Article Text
BOSTON, Mass., Nov. 14.-The Central National bank of this city did not open for business today, the comptroller of the currency having ordered Examiner Neal to close its doors and take charge of the business as temporary receiver.
Central National Bank (Boston, MA)
Episode Information
- Episode UID
210301235- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
-
21030national - Charter Number
- 2103
- Start Date
- November 13, 1902
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
28a37af1cbb33e8d
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1902-11-13
- Date receivership terminated
- 1906-10-20
- OCC cause of failure
- Excessive lending
- Share of assets assessed as good
- 68.8%
- Share of assets assessed as doubtful
- 24.6%
- Share of assets assessed as worthless
- 6.6%
Events (5)
1.
April 30, 1873
Chartered
- Source
- historical_nic
2.
November 13, 1902
Receivership
- Source
- historical_nic
3.
November 13, 1902
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large withdrawals followed rejection of a considerable portion of the bank's assets by Elliott (Eliot) National Bank and reports of impaired assets.
- Measures
- Many banks came to the relief of the Central's depositors; clearing house ultimately declined to aid.
- Newspaper Excerpt
- yesterday depositors withdrew something like $2,000,000.
- Source
- newspapers
4.
November 14, 1902
Suspension
- Cause
- Government Action
- Cause Details
- Comptroller of the Currency ordered National Bank Examiner W. E. Neal to close the bank and act as temporary receiver due to impaired assets.
- Newspaper Excerpt
- did not open for business today, the comptroller of the currency having ordered Examiner Neal to close its doors and take charge of the business as temporary receiver.
- Source
- newspapers
5.
November 25, 1902
Receivership
- Newspaper Excerpt
- The comptroller of the currency has appointed Frank D. Allen permanent receiver of the Central National bank of Boston.
- Source
- newspapers
Newspaper Articles (24)
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Article Text
BOSTON BANK CLOSED CENTRAL NATIONAL IN CHARGE OF TEMPORARY RECEIVER NEAL. Its Capital $500,000 and Deposits $2,700,000-Two Mililon Dollars Drawn Out in a Day. BOSTON, Nov. 14.-The Central National, a small institution compared with many other city banks, did not open its doors to-day because of an order from the controller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National Bank was looked for and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central Bank's assets by President Burrage, of the Eliot Bank, who was scrutinizing them preparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable and the action of President Burrage and the Eliot Bank directorate in refusing to liquidate the bank was unexpected. On Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like $2,000,000. Later in the day the clearing house declined to aid the bank and certified checks on the bank were refused acceptance by other banks. Overnight propositions were made to place a receiver in charge of the bank, and in fulfillment of this plan the doors were placarded to-day. Many banks came to the relief of the Central's depositors. By the last report to the controller of the currency the bank's standing was as follows: Doonurons
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SMALL BOSTON BANK IN RECEIVER'S HANDS Its Failure Will Cut No Figure in the Financial World. Boston, Novmber 14.-The Central National bank, a small institution compared with many other city banks, did not open its doors today because of an order from the cemptroller of currency, who had placed National Bank Examiner W. Neal over it as temporary receiver. Impaired assets were given as the first reason of failure. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by Elliott National bank was looked for and such liquidation it was supposed, had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Elliott bank, who was scrutinizing them preparatory to taking them to the bank for liquidation. Another portion of assets is known to have been acceptable, and the action of President Burrage and the Elliott bank directorate in refusing to liquidate the bank was unexpected. On Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like 2,000,000. Later in the day the clearing house declined to aid the bank and certified checks on the bank were refused acceptance by other banks. Over night preparations were made to place a receiver in charge of the bank and in fulfillment of this plan the doors were placarded today. Officers of other banks are of the opinion that the Central's failure will not be noticed in financial circles.
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BOSTON BANK CLOSED. Impaired Assets the Reason Assigned for the Failure. Boston, Nov. 14.-The Central National, a small institution compared with many other city banks, did not open its doors today because of an order from the Comptroller of the Currency who had placed National Bank Examiner W. E. Neal over it, as temporary receiver. Imparied assets is given as the reason for the failure and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Elliot National Bank was looked for and such action, it was supposed, had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central Bank's assets by President Burrage of the Illot bank. Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew somethink like $2,000,000. Later in the day the clearing house declined aid, and certified checks on the bank were refused acceptance by other banks. Many banks came to the relief of the Central's depositors.
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A BOSTON BANK CLOSES ITS DOORS Impaired Assets Said to Be Cause of Failure-No Flurry in Financlal Circles. Boston, November 14.-The Central Na. tional, a small institution compared with many other city banks, did not open its doors today because of an order from the comptroller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank Is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Elliott National bank was looked for, and such action It was supposed had commenced. The Incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Elliott bank, who was scrutinizing them preparatory to taking the bank for liquidation. Wednesday's sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like $2,000,000. Later in the day the clearing house declined aid and certified checks on the bank were refused acceptance by other banks. Many banks came to the relief of the Central's depositors.
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Boston Bank Fails. Boston, Nov. 14.-The Central National Bank, a small institution compared with many other city banks, did not open its doors yesterday because of an order from the comptroller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank is closed for good. Director Moses W. Richardson, of the bank, said that depositors probably would be paid in full, and, while the stockholders may be called upon for a quick assessment, in the end they will lose nothing.
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BOSTON BANK CLOSED. Failure of Central National Causes Only Slight Flurry, BOSTON, Nov. 15.-The Central National, a small institution compared with many other city banks, has closed its doors by reason of an order from the comptroller of the currency, who has placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National bank was looked for, and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Eliot bank, who was scrutinizing them preparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable, and the action of President Burrage and the Eliot bank directorate in refusing to liquidate the bank was unexpected. Wednesday sales of the Central's stock dropped $15 from par, and Thursday depositors withdrew something like $2,000,000. Later the clearing house declined to aid the bank, and certified checks on the bank were refused acceptance by other banks. Preparations were at once made to place a receiver in charge of the bank. Many banks came to the relief of the Central's depositors, the National Shawmut offering to advance 50 per cent of their deposits. Director Moses W. Richardson of the bank says that depositors probably will be paid in full, and while the stockholders may be called upon for a quick assessment in the end they will lose nothing. Officers of other banks are of the opinion that the Central's failure will not be noticed in financial circles.
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The Central National Bank of Boston, did not open for business on the 14th inst. Several reasons for the failure were assigned, but the simple one was lack of funds. The capital stock was $500,000, and carried deposits of $2,700,000, it is stated as usual, that depositors will be paid in full. And this comes immediately after the late republican election! How passing strange? Why was not the reserve brought out, and sent to the rescue.
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Boston Bank Fails. New York, Nov. 14.-A special dispatch from Boston to the Herald says: The Central National bank will not, it is stated. open its doors to-day. the clearing house committee having decided to refuse aid. When the facts were brought to the attention of the comptroller of the currency he is understood to have authorized the bank examiner to close the doors. W. E. Neal is stated to have been appointed receiver. It is believed that there are sufficient assets to pay all the deposits in full without calling an assessment on the stock. This turn of affairs is a surprise. as the Central. although neitner a large nor an old bank. had good commercial patronage and was supposed to be financially strong. Its capital was $50,000.
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Boston Bank Closes Its Doors. The Central National bank at 141 Devonshire street, Boston, Mass., did not open its doors Saturday morning. The clearing house committee which met to consider the case, felt compelled to refuse aid. When the facts were brought to the attention of the comptroller he authorized the bank examiner to close the doors and It can be stated that a receiver will be appointed. The bank has deposits aggregating about $3,500,000. Excessive losses and blow paper are given as causes leading to the failure.
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Boston Bank in Trouble. The Central National bank of Boston has been placed in a receiver's hands because of impairment of its capital.
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Boston Bank Fails. New York, Nov. 14.-A special dispatch from Boston to the Herald says: The Central National bank will not, it is stated, open its doors to-day. the clearing house committee having decided to refuse aid. When the facts were brought to the attention of the comptroller of the currency he is understood to have authorized the bank examiner to close the doors. W. E. Neal is stated to have been appointed receiver. It is believed that there are sufficient assets to pay all the deposits in full without calling an assessment on the stock. This turn of affairs is a' surprise, as the Central. although neitner a large nor an old bank. had good commercial patronage and was supposed to be financially strong. Its capital was $50,000.
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BOSTON BANK CLOSED. Central National Bank In Placed in the Hands of Comptroller of the Currency. Boston, Nov. 15.-The Central National, a small institution compared with many other city banks, did not open its doors Friday, because of an order from the comptroller of the curreney, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National bank was looked for, and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage, of the Eliot bank, who was scrutinizing them prèparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable, and the action of President Burrage and the Eliot bank directorate in refusing to liquidate the bank was unexpected. Wednesday sales of the Central's stock dropped $15 from par and on Thursday depositors withdrew something like $2,000,000.
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Receiver For Boston Bank. Washington, Nov. 25.-The comptrolJer of the currency has appointed Frank D. Allen permanent receiver of the Central National bank of Boston.
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Receiver of Boston Bank. The controller of the currency has appointed Frank D. Allen permanent receiver of the Central National Bank of Boston.
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BUSINESS FAILVRES. Jan. 10-Cleveland, 0., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.
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BUSINESS FAILURES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.: $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8--Omaha, W. H. Bennett Co.'s. department store.
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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn. N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto. Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston, Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.
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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus. Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2--New York, American bicycle trust. 30-Trenton, N. J., National Salt Co. ("salt trust"): $300,000. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.
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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 2S-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32.000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadlah Sands Butter corporation. $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York. American bicycle trust. Oct. 7-Oto. 1a., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's bank. ing house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco: $300,500. 13-Boston Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.
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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30.000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate. operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, la., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.
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BIG DIVIDEND FOR DEPOSITORS. Boston, Jan. 13.-Frank D. Allen, receiver of the Central National Bank. has recommended to the Controller of the Currency the payment of a first dividend of 65 per cent to the depositors. The bank was closed on November 14 last, its standing having become impaired. Never before in the history of banking here has such a large first dividend been suggested for the depositors of a bank that failed.
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Depositors In Luck. Boston, April 18.-Depositors of the Central National bank of this city, which failed in 1892, will receive all their money with interest. Receiver Frank D. Allen announces that a final dividend of 10 per cent will be paid at once.
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WIII Pay Depositors. Boston, April 18.-Depositors of the Central National bank of this city, which failed in 1892, will receive all Receiver their money with interest. D. Allen announces that the final dividend of 10 per cent will be paid at once.