The Waterbury Democrat., 1931-12-17

Boston, Dec 17.--(UP)-ThA Boston Continental National Bank, with deposits approximating ST.. 100000, 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. s
 According to President T. M. Ragan, the Continental National, with two in town and two subtrban branches, was closed to protect the depositors in the face of unusually heavy withdrawals.
 A notice posted at the banks en- trance read: 8@
 "pue 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 or- derly liquidation should pay all de- positors 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 SCHOLARS tied up by the closing of 10 NA- tional banks and trust companies. efforts were made to-day to dis courage runs on several savings banks.
 Reminded that never in history has a Massa chusetts savings bank been obliged to, close, depositors generally refused to become pam icky 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 strong est 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 run"
 Deposits tied up bank closings surpassed the sixty million dollar mark yesterday afternoon when the Lowell Trust company of Lowell, with S3,961,000 on deposit, closed. This was the 10th Massa chusetts bank to close within 4S hours, and the 18th New England bank to close since October 1.
 After the bank commissioner took charge of the Lowell Trust company at the behest of its off, cials, the seven savings banks ip that important industrial center decided, as a precautionary meas- ure, to invoke the 90-day privilege. Thus, during the next three months, depositors of these banks win 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 direct ing 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 affili- ates of the Federal National which, with it's five Greater Boston branches, closed Tuesday.
 Hamden. Conn, Dec 17.-(UP)-| The Hamden Bank and Trust com pany was closed to-day on re- straining order issued by the state banking commissioner.
 The action was understood to have been taken to protect deposi- tors.
 The banks last statement listed general deposits of $570,000 and savings deposits of $6S8,000, capi- tai 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 banks books to-day, said the state intervened after con- tinued withdrawals by letter had placed the institution in an un- liquid position. There was no run" on the bank, he said.
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