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BANKER SUICIDES Springfield, Mass.. Dec. 11 (A')-Depositors of the West Springfield Trust started run on the bank this morning with the finding of the body of J. Malcolm Warren. the bank's treasurer, who left suicide notes.
West Springfield Trust Company (West Springfield, MA)
Episode Information
- Episode UID
53062871572- Episode Type
- Run → Suspension → Reopening
- Bank Type
- trust
- Bank ID
-
5306287routing - Routing Number
53-0628- Start Date
- December 11, 1930
- Location
- West Springfield, Massachusetts (42.107, -72.620)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
ca8b460571adc9bf
Response Measures
None
Description
Run triggered by treasurer's suicide; examiners found no defalcation.
Events (3)
1.
December 11, 1930
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Discovery of treasurer J. Malcolm Warren's suicide prompted depositor panic and heavy withdrawals.
- Measures
- Bank officers issued statements; payments later stopped and state was asked to assume control.
- Newspaper Excerpt
- Depositors of the West Springfield Trust started run on the bank this morning with the finding of the body of J. Malcolm Warren, the bank's treasurer.
- Source
- newspapers
2.
December 11, 1930
Suspension
- Cause
- Government Action
- Cause Details
- Directors requested state banking commissioner assume control and suspend payments to protect depositors after the run.
- Newspaper Excerpt
- 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.
- Source
- newspapers
3.
January 12, 1931
Reopening
- Newspaper Excerpt
- The West Springfield Trust Company... reopened today with no evidence of continuance of the run; about $1,000,000 in funds had been placed in the vault to meet any contingency.
- Source
- newspapers
Newspaper Articles (17)
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SUICIDE FOLLOWED BY RUN ON BANK of West Springfield, Mass., Trust Co., Kills Self. Mass lowing the discovery the body treasurer of West this bank the and good made (Continued, Last Page, Section)
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RUN MADE ON BANK SPRINGFIELD Mass Dec. 11. (P:-- Following discovery of the body the West Springfield Trust company. in the bank building this
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Run Follows Suicide of Bank Cashier Mass., Dec. Following the discovery the Malcolm Warren, treasurer of the West Springfield Trust in the bank building this morning, suicide shooting, of depositors veloped. Within time 200 persons thronged the banking rooms seeking withdraw posits. Statements were issued officers the bank to the effect that the sound and good condition Funds were quickly available by banks this city to bridge the over
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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 (Continued on Second Page.)
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State Assumes Control Of Bank After Closing West Springfield, Mass., Dec. 12 (UP)-Deputy Bank Commissioner Arthur Guy announced early today that at the behest of the directors he had taken over the affairs of the West Springfield Trust company. The purpose of the action, he said. was to fully protect the inter. ests of depositors. Payments at the bank were stopped yesterday after a run during which approximately $100,000 was withdrawn.
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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
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CLOSED BANK'S CHRISTMAS CHECKS TO BE PAID SPRINGFIELD, Dec 17 (A. P.)Private funds have been made available by officers of the closed West Springfield Trust Company with which to pay checks amounting to about which been cashed at the time the bank suspended payments week ago, following the suicide of its treasurer and has become known that several :ocal nizations that do extensive Christmas charitable work have funds tied up in the bank, which fact will namper the customary relief work of this grougp unless other means can be arranged to carry on.
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Club Depositors To Get Checks SPRINGFIELD Dec. 18 (AP) Private funds have been made available by officers of the closed West Springfield Trust Co. with which to pay outstanding Christmas Savings club checks amounting to $10,000 which had not been cashed at the time the bank suspended payments a week ago.
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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
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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
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REOPENING OF BANK It was with feeling of great lief and gratification that many sons the announcement that the West Springfield Trust company will resume business Monday. Its wholly unexpected closing brought about by the tragic act of one its employes which precipitated panicky feeling among some of the depositors who, thereupon, gaged in on the bank that the officials and the state bank commissioner nothing to do but shut shop temporarily after nearly $100,had been paid out to depositors. Now, the word of the same bank commissioner, the institution found to be "sound and solvent." Not only that, but has ahead with the precautionary measure of turning its of sufficient amount to pay off all the depositors they should elect to demand upon the resumption business by the bank nex+ must taken into consideration
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BUSINESS IS Continued From Page One bank, banded parcels of brand there air efficiency about the trust company's interior. Quiet Orderly the bank promptly on opening bank opening this and stream entered and pink during the mornhours. Inside bank and officials. treasurer, charge, by Ernest Pelton, Raymond Flagg, member board of directors. The was many of those Springfield police hand measure. tioned outside bank equipped motor car, and guard the bank's the bank's regular attendant. offithe pleased the manner which business being and that and good positors indication that confidence the bank has restored. New Treasurer Duty Robinson, whose election final taken by board business Springfield New Bedofficial bank that He has had many cluding years as state banking The reopening of the West Springfield comes closing. trust company the banking following bank from for weeks effort until the present plan was worked out which bank in cash for the meeting of any emergency.
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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
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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.
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WEST SPRINGFIELD BANK REOPENED SPRINGFIELD, Jan 12 (A. West Springfield Trust Company, which was taken over by the State Banking Commissioner Dec 11, when n run which followed the suicide of its treasurer depleted its funds, reopened today with no of continuance of the run, In fact, officers said, deposits withdrawals. As about $1,000,000 in funds had been placed in the vault to meet any tingency. strong police guard maintained. The new treasurer, Harry C. Robinson. began his duties recently.
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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.