1586. Dime Savings Bank (Hartford, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 12, 1879
Location
Hartford, Connecticut (41.764, -72.685)

Metadata

Model
gpt-5-mini
Short Digest
ff205bc1

Response Measures

None

Description

Multiple contemporaneous reports (Dec 12, 1879) state a receiver was appointed for the Dime Savings Bank, Hartford. Articles note the bank was under injunction for ~18 months and cite losses from loans made by a former treasurer (N. B. Stevens) on insufficient security. No run or depositor panic is described in these articles; the bank was placed in receivership and appears to be wound up/closed.

Events (2)
1. December 12, 1879 Receivership
Newspaper Excerpt
Judge H. Doery has appointed Robt. E. Day receiver for the Dime Savings Bank, of this city. The bank has about $500,000 deposits and 7,000 depositors.
Source
newspapers
2. December 12, 1879 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank placed under injunction and losses largely the result of improper loans made by former treasurer N. B. Stevens on insufficient security and to insiders; bank insolvent or unable to meet obligations leading to receivership.
Newspaper Excerpt
A receiver has been appointed for the Dime Savings bank. Its deposits are half a million.
Source
newspapers

Newspaper Articles (9)
1. December 12, 1879 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, December 12, 1879

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REGARDING POSTAGE. Washington, Dec. 12.-The house committee agree to report adversely the bill allowing circulars to be carried in the mails under newspaper rates. RAILROAD REPRESENTATIVE3 BEFORE C N GRESS. Washington, Dec. 12-The national board of trade committee made arguments before the house committee on commerce to-day, favoring the regulation by congress of charges for transportation of freight by railroad companies, and advocating a na tional railread commission to supervise the railread matters. TELEGRAPHIC BREVITIES AMERICAN AGRICULTURAL ASSOCIATION New York, Dec. 12.-The American Agricultural association resumed its session to-day. Alletter from President Hayes was read. The president expressed his regrets at not being able to personally acknowledge the invitation to be present, and emphatical ly expressed this appreciation of the objects of the association. and his ishes success and future welfare John Merriman, of Maryland, has been chosen president. The vice presidents include John Scot of lows Gilley of Illinois. and D.H. Wheeler of Nebras New York, Dec. 12.-The agricultural convention bad final session to-day. VA paper was read on the American problem of land holding. followed by addresses on different subjects. IS TALMADGE A LIAR? New York Dec. 12-The twenty two com plainants' to the synod of Long Island from the decision of the Brooklyn presbytery in the case of Rev. T. Dewitt Talmadge pub licly denounce the statement read by Dr. Talmadge to his congregation last Sunday morning and puolished in the newspapers Monday as a tissue of falsehoods, and say they shall hold hfm to his responsibility as a false accuser. POINTED. batti Hartford, Dec. 12.-A receiver has been appointed for the Dime Sayings bank. Its deposits are half a million. NEW YORK STATE OFFICIALS. Albany, Dec. 1243 The board of state canvassers declare all the republicas candidat elected except state engineer and, surveyor. Horatio Seymour, Jr., the democra IC candidate for that office, is declared elected ANAB REFUGE New York, Dec. 12.-A number of Arab fugitives from Cayenne and about 30 des titute Poles recently arrived at Castle Gatden to be sent to persons who have written for wood choppers. The Arabs appealed to the commissioners of emigration to sist them in securing employment, NO they might earn enough money to ultimately reach Tunis where they hope to meet their families and live under Turkish government. They claim It would not be wise for them to venture on French territory, having been banished to Cayenne by the French government for participating in a revolt in Algiers. GRANT'S DEPARTU BFROMOIECINSATI Cincinnati, Dec. 12.-Gen. Grant this morning received eptescatesidos the Evangelical Ministerial Alliance at the Gibson House, and later the members of the There was no time for speeches HH the train left at 11 o'clock, and with IN brief hand chake and a fraternal word he hurried away to the Miami depot and took the train for Columbus amid the lef the crowd there assembled. BAILROAD ON BROADWAY New. York, Dec 12.-A railroad on Broadway is again talkett of with branches to all the the Broadway road with Vanderbill Fourth avenue line and with the Fortv-Sec. ond street and Manhattanville road and run cars from the ferry 40 Harlom river. The right also m given-other railway companies to connect with the Broadway line This of making Broadway R receptacle for care of nearly IF ine and practically exclote riagen and srucke GRANT AT COLORIDUS Columbus, o, Dec. 12- Gen. and Mra

2. December 12, 1879 Public Ledger Memphis, TN
Article from Public Ledger, December 12, 1879

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Receiver for a Savings Bank. HARTFORD, December 12.-Judge H. Doery has appointed Robt. E. Day receiver for the Dime Savings Bank, of this city. The bank has about $500,000 deposits and 7,000 depositors.

3. December 12, 1879 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, December 12, 1879

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CONNECTICUT. HARTFORD, Dec. 12.-The receiver appointed for the Dime Savings Bank, deposits half a million as security.

4. December 13, 1879 Daily Republican Wilmington, DE
Article from Daily Republican, December 13, 1879

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WWS SUMMARY. New.York Board of CanvannersHelp for Closed-Postmoster Tyler Vindicated-Other Incidents,Aecidents, Crimes, &c. The Board of State Canvassers of New-York met yesterday in Albany,and the returns of the It was found, as canvassed tion. already late elec- published, that all the Republican candidates, except for State Engineer and Surveyor, were elected, Horatio Seymour, Jr., Democrat, being elected to the latter office. Representative Kenna, of West Virginia, has secured subscriptions from Congressmen in aid of the suffering poor in Ireland to the amount of over $500, and he expects the sum to reach $1000. There is no political significance in the contributions; they areacts of purely personal charity. All the public schools in Petersburg, Va., were closed yesterday for one month. The State failed to contribute its full quota to carry them on, and rather than reduce the salaries of the teachers, the Board of Education deoided upon & winter vacation. It is understood that after examining the evidence against Postmaster Tyler, of Baltimore, and his rejoinder, the President is satisfied there is no cause for removal, either on personal or official grounds. While "Father Quinn," an ex-priest, in was lecturing in a Methodist church Norwich, Conn., last night, stones were thrown through the window from without. A girl was cut in the face by broken glass, but the meeting was not broken up. A Chinaman and women were recentchopped to pieces by another Chinaly at Victoria, B. C. The murderer man, set fire to the house, but the fire ex. tinguished and the crime discovered. Three graves at Oxford, Mich., were robbed of their dead on Thursday night. Two men, having the bodies their possession, were arrested at railway station near Oxford, yesterday morning. Robert E. Day was yerterday appointed receiver of the Dime Savings bank, Bank, of Hartford, Conn. The which has been under an injunction for eighteen months, has 7000 depositors, and owes them $500,000. The Virginia Legislature yesterday elected Captain Asa Rogers, Jr., Readto be Railroad Commissioner. juster, The term of Col. Carter, the present until Commissioner, does not expire April, 1881. The Secretary of War informed the House of Representatives yesterday that donations of condemned cannon monumental purposes have ex- on hausted for the supply of such cannon hand. The whaling echooner Arizona, sailed from Providence, R. I., in April and has not been heard of since, is last, given up for lost. She had sixteen persons on board. General William Mahoue was unani- by nominated for U. S. Senate the mously Readjusters' caucus of the Virginia Legislature last night. Amos Tuck, ex-member of Congress New Hampshire, died of apoplexy at from Exeter, in that State, on Thursday night. He was a native of Maine. The House Committee on Post Offices the agreed to report adversely carried on in has bills allowing circulars to be the mails at newspaper rafes. Frederick Hay, John Rickler and named James, were killed by near fall boy of slate in the Forest Colliery, Fremont, Pa., yesterday morning. Three men were killed and seven in by the caving in of an embankment jured in Plattsmouth, Neb., yesterday. The Truth COMING Out. The Carroll (La.) Conservative, SunDemocratic organ, says thaton the David night before the election, on day a colored man living in Armstrong, near Milliken's Bend, his Parish, was taken a mob of twenty or the armed men. After his house plantation Madison by abduction, from thirty more than people twenty in the neighborhood shots fired, heard and next

5. December 13, 1879 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, December 13, 1879

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General News. Representative Kenna, of West Virginia, has secured subscription from Congressmen in aid of he suffering poor in Ireland to the amount of over $500, and he expects the sum to reach $1000 There in no political significance in the contributions; they are acts of ! urely personal charity. The Board of State Canvassers of New York met yesterday in Albany, and canvassed the returns of the late election. It was found, as already published, that all the Republican candidates, except for State Engineer rnd Surveyor, were elacted Horatio Seymour, Jr., Democrat, being elected to the latter office. The Virgiuia Legislature yesterday elected Captain Asa Rodgers, Jr, Readjuster, to be Railroad Commissioner. The term of Col. Carter, the present Commissioner, doe. not expire until April, 1881. Abraham Anneto, colored, and Franets Adams, sailor=, were arrested in Baltimore, yesterday, on the charge of murder OR the high seas, and attempting to destroy the schooner M. E. Henderson, of Philadelpbia, bound to Baldimore with phosphate from Bull River. The vessel went to pieces on the 30th ult., near Kitty Hawk, and Anneta and Adams, with another satior, not yet arrested, were the only ones who es. caped from the wreck, and as soon as they got near shore they ran away. As the bodles of the officers were not found it is believed that the three men murdered them, and then beached the vetsel to conceal their crime. All the public schools in Petersburg, Va., were closed yesterday, for oue month. The State failed to contribute its full quota to carry them on, and rather than reduce the salaries of the teachers, the Board of Education decided upon a winter vacation. Robt. E. Day was yesterday appointed receiver of the Dime Savings Banki O. Hartford, Conn. The bank, which has been under an injunction for eighteen months, has 7000 depositors, and owes them $500,000.

6. December 18, 1879 Fayette County Herald Washington Court House, OH
Article from Fayette County Herald, December 18, 1879

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The Dime Savings Bank at Hartford, Conn., was placed in the hands of a receiver on the 12th. The bank has about $500,000 of deposits and 7,000 depositors.

7. January 9, 1880 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 9, 1880

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LOCAL NEWS. Savings Banks. Important Report of the Commission ers The annual report of the Bank Commissioners was submitted in the House, Wednes day afternoon, and referred to the Committee on Banks. The report shows the amount of deposits in the savings banks October 1, 1879, as being $72,842,443.39 a gain of $326,974. 86 as compared with 1878. The interest and surplus was $2,863,187.74, an increase of $11,067.70 for the year. The total number of depositors 202,385, being a gain over 1878 of 2,590. The number of accounts opened during the year was 26,670, an increase of 254. The accounts closed were 24,080, being decrease as compared with 1878 of 7,116. a The amount withdrawn was $14,221,087.64, decrease of $4,732,372.93. The assets include loans on real estate, $45,108,803, a decrease of $3,033,894 for the year; Government bonds $803,695. an increase of $1,383,131; real of tate owned $4,959,119 being an increase $1,251,986. The total assets are $76,241,816, and the excess of assets over liabilities $2, 863,188 The Commissioners say the general reduc. tion in the rate of interest upon United States bonds, and upon State and municipal securities, has affected to a considerable extent the earnings of savings banks. Interest upon loans, real or personal, is by law re stricted to six per cent. and as but four or five per cent can be realized upon invest ments, except in rare instances, it is evident that the earnings of an equal amount of assets must be somewhat reduced from those of previous years. Considering the low rate of interest of almost every description of reliable investment securities. the depositors in savings banks in this State have no reason to com plain of the dividends they have received and the fact that the entire income has not been divided shows that the officers are pursuing conse rvative policy, and are unwilling to jeopardize the principal of the deposits for the name of paying large dividends Of the 86 banks in the State 35 paid five per cent 26. four and one-half per cent 12. four 3. four and three-fourths five and one-half and six per cent. Five of the banks paid nothing, four of them being under in junction during the year. and the oth was winding up its affairs. The dividend of one of the banks paying six per cent amounted to but $15.49. the bank having paid off nearly all its depositors. Considerable space is devoted to e status and affairs of the late Dime Savings Bank Hartford, now in the hands of receiver. The report says The losses of the bank are in great measure the result of loans made by a former treasurer. N. B. Stevens, upon insufficient security, and in many instances in violation of law. He used the bank largely in his own interest making loans to personal friends, to associates in real estate speculations, and to himself through veils so thin that the real nature of the transactions is not concealed. If it had been the deliberate in tention to unload upon the bank outlying and unsaleable real estate at valuation some of the loans could hardly have been better arranged. The officers and trustees seem to have left the management of the bank pretty much to the treasurer, and cannot cape whatever of consure attaches to a neglect of duty. As required by law. we report the irregularities, or the more prominent ones, to the General Assembly. THE RECOMMENDAT As some of the banks under the present statute cannot profitably invest all the money which might be deposited within them, and so are obliged to turn away depositors, the Commissioners recommend (1) That trustees be themselves allowed to decide how much to lend on real estate instead of fixing the amount at half the deposits. (2) That recognizing the growth of the West bonds of other cities and States than those now named in the law be made legal investments. (3) That the first mortgage bonds of sound, dividend-paying railroads be also allowed as investments. The Commissioners also recommend that the State Treasurer be custodian of the bonds and that these be renewed at least once in five years. They renew the recommendation that savings banks be forbidden to lend on securities as collateral which the law forbids them to own as assets. In regard to State banks and trust companie they think the restriction as to the amount of loans to individuals no long er need to be made and they recommend that the treasurers of trust companies be required to give bonds. STATE BANKS. The number of banks doing business under State charters is four- the same as at the date of the last report. The stock of the Conneeticut River Banking Company has been re duced to $150,000, as approved by the last General Assembly its suspended and overdue paper has been written off and with its present capital it has a handso surplus. Dividends were resumed in July The Mechanics Bank at New Haven also paid dividend in July so that all the State banks are now on dividend paying basis. [TRUST COMPANIES. There are, as last year, ten of these institutions in the State. The Merchants Loan and Trust Company at Willimantic, though retaining its organization. is not in active busi ness, and the Thames Loan and Trust Com pany at Norwich is closing up its affairs. The Equitable Trust Company at New London, and the Middlesex Banking Compan deal ex. clusively in real estate loans so that there but six doing a general banking business. But four report dividends during the year. The receivers of the Townsend Savings Bank paid 10 per cent. dividend last year, making 40 per cent so far The nominal assets remaining are $935,020.27, valued at $200,623.61. The heavy charges of the receivers and the current expenses are to be paid from this, so that there will be only a small final dividend to come. The Meriden Poultry Show. At the fourth annual exhibition, at City Hall, Meriden, of the Meriden Poultry and Pet Stock Club, which closed last evening, the following New Haven parties were awarded premiums J. A. Howarth, first prize on buff cochin fowls and chicks. F. W. Babcock, first on white oochin fowls and chicks and second on white cochin chicks and black cochin fowls. a. P. Jordan, first and second and special on black Hamburg chicks and third on black Hamburg fowls F. A. Chase, second on blue wing turbits and special on black rose-combed bantams. George Cosgrove, of Whitneyville, first and second on black Leghorn chicks. Among the New Haven visitors to the ex hibition yesterday were Messrs. Chase, Ensign, Edward Todd, Jordan, Babcock and Bunnell, of this city, and Cosgrove, Nichols Baker, Vining and Talbot, of Whitneyville. The exhibition drew throngs of people and a large number of Meriden ladies and gentlemen of prominence evinced a decided in terest. CIDER CIDER 50 BARRELS of the Cider KLAUS' CIDER Whalley

8. January 31, 1880 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 31, 1880

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Dime Savings Bank. The committee appointed by the depositors of the Dime Savings Bank, Hartford, to prepare a petition to be presented to the Superior Court opposing the appointment of a receiver, find that the desire is almost unanimously in favor of this course, nearly every one having an opportunity having signed. Depositors representing three-fifths have already signed, and it is supposed that all the names will be obtained.

9. November 10, 1880 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, November 10, 1880

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LOCAL NEWS. The Dime Savings Bank. Judge Hovey, on the petition of Judge McManus for a receiver of this bank, decided yesterday afternoon that under the law he could not appoint a receiver unless it was asked for by the bank commissioners (who do not ask it), or upon the petition of a majority of the depositors. The case was argued by Judge McManus and Charles R. Chapman, the latter claiming that in the absence of the bank commissioners Judge McManus, with two-or three depositors, could not be heard. The judge sustained this view. Judge McManus then gave notice that he would ask for an order that a dividend of twenty per cent. be declared.- - Hart. ford Times.