BOSTON, Dec. banking tions, with aggregate cording the latest were The list included four banks and five State central figure the closing the Federal National bank which has five city with which the institutions were affiliated. The Federal National whose directors voted to comptroller currency to charge after runs the and its branches deposits, September The other banks and available statements of The Middlesex National Lowell, $4,000,000; the State tional bank, Lynn, the Gloucester National $1,600,000; the croft Trust company, $5,876,474; the company, the Inman Trust bridge, $3,808,412; the Trust company, Brockton, 753; the Salem Trust $2,115,530. Governor Joseph B. Ely, his home field, said that with proper plan for the ures, the institutions opening Three savings banks Boston south Boston experiencing small runs today.
2.December 15, 1931Springfield Evening UnionSpringfield, MA
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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 Reorganizątion.
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
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3.December 15, 1931Baker City HeraldBaker City, OR
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NEW ENGLAND
9 Boston Houses May Be Reopened; Run Wrecks Bank Founded in 1796 ton banking 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 Governor James B. Ely issued statement in which he said that with proper measures, a plan for speedy reopening of the institutions could accomplished. "I have directed Bank Commissioner Guy to proceed with that end in view," he said. founded in 1796 and one of the oldest financial institutions in the United states. voluntarily closed its doors today after heavy demands for withdrawals. It is associated with the Federal National bank of Boston.
4.December 15, 1931Casper Star-TribuneCasper, WY
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BANKS CLOSED
Four National Institutions Included
BOSTON, Dec. (AP) Massachusetts banking institutions, with aggregate deposits, the latest of 000, were closed today The list cluded four national banks and five state banks. The central figure the the Federal National bank of Boston, which has five city and with which other institutions here were affiliat-
The Federal National bank, whose directors voted to the comptroller of currency to take charge after runs at the bank and its branches had deposits on Sept. 29 yesterday, of The other banks and their latest available statements deposit were: The Middlesex National Bank, Lowell, the State National bank, the Gloue ter National bank. the Bancroft Trust company, Worcester, 474; the Lawrence Trust company, $9,555,926: Inman Trust Cambridge, 412: the Brockton Trust company, the Salem Trust company, Salem $2,115,530.
5.December 15, 1931The Boston Daily GlobeBoston, MA
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PRES MULLONEY HOPES TO PAY DEPOSITORS IN FULL The closing of the Federal National Bank decided upon late last night by the board of directors of the bank. Daniel Mulloney, president, issued the following statement:
"Because of extraordinarily heavy directors the Federal National Bank, in order to the interests of the depositors, voted to ask the Comptroller the Currency to take charge of the bank. "Pres Mulloney states that with careful handling of the assets the depositors will receive 100 cents on the dollar. The branches affected include the Back Bay office, East office, Maverick sq: Fish Pier Northern South Boston office, Broadway, Mattapan, 891 Cummings highway
6.December 15, 1931Fort Collins ColoradoanFort Collins, CO
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9 Banks Close Massachusetts
Boston. (AP) Nine Massachusetts banking aggregate deposits, to the latest of closed today. The list included four national and five state banks. The central figure in the closings 12t-195G was the Federal bank Boston, which has five city es and with which all the other 3t-199G stitutions were affiliated. before
The Federal National bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and had posits, on 29, of 3t-199G The other banks and their available statements of deposit were: The Middlesex National bank. 3t-200G Lowell, $4,000,000; the State National bank, Lynn, $2,013,565; the GlouNational bank, $$1,600,000; See the Trust Worcester, $5,876,474 the Trust company, Lawrence, $9,555,926; the 5t-200G Cambridge, $3,808,412; the lyn Trust Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530.
7.December 15, 1931Colton Daily CourierColton, CA
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Boston Banks Close in Face of Heavy Runs
By Associated Press) ton banking Institutions with aggregate deposits of $58,000,000 were clos ed today. The list includes four Na tional banks and five state banks. The central figure in the closings was the Federal National which has five city branches. and with which all the other institutions were affiliated. The decision to close the Federal Bank followed run on the Manhattan Branch that brought about small er runs on the other branches. Small runs started on three independent sav ings banks also, two in East Boston and one in South Boston.
8.December 15, 1931The Fresno BeeFresno, CA
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Nine Boston Banks Close Doors To Halt Runs; Early Reopenings Are Predicted BOSTON Dec. Nine Boston banking institutions with deposits, the last statements, of $58 to-day. The list included national banks and five state banks. The central figure the closings was the Federal NaBank of Boston, which has five city branches, and with which all the other institutions were afThe decision to close the federal bank followed on the Matta pan branch that brought about smaller runs at other branches and fice at its downtown banking of-
Governor James B. Ely issued statement in which he said that with measures plan for speedy reopening of the institutions could be "So far as the state is concerned, Governor Ely said, "the closing of the state banks to-day was imperative by the closing of the Federal National Bank they were linked by common know no reason why this happening should affect any other state banks in the Federal National Bank whose directors voted to ask the controlle of currency take charge after runs at the bank and its branches yesterday, had deposits on September 29th of $28,235,288
9.December 15, 1931The Daily OlympianOlympia, WA
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BANKS
BOSTON, Dec. (AP) banks failed to open today. The largest Federal bank of Boston which has five in Boston and had, on September 29, deposits of $28,235,Directors of the Federal National bank voted ask the comptrolof currency to take charge after runs at the bank and its branches yesterday. Gov. Joseph B. Ely. in statement from home in Westfield, said that with proper measures, plan for the speedy re-opening of institutions could be accomplishand further said he had instructBank Commissioner Arthur Guy proceed with that end in view. President Daniel Mulloney of the Federal National bank expressed opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.
10.December 16, 1931The Daily WorkerNew York, Chicago, NY
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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.
11.December 16, 1931The Los Angeles TimesLos Angeles, CA
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Group of Banks in Boston Fail Doors to Open
BOSTON, Dec. Boston banking with aggreaccording to the last gate deposits statements of were closed list included four natoday. The banks, and five State banks. tional The central figure the closing was the Federal National Bank of Bosfive city branches ton which with the other institutions were affliated. The Federal National Bank. whose directors voted ask the Comptroller of Currency take charge after runs the bank and its branches yesterday. had deposits, September 29. of The other banks and their latest available statements deposit were: The Middlesex National Bank, $4,000,000; State National Bank, Lynn, $2,013,565; the Bank, Gloucesthe Bancroft Trust ter. the Lawrence Lawrence, Inman Trust Company Cambridge, Trust the Salem Trust Company, Salem, $2,115,530.
12.December 16, 1931The Boston Daily GlobeBoston, MA
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BANK RECEIVER ARRIVES TODAY
To Take Over Federal and National Affiliates
Statements of Gov Ely, Guy and Snyder Reassuring
The affairs of the Federal National Bank of Boston, its five Boston branch offices and affiliated banks in Lynn, Gloucester and Lowell, will be taken over this morning by Herbert Pearson, Federal receiver, representing the Comptroller of the Currency at Washington, while the five State banks, also affiliated with the Federal Na. tional, have been taken in charge by
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13.December 16, 1931The Sioux City JournalSioux City, IA
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Nine Massachusetts Banks Are Forced to Close Doors
Massachusetts institutions, with aggregate according latest $58,700,000, were included five state banks. The central figure closings was the Federal National Bank of Boston, which has five city branches and with which the other were affiliated. The Federal National bank, whose of directors to ask the controller currency take charge after runs at the bank branches, had deposits on September 29 of Gov. Joseph B. Ely, in statement from his home Westfield, said that with proper measures, plan for the speedy reopening of the institutions could be accomplished and further said he had instructed Bank Arthur Guy to proceed with that end in view.
14.December 16, 1931The Ogden Standard-ExaminerOgden, UT
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FUTURES five state banks. The central figure in closings Federal National bank of Boston, which and with which all the other institutions afwere filiated The Federal National bank, whose directors voted to ask comptroller to take charge after runs att he bank and branches had deposits, on September 29, of Governor Joseph B. Ely, in from his in Westfield, said that measfor the ing of the could be complished and further said he had instructed Bank Guy to proceed with that in view.
Dec. Wheat: Open. High. Low. Close. Dec. Mar. May July Corn: Dec. Mar. May 43% Oats: Dec. May 26% Rye: Dec. 43 Mar. 45% May 47% 48% July .48 48% Lard: Dec. 5.75 5.75 5.60 5.72 5.75 5.67 5.70 Bellies: May 6.05 6.05
15.December 16, 1931The OlympianOlympia, WA
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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.
16.December 17, 1931Tulare Daily TimesTulare, CA
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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.
17.December 18, 1931Santa Cruz SentinelSanta Cruz, CA
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ANOTHER BOSTON BANK SUSPENDED
BOSTON, Dec. 17 (U.P.)-The Boston Continental National bank with deposits of more than $7,000,000 failed to open today. It is the second national bank to close in Boston this week. The larger Federal National closed Tuesday. The Continental bank president, T. M. Ragan, said the closing was caused by the unusually heavy withdrawals. The bank has two down town and two suburban branches.
18.December 23, 1931The Brooklyn Daily TimesBrooklyn, NY
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BOSTON BANK INSOLVENT
Receiver Has Been Appointed for the Federal National.
Boston, Dec. The Federal National Bank of Boston, largest of 24 New England banks which closed since Oct. 1. is insolvent, to J. W. Pole, Comptroller of the Currency. "From information on file in this bureau," he said in letter to William T. A. Fitzgerald. Register of Deeds for Suffolk County, "I am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts." Pole announced the appointment of Herbert Pearson as receiver for the bank, which deposits exceeding $28,000,000.
19.December 23, 1931The Brooklyn Daily TimesBrooklyn, NY
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BOSTON BANK INSOLVENT
Receiver Has Been Appointed, for the Federal National.
Boston, Dec. 23. The Federal National Bank of Boston, largest of 24 New England banks which have closed since Oct. 1, is insolvent, according to W. Pole, Comptroller of the Currency. "From information on file in this bureau," he said in letter to William T. A. Fitzgerald, Register of Deeds for Suffolk County, "I am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts." Pole announced the appointment of Herbert Pearson receiver for the bank, which had deposits exceeding $28,000,000.
20.December 23, 1931The Brooklyn Daily TimesBrooklyn, NY
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BOSTON BANK INSOLVENT
Receiver Has Been Appointed for the Federal National.
Boston, Dec. 23. The Federal National Bank of Boston, largest of 24 New England banks which have closed since Oct. 1, is insolvent. according to J. W. Pole, Comptroller of the Currency. "From information on file in this bureau,' he said in letter to William T. Fitzgerald. Register of Deeds for Suffolk County, am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts.' Pole announced the appointment of Herbert receiver for the which had deposits ex
21.January 22, 1932Fitchburg SentinelFitchburg, MA
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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, 1933The Springfield Daily RepublicanSpringfield, MA
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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, 1933The Boston Daily GlobeBoston, MA
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
