Townsend Savings Bank (New Haven, CT)

Episode Information

Episode UID
462560590937
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
46256059 hash
Start Date
January 1, 1878*
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b8408fcbf1b15c68

Response Measures

None

Description

Receivers were appointed and the institution was wound up; final asset sales occurred in 1886.

Events (3)
1. January 1, 1878* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had receivers appointed by at least 1878, indicating insolvency or failure leading to suspension.
Newspaper Excerpt
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
Source
newspapers
2. February 28, 1883 Receivership
Newspaper Excerpt
Receiver Doolittle, of the bankrupt Townsend Savings Bank, received the following communication ... of the bankrupt Townsend Savings Bank, New Haven, Feb. 28.-Receiver Doolittle ... received a communication ... threatening him with death if he did not pay a dividend of at least 10 per cent.
Source
newspapers
3. 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 22, 1883 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, February 22, 1883

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olution amending the charter of the city of Hartford-that a tax be laid for a free library; calendar. Favorable on bill concerning nuisances near reservoirs; Calendar. IncorporationsReferring to the Bank committee the resolution incorporating the Farmers' Banking company. Adverse on resolution incorporating the Wiley Construction company; [rejected.] Adverse on incorporating the Connecticut Investment and Security Registry company; [rejected.] Education-Adverse on petition for dividing school l'district No. 3 of Montville; given leave to withdraw. Adverse on bill providing for the appointment of the cost of a school among towns in the district; tabled. Agriculture-Referring to the Committee on Railroads an act in relation to forfeitures. Favorable on substitute bill for the protection of the American eagle; calendar. Adverse on bill regarding Canada thistles; rejected. Banks-Adverse on bills allowing savings banks to invest in Illinois Central railroad bonds and stocks, etc. Adverse on bill that the president of a savings bank may receive a salary when the bank has $3,000,000, or over, on deposit. Favorable on petition for information regarding the affairs of the Townsend Savings bank of New Haven ; with report of receivers. Business on the calendar was disposed of as follows: Resolution incorporating the Connecticut Travelers' Mutual Bnefiet association. Authorizing the treasurer to lease Vincent Island, opposite Stamford. Authorizing the payment of interest on the Agricultural college fund. Bill providing for the payment of cost of commitment and board in jails in appeals from justice's decisions. Authorizing the investment of Agricultural college funds. Amending an acted costs on commitments to the Connecticut Industrial School for Girls. Authorizing administration on the estate of Elizabeth Henkle. Authorizing Thomas E. Packer to sell real estate. Bill that the examinations of insolvent debtors and witnesses provided for in chapter eighty-one of the Public Acts of 1879 (page 430) may be taken and had before a committee appointed by such court, who shall certify and return the same to such court immediately after the final examination, or at such time as the court shall direct ! and whose compensation shall be the same as provided in said act for the court of probate when holding such examination; passed. To test the sense of the House, Mr. Cleveland moved to adjourn till to morrow at 10 o'clock. Mr. Robbins urged that if the hour was changed to 10 for to-morrow simply, it would be hard to change it back again. Mr. Cleveland, finding that it was generally desired to sit to-morrow, as usual, withdrew his motion, and the House adjourned till 10:30.

2. 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.

3. March 1, 1883 New-York Tribune New York, NY
Article from New-York Tribune, March 1, 1883

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THREATENING TO KILL A RECEIVER. NEW-HAVEN, Conn., Feb. 28.-Receiver Doolittle, of the bankrupt Townsend Savings Bank, received the following communication from Bridgeport yesterday, apparently from a suffering depositor: You have defrauded us long enough. If you do not pay a dividend of at least 10 per cent you will suffer the consequences. Remember, I am not a dunce. I mean what I say. Yoa will not bang on a rope, but will see JUSTICE. your grave six weeks from date.

4. 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

5. 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.

6. May 12, 1883 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, May 12, 1883

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Townsend Savings Bank. STATE OF CONNECTICUT, Superior Court, SS. New Haven County, January Term, 1833. In the matter of the Receivers of the Townsend Savings Bank Upon the application of Tilton E. Doolittle and Jared E. Redfield, Receivers of the Townsend Savings Bank, praying for an extension and limitation of time for the creditors of said bank to pretent their claims to said receivers, it is hereby Ordered, That the time is extended and limited to the first day of July, 1883, for the creditors of the said Townsend Savings Bank to present their claims to the Receivers of said Bank, and all claims not presented within said period of time will be barred, and that notice of th's order shall be given by publication thereof three times in each of the daily papers of the city of New Haven, commencing on or before the 16th day of May, 1883. Dated May 11th, 1883. By order of Court. JONATHAN INGERSOLL, Clerk. my123t

7. 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.

8. 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.

9. 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.

10. March 6, 1886 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, March 6, 1886

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In the matter of the ReORDER OF NOTICE. ceivers of the Townsend Savings Bank. Superior Court, STATE OF CONNECTICUT, SS. March 5, 1886. New Haven County. Upon the foregoing application of the receivers of the Townsend Savings Bank, as aforesaid, it is ordered that said application be heard at the Superior court room in New Haven. on the 16th day of March, 1886, at 10 o'clock in the forenoon, and that notice thereof shall be made by a publication of the said application and of this order three times daily in each of the following newspapers in New Haven. viz: The New Haven JOURNAL AND COURIER, the New Haven Palladium, the Morning News, the New Haven Register and the New Haven Union, commencing on or before the 6th day of March, 1886, and three times in the daily Hartford Times, commencing on or before the 8th day of March, 1886. By order of Court, March 5, 1886. m63t JON. INGERSOLL, Clerk. EPORT of the condition of THE NEW HA VEN COUNTY NATIONAL BANK, at New R Haven, in the State of Connecticut, at the close of business, March 1, 1886:

11. October 23, 1889 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, October 23, 1889

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# The Late Jared E. Redfield. The funeral of Jared E. Redfield of Essex, whose death was announced yesterday, took place from his late residence in Essex yesterday afternoon at 2 o'clock, attended by a large number of 'relatives and friends, including many prominent gentlemen from Hartford and from other parts of the State. Mr. Redfield was Essex's most prominent resident. He had been suffering from a cold for some days prior to Tuesday, the 15th, when he left Essex on a trip to Columbus, Ohio. He drove over to Westbrook to take the cars on the Shore Line road, and feeling quite ill before the train arrived, returned home. The physicians found symptoms of pneumonia. The local physician called Dr. Shepard, of Hartford, in consultation, and under their treatment Mr. Redfield showed improvement up to Saturday evening, when the disease took an unfavorable turn and death occurred Sunday morning at 6 o'clock. The deceased was a man of much executive ability and force of character. He became largely interested in railroad operations in the West and Southwest. He was president of the Little Rock, Mississippi and Texas road, and the Columbus and Eastern, and had large interests in other enterprises. He lost a considerable fortune in one of the roads, but had recently been encouraged by a favorable outlook for realizing on his large investments in an Ohio road. He was some years ago connected with the late Governor Jewell in one of the schemes for a new road between New York and Boston. He had large interest in lumbering at Bay City, Mich., and in years past gave help to manufacturing enterprises in Essex and vicinity. For several years he was associated with State Attorney Tilton E. Doolittle of this city in winding up the affairs of the Townsend Savings bank of this city. The Hartford Post says of deceased: The death of Mr. Jared E. Redfield of Essex removes a man who has been very prominent in business circles in that town, and the announcement of his decease will be a surprise to his large circle of friends throughout the State. Mr. Redfield was closely connected with the Saybrook bank as cashier and president. Since he retired from the bank he has been engaged in railroad business. He was a genial and courteous gentleman. He was also one of the receivers of the Townsend bank of New Haven. His wife was the daughter of the late Dr. Hough, who was one of the most prominent physicians in Middlesex county. Hon. William C. Hough of Essex, and Mr. Niles P. Hough of this city, are her brothers. There are two sons of the deceased, one residing in the South and one at Danbury. The father of Mr. Redfield, Mr. Jared Redfield, was a merchant in Essex for many years, and with his excellent wife was a prominent member of the Baptist church in that place. They had three sons, all of whom engaged in the banking business, and all by their industry and superior qualifications have been promoted to the presidency of the respective bank with which they were connected. Two of them, Mr. Henry A. Redfield, president of the Phoenix National bank and Mr. John R. Redfield, president of the National Exchange bank, Hartford, are men of sound judgment and are well and most favorably known in commercial circles. It is a rare occurrence that three brothers have obtained so similar and prominent business positions.