12300. National Granite State Bank (Exeter, NH)

View Charter #1147 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1147
Charter Number
1147
Start Date
July 27, 1893
Location
Exeter, New Hampshire (42.981, -70.948)

Metadata

Model
gpt-5-mini
Short Digest
b5526762bb74ad74

Response Measures

None

Receivership Details

Depositor recovery rate
51.6%
Date receivership started
1893-09-23
Date receivership terminated
1898-09-30
OCC cause of failure
Losses
Share of assets assessed as good
35.2%
Share of assets assessed as doubtful
51.3%
Share of assets assessed as worthless
13.5%

Description

The bank temporarily suspended payments on 1893-07-27 due to a drainage of cash and delayed remittances from Boston; it did not resume operations permanently and a receiver was appointed in September 1893. Later reporting (Nov 1893) documents the arrest of the bank president for embezzlement instigated by the receiver. Sequence: suspension → receivership (closure).

Events (5)
1. May 15, 1865 Chartered
Source
historical_nic
2. July 27, 1893 Suspension
Cause
Correspondent
Cause Details
Drainage of the cash supply and delayed remittances from Boston; withdrawals of deposits led to temporary suspension.
Newspaper Excerpt
EXETER, N. H., July 27.-The National Granite State Bank temporarily suspended payment this morning. The Institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. A resumption of business is expected.
Source
newspapers
3. September 23, 1893 Receivership
Source
historical_nic
4. September 25, 1893 Receivership
Newspaper Excerpt
The controller of the currency has appointed Arthur C. Fuller receiver of the National Granite Bank of Exeter, N. H.
Source
newspapers
5. November 11, 1893 Other
Newspaper Excerpt
Warren F. Putnam, president of the National Granite bank of Exeter, N. H., was this afternoon arrested charged with the embezzlement of $30,000. The arrest was made at the instigation of Arthur O. Fuller, receiver of the bank.
Source
newspapers

Newspaper Articles (20)
1. July 27, 1893 Evening Star Washington, DC
Article from Evening Star, July 27, 1893

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Article Text

MONTANA BANKS SUSPEND. Two Helena Institutions With Plenty of Assets, but Unable to Realize. HELENA, Mont., July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. 11 a. -The run is now confined principally to the Merchants' National Bank, which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize. S. T. Hauser is president of the First National Bank. The capital stock is $500,000; surplus $100,000; undivided profits $600,000 and average deposits $3,250,000. John T. Murphy is president of the Montana National. The capital stock is $500,000; surplus $100,000; undivided protits $100,000, and average deposits $1,500,000. Other Banks Closed. MIDDLESBORO, Kan., July 27. - The First National Bank of this place closed its doors this morning. The notice upon the door reads: "This bank closed by order of directors. "J. P. SANDIFEE, Cashier." LOUISVILLE, Ky., July 27.-The Sarmers' Bank of Mount Sterling, Ky., suspended payment this morning. EXETER, N. H., July 27.-The National Granite State Bank temporarily suspended payment this morning. The Institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. A resumption of business is expected.

2. July 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, July 28, 1893

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WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.

3. July 28, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 28, 1893

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Article Text

TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.

4. July 28, 1893 The Herald Los Angeles, CA
Article from The Herald, July 28, 1893

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Another New Hampshire Bank Failure. EXETER, N. H., July 27.-The National Granite State bank temporarily BUSpended this morning. The institution is declared perfectly sound. The embarrassment was caused by the drainage of cash and delayed remittances from Boston. Immediate resumption is expected.

5. July 28, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.

6. July 28, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 28, 1893

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Exeter, N. H., Bank. EXETER, N. H., July 27.-The National Granite state bank suspended payment this morning. It is declared to be perfectly sound. The present embarrassment was caused by withdrawal of deposits. An immediate resumption of business is expected.

7. July 28, 1893 The Sun New York, NY
Article from The Sun, July 28, 1893

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ELEVEN MORE BANKS FAIL. Seven in the West. Three in Kentucky, and One In New England, HELENA. Mon.. July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants' National Bank. which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets. but cannot realize. S. T. Hauser 1s President of the First National. The capital stock is $500,000. surplus $100,000. undivided profits $600.000. and average deposits $3,250.000. John T. Murphy is President of the Montana National. The capital stock is $500.000. surplus $100,000. undivided profits $100,000. and average deposits $1,500,000. SPOKANE. Wash.. July 27.-The First National Bank suspended payment yesterday afternoon. Its doors closed at 2 o'clock. and a'notice was posted announcing that. "owing to continued withdrawal by depositors and inability to realize on securities. this bank will temporarily suspend payment." The Spokane Savings Bank. which is connected with the First National. was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover said that the bank has only temporarily suspended. and all depositors will be paid in full. The bank commenced business in December. 1882. Its paid-up capital is $200,000. PORTLAND. Or., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company. kindred institutions, failed to open their doors this forenoon. Notice on doors says: Owing to withdrawal of deposits and inability to realize on securities this bank is forced to suspend." George B. Markle is President of both institutions. Capital stock of the Oregon National $200,000: surplus. $40,000: average deposits. $500.000. Capital stock of the Northwest Loan and Trust Company. $250,000: surplus. $25,000. MIDDLESBOROUGH, Ky.. July 27.-The First National Bank of this place closed its doors this morning. The notice on the door reads: This bank closed by order of directors." The officers of the bank refuse to talk. and it is impossible to get either assets or liabilities. The effect on business here will be serious, as most of the merchants were depositors. The Coal and Iron. the other bank here. will not be affected. The suspended bank had a capital of $50,000. and its individual deposits aggregated usually about $80,000. MOUNT STERLING. Ky.. July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by inability to realize on its paper. The deposits are about $300,000. The bank holds firstclass paper to the amount of $600.000. The depositors will be paid in full. and the omcers of the bank hope to be able to resume in a short time. The capital stock is $250,000. This afternoon the Breeders' Bank also closed its doors. EXETER. N. H.. July 27.-The National Granite State Bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound. the present embarrassment having been caused by a drainageof the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE. Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market.

8. July 28, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 28, 1893

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A New Hampshire Bank Closed. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended this morning. The institution is declared to be perfectly sound. The embarrassment was caused by drainage of cash and delayed remittances from Boston. Immediate resumption is expected.

9. August 3, 1893 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, August 3, 1893

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THE FINANCIAL SITUATION. Banks and Commercial Failures Throughout the Country Yesterday. TWO OREGON INSTITUTIONS. PORTLAND, Ore., July 27.-The Oregon National bank and Northwest Loan and Trust company, kindred institutions. failed to open their doors this morning owing to withdrawal of deposits and inability to realize on securities. Geo. R. Markel is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000; average deposits, $500,000. Capital of the Northwest Loan and Trust company, $250,000; surplus, $25,000. RARESTED FOR EMBEZZLEMENT. PORTLAND, Ore., July 27.-Rev. O. G. Taylor, manager of the Interstate Investment company of Dallas, has been arrested on the charge of embezzlement. It is said he is short $50,000 in his accounts. NEW HAMPSHIRE BANK. EXETER. N. H., July 27.-The National Granite state bank suspended payment this morning. It is declared perfectly sound and present embarrassment is caused by withdrawals of deposits. NATIONAL CORDAGE COMPANY. NEW YORK, July 27.-It is officially stated that the re-organization committee of the National Cordage company is working on details of a plan for the formation of a new company. This is rendered necessary by the fact that unanimous consent has not been received to the re-organization plan. WISCONSIN BANK. PORTAGE, Wis., July 27.-The City bank of Portage closed its doors today. It is capitalized at $25,000; H. Brees, ex-secretary of state, is president of the bank. The directors of the bank guarantee all deposits. LUMBER DEALERS SUSPEND. PHILADELPHIA, July 27.-S. H. Morrison, dealer in lumber, has suspended business. Liabilities and assets about $100,000. JEWELRY MANUFACTURERS CLOSE. ATTLEBORO. Mass.. July 27.-Owing to dullness of the jewelry trade, the manufacturers in Plainville, North Attleboro and Attleboro are compelled to close their shops. Six thousand workmen are affected. LEAD MINES CLOSE. SPRINGFIELD, Mo., July 27-On account of an increase in the price of coal and decrease in the price of mineral, caused by financial stringency, nine of the largest lead mines at Aurora closed this morning. KENTUCKY BANK CLOSED. MOUNT STEELING, Ky., July 27,The New Farmers bank closed its doors this morning. Inability to realize on paper. Depositors will be paid in full. CLEARING HOUSE CERTIFICATES. CHICAGO, July 27.-The clearing house this evening decided to issue clearing house certificates. Woaking Short Hours

10. August 4, 1893 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, August 4, 1893

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Temporarily Suspended. EXETER, N. H., July 28.-The National Granite State bank temporarily suspended payment yesterday morning. The institution is declared by officials to be perfectly solvent. An immediate resumption of business is expected.

11. September 14, 1893 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, September 14, 1893

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In the Hands of a Receiver. EXETER, N. H., Sept. 11. - The stock. holders of the long suspended National Granite State bank, at a special meeting this afternoon voted to recommend the appointment as receiver of Emmons B. Philbrick of Rye.

12. September 25, 1893 Evening Star Washington, DC
Article from Evening Star, September 25, 1893

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Bank Receiver Appointed. The controller of the currency has appointed Arthur C. Fuller receiver of the National Granite Bank of Exeter, N. H.

13. November 12, 1893 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 12, 1893

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A Bank President Arrested. BOSTON, Nov. 11.-Warren F. Putnam, president of the National Granite bank of Exeter, N. H., was this afternoon arrested charged with the embezzlement of $30,000. The arrest was made at the instigation of Arthur O. Fuller, receiver of the bank.

14. November 12, 1893 The Herald Los Angeles, CA
Article from The Herald, November 12, 1893

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A Bank President Arrested. BOSTON, Nov. 11. - Warren F. Putnam, president of the National Granite bank of Exeter, N. H., was this afternoon arreated, charged with the embezzlement of $30,000. The arrest was made at the instigation of Arthur O. Fuller, receiver of the bank.

15. November 12, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, November 12, 1893

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Charged With Embezzlement. BOSTON, Nov. 11.-Warren F. Putnam, president of the National Granite Bank of Exeter, N. H., was this afternoon arrested charged with the embezzlement of $30,000. The arrest was made at the instigation of Arthur O. Fuller, receiver of the bank.

16. November 13, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, November 13, 1893

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The Bank President Under Arrest, BOSTON. Nov. 12.-Warren F. Putnam, president of the National Granite bank of Exeter, N. H., has been arrested charged with embezzlement of $30,000. The arsent was made as the instigation of Arthur o Fuller. receiver of the bank.

17. November 13, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 13, 1893

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New Hampshire Banker Arrested. Boston, November 11.-Warren F. Putnam, president of the National Granite Bank of Exeter, N. H., was arrested at Young's Hotel by United States Deputy Marshal Gallupe this afternoon, charged with embezzling $30,000. Putnam was arrested at the instigation of Arthur L. Fuller of Exeter, N. H., the receiver of the bank. Putnam has not been at Exeter for a month, and said he had been out Westand just returned. He is charged directly with the embezzlement of a $500 bond of the Leavenworth Electric railroad; it is also charged that between the 7th of April and the 17th of May of this year he embezzled $26,000 more. When arrested, Putnam said he was going to Providence to try and borrow $5000. He was unable to obtain bail, and was committed to jail.

18. November 13, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 13, 1893

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# A BIG BANKER IN JAIL He is Charged With Embezzling $30,000— Could Not Give Bond. BOSTON, MASS., November 11.—Warren F. Putnam, President of the National Granite Bank, of Exeter, N. H., was, late this afternoon, arrested at Young's Hotel by United States Deputy Marshal Galloupe, charged with the embezzlement of $30,000. The arrest was made at the instigation of Mr. Arthur O. Fuller, of Exeter, the receiver of the bank. Mr. Putnam is charged directly with the embezzlement of a $500 bond of the Leavenworth Electric railroad. This latter embezzlement was the straw that broke the camel's back, it is said. It is charged that between the seventh of April and 17th of May of this year, that he embezzled $26,000 more. He was arraigned before United States Commissioner Sanger, and being unable to furnish bail was committed to jail.

19. November 14, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 14, 1893

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Warren F. Putnam, president of the National Granite bank, of Exeter, N, H., was arrested, charged with emberziement of $30,000. The arrest was made at the instigation of Arthur a Fuiler, receiver of the bank.

20. November 15, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, November 15, 1893

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BANK PRESIDENT ARRESTED. Charged with the Embezzlement of $30,000-Sent to Jail. BOSTON, Nov. 11.-W. F. Putman, president of the National granite bank of Exeter, N. H., was late this afternoon arrested at Young's hotel by United States Deputy Marshal Galloupe charged with the embezzlement of $30,000. The arrest was made at the instigation of Mr. Arthur O. Fuller of Exeter, the receiver of the bank. Mr. Putnam has not been at Exeter for a month past and when arrested by the United States authorities he said that he had been out West and just returned. Mr. Putnam is charged directly with the embezzlement of a fivehundred-dollar bond of the Leavenworth electric railroad. This latter embezzlement was the straw that broke the camel's back, it is said. This latter emthat between the 7th of April and the 17th of May of this year that he embezzled $26,000 more. In conversation with a reporter Putnam stated he left Exeter about a month ago. Since then he has been in the West in the interest of the bank and only returned a few days ago. "I have no lawyer," said he, "and must refuse to talk. I don't deny or affirm anything, but will say that I am very much surprised at my arrest." He was arraigned before United States Commissioner Sanger and being unable to furnish bail was committed to jail. W. F. Putnam was the president of the national bank of Exeter, which recently went into the hands of a receiver, the cashier of the company, C. F. Byington, refusing at that time to keep the bank open according to the orders of the president. Mr. Byington was upheld in his course and the comptroller appointed Mr. Fuller, a wellknown lawyer of Exeter, as receiver.