6916. Continental National Bank (Boston, MA)

View Charter #12540 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12540
Charter Number
12540
Start Date
December 17, 1931
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
5f1deaf254465db2

Response Measures

Full suspension, Books examined

Other: Comptroller of the Currency/Federal takeover and appointment of a receiver (receivership) following the run/closure.

Description

Newspaper accounts report heavy withdrawals and an all-day run in mid-December 1931; the bank closed in December 1931 (90-day clause invoked) and a receiver was appointed (receiver named Dec 28, 1931). The bank did not reopen; federal investigation continued into 1932 and receiver resigned in Sept 1933 while liquidating assets. Cause attributed to regional runs/contagion among New England banks. OCR errors corrected (e.g., Continental rendered as nental in some cut text).

Events (4)
1. May 23, 1924 Chartered
Source
historical_nic
2. December 17, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and runs affecting multiple New England banks produced an all-day run on Continental National Bank in mid-December 1931.
Measures
Invoked 90-day notice/clause to delay immediate payment and permit orderly liquidation of assets; officials asked public to conserve assets.
Newspaper Excerpt
banks in New England closed their doors ... as the result of heavy withdraw- ... the Continental National bank of Boston ... after all-day run
Source
newspapers
3. December 28, 1931 Receivership
Newspaper Excerpt
He was appointed receiver of the Boston Continental Bank on Dec 28, 1931 ... receiver of the Boston Continental National Bank ... since they closed in December, 1931, announced his resignation today (1933-09-13). (article mentions receiver Cunningham resigning Sept 1933).
Source
newspapers
4. December 28, 1931 Suspension
Cause Details
Bank closed in December 1931 after runs and heavy withdrawals; 90-day clause invoked and federal authorities later took possession and appointed a receiver.
Newspaper Excerpt
He was appointed receiver of the Boston Continental Bank on Dec 28, 1931 ... closed in December
Source
newspapers

Newspaper Articles (9)
1. December 17, 1931 The Republican Springfield, MA
Article from The Republican, December 17, 1931

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Article Text

MILLIONS PLEDGED Continued from Page One notice posted bank's entrance "Due to withby public and order assets the bank, which the should Boston asked comptroller the currency to take possession of instiWilliams, chief national bank for Boston district, took temporary closed Boston Continental bank aided members the Herof the the National bank, also was present at the bank time. Pearson stated that as far as could the Continental bank closed Federal said that organizing take that Collins, Knoxville, expert joined Pearson today. third memTrust tution The Cleasing banks Credit the branch of the national sent state of Massachusetts sent state has $387,500 on deposit National bank, was the State House. 90 Day Notices Posted posted day banks Lowell and the savings department the Exchange Trust of Millbury bank, it at the bank commissioner's office. Continental National bank of Boston city. at bank the National and the Boston consolidated and the tinental formed. Connecticut Bank Closed Hamden, Ct., Dec. Hamden today order issued by The to taken depositors. The bank's statement listed deposits and uniner Ogden of the state books, today by letter had placed the instituThere "run" the bank. he 150 VARIETIES OF EGGPLANT study of eggplants revealed less than varieties State lege. They from different There lanum which includes edible and which includes ornamental nonedible varieties.

2. December 18, 1931 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, December 18, 1931

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Article Text

HAMDEN (CT.) BANK ALSO CLOSES DOORS 90-Day Clause Invoked in State ton Bank Stockholder Promises Pay in Full Boston, Dec. banks New England closed their doors day as the result of heavy withdraw- The institutions which either did not open for business which closed late the the nental National Boston: the Hamden Bank and Trust company of Hamden, Ct., the Arlington Trust company and the Plymouth County Trust company of Brockton. The financial status the banks at time official statements tinental, capital stock $1,000,000, surplus, ArlingTrust, deposits County, deposits of $3,816,Another Boston bank, the Grove Hall that bank open again meet The after all-day run the advice Bank Arthur Guy. Invoke Clause The banks Lowell the saving department the Trust company Boston the Millbury Savings bank 90-day banks require notice of intent funds. The officials dinarily heavy caused by general order the assets the bank, orderly pay full. the the Bostonbank the troller currency to take possesthe president the bank, Terrell and youngest in would the ordinary on dollar would be paid depositors. We

3. December 18, 1931 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, December 18, 1931

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Article Text

FOUR BANKS CLOSE IN MASSACHUSETTS AND CONNECTICUT Lawrence and Boston, Brockton Institutions Affected by Runs HAMDEN (CT.) BANK ALSO CLOSES DOORS Clause Invoked in State Bank Stockholder ton Promises Pay in Full Boston. Dec. banks in New England closed their doors tothe result of heavy withdrawday als. The institutions which either did not open for business which closed the day the nental National bank of Boston: the Hamden Bank and Trust of Hamden, company and County Trust financial status the banks at The the time their last official statements capital tinental, stock surplus, assets ArlingTrust deposits County, deposits of $3,816,Boston the Grove Another Hall Savings closed the bank would again meet action was taken after all-day and upon Arthur Guy. Bank Invoke Clause bank at Lowell The the department Trust company Boston the Millbury Savings bank the Millbury banks 90-day clause notice of intent require funds. The officials withdrawals caused dinarily heavy uneasiness and order general public conserve the assets of the bank. which. in course orderly liquidation, should pay all full, the Bostonbank the troller currency to take possesthe The president the bank, Terrell M. Ragan, 37 years old and reported the youngest president in said, would expected that through the ordinary cents on dollar would be paid depositors. We (Continued on Second Page)

4. March 2, 1932 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, March 2, 1932

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Article Text

PROBE HALTED DURING INQUIRY INTO FATALITY Head of Closed Hub Bank Found Dead; Federal Official Given Suicide Report. BOSTON, March 2-(AP) Federal investigation of the affairs of the closed Continental National Bank was suspended today while authorities investigated the death in Brookline yesterday of Terrill M. Ragan, president of the bank and military aide to Gov. Ely. Ragan's body was found on the floor of the garage of his home by his chauffeur, Hermon R. Broday, a few hours after Mrs. Ragan asked him to search for her husband. who failed to return after keeping a social engagement Monday night. Medical Examiner Benjamin W. Rudman said the death appeared to have been accidental but that he would make no definite report until he had made a thorough investigation. Meanwhile. Asst. U. S. Atty. John J. Walsh, Jr., was informed by telephone that Ragan had committed suicide, he told the Federal Grand Jury to which he was presenting evidence in connection with the closing on Dec. of Ragan's bank. The jurymen were dismissed until Tuesday Ragan, only 37. rose in seven years from law clerk to the presidency of bank which at the time it closed had deposits of $6,281,960; capital stock of $1,000,000 and a surplus of $150,000. He was a lieutenant colonel in the National Guard Reserve and a major on Gov. Ely's staff.

5. March 2, 1932 The Evening Sun Baltimore, MD
Article from The Evening Sun, March 2, 1932

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Article Text

Defunct Bank Head Dead, Query Halted Investigation Of Death Of Boston Banker Followed By Syspension Of U. S. Inquiry Boston, March 2 (P)-Federal investigation of the affairs of the closed Continental National Bank was suspended today while authorities investigated the death in Brookline yesterday of Terrell M. Ragan, president of the bank and military aide to Governor Ely. Ragan's body was found in the garage of his home by his chauffeur, Hermon R. Broday, few hours after he failed to return from social engagement. Medical Examiner Benjamin W Rudman said the death appeared to have been accidental, but that he would make no definite report until he had made thorough investigation Meanwhile, Assistant United States Attorney John J. Walsh, Jr., said he had been informed that Ragan had committed suicide. Ragan, only 37. rose in seven years from law clerk to the presidency of the bank which at the time closed in December had deposits of $6,281,960 capital stock of $1,000,000 and surplus of $150,000.

6. March 2, 1932 The Berkshire County Eagle Pittsfield, MA
Article from The Berkshire County Eagle, March 2, 1932

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Article Text

Big War Machine Now Nearing Objectives By MORRIS Thursday, March Japanese advanced all along the battle line today and had almost pushed the Chinese back 1-2limit recent Japanese ultimatum. alone held out against march the big machine. The attackers had reached their objectives at points early today. With former headquarters of General head of the 19th Army Defenders, already in the Japanese hands, the wing moved forward toward Nanziang three miles of along the railroad. There they intended stop least for time The Chinese second this morning north and south The Japanese said the enemy was about 10,000 men in that Federal Inquiry of Closed Boston Institution Suspended BOSTON, March investigation of the affairs of the closed Continental National Bank was suspended today while authorities investigated the death Brook[ine yesterday of Terrell M. Ragan, president the bank and military aide to Governor Ely Ragan's body was found on the floor of the garage of his home by his chauffeur, Harmon Broday, few hours after Mrs. Ragan asked him search for her husband, who failed to return after keeping cial engagement Monday night Medical Examiner Benjamin Rudman said death appeared to have been accidental but that he would make no definite report until had made thorough investigaMeanwhile Assistant United States Attorney John Walsh Jr., was informed by telephone that Ragan committed suicide, he told the Federal Grand Jury to which he presenting evidence in connection with the closing on Dec. of Ragan's bank. The jurymen were dismissed until Tuesday Ragan, only 37, rose in seven years from law clerk to the presidency of bank which at the time closed had deposits of capital stock of $1,000,000 and surplus of $150,000. He was Lieutenant Colonel in the National Guard and major on Ely's staff. Failed to Keep Engagement March rell M. Ragan, 37, military aid to Governor Joseph and president of the Continental National Bank, found dead in his garage yesterday. The body was found at Continued on 17th Page

7. March 2, 1932 Kingsport Times Kingsport, TN
Article from Kingsport Times, March 2, 1932

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Article Text

PRESIDENT CLOSED BANK FOUND DEAD Federal Probe of Affairs of Closed Boston Bank Halted By Ragan Death BOSTON, Mar. (AP) Federal investigation of the affairs of the closed Continental National Bank was suspended today while authorities investigatthe death in Brookline yesterday to Terrell M. Ragan, president of the bank and military aide to Governor Ely. Ragan's body was found on the floor of the garage his home by his chauffeur, Hermon Broaday, few hours after Mrs. Ragan asked him to search for her husband, who failed to return after keeping social engagement Monday night. Medical Examiner Benjamin W. Rudman said death appeared to have been accidental but that he would make no definite report until had made a thorough investigation. Meanwhile, Assistant United States Attorney John J. Walsh, was informed by telephone that Ragan had committed suicide, he told the federal grand jury to which he was presenting evidence in connection with the closing on December of Ragan's bank. The jurymen were dismissed until Tuesday. Ragan, only 37, rose in seven years from law clerk to the presidency of bank which at the time closed had deposits of $6,281,690.

8. September 13, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, September 13, 1933

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Article Text

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 Continued on the Thirteenth Page

9. September 13, 1933 Transcript-Telegram Holyoke, MA
Article from Transcript-Telegram, September 13, 1933

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Article Text

CUNNINGHAM QUITS BOSTON BANK RECEIVER BOSTON, Sept. Cunningham, for the BostonContinental National Bank of Boston, and the State National Bank Lynn since they closed in December, 1931, announced his resignation today, effective upon appointment of LINDY THRILLS CROWD WITH STUNTING STOCKHOLM. Sweden, Sept. Col. Charles Lindbergh, testing military airplane of the type which two Swedish officers killed recently, thrilled large crowd yesterday with an hour's stunt flying.