Continental Bank - Boston, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1933
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 2e40f3e6def7168b

Response Measures

None

Description

Article (Boston Daily Globe, 1933-09-01) discusses the closed Boston Continental Bank and that a receiver (John B. Cunningham) is before a federal grand jury; indictments for misappropriation and bankruptcy proceedings are mentioned. No article text describes a depositor run; the bank is closed and under receivership, so classify as suspension leading to closure/receivership. Exact suspension/closure date not given in the excerpt.

Events (2)

1. September 1, 1933 Receivership

Newspaper Excerpt: Continental Receiver Goes Before Grand Jury ... John B. Cunningham, receiver for the closed Boston Continental Bank, was called before the Federal Grand Jury yesterday to give evidence in a new investigation of the affairs of the closed bank.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank is closed and in receivership; federal grand jury investigating misappropriation and bankruptcy proceedings led to receivership assignment
Newspaper Excerpt: the closed Boston Continental Bank
Source: newspapers

Newspaper Articles (1)

1. September 1, 1933 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, September 1, 1933

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Article Text

NEW BOSTON BANK INQUIRY Continental Receiver Goes Before Grand Jury John B. Cunningham. receiver for the closed Boston Continental Bank. was called before the Federal Grand Jury yesterday to give evidence a new investigation of the affairs of the closed bank. The receiver also conferred at length with Asst United States Atty Elihu D. Stone, and after the conference the Federal prosecutor admitted that evidence was being placed before the Grand Jury with view of obtaining additional indictments. Three indictments were returned last year charging misappropriation of $200,000 of the bank's funds. A former official of the bank was found not guilty when tried by jury on one of these indictments, while the other two persons indicted pleaded guilty. One of the latter subsequently retracted his guilty plea and pleaded noio. Another witness before the Grand Jury yesterday was B. Loring Young, referee in bankruptcy and Speaker of the Massachusetts House of Representatives. It was said that he was asked for information regarding he case of Boston whose bank ruptcy proceedings are being scrutinized by the Grand Jury.