13996. Gloucester City Savings Institution (Gloucester City, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 2, 1884
Location
Gloucester City, New Jersey (39.892, -75.116)

Metadata

Model
gpt-5-mini
Short Digest
1c91658e

Response Measures

None

Description

The bank suspended payment in early July 1884 due to inability to realize on investments (notably $60,000 of Gloucester City waterworks bonds). A receiver was appointed July 22, 1884 and the bank's affairs were wound up; later receiver reports (1885) describe deficiencies and recovery actions, indicating permanent closure with receivership rather than a temporary run-only event. No run (large depositor withdrawals described as a run) is reported in the articles.

Events (3)
1. July 2, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize upon investments, especially purchase of $60,000 of Gloucester City bonds the bank could not carry alongside other investments.
Newspaper Excerpt
The Gloucester City Savings Bank ... closed its doors to-day. It is said that it is only a temporary suspension on account of inability to realize upon investments.
Source
newspapers
2. July 22, 1884 Receivership
Newspaper Excerpt
A receiver has been appointed for the Gloucester City Savings Bank, which suspended payment a short time ago, and its affairs will be wound up.
Source
newspapers
3. February 27, 1885 Other
Newspaper Excerpt
Receiver Hufty of the defunct Gloucester City Savings Bank said ... there were discrepancies between the general and individual ledgers of $4,800 and other deficiencies of several thousand dollars yet to be accounted for. ... It is thought that the depositors in the bank will receive about 75 per cent of their claims.
Source
newspapers

Newspaper Articles (7)
1. July 3, 1884 New-York Tribune New York, NY
Article from New-York Tribune, July 3, 1884

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Article Text

SUSPENSION OF A SAVINGS BANK. UNABLE TO CARRY $60,000 OF GLOUCESTER CITY BONDS. TBY TELEGRAPM TO THE TRIBUNE.I CAMDEN, N. J., July 2.-The Gloucester City Savings Bank, which has been reported for some time to be in a shaky condition, closed its doors to-day. It is said that it is only a temporary suspension on account of inability to realize upon investments, but as this is not definitely known, the result is awaited with anxious interest by the depositors, most of whom are poor persons who have deposited small savings. It is thought that the primary cause of the suspension 18 the purchase by the bank of $60,000 of bonds issued by Gloucester City to raise money for building waterworks, which amount, it is thought, was larger than the bank could carry together with its other investments. Among the directors of the bank is A. J. Green. the City Treasurer of Gloucester, and one or two other men who are reported to be wealthy.

2. July 3, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 3, 1884

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Article Text

TELEGRAPHIC BREVITIES. The lockout of New York plumbers has ended. Each side is satisfied. Williams College has conferred the degree of LL. D. upon United States Senator Ingalls. The Neptune House, at Rockaway, burned yesterday. The guests all escaped. Loss, $15,000. A fire at Westfield, N. Y., yesterday afternoon, burned the Westfield House and three small stores. Loss, $30,000; insurance, $13,000. George H. Hyde, of Little Rock, Ark., a furnishing-goods dealer, assigned yesterday. Liabilities, $13,000; assets, nominally, $10,000. The creditors are chiefly Northern merchants. At Marquette, Mich., last night, fire destroyed a house occupied by Philip Morgan. A ten-year old son of Morgan was burned to death in the building His body was taken from the ruins, charred. The Gloucester City, N. J., Savings Institu tion suspended payment yesterday afternoon, the cash on hand having all been paid out. The directors, it is understood, have decided to apply to the Chancellor for a receiver. At the residence of Mitchell Clark, near Belleville, Tex., on Tuesday night, Seeke Hutchinson killed Bill Simms, shooting him six times with a Winchester rifle. The killing was a coldblooded affair. Hutchinson escaped. A sneak-thief entered the Albany City National Bank, yesterday, and stole Spencer D. Patten's bank-book from the teller's shelfwindow while Patten turned to make a memorandum. The book contained $3,000. A special express on the New York Central railroad yesterday afternoon ran through an open switch into a freight train. Two engines and six cars were wrecked, and a brakeman injured. The passengers were badly shaken up. On Tuesday evening the eldest daughter of Hope Whetstone, a well-to-do colored planter and respected citizen, living near Bastrop. La., was waylaid, riddled with buckshot, and instantly killed. James M. Rutledge was arrested. C.R. Weden & Co., of Providence, R.I. bankers and brokers, made an assignment yesterday. The liabilities will reach $70,000. about one-half of which is checks. on local banks, which went to protest; the remainder is in paper negotiated for business men. Mrs. Ida E. Whitniet, a member of Dan Mason's theatrical company, died suddenly, yesterday, at Providence, R. L, of heart disease, aged thirty-two. Mrs. Whitniet was the widow of a well-known theatrical manager of that name, who dropped dead of heart disease about three years ago in Auburn, N. Y.

3. July 4, 1884 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 4, 1884

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Article Text

Bank Failure. [By telegraph to the Dispatch.] GLOUCESTER, N. J., July 3.-The Gloueester City Savings Institution was closed to-day, and notice of its suspension was posted in front of the building. The president said to-day that he expected that the bank would reöpen its doors in a few weeks and pay dollar for dollar. It is said that the liabilities are $150,000 and the face value of assets $155,000.

4. July 4, 1884 New-York Tribune New York, NY
Article from New-York Tribune, July 4, 1884

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Article Text

THE TRIBUNE FRESH-AIR FUND. ACKNOWLEDGMENTS, $5,380.39 Previously acknowledged 100 00 Marie Rogers, Newport Grace Chapel of the Fourth Avenue Presby50 00 terian Church 25.00 J. W. 8 14 92 From Friends. Fairfield, Conn 11 80 Children of Union School No. 1, Rye Infant Class of West Tweaty-third street Pres787 byterian Church 5.00 Arthur Stanley and Harold G. Hutchinson $5,594.98 Total, July 3, 1884 SUSPENDED SAVINGS BANKS. Wilkesbarre, Penn., July 3.-The receivers appointed to investigate the condition of the suspended Plymouth Savings Bank began their work this afternoon, The capital stock is $100,000, and was controlled by five of the wealthiest men in Luzerne County. Nothing has been learned about the assets and liabilities. There is no doubt that all the depositors will be paid in full. The stockholders refuse to part with any stock for less than par value. GLOUCESTER, N.J., July 3.-The president of the suspended Gloucester City Savings Institutio said to-day that he expected that the bank would reopen its doors in a few weeks and pay dollar for dollar. It is said that the liabilities are $150,000, and the full value of the assets, $155,000.

5. July 23, 1884 New-York Tribune New York, NY
Article from New-York Tribune, July 23, 1884

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Article Text

RECEIVER FOR A SAVINGS BANK, [BY TELEGRAPH TO THE TRIBUNE.] GLOUCESTER CITY, July 22.-A receiver has been appointed for the Gloucester City Savings Bank. which suspended payment a short time ago. and its affairs will be wound up. It is claimed that it will pay depositors in full.

6. February 28, 1885 New-York Tribune New York, NY
Article from New-York Tribune, February 28, 1885

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Article Text

DEFICIENCIES IN GLOUGESTER CITY BANK. CAMDEN, N. J., Feb. 27 (Special).-Receiver Hufty of the defunet Gloucester City Savings Bank said this morning that it is probable that both civil and criminal suits will be brought against the ex-treasurer, Frederick P. Pfetffer. He added that there were discrepancies between the general and individual ledgers of $4,800 and other deficiencies of several thousand dollars yet to be accounted for. He said, however, that his report as receiver to the Chauceilor would be ready in a few days and he did not care to say anything until that report was acted on. It is said that steps will at once be taken to recover all the money due the bank. It is thought that the depositors in the bank will receive about 75 per cent of their claims.

7. January 21, 1886 Bridgeton Pioneer Bridgeton, NJ
Article from Bridgeton Pioneer, January 21, 1886

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Article Text

$1.50 Per Year. 60 Published every Thursday morning. at No. East CommerceStreet. (upstairs.) McCOWAN & NICHOLS, Publishers. STATE NEWS. The oyster planters of the Shrews- to river are sending more oysters several bury market this year than for all years the past. Without an exception the beds are unusually full. The actual loss to the Rio Grande. the Cape May, Sugar Company, by stacks partial destruction of their seed is about $800. First reports greatly exaggerated the probable loss. The net revenue to the City of Cam- the from its water works during den year was $54,695.95. The superintendent past recommends the introduction of water meters in industrial establishments. late Judge John Terhune Bruns- left as The relic the first directory of New wick a ever published. It was compiled includes Mr. Terhune, in 1829, and by 364 names "as the most prominent citizens. Several of the big mills in Paterson to Passaic are being run nights business. and pace with increasing in Mill keep owners say that the prospects are nearly every line of manufacture daily growing brighter. The latest scheme is said to be and for Jersey Central, Bound Brook leased by the North Penn. Railroads to be the Lehigh Valley, thus blocking beneBaltimore the and Ohio's plans and fiting the Pennsylvania. A Phillipsburg, Warren county, in man the a chicken that gets up The middle owns of the night to lay eggs. her trouble is that caused by waking only the family at unseasonable hours by her triumphant cackling. The New York Hebrew Emigrant coloCommittee has sent the Vineland formal notice that unless them. they nists the new lease required of end sign give up their old deeds by the and of this month, they will be rejected from their farms. Thousands of wagon loads of and sea torn from their ocean beds line clams, thrown ashore by the late storm, some beach at Ocean Beach. In feet places the they lay in winrows two them deep. The farmers are carting away for fertilizers. socials are now the go in Woods- atEgg Salem county. Every lady town, tending the social brings a boiled egg with her name written on it. The basket gentleman drawing the egg from a it at held so that he cannot look into the time, takes the lady out to supper. The morocco factory of L. F. Hague, Co., at Bnrlington, was destroyed The loss & fire on Thursday night. buildby estimated at about $6,000 on is machinery and stock. There building, was ing, insurance of $3,000 on the Edan which belonged to the estate of ward Evans. Receiver Hufty, of the broken has Gloucester City Savings Bank, failed to dispose of the $23,500 worth He has of bonds, which draw 4 er cent. soon as cash on hand, and as another $6,000 bondsare sold he will make to dividend the of 25 per cent. in addition that of 30 per cent. already paid. Some years ago the Delaware county, Rolling at Phillipsburg, Warren great Mill, sold under the hammer at a closed. sacrifice. was Since then it been to be is now said that the mill is in and overhauled, It new machinery put The works started up in March. 200 mill the cost $250,000, and employed men. John Swayn, of Oxford, Warren nights Co., attempted to kill himself a few and He locked himself in his twenty-five barn, ago. a hatchet he cut them securing in his head. Five of the brain. penetrated gashes his skull and exposed for him Physicians say it is impossible was into live. It is supposed that he sane. Travel. on the Sea Isle and Ocean been Railroad, which had only been susCity resumed a short time, having durowing to heavy washouts entirely pended the last storm. is again the road. ing the entire length of bad suspended railroad officials reportseveral that The on the road, and state the rewashouts it will be several days before pairs can be completed. The popularity of Camden as a is place evithe tying of nuptial knots in the denced for by the figures Previous of record to last Clerk's office. of wedCity the average number forty-five. dings October per month was about