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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
