National Bank of the Commonwealth (Manchester, NH)

Article Text

And Still Another

MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. The national comptroller was notified by the directors,

Article Text

The New Hampshire Panic

MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. This action was determined on at a meeting of the directors last night, and the national comptroller was notified. Its assets and liabilities are about $625,000; deposits, $310,529: capital stock. $200,000. The suspensions of the New Hampshire Trust company and Bank of New England precipitated the Commonwealth's suspension.

Article Text

To Suspend Payment

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.

Article Text

Manchester Bank Suspended

MANCHESTER, N. H. July 25.-The Na tional Bank of the Commonwealth suspended payment this morning This ac tion was determined on at a meeting of the directors last night and the national comptroller was notifled.

Article Text

The New Hampshire Panic

MANCHESTER, N. H., July 25.-The Nalional Bank of the Commonwealth suspended payment this morning. This action was determined on at a meeting of the directors last night, and the national comptroller was notified. Its assets and liabilities are about $625,000; deposits, $310,529: capital stock, $200,000. The suspensions of the New Hampshire Trust company and Bank of New England precipitated the Commonwealth's suspension.

Article Text

In Charge ofa Bank Examiner

MANCHESTER, N. H., July 27.-C. M. Dorr. of Somer-worth, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth. There is no change in the financial stuation here. All banks are confident that worst is over, locally.

Article Text

A Receiver in Charge

MANCHESTER, N. H., July 27.-C. M. Dorr, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth. All the banks are confident the worst is over, locally.

Article Text

And Still Another

MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. The national comptroller was notified by the directors.

Article Text

CONCORD, N. H., July 29.-The Derryfield Savings bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined last night from transacting any further business by Bank Commissioner Lyford.

Article Text

Closed Up

CONCORD, N. H., July 29.-The Derryfield Savings Bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined last night from transacting any further business by Bank Commissioner Lyford.

Article Text

FOLLOWS THE COMMONWEALTH

Derry field Savings Bank and Trast Company Temporarily Suspended. CONCORD, N. H., July 28.-The Derryfield Savings Bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined tonight from transacting any further business by Bank Commissioner Lyford. The savings bank this time has upward of $150,000 in deposits and a small interest account, having just declared a dividend of 4 per cent. Its capital stock is $100,000 and nominal assets $254,000. Loans to some of its officers are secured by collateral, which is looked upon as doubtful, and the name of its treasurer, "Morrill," is on paper in large excess of the limit allowed by law. The directors of the bank charge the president and treasurer of the bank with using itf funds to promote their personal interests and their resignations, tendered last Wednesday, were promptly accepted. The alleged crooked work of the treasurer is thought to be confined to the national bank. Bank Commissioner Lyford, who returned to this city late this evening, declined to be interviewed. He did admit there will be a large loes to the stockholders of the Derryfleld Savings Bank and Trust company, although expressing the belief that there will be noloss to the depositors. He further said that these two banks had no connection with any of the savings banks of Manchester; that they had been regarded with disfavor by other national and savinga banks and consequently they would not be effected by their failures. It is stated that the name of the president of the two banks is on a good deal of paper of those institutions, and that the poor investments are in concerns in which be is interested. The People's Fire Insurance company of Manchester, of which Hon. J. C. Moore is president, and Charles F. Morrill treasurer, is being investigated by Insurance Commissioner Linehan.

Article Text

Bank Receivers Appointed

D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, Ill., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.

Article Text

Bank Receivers Appointed

D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, III., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.

Article Text

Receiver Heard Hard at Work

Affairs at the National bank of the commonwealth of Manchester, N. H., are being stirred up in a vigorous manner by Receiver William A. Heard. Mr. Heard states his be lief that there will be no dividend declared Nov. 1 nor Dec. 1, but adds that this is a mat. ter entirely in the hands of the controller of the currency at Washington.

Article Text

THE END OF IT

Inso Ivency Proceedings Against Dr. Moore Are Dropped. LACONIA, N. H., Nov. 28.-The adjourned bearing in the insolvency proceedings against Dr. J. C. Moore, ex-president of the Commonwealth National bank and the People's Fire Insurance company of Manchester, was held yesterday afternoon before Judge Rollins. Attorney E. M. Topliff, representing Receiver Bartlett of the People's Fire Insurance company, and D. A. Taggart for the Derryfield Savings bank, withdrew their motion S that their names be joined to the petition of Receiver Heard of the Commonwealth bank that Dr. Moore be declared insolvent, and the proceedings are thus practically ended. Judge Rollins ruled that the usual probate notice of the motion and its withdrawal be given, and the matter will not be pushed further.

Article Text

DR. MOORE'S CASE Taken Out of Court by the Action of the Derryfield Bank. LACONIA, N. H., Nov. 28-The adjourned hearing in the insolvency proceedings against Dr. J.C. Moore, ex-president of the Commonweilth National bank and the People's Fire Insurance company of Manchester, was held yesterday afternoon before Judge Rollius. Attorney E. M. Topliff, representing Receiver Hartlest of the People's Fire Insurance company. and D. A. Tageart for the Derryfiel 1 Savings bank, withdrew their motio IS that their names be joined to the petition of Receiver Heard of the Commonweith bank that Dr. Moore be declared insolvent. and the proceedings are thus practically ended. Judge Rollios ruled that the usual probate notice of the motion and its with drawal be given, and the matter will not be pushed further.

Article Text

DOMESTIC

Boston's fire losses last year amounted to nearly $5,000,000. Summer guests paid residents of the State of Maine $10,000,000 last year. Judge Rick of Cleveland, o., has decided that the Edison patent on incandescent electric lights has expired and that any one is at liberty to make them. The Mitchell-Corbett prize fight, at Jacksonville, Fla., on Thursday of last week, resulted in an easy victory for Corbett. Only three rounds were ought. Small pox is still raging in New ork and the health authoriies are alarmed at the outbreak of the contagion, which is not confined to any one quarter of the metropolis. Secret service officers had a terrible encounter with counterfeiters at Whitesburg, Ky., Saturday. in which two were killed outright and all the others mortally wounded. James B. Campbell, governor of Ohio in 1892 and residing in New York since, is in financial straits, being unable to satisfy judgment in a' case pending against him for some time. Judge Colt has appointed Messrs. Platt and Perry permanent receivers for the New York and New England company for the district of Massachusetts and ordered them to furnish $100,000 bonds. Albert Bennett, manager of a stock exchange in Boston, claims to have been held up in his office Monday by three young men, who relieved him of his pocketbook containing $2300 and made good their escape. The comptroller of the currency has declared the second dividend of 10 per cent to the creditors of the national bank of the commonwealth, Manchester, N. H., making in all 35 per cent on claims amounting to $248,472. Several persons perished in Oklahoma during the blizzard which prevailed there and in neighboring States last week. A family of three were frozen to death in Cheyenne county, and a woman and two children were frozen in Pawnee county. A fire Sunday destroyed a large number of the best buildings in the business portion of Bath, Me. The Sagadahock House, two national banks, a savings bank and about a dozen stores are in ruins. The loss will probably be over $500,000. The Daily News says that 1000 Chicago saloons have gone out of business during the past three months, owing to the financial depression. As a result many barkeepers are dispensing "soft drinks" from soda water fountains, while many others are out of employment. The building on the Boone county, Ia., poor farm used as an insane asylum burned down the other night, and eight of the nine inmates lost their lives. The fire broke out about 10, and when discovered was under such headway that nothing could be done to save the unfortunates. It required two attempts to execute G. H. Painter. a murderer, at Chicago, Friday, the rope breaking on the first truel the man fall to the

Article Text

Good News For Creditors

MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.

Article Text

Squaring Up

MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.

Article Text

ber of the state senate from the sixth senatorial district. His chief work during his term of office was his part in securing the passage of the measure which created the present state board of health. In 1884 Dartmouth College at its June commencement conferred on him the degree A. M. In the summer of 1885, the New Hampshire Legislature entirely recast the Insurance laws of the state, and after a prolonged struggle enacted the "valued policy law." To meet the condition of affairs thus presented, New Hampshire capitalists speedily undertook the formation of local insurance companies, and Dr. Moore, seeing in this an opportunity for the exercise of his financial ability which had so long lain dormant, an for the profitable inve-tment of the millions of money which be and the New Hampshire Club represented, secured n charter for the People's Fire Insurance Company. which met so diastrous au end in the summer of 1893. To the presidency of this company, Dr Moore secured his own election. and Charles F. Morrill became treasurer. This, it is believed. was Moore's first business connection with Morrill, and the partnership then struck was destined to be one of the most remarkable in New Hampshire's financial history, involving, before it was ended, the wrecking o three great financial institutions and carrying to the people of Manchester a direct money loss of more than $1,000,000. Accordingl . in 1889, the Legislature was induced to grant a charter for the Merrimack Mortgage & Debenture Company, and the charter as it was originally granted by the Legislature was vetoed by Gov. Goodell. It was a'terward amended, however, and received the executive approval. Under this charter business was begun and continued for nearly three years. when the name of the corporation was changed to Derryfield Savings Bank and Charles F. Morrill was chosen treasurer. The Merrimack Mortgage & Debenture Company was always a little off color. and it now appea's that it was during the short life of that institution that Dr. Moore first resorted to questionable means for securing the funds he so much needed. The panic of 1893 was little felt in New Hampshire outside of the Queen City of Manchester, and the actual crash which occurred among the banking institutions of that city was preceded by weeks of undefloned rumor in which the affairs of the Derryfield Savings Bank and the National Bank of the Commionwealth were prominent. The legal aspect of the case next called for consideration, and Bank Examiner Dorr of New Hampshire called upon the comptroller for assistance in untangling the Common. wealth's affairs. Bank Examiner Gatehell of Massachusetts was accordingly dispatched to Manehester. and the two examiners, together with Dist.-Atty Remich, took poses. sion of the Commonwealth's books, and made an exhaustive examination. which re. sulted, in January, 1894. in the indictment of both Mo re and Morrill for abstraction, embezzlement and misuse of money. the substitution of funds and credits. and the general manipulation of the bank's assets In the meantime, the trustees of the Derryfield Savings Bank. after several stormy meetings, turned over their affairs into the hands of a receiver. and the People's Fire Insurance Company suffered a like fate. Both of these tran-fers were preceded and accompanied by an expert examination of he accounts.

Article Text

Suit Indefinitely Postponed

MANCHESTER, N. H., Feb 3- The suit of Arthur D. Heard. receiver of the defunct National bank of the Commonwealth,against the bondsmen of the former president, Dr Joseph C. Moore, to recover the amount of their bonds, has been postponedindefinitely