1840. Willimantic Savings Institute (Willimantic, CT)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
October 16, 1896
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini
Short Digest
e8da16ba

Response Measures

Partial suspension

Other: Court injunction in Feb 1897 restraining payments (government action).

Description

In Oct 1896 a run withdrew about $70,000 and the directors invoked the four-months' notice (suspension). Later (Feb 1897) an injunction further restrained payments under a nine-months law, but by Aug 31, 1897 the bank was reported solvent and able to pay depositors in full. Thus sequence: run → suspension (protective notice/injunction) → eventual resolution/ability to pay. Cause of run is described as depositor nervousness/rumors following earlier local bank failures.

Events (5)
1. October 16, 1896 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors became nervous after prior local bank failures and circulated reports about the bank's stability; resulted in withdrawals of about $70,000 since Oct 1.
Measures
Directors issued statement and decided to take advantage of the four months' notice law to require notice for withdrawals.
Newspaper Excerpt
Owing to a run on the Willimantic Savings Institute during which $70,000 has been withdrawn
Source
newspapers
2. October 16, 1896 Suspension
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals (~$70,000) driven by shaken confidence and circulated reports; directors required four months' notice to avoid sacrificing securities and losses.
Newspaper Excerpt
The Willimantic Savings Institute suspended payment of deposits today, requiring the four months' notice allowed by law.
Source
newspapers
3. February 8, 1897 Other
Newspaper Excerpt
Judge Prentice ... granted an injunction restraining the officers ... from paying out any money except for expenses of running the bank, for nine months. The bank is considered solvent, but $200,000 was paid out last October and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, foreclosing mortgages, etc. (Hartford, Feb. 8). (New Haven, Feb. 9 article).
Source
newspapers
4. February 9, 1897 Other
Newspaper Excerpt
Judge Prentice ... granted an injunction restraining the officers of the Willimantic Savings institute ... from paying out any money except for expenses of running the bank, for nine months. The bank is considered solvent, but $200,000 was paid out last October and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, foreclosing mortgages, etc. (Hartford, Feb. 8). (New Haven, Feb. 9 article).
Source
newspapers
5. August 31, 1897 Reopening
Newspaper Excerpt
Willimantic Savings Institution Will Pay Depositors in Full. ... The officers of the Willimantic Savings Institution, which closed its doors last February, to-day issued a statement showing the bank to be solvent. ... The officials feel confident with the solvent condition of the bank that when the time for paying depositors arrives confidence in the institution will be fully restored and by conservative action all the depositors who desire to withdraw their money will have no difficulty to get the amounts they have to their credit. (Aug. 31, 1897).
Source
newspapers

Newspaper Articles (20)
1. July 26, 1895 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 26, 1895

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BANK EXAMINER BLAMED. The Public Think Cashier Walden Had too Good a Chance to Steal, Willimantic Conn. July 25.- Within the last few days there has [been"cc: siderable criticism in banking circles in regard to the way ex-Bank Examiner Buck has conducted the examinations of the Dime Savings Bank. It has been asserted that considerable blame rests upon him for the present condition of the banks He has always been considered a man of irreproachible character and well up in banking matters and fully capable of occupying the position he held. The last examination he made of the bank was June 15 just previous to his turning over the office to his successor. At that examination he found the bank had assets of $627,080 and was in a perfectly solvent condition On July 21 Mr. Crofut made an examination after the scale of 16 per_cent was declared placed with liabilities at $491,992; assets $483,301 pronouncing the bank insolvent. Buck procured a statement from Crofut and after a comparative examination made with one made by him June 15 gave the result to the press representative tonight. Buck's statement corresponds with Crofut's in every respect with the exception of three items. Mr. Buck places the expense account at $531 safe and fixtures $3411; cash on hand $5733. Mr. Crofut put the above items at $2904. Assuming that Mr. Buck's appraisal of three items is correct it will leave according to Mr. Crofut's statement a deficiency in the assets of about $1800 which is all that Walden could have possibly taken away with him. Mr. Buck considers that a large amount of paper Crofut has wiped out as of doubtful value "is collectible and dividends coming from Morrison Company and Allentown transactions place the bank in a solvent condition today. Mr. Buck's theory was if there was any stealing done it was probably $25000 Walden might have used to put into the Morrison Company. In his opinion to appoint a receiver would be the worst step the depositors could take as it would take a number of years to wind up the affairs of the institution with probably a loss of about two-thirds of the deposits. Kelley and Sumner returned from Allentown today and reported a meeting of the directors this evening. A deed was transferred from Walden to the bank and accepted by the directors. This means that the bank will receive $9800 on the transaction. The condition of the Dime Savings Bank occasioned a slight run on the Willimantic Savings Institution but it stands ready to meet all demands and is paying off depositors in gold. The directors decided to offeria reward for the arrest of Walden.

2. August 1, 1895 The Press Stafford Springs, CT
Article from The Press, August 1, 1895

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proves to have been an anaconda 25 feet long, thrown overboard from a vessel laden with living curios, because it had died. THE speech of Senator Fuller of the 24th district, printed on page 1st, while interesting and readable, is a clear and instructive presentation of insurance matters, put into such plain language as to be easily understood by any one. The speech has been highly spoken of by the legislative reporters, and in editorial columns of state papers. The Hartford Post says: "Seldom has a more scholarly and able speech been made in the senate than that made by Senator Fuller against the valued policy fire insurance bill, yet he was not a frequent speaker. But he always voted." THE reports of massacres by the Indians are generally turning out to be murderous assaults on the Indians by whites, and the result is, as usual, a lot of infuriated red men, an Indian war, an enormous expense to the government, and the killing of brave soldiers who had no part in inciting the uprising. The beginning was the arrest of Indians on a trumped up charge of violation of the game laws. It appears that the Indians were only exercising rights given them by United States treaties, and the violated laws were those made by unauthorized local authority. The party in charge of the arrested Indians claim that they tried to escape, and that it was necessary to kill them. It would be a good thing if Uncle Sam's troops would point their guns at some of the trouble breeding white squatters on Indian reservations. IT is probable that the worst was told in the beginning about the Willimantic savings bank trouble, more than the worst, in fact. The sensational reports first issued are reducing their dimensions with investigation, and now the wonder is why did Walden destroy or mutilate the books and run away, instead of facing the music. Perhaps the people will be the more willing to forgive in the exultation of finding that the matter is not as bad as at first feared. But it is bad enough. The bank may go on. It will be better for depositors and all if it is continued in life. To wind it up would shrink its assets, sadly cripple its borrowers, and generally demoralize business. It will be better for everybody concerned if the bank takes a thorough house-cleainng, and starts over with a new set of servants, or at least a discharge of the imprudent, incapable, or untrustworthy ones. The bank is likely to realize $9,000 on one transaction in which its money was risked without giving it a share of profits. It is said that it has no legal right to this, and the inference is that the concession is in the shape of "hush money" to stop investigation. The disclosure or suspicion may lead to something more than a "hush." Commissioner Crofut estimates the resent liabilities of the bank to be $490,747.09, and figures amount of insolvency at $27,469.73. He recommends that the bank go into the hands of a receiver.

3. November 28, 1895 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, November 28, 1895

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STATE NEWS. Amos T. Fowler, one of the bonds. men of Cashier Risley, the defaulting cashier of the Willimantic Savings Bank, has paid to Receiver Dooley $5,000 as his liability on the bond. Jailer Osgood of the Brooklyn jail, Windham county, has notified the county commissioners that there are 65 prisoners in the jail, with accommodations for only 33. Two burglars were caught while breaking into Sniffen's jewelry store at Newtown last week. The burglar alarm brought the proprietor and his son to the scene from a distance of one-eight of a mile. Rev Joseph Brewster, an Episcopal clergyman, a native of New Haven and formerly of Wallingford Windham, died in Brooklyn, N. Y., last week Wednesday. He was a lineal decendant of Elder William Brewster of the Mayflower colony. Miss Ann Deming, of New\ Boston, was found dead at her home, Friday evening, Nov. 22 It is presumed that Miss death resulted from apoplexy. Deming was 70 years of age. S. A Gordon has been appointed postmaster at Chapinville, vice T. A. McElroy, resigned and T. J. Byron has been appointed postmaster at Sharon Valley, vice C. C.Gordon, resigned. Veterans of the 6th, 7th, and 10th, Connecticut regiments and the 1st, Conacticut Light Battery propose to secure the erection of a memorial of these commands in the Bay View Park at New Haven. It is hoped that four long range field pieces, now at Fort Monroe, can be obtained and used in the monument. Representative Hubert Williams, of Salisbury, member of the fish commission, thinks that the state should establish trout hatcheries of its own. Bristol's new sewer system, now nearlv completed, cost the borough about $50,000, and embraces seven miles of pipe. The state prison at Wethersfield is 80 overcrowded that Warden Woodbridge is refusing to accept any more prisoners for the present. The Watertown Mutual Protective Association has 47 members, and is a useful organization for-business men and farmers. The Litchfield warden has instructed the berough bailiff to arrest all persons who ride bicycles on the sidewalk, and a young lady was the first victim. At the 29th annual meeting of the General Conference of Congregational Churches of Connecticnt,held at Waterbury last week, after some spirited debate, in which the methods of the Law and Order League in procuring evidence were criticised by a few of the ministers, & resolution was passed heartily commending the "fearless and efficient service" of the league. The will of the late Rev John H Duggan has been offered for probate. Bishop Tierney and William C. Robinson, of New Haven, are named as executors. The bishop has resigned in favor of Rev Fr Slocum, of Waterbury. The will, after appropriating $500 for masses, de votes one-half of the residue, after payment of debts, to the establishment of a library and reading room in Waterbury and the other half to the founding of a protectory for boys in the diocese The estate 18 estimated at from $10,000 to $15,000. Henry R. Bond and Henry W. Sage, Yale students. and the Misses May Wilson, 21, and Annie True, 22, of New Haven, were found in an intoxicated condition (one of the girls being ill) by a policeman in New Haven, at about 4 o'clock Friday morning. The officer took them to the station house. The party had been to a suburban resort known as the Centreville Hotel, where they stayed till 3 'clock & m. The girls are said to be pretty, stylish, well educated and to move in the best society. Sage claims to be a nephew of Russell Sage. Francis Wright, 55, an eccentric man, living between New Britain and Plainville, was found dead on the side of the railroad track of the New England road Friday morning. It is supposed that he met his death while returning home from the city Thursday night. There are several cases of diphtheria in Collinsville. C. H. Scholey has become the editor and publish of the Shore Line Times Mr Allis, the retiring editor. has made the Times a newsy sheet and it is expected that Mr Scholey will maintain the standard of the paper. There are still in Danbury four surviving members of an almost extinct religions sect called the Scandinavians. At one time it is said to have had 2,000 followers. Bridgeport is at last to have a new railroad depot Litchfield barbers have been notifi ed that if they open their studios OD Sundays they will be prosecuted. A 16 pound cannon ball was dug up in South Norwalk last week. It lay seven feet below the surface and is believed to have been, there since the time of the Revolution. The New Hartford railroad station was broken into by two tramps last Thursday night. They securred a trunk containing two suits of clothes, which clothes they exchanged for their own garments. The old Bidwell gold mine at Sandy Hook, which has been twice abandoned during the past fifty years, is being reopened by Meriden men, and they hope to find a rich vein of gold beneath the mountain. A large force of men are working in the mine. Michael McMahon died in Bridge. port last Friday,aged eighty-four years. For twenty years he was watchman at the railroad tunnel just below Hawley-

4. October 16, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, October 16, 1896

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BRYANITE PANIC. Savings Bank Forced to Suspend Payment Though Solvent. WILLIMANTIC, Conn., Oct. 16, 1896.- 1 The Willimantic Savings Institute suspended payment of deposits today, requiring the four months' notice allowed by law. This action was determined upon by the directors, who, at their meeting, adopted these resolutions:Whereas, Als the withdrawals since October 1 have amounted to about $70,000 and further payment would necessitate the sacrifice of securities and loss to the bank, it is deemed best to require the notice provided by law. The resolutions also declare the belief that the bank is in a sound, solvent condition. It has been rumored that the last semiannual dividend of two per cent. was not warranted by the earnings of the bank, though this statement is stoutly denied by the bank's officers. The people of this section having had their confidence in banking institutions shaken by the failures of the First National and Dime Savings Banks last year, started something of a run on this bank, which increased until the notice became necessary. The officials of the bank are among the wealthy and solid citizens of this section, and it is believed that payment will soon be restored and the bank be found, as the officers declare, in a sound condition.

5. October 16, 1896 The Providence News Providence, RI
Article from The Providence News, October 16, 1896

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Run on a Bank. WILLIMANTIC, Conn., Oct. 16.-Once more Willimantic is excited over a bank ing trouble, and coming as it does in the wake of the crash by which the first national bank. through the defalcation and death of Cashier O. H. K. Risley, and the Dime Savings Bank, went to the wall, not a little alarm is felt on all sides. Today through action taken by the board of directors it became known that the Willimantic. Savings Institute, had been forced to seek protection behind the law providing for a four months' notice of withdrawal of deposits. There has been a run on the Willimantie Savings Institute, during which $70,000 had been withdrawn.

6. October 17, 1896 The News & Observer Raleigh, NC
Article from The News & Observer, October 17, 1896

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TELEGRAPHIC BRIEFS. Fredericksburg, Va., Oct. 16.-The American Towing Company's tug Dupont, Capt. Chas. Ellinghouse, while towing a float of barges to this city, took fire about twenty miles below here last night and was totally destroyed. w Louis, Oct. 16.-A special to the Post-Despatch from Huntsville, Texas, says: A pitched battle occurred a few miles west of this town between several negroes. There were three on each side, and shot guns and pistols were used. Two sons of Ham Lacey on one side, and Reddick Stephenson on the other side, were killed. Willmantic, Conn., Oct. 16.-Owing to a run on the Willimantic Savings Institution during which $70,000 has been withdrawn, the directors of the bank to-day issued a statement in which they announced their intention of taking advantage of the "four months' notice" law. The cause of the run is not known. Nashville, Tenn., Oct. 16.-A special to the Banner from Cattanooga, Tenn., says: The county work house prisoners at work near Soddy mutinied last night and twenty-eight of them made a rush on the guards, who opened fire on them with shot guns, wounding half of the men, all negroes, seriously and quelling all except four, who made their escape. Philadelphia, Pa., Oct. 16.-The summer residence of Craig Lippincott, in Montgomery county, just across the Philadelphia city line, was robbed last night of diamonds and other valuables amounting to about $5,000. The robbery was not discovered until this morning. The police officials were at once notified, but no arrest have been made. Chattanooga, Tenn., Oct. 16.-A special to the News from Dayton, Tenn., says: About 1 o'clock this morning 225 pounds of dynamite, stored in the Dayton Coal and Iron Company's supply house, exploded, causing much destruction. Every business house in the city, including the court house and school buildings, as well às residences, had their windows shattered. No one was killed. The explosion was of incendiary origin. The company's loss will exceed $10,000, and other damages in the city are heavy. New York, Oict. 16.-Total bank clearings $993,325,904, percent decrease 14.7. Exclusive of New York, $434,333,50% 17 per cent decrease. Xenia, Ohio, Oct. 16.-Ten thousand people were in Xenia to-day, and a monster procession from all parts of the country as a greeting to the soldier speakers, Generals Alger, Sickles, Sigel, Corporal Tanner and Waltir Howard. Montreal, October 16.-Three firemen were killed and six badly injured at a stubborn fire to-day at the chemical warehouse of Gilmour & Company. The dead firemen are: Edmund Lapp, Harry King, Silvan Charpentir. Atlanta, Ga., Oct. 16-The merchants Bank, one of the oldest, and for many years one of the soundest of the city closed its doors this morning, having made an assibnment for the benfit of its creditors. The failure of the bank was due to withdrawals of deposits within the last few days caused by a rumor to the effect that Tax Collector A. P. Stewart, who has $49,000 on deposit there, has been asked by the bank officials not to check any of this money out. The amount owed depositors is $275,000. There is no run on any other bank.

7. October 17, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, October 17, 1896

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Suspended Payment of Deposits. Willimantic. Conn., Oct. 16.-The Willimantic Savings institution suspended payment of deposits today, requiring the four months' notice allowed by law. Withdrawals of deposits from the bank since October 1 have been $70,000. The bank is believed to be solvent.

8. October 17, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, October 17, 1896

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Telegraphic Tersities. Holland, Mich. The Michigan Furniture-Factory caught fire, and is a total loss. Wilmington, Del.-The Bay State Gas Company was placed in the hands of receivers by the United States Court. Washington.-The Mercantile National Bank, of New Orleans, La., capital $200.000, has been authorized to begin business. Washington.-The arrival of the Yorktown at Cheefoo and the Michigan at Erie were reported to the Navy Department. Houghton, Mich.-The Sturgeon-River Lumber Company, the largest concern in the upper district, has been placed in charge of trustees. Washington.-The President to-day appointed U. L. Brown, of Rhode Island, United States District Judge for the District of Rhode Island. New York.-The total registration was 71,421, against 69,658 in 1892. The total for the three days is 279,168, against 272,172 in 1892, and 233,688 last year. Little Falls, N. Y.-Freeman Ives & Co., produce dealers, have assigned. Their capital was rated at from $150,000 to $300,000. Assets and liabilities unknown. Willimantic, Conn.-The Willimantic Savings Institution suspended payment of depositors, requiring the four months' notice allowed by law. It is believed to be solvent. Boulogne.-P. J. P. Tynan, the alleged Irish-American dynamiter, started for Paris. He will sail from Cherbourg for New York to-morrow on board the steamer Saale. Columbia. S. C.-The South Carolina Railroad Commission has begun a rigid investigation into the cause of the recent fearful wreck on the Florida Central and Peninsula system. Van Buren, Ark.-Four men were killed and several seriously hurt by the premature explosion of a dynamite blast at Kennedy's camp, on the Kansas City and Pittsburg and Gulf road, Atlanta, Ga.-J. S. Turner, principal keeper of the State penitentiary, says that the reported mutiny of convicts at the Bainbridge camp has evidently been quelled without serious trouble. Washington.-Medical-Director George W. Woods has been assigned to represent the marine department of the navy at the Pan-American Medical Congress, to be held in the City of Mexico November 16th next. London.-A dispatch from Rio de Janelro says that the Chamber of Deputies have made a request of the President that he expel the Rio de Janeiro corrèspondent of the London Times from Brazil. New Orleans.-The Republicans of LouIsland have harmonized. There will be only one ticket out. The sugar-planters have agreed to take down their electors and the regulars to withdraw their congressional candidates. Gioversville, N. Y.-A sensation was created by the arrest of City-Clerk Frank

9. October 17, 1896 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, October 17, 1896

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THE LAW'S PROTECTION. Willimantic, Conn., Oct. 16.-Owing to a run on the Wiliimantic Savings Institute, during which $70,000 has been withdrawn, the directors of the bank to-day issued a statement in which they announced their intention of taking advantage of the "four months notice" law. The cause of the run is not known.

10. October 17, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 17, 1896

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Savings Bank in Straits. WILLIMANTIC, Conn., Oct. 16.-Owing to a run on the Willimantic Savings Institute, during which $70,000 has been withdrawn, the directors of the bank to-day issued a statement in which they announced their intention of taking advantage of the "four-months-notice" law. The cause of the run is not yet known.

11. October 17, 1896 The Sun New York, NY
Article from The Sun, October 17, 1896

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BANK SUSPENDS PAYMENT. Willimantio Savings Institute Enforces the Four Months' Notice Rule. WILLIMANTIC, Conn., Oct. 16.-The Willimantic Savings Institute suspended payment of deposits to-day. requiring the four months' notice allowed by law. This action was determined upon by the directors, who at their meeting adopted this preamble: "Whereas, As the withdrawals since Oct. 1 have amounted to about $70,000. and further payment would necessitate the sacrifice of securities and loss to the bank. it is deemed best to require the notice provided by law." Resolutions also declare the belief that the bank is in a sound, solvent condition. The officials of the bank are among the wealthy and solid citizens of this region, and it is believed that payment will soon be restored and the bank be found. as the officers declare, in sound condition.

12. October 17, 1896 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, October 17, 1896

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DAY'S LIST OF FAILURES Merchants Bank, of Atlanta, Ga, at the Head of the List. Atlanta, Ga., Oct. 16.-The Merchant's bank, one of the oldest and for many years soundest financial institutions in this city, closed its doors this morning, having made an assignment for the benefit of its creditors. J. G. Oglesby and George W. Scott are named as assignees. The failure was not unexpected in financial circles, but its announcement created considerable excitement among bank depositors, a large crowd of whom quickly gathered about the unopened doors. A notice posted on the door simply stated that the bank had assigned to J. G. Oglesby, George W. Scott and George Winship, and that it was believed that all depositors would be paid in full. The failure of the bank was due to the withdrawal of deposits within the last few days ,caused by a rumor to the effect that Tax Collector A. P. Stewart, who had $49,000 on deposit there, had been asked by the bank officials not to check any of his money out. The officials deny that any such request was made. All of Stewart's checks were honored. He withdrew the $49,000, and that, coupled with the withdrawals caused by the rumor, occasioned embarrassment and it was deemed best to go into liquidation. The amount owned depositors is $275,000. There is no run on any of the other banks. Houghton, Mich., Oct. 16.-The Sturgeon River Lumber company, the largest and oldest lumbering concern in the Copper district, has been placed in charge of E. L. Wright as trustee for mortgages. The differences of the company are due exclusively to the depression in their lumber trade and inability to collect outstanding accounts. Wilimantic, Conn., Oct. 16.-Owing to a run on the Willmantic Savings Institute, during which $70,000 has been with drawn, the directors of the bank today issued a statement in which they announced their intention of taking advantage of the four-months notice law. The cause of the run is yet unknown. Little Falls, N. Y., Oct. 16.-Freeman, Ives & Co., produce dealers, have assigned, Liabilities and assets and the cause of the failure are as yet unknown. The firm was rated at from $150,000 to $300,000.

13. October 17, 1896 The Providence News Providence, RI
Article from The Providence News, October 17, 1896

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Depositors Are Safe. Willimantie, Conn., Oct. 17.-Bank Commissioner Edward R. Doyle of Hartford, in relation to the state of affairs in the Willimantic Savings institute, says: "The depositors in this bank have become somewhat nervous at reports which have been circulated in regard to its stability, and a run has been made upon the ready cash. The directors thought it best to take advantage of the four months' law, and that has been done. I believe the bank to be perfectly sound. There is no defalcation, and the assets exceed the liabilities."

14. October 22, 1896 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, October 22, 1896

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A RUN ON A BANK. Willimantic, Conn., Oct. 16.-Owing to a run on the Willimantic Savings institute, during which $70,000 has been withdrawn, the directors of the bank today issued a statement in which they announced their intention of taking advantage of the four months' notice law. The cause of the run is not yet known.

15. October 22, 1896 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, October 22, 1896

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Depositors Are Safe. Willimantic, Conn., Oct. 17.-Bank Commissioner Edward R. Doyle of Hart. ford, in lation 10 the state of affairs in the Willimantic Savings institute, says: "The depositors in this bank have become somewhat nervous at reports which have been circulated in regard to its stability, and a run has been made upon the ready cash. The directors thought it best to take advantage of the four months' law. and that has been done. I believe the bank to be perfectly sound. There is no defalcation, and the assets exceed the liabilities."

16. October 23, 1896 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 23, 1896

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The Willimantic, Conn., Savings Institute suspended payment of deposits Friday, requiring the four months' notice allowed by law. This action was determined upon by the directors owing to recent heavy withdrawals and in order to prevent the sacrifice of the bank's securities. The action caused great uneasiness on account of the bank trouble in Willimantic two or three years ago, but the organization is said to be in good condition.

17. February 9, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 9, 1897

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Bank Depositors Want Their Money, Hartford, Conn., February 8.-Judge Prentice this afternoon in the superior court, granted an injunction restraining the officers of the Willimantic bavings institution of Millimantic from paying out any money except for expesses of running. The talk is considered solveut, but $200,00 was paid out last October and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, forelosing mortgages, etc.

18. February 9, 1897 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, February 9, 1897

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TO PROTECT DEPOSITORS. Willimantic Bank Enjoined From Paying Out Money. Hartford, Feb. 8.-Judge Prentice this afternoon, in the superior court, granted an injunction restraining the officers of the Willimantic Savings institute of Willimantic from paying out any money, except for expenses of running the bank, for nine months. The bank is considered solvent, but $200,000 was paid out last October, and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, foreclosing mortgages, etc. Commissioner Doyle stated that the object of the order was to preserve the assets and protect the depositors. The bank is perfectly solvent, he said, and has stood a run of $200,000. Another run of $125,000 might lead to double that amount and would compel the bank to sacrifice its securities. besides compelling the foreclosure on mortgages held by the bank, and it would be a hardship to many residents of Willimantic who own their homes. The application for the injunction was made by the bank commissioners under a new law passed by the general assembly last week. Their action was approved by the directors of the Willimantic bank.

19. February 10, 1897 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 10, 1897

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Judge Prentice, in the superior court at Hartford. Ct.. Monday, granted an injunction restraining the officers of the Willimantic Savings Institute of Willimantic, Ct., from paying out any money except for expenses of running. The bank is considered solvent, out $200,000 was paid out. last October. and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, foreclosing mortgages, etc.

20. September 1, 1897 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, September 1, 1897

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IT IS NOW SOLVENT. Willimantic Savings Institution Will Pay Depositors in Full. Willimantic, Conn., Aug. 31.-The officers of the Willimantic Savings Institution, which closed its doors last February, to-day issued a statement showing the bank to be solvent. Owing to a run on the bank last February advantage was taken of the new state law, which gives banks the privilege of stopping payments without a notice of nine months. In anticipation of a possible run when the bank will have to resume payments next November a statement was given out today which shows the banks assets to be $556,513.57; amount due depositors, $565,228.59. It is claimed that the assets are shaved down to the closest possible figure and do not represent any more than what they could be disposed of readily. The officials feel confident with the solvent condition of the bank that when the time for paying depositors arrives confidence in the institution will be fully restored and by conservative action all the depositors who desire to withdraw their money will have no difficulty to get the amounts they have to their credit.