13770. Sullivan Savings Institution (Claremont, NH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 1, 1895*
Location
Claremont, New Hampshire (43.377, -72.347)

Metadata

Model
gpt-5-mini
Short Digest
5bcb0b63

Response Measures

Full suspension

Other: Voluntary liquidation/receivership appointed; dividend later paid by receivers.

Description

Newspapers describe heavy withdrawals (a run) beginning late 1895 that led trustees to obtain an injunction in Feb 1896 closing the bank. Commissioners later sought a receiver and receivers were appointed Jan 2, 1897; receivers paid a dividend during 1897 while the institution was liquidated. Cause is bank-specific: imprudent western mortgage investments by the bank/president John L. Farwell precipitated the run and suspension. Dates are taken from article publication dates and internal references.

Events (4)
1. December 1, 1895* Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals triggered by revelations and rumors about large bad western mortgage investments handled/guaranteed by bank president John L. Farwell and nonpayment of certain promised disbursements (prize money); heavy withdrawals in late 1895 and supplementary outgo in early 1896.
Measures
Trustees sought injunction restraining the bank from receiving or paying deposits; later placed in hands of receivers.
Newspaper Excerpt
the great distrust caused by the non payment of the prize money caused a run to be made upon the savings bank, the withdrawals amounting to over half a million in a few months.
Source
newspapers
2. February 14, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Injunction issued after heavy withdrawals and discovery of large depreciated western land loans and impaired assets; bank restrained from receiving or paying deposits by court at request of trustees/commissioners.
Newspaper Excerpt
The doors of the Sullivan Savings Institution of Claremont were closed by injunction yesterday.
Source
newspapers
3. August 12, 1896 Other
Newspaper Excerpt
It has been announced to the depositors of the Sullivan Savings Institution that the only course open to the managers is that of voluntary liquidation through the appointment of a receiver.
Source
newspapers
4. January 2, 1897 Receivership
Newspaper Excerpt
Judge Chase of the supreme court appointed Hon. Francis C. Faulkner of Keene and Henry C. Sanders of Claremont as joint receivers of the Sullivan Savings institution at Claremont.
Source
newspapers

Newspaper Articles (17)
1. February 15, 1896 Bellows Falls Times Bellows Falls, VT
Article from Bellows Falls Times, February 15, 1896

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Sullivan Bank of Claremont Goes Under. The doors of the Sullivan Savings Institution of Claremont were closed by injunction yesterday. The bank is one of the oldest institutions of its kind in the State of New Hampshire, having been chartered in 1838. Its closing will shake the town from center to circumference, because there are now upward of 3000 depositors on its books, principally farmers, and this in spite of the heavy withdrawals made last year, amounting to over half a million of dollars, with the supplementary outgo of $160,000 since January 1. Bank Commissioner Thomas Walker of Concord said: "We have had the Claremont Savings Bank under our consideration for several mc nths, chiefly because we found that out of $1,452,302.17 in securities represented in their resources there were $626,203.44 in loans secured by these western farm mortgages and western city mortgages, there being $170,000 included in the latter. Most of these have not been paying interest for the past year or two because of failure in the crops. We considered that almost 50 per cent of the resources of the bank invested in such uncertain mortgages as these was too much for the institution to safely rely upon, and therefore we said so. Those figures were given us upon the date of the last report, October 29, 1895. The failure of the bank is due wholly to large investment in western mortgages. By the report made by the savings bank to the commissioners October 29 it appeared that the liabilities were: $1,376,262.39 Amount due depositors 65,000.00 Guaranty fund Interest 10,297.75 Due banks 2,493.86 $1,454,054.00 Promium on hands impaired 1.751,83

2. February 19, 1896 The Enterprise Wellington, OH
Article from The Enterprise, February 19, 1896

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EAST. In a wreck in the yard of the Consolidated road at Pittsfield, Mass., on the 14th four locomotives valued at $10,000 were badly smashed. The accident was caused by the Great Barington local running through an open switch and plunging into the locomotives. The Sullivan savings institution, of Claremont, N. H., has been enjoined by the state bank commisioner from doing further business. The bank was opened in 1838. The consent of Senator Quay has been obtained to allow his name to go before the republican convention as a candidate for president. At Buffalo, N. Y., on the 16th the four-story brick building owned by the American Tool & Ax Co., of New York, and occupied by a number of manufacturing firms, was destroyed by fire, causing $65,000 loss. Abraham M. Beitler, the present director of public safety of Philadelphia, has been appointed associate judge of the court of common pleas No. 1 of that city, to fill the vacancy caused by the death of Judge Allison. Fire déstroyed the residence of Frederick Perchin, of Pittston, Pa., on the 12th. His children, Henry and Emma, aged respectively 4 and 15 years, were burned to death. An execution was issued against George. Shulmyer, coal dealer and paper manufacturer, of Lancaster, Pa., on the 11th for $10,000. Other judgments against Shulmyer make the aggregate $25,642. The Pullman sleeping car Wyndham was completely wrecked by an explosion of gasoline in the Pennsylvania railroad yards at Pittsburg on the 15th. Mrs. Laura Foss and Miss Sadie Conroy, car cleaners, and the car porter. James Richards, colored, were badly injured. The following officers were elected by the seventeenth national congress of the National Trotting association at New York City on the 12th: President Hon. P.P. John, Lexington, Ky.; first vice president, David Bonner, New York; second vice president, N. T Smith, Menlo Park, Cal.

3. February 21, 1896 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, February 21, 1896

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NEW HAMPSHIRE NOTES. Sullivan Savings Institution of Claremont Closed Has Lost Over $500,000 in Deposits. An injunction has been issued by the supreme court, at the request of the trustees, restraining the Sullivan institution of savings at Claremont from receiving or paying deposits. The bank is one of the oldest of its kind in the state, having been chartered in 1838 Its closing came as a great shock to the town, as there are upward of 3000 depositors on its books, principally farmers, and this in spite of the heavy withdrawals made last year. amounting to over $500,000, with the supplementary outgo of $160,000 since Jan. 1. The amount due depositors Jan. 1 was $1,376,262. It was feared by the commissioners that in meeting the demands' of those depositors who insisted on withdrawing their deposits the bank would be forced to dispose of some of its gilt-edged securities, and that a large lot of western land loans would be left for the remaining depositors, on which but little might be realized. Years ago Mr. Tapley, an old resident, left $30,000 to the town, a large part of which was invested in Nebraska mortgages at 6 per cent by one of the trustees, John L. Farwell, the president of the Sullivan savings institution. The income, in accordance with the wish of the donor of the fund, has been applied to the payment of prizes to the school children of Claremont, each of whom has received a remembrance each year, ranging in value from 50 cents to $3. The money on the Nebraska mortgages was not forthcoming last year on account of poor crops, and Mr. Farwell announced that the prizes would not be paid to the children. The great distrust caused by the non payment of the prize money caused a run to be made upon the savings bank, the withdrawals amounting to over half a million in a few months. The present step is simply taken by the bank itself to deal equitably by its depositors and treat all alike. The resources of the bank seem sufficient to meet all its obligations. John Farwell has been connected with the Sullivan savings bank since 1852. It was founded by his father in 1838, and has in great measure, it is understood, been in the management of the Farwell family in three successive generations. Mr. Farwell has been both treasurer and president, which latter office he now holds, and his sons, George N. Farwell and John L. Farwell, jr., are also represented in the government of the bank. President Farwell says that he considers the bank solvent unless too strong a pressure is brought to bear upon it. He is confident, he says, that the institution will work its way through its present troubles, which were due to the depression of the business of the country and the failure of the crops in the West for the past two or three years, which prevented farmers from paying their interest.

4. August 12, 1896 The Providence News Providence, RI
Article from The Providence News, August 12, 1896

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MUST GO INTO LIQUIDATION. Only Way Open to Depositors in Sullivan Savings Bank. CLAREMONT, N. H., Aug. 12.-It has been announced to the depositors of the Sullivan Savings Institution that the only course open to the managers is that of voluntary liquidation through the appointment of a receiver. This fact was learned at a meeting of the depositors held last night, which was not adjourned until a late hour, and at which about 500 of those whose money is in the bank were present. The situation was thoroughly discussed by those interested, and while the receiver's method was not said to have been decided upon, the treasurer and trustees are of the opinion that no other satisfactory plan can be devised.

5. November 20, 1896 New-York Tribune New York, NY
Article from New-York Tribune, November 20, 1896

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SWALLOWED UP INTHEWEST A NEW-HAMPSHIRE BANKER'S UNFORTUNATE INVESTMENTS. JOHN L. FARWELL OF CLAREMONT. HAS TAKEN REFUGE IN EUROPE. AND HIS CLIENTS ARE SAID TO HAVE LOST THE BETTER PART OF $1,000,000. Boston, Nov. 19.-A special dispatch to "The Herald'' from Claremont, N. H., says: "The banker. John L. Farwell, of the Sullivan County Institution for Savings, has gone to Europe and has left $1,000,000 of largely depreciated or worthless paper behind him. Mr. Farwell handled money for a large number of depositors and investors, and the cash, it is said. was sunk in worthless investments in Western land and stock speculation. The bank was closed recently by the Commissioners. "The Farwell family has been favorably known here for several generations. George N. Farwell, father of the present representative, was an incorporator of the Sullivan Institution, and it was a matter of family pride to maintain that as the best savings bank in NewJohn L. life, success was Hampshire in early and of his interest Farwell higher entered than marked its that service in keeping its rate of other banks A belief in his business judgment led to the intrusting to him of sums for individual investment, Mr. Farwell guaranteeing the principal and 6 per cent interest, and keeping any excess of interest as his fee. "For some time matters went well on this basis, but about ten years ago the boom in certain Western localities collapsed. and Mr. Farwell was one of the investors who hunted wide and arid areas had their money on. through what they placed trying to locate Since Mr. Farwell's departure for Europe many cases been found where he money lands men Government have pre-empted loaned by who on skipped away before the first interest was due. dealt a on mortgages he as guarantees He through Nebraska accepted banker, whose sufficient. The Bank Commissioners have found that this 'banker' would guarantee anything. from a sandbank to a bunch of alfalfa, that he could raise a mortgage on. Sullivan County depositors hold hundreds of thousands of dollars of his worthless guarantees. "Mr. Farwell showed courage in his attempts to straighten at his affairs. No one questioned his honesty. Money was still intrusted to him for investment, and still he placed it on Western mortgages, believing that the lane of financlal depression must eventually have a turntwo and a half years ago Mr. ing. were About pressed upon Farwell for the demands payment To of principal and interest of defaulted notes. meet these he mortgaged to their full value his holdings of Western lands. Stories of his troubles, getting at last to the depositors. caused a year ago last Christmas a run on the Sullivan Institution, and ultimately led to its closing by the Commissioners. "After this Mr. Farwell seemed to give way to his troubles, and made less effort to meet his obligations. The demands on him were not lessened, but he received them nonchalantly, saying that with time he would pay up everything. In July, by advice of his intimate he sailed for Europe. reIt was turn friends, in September. rumored. intending however, to and that he would be arrested if he returned. many think he will never be seen in Claremont again."

6. November 20, 1896 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, November 20, 1896

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"A MILLION OR MORE GONE." A Financial Crash for Claremont and Sullivan County, N. H.--John L. Farwell is Abroad and Little is Known About the Immense Sums Which He Invested for Others. "A Million or More Gone, Heavy Loss to Small Investors of Sullivan County, N. H.," were the startling head lines under which the Boston Herald of Thursday reviewed the record of John L Farwell, for many years the financial king of western New Hampshire, who is now traveling through southern Europe for his health. It has been known for several months that an immense sum of money handled by Farwell was in a bad entanglement, including $53,000 belonging to the Episcopal dioces, but few people outside of Sullivan county had little idea of the serious side of the case until the Herald told the complete story. Mr. Farwell was expected to return Sept 1, but did not come. Hundreds of people, including widows and orphans, want to know where the money they intrusted to his care has gone, and also if the reports 80 generally current on the streets are true, that they have lost nearly, if not quite all. they placed in his hands to invest for them, either as chief of the savings bank or as guide and financial adviser at 2 per cent per annum for all who were willing to place confidence in him. In speaking of the amount involved the Herald says: Here are the figures: In the Sullivan institution for savings, $1,250.000: in trust funds and personal friendly investments, st two per cent per annum per investment, $500,000. Every cent of that has been out of sight since John L. Farwell went to Europe for his health, and that in the savings bank has been hidden for a much longer time. Of this total of $1,750,000 some is coming back How much no one can tell until John L. Farwell gets through traveling for his health. It is hoped that from 20 to 30 per cent of the total amount will be realized on the immense amount of formidable promises to pay which have been found among the effects of the gentleman in Europe. It is doubtful. however. according to the best financial information to be secured in the town, if 80 great an amount is realized. One quarter of the whole amount, 25 per cent, would be most sat isfactory to 99 out of 100 of the unfortunates. One quarter of $1,750,000 is $437,500. Therefore, if all that amount is saved, then a loss to the prople in Sullivan county will not be more than $1,212,500. Comparatively few investments were made from outside Sullivan county, and nearly all the people who had investments through Mr. Farwell were in moderate circumstances. Mr. Farwell was a man in whom explicit confipence was placed. His father was the founder of the Sullivan Institution for Savings, and Mr. Farwell grew up in the bank and for many years had been its executive head. He gained a remarkable reputation for skill in placing money. and he guaranteed six per cent int-rest and received two per cent for his work in selecting the mortgages. As in many other cases all went well for a time, but with a reduction in rates and hard times among the farmers in certain parts of the West conditions changed. There 18 evidence to show that in some case S Mr. Farwed descended to irregularities in indorsement of notes and he settled with one woman rather than to have the facts become known in court When the defaults became numerous Mr. Farwell evidently tried to stave off disgrace and it is intimated that he like others "robbed Peter to pay Paul." Rumors that all was not right started a run on the Sullivan Institution for Savings late last year, and the bank had to suspend business, but not until $600,000 had been paid out to e amorous depositors. After the closing of the bank Mr. Farwell made a brave effort to take care of the business which had been placed through him and said that he only needed time to straight-n out everything. He appeared to breaking down in health and last July he went abroad 10r what was announced to be a two months' stay. 'Vhen Mr. Farwell is to return nobody seems to know. The Herald claims that certain attorneys threaten to have him arrested in case he returns. The Herald says; "Lawyers who had been given claims to investigate began to receive reports from the West. In some cases investors who supposed they held mortgages on property in the West found that the loans had been paid and that the money had not been handed to them, and that no new security had been receive In addition to th Epi-copal funds elsewhere spoken of the school funds of Claremont are also involved. No one knows today the exact standing of the Stevens fund of $10,000. The Tap. pan school fund was $30.000 and $20,000 which is in town bonds is intact, but the other $10.000 like the Stevens fund cannot be discovered at present. Thère is also some question about the Fisk library fund of $5000.

7. November 27, 1896 Middlebury Register Middlebury, VT
Article from Middlebury Register, November 27, 1896

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General News. Mrs. Scott-Siddons, the celebrated ress, died at Paris Friday. Mrs. Sidd was born in India in 1848 and was granddaughter of Jane Siddons, the f mous English tragedian. She made dramatic debut in Boston in 1868, ing the role of Lady Macbeth. John H. Hoffer, for twelve years ier of the First national bank of non, Pa., is a self-confessed embezzler An examination of his book shows defalcation amounting to nearly $110 000. He had confessed judgment to bank for $30,000. His bond cannot found. It is not known what amount is for, nor who are the sureties. An old deed bearing date of May 1767, has been tound among the records Chillicothe, O., conveying title to 7,000 000 acres of land in the Northwest which St. Paul, Minneapolis and smaller towns are located. The was originally granted to Jonatha Carver by the Nawdawissie Indians, his heirs. C. B. Hollow and O. U. could never establish their claim becaus the deed was lost. Negotiations are nearly completed the establishment in Rome, N. Y., of first beet sugar factory in the State New York. The First New York Sugar company, with a capital of 000, has been incorporated for the pose, and the capital is practically placed. The plant at Farnham. Quebe 40 miles north of Montreal, is to be moved to Rome, the owners there ing the principal interest. The official returns of the vote in Dakota show the election of the electors and the fusionist nominees congress. governor, lieutenant-governo attorney-general, auditor and railwa commissioners by pluralities runnio from 107 to over 800. The plurality the electors is 191. The republicans State treasurer by the small margin two votes and State superintendent secretary of state each by less than votes. Thomas A. Edison, the wizard of tricity, makes a startling announcemer as the result of some recent remarkab experiments made in his West Orange N.J., laboratory. He asserts that in three years the blind shall even men without eyes shall be able see. The only prerequisite is that optic nerve shall be intact, and, with the case, he pledges himself that blind shall see. shall distinguish objects shall know the difference between light, moonlight and the dark, shall able to distinguish the difference colors and shall recognize their friends. Bradstreet's, the New York financia weekly, said of the business situatio in its issue of last Saturday: "Jobber and other wholesale dealers in merchandise do not report the anticipa ted increases in the volume of distributed this week. The mild weath er had an unfavorable influence, but sharp drop in the temperature inclines stimulate the demand for seasonable fabries. There are increased purchase of holiday goods, and the tone of market for staples is one of encourage ment. The many industrial enterprise which have started up continue a ure of each day's news bulletin, there is reason to believe the cance of these exhibits has been emphasized in some instances. The were 308 business failures in the Unite States this week. 50 more than last but 15 fewer than in the correspondin week one year ago." A Claremont, N. H., special to Boston Herald says: Banker John Farwell of the Sullivan County tion for Savings has gone to Europe has left $1,000,000 of largely depreciate or worthless paper behind him. Farwell handled money for a large ber of depositors and investors, and cash, it is said. was sunk in worthles pur ladd mestern of speculation. The bank was closed cently by the commissioners. Mr. Farwell's departure many cases been found where he loaned money

8. November 30, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 30, 1896

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financial history of this country how the New Hampshire savings banks were looted by swindling westerners, and how the sharp work of which the banks had been victims was discovered in 1895 and 1896, at a cost to many people which cannot be estimated in dollars and cents. Now that the trouble is fairly over, and there is no danger of a run on any institution in the state through fear of other failures, men who have dreaded the advent of each day because they were afraid that fresh news of disaster would come before nightfall, are willing to tell something of how the state, for the loss eventually will be felt by the commonwealth, came to be robbed by the sharpers of the west. While many banks beside those above mentioned have been in straits for the past two years, there is practically no danger that those which have withstood the shock to this late day will be forced to suspend. It has been felt for some months that if the story of the New Hampshire savings banks suspensions was printed, and the reasons for their failure given, it would cause such a run on the solvent institutions, and create so great a lack of confidence in them, that many banks with securities worth dollar for dollar would be unable to stand the strain in the hard times. Happily, there is no such danger felt now, and one of the most prominent financial men in the state told a representative of the Boston Herald today that he did not think there was a savings institution doing business in the state but would pay all its depositors in full, and keep on paying them interest, although a somewhat smaller rate than has been in vogue. The 22 suspended banks and savings institutions, a list of which has been given, had deposits aggregating $17,866,791.48. Of this amount it is hardly possible that more than from 70 to 75 per cent will be paid. This, therefore, involves a loss of $4,466,697.87. Besides this it means that practically all this vast amount, $4,440,217.80, has been withheld from the depositors since the banks suspended, the suspensions, of course, coming on different dates. Some of the banks have had their injunctions modified, and in some cases arrangements were made that small sums should be paid needy depositors up to a certain per cent of their deposits, but, as a whole, the amounts in care of the banks haven't been paid out. For example, the Keene Guaranty bank has been permitted to pay out 25 per cent, the Milford 15 per cent, the Francestown 10 per cent, the Hinsdale 10 per cent and the Keene Five Cents 15 per cent. It must not be understood that the losses in every case will amount to 30 per cent. This is by no means sure. For example, it is estimated that the Cheshire institution of Keene will pay almost dollar for dollar, and in a number of others about 90 per cent will be realized. But in others the loss will be much greater, notably the Sullivan Institution for Savings in Claremont, where nearly all is gone, and in which town SO much suffering exists at present. So, taking the whole state through, it is probable that the amounts to be deducted from the depositors' accounts will reach an average of from 25 to 30 per cent. Therefore, The Herald's figures are based on a shrinkage of the smaller figure, 25 per cent. On this basis the loss to New Hampshire depositors will amount to $4,466,697.87, and this is not taking into account that the money tied up in enjoined institutions has not earned a dollar of interest for from six to eighteen months, not a small sum to lose by any means, when figured in the aggregate on the total amount of deposits in the unsound institutions.

9. December 2, 1896 The Providence News Providence, RI
Article from The Providence News, December 2, 1896

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Farwell's Bank In Court. Concord, N. H., Dec. 2.-The savings bank commissioners of New Hampshire yesterday filed a petition for the appointment of a receiver for the Sullivan Savings institution of Claremont, the financial affairs of which have recently been brought to public attention through the prolonged absence in Europe of John L. Farwell, president of the institution. After hearing the petition of the bank commissioners, Judge Chase decided to grant a hearing on the application next Thursday.

10. January 2, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, January 2, 1897

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Receivers For a Savings Bank. CONCORD, N. H., Jan. 2.-Judge Chase of the supreme court appointed Hon. Francis C. Faulkner of Keene and Henry C. Sanders of Claremont as joint receivers of the Sullivan Savings institution at Claremont. Mr. Faulkner is a member of Governor Busiel's council, and Mr. Sanders is the treasurer of the defunet bank.

11. January 2, 1897 The Providence News Providence, RI
Article from The Providence News, January 2, 1897

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Savings Bank Receivers, Concord, N. H., Jan. 2.-Judge Chase of the supreme court yesterday appointed Hon. Francis C. Faulkner of Keene and Henry C. Sanders of Claremont as joint receivers of the Sullivan Savings institution at Claremont. Mr. Faulkner Is a member of Governor Busiel's council and Mr. Sanders is the treasurer of the defunct bank.

12. January 7, 1897 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, January 7, 1897

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INTERNATION The White Hall, Mich., Savings Bank was closed on Saturday. A blizzard raged Sunday over most of Minnesota and the Dakotas. Polly Brannum died in Knoxville, Tenn.. on Sunday. aged 109 years. Major Edward Schofield was inaugurated Governor of Wisconsin Monday. The Citizens' National Bank of Fargo, N. D., was closed on Saturday. A receiver has been appointed for the Little Rock & Mississippi railroad. Cardinal Guglielmo Sanfelice di Acquavella, archbishop of Naples, died Sunday. The Sullivan Savings Institution of Claremont, N. H., has been placed in the hands of assigness. The Hotel Peermont, on Seven Mile Beach, N. J., was destroyed by fire Sunday. Loss, $25,000. The German Lutheran Church at New Bremen, O., was hurned on Friday night. Loss, $30,000. The statement that the Japanese are assisting the rebels in the Philippine Islands is officially denied. The borough of South Chester. Pa., is to be annexed to the city of Chester, making a city of 30,000 inhabitants. William Ridall, who built the first boat that ran on the old Pennsylvania canal, died at Wilkesbarre, Pa., Sunday. Commander Joshua Bishop and Assistant Engineer R. E. Carney have been placed on the retired list of the "RABU A fire in Montreal on Saturday damaged McFarlane & Co. 's wholesale stationery store to the extent of about Assistant Surgeon L. W. Atlee, U. S. N.. has been transferred from the Richmond to the Naval Hospital at Philadelphia. freight train on the Missouri Pacific railroad ran into a landslide near Holden. Mo., Sunday, and three of the crew were killed. The Western Paper Bag Co., of Northick "A" eqf jo euo "III Bataria, B 10 вравq eqf a! person REM Plants, receiver on Saturday. Thirteen miners were suffucated or ur ere B JO there B SB death 01 pearnq the Santa Gertrusi silver mine, at Pachuco, Mex., a few days ago. Thomas Bram, mate of the barkentine Herbert Fuller, was found guilty in Boston on Saturday of the murders committed on that vessel last July. According to a cablegram from Berlin. France and Russia have agreed to intervens to prevent a breach between the United States and Spain. A young man, supposed to have been Charles Scranton of Rochester. N. Y., was blown from a train at New Brunswick, N. J., on Saturday and killed. The H. Gibby and Boston & Lockport Block Co. s founderies, in East Boston, Mass were damaged by fire '000'0F$ Jo queixo eq: 01 Surriday do Senator Wolcott sailed from New York for Eugland on Saturday to confer with European bimetallists as to the prospects for an international conference. A fire in Nashville, Tenn., yesterday destroyed a number of large business houses on the public square. The total Insses, it is estimated, will reach 000'000$ The employes of the Illinois Steel Co. have been notified that their wages will be cut, on February let. There are 3,500 men employed at the South Chicago mills. The employes of all the mines in the Massillon, O., district, about B JO account no struch have 'new 000's reduction in the price of pick mining from 61 to 51 cents per ton. A traffic arrangement has been entered into between the Wheeling & Lake Erie railway and the Baltimore & Ohio, whereby the former company is to enter Cleveland over the latter line. Richmond's dry goods store, at Kingston, Ont., was burned on Saturday; loss, $60,000 to $70.000. The South Essex Preserving Co. factory, at Kingston, was also destroyed; loss, 000'00$ John A. Wood, a porter in a hotel at White River Junction, Vt., shut himSature- uo una tous B 9114 twice IIes day, and, failing to inflict a mortal wound, jumped from a fourth story window. Bella Smith, colored, killed her husband in New York Sunday by stabbing him in the neck with a pair of scissors. She claims that she acted in defence of her 6-years-old child and berrelf It is said that the California Congressional delegation has received assurances from Canton that if they can settle their factional differences the Golden State will receive a cabinet At Fonda, N. Y., on Saturday, two boys found the body of Lewis Erkenbrack, a wealthy farmer of Johnstown. on the bank of the Mobawk river. It is believed that Erkenbrack was murdered and robbed. Safe blowers started a fire in the "O N Charlotte eqs 10 Purpling Observer on Saturday night. It spread 80 rapidly that the men in the newspaper composing room barely had time to get out, losing their clothing

13. July 12, 1897 The Providence News Providence, RI
Article from The Providence News, July 12, 1897

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WILL PAY A DIVIDEND. Receivers of Sullivan Savings Bank Reply to Criticisms. From $120,000 to $180,000 Will be Paid to Depositors by September. Claremont, N. H., July 12.-It appears that the statement concerning the affairs of the Sultivan Savings Institution, published last week, which intimated that there was little prospect of an immediate dividend to relive the anxious depositors whose monev is tied up under receivership process, caused considerable indignation on the part of the receivers, who state positively that a dividend of from 10 to 15 per cent will be paid before Sept. 1, and possibly as early as Aug. 15. Both Mr. Faulkner and Mr.[Sanders, co-receivers of the institution are authority for this announcement. This dividend, Mr. Sanders states on the books as proved will set loose from $120,000 to $180,000 to be drawn by the depositors and put in circulation in Claremont and vicinity. The imputation that Mr. Farwell unloaded the Claremont National Bank stock on the Savings Bank at a fancy figure, is without substantiation. It is true he sold some of his stock to the bank at price of recorded last auction sale, afterward took it back and gave his note to the Savings Bank, leaving the stock as collateral. The Savings Bank is actual owner of 502 shares, and 90 shares are held as collateral on the note of Messrs. J. L. and George M. Farwell. The total holdings of Claremont National Bank stock cost $135 per share. Mr. Sanders says the Claremont National Bank stock is today worth $125 per share as shown by the books.

14. July 16, 1897 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, July 16, 1897

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NEW HAMPSHIRE NOTES. Bank Dividend Will Let Loose from $120,000 to $180,000 in Claremont. It appears that the statement concerning the affairs of the Sullivan savings institution, published last week, which intimated that there was little prospect of an immediate dividend to relieve the anxious depositors whose money is tied up under receivership process, caused considerable indignation on the part of the receivers, who state positively that a dividend of from 10 to 15 per cent will be paid before Sept. 1 and possibly as early as Aug. 15. Both Mr. Faulkner and Mr. Sanders, co-receivers of the institution, are authority for this announcement. This dividend, Mr. Sanders states, on the books as proved will set loose from $120,000 to $180,000 to be drawn by the depositors and put in circulation in Claremont and vicinity. The imputation that Mr. Farwell unloaded the Claremont National bank stock upon the savings bank at a fancy figure is without substantiation. It is true he sold some of his stock to the bank at the price of last recorded auction sale, but afterwards took it back and gave his note to the savings bank, leaving the stock as collateral. The knife has been put to all questionable assets of the national bank, and the total amount charged off is $36,000, leaving a surplus of $30,000; of the amount charged off much is due to depreciation in market value of stocks and bonds and already a part of this apparent loss has been regained by the better market prices, and since Feb. 1 the bank has received over$1000 from Western notes that were charged off in above amount to $36,000. The assets of the Claremont National bank do not show any premium on the $50,000 of government bonds, neither do they show the value of bank building, one-half of which is owned by the bank, and this building is assessed at $12,000; adding premium on bonds $5500 and half building $6000 to surplus of $30,000, and the bank has $41,500 surplus, and the value of the stock is $127.50 per share.

15. July 17, 1897 Bellows Falls Times Bellows Falls, VT
Article from Bellows Falls Times, July 17, 1897

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Banking in Claremont. The receivers of the Sullivan Savings Institution state positively that a dividend of from 10 to 15 per cent will be paid before September 1, and possibly as early as August 15. Both Mr. Faulkner and Mr. Sanders, co-receivers of the institution,are authority for this announcement. This dividend, Mr. Sanders states, on the books as proved, will set loose from $120,000 to $180,000, to be drawn by the depositors and put in circulation in Claremont and vicinity. The imputation that Mr. Farwell unloaded the Claremont National Bank stock upon the Savings Bank at a fancy figure is without substantiation. It is true that he sold some of his stock to the bank at the price of the last recorded auction sale, but afterward took it back and gave his note to the savings bank, leaving the stock as collateral. The savings bank is actual OWI er 502 shares, and 90 shares are held as N. of George collateral to Farwell. the note The of Messrs. total holdings J L. and Claremont National Bank stock cost $135 per share. Mr. Sanders points out the fact that while there may be a shrinkage on Claremont National Bank stock owing to the price established by persons who sold for third parties, yet the stock is today worth $125 per share as shown by the books. The savings bank has $73,000 worth of National Bank stocks at book value. Of this 502 shares are of the Claremont National Bank, 50 of the National Bank of Redemption of Boston and eight of the First National Bank of Newport, N. H. Reckoning the first at par, the National Bank of Redemption at 111, the First National Bank of Newport at 125 per share, and the market value of these stocks would be $57,000. a shrinkage of only $16,000, instead of $30,000 as has been reported. Mr. Frank P. Vogl, agent of the Monadnock Mills, and who held the office of President of the Claremont National Bank after Mr. Farwell, resigning at the annual meeting of stockholders because of other business, and who still retains a position in the bank as one of its directors, making the following statement: On November 1, 1896, the Claremont National Bank showed a surplus of $66,000; from that date to April 1, 1897, the knife' has been put into all questionable assets, and the total amount charged off is $36,000, leaving the surplus now at $30,000; of this amount so charged off much is due to depreciation in the market value of stocks and bonds, al d already a part of this apparent loss has been regained by better market prices, and since February 1 we have received more than $1000 from western notes that were charged off in the above amount of $36,000. The assets of the Claremont National bank do not show any premium on the $50,000 of Government bonds, neither do they show the value of the bank building, one-half of which is owned by the bank, and this building is assessed at $12,000; adding premium on bonds, $5500, and halt building, $6000,to surplus of $30,000, and we have $41,500 surplus, and the value of the stock is $127.50 per share."--Boston Journal.

16. August 18, 1897 The Providence News Providence, RI
Article from The Providence News, August 18, 1897

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DEPOSITORS EASY. No Rush to Get the 15 Per Cent Dividend at the Claremont Bank. Claremont, N. H., August 18.-The dividend of fifteen per cent. which was foreshadowed in an interview with the receivers of the Sullivan Savings Institution, recently, is now being paid. The total amount paid out was $175,000. No excitement prevails and the withdrawals have been very light. Messrs. Sanders and Faulkner, the receivers, are in attendance at the bank and an ample force of clerks is at hand. out there seems to be a surprising apathy on the part of the depositors to get their money. This is taken to indicate a healthy condition of finances :in Claremont in spite of the hard times which followed the suspension of the bank and the disappearance of John L. Farwell, its president, a condition which is greatly appreciated by the business men of the place.

17. November 24, 1897 Bellows Falls Times Bellows Falls, VT
Article from Bellows Falls Times, November 24, 1897

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CLAREMONT. Miss Isabel Dutton, clerk at the bookstore, is confined to her home on account of illness. The S. H. S. football team has arranged for a game Thanksgiving day with the Windsor high school team. The Union Thanksgiving service will be held at the Methodist Episcopal church, the Rev. O. C. Sargent preaching the sermon. Mrs. Cowles of Sunapee is at her son's, James Cowles's, on Central street. She is accompanied by her granddaughter, Miss Zoe Hart. At the Baptist church Sunday the pastor, the Rev. O. C. Sargent, preached on "Man in Relation to Man," at the morning service, and in the evening took for his subject "Christ, and Those Without the Religious Cult." Sunday morning about 7 o'clock smoke was seen issuing from the jewelry store of H. A. Carr on Pleasant street. The fire was discovered to be in the cellar and was easily extinguished. Mr. Carr places his loss at from $600 to $800, mostly from smoke. No alarm was rung in The football game scheduled for Saturday between the Stevens high school and Colby academy teams at Newport was cancelled. The Stevens high school second eleven went to Windsor, winning from the Windsor high school team, 4 to 0, while the town team went to Lebanon, losing by the score of 10 to 0. The question oftenest asked here is, What progress are the receivers of the Sullivan Savings bank making, and what is the outlook for the depositors? H. S. Sanders, one of the receivers, in conversation said that fair progress was being made and that with the improvement in business in the west, he hoped the returns to the bank would prove better than was anticipated. The residents of the village south of the Concord and Claremont railroad tracks have been canvassing that section as to the proper name for it. For years it has been known as Severenceville, after the Severences who formerly owned a part of that section. The result of the canvass has been in favor of the name of South Village, instead of Severenceville, by vote of 65 to 1.