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 UID
53020470936- Episode Type
- Suspension → Closure
- Bank Type
- savings
- Bank ID
-
5302047routing - Routing Number
53-0204- Start Date
- December 12, 1877
- Location
- Taunton, Massachusetts (41.900, -71.090)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6e2307eaf01af3c9
Response Measures
None
Description
Contemporaneous reports cite depreciation of loans/mortgages causing weakness; later litigation shows a receiver was appointed.
Events (2)
1.
December 12, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Weak condition from depreciation of loans and mortgages leading to injunction and suspension of business (Savings Bank Commissioners enjoined bank from doing further business).
- Newspaper Excerpt
- 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.
- Source
- newspapers
2.
October 13, 1886
Receivership
- Newspaper Excerpt
- No. 791, the Taunton Savings Bank ... vs. Peter Butler, receiver, &c.; ... Argument commenced ... for appellants and plaintiffs in error vs. Peter Butler, receiver, &c.
- Source
- newspapers
Newspaper Articles (12)
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
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
FOREIGN.-The Czar will leave for St. Petersburg ext Saturday. The Russians report that the Tarks fought at Plevna like lions. President MacMahon has disavowed personal ambition, and any desire to promote the interests of either aspirant for the French throne. A Grand Council at Constantinople has resolved to continue hostilities. DOMESTIC.-J. Bancroft Davis has been appointed to the Court of Claims. General Sheridan says there is no danger of war with Mexico. The House Railroads Committee has elected Mr. Throckmorton chairman. The President and Secretary of the Atlantic Mutual Life Insurance Company, of Albany, have The Taunton, been indicted for perjury. Mass., Savings Bank suspended yesterday. Professor Sumner, of Yale College, lectured on the silver question. Ex-Judge Jonathan Cogswell Perkins, the law editor and writer, died at Salem, Mass. CONGRESS.-In the Senate, petitions were presented in relation to woman suffrage, tariff reform, and the liquor traffic. The Select Committee on the Electoral Vote was authorized to take into consideration the best manner of electing the President and Vice-President, and the length of their terms of office. Similar action was taken in the House. The Senate resolved to adhere to its amendment to the Deficiency Appropriation Bill, and committees of conference were appointed. Senators Morgan and Christiancy debated the Matthews silver resolution. In Executive Session the nominations of Messrs. Roosevelt and Prince were rejected by a vote of 25 to 31 ; General Merritt was confirmed ; there was a six hours' debate on the nominations. In the House, Mr. Stephens presented a bill repealing the ironclad oath in cases of applications for pensions. The reports on the Colorado contested case were debated. CITY AND SUBURBAN.-The Newark Savings Insjitution. the largest in New-Jersey, is in trouble from bad investments. Watson J. Hildreth and James M. Tighe, lawyers in this city, have fled, *after embezzling $50,000. The Surrogate decided against the contestant in regard to the testimony in the Vanderbilt will contest yesterday. The liquor-dealers are still anxious, and keep their saloons closed. The Troch case wasdecided in favor of the police. The failure of Adriance, Robbins & Co., and James Leahy, dry goods dealers, was announced. Wheeler H. Peckham gave the history of the Ring suits. Peter B. Sweeny sailed for Europe. The bond for $100,000, given by the Third Avenue Savings Gold Bank trustees, was decided to be valid. 103, 10314, 10318. Gold value of the legal-tender dollar at the close, 97 cents. Stocks feverish and fluctuating, and weak at the close. THE WEATHER.-TRIBUNE local observations indicate cloudiness and somewhat warmer weather Thermometer yesterday, 40°, 51°, 41°.
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
S Domestic. f Presbyterian University, Chicago, burned. 3 Taunton Savings Bank, Taunton, Mass., suspended. Oriental Savings Bank of New York 1 has closed business. Crawley cotton mill, Philadelphia, ) burned, ousting 100 men. e Mrs. Gilman, wife of the New York forger, has recovered her reason. e Republicans carried Boston by 2200 e majority, a gain of 5000 on last year's vote. Charleston was carried by the Demt ocrats in the municipal election last week. Thomas Behan shot and killed Alonze Beatty in a saloon quarrel at Nashville. Mrs. G. M. Y. Midere tried to kill herself in a New Orleans hotel by taking landanum. S. M. Bixby & Co., the well known New York mannfactuers of shoe-blacking, have failed. Conkling's friends are wire-working for control of the Union League club of New York city. New York city has received nearly $500,000 from Sweeny and Woodward of the Tweed ring. British bark Merry England, with a cargo of mahogany, wrecked off Key West; crew saved. The President has pardoned Henry Schreiber, convicted at New Orleans of robbing the mail. The net earnings of the W. U. Telegraph Co for the present quarter will exceed $700,000. John Jones, colored, was changed at Marion, Ark., for the murder of Joseph Colwell, also colored. Mary Stewart, a little colored girl, was fatally burned at New Orleans by falling into a furnace. President Hayes and several members of his cabinet will spend Christmas in New York city. A fund is being raised for erectinga monument to Senator Morton. President Hayes subscribed $100. Ned Norman was killed at New Orleans by a blow from Alexander Shelton's fist. Both colored men. Ham, the Kausas City swindler, has been sentenced to ten years in the Texas penitentiary at Austin. Sam. Holmes, a noted desperado who murdered Sheriff Napier in 1869, has been arrested at Stanford, Ky. An old colored man unwittingly killed himself at New Orleans by burning charcoal in his sleeping room. A $65,000 fire occurred at Helena, Ark. Among other buildings destroyed were the post-office and World office. The Baroness de Bussiere, daughter of Benj. Halliday, the Califonia millionaire, died at New York of pueumonia. Boiler at Clark & Back's machine shop, Vincennes, Ind., exploded, killing two men and hurting several others. A train of cars loaded with oil burned at Paterson, N. J. Burning oil ran through the streets and several houses canght fire. Schooner Elizabeth Edwards, from New Orleans for Providence with cotton, went ashore on Long Island and is a total loss.
Click image to open full size in new tab
Article Text
NIGHT DISPATCHES LATEST FROM WASH. INGTON. THE PUBLIC DEPARTMENTS CLOSED. No Business Until After New Year's. WASHINGTON, Dec. 24. The public departments closed at noon to day; there will be little, other than routine business, done until after New Year's. Many officials have gone home to spend Christmas. Secretary Sherman left for New York this morning. Three Companies of Infantry Arrive at Crook City. DEADWOOD, D. T., Dec. 24. Companies E, I and K, of the Seventh Infantry, in command of Major Charles G. Bartlett, arrived at Crook City last evening from the Cheyenne Agency, via the Fort Pierre route. Major Bartlett reports that, though often hearing of Indians along the road, he saw none. This command crossed an Indian trail at Cheyenne river, and crossing that led northwest, and he expresses the opinion that the Indians who committed the depredations in this vicinity, have gone to Little Missouri or Tongue river. Accidental Killing of a Mother and Child. MEMPHIS, Dec. 24. This morning, detective Wm. C. Pride, while half asleep, imagined he heard a burglar at the window, and took his pistol from under the pillow, and in attempting to cock it, the weapon was discharged, the ball passing through the body of his five months' old child, and also through the body of his wife, causing the death of both in a few hours. The inquest is now being held. Pride is almost crazed in consequence of the terrible accident. Savings Bank Enjoined. BOSTON, Dec. 24. The Savings Bank Commissioners enjoined the Taunton Savings Bank from doing further business. The bank has $1,405,513 assets, with $1,353,763 liabilities. The weak condition of the bank is due to the depreciation of loans or mortgages. Will Begin Prepayment. NEW YORK, Dec. 24. On Wednesday next, the United States Treasury will begin prepayment, without rebate, of the January interest on excise. Commissioners Morton and Patterson have warned the banks not to honor checks signed by Commissioner Murphy, their absconding Treasurer. Death of Robert P. Parrott. POUGHKEEPSIE, N. Y., Dec. 24. Robert P. Parrott, the inventor of the Parrott gun, died at Cold Springs this morning. Another Suspension. CHESTER, Pa., Dec. 24. Geo. Baker, banker, suspended on Thursday. He states his liabilities at $159,000; assets, $192,000.
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.
Click image to open full size in new tab
Article Text
United States Supreme Court. The following business was transacted in the Supreme Court of the United States yesterday; Admissions to the bar-Emerson B. Tuttle, of Chicago, III.; Josiah P. Fitch, of New York city; Henry Ach, of Portland, Oreg., and Frank L. Richardson, of New Orleans, La. No. 16. The Chesapeake and Ohio Railwav Company et al., plaintiff in error, vs. A. E White, administrator, &c. In error to the supreme court of appeals of the state of West Virginia. On motion of Mr. W. J. Robertson for plaintiffs in error, dismissed with costs. No. 855. Schmidt Brothers, appellants, vs. E. M. Cobb. No. 856. Arthur O'Malley, appellant, vs. J. P. Farley. Submitted under thirty-second rule by Mr. H. B. Fouke for the appellants, and by Mr. Jed Lake and Mr. M. H. Beach for appellees. No. 685. The Louisiana Sugar Refining Company, plaintiff in error, VS. James W. Todd et al. In error to the circuit court ot the United States for the eastern district of Louisiana. On motion of Mr. S. T. Wallis for plaintiff in error. dismissed with costs. No. 4, original. Ex parte: In the matter of the Phoenix Insurance Company of Brooklyn et al., petitioners. Argued by Mr. Robert Rao for the petitioners, and by Mr. George G. Greene and Mr. James G. Jenkins for respondent. No. 789. John P. Delano, appellant. VS. Peter Butler, receiver, &c.; No. 790, Harvey Mills; No. 791, the Taunton Savings Bank: No. 792, Charleston 5 Cent Savings Bank; No. 793, Chas. E. Morrison, all appellants, vs. Peter Butler, receiver, &c.: No. 820. John P. Delano; No."821, Harvey Mills; No. 822, The Taunton Savings Bank; No. 823, Charleston 5 Cent Savings Bank: No. 824, Chas. E. Morrison. and No. 1065, Caroline J. Whitney et al., all plaintiffs in error, vs. Feter Butler, receiver, &c. Argument commenced by Mr. Benjamin N. Johnson for appellants and plaintiffs in error in all the above cases except No. 1065, and continued by Mr. A. A. Ranney for appellees and defendant in error. Adjourned until to-day at 11 o'clock.