 27.-The Tremont Trust company today invoked the 90-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which the police were called to restore order among the excited depositors.
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BOSTON'S FINANCIAL LEGS ARE SHAKY (Associated Press) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law in requiring 90 days notice of withdrawal of deposits. The first of these was the Tremont Trust Company, where a run started Saturday and continued today. The depositors are generally uneasy and further runs are feared.
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BOSTON BANKS REQUIRE 90 DAY WITHDRAWAL NOTICE (By Associated Press.) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law requiring ninety days' notice of withdrawals of deposits. The first of these was the Tremont Trust Company where a run started Saturday and continued today. Depositors generally are uneasy and further runs are feared.
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Boston Bank Hard Pressed. Boston, Sept. 27.-The Tremont Trust company today invoked the ninety-day clause of the banking laws. which requires depositors to give that much notice before withdrawing funds following a run on the bank, in which police were called to restore order among excited depositors.
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BOSTON BANK HAS RUN-STOPS PAYMENT Boston-(By A. P.)-After a steady withdrawals for nearly an hour with constantly increasing crowds of depositors, officials of Tremont Trust Company took advántage of the law permitting a bank to require 90 days notification before the withdrawal of savings accounts, until "the public Trust Company issued similar notice.
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Police Called to Calm Run on Bank BOSTON, Sept. 27.-The Tremont Trust company today invoked the 90-day clause of the banking laws, which required depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.
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MINNEAPOLIS GRAIN MARKET. At close of business September 27: Low High No. 1 Northern Dark $2.41 1/4 $2.51 1/4 Wheat No. 1 Nor. Wheat 2.31 1/4 2.41 1/4 1.03 No. 3 Yellow Corn 1.02 .53% .52% No. 3 White Oats .95 .90 Choice Barley 1.77 No. 2 Rye 3.14 3.12 Flax TRUST COMPANY LOOKS INTO NINETY-DAY CLAUSE (By United Press.) Boston, Sept. 7.- - The Tremont Trust company today investigated the ninety-day clause of banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which policemen were called out to restore order among the excited depositors.
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(By Universal Service.) Boston, Sept. 27.-Following the action of three Boston trust companies in halting withdrawal of savings deposits today, Gov. Coolidge hurriedly summoned State officials to a conférence to consider the threatening banking situation. The institutions which under the ninety-day clause halted payments on savings accounts were the Tremont Trust Company, the Fidelity Trust Company, and the Dorchester Trust Company. They had been subjected to unusually heavy withdrawals by depositors, made apprehensive by the recent closing of the Hanover. Prudential and Cosmopolitan Trust companies. Suggests Co-operating. Gov. Coolidge said: "I understand the larger banks are considering what they can do to save the situation by concerted action. I have suggested that the
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BANKS IN BOSTON HOLD ON TO MONEY Depositors Alaarmed And Seek To Withdraw Savings Boston, Sept. 28.-Three Boston banks were forced today to invoke the law requiring ninety days' notice of withdrawals from the savings departments, as a measure of protection from depositors who had become alarmed over local banking conditions as a result of the closing of five banks in the last two months and the Ponzi financial fiasco. Officers of all three, the Tremont Trust Company the Fidelity Trust Company and the Dorchester Trust Company, asserted that their institutions were solvent, but lacked ready cash to meet the heavy demands made upon them by thousands of depositors who desired to withdraw their accounts at once. The bank officers were joined by Governor Coolidge, Bank Commissioner Jos. C. Allen and city officials in statements assuring the public that the Boston banks were in sound condition and that funds entrusted to them were safe. At all three of the banks which suspended payment in their savings departments it was announced, that business in the commerical departments would continue as usual with no ban on withdrawals there.
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BOSTON, Sept. 30.-Bank Commissioner Allen has closed the Fidelity Trust company, the sixth bank to become involved in financial difficulties since the collapse of the Ponzi get-rich-quick scheme. Commissioner Allen explains that the heavy withdrawal of deposits from the Fidelity bank, combined with slow and doubtful loans, has rendered the institution unsound. Public Alarmed. The closing of six local banks has filled the public with alarm and withdrawals from other banks have been very heavy during the past week, and the situation is regarded as very grave. There was a heavy run on the Tremont Trust company
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RUSH ON BOSTON BANK, Boston, Mass.-The Tremont Trust company today invoked the ninety-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.
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Run on Boston Bank. Boston.-The Tremont Trust company invoked the 90-day clause of the banking laws, which requires depositors to give that much notice before withdrawing funds, following a run on the bank in which police were called out to restore order among excited depositors.
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TRUST COMPANY CLOSED. Boston, Mass., Feb. 18.-The Tremont Trust company, which has aggregate deposits of $17,000,000 in savings and commercial accounts from many parts of New England. was closed today as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind here to be closed in five months. the suspension had no noticeable effect among other banks by which it was regarded as an independent. Bank Commissioner Allen said he had nothing to add to his supplemental statement of yesterday that violations of the banking laws and impairment of the capital had made his action necessary.
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SWIG BLAMES CONSPIRACY Leading Spirit of Tremont Trust Co. Says That Was Reason for Closing OTHER BOSTON BANKS ARE NOT AFFECTED State Bank Commissioner Says Bank Violated Laws -Capital Unimpaired Boston, Feb. 18.-The Tremont Trust company which has aggregate deposits of $17,000,000 in savings and commercial accounts from many partà of New England, kept its doors closed to-day as a result of the action of Bank Commissioner Joseph C. Allen in taking over its affairs. Although it was the fifth institution of its kind in this city to be closed by the commissioner in the past five months the suspension had no noticeable effect among the banks of the city by which it was regarded as an independent. The posting of a notice after bank ing hours yesterday had discounted the closed doors of to-day and only a few depositors and others passed through the police lines in front of the bank offices in Scollay square to scan the brief statement. Bank Commissioner Allen said he had nothing to add to his supplemental statement of yesterday that violation of the banking laws and impairment of the capital had made his action necessary. Simon Swig, vice-president of the bank and its most active spirit, announced that depositors in both the savings and commercial departments were certain to get 100 cents on the dollar. He asserted the capital was not impaired and that the closing was due to a conspiracy. The closing of the Tremont followed that of the Cosmopolitan Fidelity, Prudential and Hanover Trust companies which went to the wall last fall in a period of rigid inquiry and public exeitement growing out of the collapse of the Ponzi quick-rich bubble. The Tremont was under a heavy run at the time and with other banks was forced to déclare a ninety-day moratorium on savings withdrawals so that in ef feet the closing of to-day merely marks a prolongation of the period of suspension to savings depositors.
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BOSTON INSTITUTION CLOSED Boston, Feb. 18.-The Tremont Trust company remained closed today and Simon Swig, vice president of the bank. declared the closing was the result of a conspiracy and that the depositors of the $17,000,000 in the vaults would be paid in full. The suspension caused no flurry in banking circles today.
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President of Boston Bank Charges Closing Result of Conspiracy Boston, Mass., Feb. 3.-The Tremont Trust company remained closed today and Simon Swig, vice president of the bank. declared the closing was the result of a conspiracy and that the depositors of the $17,000,000 in the vaults would be paid in full. The suspension caused no flurry in bank ing circles today. Bank Commissioner Allen, who an nounced last night that violation of state banking laws and impairment of the bank's capital had caused his action, issued a statement this afternoon, saying: "The closing of the Tremont Trust company in no way affects any other trust company, national bank or savings bank in Boston or elsewhere. I believe the banking situation to bc sound."
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BOSTON BANK CLOSED. Tremont Trust Company's Affairs Taken Over by Commissioner. Boston, Feb. 19.-The Tremone Trust Company which has aggregate deposits of $17,000,000 in savings and commercial accounts from many parts of New England kept its doors closed yesterday as a result of the action of the bank commissioner Joseph C. Allen in taking over its affairs. The suspension had no noticeable effect among other banks of the city, by which It was regarded as an independent.
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LATE NEWS NEW YORK, Nov. 22-The police escort assigned to Georges Clemenceau during his stay in this city was doubled this afternoon when the "Tiger of France" received a letter threatening his life, signed "A World War veteran." The old war premier treated the missive lightly. LANCASTER, O., Nov. 22-Six members of the family of Irvine Henderson were found dead in their home here today. Death is believed to have resulted from some kind of medicine, The father and mother were found sitting upright in chairs before the fire and the children were in bed. HALIFAX, N. S., Nov. 22-A report that a serious fire was raging in Sydney during a gale of wind was received here today. Communication has been cut off by the storm. The news was brought by a train crew. BOSTON, Nov. 22-A voluntary petition in bankruptcy was filed by counsel in behalf of Simon Swig today. He was vice president and the principal spokesman of the Tremont Trust Co., which was closed two years ago and was listed as having liabilities of $67,300 and assets $45,000.
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$600,000 SHORTAGE City Treasurer Of Cambridge, Mass., Is Indicted Cambridge, Mass., May 12.—Henry F. Lehan, treasurer of this city, and Simon Swig, former vice-president of the Tremont Trust Company of Boston, today were arraigned in the Middlesex County Superior Court on a secret indictment charging them with conspiracy in "taking the funds of the city of Cambridge and placing them in the Tremont Trust Company, which was at the time known to be insolvent." Lehan was further charged with abuse of power and criminal neglect while holding public office. The two men were released under bonds of $1,000 each. The indictments are the result of an investigation made by District Attorney Reading into a recently revealed shortage of more than $600,000 in the funds of the city. The State auditors, whose examination of the books revealed the shortage, said at the time that it did not involve the integrity of the city treasurer, but was due, for the most part, to overdue and uncollected taxes. The Tremont Trust Company was closed by the Bank Commissioner in 1921.
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SIMON SWIG. 75. DIES IN MASS. Taunton, Mass., July 31-(UP)Simon Swig, 75, Russian-born onetime Massachusetts legislator who rose from penniless immigrant to a brief but spectacular career as a banker, died of heart disease at a convalescent home last night. Swig came to America at the age of 15, alone and nable to speak English. He became a Taunton alderman and then rose to representative from the Roxbury district of Boston in 1916 and 1917. Study made nim an authority on banks and banking and he then formed the Tremont Trust company. During a series of bank crashes in the 1920's, Swig tried to prevent a run on his own institution, but state officials closed it, $1,200,000 in the red. The bank never reopened. Attempting a comeback to his previous commercial and financial footing, Swig built a dance hall at Wollaston beach. Within a few months he had been rescued from a fire at the hall and menaced by alleged Ku Klux Klanners. He leaves nine sons and daughters and 28 grandchildren. Funeral services will be held tomorrow at Temple Agudath Achin with Rabbi Jonas Kamin officiating.