12330. City Savings Bank (Manchester, NH)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
June 9, 1877
Location
Manchester, New Hampshire (42.996, -71.455)

Metadata

Model
gpt-5-mini
Short Digest
82aa2ac4e62cf7b5

Response Measures

None

Description

Articles describe the City Savings Bank (Manchester, NH) cutting savings deposits in June 1877 and then suspending operations in February 1878 after the State Board of Bank Commissioners ordered no more payments; the trustees concurred and the Supreme Court appointed a receiver to wind up the institution. There is no clear report of a depositor run on this bank itself (some articles note rumor-driven withdrawals at other local banks). Dates reflect newspaper reports: investigation June 9, 1877 and suspension/receivership actions Feb 16โ€“25, 1878.

Events (3)

1. June 9, 1877 Other
Newspaper Excerpt
Rumors are circulating this morning as to the solvency of the City Savings Bank. The commissioners came here yesterday...Upon examination by the trustees and bank commissioners, the deposits were reduced twenty-one per cent, and no interest. The amount of deposits affected is about $411,000. Depositors will receive seventy-nine per cent. with a prospect of future dividends if the New York security can be made available.,AN INSOLVENT SAVINGS BANK. Condition of Its Affairs. MANCHESTER. June 9., Daily Kennebec Journal, 1877-06-11 (reports June 9 investigation)
Source
newspapers
2. February 16, 1878 Suspension
Cause
Government Action
Cause Details
State Bank Commissioners ordered cessation of payments after examination; trustees concurred and court to appoint receiver.
Newspaper Excerpt
J. G. Kimball, President of the State Board 01 Bank Commissioners, has completed his examination of the City Savings Bank and ordered that no more money be paid out. He is of opinion that the affairs of the bank should be brought to a close, in which opinion the trustees concur.,SAVINGS BANK TO BE CLOSED. MANCHESTER, N. H., Feb. 16, 1878., The New York Herald, 1878-02-17
Source
newspapers
3. February 25, 1878 Receivership
Newspaper Excerpt
The Supreme Court has appointed William B. Johnson to be receiver of the City Savings Bank, who will convert the assets of that institution into cash, and wind up its affairs as rapidly as possible.,MANCHESTER, N. H., Feb. 25.-The Supremo Court has appointed William B. Johnson to be receiver of the City Savings Bank..., New-York Tribune, 1878-02-26
Source
newspapers

Newspaper Articles (7)

Article from Daily Kennebec Journal, June 11, 1877

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AN INSOLVENT SAVINGS BANK. Condition of Its Affairs. MANCHESTER. June 9. Rumors are circulating this morning as to the solvency of the City Savings Bank. The commissioners came here yesterday, at the request of the trustees, and upon an order issued by the supreme court as required by law, and have been making a thorough investigation. The facts drawn from the bank authorities are as follows: In 1867, the savings bank advanced on notes on account of R. S. and H. Webster about $40,000, secured by one-fourth interest in seventy-five thousand acres of land located in Clinton county, New York, upon which there is said to be one of the most prolific iron mines in the country. Taxes have not been paid and the interest has accumulated since 1867. It was believed the bank would realize enough to pay the whole amount of their indebtedness, but owing to the general depression nothing has been realized. After a severe struggle to carry this dead weight, which had amounted to nearly $70,000. the trustees became satisfied the bank would be unable to continue business without reduction. Upon examination by the trustees and bank commissioners, the deposits were reduced twenty-one per cent., and no interest. The amount of deposits affected is about $411,000. Depositors will receive seventy-nine per cent. with a prospect of future dividends if the New York security can be made available. The commissioners say no blame whatever attaches to the officers or trustees of the bank. The bank is now left in a perfectly sound and solvent condition. No disposition IS manifested to create a run on the bank, though small depositors feel the loss keenly of the twenty-one per cent. Later.-Nothing new has transpired in relation to the City Savings Bank, though the loss of $82. 000 to the depositors is the universal topic of conversation. The bank organized in 1859, and was managed by Capt. E. Warrington, until his death last July. Dividends ranging from tive to seven per cent. were always paid until the present. In 1863 the deposits amounted to $600,000, and have since been gradually falling off to the present amount, $411,000. It is believed that the bank will realize something on their depreciated securities, so that the loss to the depositors will amount to from ten to fifteen per cent. instead of twentyone.


Article from Daily Los Angeles Herald, February 17, 1878

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cline in prices during 1877 was quite ten per cent. Among the treasures of Marsh. field lost in the recent fire, were Healy's fine portrait of Webster, a marble bust of Pope Pius IX., a portait of Queen Victoria, miniatures of the children of Webster and a scaglio table presented him by King Bomba. The house also contained a set of Sevres ware once owned by Louis Phillipe. A part of the Rush silver and all the wedding presents of a granddaughter of Webster, valued at $10,000. On these there was no insurance. Fortunately, however, the pictures and silver were Insured for $3,000 and the mansion for $6,200. Mrs. Webster, after the fire, became the guest of Mrs. Adelaide P. Phillips, whose house is near the famous homestead. A Virginia statistician, figuring upon four and one-half months returns of the Moffatt barroom register, estimates that Richmond consumes 5,330,000 drinks annually. This is equal to four hundred and eight drinks annually to each voter. Boston Wool Market. BOSTON, Feb. 16th.-Wool is generally unchanged with no prospect of any improvement and holders find it difficult to place wool except at concessions. Oregon combing 30@31; unwashed fleeces 22@28; Oregon 22@1@35; scoured 34@85. Superfine is in very fair demand, with sales of 566,000 pounds at 17@34 for Spring and 13}@26 for Fall. The movement in California wool is more satisfactory than in other kinds. Another Savings Bank Gone. MANCHESTER, N. H., Feb. 16.The City Savings Bank has suspended. Deposits $180,000. It is not expected that there will be any shrinkage in this amount. Deposits were cut down in June 21 per cent.


Article from The New York Herald, February 17, 1878

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SAVINGS BANK TO BE CLOSED. MANCHESTER, N. H., Feb. 16, 1878. J. G. Kimball, President of the State Board 01 Bank Commissioners, has completed his examination of the City Savings Bank and ordered that no more money be paid out. Ho 18 of opinion that the affairs of the bank should be brought to a close, in which opinion the trustees concur. A receiver will be appointed by the Supreme Court to wind up the institution. This course is taken with 14 view to the general deposit business-only, and will in no way affect the discount bank doing business under the name of the City National Back. Deposits in the savings bank amount to about $156,000, and there will probably be little or no shrinkage. The deposis in this bank were cut down in June last twenty-one per cent, which, up to this time, 18 a dead loss.to the depositors, but there 18 Sall IA prospect that they will realize something on the outstanding securities, thus reducing their loss,


Article from New-York Tribune, February 18, 1878

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THE MANCHESTER CITY SAVINGS BANK. MANCHESTER, N. H., Feb. 17.-J. G. Kimball, president of the State Board of Bank Commissioners, has completed his examination of the City Savings Bank, and ordered that no more money be paid out. He is of opinion that the affairs? of the bank should be brought to a close, in which opinion the trustees concur. A receiver will be appointed by the Supreme Court to wind up the institution. This course is taken with a view to the general deposit business only. and will in no way affect the discount bank doing business under the name of the City National Bank. Deposits in the Savings Bank amounted to about $186,000, and there will probably be little or no shrinkage. The deposits in this bank were cut down, 111 June last, 21 per cent, which up to this time is a dead loss to the depositors. but there is still a prospect that they will realize something on the outstanding securities, thus reducing their loss.


Article from Perrysburg Journal, February 22, 1878

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THE EAST. Miss Susan Dickie, whose alleged insanity has been a subject of inquiry by a New York since Dec. 9, has been sound been a asyjury mind. She has confined declared in of lunatic her of brothlum seven years at the instance ers and sisters. She will at once enter suit for her property. The Free Pipe Line bill has passed third reading in the Pennsylvania House. A bill was introduced in the New York Senate on the 12th permitting pool-selling on race tracks. A collision between express and freight trains occurred near Newport, on the Newcastle branch of the Pittsburgh & Fort Wayne the 13th. Engineer the and Fireman passenger freight, Road, on Hill, of the Pflugh, and several of train, were killed. Both engines freight cars were wrecked. The President and family were in Baltimore on the 13th and attended the opening of a Methodist fair. The shoemakers' strike at Lynn, Mass., is ended, mutual concessions having been made. Mother Theresa, of the order of Carmelite Nuns, died in Baltimore on the 12th in the eighty-first year of her age and the sixty-first of her religion. Her father was Col. Sewell, of Gen. Washington's staff. the convicted and sentenced ex-President New York Security Case, of the bail Life in $25,000 Insurance Company, was admitted to on the pending his appeal. for many years the J.F. 13th, Tracy, President Railroad, of died Chicago, Rock Island & Pacific at Erie, Pa., on the 13th. Daniel Webster's old mansion at Marshfield, was destroyed by on of the Navy Ex-Secretary Mass., fire Gideon the Welles 14th. the 14th at Hartford, Conn. The were simply the was ceremonies buried on number burial of service disof the Episcopal Church. A were of been tinguished C. W. Woolley, persons Cincinnati, present. has elected President of the National Trotting Association. On the 14th the steamer Richmond sailed from Philadelphia for Brazil, conveying men and material for the execution of the contract of the Maderia & Mamore (Brazil) She carries forty cabin passengers, Railway. building forty-two officers and and about sea425 Many started again olis men, steerage survivors passengers. and of the others Metrop- will next steamer. of the contractors, was one lins, follow one on the Thomas of Col- the passengers. First and Chase National of New York, The Banks, Corn Exchange, have been victimized to the amount of $19,000 by false checks issued by the clerk of deposit of the Corn Exchange Bank. been reported in the Maine House of equal A Representatives bill has giving political rights, the irrespective of sex, and granting women right to vote in municipal elections. The Schepler Brothers, of Philadelphia, of worsted goods, on the 15th. Their are payment manufacturers liabilities suspended very heavy. The Manchester (N.H.) City Savings Bank has suspended business. difficulties of the Lord York, out of the marriage to Mrs. Hicks, The growing family of settled. at the New old Sr., surrenders to amount to over Thomas gentleman -estimated Lord, have hisentire $2,000,000-to been estate who will to each of annum during the trustees, $12,000 per pay old them. the man's children Mrs. life. On his death the estate goes to Lord surrenders all right of dower. She is said to possess a fortune of over $500,000. number of cases of from an well have occurred at Vt. A infected large poisoning Rockport, steamer the morning of the 17th the Old of the Fall River & when Point Judith, Colony, On off broke New her York walking- line, which crashed the the to of beam, hold, injuring vessel through the the decks amount injured. to $75,000. Fortunately no one was The force of the fall may be imagined when it is considered that upward of twenty tons of from an elevation to It was a most escape fifty iron feet. fell marvelous of from forty from entire destruction. Block, New and the The York, Excelsior Presbyterian Twenty-third and Scotch street, Covenanters' Churches, adjoining, were destroyed by fire on the 17th. Loss estimated at $475,000. Peter Cooper has issued an appeal to the country in which he declares it to be the duty of our Government to silver also to possible remonetize to be and do all that is done to those Governments that have desilver to He that a or monetized induce suggests remonetize Northwestern the same." Southbe built to give the that silver be as a western unemployed; railroad financial restored work policy to legal that a permanent be that a judicious on all of which we raw adopted; tender; importations tariff have be levied the in and service as as material be organized abundance, specifically that the the civil military. The Plainfield (N. J.) Savings Institution has closed its doors. Operations were resumed in the Lehigh (Pa.) coal regions on the 18th. The steamer City of Dallas, laden with eotton, was burned at New York on the 18th. WEST AND SOUTH. The International Executive "Committee


Article from The Cincinnati Daily Star, February 26, 1878

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Solid Savings Bank. National Associated Press to the Star. MANCHESTER, N. H., Feb. 26.-The suspension of the City Savings Bank and the closing of the different banks on Washington's birthday gave rise to a runior that the Amoskeag Savings Bank, of this city was about to suspend. Fully two hundred persons withdrew their deposits yesterday and the bank was kept open two hours later than usual, n order to accomodate the anxious depositors. The officers of the bank state that the rumor is entirely without foundation. They can, they say, pay dollar for dollar and still have a surplus of over $150,000.


Article from New-York Tribune, February 26, 1878

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MANCHESTER, N. H., Feb. 25.-The Supremo Court has appointed William B. Johnson to be receiver of the City Savings Bank, who will convert the assets of that institution into cash, and wind up its affairs as rapidly as possible. A rumor prevailed on the street to-day, affecting the standing of the Amoskeag Bank, causing a panie among small depositors. Thirty thousand dollars was paid out. The officers of the bank claim a surplus of $200,000, and will meet all demands. The deposits amount to $2,000,000.