13790. National Granite State Bank (Exeter, NH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
1147
Charter Number
1147
Start Date
January 25, 1873
Location
Exeter, New Hampshire (42.981, -70.948)

Metadata

Model
gpt-5-mini
Short Digest
7081afea

Response Measures

Partial suspension

Receivership Details

Depositor recovery rate
51.6%
Date receivership started
1893-09-23
Date receivership terminated
1898-09-30
OCC cause of failure
Losses
Share of assets assessed as good
35.2%
Share of assets assessed as doubtful
51.3%
Share of assets assessed as worthless
13.5%

Description

A run occurred in January 1873 after the cashier absconded with a reported $200,000 defalcation. Later (Sept. 30, 1873) the directors, facing inability to obtain currency after a run, limited payment to certified checks or drafts on Boston but expected to resume currency payments in a few days. Sequence: run → suspension (partial) → planned reopening.

Events (6)

1. May 15, 1865 Chartered
Source
historical_nic
2. January 25, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
Cashier of the bank absconded / disappeared, leaving a defalcation of about $200,000, triggering heavy withdrawals.
Measures
Not specified in January reports; heavy withdrawals reported. (Later directors certified checks/drafts)
Newspaper Excerpt
THE town of Exeter N. H., was thrown into a high state of excitement on the 25th inst, by the announcement that the cashier ... had disappeared. The banks suffer through the runa. way to the amount of $200,000.
Source
newspapers
3. February 6, 1873 Other
Newspaper Excerpt
The Cashier of the National Granite State Bank, at Exeter, N. H., has absconded, leaving a defalcation of $200,000.
Source
newspapers
4. September 30, 1873 Other
Newspaper Excerpt
It is believed the abating of the financial storm will enable the bank to resume currency payment in a few days.
Source
newspapers
5. September 30, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continued effects of runs and inability to obtain currency following prior withdrawals/financial strain (stemming from cashier's defalcation).
Newspaper Excerpt
Owing to a run on the National Granite State bank of this town, on Monday, and the inability to obtain currency, the directors have decided to honor the checks of depositors only by certifying them or tendering drafts on Boston.
Source
newspapers
6. September 23, 1893 Receivership
Source
historical_nic

Newspaper Articles (3)

Article from Juniata Sentinel, January 29, 1873

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Article Text

THE town of Exeter N. H., was thrown into a high state of excitement on the 25th inst, by the announcement that the cashier of the National Granite State bank and treasure of the Exeter Savings Bank of exeter had disappeared. The banks suffer through the runa. way to the amount of $200,000.


Article from Marshall County Republican, February 6, 1873

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Article Text

NEWS SUMMARY. The East. The nailers and feeders in the Pittsburgh nail mills are on a general strike. Samana Bay Company held a meeting at the other day, and with the San Domingo New tract The York, made elected ratified Government. for the the con- enThe following officers were suing year: A. B. Stockwell, President ; Paul N. Spofford, Vice-President; Henry Clews, The Treasurer; R. R. Hazard, Secretary. company intend purchasing or building three steamers besides the Tybee, which will Bay, run regularly between New York and Samana establishing weekly communication. Sanderson, a lawyer, has sued the Brooklyn Union for $50,000 worth of libel. A New York dispatch of the 22d says: It was painful scene when the sisters, Mrs. Wooda hull and Tennie C. Claflin, and Col. Blood were for the fourth or fifth time taken to court to day to plead to the indictment for the same libel, this time for a repetition of it. Strongminded women and weak-minded men were conspicuous by their absence, and the furnish prisoners, already under heavy bail, could not new bail, and were let out on parole. The Hon. Wm. Cassidy, editor of the Albany Evening Argus, and one of the famous Albany Regency, is dead. The Pennsylvania Constitutional Convention be decided that the State elections shall held has on the Tuesday following the first Monday in November, and city and township elections on the third Tuesday in February. Three persons were swept from a bridge over the Little Delaware river, near Hampden, Del., and drowned, during the freshet. The small-pox is rapidly decreasing in Boston. The Cashier of the National Granite State Bank, at Exeter, N. H., has absconded, leaving a defalcation of $200,000. Pennsylvania will give $1,000,000, and Cen- the city of Philadelphia $500,000, to aid the tennial cause. The West. named Kidder was recently killed near Iowa, by the falling a Epworth, A man of tree. settlers Uriah Howe, one of the first of Manistee, Mich., was recently frozen to death. battle Later intelligence from the scene of with the Modoc Indians, in California, states that 14 whites were killed and 23 wounded. The troops were obliged to leave their dead on the field. The well-known druggist, P. C. Samson, one of the oldest and most prominent citizens of Dubuque, Iowa, died recently, after a lingering illness, of consumption. John Crowder, one of the pioneers of Dubuque county, Iowa, was found dead in a wood. field near his home, where he had gone to cut He died from old age. Six persons were drowned at Evansville, Ind. Ohio recently, while attempting to cross the river in skiff. Hammond, the revivalist, is converting the Bloomington, Ill., sinners. The Grand Army of the Republic meeting, at Dayton, last week, was slimly attended. A disease similar to the epizootic afflicts the Detroit horses. The epizootic is ravaging the Pacific coast. The Modoc Indians, flushed with their recent victory, threaten a raid on the white settlements. The Lake County (Ind.) Infirmary was burn- deed last week. Two insane women were youred by the flames. It is stated that some 1,100 suits are about be entered against the Missouri Pacific and to Atlantic and Pacific railroads of Missouri, for unjust discrimination in freight charges. These suits involve over a million of dollars. Laura D. Fair lectured at Sacramento, the other night, in a lager-beer saloon, having been unable to obtain any public hall. Her subject was, 'Wolves in the Fold." Finding nobody paid to enter the cellar, she ordered the door thrown open for a free lecture. The place was immediately filled. She then went on the platform and delivered the lecture. The Mayor of Detroit has been fined $200 by the Recorder for violating the small-pox ordinance. Capt. Jack, the Modoc Chief, recently at tacked Col. Bernard's camp, and was repulsed white settlers are greatly the and many The of raids by savages, apprehensive families are leaving. The South. Gen. Gordon has been elected United State from The vote stood 112: Alexander H. Senator Gordon, Georgia. Stephens, 14. 86; Attorney-General Akerman, Alexander H. Stephens has been nominate to Congress in Georgia, and accepted. Th Governor will order the election soon. Kentucky is agitating the project of remov ing her State capital from Frankfort to Louis ville. The people of Georgia, Alabama, Florida and other Southern States are seriousl alarmed at the tide of emigration which ha set in from those States to Texas. In Texa the computation is that the arrivals of settle from other States are equal to 6,000 per day tl this is during the present season, but in spring a greater number is expected. Washington. The House Banking and Currency Committe have decided to report a bill relieving nation banks from the operation of the local usu laws. The Commissioner* of Internal Revenue h decided that imitation wines of home manufa ture are exempt from taxation. The Senate has voted, two to one, to aboli the franking privilege after July 1. The f lowing is the vote: Yeas-Alcorn, Anthon Chandler, (Ct.), Ferry Hitchcock, Hamlin, Boreman, Cragin, Ferry Harlan, Casserly, (Mich.), Howe, Cole, Flanaga Conklin Johnso Pratt. Ramsey, Sprague, Wilson, Thurman, Kelly, Scott, Lewis, Sherman, West, Windom Stewart, Sawyer, and Stockto Schu Wrig Naus Ames Eavard Buckingham, C


Article from The Rutland Daily Globe, October 1, 1873

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Article Text

Suspension of Exeter Bank. EXETER, N. H., Sept. 30. Owing to a run on the National Granite State bank of this town, on Monday, and the inability to obtain currency, the directors have decided to honor the checks of depositors only by certifying them or tendering drafts on Boston. It is believed the abating of the financial storm will enable the bank to resume currency payment in a few days.