12281. Claremont Savings Bank (Claremont, NH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 8, 1897
Location
Claremont, New Hampshire (43.377, -72.347)

Metadata

Model
gpt-5-mini
Short Digest
c4091b680d013bbd

Response Measures

None

Description

Articles (July 8–10, 1897) report the Claremont Savings Bank is in extremely bad condition, a receiver (Faulkner) has been appointed and depositors await dividends; no run is described. President J. L. Farwell is abroad. Bank appears insolvent and closed with receivers—hence suspension followed by permanent closure/receivership. OCR minor inconsistencies in reported surplus/capital figures across articles noted but do not affect classification.

Events (2)
1. July 8, 1897 Receivership
Newspaper Excerpt
the only information concerning the situation is given by Mr. Faulkner of Keene, one of the receivers, who says the bank is in as bad a condition as a bank could possibly be ... Receiver Faulkner is being urged to take summary measures to realize on the savings bank assets and divide the proceeds among the depositors.
Source
newspapers
2. July 8, 1897 Suspension
Cause
Government Action
Cause Details
Bank found insolvent or nearly insolvent; receivers appointed (Faulkner) to take charge and realize assets for depositors.
Newspaper Excerpt
Receiver Faulkner ... says the bank is in as bad a condition as a bank could possibly be, and he cannot even make a hopeful prediction concerning any payment to be made to the depositors.
Source
newspapers

Newspaper Articles (3)
1. July 8, 1897 The Providence News Providence, RI
Article from The Providence News, July 8, 1897

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Article Text

WANT FARWELL. Depositors In Claremont Bank Clamoring For Him. Have Asked the Police To Extradite Him on Criminal Process. Claremont, July 8.-Another general clamor for J. L. Farwell. president of the Claremont Savings Bank has arisen among the residents of this vicinity whose money was placed in the bank and who have been patiently waiting for some sort of an announcement from the receivers. This has not come and the only informasion concerning the situation is given by Mr. Faulkner of Keene, one of the receivers, who says the bank is in as bad a condition as a bank could possibly be, and he canuot even make a hopeful prediction concerning any payment to be made to the depositors. Consequently the demand for the return of Farwell is general as almost every family in some way has money in the bank and depositors are suffering from their inability to get any return bv dividend or otherwise. There are some who are urging the authorities to take steps to send for Far well by legal processes, but the officials do not seem inclined to do so, saying that it would not be worth while to do it, on account of the cost. The Claremont National Bank in which the Farwells were beavy owners, has cancelled, within the last few months, $38,000 of the $30,000 surplus which it reported some time ago. This reduces the nominal surplus to $22,000 on the capital of $150,000. Receiver Faulkner is being urged to take summary measures to realize on the savings bank assets and divide the proceeds among the depositors.

2. July 9, 1897 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, July 9, 1897

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Article Text

# Bad Bank Situation at Claremont. Another general clamor for the return from Europe of J. L. Farwell, formerly president of the Claremont savings bank, has arisen among the residents of that town, whose money was placed in the bank and who have been patiently waiting for some sort of an announcement from the receivers. This has not come, and the only information concerning the situation is given by Mr. Faulkner of Keene, one of the receivers, who says the bank is in as bad a condition as a bank could possibly be, and he cannot even make a hopeful prediction concerning any payment to be made to the depositors. The Claremont national bank, in which the Farwells were heavy owners, has cancelled, within the last few months, $38,000 of the $60,000 surplus which it reported some time ago. This reduces the nominal surplus to $22,000 on the capital of $150,000. Receiver Faulkner is being urged to take summary measures to realize on the savings bank assets and divide the proceeds among the depositors.

3. July 10, 1897 Bellows Falls Times Bellows Falls, VT
Article from Bellows Falls Times, July 10, 1897

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Article Text

Want President Farwell Back. A Claremont dispach says: Another general clamor for the return from Europe of J. L. Farwell, formerly president of the Claremont Savings bank, has arisen among residents of this vicinity whose money was placed in the bank and who have been patiently waiting for some sort of an announcement from the receivers. This has not come and the only information concerning the situation is given by Mr. Faulkner, of Keene, one of the receivers, who says that the bank is in as bad condition as a bank could possibly be, and he cannot even make a hopeful prediction concerning any payment to be made to the depositors. Consequently the demand for the return of Farwell is general as almost every family in some way has money in the bank, and many depositors are suffering from their inability to get any return, by dividend or otherwise. There are some who are urging the authorities to take steps to send for Farwell by legal processes, but the officials do not seem inclined to do so, saying that it would not be worth while to do it on account of the cost. The Claremont National bank in which the Farwells were heavy owners has cancelled the last few months $38,000 of the $60,000 surplus which it reported some time ago. This reduces the nominal surplus to $22,000 on the capital of $100,000. Receiver Faulkner is being urged to take summary measures to realize on the savings bank assets and divide the proceeds among the depositors.