Norway Plains Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: March 29, 1878
Location: Rochester, New Hampshire (43.305, -70.976)

Metadata

Model: gpt-5-mini
Short Digest: 460ed535

Response Measures

None

Description

Article (March 29, 1878 dateline) reports the Norway Plains Savings Bank at Rochester scaled deposits sixteen per cent. in compliance with the orders of the Bank Commissioners and says depositors will lose about $100,000. No run is mentioned; action appears to be by bank commissioners (government action) and the wording implies a failure with losses. It is not explicit that a receiver was appointed or that the bank permanently closed, but the statement that depositors will lose funds suggests closure/failure rather than a temporary suspension, so I classify as suspension_closure. OCR corrected 'N, H.' to 'N.H.' and used the dateline March 29, 1878 for the event date.

Events (1)

1. March 29, 1878 Suspension

Cause: Government Action
Cause Details: Scaled deposits 16% by order of the Bank Commissioners leading to depositor losses.
Newspaper Excerpt: The Norway Plains Savings Bank at Rochester scaled deposits sixteen per cent. in compliance with the orders of the Bank Commissioners, Depositors will lose in the aggregate $100,000.
Source: newspapers

Newspaper Articles (1)

1. April 4, 1878 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, April 4, 1878

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Article Text

SHERMAN 'PROTECTION" FRUITS. " Take care of the rich, and the rich will take care of the poor." New York, March 28.-Young. Smith & Co., 811gar importers, have failed. Liabilities, $300,000. Cincinnati, March 29.-Caleb Carpenter. a hardware dealer of Covington, Ky., hasfiled a petition in bankruptcy; liabilities, $75,000; assets, $70,000. Great Falls, N, H., March 29.-The Norway Plains Savings Bank at Rochester scaled deposits sixteen per cent. in compliance with the orders of the Bank Commissioners, Depositors will lose in the aggregate $100,000. Chicago, March 29.-The Garden City Chemical Works, on Michigan avenue, were badly damaged by fire this afternoon. Loss on building, $1,500 on stock, $7,000 insurance, $12.500. New Orleans, March 29.-The failure of McGee, Snowden & Violett, cotton factors, is reported. Albany, March 29.-In the case of the Six Penny Savings Bank, New York, Justice Westbrook announced to day that he would appoint a receiver for the bank. He also said that he should not consider the sale, under a foreclosure of the bank. as a violation of the injunction. Justice Westbrook has appointed Hon. Wm. F. Russell. of Saugerties, formerly member of Congress, receiver of the Six Penny Savings Bank, New York. San Francisco. March 29.-Belle, Gullivson & Co., carpet dealers, have failed. Liabilities are $40,000, and assets $50,000. Inability to collect outstanding accounts is the cause of the failure Louisville, Ky., March 30-E. T. Warner, an extensive wholesale dealer in Kentucky whiskys, in this city, made an assignment yesterday. Mr. Warner is universally respected and bas the sympathy of the entire community. He is probably the largest dealer in his line in Central Kentucky, and his failure is regarded as a public misfortune. His liabilities are $225,600.17; assets, $113,800. Philadelphia, March 29.-Henry Ashurst, a prominent member of the Stock Board, failed this afternoon, causing great surprise, as he was con sidered one of the richest members of that body. W. P. Caldwell, another broker, has failed, but his indebtedness is said to be small. Freemont, March 25.-The Citizens' Savings Bank of Findlay, O., suspended this morning for sixty days. The deposits were over $250.000. Boston, March 25.-The Home Savings Bank has been granted a continuance of the injunction, the directors believing that after a few weeks the condition of its affairs will warrant the resumption of business under the protection of the recent sav ings bank law. New York, March 25.-Terry & Wells, of Riverhead, L. I., who recently made such a disastrous failure, have made an offer to compromise with their cred tors at twenty cents on the dollar. The deficiency of the firm is upward of $75,000.