Federal National Bank (Boston, MA)

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Episode Information

Episode UID
1233601584
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
123360 national
Charter Number
12336
Start Date
December 14, 1931
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6cf564c73debb36f

Response Measures

Public signal of financial health, Partial suspension, Full suspension, Books examined

Receivership Details

Depositor recovery rate
45.0%
Date receivership started
1931-12-15
Share of assets assessed as good
37.3%
Share of assets assessed as doubtful
52.9%
Share of assets assessed as worthless
9.9%

Events (5)
1. March 20, 1923 Chartered
Source
historical_nic
2. December 14, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and contagion among affiliated Boston institutions produced runs on the bank and its branches
Measures
Directors voted to ask the Comptroller of the Currency to take charge; officials reassured depositors
Newspaper Excerpt
directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday
Source
newspapers
3. December 15, 1931 Receivership
Source
historical_nic
4. December 15, 1931 Suspension
Cause
Government Action
Cause Details
Directors asked the Comptroller of the Currency to take charge and state authorities also took possession of affiliated state banks
Newspaper Excerpt
Nine Massachusetts banking institutions ... were closed today. The Federal National Bank ... directors asked the comptroller of currency to take charge
Source
newspapers
5. December 16, 1931 Receivership
Newspaper Excerpt
A receiver appointed by the comptroller of the currency to-day took charge of the affairs of the Federal National Bank of Boston, the closing of which has tied up deposits totaling ... Herbert Pearson, the receiver, arrived from Washington last night
Source
newspapers

Newspaper Articles (23)
1. December 15, 1931 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, December 15, 1931

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Article Text

Nine Banking Institutions in' Massachusetts Fail Open Doors for Business Federal National Bank of Boston and Eight .Affiliated Firms Are Closed Runs Start on Three Independent Greater Boston Institutions Gov. Ely Foresees Rapid ReorganizΔ…tion. BOSTON Nine banking with according the latest statements, of were closed today. The list included four national banks and state banks. Deposits $28,235,238. National Bank, whose the Comptroller Currency take charge after and its branches yes. had deposits Sept. 29 of The banks their latest other and available statements of deposit were The Middlesex National Bank. Lowell, $4,000,000: the State National Bank, Lynn, the Gloucester tional Bank. Gloucester. the Bancroft Trust Company. WorLawrence Trust Company the Inman Trust Company Cambridge, the Brockton Trust Company. Brockton. the Salem Trust $2,115,530. Gov. Joseph B. Ely in statement [Continued on Nineteenth Page.)

2. December 15, 1931 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 15, 1931

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BANKS CLOSED BOSTON Institutions with Aggregate Deposits of 58 Million Fail to Open ONE HAD FIVE BRANCHES Four Were National and Five Were State Banks; Runs Start on Three BOSTON, Dec. 15 (P)-Nine Massachusetts banking institutions with aggregate deposits, according to 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 Boston, which has five city branches and with which all the other institutions were affiliated The Federal National bank, whose directors voted to ask the comptroller of currency take charge after runs at the bank and its branches Monday, had deposits, on September 29, of $28,The other banks and their latest statements of deposit were: the National bank, Lowell, $4,000,000; the State National bank, Lynn, the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926: the Inman Trust company, Cambridge, the Brockton Trust company, Brockton, the Salem Trust company, Salem, Three savings banks in East Boston and South Boston were experiencing small runs Tuesday They were independent of the group affected in Tuesday's

3. December 15, 1931 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 15, 1931

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NEW YORK BOND MARKET [By the Associated Press] Boston. Dec. 15 (AP)-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, of $58,700,000. were closed today. The list included four national banks and five State banks. The central figure in the closings was the Federal vational Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the Comptroller of Currency to take charge after runs at the bank and its branches resterday, had deposits on September 29 of $28,235,238. 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: the Bancroft Trust Company, Worcester, $5,876,474 the Lawrence Trust Company. Lawrence, $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. Sales Gas Runs On Three Banks Three savings banks in East Boston and South Boston were experiencing small runs today. They were independent of the group affected in today's closings and officers sought to reassure depositors that their funds were safe. 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. Clearing House Head Confident President Alfred L. Ripley, of the Boston Clearing House Association, announced that the association wished to assure the public that the banking situation in Boston was "in their best (Continued from Page 32) judgment" essentially sound and safe Sales in High Low Close Sales and that there was no just reason for apprehension or alarm on the part of depositors. The Federal National Bank had not been member of the Clearing House Association, he said, since May, 1930. The Boston Fish Exchange, which serves as clearing house between fishing boat captains and dealers, was closed today as result of the closing of the fish pier branch of the Federal National Bank. stp Gloucester National Shuts Gloucester National Bank. founded in 1796 and one of the oldest financial institutions in the United States. voluntarily closed its doors today after heavy demands for withdrawals had been made by depositors is associated with the Federal National Bank of Boston. Ohio Banker Blames Son For Closing Marion. Ohio, Dec. 15 /P)-Henry B. Hane, president of the Marion Na. tional Bank, said that apparent irregularities in the accounts of his son, H. W. Hane. former cashier, caused the closing of the bank today The elder Hane issued statement announcing that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. "The nature and the amount of the apparent defalcations have not yet been determined, the statement said, Hane, cashier, in whose accounts the confusion in records has been found, resigned as an officer of the bank last week. He left the city at that time and his whereabouts are not now known. He was under surety bond. Until the examiners make a complete check of the records, it not possible to announce any details of the possible shortage Investment Trusts NEW YORK DE Insurance Companies New York Bank Stocks

4. December 15, 1931 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, December 15, 1931

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Eight Affiliated Banks Closed With the Federal National, Boston, Today State Commissioner Guy Takes Charge of Institutions In Group Aggregate Deposits of $58,700,000: Speedy Reopening Hoped For By Gov. Ely: Action Follows Withdrawals BOSTON, Dec. Massachusetts banking institutions. with aggregate deposits. according to the latent statements. of $58,700,000. were closed today. The list included four national banks and five state banks. The central figure in the closings the Federal National bank of Boston, which has five city branches and with which all the other institutions were The Federal National directors voted to ask the comptroller currency to take charge after runs the bank and its branches yesterday. had deposits on Sept. 29. The other banks and their latest available statements deposit, Middlesex National bank, Lowell $4,000,000; State National bank, Lynn. $2,013,565; National Worcester. Trust Inman Trust Cambridge Brockton Trust Co., Gov. Joseph B. Ely in statement from his home in Westfield. said that with plan for the speedy reopening of the institutions be accomplished and further said he Bank Arthur Guy to proceed with that end in Bank Commissioner Guy left his home Framingham placing state bank the offices the five state banks ports his home in Westfield started for Three savings banks in. Bust Boston and South Boston experiencing small runs today were independent of the group affected and to reassure depositors that their funds President Daniel C. Mulloney of the Federal National bank expressed the opinion that with careful hand- Continued Page Nine)

5. 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

6. December 15, 1931 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, December 15, 1931

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9 BAY STATE BANKS CLOSE Institutions Had Total Deposits of 58 Million. BOSTON, Dec. 15- (AP) Massachusetts banking institutions, with aggregate deposist, according to the latest staemens, 000, were closed oday. The list included banks and five state banks. The central figure in 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 voted to ask the comptroller of to take charge its at the bank and after runs branches had deposits on September 29 of 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, $1,600,000 $5,876,474; Bancroft Trust Co., Trust Lawrence, Lawrence $9,555,926; Inman Trust Cambridge, Brockton Trust Trust Co., Salem, $2,115,530 Plan Speedy Reopening in stateJoseph ment Gov. from his home in Westfield. said that with proper measures, plan for the speedy reopening be accomcould plished the and said he had instructed thur Guy to proceed with that end in Three view savings banks in East BosSouth Boston were periencing and small runs today They were independent of the group fected in today's closings and ficers sought to reassure depositors that their funds were safe.

7. December 15, 1931 The Kansas City Star Kansas City, MO
Article from The Kansas City Star, December 15, 1931

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NINE BAY STATE BANKS CLOSE. Deposits of Group Affected by Runs Total 700,000. (BV Associated Press.) BOSTON, Dec. 15.-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, of $58,700,000. 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 Federal National Bank. whose directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday, had deposits September 29. of $28,235,238. The other banks and their latest available statements of deposit The million Middlesex National the Bank Lowell National 565 the National Bank. the Gloucester Bancroft Company the rence. Lawrence Trust Company Lawthe Salem, $2,115,530. the Salem Trust Company Disorder at Tobacco Auction. Police intervened to preserve order at

8. December 15, 1931 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, December 15, 1931

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Institutions BOSTON, Dec. Nine Boston institutions with aggregate deposits, according to the last statements, of $58,700,000 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 Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday, had deposits, on September 29, of $28,235,238. The other banks and their latest available statements of deposits were: The Middlesex National Bank, tional Bank, Lynn, $2,013,565; the Lowell, $4,000,000; the State NaGlouchester National. $1,600,000, the Bancroft Trust company, Worcester, $5,876,474; The Lawence Trust company, Lawrence, $9,555,926; the Inman Trust company, Cambridge, $3,808,412; the Brockton Trust company, Brocton, $1,508,753; the Salem Trust company, Salem, $2,115,530. To Reopen Soon. Governor Joseph B. Ely. in statement from his home in Westfield, said that with proper measures, plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. President Daniel C. Mulloney on the Federal National Bank Expressed the opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.

9. December 15, 1931 The Record Stockton, CA
Article from The Record, December 15, 1931

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NINE BANKS EAST FORCED BOSTON Dec. (Associated Boston banking institutions, aggregate deposits, cording to the statements of $58,700,000 closed today The list included four national banks and five banks The central figure the closings the FedNational Bank Boston which has five city branches and with which all the other institutions The Federal National Bank whose directors voted to ask the Comptroller Currency take charge after runs the bank and its branches had deposits on September OTHER ASSETS The other banks their latest available statements of deposit were The Middlesex National Bank Lowell State National Bank Lynn. $2,013,565 Gloucester National Bank. The Bancroft Trust Company. The Trust Lawrence $9,555,926 The Inman Trust Cambridge The Brock Company Brockton, The Salem Trust ComJoseph Ely in statement. said that with proper measplan for the speedy reopening of the institutions could be complished MAY REOPEN SOON President Daniel Mulloney of the National Bank exthe with careful handling depositors in his bank would receive 100 cents on the dollar GLOUCESTER Mass. Dec. (Associated The Gloucester National Bank. founded in 1796 and one of the oldest financial institutions the United States voluntarily closed doors today after heavy demands for withdrawals is associated with Federal Reserve Bank Boston

10. 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.

11. December 16, 1931 The Morning Union Springfield, MA
Article from The Morning Union, December 16, 1931

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Banks of State Called Sound as Nine Are Closed [Continued from First Page.] Judgment the banking situation sentially and In the judg. ment of the banking department. the same to be said the banks of the there should be undue apprehension on the part of depositors. Payment In Full Expected. Daniel the Federal the opinion that with proper handling of bank's assets. the depositors would be paid full. of the Federal National Bank was the of run that on the bank its five branches Boston yesterday after which the the Comptroller of Currency take charge of the affairs. With the of the Gloucester National Bank, all affiliated banking Institutions closed bank but, fac ing heavy closed. The directors annour that they believed the bank solvent. that had only $2100 on posit with the Federal that the bank could not safely honor the heavy demands ity liquidate and the National bank would sume as Gloucester bank founded 1706. is one of the country's oldest financial State Has Deposits. The of had $773,889 the Federal National Bank additional deposit in other the total the group to The city Boston has almost $900,000 deposited in Na tional, Edmund Mayor Curley said: "Mr. Mulloney the president Federal. garded as an exceptionally capable banking man and there is some couragement in that given the be able 10 100 cents the dollar pay from incident and curious spectators near the the banks the various but the groups those who composed them soon went their Three Boston savings banks two the East one South during day. Bank depositors that the banks were tirely the group closed and that their funds were safe Mayor Curley called the Goveroffice. but found that the Gov. was Clearing House and The said he Gov. Ely view their taking such action would closing any other banking institutions. said he instructed the Governor's seoretary to advise Ely that stood ready assist in any possible way and would be pleased bankers that the any Governor might call R. Plunkett of Adams, in discussing yesterday and Federal National Bank of Boston and eight affiliated Senator Plunkett, of the leading Sefiate bases his judgment of the Western situation on an Intimate knowledge of conditions there both that member the Legislative Committee on Banks The view expressed by the Senator from Adams was opinions given Bank Commissioner Arthur Guy and Gov. Joseph B. Ely Both have stated their firm there regard the Not only the banks in Western sound the opinion banking officals danger still fur any by sanity the residents that section with regard banks has the State House Western Massa. citizens prone hysteria have give way healthy confidence their banks.

12. December 16, 1931 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 16, 1931

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Nine Big Boston Banks Crash: Over $58,700,000 Involved BOSTON, Dec. 15. - Following the crash of over 2,000 banks this year, a new wave of bank failures was marked Tuesday by the crash of nine of the leading banks in Boston with $58,700,000 involved. The most important of these banks going to the wall was the Federal National Bank of Boston with deposits of over $28,000,000. Tens of thousands of workers, employed and unemployed, cannot draw out a cent to keep them from starvation. Runs are on at many of the smaller banks throughout Boston and South Boston.

13. December 16, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 16, 1931

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Boston, Dec 16.-(UP)-A receiver appointed by the comptroller of the currency to-day took charge of the affairs of the Federal National Bank of Boston, the closing of which has tied up deposits totaling $57,740,238. Herbert Pearson, the receiver, arrived from Washington last night at the end of a day which witnessed the closing of eight affiliated banks in central and eastern Massachusetts, To-day he was to begin an appraisal of the Federal National's assets with a view to liquidatoin. There were several reassuring reports, including the statement of President Daniel C. Mulloney that Federal National depositors would be paid 100 cents on the dollar, and the prediction of Gov Joseph B. Ely of Massachusetts that with "proper action" it should be possible to reopen all the closed institutions. The closed banks and their deposits follow:Federal Natoinal $28,235,238. Lawrence Trust Co, $8,000,000. Bancroft Trust Co of Worcester, $6,000,000. Middlesex National Bank of Lowell, $4,505,000. Inman Trust Co of Cambridge, $3,500,000. Lynn State National, $2,200,000. Salem Trust Co, $2,200,000. Gloucester National Bank, $1,600,000. Brockton Trust Co, $1,500,000. It was estimated that more than 75,000 depositors were affected by the bank closings. A suggestion by Governor Ely that the newly-organized National

14. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS CLOSE; HAD $58,700,000 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. 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. Three savings banks in East Boston and South Boston were experiencing small runs today.

15. December 16, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 16, 1931

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STUDENT WHOSE AUTO FEDERAL NATIONAL KILLED MAN INDICTED OF BOSTON CLOSES The grand jury yesterday voted an indictment charging leaving the scene an injury to person against Robert C. Behn, 25-year-old the death of Wilfred Fone, 37. flower salesman, 1407A Ange street, who was injured fatally by an automobile driven by Behn at Lindell and Euclid avenue on November In confession to the police. Behn said he unavoidably struck Fone when the flower seller stepped out from behind traffic going the opposite direction, and that he drove on to Taylor avenue and stopped and walked back. There, his confession said. he heard woman say he had been careless and speeding and became frightened and drove home without Identifying himself as the driver. He told his mother what had OCcurred. and. on advice, surrendered to the police. Governor Expects Speedy Reopening of Bank and Eight Affiliates. By Associated Press MASS., December 15.Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements. of $58 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. Gov Joseph B. Ely. in statement from his home in Westfield. said that with proper measures. plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs the bank and its branches yesterday. had deposits, on September 29, of $28,285,238. 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, The Bancroft Trust Company. Worcester. $5,876,474 The Lawrence Trust Comman Trust Company. Cambridge. $3,808,412 The Brockton Trust ComTrust $2,-

16. 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

17. December 16, 1931 The Olympian Olympia, WA
Article from The Olympian, December 16, 1931

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BOSTON FAIL TO OPEN BOSTON. Dec. (AP) -Eight Massachusetts banks failed to open today. The largest was the Federal National bank of Boston which has five branches in Boston and had. on September 29, deposits of $28,235,238. 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 Gov. Joseph B. Ely. in a statement from his home in Westfield. said that proper measures, plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view President Daniel C. Mulloney of the Federal National bank expressed the that with careful handling of resources. depositors in his bank would receive 100 cents on the dollar. SINGING STATUE The singing Memnon was a statue in Egypt which gave out musical notes when the sun rose in the morning and as it set at night. After the statue was tipped over it no longer sang.

18. 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 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.

19. December 17, 1931 Tulare Daily Times Tulare, CA
Article from Tulare Daily Times, December 17, 1931

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BOSTON BANKS CLOSE IN ONE DAY BOSTON, Mass., Dec. 16. (AP)Nine Boston banking institutions, with aggregate deposits of $58.000,000, closed Tuesday. The list included four national banks and five state banks, all affiliated with the Federal National Bank, whose directors' asked the comptroller of currency to take charge after runs at the bank and branches. Governor Ely said that with proper measures, plans for speedy reopening of the institution could be accomplished. The president of the National Federal Bank expressed the opinion depositors in his bank will receive dollar for dollar.

20. December 17, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 17, 1931

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Second National Bank In Boston Is Closed To-day Action Taken to Prevent Heavy Withdrawals Hamden, Conn, Bank Also Closes, Although in Good Shape Boston National Bank. with deposits approximating $7.000, failed to open for business today. It was the second National bank to close in Boston this week. the much Federal Bank having closed Tuesday According to President T. M. Ragan, the Continental National, with two in town and two suburban branches, was closed to protect depositors in the of unusually heavy A notice posted at the bank's entrance read: "Due to extraordinarily heavy caused by general public uneasiness and in order to conserve the assets of the bank, which in the due course of derly should pay all positors in full, directors of the Boston Continental National Bank have asked the controller of the currency take possession of the Boston, Dec deposits $61,701,238 tied by closing of National banks and trust companies. efforts were made to-day to discourage runs on several savings banks. Reminded that never in history has Massa bank been obliged to close, depositors generally refused to become panicky over affecting the other types of banks. But in East Boston, Boston and Lowell, runs had been reported on savings banks. "The banks in East Boston and South Boston, where the runs are being made, are two of the strongest banks in the state,' said State Bank Arthur Guy. "They both in shape and they can't possibly be tired out by run.' Deposits tied up bank closings surpassed the million dollar mark afternoon when the Lowell Trust company of Lowell with on deposit, closed. This was the 10th Massachusetts bank to close within hours, and the 15th New England bank to October After bank commissioner took of the Lowell Trust company at the behest of its officials, the seven savings banks in that important industrial center as precautionary measure, to invoke the 90-day Thus, during the next three months, depositors of these banks will be ableto withdraw not more than $100 each. Herbert Pearson. appointed by the controller of the currency for the Federal National Bank of Boston, to-day was directing the preliminaries to liquidation, with bank officers still asserting that depositors would be paid in full. All the closed banks except the Lowell Trust company were affillates of the Federal National which, with its five Greater Boston branches, closed Tuesday. Hamden. Conn, Dec (UP) The Hamden and Trust pany closed to-day on straining order issued by the state commissioner The action was understood to have been taken to protect deposiThe bank's last statement listed general deposits and savings deposits of $688,000. tal of $200,000, of $75,000 and undivided profits $44,000. Examiner George of the state banking commission. who was the bank's books said the intervened after continued withdrawals by letter had placed the institution in an unlilquid position. was no "run" on the bank, he said. Heavy withdrawal of Christmas savings contributed to the bank's reported these charges as discovthe The article said that the committee had "secured evidence' secret payments money Columbia football that the committee had learned that athletes professional sports in the summer with knowledge of Columbia coaches. that committee had discovered that football players are favored with Columbia university scholarships and that one of the stars of the team was being supplied by money by "a friend of Columbia, president, said. He gave the following figures on the bank's funds at the time of its closing: Total deposits commercial and savings, $1,500,000, savings, $1,500,000, savings, $700,000. and undivided prefits( $44,000. Included in deposits are funds collected by the town tax collector. am convinced that depositors will receive every dollar deposited when the bank's finances are adBroadbent said. 'Inability to liquidate real estate and lateral loans and the depreciation of securities helped bring on the closing, he added. The bank has about 5,000 depositors. Hartford, Conn. Dec 17-(UP) Banking Commissioner George Bassett issued the following statement today the closing of the Hamden Bank and Trust Company. 'Due to inability to collect immediately certain loans which were in badly frozen condition and also due to the recent shrinkage in the market value of securities carried in the bank's portfolio, the officers of the bank found they unable to meet withdrawals and therefore for better protection of all their depositors the restraining order was placed. believed that the savings are well protected securities segregated in that department. Commissioner Bassett said the bank had total assets of $2,395,478.41 as of Sept 30, 1930.

21. January 22, 1932 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, January 22, 1932

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Can Sell Securities Held By Closed Bank BOSTON, Jan. 22 (AP) Judge James A. Lowell in federal court today authorized the receivers for the closed Federal National Bank of Boston to sell in the open market, $125,000 worth of securities held by the bank. The receiver, Herbert Pearson, was given authority to sell the bonds at such time as he deemed best.

22. March 25, 1933 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, March 25, 1933

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HUB BANK RECEIVER FACES LARGE SUITS (Continued from First Page) been issued for certain the closed Federal Nationbank company, the bank, State bank Meanwhile, government officials interest affairs Federal National bank which had when States torney Frederick today Federal National bank have fully known department and department of justice several

23. July 21, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, July 21, 1933

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TIME ALLOWED FOR BRIEFS IN EATON TAX APPEAL CASE After hearing the evidence yesterUnited District Court, weeks in which each side may file briefs, in an appeal by Ezra S. Eaton the firm Thompsor's Spa, Inc, tax which levied on his pertax for 1929 Charles Cabot of Repes, Gray, Boyden Perkins, counsel for Mr Eaton, claimed he should not taxed the they were The Government contended that the represent profit just as as the he received for his old in the partnership and real estate company, both of which company. He reported profits but did not report his stock gains. The Government was represented by Duke Smith and L. Gibson, special United States FEDERAL NATIONAL BANK RECEIVER TO SELL NOTE In District late terday, Judge James issued decree the sale to the highest bidder of premissory note dated payable by April 1933 for $8000, signed by Deminic Pino, which secured mortgage covering the premises at 46 West Cottage st, The note was found among the assets of the National Bank Herbert the filed the petition in Federal Court authority sell the The will be Judge Lowell at session July 31.