State National Bank (Lynn, 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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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

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BANKING FIRMS EAST BUSINESS

Boston, Dec. banking with aggregate deposits, according to the latest of $58,700,today. The were closed 000. cluded four national banks and five central figure in The state the closings the Federal NR. tional Bank of Boston, which has and with which city branches five institutions were all the other filiated. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the its branches yesterday, 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; the State National Bank, Lynn. $2,013,565; the Gloucester National Bank, $1,600,000; The Trust cester, $5,876,474; the Lawrence Trust Company, Lawrence. $9,555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, $1,508.753; the Salem Trust Company, Sa$2,115,530. Governor Joseph Ely, in statement from his home in Westfield, said that with proper measures, plan the speedy reopening of the Institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East

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STATE NATIONAL BANK OF LYNN, A BRANCH, CLOSED Dec State Bank of Lynn, subsidiary of the Federal National Bank of closed today and placed the hands of the Federal controller of the currency, it known when Theodore M. president of bank, and Mahoney, issued statement morning. The statement follows: the curity market, because the fact that the Bank with the Federal of Boston, order the interests depositors, directors the State National to ask The State Bank said to deposits and ings, capital of $200,000 and surplus and one of the newest of Lynn's 15 banks.

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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

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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.

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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.

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9 BAY STATE BANKS CLOSE; HAD $58,700,000

Boston, Dec. 15 (AP).-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.

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS

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.

Move for Reopenings. 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. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view.

Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. 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. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

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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.

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9 BAY STATE BANKS CLOSE; HAD $58,700,000

Boston, Dec. 15 (P).-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.

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STATE'S FUNDS IN CLOSED BANKS TOTAL $1,060,889 The State of Massachusetts has slightly more than $1,000,000 tied up in six of the banks that closed their doors given out yesterday by State Treas Charles Hurley Treas Hurley said that the State had no funds in the Brockton Trust pany, the Lawrenche Trust Company the Trust closed banks, all affiliated with the Federal National Bank of Boston, in which the State has funds, and the amount in each follows: Bancroft Trust Company Worcester. $45,000 Inman Trust Company, $72,000; National Bank, Low $76,000 State National Bank, Lynn, Federal National Bank, $773,889 Gloucester National in the closed banks totaled $1,060,889.

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INDUSTRY AND

Reveals Possible Assets NEW YORK. Hearing before Federal Referee Davis bankruptey of Match Corp., possible Toll to $3,000,000, now held by the Irving Trust as bankruptey consist 60,000 shares of the Ohio Match are obscured by an financial transaction variety which has made the task of unravelling Ivar monumental one. Ohio Match Corp., purchased in 1928 by Kreuger for

Italy's Income Drops NEW national indecreased one-third during 1931, according to official report by Premier to make no in taxation to meet budget deficit, but will decrease Total value of four leading wine, olive oil and hemp, dropped from lire 1930 9,860,000,000 in 1931. Drop industrial output varied from per cent to per cent, with average about onethird while income from investments stocks of all kinds fell off more than

Warner Bros. Attached NEW YORK. Attachment for against property of Warner Brothers Inc., was granted in New York Court, Tuesday, suit of Heins, owner Heins Theatre Circuit in Roanoke, to recover that sum on ground of breach of contract. Attachment was served on banks in which defendant was believed to have funds.

To Survey Railroads Bernard M. Baruch, one of the members of com- mission headed by Calvin Coolidge to survey status railroads and for legislation, committee probably be called within few days and that work start immediately. Experts will ganize data on phases of the problem and report Baruch pointed out that are number the subject availthe English just having completed transports, truck and railroads, while have been made in Australia and Argentina.

Maximum Rate Set of Worcester Clearing House voted that, October the rate be paid ings banks shall be per cent on balance up to $4000 account, instead per cent formerly, and the balance in excess $4000.

To Get 30 Per Cent Dividend State National Bank Lynn, Mass., closed since Dec. 15, will be paid per dividend Bank's receiver said dividend is largest original payment be by any closed banks taken over by the eral Comptroller of the Currency.

Truce Arranged NEW has been arranged rival groups England, on what lieved to be fair basis. Report was approved by of of Big Four and leading commercial groups. To equalize competition, classes vehicles which carry passengers and freight on highways, are to be required to $36,125,000 more year toward

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FILM DANCER ASKS DIVORCE

Pittsburg, Oct. 17-(AP) Nancy of the talkLink, 21, specialty ing today filed divorce Billy Link, Hollywood. She charged cruelty. They married in Pittsburg April 1931.

BANK RECEIVER FILES WRITS

Oct. C. Boston, of State National of Lynn brought two writs of of property Gen Edward Logan and against Francis Logan, brothers, in federal district court.

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BANK RECEIVER SUES GEN. LOGAN FOR MONEY DUE

Three Suits Are Entered to Recover Funds in Liquidating State Bank.

In an effort to collect more than $50,000 alleged to be due the depositors of the closed State National Bank of Lynn three new suits at law have been brought by Attorney Harry D. Linscott of Lynn, acting for Receiver Robert C. Baldwin in control of the bank in behalf of the federal comptroller of the currency. The alleged debtors are Gen. Edward L. Logan of South Boston, the estate of Lawrence J. Logan and Francis V. Logan.

A bill in equity is brought against the estate of Lawrence J. Logan to recover $50,000, said sum being due as assessments, it is claimed, on 500 shares of stock in the State National that were owned by the estate. The demand required by law for an assessment of $100 per share was not answered with payment as due under the law, it is claimed, hence the bill in equity for an order from the court to compel payment.

Provisions of Law.

The law provides that in the case of a stockholder of a closed bank he shall pay $100 per share assessment when such payment is necessary to insure the depositors.

This bill in equity names as defendants the administrators and heirs and beneficiaries of the estate, including Francis V. Logan, Theodore Logan, Catherine M., Joseph A., Martha T., Elizabeth C. and Malcolm G. Logan as heirs of Lawrence J. Logan.

The other suits involve Gen. Edward L. Logan and Francis V. Logan, whom, it is claimed, owe the closed bank money on their notes. The suits are entered in the U. S. court in Boston.

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SUIT ON NOTE OF JUDGE LOGAN SET FOR MAY 9

State National Bank Receiver Seeks Settlement of Loan Made in 1929

Assignment of May 9 as the date for the hearing of the suits of Receiver John B. Cunningham of the State National bank of Lynn. against Judge Edward Logan of South Boston, Francis V. Logan and Emma Mullen. sister-in-law was announced in the Federal District court in Boston today. Atty Harry D. Linscott represents the Lynn bank. The suit is to recover sums of money allaged to be due the bank by the defendants. The three suits are brought in behalf of the receiver and are based on notes the defendants alleged to be held by the closed Lynn bank. The promissory note Judge Logan alleged to be for $25,000, dated Oct. 31, 1929, on which the balance due is $24,850.

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RESIGNS AS BANK RECEIVER

J. B. Cunningham to Give Up Boston and Lynn Tasks

John B. Cunningham has tendered his resignation as receiver the BosContinental National Bank of Boston and the State National Bank of Lynn, effective at the pleasure of the Controller of the Currency. Mr Cunningha refused this morning to explain his resignation in any way. "This is not the proper time for me to say anything about beyond making the simple statement that have tendered my resignation, he said. The receiver, who has been under extreme pressure for many months liquidating the assets of the and of the Federal National affiliate Lynn, the State National Bank, said this that he had no idea would be named his successor in Boston or in Lynn. "I shall naturally continue in my job until successor is appointed, he told the Globe this morning, "and shall assist him after his appointment in every way possibly Mr Cunningham was asked whether he was going on to another job. He threw up his hands and said: are asking me things can't talk have nothing to say beyond the fact that I am tendering my resignation. He was appointed receiver of the Boston Continental Bank on Dec 28, 1931, and in May of this year was

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Closed Bank Receiver Sends in Resignation BOSTON, Sept 14 (P)-John B. Cunningham, since Dec. 22, 1931, receiver for the closed Boston Continental National bank, has announced he has forwarded his res. ignation to the comptroller of the currency. At the same time he resigned as receiver for the State National bank of Lynn, a position he took over several months ago.

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Marston Leads Munger, Up

Philadelphia Veteran Has Edge at End of First 18 Holes.

KENWOOD COUNTRY CLUB, Cincinnati, Sept. Making comeback on the home Max R. Marston Philadelphia, veteran former title holder, gained lead two up over young Jack Munger of Dallas, Tex., after their first 18 holes of their 36-hole semifinal match in the Golf By side hill the finished the first 18 holes up on W. Lawson Little. of San Francisco. The New birdie broke up engagement for the time being.

Named Bank Receiver.

WASHINGTON, Sept. 15 (AP) James H. Brennan today was named receiver for Boston Continental National Bank and the State National Bank Lynn, succeeding John B. Cunningham. resigned.

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Named Bank Receiver.

James H. Brennan today was named receiver for the Boston Continental National Bank and the State National Bank of Lynn. Mass, succeeding John B. Cunningham, resigned.

California has more airports and landing fields than any other state, 214. The home of Schuyler Colfax. ones vice of the United States has been razed at South Bend. Ind