Home Savings Bank (Boston, MA)

Episode Information

Episode UID
5012070939
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
501207 routing
Routing Number
5-0120
Start Date
March 11, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2ed8f33813b2a323

Response Measures

None

Description

Suspension under temporary injunction is clear; later reports expect resumption but no explicit reopening date—additional articles could confirm reopening.

Events (2)
1. March 11, 1878 Suspension
Cause
Government Action
Cause Details
Temporary injunction granted by court leading to suspension of business.
Newspaper Excerpt
The Home Savings Bank suspended to day, a temporary injunction having been obtained.
Source
newspapers
2. March 25, 1878 Other
Newspaper Excerpt
The Home Savings Bank has been granted a continuance of injunction, the directors believing that within a few weeks the condition of its affairs will warrant a resumption of business under the protection of the recent savings bank law.
Source
newspapers

Newspaper Articles (12)
1. March 11, 1878 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, March 11, 1878

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MISCELLANEOUS. -A TORNADO. New York, March 8-Au Atlanta Georgia dispatch savs: A tornado struck that city yesterday morning about eleven o'clock, levelling the Episcopal church, and injuring 18 members of the congregation. When the building was struck, the officiating minister knowing that it was merely a question of minutes to secure safety of the people, called to them to throw themselves under the seats. This advice the congregation followed, and not a moment too soon. With a few fearful creaks and jara of its roof and walls, the whole building crumbled into a shapeless ruin, burying the congregation under the debris. Several other churches in Atlanta have been seriously injured, their walls shaken and roofs partly stripped. The city hall has been entirely unroofed, and the car sheds of the railroad depot unsettled. Great damage was done to private residences and stores. SATURDAY'S STORM. New Orleans, March, 11. Saturday's storm damaged the levees to a considerable extent. Crevasses are reported at Jesuite's bend, eighteen miles below the city, and at Dr. Williamson's, 35 miles below, both on the right bank. SUSPENSION. Boston, March 11.-The Home Savings bank suspended to day, a temporary injunc tion having been obtained. Two years deposits amount to $6,798,243, since when they dwindled. to $3,117,431. Of this amount $2,341,535 are invested ID real estate loans.

2. March 12, 1878 Evening Star Washington, DC
Article from Evening Star, March 12, 1878

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A BOSTON SAVINGS BANK SURRENDERS.- 1 The Home Savings Bank of Boston suspended yesterday under a temporary injunction. Two years ago the deposits amounted to $6,798,243. Since then they fallen to $3,116,431, of which amount $2,341,534 are invested in real estate loans.

3. March 12, 1878 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 12, 1878

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, TELEGRAPHIC TICKS. 0 Picault & Co., wholesale and retail g druggists, have suspended. Liabilities $100,000. f The Maryboro flouring mills at Maryboro, Ont., have been burned. Loss $30,000; insurance $12,000. g Hon. Edward Pierrepont, late minister to Europe, don't want office. He e will return to the practice of the law. t Two thousand dollars have been conr tributed for the relief of the sufferers S by the recent fire at Hot Springs, Ar, kansas. S Fire in Central building, Great I Falls, N. H., caused a loss of $25,000, r distributed among a number of occu0 pants. Insured. I J. N. Sharpe, leather merchant and real estate owner, Indianapolis, has fil: ed a petition in bankruptcy. Assests, $3J8,000; liabilities, $183,000. White, Osborne & Co., of Boston, leather dealers, are reported suspenda ed. Estimated liabilities $120,000, S chiefly due rough leather dealers. At Augusta the republicans have elected a mayor by 242 majority, The 1 democrats gained the Central City gov1 ernment carrying five of the seven wards. 3 The Home Savings Bank of Boston suspended yesterday temporarily, an injunction having been obtained two years ago. Deposits amounted to over six millions. R. W. Adams & Co., of New York, lumber dealers, filed an assignment to3 day. The liabilities of the firm, and individual members, is $1,548,044; t nominal assets, $1,968,442: actual $30,e 959. e The steamer Colossal, lying at the foot of Lespinard street, New York, t was found to be on fire Sunday morning. She burned to the water's edge. The boat was valued at $12,000; insured $6,000. It is stated that four or five provision t houses at Phelin city, besides that of d Collins and Beogary, which suspended Saturday, are seriously involved, Collins and Beogary's liabilities are placed t at $200,000. n Windom, f.om the committee on t appropriations, yesterday reported to the Senate with amendments the West o a Point appropriation bill, and gave notice that he would call it up for cone sideration to-day. W. McIlnee's house at Rochester ville, Canada, burned Sunday morning. o McIlnee returned to the house for some e valuable papers and perished. His daughter was severely burned in attempting to save some clothing. A Portland, Oregon, dispatch says that Marshal McLaren, of Minnesota, started east yesterday with L. W. Reina in custody, who was indicted in f the U. S. court in Minnesota for counterfeiting. He was captured near d Spokane Falls, Idaho. 4, In the pedestrian contest at New d Orleans, between H. Schmel and Ellen n Wickers, the former to walk 400 miles d in 120 hours and the latter 250 miles is before he completed his task, Schmel r won by five minutes. He accomplished the feat in 219 hours 46 minutes and 25 seconds. o

4. March 12, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 12, 1878

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Massachusetts. BOSTON, March 11.-The Home Savings Bank supended to-day; a temporary injunction having been granted about two years ago. The deposits amounted to $6,798,243. Since that time the deposits dwindled to $3,117,431. Of this amount over $2,341,534 are invested in real estate loans. It is thought in time the assets of the bank will be fully realized, and depositors paid in full.

5. March 12, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1878

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BANK TROUBLES. SUSPENSION OF A BOSTON SAVINGS BANK. BOSTON, March 11.-The Home Savings Bank suspended business to-day, a temporary injunction having been granted by the Supreme Court. About two years ago the deposits amounted to $6,798,243. Since that time the bank has struggled under embarrassments, its deposits having dwindled down to $3,117,431. Of this amount $2,341,534 are invested in real estate loans. It is thought that in time the assets of the bank will be fully realized, and the depositors paid in full: but with such a large proportion of the assets in real estate, it will require a long time to wind up the affairs of the bank. THE ANDROSCOGGIN SAVINGS BANK. LEWISTON, Me., March 11.-A petition has been presented to Judge Walton to scale the amount due depositors in the Androscoggin Savings Bank, to cover losses by the depreciation of Bates Manufacturing Company and other stock held by the bank. It is expected that the reduction will not exceed 10 per cent. MERCHANTS' BANK OF MONTREAL. MONTREAL, March 11.-The Committee of the House of Commons has recommended a further reduction of the capital of the Merchants' Bank of 3313 per cent, instead of 25 per cent. This had the effect of depressing the stock 5 per cent to-day.

6. March 13, 1878 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, March 13, 1878

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Financial. 1 Home saving Bank of Boston, $3,117,531 deposits, has suspendLehigh Valley Railroad announquarterly dividend of one per cent. le April 15. Merchants' Bank of Montreal, to losses, has been recommended by mittee of the Canadian House of ous to reduce its capital to oneFarmers and Traders' Bank, of gton, Kentucky, has suspended. State bank, with $150,000 capiThe deposits in the bank are stated 000 and its assets at $200,000, show0. impairment of capital of about riter in the London Times conit important as an indication, that, hstanding the Silver bill the Secof the Treasury intends paying erest on the 5, 4 and 4 per cent loans in gold, that whenever is sent to foreign holders it is panied by a Treasury circular statinterest is payable quarterly "by neque." This fact the writer convery important.

7. March 13, 1878 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, March 13, 1878

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EASTERN NEWS. YESTERDAY'S DISPATCHES. [SPECIAL TO THE DAILY SENTINEL WASHINGTON INTELLIGENCE. THE TRADE DOLLAR IN CONGRESS. Railroad and Other Legislation. WASHINGTON, March 11. The House Committee on Coinage, Weights and Measures have substantially agreed to report a bill abolishing the trade dollar. Their Chairman, Alexander H. Stephens, originated the measure a few days ago in thecommittee, and expected to present it to the House to-day, but concluded to defer his report. Horace Davis, hearing of Stephens' intention, this morning protested against the measure. He and Wren, of Nevada, immediately claimed the privilege of being heard on the subject, by the committee, before the final action. Stephens, in reply, promised they should have the desired op portunity. Persons living on the Pacific Coast, who are opposed to the absolute abolishment of this coinage, should indicate their opposition very promptly, as the committee expects to report on the subject next week, and probably next Monday. Senators Mitchell, Dawes, Tells, Ransome and Barnum, a sub-Committee of the Senate Railroad Committee, to day, unanimously agreed upon Mitchell's bill granting three years' time for the construction of the Oregon Central Railroad from Forest Grove to Astoria, and authorized Mitchell to report it to the full Committee with unimportant amendments. Under this bill the lands are all to be thrown open to settlement, the company receiving the proceeds of their sale to actual settlers by the Government. The same Senators constitute a sub Committee on the Northern Pacific bill, and their action to-day establishes a principle for which Mitchell has been contending in regard to the Northern Pacific and all similar land grants. Representative Wren introduced a bill in the House, to day, authorizing the citizens of the States of California, Nevada, Colorado or any Territory, to take timber from unsurveyed mineral lands for mining or domestic purposes, under such regulations as the Secretary of the Interior may prescribe to protect the undergrowth, provided that no timber shall be cut in mountain regions within three miles of the upper timber line. The Secretary of the Interior transmitted to the Senate, to day, a communication from the Chairman of the Government Directors of the Union Pacific Railroad Company, showing that the total present investment of the Union Pacific in other roads to be over $3,000,000. Attention is called to the fact that the Union Pacific intends immediately to aid in the construction of a road from a suitable point on its line to the Black Hills. Suspension of Boston Savings Banks. BOSTON, March 11. The Home Savings Bank suspended to day, a temporary injunction having been obtained two years ago. The deposits amount to over $6,000,000.

8. March 13, 1878 Lyon County Times Yerington, Silver City, Dayton, NV
Article from Lyon County Times, March 13, 1878

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Telegraphic Paragraphs. The railroad east of Rawlins has been blockaded with snow, and the Eastern mails will be missed for a few days. In the House Monday Hewitt attacked the President's civil service policy, and in the Senate Blaine de: nounced the award of the Fishery Commission. The House Committee on Coinage, Weights and Measures have substantially agreed to report a bill abolishing the trade dollar. The Home Savings Bank of Boston has suspended, and the Hadensville Saving Bank of Williamsburg, Massachusetts, has been temporarily enjoined from doing business. Great distress prevails at Hot Springs, Arkansas, among the sufferers by the late fire, and aid of the charitable is earnestly requested. Sitting Bull's band of Indians are on the point of starvation, and will gladly surrender if they are allowed to keep their ponies. It is said the President has abandoned all hope of harmonizing the Republican factions in Louisiana by any appointments he makes, and it is probable that sweeping changes will be made in the offices. An amendment to the Constitution is to be proposed, changing inauguration day from March 4th to May 4th. Gold closed in New York Monday weak at 100%; silver coin, 1 per cent. discount; United States bonds strong. Gold was quoted yesterday at 101 ½. At the Augusta, Massachusetts, mu. nicipal election Monday the Republians elected their Mayor. A full vote was cast yesterday at the New Hampshire election, but the dispatches in the afternoon did not indicate the result. A fire in Jersey City burned out ninety-eight families. Two persons were fatally injured, At Marlboro, Massachusetts, the Acton powder mill blew up yesterday, killing two men. The general outlook is favorable for peace in Europe. The peace meeting held Sunday in Hyde Park, London, was broken up by an anti-Russian mob. Bradlaugh was cudgeled and fled in a cab. March 9th a steamer in the Black Sea, with 2,500 Circassian soldiers on board, caught fire and went ashore. Seven hundred lives were lost. It is said great excitement prevails in India among the Mohammedans over the overthrow of Turkey, and it is estimated that 200,000 men would volunteer to fight against Russia. The Sultan has ratified the terms of the treaty of peace. It is announced that the Peace Congress will open March 31st. General Grant is in Athens, Greece, where he is meeting with great attention. The Berlin Post says that measures must be taken to prevent the Dardanelles and Bulgaria from becoming Russian property. The insurrection is very active in Thessaly, Epirus and Crete. Fresh outbreaks in Macedonia are reported. A severe engagement took place last week in which the Kaffirs were completely defeated and lost many in killed. At the city election in Oakland, California, Monday, a large vote was cast. The Workingmen elected all their candidates except the Superintendent of Schools and the City Marshal by a small majority. The fight was between the Workingmen and the Republicans, the Democrats fusing to some extent with the latter party. At the Municipal election at Salinas Monday the Citizens' party elected the whole ticket except one Councilman, a Workingman.

9. March 20, 1878 The Lamoille News Hyde Park, VT
Article from The Lamoille News, March 20, 1878

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SUMMARY OF NEWS. Eastern and Middle States. A bill for the protection of savings bank depositors has been passed by the New York State Senate. The New Hampshire Greenback party held a convention at Portsmouth and nominated Samuel Flint, of Lyme, for governor. A fire in Spartansburg, Pa., destroyed nearly every business house in the town. Twenty families were made homeless, and the damage done reaches $100,000. The ship Bertha, of Portland, was sighted by the steamship Bolivia, in mid-ocean, with the American ensign, union down. The mate of the Bertha stated that on the previous day Captain Hill and three seamen had been washed overboard. A navigator and two seamen from the Bolivia were sent aboard the ship. Special Bank Examiner William J. Best, who has been engaged for a long time in examining the affairs of the Union Dime Savings Bankone of the largest institutions of its kind in New York city-has prepared a supplementary report stating that the concern is in a safe condition, and charging that the troubles of the bank were due to a conspiracy of several members of the bank's board of trustees to injure it. Henry Schmidt, of New York, while in a drunken rage at his wife, who refused to give up her earnings to satisfy his craving for liquor, poisoned her, his daughter, and motherin-law by putting arsenic in their coffee, and then fled. The mother and daughter were rescued from death, but the old lady was left in a critical condition. Schmidt was captured and locked up. The railroad bridge over the Raritan river at New Brunswick, N. J.-a wooden structure 2500 feet long-caught fire near the draw and was almost totally destroyed. The porgie ship Alabama, lying in the harbor of South Bristol, Me, was destroyed by fire, causing a loss of $50,000. The large commission and packing house of Ashael Troth & Co., Philadelphia, has suspended. The Home Savings Bank, of Boston, has suspended. It is believed the depositors will be paid in full, but a long time will be required to wind up the affairs. A fire in Jersey City, N. J., destroyed five dwellings and made over one hundred families destitute. Loss on buildings and to occupants, about $25,000. Robert McAdam and Charles Patton, boys aged about twelve years. quarreled in Philadelphia over the possession of a stick of candy. Patton drew a pi-tol and shot McAdam through the head, instantly killing him. The election in New Hampshire resulted in a victory for the Republicans. Governor Prescott was re-elected, and a Republican legislature and council were also chosen. Three buildings of the American Powder Company, at South Acton, Mass., were completely demolished by an explosion, and two men. named Foster and Turpenty, were instantly killed. So heavy was the shock of the explosion that it was heard for a distance of twenty-five miles. t n

10. March 26, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 26, 1878

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BUSINESS EMBARRANNMENTS. NEW YORK, March 25 6-Terry & Wells, of Riverhead, Long Island, who recently made such a disastrous failure, have made an offer to compromise with their creditors at 20 cents on the dollar. The deficiency of the firm is upward of $75,000. The foreclosure sale of the Erie railroad has been postponed thirty days. Postponement is granted in the Debetz suit with reference to Wm. Allen Batler, and leave to Debetz to examine all receivers' accounts. In the matter of the McHenry suit, to interview in the foreclosure suit, Judge Lawrence said this morning that he would give the Attorney General opportunity to be heard, and would communicate with his representatives in the course of a week. BOSTON, March 25.-The Home Savings a Bank has been granted a continuance of n injunction, the directors believing that within a few weeks the condition of its e affairs will warrant a resumption of business under the protection of the ret cent savings bank law. CINCINNATI, March 25.-Howell, Gano a & Co., hardware dealers, who recently suspended, to-day filed a voluntary petition in bankruptcy, in order to facilitate e the proposition agreed on by the credite ors. The assets of the firm are $204,707, not including $27,000 believed to be worthless; liabilities, $211,640. e ANOTRERSAVISGS BANK. FINDLAY, 0, March 25.-The citizens e savings bank of this city enspended toe day for 60 days; ARREALA $200,000 and lix. . bilities about $175,000 NEWBURG, N. Y, March 25 -James 8 Bigler & Co. of this city, extensive deal. ers in timber, made an awignment to. y day; liabilities not yet known. d

11. March 27, 1878 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, March 27, 1878

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SUMMARY OF NEWS. Eastern and Middle States Spring elections in a number of cities and towns of New York have been held. James Benton, the Workingmen's candidate, was elected mayor of Utica, defeating both the Democratic and Republican candidates; in Elmira, Granville D. Parsons, Greenback and Labor Reform candidate, was elected mayor over the Republican and Democratic nominees by 424 majority, and the same party elected five of the seven aldermen chosen ; in Oswego, Thomas Pierson, the Greenback and Workingmen's candidate, was elected mayor by about 300 majority in Auburn, the combined Democrats and Nationalists elected Martin L. Walley mayor by 214 majority, while the regular Republican nominees for mayor were elected in Rochester and Newburg, and the Democratic candidate for that office was chosen in Troy. The Probibitionist party of Rhode Island, in convention at Providence. nominated the present State officers for re-election. A bill for the protection of savings bank depositors has been passed by the New York State Senate. The New Hampshire Greenback party held a convention at Portsmouth and nominated Samuel Flint, of Lyme, for governor. A fire in Spartansburg, Pa., destroyed nearly every business house in the town. Twenty families were made homeless, and the damage done reaches $100,000. The ship Bertha, of Portland, was sighted by the steamship Bolivia, in mid-ocean, with the American ensign, union down. The mate of the Bertha stated that on the previous day Captain Hill and three seamen had been washed overboard. A navigator and two seamen from the Bolivia were sent aboard the ship. Special Bank Examiner William J. Best, who has been engaged for a long time in examining the affairs of the Union Dime Savings Bankone of the largest institutions of its kind in New York city-Las prepared a supplementary report stating that the concern is in a safe condition, and charging that the troubles of the bank were due to a conspiracy of several members of the bank's board of trustees to injure it. Henry Schmidt, of New York, while in a drunken rage at his wife, who refused to give up her earnings to satisfy his craving for liquor, poisoned her, his daughter, and mother in-law by -putting arsenic in their coffee, and then fied. The mother and daughter were rescued from death. but the old lady was left in a critical condition. Schmidt was captured and locked up. The railroad bridge over the Raritan river at New Brunswick, N. J.-a wooden structure 2500 feet long-caught fire near the draw and was almost totally destroyed. The porgie ship Alabama, lying in the harbor of South Bristol, Me., was destroyed by fire, causing a loss of $50,000. The large commission and "packing house of Ashael Troth & Co., Phila delphia, has suspended. The Home Savings Bank, of Boston, has suspended. It is believed the depositors will be paid in full, but a long time will be required to wind up its affairs. A fire in Jersey City, N. J., destroyed five dwellings and made over one hundred families destitute. Loss on buildings and to occupants, about $25,000. Robert McAdam and Charles Patton, boys aged about twelve years, quarreled in Philadelphia over the possession of a stick of candy. Patton drew a pistol and shot McAdam through the head, instantly killing him. Sae

12. April 4, 1878 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, April 4, 1878

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SHERMAN 'PROTECTION" FRUITS. " Take care of the rich, and the rich will take care of the poor." New York, March 28.-Young. Smith & Co., 811gar importers, have failed. Liabilities, $300,000. Cincinnati, March 29.-Caleb Carpenter. a hardware dealer of Covington, Ky., hasfiled a petition in bankruptcy; liabilities, $75,000; assets, $70,000. Great Falls, N, H., March 29.-The Norway Plains Savings Bank at Rochester scaled deposits sixteen per cent. in compliance with the orders of the Bank Commissioners, Depositors will lose in the aggregate $100,000. Chicago, March 29.-The Garden City Chemical Works, on Michigan avenue, were badly damaged by fire this afternoon. Loss on building, $1,500 on stock, $7,000 insurance, $12.500. New Orleans, March 29.-The failure of McGee, Snowden & Violett, cotton factors, is reported. Albany, March 29.-In the case of the Six Penny Savings Bank, New York, Justice Westbrook announced to day that he would appoint a receiver for the bank. He also said that he should not consider the sale, under a foreclosure of the bank. as a violation of the injunction. Justice Westbrook has appointed Hon. Wm. F. Russell. of Saugerties, formerly member of Congress, receiver of the Six Penny Savings Bank, New York. San Francisco. March 29.-Belle, Gullivson & Co., carpet dealers, have failed. Liabilities are $40,000, and assets $50,000. Inability to collect outstanding accounts is the cause of the failure Louisville, Ky., March 30-E. T. Warner, an extensive wholesale dealer in Kentucky whiskys, in this city, made an assignment yesterday. Mr. Warner is universally respected and bas the sympathy of the entire community. He is probably the largest dealer in his line in Central Kentucky, and his failure is regarded as a public misfortune. His liabilities are $225,600.17; assets, $113,800. Philadelphia, March 29.-Henry Ashurst, a prominent member of the Stock Board, failed this afternoon, causing great surprise, as he was con sidered one of the richest members of that body. W. P. Caldwell, another broker, has failed, but his indebtedness is said to be small. Freemont, March 25.-The Citizens' Savings Bank of Findlay, O., suspended this morning for sixty days. The deposits were over $250.000. Boston, March 25.-The Home Savings Bank has been granted a continuance of the injunction, the directors believing that after a few weeks the condition of its affairs will warrant the resumption of business under the protection of the recent sav ings bank law. New York, March 25.-Terry & Wells, of Riverhead, L. I., who recently made such a disastrous failure, have made an offer to compromise with their cred tors at twenty cents on the dollar. The deficiency of the firm is upward of $75,000.