Article Text
Great Faith in B Savings Bank. TAUNTON, Mass., December 12.The Taunton savings bank suspended to-day. It is thought the depositors will be paid in full.
Taunton Savings Bank (Taunton, MA)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- December 12, 1877
- Location
- Taunton, Massachusetts (41.900, -71.090)
- Bank Type
- savings
- Routing Number
53-0204
Metadata
Notes
Contemporary reports state suspension and report insolvency; later outcome (permanent closure vs. reopening) is not fully documented in these clippings.
Events (1)
1.
December 12, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension reported amid insolvency concerns (one report: represented as insolvent with substantial real estate holdings).
- Newspaper Excerpt
- The Taunton Savings Bank suspended payment to-day. It is reported solvent, and it is thought the depositors will be paid in full.
- Source
- newspapers
Newspaper Articles (11)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Another Savings Bank Added to the Long List. NEWARK, N. J. December 12.-The Newark Savings Bank, the largest and oldest in the city, chartered 30 years ago, has just been taken charge of by the the Chancellor on the petition of its managers to insure an equal distribution of the assests and prevent unfairness from a possible run. The bank has about eleven millions assets, including depreciated recurities, and two millions of government bonds. The deposits are eleven millions. The Chancellor orders the payment of 18 per cent of the principal to depositors with two per-cent interest January 2d, meanwhile he will make a full investigation. The moneya hereafter deposited are to be kept separate and invested. TAUNTON, MASS., December 12.-The Taunton Savings Bank suspended payment to-day. It is reported solvent and it is thought the depositors will be paid in full.
Click image to open full size in new tab
Article Text
THE TAUNTON SAVINGS BANK SUSPENDED. TAUNTON, Mass., Dec. 12.-The Taunton Savings Bank suspended payments to-day. The bank is, however, reported solvent, and it is thought the depositors will be paid in full.
Click image to open full size in new tab
Article Text
Parade of Workingmen. WASHINGTON, Dec. 12. A procession of several thousand workingmen of the District paraded today. The President spoke a few words in acknowledgement of the compliment. They then proceeded to Ford's Opera House, where a mass meeting took place after the passage of a series of resolutions in support of the labor movement. Republican State Senator Elected. CHARLESTON, S. C., Dec. 12. The election for Senator in Beaufort county, which includes several of the Sea Islands, containing 8 large negro population, took place on Monday, Notwithstanding a vigilant Democratic canvass J. W. Collins, the Republican candidate, is elected by 1,500 majority. This is the first election in this State this year which has been carried by Republicans. Matthews Resolution Discussed-The Colorado Contested Case. WASHINGTON, Dec. 12. The Senate considered Matthews' resolution declaring the right of the Government to pay bonds in silver. Discussion on the Colorado contested election case was resumed, and continued up to adjournment. A bill was introduced authorizing the extension of the Southern Pacific Railroad to the Rio Grande. A Savings Bank Suspended. TAUNTON, Mass., Dec. 12. The Tannton Savings Bank suspended payment to-day. It is reported solvent, and it is thought depositors will be paid in full
Click image to open full size in new tab
Article Text
Suspension. TAUNTON. December 12. The Taunton savings bank has suspended payment. It is represented as insolvent, having $123,000 in real estate. There is said to be no doubt that the depositors will be paid in full. -
Click image to open full size in new tab
Article Text
Financial and Commercial Troubles. THE NEWARK SAVINGS INSTITUTION IN THE HANDS OF A RECEIVER. NEWARK, N. J., December 12.-The Newark Savings Institution, the largest and oldest in this city, chartered thirty years ago, has been taken in charge of by a chancellor on petition of its managers, so as to insure an equal distribution of its assets among the depositors and prevent unfairness from a possible run. It has about $12,000,000 of assets, including depreciated securities and $2,000,000 of Government bonds. The deposits are $11,000,000. The chancellor orders them to pay eighteen per cent. of the principal to the depositors who apply for it, with two per cent. interest, on January 2d, and no more till further orders. Meanwhile he will order a full investigation of the affairs of the institution. The moneys hereafter deposited are to be kept separate and invested in United States, New Jersey, and New York bonds, free from risk of former investments. MEETING OF CREDITORS OF A RHODE ISLAND HOUSE. PROVIDENCE, December 12.-A meeting of the creditors of A. & W. Sprague, representing $4,250,000 indebtedness. has been held to take action to protect them and Secure their rights, and an association has been formed for this purpose, and an executive committee chosen. who were instructed to take steps to protect the creditors. FAILURE OF A NEW YORK DRY-GOODS HOUSE. NEW YORK, December 12.-Adriance, Robbins & Co., dry-goods merchants, have failed. SUSPENSION OF A MASSACHUSETTS SAVINGS BANK. TAUNTON, MASS., December 12.-The Taunton Savings Bank suspended to-day. It is thought depositors will be paid in full.
Click image to open full size in new tab
Article Text
SAVINGS BANK SUSPENSION. TAUNTON, Mass., Dec. 12, 1877. The Taunton Savings Bank suspended payment today. The bank is, however, reported solvent, and it is thought the depositors will be paid in full.
Click image to open full size in new tab
Article Text
DOMESTIC. A LARGE number of saloon-keepers have been recently arrested in New York City for violating the local License laws, and hundreds of the saloons have been closed. THERE were received in Chicago, on the 11th, over 55,000 live hogs-the largest day's receipts since Chicago became a livestock market. THE Newark (N.J.) Savings Institution, the largest in the State, was taken in charge by the Chancellor, on the 12th. The assets are nominally $12,000,000 and the deposits $11,000,000. THE Taunton (Mass.) Savings Bank failed, on the 11th. It was believed that depositors would be paid in full. THE National Council of the Union League of America met at Philadelphia, on the 12th, and re-elected all its old officers. AT the meeting of the Base-Ball League, composed of the professional baseball players of the country, recently held at Cleveland, it was voted that all League Clubs be prohibited from playing on the Sabbath under penalty of expulsion. THE German-American Savings Bank, of Chicago, suspended, on the 11th. Liabilities,$175,000. It was believed that depositors would be paid in full. THE Chinese question was the leading subject of attention at the Cabinet meeting, in Washington, on the 14th, and the views of some of the members seemed to be that some modification of the treaty relations between China and the United States might be made in order to limit the importation of Chinese. It was thought not unlikely that the President would, at some future time, make this question the subject of a special message to one or both houses of Congress. IT was reported from Galveston, Tex., on the 15th, that a force of Mexican marauders had crossed the Rio Grande into El Paso County, and fighting was reported to be in progress between Texas State troops and the marauders. The latter outnumbered the former, and the Governor of Texas had telegraphed President Hayes for Government troops. A Washington telegram of the 15th says Government advices from the seat of the disturbance did not warrant the impression that other than local troubles had presented themselves. Directions had been given for the mustering of the forces in Texas in such positions as to give nesessary aid to prevent assaults upon American citizens or their property. FEW days since, an armed and masked mob took possession of the Town of Osceola, Mo., went to the Court-House and seized and carried away all documents relating to tax matters. The trouble arose from the levy of a special tax to pay judgments for pastdue interest on railroad bonds. PERSONAL AND POLITICAL. AT the recent election in Boston, Pierce (Rep.) was elected Mayor by 2,151 majority. Themunicipal election in Charleston, S. C., on the 11th, resulted in the success of the Democratic ticket by e heavy majority. W. W. Sole was the Democratic candidate for Mayor, and D.F. Fleming the Independent candidate. THE President, on the 12th, nominated J. C. Bancroft Davis, of New York, to be Judge of the United States Court of Claims, vice G.1 Loring, resigned, the change to take place Jan. 1. IN Executive session, on the 12th, the United States Senate rejected two of the President's nominations for the New York
Click image to open full size in new tab
Article Text
—The Newark (N. J.) Savings Bank, the largest and oldest in the city suspended on the 12th inst. The Taunton (Mass.) Savings Bank also suspended on the same day.
Click image to open full size in new tab
Article Text
Savings Bank Failures. NEWARK, (N. J.,) December 12.-The Newark Savings Institution, the largest and oldest in the city, has just been taken charge of by the Chaucellor on the petition of its managers, to ensure an equal distribution of the assets and prevent unfairness from a possible run. The bank has about $12,000,000 of assets, including depreciated securities, and $2,000,000 of government bonds. The deposits are $11,000,000. The Chancellor orders the payment of 18 per cent. of the principal to depositors with two per cent. interest. In the meantime he will make full investigation. The moneys hereafter deposited are to be kept separate and invested. TAUNTON, (Mass.,) December 12.--The Taunton Savings Bank suspended payment to-day. It is reported to be solvent, and it is thought that depositors will be paid in full.
Click image to open full size in new tab
Article Text
Bank Suspensions. The bank suspensions during the past fortnight have not been of sufficient number or importance to cause an alarm among depositors in reputable and well established institutions. All told, they number eight, including those that went into voluntary liquidation on account of declining business, and profess to be able to pay their liabilities in full. The institutions thus closed are the Taunton (Mass.) savings bank, Springfield (III.) savings bank, Oriental savings bank. New York, National Trust company, New York, Newark (N. J.) ;savings bank, Simpson's bank, Lawrence, Kansas, George Baker's banking house, Chester, Penu., and Gardner Mercer's private banking house, Geness, N. Y. The liabilities of these institutions range all the way from $11,00,000 to $30,000, those of the Newark bank being the heaviest. The failures will do something to clear the financial atmosphere. In times of depression the weak concerns go to the wall, while the strong ones stand up more firmly against the adverse tide. The year 1877 has left the country pretty full of financial wrecks, but it is evident that the weak crafts have nearly all gone down, and we may reasonably hope for better results in 1878.