1691. Townsend Savings Bank (New Haven, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 27, 1883
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
58b7db4d

Response Measures

None

Description

All articles refer to the Townsend Savings Bank as bankrupt and in the hands of receivers (Tilton E. Doolittle and Jared E. Redfield). There is no mention of a depositor run; instead the bank was enjoined, placed in receivership, and its assets were being wound up and sold (receivership continuing through at least 1886). Classified as suspension_closure (suspension leading to permanent closure/receivership).

Events (4)
1. February 27, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as bankrupt; remaining assets mainly railroad stock and litigation-dependent claims (Credit Mobilier, Union Pacific), indicating insolvency from bad/illiquid assets and litigation exposure.
Newspaper Excerpt
Some More Pertinent Questions... EIGHT HUNDRED DOLLAR AND Two THOUSAND DOLLAR DEPOSITORS.
Source
newspapers
2. March 1, 1883 Receivership
Newspaper Excerpt
Receiver Doolittle, of the bankrupt Townsend Savings bank, New Haven, Conn, has been advised by Justice to pay a 10 per cent. dividend or he will see his grave within six weeks.
Source
newspapers
3. March 27, 1884 Other
Newspaper Excerpt
a resolution is pending in the Legislature for a special commission to inquire and report why the receivers of the Townsend Savings bank, of New Haven, have failed to obey the order of the Legislature of 1883 to wind up the affairs of the bank.
Source
newspapers
4. January 28, 1886 Other
Newspaper Excerpt
By order of Tilton E. Doolittle and Jared E. Redfield, receivers of the Townsend Savings bank estate, E. C. Beecher will on Monday morning at 10 o'clock sell the remaining securities of that institution at auction... The receivers will wind up the defunct bank's affairs immediately.
Source
newspapers

Newspaper Articles (11)
1. February 27, 1883 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, February 27, 1883

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Some More Pertinent Questions. To the Editor of the JOURNAL AND COURIER : Could a volunteer committee of men depositors be appointed by the depositors of Townsend's bank to distribute the money new on hand ? Is this the result of taking the advice of the receivers a few years ago to await for a "rise" in the funds ? The report in the paper about the statement seemed cautious. On reading that account it might have occurred to the depositors that if Townsend's bank was really dead. might it not be voted to take the funds left, and build a monument to its memory in the Green in the shape of a fine fountain, in which case any man passing may be pointed out as a public benefactor and donor to his city ? EIGHT HUNDRED DOLLAR AND Two THOUSAND DOLLAR DEPOSITORS.

2. March 1, 1883 Daily Globe Saint Paul, MN
Article from Daily Globe, March 1, 1883

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Receiver Doolittle, of the bankrupt Townsend Savings bank, of New Haven, Conn, has been advised by "Justice" to pay a 10 per cent. dividend or he will see his grave within six weeks.

3. March 2, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 2, 1883

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TELEGRAPHIC BREVITIES, The Georgia Pacific railroad is completed to Anniston, Ala. Cairo has raised $1,000 for the Shawneetown sufferers by the flood. The Rhode Island Republican State convention is called for March 15. At Bennington, Vt., by runaway horses, one man was killed and eight injured. Fire at Eufaula, Ala., on Wedndesday, destroyed a business block valued at $50,000. At Lawrence, Mass., Charies H. Cate fatally shot Mrs. M. S. Anderson and then killed himself. The high water between Memphis and Osceola, Ark., has been very destructive to farms and stock. At the Philadelphia mint 6,265,440 pieces were coined during February, their total value being $1,100,360. Mrs. Nellie Welsh shot a New York burglar through the neck as he was plundering her wardrobe Tuesday night. C. E. Douglass, of Crockett, Texas, was fatally shot in the opera-house by a pistol dropped from the pocket of Sheriff Blakeley. Senator Orville H. Platt has been elected a member of the Republican national committee, in place of the late Marshall Jewell. The committee sent for the purpose have secured a satisfactory compromise with the New York creditors of the late city of Memphis, Henry Lippert. chief of the Milwaukee fire department, has resigned. Inducements have been offered to him to remain as chief, but he refuses. J. M. Portland, of New Haven, who had been arrested of theft, voted while disabilities were existing, for which he was sentenced to eighteen months in jail. The five men who recently robbed a Central Pacific train pleaded guilty at Elko, Nev., and were sentenced to twelve and fourteen years in the penitentiary. Filisberto Calderia Pale Lerne, who brought his name and $50,000 that didn't belong to him, was arrested in New York, on Wednesday, on his arrival from Rio Janeiro. Receiver Doolittle, of the bankrupt Townsend Savings Bank, New Haven, Conn., received a communication from Bridgeport, Wednesday, threatening him with death if he did not pay a dividend of at least 10 per cent. Two men, McInelly and Brown, with their wives tried to drive across the New Brunswick railroad at Canterbury, N. B,, Wednesday, in

4. March 21, 1883 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, March 21, 1883

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The Court Record. Superior Court - Civil Side - Judge Beardsley. This court came in yesterday morning at 10 o'clock. The first case heard was the divorce suit of Ida M. Amesbury, of Norwich, VS. Marvin H. Amesbury, of this city. The petitioner related the story of her wrongs to the court. She stated that her husband, when she lived with him, often beat her in a cruel manner and that he had long lived in adultery with a woman whom he now calls his housekeeper. Several witnesses corroborated Mrs. Amesbury's testimony in regard to the ill treat ment. There was no defense introduced, and when the testimony was concluded Judge Beardsley very promptly granted a divorce on the ground of adultery and intolerable cruelty. The custody of the female child, which was spirited away from Norwich by the father while the mother was in this city, was given to the mother absolutely. Lawyer Hull, who appeared for Amesbury, stated that an agreement had been made between wife and husband that each should have possession of the child half of the time. Mr. Hull wanted such an order issued by the court. Judge Beardsley refused to do so, adding that it was very evident from the testimony that the mother was the proper custodian of the child. If the two wished to make any agreement between themselves afterward they could. Simeon E. Baldwin, counsel for the Hartford and Harlem railroad. company, and Mr. Isbell of Milford, in their injunction suits against the New York and Connecticut Air Line railroad company, made a motion that the defendants in the latter suit a file answer. more specific As alleged by Mr. Isbell, the proposed road will pass through his farm located at Milford, to his great disadvantage. Mr. Baldwin wanted the defendants to either admit or deny in their answer whether they passed through Isbell's, and if they did what portion of it. In reply Mr. Beach, who appeared for the proposed Air Line road, said that he supposed the road would pass through the property referred to, but he could not tell whether it belonged to Isbell or not; it was for the petitioner to prove that the property was his. Upon an agreement that at the coming hearing the map of the proposed lay out of the road would be produced in court the motion was dropped. The hearing on its merits of the motion for a temporary injunction to restrain the New York and Connecticut Air Line road from proceeding further in the matter of securing an approval of the layout of their road by the railroad commissioners had been set down for to-day. On account of several pressing engagements of Mr. Baldwin at Hartford in railroad hearings there, he asked for a further postponement. Judge Beardsley assigned the hearing for next week Tues. day at 10 o'clock. In 1878 the late Judge David Peck granted an injunction upon the petition of Emily M. Dwight to restrain the receivers of the Townsend Savings bank from removing a safe or portable vault located in the building occupied by the bank. Attorney Doolittle appeared before Judge Beardsley in the Superior court yesterday forenoon and had this temporary injunction dissolved, a measure which has been agreed to by the petitioner. The receivers will now dispose of the safe. Court of Common Pleas-Judge Torrance. This court came in yesterday morning at 10 o'clock. The case of G. W. Bronson vs. Burton E. Gorham was on trial. It is an action to re1 cover a horse attached by Sheriff Higgins for Gorham in a suit against G. P. Bronson & Son. Arguments were made yesterday foree noon on a non suit. Bronson claimed he n bought the horse of his father and kept it in his father's barn. Gorham alleges that there 3 was no actual change in the possession of the property. i Court adjourned until this morning at 10 o'clock. City Court-Ciiminal Side-Judge Studley. William Kennedy, passing counterfeit money, to March 22. Patrick McCue, breach of peace, $7 fine, $6.18 costs. Patrick Reardon, William J. Timms, same, to March 21. e Michael Pender, breach of peace, $10 fine, $6.97 costs, both appealed. Moses Murphy, violation of Sunday law, to March 24. Henry Leyerzaph, violation of liquor law, to 24. Patrick March McCue, to injury property, judgment suspended. Frederick Hesse, Theodore Hesse, John Muleahey, Timothy Mule cahey, John McQueeney, injury to public property, to April 24. Patrick F. Delaney, breach of the peace against Patrick O. Connelly, $5 fine, $5.39 costs. John J. Conway, a violating liquor law, to March 24. Court Notes.

5. September 5, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 5, 1883

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# Credit Mobilier Gets $2,000,000. NEW HAVEN, Sept. 3. -State Attorney Doolittle, receiver for the Townsend Savings Bank, has received a telegram stating that the action of the Credit Mobilier vs. the Union Pacific Railroad Company, on a note of $2,000,000, has been decided in the Supreme Judicial Court of Massachusetts in favor of the Credit Mobilier.

6. September 5, 1883 New-York Tribune New York, NY
Article from New-York Tribune, September 5, 1883

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THE CREDIT MOBILIER SUCCESSFUL. New-HAVEN, Conn., Sept. 4.-State Attorney Doolittle, receiver for the Townsend Sa vinga Bank, has received a telegram stating that the action of the Credit Mobilier vs. the Union Pacific Railroad Company on a note of $2,000,000, has been decided 10 the Supreme Judicial Court of Massachusetts, in favor of the Credit Mobilier. Mr. Doofittle caused the case to be instituted in the interest of the Townsend Savings Bank, and it has been argued four times before the Supreme Judicial Court.

7. January 12, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 12, 1884

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The Townsend Savings Bank. Why Its Affairs are not Wound upNews for Depositors. It will be remembered that at the last meeting of the legislature a special act was passed instructing the receivers, who are Jared E. Redfield, of Essex, and Tilton E Doolittle, of this city, to wind up the affairs of the bank before the next meeting of the legislature. The reason why the aff airs of the ba k have not been closed, as stated by Mr. Doo. little, was becanse the receivers were enjoined by the courts from doing so. "The injunction was granted," says Mr. Doolittle, "more than a month ago. But for that we would have complied with the order of the legislature, although by doing so we could probably not have declared a final dividend of more than two per cent. By waiting until certain matters now pending in court are settled we can probably do 8 or 10 per cent. better than that by the depositors." In answer to an inquiry as to whether the Superior court has a right to issue an injunction barring an act of the General assembly, Mr. Doolittle said there wasno doubt as to the authority of the court in the matter. "It is," he added, "the only tribunal which has the right." "When is the injunction likely to be heard and determined?" "That I can't say." The injunction was prayed out by Attorney J. W. Alling, who alleges in the process that he is the owner of claims against the bank to the amount of more than $3,000. It is further recited that dividends have already been paid to the amount of 45 per cent. on the deposits. The principal assets remaining consist of Little Rock, Mississippi river and Texas railroad stock and stock in the Credit Mobilier company. The latter it is alleged has a heavy sum against the Union Pacific railroad company. 'The value of said assets," as the injunction cites, "depends almost entirely upon the result of litigation now pending" Were the affairs wound up at the present time a dividend not exceeding three per cent. could be declared, whereas by waiting the depositors are likely to receive fifteen per cent. For these reasons and because the action of the legislature is declared to be unconstitutional by reason of the fact that it involves a usurpation of the powers lodged in the judiciary, a temporary injunction was asked for and granted.

8. March 27, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, March 27, 1884

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A Busy Day in Both Houses-Woman Suffrage Disposed of in the House-Hartford and Harlem Not in Favor in the Senate-The Short Haul Bill Passes the House-Townsend Savings BankOther Matters of General Interest. HARTFORD, March 26. Special Correspondence of the JOURNAL AND COURIER. This has been a busy day in both branches of the General Assembly. The act legalizing the Hartford and Harlem railroad was the order of the day in the Senate, while the House was engaged in discussing the bill relating to woman suffrage and the so called short haul bill. As a matter of course all of these questions created much discussion. As was anticipated, the Senate refused to legalize Hartford and Harlem while the question was pending in the courts, and the bill will be re. turned to the House on a disagreeing vote. That the bill will finally fail there is no doubt, and the same is undoubtedly true regarding the "short haul" bill, as it is almost certain that it will meet a similar fate to the Hartford and Harlem in the Senate. Proba. bly woman suffrage will also be dealt with in a similar manner when it rea ches the august Senators. A resolution is pending in the Legislature for a special commission to inquire and report why the receivers of the Townsend Savings bank, of New Haven, have failed to obey the order of the Legislature of 1883 to wind up the affairs of the bank. Receiver Doolittle wrote to the Banking committee asking for a hearing to-day on a bi Il author" izing the receivers to sell the as. sets at private instead of public sale, under the direction of the Superior court of New Haven county. The committee gave Receiver Doolittle a short hearing this afternoon, in which he described the property the réceivers have and offer for sale. As to the injunction against selling any of the assets, he said there would be no difficulty in getting such a modification as will permit the sale of the assets in question. The committee, however, voted not to report the bill] which he presented, and was opposed to reopening the matter in any way. To-morrow other matters on the calendar of more or less importance will be considered. It is quite evident that a final adjournment will not be reached until next week or the week after. Following is the summary of the business transacted in the Senate and House to-day.

9. December 4, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, December 4, 1884

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A Public Hearing. The State commission on the affairs of the Townsend Savings bank have voted to hold a public hearing in New Haven, Dec. 16, at 11 a. m. The receivers have been requested to appear and be heard.

10. January 28, 1886 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 28, 1886

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By order of Tilton E. Doolittle and Jared E. Redfield, receivers of the Townsend Savings bank estate, E. C. Beecher will on Monday morning at 10 o'clock sell the remaining securities of that institution at auction at 679 Chapel street. These assets are principally notes and stock and their face value aggregates over $300,000, but it is not probable that much of the paper will bring 10 per cent. of its par value. The receivers will wind up the defunct bank's affairs immediately.

11. February 2, 1886 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1886

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FAILURE OF A PRIVATE BANK. POOR PEOPLE LOSE THEIR EARNINGS. A DISASTER IN INDIANAPOLIS THAT WAS EXPECTED BY FINANCIERSOTHER ASSIGNMENTS. INDIANAPOLIS, Feb. 1 (Special).-Well-informed financiers have expected for some time the failure which took place to-day of Ritzinger Brothers' bank. It has been known in banking circles that the firm was heavily burdened with depreciated real estate, which was unloaded on it in the panic of 1873, in addition to which it has since suffered several large losses from unfortunate loans. The founder of the bank, J. B. Ritzinger, died six years ago, after he had taken the present proprietors into partnership and on his deathbed he advised his wife to withdraw from the concern her capital, amounting to $200,000. She did this and it had the effect to seriously cripple the bank. It has been generally understood that the capital of the firm was $50,000, but Rand & McNally's Bankers' Almanac for 1886 reports it at $10,000. The deposit account averaged about $500,000. When the bank closed on Saturday night it had about $v3,000 in cash on hand, of which $7,500 was in silver. A steady run of three weeks, started by the failure of a whiskey firm which the bank had been upholding, had reduced it to this state. The depositors were of the poorer class, many of them being German gardeners, butchers and laborers, and it was little more than a savings institution operated as a private bank. The run this morning on Fletcher & Churchman's bank was caused by the popular belief that there were close relations between it and the embarrassed firm. When a run was made on Ritzinger's several years ago, Stoughton A. Fletcher, the father-in-law of Frank Ritzinger, sent money into their back door by the basketful and carried them safely through their trouble. It has since been supposed that Fletcher & Churchman are responsible for the Ritzingers. During the run on them this morning, W. H. English went into the throng of depositors and offered to indorse the certificates of all who wanted their money, telling them that they could get it at his bank, the First National. This allayed uneasiness. The bank now has available cash to the amount of $1,100,000 to meeta possible demand of $1,200,000. The mos accurate information that can be obtained indicates that the liabilities of the Ritzingers will amount to about $450,000, and their assets, consisting largely of real estate, are valued at $300,000. The notes due the bank amount to about $109,000, and the overdrafts to $15,000. The Nassau Bank, of New-York, holds notes indorsed by Ritzinger & Brothers on collateral security for an indebtedness of the Ritzingers to the amount of $30,000. The papers of assignment were made out after midnight last night. The assignee 18 George B. Yandes. SELLING SECURITIES OF A SAVINGS BANK. New-HAVEN, Conn., Feb. 1 (Special).-The remaining securities of the Townsend Savings Bank, face value $489,466 were sold at auction to-day and brought $434 40; $33,062 75 of Selma, Rome and Dalton Railroad stock sold for $5; one judgment against J. M. Ryder for over $200,000 sold for $200.