Concord Savings Bank (Concord, NH)

Episode Information

Episode UID
1365936590899
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
savings
Bank ID
136593659 hash
Start Date
November 1, 1874*
Location
Concord, New Hampshire (43.208, -71.538)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
04265b24c92479b3

Response Measures

None

Description

The bank suspended and petitioned the court to reduce deposit accounts to match depreciated asset values, effectively a permanent adjustment/closure of the original obligations.

Events (3)

1. November 1, 1874* Run
Cause
Bank Specific Adverse Info
Cause Details
Bad securities, wild cat bonds, and depreciated assets in a depressed money market.
Measures
Paid out $600,000 to depositors before suspending.
Newspaper Excerpt
depositors, who have been making a heavy run on the bank for some weeks.
Source
newspapers
2. December 1, 1874 Other
Newspaper Excerpt
trustees have petitioned the superior court to appraise the value of the remaining securities in the bank, to determine the losses of the unsatisfied depositors.
Source
newspapers
3. December 1, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy run and depreciation of securities forced suspension to prevent further loss to remaining depositors.
Newspaper Excerpt
The Concord Savings Bank suspended yesterday after paying out $600,000 to depositors
Source
newspapers

Newspaper Articles (15)

Article from Evening Star, December 2, 1874

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A BROKEN SAVINGS BANK.-The - Concord (N. H.) Savings Bank suspended yesterday after paying out $600,000 to depositors, who have been making a heavy run on the bank for some weeks. The trustees have petitioned the supe. rior court to appraise the value of the remaining securities in the bank, to determine the lesses 01 the unsatisfied depositors.


Article from Wilmington Daily Commercial, December 2, 1874

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The Legislature of Ohio met yesterday. In the House it was resolved to appoint a committee to prepare amendments to the State Constitotion. A resolution asking Congress to fix the salary of the President at $25,000, was tabled. The public debt statement for December 1 shows a decrease of $123,427. The cabinet session yesterday lasted two hours. All the members except Secretary Robeson and Attorney General Williams were present. The whole time was occupied in discussing the President's message. At Williamsport, Pa, yesterday, Barney Me. Cue was convicted of the murder of John Dieter, at Muney Dam, on the 25th of October last, Jealously is supposed to have cansed the crime A. C. Ferber, Chief of Police at Seranton, Jacob Ferber, and J. H. Schlager were arrested yeaterday for the murder of Michael Kearney, on the 14th ult. The New York and Canada Railroad was opened for travel from Whitehall to Port Henry on Monday. It will probably be completed within a year. A despatch from Boston saye that yesterday was the cooleet day of the season thus far in the East the therometer ranging from 3 degrees below zero to 7 above. The Concord Savings bank, at Concord, N. H., enspended yesterday, aftera "run" of several weeks during which it paid out $600,000 to depositors. Its trustees have petitioned the Superior Court to appraise the value of its remaining securities to determine the loss of the un enti-fled depositors. The miners in Utah are resisti: g the construenon of the Brigham Canon Railroad through their claims. One of them has been arrested for uring on working parties; while the Vice President and employees of the road have been sued for illegally taking mining property.


Article from The Wheeling Daily Intelligencer, December 2, 1874

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. Savings Bank (Suspension. CONCORD, N. H., Deccember 1.-The Concord Savings Bank suspended to-day after paying out $600,000 to the depositors, who have been making a heavy run on the bank for some weeks. The trustees have petitioned the Superior Court to appraise the value of the remaining securities in the bank to determine the losses of the unsatisfied depositors.


Article from Nashville Union and American, December 2, 1874

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Suspension of a Savings Bank. CONCORD, N. H., Dye. 1.-The Concord Savings Bank suspended to-day after paying out $600,000 to depasitors, who have been making a heavy run on the bank for some weeks. The trustees have petitioned the Superior Court to appraise the value of the remaining securities in bank, to satisfy the loss of creditors not yet paid.


Article from The Daily Argus, December 2, 1874

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and township officers on the second Tuesday succeeding the first Monday in Novem ber. Also to authorize the election of township trustees for three years, which was laid on the table. A resolution was also offered and laid on the table asking Congress to fix the salary of the President of the United States at $25,000. NEW YORK, Dec.1. -The call for a mass meeting of 'longshoremen, last night, filled the great hall of the Cooper Institute to overflowing. Among the audience were In Train and a number of Communists and a couple to air their extreme views, were with but little favor, one sought cognized received ternationalists, George Francis agitators, and of other but whom was rehustled out of the hall. Of the speakers previously announced, there appeared only Richard O'Gorman and Colonel John R. Fellows, who addressed the audience, both expressing their sympathy with the troubles of the laboring classes, but cautioning them against placing themselves before public opinion as disturbers of peace and violaters of the law. TROY, N. Y., Dec. -Work will be resumed on Monday next in the factories un der the old scale of employers' prices, which the workingmen refused to accept at the time of the late strike. There are more applicants for work than can be furnished with employment. MANCHESTER, N. H. Dec. 1.-The ufacturing companies of this city, which have been running on short time, began on full time this week. CINCINNATI, Dec. 1.-A - Gazette Hunt, ington, W. Va., special says sixty six employes of the Chesapeake & Ohio railroad struck to-day for wages earned in the past four months No trains came out from Huntington except an engine with a mail The strikers declare that no freight or car. passenger trains shall move until their claims are liquidated. CONCORD. N. H., Dec. 1.-The Concord savings bank suspended to-day after pay ing out $600,000 to depositors, who have for been making a heavy run on the bank some weeks. The trustees have petitioned the Superior Court to appraise the value of the remaining securities in the bank to determine the losses of unsatisfied depositors. NEW YORK, Dec. 1.-Philadelphia dispatches say that the failure of the sale of Forney's Press to Colonel McClure was the beresult of a brisk cable correspondence tween Colonel Forney and a number of Republican politicians in that city, the latter if proffering their liberal financial support the paper was continued as a regular party organ. The question involved was purely political, and the funds raised to purchase the Press will now be devoted to the purchase of the Industrial Age, and making it an independent daily, the first number of which will appear January 1, 1875. The coroner held an inquest this afterover the remains of the late Mayor and the jury gave a R that died of heart disease. noon Havemeyer, he The verdict funerFriday. The of the city government ments takes place several depart- to-day adopted the usual resolutions. RACINE, Wis., Dec. 1.-A fatal accident occurred here to-day, by the bursting of an th emery wheel, at the Racine Hardware Manufactory, causing the instant death of boy 16 years of age, named Hobson, the son of the matron of the Taylor Orphan Asylum. WILLIAMSPORT, Pa., Dec. 1.-Barney otl McCue was convicted to-day of the nurer of JADeEtre, on the 14th of October last, at Mincy Dam. ity WILKESBARRE, Pa., Dec. 1.-A C. Ferer,Chief of Police of Scranton, and Jacob Ferber and J. H. Seblager were arrested to-day on a charge of the murder of Mich ult.. Kerney, in Scranton, cho 14th were brought here this afternoon. NEW YORK, Dec. 1.-During a quarrel 14 Tuesday night last between Henry on Brown and Michael Malony, private watch on South street, the latter struck the men former on the head with a club, causing a wound from which he died to-day. Maony was arrested.


Article from The Portland Daily Press, December 2, 1874

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NEW HAMPSHIRE. Savings Bank in Trouble. CONCORD, Dec. 1-The trustees of the Concord Savings Bank suspended payment this morning, and a petition was presented to Judge Smith of the Superior Court and the Bank Commissioners, setting forth that the large and continued call of depositors for their funds, thereby forcing the sale of the bank's securities at a great depreciation, in the present depressed money market, tends to reduce its assets in such a manner as eventually to sub. ject the remaining depositors to actual loss, and praying the court to appraise, fix and determine the amount of such loss and the present market value of said assets, and reduce the deposit account of each of said depositors SO as to equitably divide the last amount to said depositors. The run upon the bank has been heavy, some $600,000 having been drawn in the past few months, reducing the deposits from $1,550,000 to $950,000, and with every prospect of a con. tinuance of this run, the trustees have taken this action, believing it to be for the best interests of the depositors. Meeting of the Republicau State Committee. CONCORD, Dec. 1.-A meeting of the Republican State Committee was held at Eagle Hotel in this city this eveaing, and the several conventions were appointed as follows: State convention at Concord, Tuesday, Jan. 2d, at Eagle Hall. Congressional conventions, district No. 1. at Dover, Jan. 21st; district No. 2, at Manchester, Jan. 13th; district No. 3, at Lebanon, Jan. 13th. The meeting was very fully attended, and was said to be the largest that has been held for several years. Among the prominent men who were present and spoke were Senator Wadleigh, Congressman Pike and Luther McClutchins, Republican candidate for Governor last year. It is thought the latter may be renominated for Governor, but the names of Hon. B. F. Preseott of Epping and Hon. Chas. H. Bell of Exeter, are prominently mentioned in connection with the candidacy. In the first Congressional district Wm. B. Small of Newmarket may be renominated, though the names of Hon. Chas. Doe of Rollinsford and J. J, Morrill of Guilford are spoken of. In the secend district Hon. Austin F. Pike of Frankin, the present Congressman, will undoubtedly receive the nomination, but in the event of his declining the choice will probably fall upon Maj. James F. Briggs of Manchester. Several candidates are brought forward in the third district, among whom are Col. Henry W. Blair of Plymouth, Chester Pike of Cornish, Levi W. Barton of Newport and Ossian Ray of Lancaster. The chances seem decidedly in favor of Blair of Plymouth. It is thought Col. Daniel Hall, chairman of the state committee, will preside at the meeting. The prohibition state conventiod to nominate a candidate for Governor will be held here tomorrow. The present indications are that the convention will be small and that Nathaniel White of thiscity will receive the nominatio n.


Article from The Rutland Daily Globe, December 2, 1874

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Savings Bank Suspended. CONCORD, N. H., Dec. 1. The Concord savings]bank suspended today, after paying out $60,000 to depositors, who have been making a heavy run on the bank for some weeks. The trustees have petitioned the superior court to appraise the value of the remaining securities in the bank in order to determine the losses of unsatisfied depositors.


Article from Ellsworth American, December 3, 1874

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Suspension of a N. H. Savings Bank. CONCE RD. N. II.. Dec. 1. The Trustees of the Concord Savings Bank suspended payment this morning. and a petition was presented to Judge Smith of the Superior Court and the Bank Commissioners setting forth that the large and continued call of depositors for their funds, thereby foreing the sale of the bank securities at a great depreciation in the present depreciated money market, tenas to reduce its assets in such a manner as eventually to subjeet the remaining depositors to actual loss, and praying the court to appraise fix, and determine the amount of such loss, and the present market value of said assets, and reduce the deposit ac count of each said depositors, 80 as to equally divide the loss among the said creditors. The run upon the Bank has been heavy, some $600,000 haying been drawn in the last few months, reducing the deposits from €1.660,000 to 9050,000. with every prospect of a continuance of this run. The trustees have taken this action, believing it to be for the best interests of the depositors.


Article from The St. Cloud Journal, December 3, 1874

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THE Concord (N. H.) Savings Bank suspended payment Thursday. OTTER TAIL COUNTY.


Article from The Portland Daily Press, December 4, 1874

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of Baltimore, has again denounced Gladstone's recent pamphlet.-The memoirs of the late President Juarez of Mexico will be published, and important revelations in regard to the Maximillian dynasty are expected.-The directors of the Direct Cable Company will endeavor to raise funds to lay another cable.-Mr. Saund. ers has received his exequatur as vice consul at Berlin.-Boston Park Commissioners have prepared a report recommending a series of parks around the city to be connected by boulevards.-No white man has entered the Black Hills region since Custar's expedition, so says Gen. Sherman's report.β€”The Dominion of Canada wants a liberal amount of space at the Philadelphia Centenuial.-During the last year 71 national banks have been organized, with an authorized capital of $4,000,000. Three have failed and 20 gone into voluntary liquidation.-The late Moses Day of Boston, left $88,000 for charitable purposes.-Boston wants more postoffice room-The Boston & Lawrence road has been opened.-Emigration from Germany will be heavy the coming year owing to the enforcement of the landwehr law.-It is reported that Mullett is to be given a foreign consulship.-The Globe Theatre, Boston, which was destroyed in the great fire, has been rebuilt and will be opened to-night.-C'ara Morris, the distinguished actress, has just married T. C. Harrot,a nehpew of Mayor Havemeyer. The marriage took place within an hour of the Mayor's death. IN GENERAL. An effort will be made to reduce the production of iron. The monufactories at Troy, N. Y., have partially resumed work. The Cheap Transportation Convention of which Josiah Quincy of Boston is president, is in session at Richmond, Virginia, with 75 delegates. Employes of the Chesapeake & Ohio Railroad struck for unpaid wages and no trains passed over the road east of Huntington, West Virginia, except a mail car, on Tuesday. The King of the Sandwich Islands has arrived in San Francisco. He will visit Washington. Affairs in Louisiana are yet disturbed. It is rumored that the Legislature will recognize McEnery for Governor. Trouble may be expected there at any time. The Concord Savings Bank suspended payment, Tuesday, to save the sacrifice of its securities. There had been a run on the bank for several days, and a large part of its deposits drawn out, The bank officers have asked the courts to appraise the securities and reduce the deposit account of the depositors so as to share the loss among them. Bad securities, wild cat bonds, etc., are the causes of the trouble. The Grand Encampment of the Knights Templar is in session in New Orleans. The procession at the reception of the visitors was most brilliant. The new railroad line from Portland to Worcester, Mass., was formerly opened on Tuesday. A train carrying the city government of Portland, members of the board of trade and other distinguished gentlemen along the line of the road, left Portland in the morning for Worcester, where the city government, board of trade and the Worcester and Nashua Railroad Co. tendered a reception, which was a most brilliant affair. This new line brings New York


Article from Burlington Weekly Free Press, December 4, 1874

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NEW ENGLAND NEWS. BANK SUSPENSION. CONCORD. N. H., Dec. 1.-The Concord Savings Bank suspended to-day, after paying out $600,000 to depositors who have been making a heavy run on the bank for some weeks. The trustees have petitioned the superior court to appraise the value of the remaining securities in the bank to determine the losses of unsatisfied depositors. DISASTROUS FIRE AT WILTON. WILTON, N. H., Dec. 2.-A fire broke out here at five o'clock this morning, which destroyed the business portion of the town. The fire caught in Wallace's block and spread, destroying that building; loss $8,800. fully insured; Masonic Hall, loss $2,000, insured for $1,000; Charles Tarbell's building, occupied by the postoffice and Bradbury's apothecary shop, loss $4,000, insurance $2,000; D. B. Needham's store and goods, loss $5,000, insurance $3,000: Frank Kent, loss $3,500, insurance $2,000; Wilton Savings Bank in Brown's block, loss $3,000, insurance $2,000; Hon. Charles H. Burns, law library, etc., loss $1,000, fully insured; the town library saved one-third of the books, insured for $2,000, which covers the loss; Whiting House (a large and well known hotel) loss $25,000, insured for $18,000 the furniture in the hotel was owned by W. A. Jones, loss $6,500, insurance $3,000 Alfred E. Jaques, grocer, loss $10,000, insured for $6,500 Wm. S. Taggard, boots and shoes, loss $2,500, partially insured ; Mrs. Wm. P. Demicele, store, loss $500; Samuel Abott's cottage, loss $1,500, insured; Dr. Henry Trevett, apothecary, loss $7,000, insured $4,500; N. D. Foster, stock $6,000, insured $4,000 Whitney House stable, loss $3,000, probably insured; S. F. Hutchinson loss $1,000, insured; Tarbell & Seal, loss $1,500, insured; Samuel Center, loss $1,000, insured; JΓ‘s. Hanniford, loss $500; Railroad Hotel, loss by removal $500, insured. PROHIBITION STATE CONVENTION. CONCORD, N. H., Dec. prohibition state convention met to-day. It was resolved that the traffic in intoxicating drinks is a wrong of such magnitude that its suppression is imperatively demanded by both national and state legislation, enforced by a vigilant executive ; also, that the convention favored a speedy return to specie payment, and insists on an honest an economical administration of thegovernment, a large reduction both in the number and salaries of officials, a just and equal system of taxation, the most liberal educational system for the masses, and e very possible encouragement to labor. The following candidates for Congress were nominated: 1st district. Rev. A. C. Hardy, of Portsmouth; 2d district, J. M. Fletcher, of Nashua; 3d district, Edward H. Weston, of Whitefield.


Article from The Carbon Advocate, December 5, 1874

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The Concord (N. H.) Saving Bank suspended Tuesday, after paying out $600,000 to depositors, who have been making a run on the bank for some weeks. The trustees have petitioned the Superior Court to appraise the value of the remaining securities in the bank to determine the loss of unsatisfied depositors.


Article from The Democratic Advocate, December 5, 1874

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Financial Items. It turns out that the creditors of Jay Cooke & Co. will not get a dividend. Henry Clews & Co. New York, have been adjudged bankrupt. Henry Gambs, public administrator, St. Louis, Mo. is a defaulter to the amount of $45,000, and has absconded. The Concord, N. H. Savings Bank, suspended on Tuesday. On Monday the Bank of England advanced its rate of interest from five to six per cent. John F. Seymour, crockery dealer in New York, has failed. Liabilities estimated at $200,000. The weekly statement of the New York banks, issued on Saturday, shows a large decrease in the reserve, owing to the heavy shipments of currency to the South and West, which may be regarded as favorable to an increased activity in business.


Article from The Grange Advance, December 8, 1874

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WEDNESDAY, Dec. 2.-The public debt It last month was decreased $123,427 now looks as if the creditors of Jay Cooke & Co., would be left out in the cold, the debts of individual members of the firm absorbing all the assets The Concord N. H. Savings banks suspended Tuesday after paying out $600,000 to depositors, who have been making a heavy run on the bank for some weeks Henry Clews & Co. of New York have finally been adjudicated bankrupt The Cheap Transportation convention assembled at Richmond, Va., Tuesday. Representatives from nearly all the Southern States, and States bordering on the Ohio and Mississippi rivers were present. Gen. Rosser representative from Minnesota, was appointed on the committees on resolutions and on reports Gen. Robt. A. Tyler, chief Q. M., of the military district of the The Atlantic, died at Boston Monday funeral of Mayer Havemeyer will take place Friday. His sudden death was from heart disease A German John named Borchest living near, Watertown, Wis., was murdered Monday night by a blow on the head with a hammer. His wife and two step daughters have been arrested on suspicion of being the perpetrators A. C. Ferber, chief of police of Scranton, Pa,, and Jacob Foster and J.H Schlaeger were arrested yesterday charged with the murder of Michael Kearney in Scranton on the 14th ult. The New Hampshire Republican State Convention has been called at Concord, Jan. 12th The propeller Rocket, heavily loaded with merchandise, was cut through by the ice in entering the port of Toledo yesterday and sunk in twelve feet of water One B. C. Mitchell, of Brooklyn, has sued Rev. Dr. Talmadga for slander, laying damages at $5,000. Mitchell was expelled from Dr. Talmadge's church, principally on the testimony of the pastor, who charged him with conduct unbecom News is received at ing a Christian London of the illness of the Czar of Russia, and it is rumored that he is insane Twenty-one lives were lost on the Scottish coast during the gale of Saturday ani Sunday The rebellion in Buenos Ayres is nearly at an end. THURDDAY, Dec. 3.-The position of au perintending architect of the treasury has


Article from The Jasper Weekly Courier, December 11, 1874

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Mayor Havemeyer of New York City dropped dead in his office, from apoplexy, on the 30th. George Labar, one hundred and thirteen years old, died at Stroudsburgh, Pa., on the 29th ult. The Concord (N. H.) Savings Bank has suspended payment. About seventy-five buildings were burned at Karns City, Butler County, Pa., on the 2. Loss $100,000, on which there is but little insurance.