13883. Security Savings Bank (Winchester, NH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
June 26, 1896
Location
Winchester, New Hampshire (42.773, -72.383)

Metadata

Model
gpt-5-mini
Short Digest
23afedeb

Response Measures

None

Description

Articles (June 26-27, 1896) report the Security Savings Bank of Winchester was enjoined on recommendation of the state bank commissioners from paying or receiving deposits. Officers called the action temporary; suspension was by state authority prompted by heavy withdrawal demands and impaired marketability of securities (West investments and depressed market), with local mill closures increasing calls for cash.

Events (1)

1. June 26, 1896 Suspension
Cause
Government Action
Cause Details
Temporarily enjoined from paying or receiving deposits on recommendation of state bank commissioners due to heavy withdrawals after local mill closures and illiquid/depreciated securities (West investments).
Newspaper Excerpt
Upon recommendation of the state bank commissioners the Security Savings bank at Winchester ... have ceased paying or receiving deposits. The officers say the suspensions will be temporary.
Source
newspapers

Newspaper Articles (5)

Article from The Windham County Reformer, June 26, 1896

Click image to open full size in new tab

Article Text

FIVE MINUTES WITH THE NEWS OF THE COUNTY AND VICINITY. Newell's Enterprises. Newell, the healer, yesterday bought the famous mineral springs at Sadawga, where he is to put up a bottling 8 house and do a large business with the water. The springs are on the farm where Brigham Young was born, which Newell now owns. He was in Brattleboro Tuesday on his way back from New York where the papers gave him columns of space and where he treated some 150 people. While here Mary Howe Lavin was one of those he treated. Tomorrow he goes to Boston to treat two of the greatest of America's authors. Two New Hampshire Banks. The Security Savings bank at Win chester, N H, with $240,000 deposits and the Hinsdale Savings bank at Hinsdale with $255,000 deposits were enjoined Wednesday on the appli ation of the state commissioner from paying out any more money. Both claim to have assets 8 cient to pay dollar for dollar if obliged to sacrifice them in th times. The trouble is the "West investments" and others of a similar character, which have cut such a wide swath in' New Hampshire banks. sup plemented of course bylarge withdraw als from- people out of work. The difference in the banking laws and systems of the two states is illustrated by the fact that all through these hard times not a single one has gone down in Vermont, :unless we count the Orwell Trust company and there is not one but is in healthy shape, while it may be doubted if in the end a dozen will survive in New Hamphire.


Article from The Topeka State Journal, June 26, 1896

Click image to open full size in new tab

Article Text

N. Hampshire Banks Suspend. Keene, N. H., June 26.-Upon recommendation of the state bank commissioners the Security Savings bank at Winchester and the Hinsdale Savings bank at Hinsdale have ceased paying or receiving deposits. The officers say the suspensions will be temporary.


Article from The Providence News, June 26, 1896

Click image to open full size in new tab

Article Text

Pressed For Ready Cash. Keene, N. H., June 26.-The Security Savings bank of Winchester, and the Hinsdale Savings bank of Hinsdale were yesterday temporarily enjoined from paying out or receiving any money: Since the mills have been closed in the Ashuelot valley, the call for money on deposit has been frequent and in some cases quite large, and it is understood that this step was taken to protect those depositors who had made no effort to withdraw their money. It is understood also that the securities heid by the bank are good, but on the present depressed state of the arket it is ipossible to sell them except at a loss, receiving not enough to supply the demand for money by the depositors.


Article from The Copper Country Evening News, June 27, 1896

Click image to open full size in new tab

Article Text

Savings Banks in Trouble. KEENE, N. H., June 27.-Upon recommendation of the state bank commissioners the Security Savings bank at Winchester and the Hinsdale Savings bank at Hinsdale have ceased paying or receiving deposits. The officers say the suspensions will be temporary.


Article from Bellows Falls Times, June 27, 1896

Click image to open full size in new tab

Article Text

New Hampshire News. Two More Banks Enjoined. The Security Savings bank of Winchester and the Hinsdale Savings bank of Hinsdale were Thursday temporarily enjoined tr om paying out or receiving any money. This action was taken probably for the same reasons that the Guarantee and Five Cents Savings banks of Keene were enjoined some time ago. Since the mills have been closed in the Ashuelot valley the call for money on deposit in these banks has been frequent and in some cases quite large and it is understood that this step was taken to protect those depositors who had made no effort to withdraw their money.