12337. National Bank of the Commonwealth (Manchester, NH)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
4693
Charter Number
4693
Start Date
July 25, 1893
Location
Manchester, New Hampshire (42.996, -71.455)

Metadata

Model
gpt-5-mini
Short Digest
bbfd7240914f219e

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1893-08-07
Date receivership terminated
1899-05-22
OCC cause of failure
Fraud
Share of assets assessed as good
71.5%
Share of assets assessed as doubtful
17.7%
Share of assets assessed as worthless
10.8%

Description

The National Bank of the Commonwealth (Manchester, NH) suspended payment in late July 1893 (articles dated July 24โ€“26). Examiners took charge (July 27) and a receiver was later appointed (Aug 8, 1893). Subsequent reporting documents missing cashier Charles F. Morrill and charges of embezzlement / bad management; insolvency proceedings and receiver actions indicate the bank did not resume normal operations and entered receivership. Although initial reports note the suspension was precipitated in part by suspension of other local institutions, later investigation found internal mismanagement/embezzlement. Thus this is a suspension followed by permanent closure/receivership.

Events (7)

1. February 9, 1892 Chartered
Source
historical_nic
2. July 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reportedly precipitated by suspensions of New Hampshire Trust Company and Bank of New England, but subsequent investigations revealed bad management and alleged embezzlement by cashier Charles F. Morrill, indicating internal insolvency problems.
Newspaper Excerpt
The National Bank of the Commonwealth will suspend payment to-morrow morning. ... The national comptroller was notified.
Source
newspapers
3. July 27, 1893 Other
Newspaper Excerpt
C. M. Dorr, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth.
Source
newspapers
4. July 28, 1893 Other
Newspaper Excerpt
Nothing is known here as to the whereabouts of Charles F. Morrill, late cashier of the National Bank of the Commonwealth ... grave charges.
Source
newspapers
5. August 7, 1893 Receivership
Source
historical_nic
6. August 8, 1893 Receivership
Newspaper Excerpt
Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.
Source
newspapers
7. February 2, 1894 Other
Newspaper Excerpt
The comptroller of the currency has declared the second dividend of 10 per cent to the creditors of the national bank of the commonwealth, Manchester, N. H., making in all 35 per cent on claims amounting to $248,472.
Source
newspapers

Newspaper Articles (22)

Article from The Indianapolis Journal, July 25, 1893

Click image to open full size in new tab

Article Text

New England Banks Going. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment to-morrow morning. This action was determined on at a meeting of the directors to-night, and the national Controller was notified. Its assets and liabilities are about $625,000; deposits, $310,529; capital stock, of the The suspension $200,000. New Hampsbire Trust and Bank of New England precipitated the Commonwealth's suspension. The Bank of New England, which suspended this afternoon, had a capital of $100,000, and its officers say depositors will lose nothing. The savings banks of the city have voted to demand the ninety days' notice authorized by law on all withdrawals of over $100. The five remaining national banks will also stand by each other and establish a sort of clearing house arrangement for mutual protection.


Article from The Portland Daily Press, July 25, 1893

Click image to open full size in new tab

Article Text

MORE BANKS IN TROUBLE. New Hampshire Concerns Yield to the Pressure. TWO IN MANCHESTER FORCED TO SUSPEND PAYMENT. One Is the Bank of the Commonwealth With Assets and Liabilities of About $650,000-The Officers of the Other, the Bank of New England, Say Depositors Will Not Lose - Savings Banks Demand Notice of Withdrawals. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment tomorrow morning. This action was determined on at a meeting of the directors tonight. The national comptroller was notified. The bank was the youngest of the six national banks here. It had risen to be second in the amount of deposits. Its assets and liabilities are about $650,000; deposits, $310,529; capital stock, $200,000. The suspension of the New Hampshire Trust Company and the Bank of New England precipitated the Commonwealth's suspension. The Bank of New England, which suspended this afternoon, had a capital of $100,000. Its officers say the depositors will lose nothing. The savings banks of the city have voted to demand the 90 days notice authorized by law on all withdrawals of over $100. The remaining national banks will stand by each other, and establish a clearing house for mutual protection.


Article from The Anaconda Standard, July 25, 1893

Click image to open full size in new tab

Article Text

PEOPLE AND PLACES. MUNICH, July 24.-The condition of King Otto of Bavaria is daily becoming worse. TACOMA, Wash.. July 24. - The Tacoma National bank did not open its doors this morning. PLAINVIEW, Neb., July 24. The Plainview State bank was robbed last night of $30,000 cash. and in consequence did not open its doors this morning. NEW YORK, July 24.-Henry Bach, wholesale clothing. No. 737 Broadway.with branches in Boston and Chicago, is financially embarrassed. His liabilities are over $100,000. CONNERSVILLE, Ind., July 24. The Citizens' bank. owned by ex-United States Treasurer Huston, has failed. No statement of assets or liabilities. Depositors will. it is said, be paid in full. WASHINGTON, July 24.-The treasury is informed that 15 persons, eight of them federal officials, have been indicted at Portland, Ore., for smuggling Chinese and opium into the United States. LOUISVILLE, Ky., July The Louis= ville City National bank suspended this afternoon. It has a capital of $400,000. It was impossible to realize on assets. Deposits received to-day will be returned. NEW YORK. July 21.-One hundred and twenty-eight thousand ounces of silver will be shipped to-morrow. Two hundred thousand dollars of gold arrived to-day from Europe and $270,000 from Havana. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment to-morrow. Its assets and liabilities about $625,000. The sus. pension of the New Hampshire Trust company precipitated this. SYRACUSE, N. Y., July 24.-The extensive manufacturing firm, Bradley & Co., went into a receiver's hands this afternoon. The firm manufactured trip hammers, wagons and fancy carriages and filters. The buildings and plant are valued at $500,000. The liabilities are about $350,000. DENVER, July 21. - Bank Examiner Lazar says: All the six suspended banks here have enough assets to resume in time and that a plan is on foot to get depositors to accept certificates of deposit payable in instalments giving them time to realize on their assets and prevent enforced liquidation. ASBURY PARK, July 21.-One hundred and forty members of the First brigade of the New Jersey National guard. now in camp at Sea Girt, are prostrated by some mysterious poison, the nature of which is not known. It may have come from OX+ alic acid gathesed in their tin cups. which had been stored since last summer. It is not thought that any of the men will die. WASHINGTON. July 24.-The grand jury found true bills against Col. Frederick C. Ainsworth, chief of record and pension division of the war department. George W. Dart. the contractor employed to make excavation for the electric light plant. W. E. Covert, superintendent, and Francis Casse. engineer. holding them responsible for the old Ford theater disaster last June in which 23 persons lost their lives, and a large number were injured.


Article from The Morning News, July 25, 1893

Click image to open full size in new tab

Article Text

To Suspend Payment. Manchester, N. H., July 24.-The National Bank of the Commonwealth will suspend payment to-morrow morning. This action was determined on at a meeting of the directors to-night, and the national controller was notified.


Article from Daily Kennebec Journal, July 26, 1893

Click image to open full size in new tab

Article Text

Manchester Bank Suspended. MANCHESTER, N. H. July 25.-The Na tional Bank of the Commonwealth suspended payment this morning This ac tion was determined on at a meeting of the directors last night and the national comptroller was notifled.


Article from Rock Island Daily Argus, July 26, 1893

Click image to open full size in new tab

Article Text

ABBREVIATED TELEGRAMS. A Georgia delegate to the Monona lake assembly advocates settling the race problem by establishing a separate state for negroes. Obituary: At Lake Geneva, Wis., Arthur Kaye, proprietor of Kaye's Park hotel. At Ottawa, Ont., Christopher S. Patterson, supreme court judge, aged 70. A New York report says that Grand Master Workman Powderly, of the Knights of Labor, has resigned, and that James J. Linehan, president of the Trade and Labor Assembly of Chicago, is likely to be his successor. Nicaraguan revolutionists have shelled the city of Ma: agua. Two persons were killed and many buildings damaged. United States Minister Baker and representatives of other foreign powers have sent a formal protest to the revolutionary junta. A genuine volcano is reported to have been discovered four miles south of Ponca, Neb. The Plainview (Neb.) State bank, which was burglarized of $3,000 in cash Sunday night has suspended. A cyclone at Cale, I. destroyed a number of buildings and ruined crops. John B. Koetting, cashier of the South Side Savings bank at Milwaukee, which failed Saturday, has mysteriously disappeared. The National Bank of the Commonwealth and the Bank of New England at Manchester, N. H., have suspended. The Ohio Transfer and Storage company's building at Columbus, 0., were burned, causing a loss of $300,000. By the bursting of a boiler the flouring mill of Kenny & Newgard at Hawarden, Ia., was wrecked, entailing a loss of $3,000, not covered by insurance. Frank Chapman, engineer, was seriously injured. The contract for building the Milwaukee city hall has been let to Paul Riesen for $696,348. The convention of Christian Endeavor at Montreal cost the local committee over $100,000, and claims are accumulating in excess of that amount Russian crop prospects have greatly improved. A fairly large yield is now expected, especially of rye, the chief breadstuff of the nation. Statistics gathered by the German imperial commission on labor show that in many parts of the empire the duration of work exceeds fifteen hours daily. The Merchants' National and Louisville Deposit banks, at Louisville, have suspended. This makes four Louisville banks that have collapsed in the last three days. Depositors will lose nothing. Simmons Liver Regulator, bear in mind, is ot an experiment. It is endorsed by thousands


Article from The Providence News, July 27, 1893

Click image to open full size in new tab

Article Text

A Receiver in Charge. MANCHESTER, N. H., July 27.-C. M. Dorr, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth. All the banks are confident the worst is over, locally.


Article from The Sun, July 27, 1893

Click image to open full size in new tab

Article Text

Other Bank Failures. MILWAUREE. July 26.-Specials to the Wisconsin report two small bank failures in the interior of the State. viz., the German Exchange Bank at Portage and John Lienlokken. a private banker at Lacrosse. The Portage bank is capitalized at $25,000. No statement of assets or liabilities is given. Lienlokken's liabilities are placed at $10.000. WASHINGTON, July 26.-The First National Bank of Grundy Centre. Iowa, has informed Comptroller Eckels that it expects to resume business Aug. 1 under a new management. The Farmers' National Bank of Henrietta. Tex.. and the Farmers' National Bank of Findlay. Ohio. which failed yesterday. expect to resume in a short time-the latter on Monday next. MANCHESTER. N. H., July 26.-C. M. Dorr of Somersworth. a national bank examiner. today took charge of the suspended National Bank of the Commonwealth. There is no change in the financial situation here. All banks are confident that the worst is over. locally. BRISTOL. Tenn.. July 26.-The Bristol Bank and Trust Company yesterday decided to go into voluntary liquidation. They have $80,000 assets. and owe depositors only $15,000. Unprofitable business is the cause.


Article from The Somerset Reporter, July 27, 1893

Click image to open full size in new tab

Article Text

And Still Another. MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. The national comptroller was notified by the directors.


Article from Morning Journal and Courier, July 29, 1893

Click image to open full size in new tab

Article Text

NO TRACE OF HIM. Grave Charges Are Made Against Cashier Morrill and He is Missing. MANCHESTER, N. H., July 28.-Nothing is known here as to the whereabouts of Charles F. Morrill, late cashier of the National Bank of the Commonwealth, and treasurer of the Derryfield Savings Bank and Trust company, against whom there are grave charges. The officials who alone know the exact condition of affairs are close monthed and will give out no information here. Their examination is still in progress. Mrs. Morrill said to-day that Mr. Morrill had gone to Lowell to visit a friend there, as his presence was not necessary here, and he needed rest after the excitement of the past few days. Inquiry by the Lowell friend by telephone, however, brought the reply that Mr. Morrill was not there and had not been seen for a week. His wife asserts that his accounts are straight and that if any explanations are necessary he will be on hand to make them. His bondsmen have not made any attempt as yet to locate him and do not appear greatly troubled over his absence. CONCORD, N. H., July 28.-The Derryfield Savings Bank and Trust company, of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonweath, with which it was connected, were enjoined tonight from transacting business by Bank Commissioner Lyford. These two Institutions are new to Manchester, neither having been running more than a year. At the time of the organization the active officers desired to have & savings bank connected, and found an unused charter of the Merrimack Mortgage and Debenture company, which gave authority to do a savings bank business. The stockholders had not had banking experience, but relied upon the bank training of Charles F. Morrill. He was elected treasurer of the new savings bank, as well as cashier of the National Bank of the Commonwealth. The directors of the Merrimac Mortgage company voted to make their capital stock of $100,000, all of which was paid in. The company then opened for the reception of deposits and accumulated over $100,000 in six months. At the last session of the legislature they got the name changed.


Article from Burlington Weekly Free Press, August 3, 1893

Click image to open full size in new tab

Article Text

FOLLOWS THE COMMONWEALTH. Derry field Savings Bank and Trast Company Temporarily Suspended. CONCORD, N. H., July 28.-The Derryfield Savings Bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined tonight from transacting any further business by Bank Commissioner Lyford. The savings bank this time has upward of $150,000 in deposits and a small interest account, having just declared a dividend of 4 per cent. Its capital stock is $100,000 and nominal assets $254,000. Loans to some of its officers are secured by collateral, which is looked upon as doubtful, and the name of its treasurer, "Morrill," is on paper in large excess of the limit allowed by law. The directors of the bank charge the president and treasurer of the bank with using itf funds to promote their personal interests and their resignations, tendered last Wednesday, were promptly accepted. The alleged crooked work of the treasurer is thought to be confined to the national bank. Bank Commissioner Lyford, who returned to this city late this evening, declined to be interviewed. He did admit there will be a large loes to the stockholders of the Derryfleld Savings Bank and Trust company, although expressing the belief that there will be noloss to the depositors. He further said that these two banks had no connection with any of the savings banks of Manchester; that they had been regarded with disfavor by other national and savinga banks and consequently they would not be effected by their failures. It is stated that the name of the president of the two banks is on a good deal of paper of those institutions, and that the poor investments are in concerns in which be is interested. The People's Fire Insurance company of Manchester, of which Hon. J. C. Moore is president, and Charles F. Morrill treasurer, is being investigated by Insurance Commissioner Linehan.


Article from Evening Star, August 8, 1893

Click image to open full size in new tab

Article Text

Bank Receivers Appointed. D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, Ill., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.


Article from Evening Star, August 8, 1893

Click image to open full size in new tab

Article Text

Bank Receivers Appointed. D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, III., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.


Article from Pawtucket Tribune, August 9, 1893

Click image to open full size in new tab

Article Text

STOCKHOLDERS MAD. Bank Commonwealth Misled by Merrill. WARRANT FOR HIS ARREST. Bad Management Was the Cause of the Bank's Downfall. MANCHESTER, N. H., Aug. 9.-The warrant issued sor the arres of Charles F. Morrili, blue missing cashier of the National Bank of the Commonwealth, charges him with having "wilfully abstracted, mi. ppplied and embezzled $15,000 from the funds of the Commonwealth bank." It was generally understood that the charge would be for making false entries. The warrant was placed in the hands of United States Marshal Pierce of Dover yesterday afternoon, and the prediction was made by an fficial in a position to know that Morrill will be apprehended in a week or two. As he stockholders of the Commonwealth bank contemplate the possibility that not only will they lose their entire investment, but are also liable to an assessment, their indignation is increasing against the officers of the First National bank, who, they claim, knew that Morrill was under a cloud when he left the First National bank, and still gave him so high A Recommendation For Probity. When Morrill retired to accept the position of cashier of the Commonwealth bank, the following resolution was unanimously adopted by the directors of the First National bank: Resolved, That, in accepting the resignation of Charles F. Morrill as cashier, we desire to express our regrets at losing his valuable services, andto put on record our thanks for his long and faithful administration of the responsible position he has filled. We wish him all success and prosperity in the new position to which he is called. A beavy st ckholder in the Commonwealth said that he for one did not think if any of the officers of the First National bank knewther Mr. Morrill was unsound that it was .0 for them or any of them to let the a ove recommendation go out. He stated his determination to bring the matter before his fellow stockholders. Ba: k Ex puner Gatchell in an interview w.sa ked what caused the downfall of this bank. "Bad management. That there was a demand for this bank was apparent. It Was Doing a Fine Business and h d an excellent class of depositors, and had its affairs been conducted legitimately it would have been running today and would not have felt in the slightest degree the present financial trouble." Mr. Gatchell further stated that while there was a sh riage in the bank it wasn't of an enormous amount. The books have been badly kept, the investments reckend the certificates juggled considerably. "in OLL words," he continued, "the business has been very loosely managed. Then there is considerable bad paper in the bank." As illustrating the fact that Treasurer Morrill kno the Derryfield Savings bank was illegally holding stock in the National Bank of the Commonwealth, the following letter, dated Concord, Feb. 3, 1893, from Bank Commissioner Heard, is made public: An Interesting Letter., My Dear Mr. Morrill-On referring to my examination of your bank Dec. 7, 1892, I find that you had as an asset 100 shares of the capital stock of the National Bank of the Commonwealth of Manchester. At the time of the examination is did not occur to me that you could not legally hold it. If you will look at chap. 165, sec. 14, par. 7 of the laws you will observe that all savings institutions are forbidden to invest in the stock of any corporation within New England which has not earned and regularly paid dividends during the two years next preceding such investment. Very truly yours, W. A. HEARD, Bank Commissioner.


Article from Essex County Herald, October 20, 1893

Click image to open full size in new tab

Article Text

Receiver Heard Hard at Work. Affairs at the National bank of the commonwealth of Manchester, N. H., are being stirred up in a vigorous manner by Receiver William A. Heard. Mr. Heard states his be lief that there will be no dividend declared Nov. 1 nor Dec. 1, but adds that this is a mat. ter entirely in the hands of the controller of the currency at Washington.


Article from The Providence News, November 28, 1893

Click image to open full size in new tab

Article Text

THE END OF IT. Inso Ivency Proceedings Against Dr. Moore Are Dropped. LACONIA, N. H., Nov. 28.-The adjourned bearing in the insolvency proceedings against Dr. J. C. Moore, ex-president of the Commonwealth National bank and the People's Fire Insurance company of Manchester, was held yesterday afternoon before Judge Rollins. Attorney E. M. Topliff, representing Receiver Bartlett of the People's Fire Insurance company, and D. A. Taggart for the Derryfield Savings bank, withdrew their motion S that their names be joined to the petition of Receiver Heard of the Commonwealth bank that Dr. Moore be declared insolvent, and the proceedings are thus practically ended. Judge Rollins ruled that the usual probate notice of the motion and its withdrawal be given, and the matter will not be pushed further.


Article from Daily Kennebec Journal, November 29, 1893

Click image to open full size in new tab

Article Text

DR. MOORE'S CASE Taken Out of Court by the Action of the Derryfield Bank. LACONIA, N. H., Nov. 28-The adjourned hearing in the insolvency proceedings against Dr. J.C. Moore, ex-president of the Commonweilth National bank and the People's Fire Insurance company of Manchester, was held yesterday afternoon before Judge Rollius. Attorney E. M. Topliff, representing Receiver Hartlest of the People's Fire Insurance company. and D. A. Tageart for the Derryfiel 1 Savings bank, withdrew their motio IS that their names be joined to the petition of Receiver Heard of the Commonweith bank that Dr. Moore be declared insolvent. and the proceedings are thus practically ended. Judge Rollios ruled that the usual probate notice of the motion and its with drawal be given, and the matter will not be pushed further.


Article from Middlebury Register, February 2, 1894

Click image to open full size in new tab

Article Text

DOMESTIC. Boston's fire losses last year amounted to nearly $5,000,000. Summer guests paid residents of the State of Maine $10,000,000 last year. Judge Rick of Cleveland, o., has decided that the Edison patent on incandescent electric lights has expired and that any one is at liberty to make them. The Mitchell-Corbett prize fight, at Jacksonville, Fla., on Thursday of last week, resulted in an easy victory for Corbett. Only three rounds were ought. Small pox is still raging in New ork and the health authoriies are alarmed at the outbreak of the contagion, which is not confined to any one quarter of the metropolis. Secret service officers had a terrible encounter with counterfeiters at Whitesburg, Ky., Saturday. in which two were killed outright and all the others mortally wounded. James B. Campbell, governor of Ohio in 1892 and residing in New York since, is in financial straits, being unable to satisfy judgment in a' case pending against him for some time. Judge Colt has appointed Messrs. Platt and Perry permanent receivers for the New York and New England company for the district of Massachusetts and ordered them to furnish $100,000 bonds. Albert Bennett, manager of a stock exchange in Boston, claims to have been held up in his office Monday by three young men, who relieved him of his pocketbook containing $2300 and made good their escape. The comptroller of the currency has declared the second dividend of 10 per cent to the creditors of the national bank of the commonwealth, Manchester, N. H., making in all 35 per cent on claims amounting to $248,472. Several persons perished in Oklahoma during the blizzard which prevailed there and in neighboring States last week. A family of three were frozen to death in Cheyenne county, and a woman and two children were frozen in Pawnee county. A fire Sunday destroyed a large number of the best buildings in the business portion of Bath, Me. The Sagadahock House, two national banks, a savings bank and about a dozen stores are in ruins. The loss will probably be over $500,000. The Daily News says that 1000 Chicago saloons have gone out of business during the past three months, owing to the financial depression. As a result many barkeepers are dispensing "soft drinks" from soda water fountains, while many others are out of employment. The building on the Boone county, Ia., poor farm used as an insane asylum burned down the other night, and eight of the nine inmates lost their lives. The fire broke out about 10, and when discovered was under such headway that nothing could be done to save the unfortunates. It required two attempts to execute G. H. Painter. a murderer, at Chicago, Friday, the rope breaking on the first truel the man fall to the


Article from Pawtucket Tribune, February 27, 1894

Click image to open full size in new tab

Article Text

Good News For Creditors. MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.


Article from The Providence News, February 27, 1894

Click image to open full size in new tab

Article Text

Squaring Up. MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.


Article from Spirit of the Age, January 4, 1896

Click image to open full size in new tab

Article Text

ber of the state senate from the sixth senatorial district. His chief work during his term of office was his part in securing the passage of the measure which created the present state board of health. In 1884 Dartmouth College at its June commencement conferred on him the degree A. M. In the summer of 1885, the New Hampshire Legislature entirely recast the Insurance laws of the state, and after a prolonged struggle enacted the "valued policy law." To meet the condition of affairs thus presented, New Hampshire capitalists speedily undertook the formation of local insurance companies, and Dr. Moore, seeing in this an opportunity for the exercise of his financial ability which had so long lain dormant, an for the profitable inve-tment of the millions of money which be and the New Hampshire Club represented, secured n charter for the People's Fire Insurance Company. which met so diastrous au end in the summer of 1893. To the presidency of this company, Dr Moore secured his own election. and Charles F. Morrill became treasurer. This, it is believed. was Moore's first business connection with Morrill, and the partnership then struck was destined to be one of the most remarkable in New Hampshire's financial history, involving, before it was ended, the wrecking o three great financial institutions and carrying to the people of Manchester a direct money loss of more than $1,000,000. Accordingl . in 1889, the Legislature was induced to grant a charter for the Merrimack Mortgage & Debenture Company, and the charter as it was originally granted by the Legislature was vetoed by Gov. Goodell. It was a'terward amended, however, and received the executive approval. Under this charter business was begun and continued for nearly three years. when the name of the corporation was changed to Derryfield Savings Bank and Charles F. Morrill was chosen treasurer. The Merrimack Mortgage & Debenture Company was always a little off color. and it now appea's that it was during the short life of that institution that Dr. Moore first resorted to questionable means for securing the funds he so much needed. The panic of 1893 was little felt in New Hampshire outside of the Queen City of Manchester, and the actual crash which occurred among the banking institutions of that city was preceded by weeks of undefloned rumor in which the affairs of the Derryfield Savings Bank and the National Bank of the Commionwealth were prominent. The legal aspect of the case next called for consideration, and Bank Examiner Dorr of New Hampshire called upon the comptroller for assistance in untangling the Common. wealth's affairs. Bank Examiner Gatehell of Massachusetts was accordingly dispatched to Manehester. and the two examiners, together with Dist.-Atty Remich, took poses. sion of the Commonwealth's books, and made an exhaustive examination. which re. sulted, in January, 1894. in the indictment of both Mo re and Morrill for abstraction, embezzlement and misuse of money. the substitution of funds and credits. and the general manipulation of the bank's assets In the meantime, the trustees of the Derryfield Savings Bank. after several stormy meetings, turned over their affairs into the hands of a receiver. and the People's Fire Insurance Company suffered a like fate. Both of these tran-fers were preceded and accompanied by an expert examination of he accounts.


Article from Spirit of the Age, February 5, 1898

Click image to open full size in new tab

Article Text

Suit Indefinitely Postponed. MANCHESTER, N. H., Feb 3- The suit of Arthur D. Heard. receiver of the defunct National bank of the Commonwealth,against the bondsmen of the former president, Dr Joseph C. Moore, to recover the amount of their bonds, has been postponedindefinitely