13791. National Granite State Bank (Exeter, NH)

View Charter #1147 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 1147
Charter Number: 1147
Start Date: July 27, 1893
Location: Exeter, New Hampshire (42.981, -70.948)

Metadata

Model: gpt-5-mini
Short Digest: 2d267a7c

Response Measures

Full suspension

Other: Receiver appointment and later discovery/arrest of president for embezzlement.

Description

Multiple contemporaneous reports (July 27–28, 1893) state the bank 'temporarily suspended' due to a 'drainage of the cash supply', 'withdrawal of deposits' and 'delayed remittances from Boston' — indicating depositor withdrawals (a run/liquidity drain) precipitated a suspension on July 27/28. Stockholders later recommended a receiver (Sept 11), and the bank went into receivership; subsequently the president was arrested for embezzlement (Nov). Sequence interpreted as a run causing suspension followed by permanent closure/receivership.

Events (4)

1. July 27, 1893 Run

Cause: Correspondent
Cause Details: Drainage of cash and delayed remittances from Boston led to heavy withdrawals of deposits.
Measures: Officials declared institution sound and expected immediate resumption; no extraordinary liquidity measures reported.
Newspaper Excerpt: the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston.
Source: newspapers

2. July 27, 1893 Suspension

Cause: Correspondent
Cause Details: Temporarily suspended because of drainage of cash and delayed remittances from Boston (inability to meet withdrawals).
Newspaper Excerpt: The National Granite State Bank temporarily suspended payment this morning.
Source: newspapers

3. September 11, 1893 Receivership

Newspaper Excerpt: The stockholders of the long suspended National Granite State bank, at a special meeting this afternoon voted to recommend the appointment as receiver of Emmons B. Philbrick of Rye.
Source: newspapers

4. November 11, 1893 Other

Newspaper Excerpt: Warren T. Putnam, President of the National Granite State Bank of Exeter, N. H., was arrested ... on the charge of embezzling about $30,000 from the funds of that institution.
Source: newspapers

Newspaper Articles (13)

1. July 27, 1893 Evening Star Washington, DC

Article from Evening Star, July 27, 1893

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Article Text

MONTANA BANKS SUSPEND. Two Helena Institutions With Plenty of Assets, but Unable to Realize. HELENA, Mont., July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. 11 a. -The run is now confined principally to the Merchants' National Bank, which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize. S. T. Hauser is president of the First National Bank. The capital stock is $500,000; surplus $100,000; undivided profits $600,000 and average deposits $3,250,000. John T. Murphy is president of the Montana National. The capital stock is $500,000; surplus $100,000; undivided protits $100,000, and average deposits $1,500,000. Other Banks Closed. MIDDLESBORO, Kan., July 27. - The First National Bank of this place closed its doors this morning. The notice upon the door reads: "This bank closed by order of directors. "J. P. SANDIFEE, Cashier." LOUISVILLE, Ky., July 27.-The Sarmers' Bank of Mount Sterling, Ky., suspended payment this morning. EXETER, N. H., July 27.-The National Granite State Bank temporarily suspended payment this morning. The Institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. A resumption of business is expected.

2. July 28, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 28, 1893

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WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.

3. July 28, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 28, 1893

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TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.

4. July 28, 1893 The Herald Los Angeles, CA

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Another New Hampshire Bank Failure. EXETER, N. H., July 27.-The National Granite State bank temporarily BUSpended 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.

5. July 28, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.

6. July 28, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, July 28, 1893

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Exeter, N. H., Bank. EXETER, N. H., July 27.-The National Granite state bank suspended payment this morning. It is declared to be perfectly sound. The present embarrassment was caused by withdrawal of deposits. An immediate resumption of business is expected.

7. July 28, 1893 The Sun New York, NY

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ELEVEN MORE BANKS FAIL. Seven in the West. Three in Kentucky, and One In New England, HELENA. Mon.. July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants' National Bank. which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets. but cannot realize. S. T. Hauser 1s President of the First National. The capital stock is $500,000. surplus $100,000. undivided profits $600.000. and average deposits $3,250.000. John T. Murphy is President of the Montana National. The capital stock is $500.000. surplus $100,000. undivided profits $100,000. and average deposits $1,500,000. SPOKANE. Wash.. July 27.-The First National Bank suspended payment yesterday afternoon. Its doors closed at 2 o'clock. and a'notice was posted announcing that. "owing to continued withdrawal by depositors and inability to realize on securities. this bank will temporarily suspend payment." The Spokane Savings Bank. which is connected with the First National. was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover said that the bank has only temporarily suspended. and all depositors will be paid in full. The bank commenced business in December. 1882. Its paid-up capital is $200,000. PORTLAND. Or., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company. kindred institutions, failed to open their doors this forenoon. Notice on doors says: Owing to withdrawal of deposits and inability to realize on securities this bank is forced to suspend." George B. Markle is President of both institutions. Capital stock of the Oregon National $200,000: surplus. $40,000: average deposits. $500.000. Capital stock of the Northwest Loan and Trust Company. $250,000: surplus. $25,000. MIDDLESBOROUGH, Ky.. July 27.-The First National Bank of this place closed its doors this morning. The notice on the door reads: This bank closed by order of directors." The officers of the bank refuse to talk. and it is impossible to get either assets or liabilities. The effect on business here will be serious, as most of the merchants were depositors. The Coal and Iron. the other bank here. will not be affected. The suspended bank had a capital of $50,000. and its individual deposits aggregated usually about $80,000. MOUNT STERLING. Ky.. July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by inability to realize on its paper. The deposits are about $300,000. The bank holds firstclass paper to the amount of $600.000. The depositors will be paid in full. and the omcers of the bank hope to be able to resume in a short time. The capital stock is $250,000. This afternoon the Breeders' Bank also closed its doors. EXETER. N. H.. July 27.-The National Granite State Bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound. the present embarrassment having been caused by a drainageof the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE. Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market.

8. July 28, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 28, 1893

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A New Hampshire Bank Closed. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended this morning. The institution is declared to be perfectly sound. The embarrassment was caused by drainage of cash and delayed remittances from Boston. Immediate resumption is expected.

9. August 3, 1893 Iron County Register Ironton, MO

Article from Iron County Register, August 3, 1893

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Temporarily Suspended. EXETER. N. H., July 28.-The National Granite State bank temporarily suspended payment yesterday morning. The institution is declared by officials to be perfectly solvent. An immediate resumption of business is expected.

10. August 4, 1893 The Jasper Weekly Courier Jasper, IN

Article from The Jasper Weekly Courier, August 4, 1893

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Temporarily Suspended. EXETER, N. H., July 28.-The National Granite State bank temporarily suspended payment yesterday morning. The institution is declared by officials to be perfectly solvent. An immediate resumption of business is expected.

11. September 14, 1893 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, September 14, 1893

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In the Hands of a Receiver. EXETER, N. H., Sept. 11. - The stock. holders of the long suspended National Granite State bank, at a special meeting this afternoon voted to recommend the appointment as receiver of Emmons B. Philbrick of Rye.

12. November 12, 1893 The Sun New York, NY

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A BANK PRESIDENT ARRESTED. Warren T. Patnom of Exater, N. II., Accused of Embezzling $30,000. BOSTON. Nov. 11.-Warren T. Putnam. President of the National Granite State Bank of Exeter. N. H., was arrested in this city to-day by Deputy Marshal Galloup on the charge of embezzlement from the funds of that institution. It is said that the amount of his embezzlement will reach $30,000. It includes bills of exchange and orders valued at $23,000 and a bond of the Leavenworth Electric Railroad valued at $500. After the arrest, which was made in the street. Mr. Putnam was taken to the Marshal's office in the Post Office building. where he was held to await the arrival of United States Commissioner Sawyer. The National Bank at Exeter recently went into the hands of IL receiver. the cashier of the company. Mr. C. E. Byington. refusing at that time to keep the bank open according to the orders of the President. Mr. Putnam. Mr. Byington was upheld in his course, and the Comptroller appointed Mr. Fuller. a wellknown lawyer of Exeter. as receiver. Mr. Putnam went to Exeter A number of years ago to become cashier of the National Bank there. He is a man of very prepossessing appearance. Ultimately he became its President and the owner of a good part of its stock. His only hobby or extra expense. 80 far as known. was that of owning fast horses, his stable including a dozen or more time roadsters. While conducting the Exeter bank he became interested in several outside matters. one being the construction of an electric road up one of the White Mountains. He was about 50 years of age, and unmarried.

13. November 13, 1893 Pawtucket Tribune Pawtucket, RI

Article from Pawtucket Tribune, November 13, 1893

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BANK FUNDS MISSING Warren Putnam Must Tell What He Knows. SOME ONE TOOK $27,000. How He Conducted the Affairs of the National Granite Bank. EXETER, N. H., Nov. 13.-Warren F. Putnam, president of the National Granite Sae bank of this city, was arrested in Boston by United States Deputy Marshal Galloupe on charge of embezzling about $27,000 from the funds of that institution. The arrest was made at the instigation of Arthur O. Fuller, a lawyer of Exeter, and the present receiver of the bank. Putnam has not been in Exeter since the 10th of October last, when he left without ay. one word to the officials of the bank in relation to his destination or his return. Exeter people have had a suspicion all along since the bank passed into the hands of Receiver Fu ler that all was not right when Putnam held sway. Even before the bank failed in July many intimated that he was dishonest, and as a result the deposits decreased materially. When the collapse ca e there were something like 800 depositors in the institution and about $80,000 standing to their credit. The assets will pr bably figure up something like $60,000. Putnam's wildcat personal investments, his neglect of banking methods and his fondness 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 a married man. Was Trusted by All. Putnam came here about a score of years ago, succeeding as cashier of the Granite State bank Appleton Shute, who departed for South America with $100,000 of other people's money which he has never returned, nor has beever come back. Before coming here Purnam served as a 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 he grew npous, and began to get himself generally disliked. He seemed to have become affluent, 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 he now has about 15 speedy gaited, well-fed animals doing nothing but "eating their heads off His family of three years ago, consisting of father, mother and sister, came here from Lowell. Mass., to live. Troubles Came In a Bunch. When Putham's troubles first appeared last July, they came not in single file, but in battalion, and for a time he had the sympathy of nearly every one in town. His mother died, and his sister became a helpless invalid through a paralytic 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 he was in financial straits. He had & gold mine somew here in Nova Scotia, which he thought he owned, but be found that other stockholders had beaten him out of it. He had invested wildly in some far western electric street railway stock, of which he knew practically nothing and also had a Texas cattle ranch, in which deal he fleeced Professor Wentworth of Phillips Exeter, the lave Judge Stickney, ex-Senator Chase of Kingston, Rev. W. A. Patton of Kingston 24 d others. Everybody in the deal lost, and lost heavily. All of his property here, aggregating in valueabout $40,000, wasfound to be h avily moregaged p incipally to B. Frank Folsom of Stratham, ex-president of the Granite State bank, and the taxes were not paid on any of it till after the property was advertised for sale by the collector. The mortgages on nearly all of Putnam's property have been within the past few days, and his remaining property has been attached for more than its full value.