7883. Federal National Bank (Boston, MA)

View Charter #12336 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12336
Charter Number
12336
Start Date
December 14, 1931
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
0a313425

Response Measures

Full suspension, Books examined

Other: Receivership appointed by Comptroller; later found insolvent.

Receivership Details

Depositor recovery rate
45.0%
Date receivership started
1931-12-15
Share of assets assessed as good
37.3%
Share of assets assessed as doubtful
52.9%
Share of assets assessed as worthless
9.9%

Description

Multiple Dec 15, 1931 articles report runs at the Federal National Bank and its branches, directors requested the Comptroller take charge, state took charge of affiliated state banks, and a federal receiver (Herbert Pearson) was appointed—later declared insolvent. I infer a run led to suspension and eventual receivership/closure.

Events (6)
1. March 20, 1923 Chartered
Source
historical_nic
2. December 14, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals (runs) at the bank and its five branches; contemporaneous reports cite runs and public uneasiness as trigger for directors' action.
Measures
Directors voted to ask the Comptroller of Currency to take charge; bank requested federal intervention to protect depositors.
Newspaper Excerpt
directors asked the Comptroller of Currency to take charge after runs at the bank and its branches yesterday
Source
newspapers
3. December 15, 1931 Receivership
Source
historical_nic
4. December 15, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Following heavy withdrawals the bank's directors asked the Comptroller to take charge and the institution did not open, resulting in closure of the Federal National and affiliated banks.
Newspaper Excerpt
Nine Massachusetts banking institutions ... were closed today. The central figure in the closings was the Federal National Bank of Boston ... directors asked the Controller of Currency to take charge after runs at the bank and its branches
Source
newspapers
5. December 16, 1931 Receivership
Newspaper Excerpt
The affairs of the Federal National Bank of Boston ... will be taken over this morning by Herbert Pearson, Federal receiver, representing the Comptroller of the Currency at Washington, while the five State banks ... have been taken in charge by [state commissioner].
Source
newspapers
6. December 23, 1931 Other
Newspaper Excerpt
The Federal National Bank of Boston ... is insolvent, ... 'I am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts.' Pole announced the appointment of Herbert Pearson as receiver for the bank.
Source
newspapers

Newspaper Articles (22)
1. December 15, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 15, 1931

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Article Text

NATIONAL BOSTON AND AFFILIATES Aggregate Deposits of ConAffected cerns 000, According to Their Latest Statements. By the Associated Press.. BOSTON, Dec. Massachusetts banking houses with aggregate deposits of cording to their latest statements, were closed today. The list includes four National banks and five State banks. The central figure the Federal National Bank of which has five city branches and with which all the the other banks closed were affiliated. The Federal National Bank, whose directors voted to ask thhe Comptroller 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 deposits follow: Middlesex National Bank, Lowell, State National Bank, Lynn, $2,013,565; Gloucester National Bank, Bancroft Trust Co., Worcester, $5,876,474; Lawrence Trust Co., Lawrence, Inman Trust Co., Cambridge, $3,Brockton Trust Co., Brockton, Salem Trust Co., Salem. $2,115,530. Gov. Ely, in statement, said that with proper measures, plan for the speedy reopening of the institutions could be arranged and further said had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East Boston and South Boston experienced small runs today. They are independent of the group affected by today's closings and officers sought to assure depositors that their funds were President Daniel Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources. depositors in his bank would receive 100 cents the dollar. The Federal National member of the Boston Clearing House. It held State deposits of $729,889. National Bank at Marion, O., Closed: Ex-Cashier Missing. By the Associated Dec. B. Hane, president of the Marion National Bank, said 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 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. nature and the amount of the apparent defalcations have not been determined.' the stateHane, cashier, in whose accounts the confusion in records has been found, resigned an officer of the bank last week. He left the city at that time and his not now known. The bank's deposits are listed

2. December 15, 1931 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 15, 1931

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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

3. December 15, 1931 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, December 15, 1931

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Eight Affiliated Banks Closed With the Federal National, Boston, Today State Commissioner Guy Takes Charge of Institutions In Group Aggregate Deposits of $58,700,000: Speedy Reopening Hoped For By Gov. Ely: Action Follows Withdrawals BOSTON, Dec. Massachusetts banking institutions. with aggregate deposits. according to the latent statements. of $58,700,000. were closed today. The list included four national banks and five state banks. The central figure in the closings the Federal National bank of Boston, which has five city branches and with which all the other institutions were The Federal National directors voted to ask the comptroller currency to take charge after runs the bank and its branches yesterday. had deposits on Sept. 29. The other banks and their latest available statements deposit, Middlesex National bank, Lowell $4,000,000; State National bank, Lynn. $2,013,565; National Worcester. Trust Inman Trust Cambridge Brockton Trust Co., Gov. Joseph B. Ely in statement from his home in Westfield. said that with plan for the speedy reopening of the institutions be accomplished and further said he Bank Arthur Guy to proceed with that end in Bank Commissioner Guy left his home Framingham placing state bank the offices the five state banks ports his home in Westfield started for Three savings banks in. Bust Boston and South Boston experiencing small runs today were independent of the group affected and to reassure depositors that their funds President Daniel C. Mulloney of the Federal National bank expressed the opinion that with careful hand- Continued Page Nine)

4. December 15, 1931 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, December 15, 1931

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Article Text

9 BAY STATE BANKS CLOSE Institutions Had Total Deposits of 58 Million. BOSTON, Dec. 15- (AP) Massachusetts banking institutions, with aggregate deposist, according to the latest staemens, 000, were closed oday. The list included banks and five state banks. The central figure in 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 to take charge its at the bank and after runs branches had deposits on September 29 of The other banks and their latest available statements of deposit were: The Middlesex National bank, Lowell, $4,000,000; State National bank, Lynn. $2,013,565; Gloucester National bank, $1,600,000 $5,876,474; Bancroft Trust Co., Trust Lawrence, Lawrence $9,555,926; Inman Trust Cambridge, Brockton Trust Trust Co., Salem, $2,115,530 Plan Speedy Reopening in stateJoseph ment Gov. from his home in Westfield. said that with proper measures, plan for the speedy reopening be accomcould plished the and said he had instructed thur Guy to proceed with that end in Three view savings banks in East BosSouth Boston were periencing and small runs today They were independent of the group fected in today's closings and ficers sought to reassure depositors that their funds were safe.

5. December 16, 1931 The Morning Union Springfield, MA
Article from The Morning Union, December 16, 1931

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Article Text

Banks of State Called Sound as Nine Are Closed [Continued from First Page.] Judgment the banking situation sentially and In the judg. ment of the banking department. the same to be said the banks of the there should be undue apprehension on the part of depositors. Payment In Full Expected. Daniel the Federal the opinion that with proper handling of bank's assets. the depositors would be paid full. of the Federal National Bank was the of run that on the bank its five branches Boston yesterday after which the the Comptroller of Currency take charge of the affairs. With the of the Gloucester National Bank, all affiliated banking Institutions closed bank but, fac ing heavy closed. The directors annour that they believed the bank solvent. that had only $2100 on posit with the Federal that the bank could not safely honor the heavy demands ity liquidate and the National bank would sume as Gloucester bank founded 1706. is one of the country's oldest financial State Has Deposits. The of had $773,889 the Federal National Bank additional deposit in other the total the group to The city Boston has almost $900,000 deposited in Na tional, Edmund Mayor Curley said: "Mr. Mulloney the president Federal. garded as an exceptionally capable banking man and there is some couragement in that given the be able 10 100 cents the dollar pay from incident and curious spectators near the the banks the various but the groups those who composed them soon went their Three Boston savings banks two the East one South during day. Bank depositors that the banks were tirely the group closed and that their funds were safe Mayor Curley called the Goveroffice. but found that the Gov. was Clearing House and The said he Gov. Ely view their taking such action would closing any other banking institutions. said he instructed the Governor's seoretary to advise Ely that stood ready assist in any possible way and would be pleased bankers that the any Governor might call R. Plunkett of Adams, in discussing yesterday and Federal National Bank of Boston and eight affiliated Senator Plunkett, of the leading Sefiate bases his judgment of the Western situation on an Intimate knowledge of conditions there both that member the Legislative Committee on Banks The view expressed by the Senator from Adams was opinions given Bank Commissioner Arthur Guy and Gov. Joseph B. Ely Both have stated their firm there regard the Not only the banks in Western sound the opinion banking officals danger still fur any by sanity the residents that section with regard banks has the State House Western Massa. citizens prone hysteria have give way healthy confidence their banks.

6. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (AP)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the migst 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 Na tional 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. Marion, 0., Dec. 15 (P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

7. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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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 Squth 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.

8. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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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.

9. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (/P)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, 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. Marion, 0., Dec. 15 (A).-The Marion National National Bank with resources of $1,911,422 failed to open today.

10. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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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.

11. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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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.

12. December 16, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1931

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BANK RECEIVER ARRIVES TODAY To Take Over Federal and National Affiliates Statements of Gov Ely, Guy and Snyder Reassuring The affairs of the Federal National Bank of Boston, its five Boston branch offices and affiliated banks in Lynn, Gloucester and Lowell, will be taken over this morning by Herbert Pearson, Federal receiver, representing the Comptroller of the Currency at Washington, while the five State banks, also affiliated with the Federal Na. tional, have been taken in charge by Continued on the Sixth Page

13. December 16, 1931 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 16, 1931

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Nine Massachusetts Banks Are Forced to Close Doors Massachusetts institutions, with aggregate according latest $58,700,000, were included five state banks. The central figure closings was the Federal National Bank of Boston, which has five city branches and with which the other were affiliated. The Federal National bank, whose of directors to ask the controller currency take charge after runs at the bank branches, had deposits on September 29 of Gov. Joseph B. Ely, in statement from his home Westfield, said that with proper measures, plan for the speedy reopening of the institutions could be accomplished and further said he had instructed Bank Arthur Guy to proceed with that end in view.

14. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.

15. December 17, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 17, 1931

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Boston, Dec 17.-(UP)-The Boston Continental National Bank, with deposits approximating $7.000,000, failed to open for business today. It was the second National bank to close in Boston this week. the much-larger Federal National Bank having closed Tuesday. According to President T. M. Ragan, the Continental National, with two in town and two suburban branches, was closed to protect the depositors in the face of unusually heavy withdrawals. A notice posted at the bank's entrance read: "Due to extraordinarily heavy withdrawals caused by general public uneasiness and in order to conserve the assets of the bank, which in the due course of an orderly liquidation should pay all depositors in full, directors of the Boston Continental National Bank have asked the controller of the currency to take possession of the institution." Boston, Dec 17.-(UP)-With deposits aggregating $61,701,238 tied up by the closing of 10 National banks and trust companies, efforts were made to-day to discourage runs on several savings banks. Reminded that never in history has a Massachusetts savings bank been obliged to close, depositors generally refused to become panicky over developments affecting the other types of banks. But in East Boston, South Boston and Lowell, runs had been reported on savings banks. "The banks in East Boston and South Boston, where the runs are being made, are two of the strongest banks in the state," said State Bank Commissioner Arthur Guy. "They are both in excellent shape and they can't possibly be tired out by a run." Deposits tied up bank closings surpassed the sixty million dollar mark yesterday afternoon when the Lowell Trust company of Lowell, with $3,961,000 on deposit, closed. This was the 10th Massachusetts bank to close within 48 hours, and the 15th New England bank to close since October 1. After the bank commissioner took charge of the Lowell Trust company at the behest of its officials, the seven savings banks in that important industrial center decided, as a precautionary measure, to invoke the 90-day privilege. Thus, during the next three months, depositors of these banks will be ableto withdraw not more than $100 each. Herbert Pearson, appointed by the controller of the currency as receiver for the Federal National Bank of Boston, to-day was directing the preliminaries to liquidation, with bank officers still asserting that depositors would be paid in full. All the closed banks except the Lowell Trust company were affiliates of the Federal National which, with its five Greater Boston branches, closed Tuesday. Hamden. Conn, Dec 17.-(UP)The Hamden Bank and Trust company was closed to-day on a restraining order issued by the state banking commissioner. The action was understood to have been taken to protect depositors. The bank's last statement listed general deposits of $570,000 and savings deposits of $688,000, capital of $200,000, surplus of $75,000 and undivided profits of $44,000. Examiner George Ogden of the state banking commission. who was examining the bank's books to-day, said the state intervened after continued withdrawals by letter had placed the institution in an unlilquid position. There was no "run" on the bank, he said. Heavy withdrawal of Christmas savings contributed to the bank's

16. December 17, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 17, 1931

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LOWELL TRUST CO IS CLOSED Action Results From Run Laid to "Rumors" Seven Lowell Mutual Savings Banks Limit Withdrawals Special Dispatch to the Globe I LOWELL, Dec 16-In an effort to "conserve assets and protect depositors," the directors of the Lowell Trust Company this afternoon voted to ask State Bank Commissioner Arthur Guy to take charge of their bank and tonight the officers of the seven Lowell Mutual Savings Banks voted to invoke the 90-day-clause under the State banking law and limit each depositor to withdrawal of $100 during that period. The mutual savings banks are the City Institution for Savings, the Lowell Institute for Savings, the Washington Savings Bank, the Merrimac River Savings Bank, the, Central Savings Bank, Mechanics Savings Bank and the Lowell Five Cents Savings Bank. None of these are connected with the Middlesex National Bank, subsidiary of the Federal National Bank of Boston, which did not open Tuesday morning after word of the action of the directors bank to close. The Union-Old Lowell National Bank, the largest and oldest bank in the city, and its branch office, the Wamesit Bank, and the Appleton National Bank, will be open for business as usual tomorrow. Pres John F. Sawyer of the Union-Old Lowell National Bank announced tonight that the bank is in condition to meet any demands. Notices the decision the Mutual Savings Banks to invoke the 90-day clause will be posted "at the seven banks tomorrow. The banks will otherwise be open for business but no depositor will allowed withdraw more than $100 during the next 90 days. Edward F. Lamson, treasurer the Lowell Five Cent Savings Bank, made public the decision of the officers. Tonight examiners from the office of Commissioner Guy took charge of the Lowell Trust Company and notice to effect was posted on the bank Withdrawals Force Closing The bank was closed after heavy withdrawals during the day. The president is George M. Harrigan, who some months ago, was robbed $25,000 of the institution's funds while driving in an automobile from Lowell to Boston. Mr Harrigan issued the following "Owing to unfortunate rumors which were circulated about this city this forenoon was started on the Lowell Trust Company's department. "The bank kept open until after 2:30 o'clock, when the crowd was increasing so constantly that it was felt advisable to close the doors in order to conserve the assets of the bank for the depositors. There also was demand for withdrawals from the savings The board of directors were hastily summoned and notified the Commissioner of Banks, and will send representative to take charge of the "The directors feel confident that the assets of the together with capital surplus and undivided profits more than enough to pay the depositors in full." Deposits $3,961,000 There are 3000 depositors in the bank and, the of deposits was given as and savings deposits, $2 100 The Commonwealth, according to State Treas Charles Hurley had on deposit total of $64,020.55, divided between regular time of and the motor vehicle registry account for Lowell of The city of Lowell had deposits of $150,058.1 in the bank. The vice presidents are Rutherford M Blair, James Donovan and Charles O. Hall. The directors are Charles P. Comerford, Isaac DeMaille, William F. Farrell, John C. Farrington. W. Holmes, Thomas F. Kelley L. Marren, James J. McManmon, Bernard George E. Mongeau, Morris, Charles O'Neil and Walter C. Wilson. The bank has no connection with the closed Federal National Bank of Boston or any other bank. Second to Close in Lowell The Lowell was the second Lowell bank to close within two days, the Middlesex National Bank, with deposits of $4,000,000. havIng suspended operations Tuesday. The trust company closed its doors half-hour before the regular closing time.

17. December 17, 1931 Tulare Daily Times Tulare, CA
Article from Tulare Daily Times, December 17, 1931

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BOSTON BANKS CLOSE IN ONE DAY BOSTON, Mass., Dec. 16. (AP)Nine Boston banking institutions, with aggregate deposits of $58.000,000, closed Tuesday. The list included four national banks and five state banks, all affiliated with the Federal National Bank, whose directors' asked the comptroller of currency to take charge after runs at the bank and branches. Governor Ely said that with proper measures, plans for speedy reopening of the institution could be accomplished. The president of the National Federal Bank expressed the opinion depositors in his bank will receive dollar for dollar.

18. December 23, 1931 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, December 23, 1931

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BOSTON BANK INSOLVENT Receiver Has Been Appointed for the Federal National. Boston, Dec. The Federal National Bank of Boston, largest of 24 New England banks which closed since Oct. 1. is insolvent, to J. W. Pole, Comptroller of the Currency. "From information on file in this bureau," he said in letter to William T. A. Fitzgerald. Register of Deeds for Suffolk County, "I am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts." Pole announced the appointment of Herbert Pearson as receiver for the bank, which deposits exceeding $28,000,000.

19. December 23, 1931 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, December 23, 1931

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BOSTON BANK INSOLVENT Receiver Has Been Appointed for the Federal National. Boston, Dec. 23. The Federal National Bank of Boston, largest of 24 New England banks which have closed since Oct. 1, is insolvent. according to J. W. Pole, Comptroller of the Currency. "From information on file in this bureau,' he said in letter to William T. Fitzgerald. Register of Deeds for Suffolk County, am satisfied that the Federal National Bank of Boston is insolvent and unable to pay its just and legal debts.' Pole announced the appointment of Herbert receiver for the which had deposits ex

20. January 22, 1932 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, January 22, 1932

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Can Sell Securities Held By Closed Bank BOSTON, Jan. 22 (AP) Judge James A. Lowell in federal court today authorized the receivers for the closed Federal National Bank of Boston to sell in the open market, $125,000 worth of securities held by the bank. The receiver, Herbert Pearson, was given authority to sell the bonds at such time as he deemed best.

21. March 25, 1933 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, March 25, 1933

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HUB BANK RECEIVER FACES LARGE SUITS (Continued from First Page) been issued for certain the closed Federal Nationbank company, the bank, State bank Meanwhile, government officials interest affairs Federal National bank which had when States torney Frederick today Federal National bank have fully known department and department of justice several

22. July 21, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, July 21, 1933

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TIME ALLOWED FOR BRIEFS IN EATON TAX APPEAL CASE After hearing the evidence yesterUnited District Court, weeks in which each side may file briefs, in an appeal by Ezra S. Eaton the firm Thompsor's Spa, Inc, tax which levied on his pertax for 1929 Charles Cabot of Repes, Gray, Boyden Perkins, counsel for Mr Eaton, claimed he should not taxed the they were The Government contended that the represent profit just as as the he received for his old in the partnership and real estate company, both of which company. He reported profits but did not report his stock gains. The Government was represented by Duke Smith and L. Gibson, special United States FEDERAL NATIONAL BANK RECEIVER TO SELL NOTE In District late terday, Judge James issued decree the sale to the highest bidder of premissory note dated payable by April 1933 for $8000, signed by Deminic Pino, which secured mortgage covering the premises at 46 West Cottage st, The note was found among the assets of the National Bank Herbert the filed the petition in Federal Court authority sell the The will be Judge Lowell at session July 31.