Article Text
TEMPORARILY CLOSED. EXETER, N. H., July 27.-The Granite State bank temporarily suspended this morning.
13788. Granite State Bank (Exeter, NH)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- July 27, 1893
- Location
- Exeter, New Hampshire (42.981, -70.948)
Metadata
- Model
- gpt-5-mini
- Short Digest
84bff880
Response Measures
Public signal of financial health, Full suspension
Other: Receiver appointed later after discovery of embezzlement by president
Description
Newspapers report a heavy drainage of cash and delayed remittances (a run/withdrawals) causing the Granite State Bank to temporarily suspend payments on July 27, 1893. By November 1893 the bank was in the hands of a receiver and the president was arrested for embezzlement, indicating permanent failure/closure. OCR corrected president name variants (Putnam/Putnam/Putnam).
Events (4)
1.
July 27, 1893
Run
- Cause
- Correspondent
- Cause Details
- Large drainage of cash and delayed remittances from Boston precipitated heavy withdrawals.
- Newspaper Excerpt
- EXETER, N. H., July 27.-The Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound. The embarrassment was caused by the drainage of cash and delayed remittances from Boston. Immediate resumption is expected.
- Source
- newspapers
2.
July 27, 1893
Suspension
- Cause
- Correspondent
- Cause Details
- Temporary suspension declared due to cash drainage and delayed remittances; bank unable to meet payments that morning.
- Newspaper Excerpt
- EXETER, N. H., July 27.-The Granite State bank temporarily suspended this morning.
- Source
- newspapers
3.
November 14, 1893
Receivership
- Newspaper Excerpt
- the present receiver of the bank. ... the bank passed into the hands of Receiver Fuller ... the deposits decreased materially ... about $80,000 standing to their credit. The assets will probably figure up something like $60,000.
- Source
- newspapers
4.
November 17, 1893
Other
- Newspaper Excerpt
- Warren S. Putnam, president of the national Granite State bank of Exeter, N. H., was arrested in Boston ... on the charge of embezzling $30,000 from that institution. The bank of which he was president recently went into the hands of a receiver, the cashier ... refusing to keep the bank open according to the orders of the president.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
SAN FRANCISCO, FRIDAY MORNING, JULY 28, 1893. and Wardner was W $500,000. The capital of the Northwest VESSELS WARNED. RELIEF IN SILVER. the semi-finals in i Loan and Trust Company is $250,000 and match between Hob n. surplus $25,000. er ELLENSBURG, Wash., July 27. - The Neel brothers was Chase and Clark def c Ellensburg National Bank suspended payThe French Announce the Ryerson. ement this morning. No statement was Opinions of the New York issued. George B. Markle, president of Blockade. Bimetallists. IN A CELL the two Portland banks which failed tore d day, is also president of the Ellensburg A Deputy Consta Bank, el Rob nHELENA, Mont., July 27.-The First WILL LEND THEIR PRESTIGE. MORE HEAVY BANK FAILURES FRESNO, July 27.National and the Montana National banks rdeputy constable failed this morning. Jones in Texas for ( The closed banks have ample assets but Good and was charg S. could not realize. The Russian Squadron Will Join the Financial Institutions at Portland and one of the leaders d S. Houser is president of the First NaFrench Fleet in Siamese Waters. t Helena Go Under-Business wood gang, was arre tional. The capital stock is $500,000, surof robbery and burg Rosebery's Statement. Reverses in the East. plus $100,000, undivided profits $600,000, I On January 12 d and average deposits $3,250,000. elderly persons, Cha ilThe First National has a capital and was broken into an d surplus of over $1,250,000. It has paid out Special to THE MORNING CALL Special to THE MORNING CALL I choked and robbed s, over $1,000,000 the past week. The Monbeen suspected all W tana National paid out nearly $500,000. BANGKOK, July 27.-The French fleet NEW YORK, July 27.-Among the numerbeen pursuing the nThe other banks stood the run well. ous incidents that tended to fire things up gave notice of the blockade of the Siamclaimed that the pros ri The heaviest was on the Merchants' ese coast to-day, all outgoing vessels being case. Ball was fix in Wall street to-day the most important st National, but the big depositors came to warned to clear by Saturday or be tied up. was the engagement of $1,000,000 in gold failed to obtain it up the rescue and deposited faster than it was The blockade will extend along the entire in London by Lazard Freres and a further locked up in a ce paid out. north coast of the gulf. There is little Childers denies the drop in the rate of sterling exchange. The The failed banks are among the oldest doubt among the foreigners that it is the feature of the day's operations was the will get even with 1 and strongest in the city. intention of the French to make Siam a purchases of securities for investment. sational developmen C. W. Cannon, A. M. Holter and S. C. French colony, and unless England interForeign buyers were especially active, and Ashley, all leading capitalists, have made THREATENING a conservativa estimate but on foreign feres there is little hope that the French personal assignments. d will desist from extreme measures, alpurchases placed them at 40,000 shares. John T. Murphy is president of the MonA Wisconsin Firm though it is known to them that the GovThe clearing-house committee were in tana National; capital stock, $500,000; Prote ernment of Siam is exceedingly anxious session until the afternoon. The long consurplus, $100,000; undivided profits, $100.to avoid war. MILWAUKEE, Jul ference gave the "fakers" an opportunity 000; average deposits, $1,500,000. It is to-night received a PARIS, July 27.-After the conference to start the report that a large bank was claimed the assets are $1,750,000, and the between the British Embassador and the troops to protect the in trouble. and the announcement of the liabilities $900,000. The officers say the Lumber Company o issue of $1,350,000 clearing-house certifiFrench Foreign Minister this afternoon bank will eventually pay in full. pany asserting tha the following semi-official statement was cates lent some strength to the report. EXETER, N. H., July 27.-The National strikers who have re issued: "It may be taken for granted that Clearing-house officials said their long Granite State Bank temporarily suspended and are using force 1 France intends to settle the questions of session was due to the large amount of this morning. The institution is declared men going to work. treaty violation and national dignity crework before them in the way of shifting perfectly sound. The embarrassment was that the request n ated by Siam's attitude. France's rule of leans, caused largely by the great deprecicaused by the drainage of cash and Sheriff of the county. action will be not to allow foreign interation In prices yesterday. They emphatdelayed remittances from Boston. Imone from Ashland to ference." ically denied the story of a bank being in mediate resumption is expected. trouble. A local paper publishes a St. Petersburg eMIDDLESBORO, Ky., July 27.-The First dispatch to the effect that the Czar has orSterling exchange was demoralized this of DREAD AN National Bank failed this morning. The dered Vice-Admiral Tirtoff, commander of morning. The posted rates were reduced officers of the bank refuse to talk, and it is by the Russian Pacific squadron, to proceed twice, the last time to $4.811/2 and impossible to get either the assets or liabilre to Siam at all available speed. There were heavy parebases of stock on ities. 568 effect on business will be seriit is understood Russia intends to remain foreign accounts. The striugency in Denver Citizens ous, as most of the merchants here were 88 neutral in the French-Siam dispute. money and the increase in the supply of depositors. at LONDON, July 27.-The Pall Mall Gazette Unem bills against grain and cotton caused deof PORTAGE, Wis., July 27.-The Qity Bank moralization. The actual rates are below says this evening that it learns from a high cof Portage closed ite doors to-day. It authority that the Franco-Siamese diffithe gold-importing point. When-delivery is capitalized at $25,000. H. Breese, ex-see enity bas been settled, France having hour passed at the Stock Exchange withm retary of the State, was president of the The Hungry and out the announcement of further failures agreed 19 accept Siam's proposals and to bank. f ing Into the abandon its claims to territory between prices fairly soared, advancing almost as th MOUNT STERLING, Ky., July 27.-The Thous the eighteenth and twenty-third parallels. quickly as they declined yesterday. anew Farmers' Bank closed this morning. In the Lords this evening Rosebery Owing to the low rate of exchange 807g, The failure was caused by an inability to announced that he could not make a full eral large houses considered it a favorable realize on its paper. The deposits amount d time to purchase gold. and this evening it statement regarding the Sispese matter Special to THE to about $3,000,000. The bank holds first was learned that besides the order of until a report had been received from Lord class paper to the amount of $600,000. n Lazard Freres, mentioned above, enough Dufferin in Paris. From the outset, he This evening the officers of the Traders' se DENVER, July 27. said, Great Britain had contined itself to orders have been sent to bring the total Deposit Bank decided to suspend owing to g Italian Arata last nig purchases of gold in London for the providing for the safety of British lives and the heavy run during the day. The bank be United States to nearly $3,000,000. mense ero of idle interests in Bangkok. It had from the eowes $150,000 and has $390,000 of good in Denver what can Delegates from this city to the bimetalbeginning avoided giving advice to Slam, assets. er beyond the occasions when she had asked lic convention to be held at Chicago next violence, and their SPARTA, Wis., July 27.-M. A. Thayer's for it, but had urged her to make terms as of many citizens tha week to-day adopted a lengthy set of reso-. bank and the Bank of Sparta closed to-day. 8. quickly as possible with her powerful lutions, setting forth that the official stasize, having for its p The liabilities of the former are $175,000 se tistics show that the market price of silver neighbor. Nevertheless the British Govthe city, may break 0 and the assets $225,000. The liabilities of nThe thousands of L ernment was not indifferent to the events the latter are $210,000 and the assets bullion has controlled prices for most proits $360,000. already here are bein now passing in Siam. Her great commerducts of American labor, and especially
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BANK FUNDS MISSING. Warree Patness of Enster. a. N., Meet Tell What No Knows of Them. EXETER N. H. Nov. M-Warren F. Patnam. president of the National Granite State bank of this city, was arrested in Boston by United States Deputy Mar shal Galloupe on acharge of embeaaling about $37,000 from the funds of that institation. The arrest was made at the instigation of Arthur a Fuller, a lawyer of Exeter, and the present receiver of the bank. PutBAM has not been in Exeter since the 10th of October last, when be left without saying one word to the officials of the beak in relation to his destination or his return. Exeter people have had a suspicion all along since the back passed into the hands of Receiver Fuller that all was not right when Putusm held away. Even be fore the bank failed in July many intimated that he was dishonest, and ware suit the deposits decreased materially When the collapse came there were something like 300 depositors in the institution and about $80,000 standing to their credit The assets will probably figure up some thing like 860,000. Puteam's wildcat personal investments his neglect of banking methods and his foodness for luxurious life had much to do with his downfall and the bank's failure He is a bachelor. though people here say that under the laws of the state of New York he would be considered . married man. Was Trusted by AIL Putnam came here about . score of years ago, succeeding as cashier of the Granite State bank Appleten State, who departed for South America with $100,000 of other people's money which he has never returned, nor has heaver come back Before coming here Purname served as clerk in the First National bank of Lowell, Mass., and left because of failing health He then worked for a time with an accountant in Boston. For 13 years he served as cashier in the bank here. and did his work so well that he was trusted by all. When he received his promotion to the position of president be grew pompous, and began to get himself generally disliked He seemed to have become affilient, and began making r-al estate purchases which appeared to be good investments, bought an old homestead here valued at about $20,000, and purchased horses and cattle at random. On his small farm be now has about 15 speedy gaited, well-fed animals doing nothing but "eating their heads off His family of three years ago, conalsting of father. mother and sister, came here from Lewell, Mass. to live. Troubles Came In . Bunch. When Putsam's troubles first appeared last July, they came not in single file, but in battalies, and for a time be had the sympathy of nearly every one in town. His mother died, and his sister became helpless invalid through a paralytie shock. Just before the bank went under many of his securities, which were considered good, became worthless, and to those who knew of his dealings it became evident that be was in financial straits He had . gold mine somewhere in Nova Scotia, which he thought he owned, but be found that other stockholders had beaten him out of it. He bad invested wildly to some far westera electric street railway stock, of which he knew practically nothing. and also had a Texas cattle ranch, in which deal he fleeced Professor Westworth of Phillips Exeter, the late Judge Stickney, x-Senater Chase of Kingston, Rev. W. A. Patton of Kingston and others. Everybody in the deal lost, and lost heavily All of his property here, aggregating in value about $40,000, wasfound to be bravily mortgaged, principally to B. Frank Folsom of Stratham, president of the Granite State bank. and the taxes were not paid on any of is till after the property was advertised for sale by the collector. The mortgages on nearly all of Putnam's property have bees within the past few days, and his remaining property has been attached for more than its full value.
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Article Text
# A $30,000 Embezzlement. The Charge on Which an Exeter, N. H., Bank President is Arrested. Warren S. Putnam, president of the national Granite State bank of Exeter, N. H., was arrested in Boston Saturday by Deputy Marshal Galloupe on the charge of embezzling $30,000 from that institution. Mr. Putnam was unable to furnish bail, and was committed to jail. The bank of which he was president recently went into the hands of a receiver, the cashier, C. E. Byington, refusing to keep the bank open according to the orders of the president.