7813. American National Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5840
Charter Number
5840
Start Date
November 27, 1905
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
50b6d276

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1905-11-27
Date receivership terminated
1911-11-30
OCC cause of failure
Losses
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
31.4%
Share of assets assessed as worthless
25.4%

Description

Directors closed the bank and a national bank examiner was appointed receiver (per multiple articles on Nov 27, 1905). Reports cite the bank's bad condition and heavy exposure to Burnett Cummings & Co. railway promoters; no clear, discrete depositor run is described as the primary trigger, so classify as suspension resulting in closure/receivership.

Events (4)

1. May 29, 1901 Chartered
Source
historical_nic
2. November 27, 1905 Receivership
Source
historical_nic
3. November 27, 1905 Receivership
Newspaper Excerpt
National Bank Examiner W. E. Neal has been appointed receiver. / Examiner W. E. Neal is Receiver.
Source
newspapers
4. November 27, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank not in good condition; heavily interested in transactions of Burnett Cummings & Co. (failed railway promoters); liquidation attempts failed and directors closed bank; reserve exhausted and deposits being withdrawn according to one statement but failure attributed to poor condition and failed liquidation efforts.
Newspaper Excerpt
by order of its directors the American National bank of Boston has closed its doors
Source
newspapers

Newspaper Articles (17)

Article from The Evening Statesman, November 27, 1905

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Article Text

Boston National Bank Closed. WASHINGTON, D. C., Nov. 27.|The American National bank of Boston has been closed by order of the directors after fruitless attempts at liquidation by another bank. A receiver has been appointed. The capital was $200,000.


Article from The Daily Tribune, November 27, 1905

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ANOTHER BANK GOES UNDER Unable to Meet Obligations and Doors Closed. Effort Made to Get Help From Another Institution Fails of Purpose and a Receiver is Appointed. Boston, Nov. 27-The American National bank which is capitalized at $200,000. closed its doors today after persistent efforts to liquidate its demands through another bank. A receiver has been appointed, but at noon no statement of the financial difficulties bad been given out


Article from The Barre Daily Times, November 27, 1905

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BOSTON BANK CLOSED BY THE DIRECTORS After Fruitless Efforts to Have Bank Liquidated by Another Corporation-Examiner W. E. Neal Is Receiver. Washington, D. C., Nov. 27.-The American National Bank of Boston has been closed by order of the directors, after fruitless efforts to have the bank liquidated by another corporation. Examiner W. E. Neal has been appointed receiver.


Article from Waterbury Evening Democrat, November 27, 1905

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BANK CLOSED Directors Have Closed the American National at Boston. Washington, Nov 27.-The comptroller of the currency to-day received a telegram to the effect that by order of its directors the American National bank of Boston has closed its doors. It is said that the bank has not been in good condition for some time and efforts have been made to liquidate the bank, but apparently without success. It is not expected that any of the creditors of the bank will lose anything by the failure. National Bank Examiner W. E. Neal has been appointed receiver. The following is a statement of the resources and liabilities of the bank at the close of business November 9, 1905, the date of the last report to the comptroller: Resources-Loans and discounts, $386,054; United States bonds, $270,000; due from banks and bankers, $56.034; checks and other cash items, $32,714; redemption fund, $10,000; total, $754,803. Liabilities-Capital stock, $200,000; surplus and undivided profits, $24,548; circulating notes, $200,000; due 'to banks and bankers, $8,373; individual deposits, $256,881; United States deposits, $45,000; bills payable, $20,000; total, $754,803. Boston, Nov 27.-The American National bank which failed to open for business this forenoon is not one of the larger financial institutions of the city, its capital being $200,000. It was not a member of the Boston clearing house. The bank was incorporated in 1900, being the latest of the national banks of this city. The officers were as follows: President, H. J. Patterson; vice president, J. Middleby, jr; cashier. H. A. Libby; directors, Albert C. Ashton, Frank P. Bennett, Charles H. Burnham, jr, Frederick Casey, Charles B. Ladd, Joseph Middleby, jr, D. T. Montague, H. J. Patterson, George W. Taylor, John F. Cowle, Andreas Tomfohrde, Wilbur F. Whitney, Charles O. Whitten, James A. Whitcomb. It is understood that the bank was "heavily interested in transactions of Burnett Cummings & Co, railway promoters, who failed last spring. The bank is in charge of Examiners Alfred Ewer and William D. Neal. A notice on the door of the bank said: "Bank examiners in charge." Mr Ewer was seen at the bank. He said: "It is too early to make any statement. The examiners were called in to take charge by the directors." The bank was started by New Hampshire capitalists and at one time its deposits were as high as $881.000. Later it was taken over by President H. J. Patterson and Cashier Herbert A. Libby, formerly two clerks of the Second National bank, and later. at the time of the Burnett-Cummings failure. Mr Libby went out. Of late the deposits have been very materially reduced. and a call for assistance from other banks, Saturday night, met with no response. The Burnett Cummings & Co fatture occurred last May with liabilities of $1,700,000.


Article from Evening Star, November 27, 1905

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BY ORDER OF DIRECTORS. American National Bank of Boston Closes Its Doors. The controller of the currency today received a telegram to the effect that by order of its directors the American National Bank of Boston has closed its doors. It is said that the bank has not been in good condition for some time, and efforts have been made to liquidate the bank, but apparently without success. It is not expected that any of the creditors of the bank will lose anything by the failure. National Bank Examiner W. E. Neal has been appointed receiver. The following is a statement of the resources and liabilities of the bank at the close of business, November 9, 1905, the date of the last report made to the controller: Resources-Loans and discounts, $386,054; United States bonds, $270 000; due from banks and bankers, $56,034; checks and other cash items, $32,714; redemption fund, $10,000; total, $754,803. Liabilities-Capital stock, $200,000; surplus and undivided profits, $24,548; circulating notes, $200,000; due to banks and bankers, $8,373; individual deposits, $256,881; United States deposits, $45,000; bills payable, $20,000; total, $754,803. BOSTON, November 27.-The American National Bank, which failed to open for business today, is not one of the larger financial Institutions of the city, its capital being $200,000. It was not a member of the Boston clearing house. The bank was incorporated in 1900. The officers are: President, H. J. Patterson; vice president, J. Middleby, jr.; cashier, H. A. Libby. It is understood the bank was heavily interested in transactions of Bunnett, Cummings & Company, railway promoters who failed last spring. NEW YORK, November 27.-According to a recent statement the American National Bank of Boston owed depositors $267,520. The bank was established in 1901.


Article from The Daily Ardmoreite, November 27, 1905

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Another National Bank Closed. Boston, Nov. 27.-The American Na. tional Bank failed to open today. A national bank examiner was appoint. ed receiver. Individual deposits are a quarter of a million, United States deposits $45,000. It is understood the bank was heavily interested in transactions of Burnett, Cummings & Co, railway promoters, who failed last spring.


Article from The Daily Ardmoreite, November 27, 1905

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Bank Receiver Appointed. Washington, Nov. 27.-The comptroller of the currency has appointed W. E. Neal, national bank examiner, as receiver for the American National Bank of Boston, which was closed Saturday by its directors. This bank was established in 1901.


Article from Evening Journal, November 27, 1905

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Boston Bank Closed. By Publishers' Press. Washington, Nov. 27.-The American National Bank of Boston, Mass., has been ordered closed by the directors, after fruitless efforts to have the bank liquidated by another banking corporaton. National Bank Examiner W. E Neal has been appointed receiver.


Article from The Spokane Press, November 27, 1905

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BOSTON BANK IS CLOSED (Scripps News Association.) WASHINGTON, D. C., Nov. 27.The American National bank of Boston was closed by order of the directors after fruitless attempts at liquidation by another bank. A receiver was appointed. Its capital is $200,000.


Article from The Montgomery Advertiser, November 28, 1905

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Liabilities: Capital stock $200,000. Surplus and undivided-profits $24,548. Circulating notes $200,000. Due to Banks and Bankers $8,373. Individual deposits, $256,881. United States deposits $45,000. Bills payable $20,000. Total $754,802. STATEMENT IS ISSUED. David C. Montague Tells Why the Institution Was Closed. Boston, Nov. 27.-The American National bank. which failed to open for business today, is not one of the larger financial institutions of the city, its capital being $200,000. It was not a member of the Boston clearing house The bank was incorporated in 1900. The officers are: President, H. G. Patterson: Vice-President, J. Middleby, Jr.: Cashier, H. A. Libby. It is understood the bank was heavily Interested in transactions of Burnett, Cummins & Co.,, railway promoters who failed last spring. The following statement with reference to the closing of the bank was made today by David P. Montague, director and counsel for the bank: "The directors were dissatisfied with the executive management of the bank, which practically controlled It and he deemed it unwise further to continue business. Arrangements were practically completed for the liquidation of the bank but, at the last moment the negotiations fell through and on Saturday evening the directors voted to apply for a receiver and so notified the comptroller of the currency and the bank examiners took charge of the bank at 9 o'clock. Deposits were being withdrawn. the reserve was exhausted and there was nothing to do but close. It is expected that the depositors will be paid In full and that there will be a substantial dividend for the stockholders.


Article from The Montgomery Advertiser, November 28, 1905

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BOSTON BANK FAILS. American National In Closed By Order of Directors. Washington. Nov. 27.-The compttroller of the currency today received a telegram to the effect that by order of its directors the American National bank of Boston has closed its dors. It is said that the bank has not been in good condition for some time and efforts have been made to liquidate the bank, but apparently without success. It is not expected that any of the creditors of the bank will lose anything by the failure. National Bank Examiner W. E. Neal has been appointed receiver. The following is a statement of the resources and liabilities of the bank, at the close of business November 9, 1905, the date of the last report made to the comptroller: Resources: Loans and discounts $886.054. United States Bonds $270,000. Due from Banks and Bankers, $56,034. Checks and other cash items, $32,714. Redemption fund $10.000. Total. $754.803 Liabilities: Capital stock $200,000. Surplus and undivided profits $24,548. Circulating notes $200,000. Due to Banks and Bankers $8,373. Individual deposits, $256,881. United States deposits $45,000. Bills payable $20,000. Total $754,802.


Article from Los Angeles Herald, November 28, 1905

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BOSTON BANK CLOSED American National Suspends Business by Order of Its Directors By Associated Press. WASHINGTON, Nov. 27.-The comptroller of the currency today received a telegram to the effect that by order of its directors the American National bank of Boston has closed its doors. It is said that the bank has not been in good condition for some time and efforts have been made to liquidate but apparently without success. It is not expected that any of the creditors will lose anything by the failure. National Bank Examiner W. E. Neal was appointed receiver. The following is a statement of the resources and liabilities of the bank at the close of business, November 9, 1905, the date of the last report made to the comptroller: Resources-Loans and discounts $386,054, United States bonds $270,000, due from banks and bankers $56,034, checks and other cash items $32,714, redemption fund $10,000. Total $754,803. Liabilities-Capital stock $200,00c. surplus and undivided profits $24,548, circulating notes $200,000. due to banks and bankers $8,373, individual deposits $256,881, United States deposits $45,000, bills payable $20,000. Total $754,803.


Article from The Salt Lake Herald, November 28, 1905

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BOSTON BANK GOES UP American National Fails to Liquidate and Is Compelled to Close Its Doors Washington, Nov. 27.-The comptroller of the currency today received a telegram to the effect that by order of its directors, the American National bank of Boston has closed its doors. It is said that the bank has not been in good condition for some time, and efforts have been made to liquidate, but apparently without success. It is not expected that any of the creditors will lose anything by the failure. National Bank Examiner W. E. Neal has been appointed receiver. The following is a statement of the resources and liabilities of the bank at the close of business Nov. 9, 1905, the date of the last report made to the comptroller: Resources-Loans and discounts, $386,054; United States bonds, $270,000; due from banks and bankers, $56,034; checks and other cash items, $32,714; redemption fund, $10,000; total, $754,803. Liabilities-Capital stock, $200,000; surplus and undivided profits, $24,548; circulating notes, $200,000: due to banks and bankers, $8,373; individual deposits, $256,881; United States deposits. $45,000; bills payable, $20,000; total, $754,803. Boston, Nov. 27.-The American National bank, which failed to open for business today, is not one of the large financial institutions of the city, its capital' being $200,000. It was not a member of the Boston clearing house. The bank was incorporated in 1900. The officers are: President H. G. Patterson; vice president, J. Middleby, jr.; cashier. H. A. Libby. It is understood the bank was heavily interested in transactions of Burnett, Cummings & Co., railway promoters, who failed last spring.


Article from Watertown Republican, November 29, 1905

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BOSTON BANK FAILS TO OPEN ITS DOOR. American National Said to Owe Depositors $267,520, but No One Will Lose Heavily. WASHINGTON, D. C., Nov. 27.The comptroller of the currency today received a telegram that by order of its directors the American National bank of Boston has closed its doors. It is said that the bank has not been in good condition for some time. It is not expected that any of the creditors of the bank will lose anything by the failure. According to a recent statement the bank owed depositors $267,520. It was established in 1901 and was not one of the larger institutions. The following is a statement on November 1, 1905: Resources-Lòans and discounts, $386,054; United States bonds, $270,000; due from banks and bankers, $56,034; checks and other cash Items, $32,714; redemption fund, $10,000; total, $754,803. Liabilities-Capital stock, $200,000; surplus and undivided profits, $24,548; circulating notes, $200,000; due to banks and bankers, $8373; individual deposits, $256,861; United States deposits, $45,000; bills paylable, $20,000; total, $754,803. The comptroller of the currency has appointed Thomas Rinaker of Carlinville, Ill., receiver of the Enterprise National bank of Allegheny, Pa. Mr. Rinaker is a lawyer and a former member of the Illinois state Legislature.


Article from Bismarck Daily Tribune, November 29, 1905

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BOSTON BANK SUSPENDS. American National Closes Its Doors by Order of Directors. Washington, Nov. 28.-The comp troller of the currency has received a telegram to the effect that by order of its directors the American National bank of Boston has closed its doors It is said that the bank has not been in good condition for some time and efforts have been made to liquidate the bank, but apparently without success. It is not expected that any of the creditors of the bank will lose any. thing by the failure. The bank has deposits of nearly $500,000.


Article from The Independent, November 30, 1905

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liberties promised by the manifesto. In view of the fact that no representative. of the French government called on the Venezuelan government November 14 for the second installment of the Plumley arbitration award, that being the date on which it was due, the Venezuelan government asked the American minister, Mr. Russell, to receive the installment and the money was delivered to the American minister. Much dissatisfaction had been expressed in France because the Installment had not been paid and coercion was threatened. Governor La Follette has set the politicians guessing. It is nearly time for the convening of congress, but instead of stating whether he is to remain governor of Wisconsin or fill the seat in the United States senate to which he was elected by the last legislature, he has remained obsolutely noncommittal on this subject. To add to the confusion of the politicians, he has called an extra session of the legislature for the same date set for the opening of congress. Two sentences for illegal voting were passed by the New York supreme court. Thomas Halle, who confessed that he voted illegally under the name of Thomas Hall, received an indeterminate sentence of not less than a year and ten months. The same sentence was meted out to Thomas D. Brennan, who pleaded guilty to voting On another man's name. Both men voted in the Third assembly district. The American National bank of Boston has closed its door. It is said that the bank has not been in good condition for some time and efforts have been made to liquidate the bank, but apparently without success. It is not expected that creditors of the bank will lose anything by the failure. National Bank Examiner W. E. Neal has been appointed receiver. Mrs. William McMilliams and her five children, ranging from three years to eighteen years of age, were found murdered at their farm home, six miles south of Independence, Ia. The husband and father, William M. McWilliams, is now under arrest at Independence, charged with the crime. Marshall Field, Jr., was shot through the abdomen .by the accidental discharge of an automatic revolver which he had been testing in his dressing room at his residence, 1919 Prairie avenue, Chicago. His recovery is doubtful. President Roosevelt removed from office William S. Lieb, assistant United States treasurer at Philadelphia, for "constant and persistent violation of the civil service law while in office." Hon. W. B. Haldeman of the Louisville Times has announced himself a candidate for the seat in the United states senate now held by Hon. J. C. S. Blackburn. himself and Every man owes it his family to master a trade or pro-


Article from Durango Semi-Weekly Herald, November 30, 1905

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8 drinking intoxicants. Berry was apy pointed from Kansas in 1892. e CONSTANTINOPLE-The international squadron, the fleet of the allied a powers, has arrived at the island of Mitylene to seize the customs ports. ) It is assumed that the capital of the / island is now in the hands of the allied forces. There are signs of yieldf ing on the part of the people, but the 1 defenses of the Dardanelles are most I powerful and Turkey really could blow the allied fleet to pieces if they should attempt to pass the forts on the narrow straits. WASHINGTON-The comptroller of the currency has known the condition of the American National bank of Bos. ton, which closed its doors this morning, for some time, but has seen to it that the creditors of the bank will lose nothing by the failure The comp. troller would have stopped Its business some time ago but let things run in the efforts to liquidate the bank. which have been finally unsuccessful. NEW YORK-It is said that A. Mc. Curdy, president of the Mutual Life Insurance company, has resigned, and it is believed today that John A. Mc : Call will also resign from the New York Life. Thomas Lawson's declar1 ation that he had through proxies seI cured control of both companies is not ( believed here today to be entirely true. I ST. PETERSBURG-News reached $ here today that panic still prevails in I Sebastopol, that the mutiny still cona tinnes and that half a million Russian a troops will join the revolted Russian sailors in the south. g MILWAUKEE-Today Charles Ma S der of Chicago pleaded guilty to givC ing a bribe of $1,200 for a contract for I roofing the county hospital here. Mader was let off with a fine of $1,000. V KANSAS CITY-A blast in an exD cavation opposite the postoffice today 11 forced tons of rock and mud out hort izontally, killing Andrew Knight and injuring six passers-by SO they red quired medical attention, and about a b dozen more or less seriously. Many S windows in office buildings were shattered. " d JEFFERSON CITY-Warden Hall to intends placing several Gatling guns O on the walls of the penitentiary for use in case of any attempt at wholed sale jail delivery or mutiny. The govV ernor today offered a reward of $300 In for the conviction of the person or C persons who furnished the convicts with weapons and explosíves recently. p