8111. Essex National Bank (Haverhill, MA)

View Charter #589 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 589
Charter Number: 589
Start Date: March 1, 1933*
Location: Haverhill, Massachusetts (42.776, -71.077)

Metadata

Model: gpt-5-mini
Short Digest: a25a1fda

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-08-29
Date receivership terminated: 1941-10-31
Share of assets assessed as good: 52.8%
Share of assets assessed as doubtful: 44.1%
Share of assets assessed as worthless: 3.1%

Description

The articles state the Essex National Bank had been closed since the banking holiday in March 1933 and a receiver (John E. Donahue) was appointed in Sept 1933. No run or depositor agitation is reported; the bank was closed and placed in receivership. Coverage emphasizes political controversy over the receiver appointment.

Events (4)

1. November 30, 1864 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed in the nationwide/state banking holiday in March 1933 (banks remained closed thereafter).
Newspaper Excerpt: Both institutions have been closed since the banking holiday last March.
Source: newspapers

3. August 29, 1933 Receivership

Source: historical_nic

4. September 13, 1933 Receivership

Newspaper Excerpt: appointment of John E. Donahue ... receiver of the Essex National Bank.
Source: newspapers

Newspaper Articles (9)

1. September 13, 1933 The Republican Springfield, MA

Article from The Republican, September 13, 1933

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Article Text

DRUG CLERK IS BANK RECEIVER IN HAVERHILL John Donahue, 30, Gets $4000 Position From James Roosevelt Haverhill, Sept. 18-An uproar created by the appointment of a 30year-old druggist as receiver of closed national bank in Haverhill has placed Senator Walsh. Gov Ely and Mayor Curley in positions where they are entirely content to transfer all responsibility for the distribution of federal patronage in Massachusetts to the shoulders of James Roosevelt, son of the President. To young Mr Roosevelt has gone the for John E. Donahue of member of the House from the second Essex district, from the job of running drug store to the important post of receiver of the Essex National bank. Donahue at one time owned a drug store but recently has been working for another druggist. Representati Donahue appointed Walter T. Rocheford. present city SOlicitor and former mayor of Lawrence, to act in the capacity of attorney for the receivership. Robert A. MacGregor, an experienced banking man, discharged recently by the federal comptroller of the from his position as conservator of the Essex National bank. Donahue's salary has been $4000 yearly and the job probably will last from two to three years. Protests, it was learned, have been made against the Donahue appointment to the big three of Democratic politics in but they ap. parently are helpless to interfere in the situation of the influence of the President's son. The Donahue apopintment accompanied that of Daniel W. Mahony, former mayor of Lawrence, to be receiver of the First National Bank of Haverhill. Both been closed the banking holiday last March. The First National's affairs were in of Clarence A. Rathbone, who had been acting as conser Mahony a lawyer of 30 years' standing. today appointed John Coddaire, of Haverhill, young law. eyr, to be the ship of the First National at Haverhill. Mahony delegate- candidate pledged to Roosevelt in the pre-primary election last year. Depositors of the two closed national banks have protested both appointments as being entirely political in character. They believe that the remaining the two banks eventually pay them greater dividends if the experienced banking men and residents of the city in which the banks are located. Mahony is regarded as entirely competent but objection is made because of his in Lawrence. Although Walsh declines to be interview on the subject of patronage it has been learned that he does not propose to have anything more to do with the distribution of jobs, preferring to maintain the dig nity and prestige of his position as U. S. senator by an attitude of silence. Months ago removed himself from the by turning over all applicatip for federal appointments the President's son. Gov Ely. the national committeeman, has publicly announced his position as non-combatant in the struggle for jobs.

2. September 13, 1933 The Washington Times Washington, DC

Article from The Washington Times, September 13, 1933

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Article Text

ROOSEVELT SON GIVES PLUMS HAVERHILL, Mass., Sept. 13.The uproar created by the ap pointment of a 30-year-old drug clerk as receiver of a closed national bank here has placed Governor Ely, Senator Walsh and Mayor Curley, of Boston, in a position where they are content to transfer the responsibility of dis tribution of general patronage in this state to the shoulders of James Roosevelt, son of the President, it was said today. John E. Donahue; of Haverhill, members of the State House of Representatives from the second Essex district, was elevated by young Roosevelt-or so he is credited-from the prosaic job of mixing prescriptions to the post of receiver of the Essex National Bank. Although Senator Walsh declined to be interviewed here on the subject of patronage, it was said that he does not propose to have any more to do with the distribution of jobs, preferring to maintain the dignity of his position by an attitude of silence.

3. September 13, 1933 The Buffalo News Buffalo, NY

Article from The Buffalo News, September 13, 1933

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Drug Clerk Is Made Bank Receiver by President's Son Bay State Stirred When Experienced Man Is Ousted and Post Given to Young Roosevelt's Choice. Special to the BUFFALO EVENING NEWS. HAVERHILL Mass., Sept. uproar created by the appointment of 30-year-old drug store clerk be the of closed national bank this city has placed Senator David Walsh Joseph Ely and Mayor James M. Curley Boston in positions where they are entirely contented to transfer all responsibility for the distribution of general patronage in Massachusetts to the shoulders James Roosevelt son of the President To young Mr Roosevelt has gone he for elevating John E. Donahue of the House from the Essex from the prosaic job mixing prescriptions and concocting cream sodas to the important post of receiver of the Essex National bank Robert MacGregor. an experienced banking man, given the sack recently by the Federal Comptroller the Currency from tion conservator the Essex National bank room for the elevation of Mr whose ary has $4000 yearly and whose job probably will last from two to three years Protests. was learned on Wednesday have been made against Donahue appointment to the Big Three of Democratic politics in Massachusetts. but they are apparenthelpless to interfere the situation because the influence of the PresiThe Donahue appointment accompanied that of Daniel W. former mayor of Lawrence be receiver of the First National Bank of Haverhill Both institutions have been closed since the banking holiday last March The First National's affairs were in charge Clarence A Rathbone experienced bank man, who had been acting Depositors the two closed banks protested both as being entirely political in character They believe that the remaining assets of the two banks eventually would pay them greater dividends the receivers experienced banking men and residents the city in which the banks are located FALSE ALARM INJURES SIX ALBANY Sept. perincluding five firemen. were confined to hospitals Wednesday They were injured when fire truck an swering false alarm struck sedan driven by Roland Spalton New Rochelle. Spalton suffered severe

4. September 13, 1933 The Buffalo News Buffalo, NY

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Drug Clerk Is Made Bank Receiver by President's Son Bay State Stirred When Experienced Man Is Ousted and Post Given to Young Roosevelt's Choice. Special to the BUFFALO EVENING HAVERHILL Mass., Sept. uproar created by the of drug store clerk to be the receiver of closed national bank in this city has placed Senator David Walsh Gov Joseph Ely and Mayor James M. Curley of Boston positions where they are entirely contented transfer responsibility for the distribution patronage in Massachusetts the shoulders James Roosevelt son of the President To young Mr has the for John Donahue of member House from the Essex district from the prosaic job of mixing prescriptions and cream sodas to the concocting Important post receiver MacGregor experisack the Federal Comptroller the from his tion as conservator of the Essex National bank make room for the elevation of Mr ary has been set $4000 yearly and job probably will last from two to three years Protests. learned on Wednesday have against Donahue appointment the Big Three of Democratic politics in Massachusetts. but they are apparenthelpless to interfere the situation because the influence of the President's The Donahue accom. panied that Daniel W. Mahoney former mayor of Lawrence to recelver the First National Bank of Haverhill Both have been closed since the banking holiday last March The First National's affairs were in charge of Clarence Rathbone. an experienced bank man, who had been acting conservator Depositors the two closed banks have protested both as being entirely political in character They believe that the remaining assets banks would pay the receivers experienced and residents the city in which the banks are FALSE ALARM INJURES SIX ALBANY Sept. persons, five firemen, were confined to hospitals Wednesday They were injured when fire truck anfalse struck sedan driven Roland Spalton, New Spalton suffered severe cuts.

5. September 13, 1933 The Buffalo News Buffalo, NY

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Drug Clerk Is Made Bank Receiver by President's Son Bay State Is Stirred When Experienced Man Is Ousted and Post Given to Young Roosevelt's Choice. Special to the BUFFALO EVENING NEWS HAVERHILL Mass. Sept. uproar created by appointment of 30-year-old drug store clerk to be the receiver of closed national bank in this city has placed Senator Walsh Joseph B Ely and Mayor James M. Curley of Boston positions where are entirely contented to transfer the distribution patronage in Massachusetts to the shoulders of James Roosevelt son of the President To young Mr Roosevelt has gone he credit for elevating John E. Donahue of member the House from the Second Essex district the prosaic job of mixing and concocting ice cream sodas to receiver of the post bank Robert MacGregor an experibanking man given the sack recently by the Federal Comptroller of the Currency from his tion as conservator the Essex Nabank room for Mr Donahue, whose ary has set $4000 yearly and probably will last from two to three years Protests was learned on Wednesday have been against Donahue appointment to the Big Three of Democratic politics in Massachusetts. but they are apparently helpless interfere in the situation because of the influence of the President's son. The Donahue appointment accompanied that of Daniel W Mahoney former mayor Lawrence to be receiver of the First National Bank of Haverhill Both been closed since the banking holiday last March The First National's affairs were in charge of Clarence Rathbone. an experienced bank man, who had acting as conservator Depositors of the two closed banks protested both appointments being entirely political in character They believe that the assets the two banks would pay them greater lividends the receivers experienced banking men and residents the city in which the banks are located. FALSE ALARM INJURES SIX ALBANY perfive firemen, were fined to hospitals Wednesday They were injured when fire truck answering false alarm struck sedan driven by Roland Spalton, New Rochelle Spalton suffered severe cuts.

6. September 13, 1933 The Buffalo News Buffalo, NY

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Drug Clerk Is Made Bank Receiver by President's Son Bay State Stirred When Experienced Man Is Ousted and Post Given to Young Roosevelt's Choice. Special BUFFALO EVENING NEWS. HAVERHILL Mass., Sept. uproar created the appointment 30-year-old drug store clerk to be the receiver of closed national bank in this city has placed Senator David Walsh. Gov. Joseph B. Ely and Mayor James M. Curley of Boston in positions where they are entirely contented transfer for the of patronage in Massachusetts the of James Roosevelt son of the President. To young Mr Roosevelt has gone he credit for John Donahue member of the House of from the Second Essex district from the prosaic job mixing prescriptions sodas to the and concocting receiver of the important post Essex bank Robert MacGregor. an experienced banking man, given the sack recently the Federal Comptroller of the Currency from his position as conservator the Essex National bank. to make room for the elevation Mr Donahue, whose ary has been set $4000 yearly and job probably will last from two to three Protests was learned on Wednesday have been made against the to the Big Donahue appointment Three of Democratic politics in Massachusetts. but they are apparently helpless to interfere in the situation because of the influence of the President's son. The Donahue appointment accompanied that of Daniel W. Mahoney former of Lawrence to be receiver of the First National Bank of Haverhill Both been closed since the banking holiday last March The First National's affairs were in charge of Clarence Rathan experienced bank man, who had been acting as conservator Depositors the two closed banks have protested both appointments as being entirely in character They believe that the assets of the banks would pay them greater dividends the were experienced banking men and residents the city in which the banks are located FALSE ALARM INJURES SIX ALBANY persons. five firemen. were confined to hospitals Wednesday They were injured when fire truck swering false alarm struck sedan driven by Roland Spalton, New Rochelle Spalton suffered severe

7. September 14, 1933 The Morning Union Springfield, MA

Article from The Morning Union, September 14, 1933

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Picking a Bank Receiver special dispatch from Haverhill, in yesterday's issue, stated that an uproar had been created by the appointment of John E. Donahue of that city receiver of the closed Essex National Bank. To the reader at this distance from scene of the uproar the reason for the excitement be bit unless certain facts connection with Mr. Donahue responsibility for his appointment considered. Mr. Donahue, who is 30 years of age, member the lower house the Legislature. He also druggist. owner of drugstore but of late clerking for another druggist. With this wealth of years experience behind him, can be seen that Receiver Donahue is peculiarly well qualified take over the liquidation of the national bank in question. These qualifications must have appealed strongly to young James Roosevelt. of the President and distributor of Federal patronage Massachusetts. to whom all the credit for recommending Mr. Donahue's pointment cheerfully accorded by long recognized leaders of the Massachusetts Democracy. As further qualification for the job, which is expected last from to three years at salary of $4000 year, Receiver Donahue understood to have been one of the enthusiastic but not numerous supporters of Franklin Roosevelt the presidential primary last year. This. if true, would entitle him FRBC badge of honor distinguished at the hands of Jimmie Roosevelt. To make place for Mr. Donahue. the Federal Comptrol'er of the Currency recently removed servator Essex National Bank, Robert MacGregor, who an experienced banking man of course, eminently disqualified for consideration as receiver of the institution. Nevertheless and the wisdom and fitness of the selection of Mr. Donahue for the receivership, the unappreciative and evidently misguided depositors have been making loud but apparently futile protests against his appointment. Their understood be purely selfish due largely to belief on their part that the share of their deposits likely to be salvaged for them by may be smaller than an experienced banker might be able to retrieve. that they appealed United States Senator David Walsh. Governor Joseph B. Ely Mayor James M. Curley use their influence have banking stituted receiver, but have been informed that gentlemen have been superseded young Mr. Roosevelt in the matter of Federal appointments in Commonwealth. uproar would to be entirely useless and possibly also, from young Mr. Roosevelt's point, uncalled for and

8. September 14, 1933 The Buffalo News Buffalo, NY

Article from The Buffalo News, September 14, 1933

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Drug Clerk Is Made Bank Receiver by President's Son Bay State Stirred When Experienced Man Is Ousted and Post Given to Young Roosevelt's Choice. Special to the BUFFALO EVENING NEWS HAVERHILL Mass. Sept 13 created by the of 30-year-old drug store clerk to be the receiver closed national bank in this city has placed Senator David Walsh Gov Joseph B Ely and Mayor James M. Curley of Boston in positions where they are entirely contented transfer responsibility for the distribution of general patronage in Massachusetts the shoulders James Roosevelt. son of the President To young Mr has gone he credit for elevating John E. Donahue of the House from the Second Essex district. from the prosaic job of mixing prescriptions and concocting ICE cream sodas to the important post of receiver of the Essex bank Robert A. MacGregor. an experienced banking man, the sack recently by the Federal Comptroller the from his position as conservator of the Essex National bank, make room for the elevation of Mr. Donahue, whose ary has been set at $4000 and whose job probably will last from two to three years Protests. was learned on Wednesday have been made against the Donahue appointment to the Big Three of Democratic politics in Massachusetts but they are apparenthelpless interfere in the situation because of the influence of the President's son The Donahue appointment accompanied that of Daniel W. Mahoney former mayor of Lawrence to be receiver of the First National Bank of Haverhill Both been closed the banking holiday last March The First National's affairs were in charge of Clarence Rathbone. an experienced bank man, who had been acting as conservator Depositors the two closed banks have protested both appointments as being entirely in character They believe that the remaining assets of two banks pay them dividends the receivers experienced banking men and residents of the city in which the banks are located.

9. June 17, 1936 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 17, 1936

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ee - 1 They were rather modest, But when you have inherited the characteristics of the most active woman in America, and of a father who even today is full of restless, driving energy, then it must be doubly tough. Jimmy Roosevelt, 28, eldest son of the President, hasn't fully realized this yet-though he should. He has been to enough places, seen enough things to realize it. But for him, life is still just a bowl of cherries. And he has been very busy plucking them. There have been infrequent times, of course, when the exuberant Jimmy thought life was little hard. One of these was when he was just out of Harvard, newly married, and anxious to make a living. His father was then governor of New York, and offers from New York business houses literally were thrown at Jimmy's head.. He could have had a salary of $25,000 for the asking. But the governor put his foot down. Salaries of that figure were not paid to a 22-year old boy for nothing. Jimmy went off to live in Boston-chiefly because his wife's father, Dr. Harvey Cushing, famous brain specialist, lived there. Insurance Fortune So Jimmy studied law and simultaneously launched himself in the insurance game. About mid-summer of 1932, as it became increasingly certain that his father would be elected President, Jimmy suddenly woke up to the fact that the old adage "All that glitters is not gold" was not, in his case, true at all. A great deal glittered in those days, and almost everything he touched turned to gold. His first discovery of this came when he sold a $2,500,000 life insurance policy to George Washington Hill, president of the American Tobacco company. After that, all kinds of insurance came his way. No great salesmanship was necessary. It was only natural that when rates are standardized, as in insurance, people should buy where they thought it might get them some political advantage. That Jimmy ever promised them any favoritism is not known, and is doubtful. The furthest he is ever known to have gone was to invite certain people to the White House. They were people whom the President profited by meeting, but there is no doubt Jimmy did it for business reasons. Jimmy got into all sort of deals in those days. He was made a director of the Boston Metropolitan Building Corporation. He sold insurance to National Distillers and the New England Power Co., and he even acted as an agent for Schenley's when the first shipments of liquor were made into this country after repeal. FOR A YOUNGSTER IN HIS TWENTIES, JIMMY BECAME EXTREMELY WEALTHY. Political Czar Simultaneously, Jimmy went even deeper into politics. His father and Jim Farley did not like Senator Walsh and Governor Ely of Massachusetts, who had backed Al Smith, and although they wanted to work with Mayor Curley, they did not particularly trust him. So they made Jimmy then only 25, patronage czar of Massachusetts. As such, Jimmy probably made as many political enemies as it was possible for one human being to make. He was very young, lacked judgment, was flush with the newness of power, and motivated chiefly by the spirit of "anything goes". He appointed John E. Donahue, drug store clerk, as receiver of the Essex National Bank in Haverhill, and sent to Washington, to be assistant attorney general, George C. Sweeney, who did not at first know enough to take the oath of office and begin drawing salary. Jimmy urged the passage of a bill permitting pari-mutual betting on Massachusetts horse races. He came out emphatically against the Constitutional Amendment on Child Labor, even refusing to alter his stand at the request of his mother, thereby contributing to the amendment's defeat in the Massachusetts legislature. In fact, there seemed to be nothing which the exuberant Jimmy would not tackle. During the campaign he had told weatern audiences that Al Smith was a "truly great American." de-