12379. Rochester Savings Bank (Rochester, NH)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
January 12, 1900
Location
Rochester, New Hampshire (43.305, -70.976)

Metadata

Model
gpt-5-mini
Short Digest
3a1210007446d428

Response Measures

None

Description

Articles report the Rochester Savings Bank (incorporated 1872) suspended and had its affairs turned over to an assignee/receiver for final distribution of assets. No run is mentioned; the bank was being wound up because it could not compete (other local banks absorbed its business). A final dividend was expected Jan 10, 1901.

Events (3)

1. January 12, 1900 Receivership
Newspaper Excerpt
Judge Stephen D. Wentworth resigned as treasurer. The court has appointed Elmer J. Smart of this city assignee. Commissioner Cummings today placed in the hands of Mr. Smart all the affairs of the bank with instructions to dispose of the remaining assets and attend to the final distribution of the funds thus derived among the depositors and wind up the business of the concern.
Source
newspapers
2. January 12, 1900 Suspension
Cause
Local Banks
Cause Details
Bank suspended because other local banks absorbed its business by offering higher interest; unable to compete.
Newspaper Excerpt
State Bank Commissioner George W. Cummings is in this city today for the purpose of closing up the affairs of the Rochester Savings bank.... The suspension of the Rochester savings bank was caused by the absorption of its business by other local banks, owing to its inability to pay as high a rate of interest as its rivals.
Source
newspapers
3. January 10, 1901 Other
Newspaper Excerpt
It is expected that the final dividend of 13 7-10 per cent. will be paid to depositors, Jan. 10, 1901.
Source
newspapers

Newspaper Articles (3)

Article from The Portland Daily Press, January 13, 1900

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Article Text

ROCHESTER BANK CLOSED. Rochester, N. H., January 12.-State Bank Commissioner George W. Cummings is in this city today for the purpose of closing up the affairs of the Rochester Savings bank. Two years ago, with the consent of the bank commissioners, the officials of the institution undertook to wind up the bank's business without resorting to court proceedings, and they succeeded in paying 55 cents on the dollar. Certain securities, however, are in such shape that the bank official have been unable to dispose of them at advantage and therefore appealed to the supreme court to appoint an assignee. Judge Stephen D. Wentworth resigned as treasurer. The court has appointed Elmer J. Smart of this city assignee. Commissionor Cummings today placed in the hands of Mr. Smart all the affairs of the bank with instructions to dispose of the remaining assets and attend to the final distribution of the funds thus derived among the depositors and wind up the business of the concern. The suspension of the Rochester savings bank was caused by the absorption of its business by other local banks, owing to its inability to pay as high a rate of interest as its rivals. The bank was incorporated in 1872. At one time the deposits amounted to $400,000.


Article from Daily Kennebec Journal, January 13, 1900

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Article Text

State Bank Examiner George W. Cummings was in Rochester, N. H., Friday, for the purpose of closing up the affairs of the Rochester Savings Bank. The suspension of the Rochester Savings Bank was caused by the absorption of its business by other local banks, owing to its inability to pay as high a rated of interest as its rivals. The bank was incorporated in 1872. At one time deposits amounted to $400,000.


Article from Daily Kennebec Journal, December 6, 1900

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Article Text

CONDENSED DISPATCHES. The Bulgarian cabinet has resigned owing to ministerial differences. By an explosion of gas in the Maxwell colliery of the Lehigh and Wilkesbarre Coal Co. at Ashley, Pa., Wednesday. SIX men were burned, four of them, it is feared. fatally. The mine was badly dam aged. The cause of the explosion is unknown. Eagle City on the American Yukon was connected by telegraph with Dawson City, Oct. 20, giving through service from Eagle to Skagway. The same system is also extended south to Atlin. Eagle is the first town on the American side of the boundary and is about 100 miles fr 111 Dawson. The strike of 400 men at the Royal City Planing mills, Vancouver, B. C., was settled, Wednesday. through the intervention of Federal Labor Commissioner Brenner. The management promised to defer the cut in wages which caused the strike for four months and the strikers thereupon returned to work. Secretary Gage's report has made an excellent impression in financial circles at Berlin. A financier to whom the correspondent of The Associated Press showed the figures, exclaimed: "It is magnificent and confirms the condition of the American money market, as indicated by the various loans to Europe during the year.' Robert Turner. 45 years old. of Taunton, Mass. was found dead by his ro m mate in a room at a hotel at Toronto Ont., Tuesday night, the gas being turned on. He had been there since May last, in the employ of a silver plate company. but was discharged. He left a note saying that despondency over his discharge caused his suicide. Fred T. Gilmore of Baxter. Ia., was knocked senseress, late Tuesday night, near Michigan avenue and Harmon court, Chicago, and robbed of $11,229 in negotiable papers, $23 in money and a watch. The robbers, Wm. Cummings and Geo. Hayes, after a desperate battle with detectives, were captured and all the boo y save the watch and money was recovered. Gilmore went to Chicago to exhibit cattle at the Live Stock show. Elmer J. Smart, assignee for the Rochester Savings Bank of Richester. N. H., which closed its doors three years ago, owing to the absorption of its business by other banks that were able to pay a higher per cent. of interest. states that he has petitioned the supreme court to grant a hearing Dec. 29. for the final settlement of the bank's affairs. It is expected that the final dividend of 13 7-10 per cent. will be paid to depositors, Jan. 10, 1901. Judge Lacombe, in the United Sta es circuit court at New York, Wednesday. issued an order for the Anglo-American Savings and Loan Association of New York to appear before him, Dec. 7. and show cause why an injunction should not be granted and a receiver appointed as asked for in a bill 01 complaint of James W. Carpenter, Marvin P. Carter and Pulaski P. Carter against the association. The order restrains the association until further notice of the court from making any transfers or conveyances of their property or making payments of any kind to stockholders or to withdrawing stockholders. Two men, one about 50, the other 20