13818. Amoskeag Savings Bank (Manchester, NH)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
February 26, 1878
Location
Manchester, New Hampshire (42.996, -71.455)

Metadata

Model
gpt-5-mini
Short Digest
7c2d59af

Response Measures

Accommodated withdrawals, Partial suspension

Description

Multiple contemporaneous newspaper reports (Feb 25–27, 1878) describe a run prompted by rumors that the bank would suspend; directors then enforced the thirty day rule (a suspension). No article mentions reopening or permanent closure, so outcome is unclear.

Events (2)

1. February 26, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor that Amoskeag Savings Bank was about to suspend following other local bank closures; caused ~200 depositors to withdraw funds.
Measures
Bank kept open two hours later than usual to accommodate withdrawals.
Newspaper Excerpt
Fully two hundred persons withdrew their deposits yesterday and the bank was kept open two hours later than usual, in order to accommodate the anxious depositors.
Source
newspapers
2. February 26, 1878 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors invoked the 30-day rule (temporary suspension of payments) in response to the continued run sparked by rumors of impending suspension.
Newspaper Excerpt
In consequence of the continued run on the Amoskeag savings bank the directors have enforced the thirty day rule.
Source
newspapers

Newspaper Articles (6)

Article from Daily Press and Dakotaian, February 26, 1878

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Article Text

MISCELLANEOUS. -FAILURES. New Orlleans, Feb. 26.-Allene, Scherck and Antey. prominent cottonfactors, have issued a private circular to their creditors. announcing suspension. They are preparing a statement of their affairs. Cincinnati, Feb. 26.-Taylor, Leslie & Co., a large Fourth street notion house. made an assignment yesterday.. FOR PARIS. Philadelphia, Feb. 26 -The Constitution sailed to-day with 500 tons of exhibits for the Paris exposition. The remaining exhibits here will be transferred to Brooklyn, for shipment. by the Portsmouth and W ming. SUSPENDED. Manchester Feb. 26.-In consequence of the continued run or the Amoskaeg Savings bank the directors have enforced the 30 days rule.


Article from The Cincinnati Daily Star, February 26, 1878

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Article Text

Solid Savings Bank. National Associated Press to the Star. MANCHESTER, N. H., Feb. 26.-The suspension of the City Savings Bank and the closing of the different banks on Washington's birthday gave rise to a runior that the Amoskeag Savings Bank, of this city was about to suspend. Fully two hundred persons withdrew their deposits yesterday and the bank was kept open two hours later than usual, n order to accomodate the anxious depositors. The officers of the bank state that the rumor is entirely without foundation. They can, they say, pay dollar for dollar and still have a surplus of over $150,000.


Article from The Rock Island Argus, February 26, 1878

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Article Text

NEW HAMPSHIRE MANCHESTER, Feb. 26.-In consequence of continued run on the Amoskeag Savings bank the Directors have enforced the : thirty day rule.


Article from The New Orleans Daily Democrat, February 26, 1878

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Article Text

Run on the Amoskeng Savings Bank. MANCHESTER, N. H., Feb. 25.-The suspension of the City Havings Bank, and the closing of the different banks on Washington's birthday, gave rise to rumor that the Amoskeag Savings Bank, of this city, was about to suspend, Fully two hundred persons withdrew their deposits to-day, and the bank was kept open two hours later than usual in order to accommodate the anxious depositors. The officers of the bank state that the rumor is entirely without foundation. They can, they say, pay dollar for dollar and still have R surplus of over $150,000,


Article from Daily Globe, February 27, 1878

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Article Text

GONE DOWN. Sherman's Financial Policy Bears a Large Crop of Failures. OTTAWA, Ont., Feb. 26.-E. McGiloray, wholesale grocer, has called a meeting of creditors. Direct liabilities are small, but indirect are said to be over half a million. NEW YORK, Feb. 26.-Among the nominal assets of Fouse, Hershberger & Co., mercantile agents, are $15,738 claims against branch agencies, which was offset by claims against assignors for failure to carry out their contracts. Fouse & Hershberger are still in Ludlow street jail, and there are seven orders of arrest out for Haring, the other partner, who has left the State. The assets here are small. Some of the local creditors contemplate taking proceedings to discover what assets are available in other cities, which are not covered by the assignment under the State law here. MANCHSETER. N. H., Feb. 26.-In consequence of the continued run on the Amoskeag savings bank, the directors have enforced the thirty day rule. The bank statement shows absolute solvency. NEW ORLEANS, Feb. 26.-Alens, Scherch & Antey, prominent cotton factors, have issued a private circular to creditors, announcing their suspension. They are preparing statements of affairs. CINCINNATI, O., Feb. 26.-Taylor Leslie & Co., a large Fourth street notion house, made an assignment yesterday. GLASGOW, Feb. 26.-Stevenson & Coats, grain millers, have failed. Liabilities $500,009. Sr. JOHNS, N. B., Feb. 26.-J. and J. Hegan & Co. dry goods and carpet merchants have failed. Liabilities large. MONTREAL, Feb. 26.-A writ of attachment is issued against Stephen Davidson & Co. Liabilities about $120.000; assets $80,000. NEW YORK, Feb. 26.-Kate Claxton, the well known actress, has gone into voluntary bankruptcy under her real name of Kate E. Lyon, and a warrant for her adjudication has been issued. The proceedings are taken in order to release herself from liabilities on a deficiency on mortgages held by her on behalf of her husband, Dave Lyon, and in which she never had any real interest, and from liability on notes made by her husband and endorsed by her. Her husband was discharged from his liability by going through bankruptcy last year. Liabilities are nominally $65,000, but of this amount she is directly responsible for only $6,100, the balance being joint liability with her husband. Assets are estimated at about $8,500, consisting of cash, ladie's wardrobe and theatrical paraphermalia. An injunction has been granted against the sehriff and Messrs. Drossy and Robinson, restraining them from taking any further proceedings towards collecting their judgments and claims and enjoining supplementary suits in the State courts.


Article from Evening Star, February 27, 1878

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Article Text

n At Arlington, Ky., Monday night, the safes of Boswell & Holt and of Ringo & Mc. Donald were blown open and robbed. the former of about $10,000 and the latter of $200. Police Captains Foley and Seibert, of New York, have been dismissed, the former for withholding a warrant to be served on the latter for perjury. In consequence of a continued run on the Amoskeag savings bank, Manchester, N. H., the directors have enforced the thirty days rule. is Senator Bruce has written a letter to his colored constituents in Mississippi advising against emigration to Liberia.