Bank of New England (Manchester, NH)

Episode Information

Episode UID
1964552191123
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
196455219 hash
Start Date
July 24, 1893
Location
Manchester, New Hampshire (42.996, -71.455)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
71b0ed34bb7d6cb1

Response Measures

None

Description

Suspension occurred amid a local cluster of bank failures/suspensions in July 1893.

Events (3)
1. July 24, 1893 Suspension
Cause
Local Banks
Cause Details
Suspension occurred amid pressure following other local institutions' suspensions (New Hampshire Trust Company and related local tensions).
Newspaper Excerpt
The Bank of New England, which suspended this afternoon, had a capital of $100,000.
Source
newspapers
2. August 11, 1893 Other
Newspaper Excerpt
Bank Commissioner Lyford stated that a careful examination ... would leave a surplus of at least 10 per cent remain.
Source
newspapers
3. August 31, 1893 Reopening
Newspaper Excerpt
At a meeting of the directors of the suspended Bank of New England ... The bank will resume in a few weeks.
Source
newspapers

Newspaper Articles (12)
1. July 25, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 25, 1893

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Article Text

New England Banks Going. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment to-morrow morning. This action was determined on at a meeting of the directors to-night, and the national Controller was notified. Its assets and liabilities are about $625,000; deposits, $310,529; capital stock, of the The suspension $200,000. New Hampsbire Trust and Bank of New England precipitated the Commonwealth's suspension. The Bank of New England, which suspended this afternoon, had a capital of $100,000, and its officers say depositors will lose nothing. The savings banks of the city have voted to demand the ninety days' notice authorized by law on all withdrawals of over $100. The five remaining national banks will also stand by each other and establish a sort of clearing house arrangement for mutual protection.

2. July 25, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 25, 1893

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Article Text

MORE BANKS IN TROUBLE. New Hampshire Concerns Yield to the Pressure. TWO IN MANCHESTER FORCED TO SUSPEND PAYMENT. One Is the Bank of the Commonwealth With Assets and Liabilities of About $650,000-The Officers of the Other, the Bank of New England, Say Depositors Will Not Lose - Savings Banks Demand Notice of Withdrawals. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment tomorrow morning. This action was determined on at a meeting of the directors tonight. The national comptroller was notified. The bank was the youngest of the six national banks here. It had risen to be second in the amount of deposits. Its assets and liabilities are about $650,000; deposits, $310,529; capital stock, $200,000. The suspension of the New Hampshire Trust Company and the Bank of New England precipitated the Commonwealth's suspension. The Bank of New England, which suspended this afternoon, had a capital of $100,000. Its officers say the depositors will lose nothing. The savings banks of the city have voted to demand the 90 days notice authorized by law on all withdrawals of over $100. The remaining national banks will stand by each other, and establish a clearing house for mutual protection.

3. July 26, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 26, 1893

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Article Text

ABBREVIATED TELEGRAMS. A Georgia delegate to the Monona lake assembly advocates settling the race problem by establishing a separate state for negroes. Obituary: At Lake Geneva, Wis., Arthur Kaye, proprietor of Kaye's Park hotel. At Ottawa, Ont., Christopher S. Patterson, supreme court judge, aged 70. A New York report says that Grand Master Workman Powderly, of the Knights of Labor, has resigned, and that James J. Linehan, president of the Trade and Labor Assembly of Chicago, is likely to be his successor. Nicaraguan revolutionists have shelled the city of Ma: agua. Two persons were killed and many buildings damaged. United States Minister Baker and representatives of other foreign powers have sent a formal protest to the revolutionary junta. A genuine volcano is reported to have been discovered four miles south of Ponca, Neb. The Plainview (Neb.) State bank, which was burglarized of $3,000 in cash Sunday night has suspended. A cyclone at Cale, I. destroyed a number of buildings and ruined crops. John B. Koetting, cashier of the South Side Savings bank at Milwaukee, which failed Saturday, has mysteriously disappeared. The National Bank of the Commonwealth and the Bank of New England at Manchester, N. H., have suspended. The Ohio Transfer and Storage company's building at Columbus, 0., were burned, causing a loss of $300,000. By the bursting of a boiler the flouring mill of Kenny & Newgard at Hawarden, Ia., was wrecked, entailing a loss of $3,000, not covered by insurance. Frank Chapman, engineer, was seriously injured. The contract for building the Milwaukee city hall has been let to Paul Riesen for $696,348. The convention of Christian Endeavor at Montreal cost the local committee over $100,000, and claims are accumulating in excess of that amount Russian crop prospects have greatly improved. A fairly large yield is now expected, especially of rye, the chief breadstuff of the nation. Statistics gathered by the German imperial commission on labor show that in many parts of the empire the duration of work exceeds fifteen hours daily. The Merchants' National and Louisville Deposit banks, at Louisville, have suspended. This makes four Louisville banks that have collapsed in the last three days. Depositors will lose nothing. Simmons Liver Regulator, bear in mind, is ot an experiment. It is endorsed by thousands

4. July 28, 1893 The Times Owosso, MI
Article from The Times, July 28, 1893

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Article Text

LATER. THE Forest and Dean mines near Highland Falls, N. Y., which had been in operation continuously for a hundred years, closed down for an indefinite period. SEVENTY guards in camp at Seagirt, N. J., were poisoned by drinking from cups washed in oxalic acid. A PIRATICAL outbreak occurred among the Achinez passengers on board the Dutch steamer Rajah Kongsee, trading on the eastern coast of Achon, and the Achinez killed the English captain, mate and twenty-two of the Asiatic sailors. DURING a gale at Buzzard's Bay, Mass., a yacht was capsized and six persons were drowned. THE Plainview (Neb.) State bank was robbed of $3,000 in cash, and in consequence the bank did not open its doors. THE extensive manufacturing firm of Bradley & Co. at Syracuse, N. Y., went into a receiver's hands with liabilities of $350,000. A SEVERE cyclone passed over the little town of Cale, I. T., destroying houses, barns, and everything in its path. FROM twenty to thirty Chinamen are said to enter the United States nightly via the Mexican border. A BLAZE in the Ohio Transfer & Storage company building at Columbus, O., destroyed the plant. Loss, $300,000. THREE boys and a man were killed by the explosion of a powder house near Huntington, Ind. BANK failures were reported as follows: The First national at Orlando, Fla., Tacoma national at Tacoma, Wash., City national at Louisville, Ky., Citizens at Connersville, Ind., Taylor county at Medford, Wis., and the National bank of the commonwealth and Bank of New England at Manchester, N. H. THE two hundredth anniversary of the birth of the city of Detroit, Mich., was celebrated. GAUDAUR defeated Hanlan in the boat race at Toronto, Ont., for the world's championship. DIRECTOR GENERAL DAVIS, President Higinbotham, Commissioner St. Clair, Commissioner Massey and Director C. H. Schwab were served with a notice to appear in court before Judge Stein in Chicago to show cause why they should not be attached for contempt of court in not opening the gates of the exposition on Sunday in violation of the injunction against closing issued in the Clingman case.

5. August 11, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 11, 1893

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Article Text

BRIEFLY TOLD. The American national bank of Nashville, Tenn., has suspended. A black steam vacht is reported aground near Herring Gut. The suspended Bank of New England of Manchester can pay in full and then have 10 per cent surplus. About $20,000 worth of the People's Fire Insurance Company's missing securities have turned up. Ex-President Harrison is the guest of his daughter, Mrs. McKee at Beverly, Mass. The President has granted a pardon to Peter J. Claassen, the New York banker who helped to wreck the Sixth National bank, and who was sentenced to six years' imprisonment in March, 1891. It is reported that Secretary Herbert and Miss Sally Brown, youngest daughter of ex-Senator Joseph E. Brown of Georgia, are engaged to be married. Miss Brown is on the sunny side of 30 and a woman of literary tastes and many social graces. Her father is worth $10,000,000. At Liverpool, England, Wednesday, the Allan line steamship company got $1,000 damages in a libel suit against Joseph H. Wilson, M.P., and secretary of the National Seaman's union for issuing placards reflecting upon the management of the company and the safety of the Allan line steamers.

6. August 11, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, August 11, 1893

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Article Text

New England Bank All Right. Manchester, N. H., Aug. 11.-At a meeting of the directors of the suspended Bank of New England Bank Commissioner Lyford stated that a careful examination of the institution had revealed no discrepancies, and that if the assets could be realized upon not only would the depositors and stockholders receive every dollar, but a surplus of at least 10 per cent would remain.

7. August 11, 1893 The Providence News Providence, RI
Article from The Providence News, August 11, 1893

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Article Text

WILL PAY IN FULL. MANCHESTER, N. Hi Aug. i1.-At meeting of the directors of the suspended Bank of New England Bank Commissioner Lyford stated that a careful exam ination of the institution had revealed no discrepancies, and that if the assets could be realized upon not only would the depositors and stockholders receive every dollar, but a surplus of at least 10 per cent would remain.

8. August 12, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 12, 1893

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Article Text

New England Bank All Right. MANCHESTER, N. H., Aug. 11.-At a meeting of the directors of the suspended Bank of New England Bank Commissioner Lyford stated that a careful examination of the institution had revealed no discrepancies. and that if the assets could be realized upon not only would the depositors and stockholders receive every dollar, but a surplus of at least 10 per cent would remain.

9. August 31, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, August 31, 1893

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Article Text

To Resume Business. MANCHESTER, N. H., Aug. 31.-At a meeting of the directors of the suspended Bank of New England, a report was made that the assets were sufficient to pay depositors and stockholders in full and have a surplus. The bank will resumein a few weeks.

10. August 31, 1893 The Providence News Providence, RI
Article from The Providence News, August 31, 1893

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Article Text

Bank of New England to Resume. MANCHESTER, N. H., Aug. 31.-At a meeting of the directors of the suspended Bank of New England, a report was made that the assets were sufficient to pay depositors and stockholders in full and have a surplus. The bank will resumein a few weeks.

11. September 1, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, September 1, 1893

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Article Text

To Resume Business. MANCHESTER, N. H., Aug. 31.-At a meeting of the directors of the suspended Bank of New England, a report was made that the asse were sufficient to pay depositors and stockholders in full and have a surplus. The bank will resumein a few weeks.

12. September 7, 1893 The Sun Morris, MN
Article from The Sun, September 7, 1893

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Article Text

WILL RESUME. s Manchester, N. H. Special-At meeting of the directors of the suspended Bank of New England to-day a report was made that the assets were sufficient to pay depositors and stockholders in full and have a surplus. The bank will resume in a few weeks, the exact time being contingent on the condition of the money market.