Gloucester City Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: September 10, 1891
Location: Gloucester City, New Jersey (39.892, -75.116)

Metadata

Model: gpt-5-mini
Short Digest: 924face9

Response Measures

None

Description

Article (1891-09-10) reports the Gloucester City Savings Institution suspended payments and a receiver (Jessup) is administering dividends (67% paid so far) with no further payments realizable — indicates permanent closure/receivership.

Events (2)

1. September 10, 1891 Receivership

Newspaper Excerpt: the receiver has not been able to realize sufficient since the last payment to pay an additional dividend of one per cent. ... Receiver Jessup
Source: newspapers

2. September 10, 1891 Suspension

Cause: Government Action
Cause Details: Suspended payments and placed under a receiver (Receiver Jessup); partial dividends paid (67%) and receiver unable to realize more assets.
Newspaper Excerpt: the first financial concern which suspended payment in this city
Source: newspapers

Newspaper Articles (1)

1. September 10, 1891 The Jersey City News Jersey City, NJ

Article from The Jersey City News, September 10, 1891

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Article Text

GLOUCESTER BANKS. Dissatisfaction At the Manner in Which They are Settling. Special to the Jersey City News. GLOUCESTER CITY, September 10, 1891.It is now pretty generally believed that the depositors in the Gloucester City Savings Institution, the first financial concern which suspended payment in this city, have received all they will ever get. The payments thus far aggregate 67 per cent. of the deposits, and the receiver has not been able to realize sufficient since the last payment to pay an additional dividend of one per cent. There are several suits pending, but what the outcome will be is only a matter of conjecture. A meeting of the depositors of the Gloucester City National Bank was held last night, and great dissatisfaction was expressed over the fact that Receiver Jessup had not paid a second dividend. He stated that he was doing the best he could from the available assets. Committees were appointed to conter with him and the Comptrolier of Currency in their case.