Suffield Savings Bank - Suffield, CT

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: April 14, 1877
Location: Suffield, Connecticut (41.982, -72.651)

Metadata

Model: gpt-5-mini
Short Digest: c24b121cb72c37b2

Response Measures

None

Description

Article (dated April 14, 1877) reports a run on the Suffield Savings Bank triggered by embarrassment/embezzlement at the Farmers' and Mechanics' Bank of Hartford and depreciation of assets. The bank paid out some deposits (notably sums of $100), an injunction stayed further proceedings, and trustees were expected to make up the deficit. No suspension or permanent closure is reported, so classify as run_only. OCR correction: 'Sumfleld' -> 'Suffield'.

Events (1)

1. April 14, 1877 Run

Cause: Local Banks
Cause Details: Run was triggered by the embarrassment and embezzlement at the Farmers' and Mechanics' Bank of Hartford (connection via Chapman) and depreciation of associated assets.
Measures: Paid depositors considerable sums (notably $100 payments); injunction procured to stay proceedings; trustees expected to make up deficit.
Newspaper Excerpt: When the Farmers' and Mechanics' Bank became embarrassed ... a run began on the Suffield Savings Bank.
Source: newspapers

Newspaper Articles (1)

1. April 17, 1877 The Sun New York, NY

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Article Text

CONNECTICUT BANKS IN TROUBLE. A National Bank Embarrassed-A Run on a Savings Bank. NEW HAVEN. April 14. -Charles A. Chapman brother of John T. Chapman the former cashier of the Farmers' and Mechanics' Bank of Hartford, is Cashier of the First National Bank of Sumfleld, in this State, and treasurer of the Suffield Savings Bank. When the Farmers' and Mechanics' Rank became embarrassed. and after its cashier. John T. Chapman, had been indicted on sev ral counts for embezzlement. a run began on the Suffield Savings Bank. Bank Commissioner Mygatt investigated the national bank and the State Bank Commissioners the savings bank. It wasnessttained that the savings bank held. among other depreciated assets. 200 shares of the national bank some Connecticut Western Railroad bonds. which are worth 50 per cent. less than some months ago, and some water bonds. On the total deposits of $148,000 there has been a shrinkage of from 10 to 12 percent. After paying to depositors considerable money in sums of $100, irrespective of the amount of claims, an injunction procured a stay of proceedings. The experience of the Townsend Bank in this city discouraged the Bank Commissioners rom having a receiver It is expected that the trustens will make up the defleit and that the depositors will be saved from loss. The stock of the national bank was depreciated 25 per cent., but the bank is supposed to be solvent.