18465. Manchester Savings Bank (Allegheny, PA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 23, 1877
Location
Allegheny, Pennsylvania (40.451, -80.016)

Metadata

Model
gpt-5-mini
Short Digest
c1b1bc66

Response Measures

Full suspension

Other: Stockholders individually liable; directors tried to make collections but compelled to suspend.

Description

Multiple contemporary papers report a determined run by depositors after failure of another local bank (Allegheny Savings Bank / general local distress), forcing the Manchester Savings Bank to suspend on Oct 23, 1877. Reports state stockholders are individually liable and depositors likely to be paid; no article confirms a reopening or permanent receivership, so the final outcome is unclear.

Events (2)

1. October 23, 1877 Run
Cause
Local Banks
Cause Details
Depositors withdrew funds following the failure/distress of the Allegheny Savings Bank and other local bank failures, producing a determined run on Manchester Savings Bank.
Measures
Directors attempted collections but were unable to meet withdrawals; resulted in suspension of payments.
Newspaper Excerpt
Since the suspension of the Allegheny Savings Bank depositors have been withdrawing their funds, and the directors not being able to make collections fast enough to meet these demands, were compelled to suspend.
Source
newspapers
2. October 23, 1877 Suspension
Cause
Local Banks
Cause Details
Forced to suspend payments because of heavy withdrawals stemming from runs triggered by other local bank failures (Allegheny Savings Bank).
Newspaper Excerpt
The Manchester Savings Bank, on the corner of Beaver-ave. and Franklin st., Allegheny City, suspended payment to-day.
Source
newspapers

Newspaper Articles (11)

Article from Gold Hill Daily News, October 23, 1877

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LIGHTNING FLASHES. Large numbers of depositors of the Union Dime Savings Bank, New York, called this morning to withdraw their money, but were informed that the law requiring sixty days notice was in force. The Bank Department has been making an examination for the past four weeks, and the Examiner says the cash is all right and the securities among the best. Among the bills introduced in the Senate to-day were the following : By Wallace, to provide a lawful note and coin currency for the United States. Wallace said he did so by request and without committing himself to the bill. He also introduced a bill to authorize a long bond for the investment of savings. The Senate, in executive session to-day, confirmed R. C. McCormick Assistant Secretary of the Treasury; Frederick Kuefler, Pension Agent at Indianapolis; A. D. Hazen, Third Assistant Postmaster General, and J. M. Langston, Minister Resident and Consul General at Hayti. The Manchester Savings Bank, of Alleghany, Pa., closed its doors this morning. The liabilities and assets are not yet known. The bank is a long established one and the depositors are hopeful. The long discussed question of the New York Custom-house appointments was settled in the Cabinet to-day by a final determination to appoint Theodore Rosevelt Collector, Merritt Surveyor, and Prince Naval Officer. The race in Baltimore for the Dixie stakes, two miles, was won by King Faro, Major Borken second, and Susquehanna third. Time, 3:55. Captain Christie of the propeller China states that the wreck of a three-masted tow barge, lies forty miles due east of Point Aupelee. Puerto Plata and Loveja, San Domingo, have been reoccupied by the Government troops. All the other provinces are in rebellion.


Article from The Daily Gazette, October 24, 1877

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General News. General Abram Duryea, lumber dealer, of New York, has failed for $98,000. John Butterworth, of North Andover, Mass., on trial for the murder of his wife, was convicted of Manslaughter yesterday. The Governor of Maryland has designated November 23rd for the execution of a colored man named Hawkins, convicted of a felonious assault upon a young white girl. In the U. S. District Court at Baltimore yesterday, Joseph A. Ryan was convicted of passing counterfeit five cent pieces, and sentenced to two years imprisonment. The Manchester savings Bank, of Alleghany City, Pa., suspended yesterday morning. Nothing is yet known of its liabilities and assets, but its depositors are "hopeful," it being an old concern. G. W. Alexander, a real estate agent of Chicago, has filed a petition in bankruptcy. His debts, chiefly in notes, and all unsecured, amount to $278,000. John W. Carrington, Jr., a real estate broker of the same city, has also failed. His secured debts amount to $31,000; unsecured, $21,000.


Article from New-York Tribune, October 24, 1877

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Article Text

FAILURE OF A pennsylvania SAVINGS BANK. PITTSBURG, Penn., Oct. 23.-The Manchester Savings Bank, on the corner of Beaver-ave. and Franklin st., Allegheny City, suspended payment to-lay. Since the suspension of the Allegbeny,Savings Bank depositors have been withdrawing their funds, and the directors not being able to make collections fast enough to meet these demands, were compelled to suspend. The stockholders are individually liable, and it is believed depositors will be paid in full after a time. The bank's capital stock was $100,000.


Article from The Cheyenne Daily Leader, October 24, 1877

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Another Bank Bursts. Allegheny City, Oct. 23.-The Manchester Savings bank suspended to-day. The stock holders are individually liable and it is believed that depositors will be paid in full. The bank's capital stock was $100,000.


Article from The Rock Island Argus, October 24, 1877

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Telegraph Briefs. The commissioner of Indian affairs has a telegram that 121 southern Apaches surrendered at Fort Wingate, Texas, and fifty-six more are expected in. A correspondent telegraphs from Ragusha that the inhabitants of the Wassowich district, Montenegro, numbering 21,000, are stricken with famine. There is trouble at Pittsburg at the point near where the Pittsburgh & Lake Erie railroad tracks are being laid across the tracks of the Lawrence & Newcastle road. The workmen have torn up the track twice, and trouble is expected tonight. The leading oil men to-day re solved to protect the market against the bear raid of the refining company. The Manchester Savings Bank of Allegheny City, Pa., has suspended. Gen. Grant and party left Charing Cross railway station at 10 o'clock this (Wednesday) morning, enroute to Paris. The Womans' National Christian Tem perance Union convened in Chicago this morning with a large representation of prominent ladies from all parts of the country.


Article from The Silver State, October 24, 1877

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TELECRAPHIC. EASTERN DISPATCHES Removing More Sioux. CHEYENNE, Wyo., Oct. 23. Arrangements have been completed for removing the Sioux from the Spotted Tail and Red Cloud Agencies. General Crook anticipates no trouble. Inspecting Bonds of Postmasters OMaHa, Oct. 23. Special Mail Agent, Furay, has received orders from the Department to inspect the official bonds of 70 Postmasters, the object being to ascertain the responsibility of their sureties. The investigation so far, has resulted in finding many utterly worthless bonds. Sentenced to the Penitentiary OMaHa, Oct. 23. Jeremiah Butler, convicted of an at tempt to rape, has been sentenced to five years in the penitentiary. A Loan to Louisiana. NEW ORLEANS, Oct. 23. A syndicate of eminent financiers in Europe have proposed to loan the State of Louisiana $12,950,000 with which the State must call in and pay off her present debt at par. Trouble Between Railroads, PITTSBURG, Pa., Oct. 23. Trouble has occurred where the Pittsburg & Lake Erie Railroad tracks are being laid across the tracks of the Lawrence & Newcastle road. Work men have torn up the track twice, and trouble is expected to night. Injunction Dissolved. NEW ORLEANS, Oct. 23. The injunction forbidding Boards of School Directors from establishing separate schools for white and colored children, was totally dissolved by Judge Righter, of the Sixth District Court, Woolen Mill Burned. PROVIDENCE, R. I., Oct. 23. The woolen mill at Waterford, Mass., burned last night; loss, $10,000. Another Savings Bank Busted. ALLEGHANY City, Pa., Oct. 23. The Manchester Savings Bank suspended to day. The stockholders are individually liable. It is believed the deposits will be paid in full. Capital stock was $100,000. Heavy Frost at Memphis. MEMPHIS, Tenn., Oct. 24. There was heavy, white frost here this morning. Untrue. QUINCY, Ill., Oct. 23. The announcement of the failure of Bradford & McCoy is untrue. Simon Cameron as Pierrepont's Successor. CHICAGO, Oct. 23. A Times' Washington special says Simon Cameron is spoken of for the English mission. Betrayal of Confidence. CHICAGO, Oct. 23. A Tribune Washington special says newspaper publications of the doings of private cancuses of State delegations are denounced as infamons betrayals of confidence, Republicans Disagree with Hayes. The fact is patent that many Republicans. in Congress disagree with the President on some features of his policy. Waiting for the Elections. CHICAGO, Oct. 23. The Inter Ocean's Washington special says the Senate finance committee to-


Article from The New York Herald, October 24, 1877

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SAVINGS BANK FAILURE. PITTSBUEG. Pa., Oct. 23, 1877. The Manchester Savings Bank, on the corner of Beaver avenue and Franklin street, Allegheny City, suspended payment to-day. Since the suspension of the Allegheny Savings Bank depositors have been withdrawing their funds, and the directors, not being able to make collections last enough to meet these domands, were compelled to suspend. The stockholders are individually liable, and IL IS believed depositors will be paid in full in reasonable time. The bank's capital stock was $100,000.


Article from The Milan Exchange, November 1, 1877

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TELEGRAPHIC NOTES. Pike, Brother and Company's banking-house at New Orleans suspended on the 19th. a The Home Savings Bank of Elgin, III., has suspended. Liabilities about $75,000; assets about $30,000. A n advance in westward-bound railroad freights from New York and other Eastern points went into effect on the 22d, by agreement of the trunk-line managers. The increase is equivalent to about 33 1-3 per cent. The tariff on wheat by rail from Buffalo east has also been advanced from 11 to 12 cents a bushel. The National Life and Trust Company and the American Mutual Life Insurance Company, both of New Haven, Connecticut, have been /temporarily enjoined from doing further Business, upon application of the Connecticut Insurance Commissioner, who alleges that their assets are dangerously impaired. The Agricultural Department at Washington reports the wheat crop this year the largest ever produced in this country. The Manchester Savings Bank of Allegheny City, Pa., has been forced to suspend on account of the determined run of de-


Article from Perrysburg Journal, November 2, 1877

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THE EAST. The Manchester Savings Bank, of Allegheny City, Pa., failed on the 23d. The American Missionary Association of the United States began its annual session at Syracuse, N. Y., on the 23d, delegates being present from nearly every State in the Union. The Empire Transportation Company has been sold to the Pensylvania Railroad Company. Parole was the winner in the two and a half mile race at Baltimore on the 24th-defeating Ten Broeck by two lengths and Ochi!tree by six. Time George L. Fox, the pantomimist, died on the 24th. Investigation shows the over issue of stock of the West Philadelphia Railroad by Morton and his confederates to be 9,200 shares. The Superintendent of the New York Insurance Department reports the New York Life Insurance Company of New York city all right. Nearly all the Western and Middle States were represented at the cheese fair at Meadville, Pa., on the 24th. Ex-Gov. Tilden arrived at New York from Europe on the 25th. The Episcopal General Convention, in session at Boston, adjourned sine die on the 25th. Masons who recently went from New York to England found on their arrival there that they were to take the place of men striking against a reduction of pay, and at once joined the strikers. Morton, Huhn, Stokes, Nagle, and Vickers have been indicted for conspiracy to defraud the Philadelphia Market Street Railway Company out of $200,000. Another indictment charges the three former with embezzling $200,000, and Nagle and Vickers with receiving it. Ten Broeck won the four-mile-heat race at Baltimore on the 26th. Time 7:41 1/2 and 7:40. Augustus Schell is the Tammany candidate in opposition to John Morrissey for State Senator. The Boston & Albany Railroad declared a dividend of 8 per cent. on the 26th. Eels, the Secretary of the plundered Rockland (N. J.) Savings Bank, has been indicted for perjury in making reports. Edwin Adams, the actor, died at Philadelphia on the 28th. The number of voters registered in New York city this year is 143,375, against 183,064 last year. Ex-Gov. Tilden, responding to a serenade at New York on the evening of the 27th by a Democratic club, strongly indorsed the State ticket, and expressed the belief that it would be successful. Of national politics, he said the result of last year's contest was a robbery of the dearest rights of American citizens-the right of free government, the right of the people to govern themselves and change their rulers at will. In conclusion he said: "One thing I promise, one thing I swear before the assembled people of America-I swear that the Government of America will be restored to the people according to the ideal of its founders." The run on the Union Dime Savings Bank, of New York city, has ended. The officers of the North Bridgewater (Mass.) Savings Bank think they can pay the depositors 25 per cent. within a month. The loss to depositors will depend upon the amount recovered from the estate of the deceased defaulting Treasurer, Southwick. He was short $80,000.


Article from The Jasper Weekly Courier, November 2, 1877

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EAST AND SOUTHEAST. The centennial anniversary of Burgoyne's surrender was celebrated at Schuylersville, Saratoga County, N.Y., on the 17th. ExGov. Seymour and George W. Curtis were the orators. The assets of the Union Banking Company of Baltimore, which recently failed, re estimated as beingworth $4,000, of which amount $12 is in cash. The liabilities of the concern are $50,000. Three Directors and the Treasurer of the collapsed Merchants' Loan and Trust Company of Paterson, N.J., have been indicted or conspiracy to embezzle assets. A mass-meeting was held at Albany,N on the 18th, to indorse President Hayes's Civil Service and Southern policies, and to censure the action of the Rochester Convention. The Etna Savings Bank at Sharpsburg, Pa., has suspended. The National Life and Trust Company and the American Mutual Life Insurance Company, both of New Haven, Ct., have been temporarily enjoined from doing further business, upon application of the Connecticut Insurance Commissioner, who alleges that their Resets are dangerously impaired. The Manchester Savings Bank of Allegheny City, Pa., has been forced to suspend on account of the determined run of depositors since the failure of the Allegheny Savings Bank. The officers assure depositors that their accounts will ultimately be paid in full.


Article from The Redwood Gazette, November 8, 1877

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It was reported, on the 29th, that negotiations were progressing for the surrender of Kars. According to a Constantinople dispatch of the 29th, the Russians were at Slatiza, south of the Balkans, in the rear of Orchania. GENERAL. A Ragusa telegram of the 23d says that the inhabitants of Wassowich District, in Montenegro, numbering 22,000, werestricken with famine. Wood's Theater and Museum, in Chicago, was burned, on the morning of the 23d, involving a loss of about $50,000. The Manchester Savings Bank of Allegheny City, Pa., suspended on the 23d. It was believed that depositors would eventually be paid in full, as the stockholders are individually liable. An injunction issued against the New Orleans School Board, forbidding the establishment of separate schools for white and colored children, was dissolved, on the 23d, by Judge Rights, of the Sixth District Court. The Universalist General Convention of the United States began its session in Chicago on the 24th. Rev. J. W. Joy, of Massachusets, was chosen President for the ensuing year. The first of the Pittsburgh riot cases was tried in that city, on the 24th, before the Criminal Court. A. Murray was sentenced to three years in the Penitentiary for stealing fire-arms, ammunition and other property. Tom Gallagher was convicted of receiving stolen goods, pleaded guilty to the charge of lareeny, and was sentenced to pay a fine of $1,000 and to six years' imprisonment. Ex-President Grant paid an informal visit to President MacMahon, at Paris, on the 25th. The American residents have tendered him a grand banquet, to come off on Nov. 8. Two slight earthquake shocks occurred at Lisbon, Portugal, on the 25th. No great damage resulted. Snow fell at Quebec, Montreal and other places in Canada, on the 25th. Six inches had already fallen, and it was still snowing. According to Washington dispatches of the 25th, the Senate Commitee on Privileges and Elections had agreed to make a thorough investigation of the Louisiana case, and had requested the contestants to present in writing their views as to the scope of the investigation, which should include the legality of the Legislature by which each claimed to have been elected. The Woman's National Christian Temperance Union assembled in Convention in Chicago, on the 24th, delegates being present from several States. The address of welcome was delivered by Miss Frances E. Willard. On the 24th, the removal of the Indians from the Red Cloud Agency, Neb., to the Missouri River region was begun. No dissatisfaction was manifested by the Indians. The removal would probably be completed in about a month. Messrs. Kellogg and Spofford, the Louisiana contestants for a seat in the United States Senate, laid their written statements before the Committee on Privileges and Elections, on the 26th. The documents were read and ordered"printed. At a meeting of Republican members of Congress from Indiana, in Washington, on the evening of the 27th, resolutions were adopted favoring the repeal of the Bankrupt law; the remonetization of the silver dollar: the repeal of so much of the Resumption act as fixes a day for resumption: opposing all subsidies: deprecating any further contraction of the currency: declaring that Mr. Hayes was fairly, honestly and legally elected President by the Republican party, and that they hadfull faith in his honesty, patriotism and Republicanism: that the policy of peace and good will is founded in wisdom, and its final success now wholly depends upon the good faith with which it shall be received by the people of the South. A declaration was also made approving of all wise and practical efforts to purify the Civil Service, and asserting that in the selection of public servants. other things being equal, preference should be given to Union soldiers. Some of the cigar manufacturers of New York City had, up to the 27th, acceded to the demands of the strikers, and their hands had resumed work, but the most of the employers still held out, with the understanding that all cigar-makersanxious to resume operations should be put to work at once at the prices prevailing at the time the strike was inaugurated. The result of the second ballot for members of the French Chamber of Deputies, taken on the 28th, was: Conservatives, 11; Republicans, 4. The Chamber will stand: Republicans, 320; Conservatives, 210. The report of the Receiver of the suspended Chicago Fidelity Savings Bank, presented in the Superior Court of that city, on the 29th, shows liabilities amounting to $1,315,054, and assets amounting to $945,537a shrinkage of $369,517. CONGRESS. TUESDAY, Oct. 23.-Bills were introduced in the Senate-to equalize the bounties of soldiers who served in the late War for the Union; amending the Revised Statutes in regard to the militia, making an annual appropriation of $1,000,000 for the purpose of providing arms and equipments for the whole body of the militia: to enable Indians to be-