7250. Taunton Savings Bank (Taunton, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 12, 1877
Location
Taunton, Massachusetts (41.900, -71.090)

Metadata

Model
gpt-5-mini
Short Digest
fb02843084535201

Response Measures

None

Description

Multiple December 1877 newspapers report Taunton Savings Bank suspended payments on Dec 12, 1877. Reports cite insolvency/weakness due to depreciation of loans/mortgages and later an injunction by state Savings Bank Commissioners (Dec 24) forbidding further business. Subsequent materials (1886 Supreme Court docket) reference a receiver (Peter Butler), indicating the suspension led to receivership/closure. No article describes a depositor run prior to suspension. Classified as suspension_closure.

Events (3)
1. December 12, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Weak condition due to depreciation of loans/mortgages; insolvency/weak assets reported in contemporaneous accounts.
Newspaper Excerpt
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.
Source
newspapers
2. December 24, 1877 Other
Newspaper Excerpt
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.
Source
newspapers
3. * Receivership
Newspaper Excerpt
No. 791, the Taunton Savings Bank ... vs. Peter Butler, receiver, &c.; ... Argument commenced ... (U.S. Supreme Court docket entry, Oct. 13, 1886).
Source
newspapers

Newspaper Articles (12)
1. December 13, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 13, 1877

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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.

2. December 13, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 13, 1877

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SUING TRUSTEES IN THIS CITY. THE $100,000 BOND IN THE THIRD AVENUE BANK'S ASSETS ADJUDGED VALID-CHARGES AGAINST A TRUSTEE OF THE CENTRAL PARK BANK. Judge Van Brunt, in Supreme Court, Circuit, in the suit of Samuel H. Hurd, receiver of the Third Avenue Savings Bank, gainst David Morgan, directed judg ment, yesterday, for $3,191 35 against the defendant. he having signed for only $2,500. The decision makes the $100,000 bond given by the trustees of the bank valid against each of the other trustees for the amount for which they signed. The defence called. yesterday, Thompson W. Decker, the president of the bank, to testify that there was no other consideration for the bond than that expressed in it-that the bank should continue its business. It appeared, on cross-examination, that the witness and Morgan swore to semi-annual statements, in which this bond was stated as a good asset. Robert Sewell, counsel for tue defendant, renewed his motion to dismiss the complaint, on the ground that the bond wasa mere voluntary promise, the persons signing receiving nothing and the bank giving nothing for it. Judge Van Brunt said that looking on the position of affairs, this could hardly be called an entirely voluntary bond. A committee had recommended a cash subscription, or such a bond as this. Had the bank no power to receive the cash gift, or could the givers have recovered these gifts on that ground before the creditors were paid? Evidently not. And was there any difference in Ao not. He thought a bond? its being 111 the shape for the contract being ultra vires, be understood that doctrine to apply where a corporation promised to du what it had no right or power to promise. This was not such a promise. He therefore directed a verdict for plaintiff. He refused a request that the exceptions be heard in the first instance at the General Term, saying he only took that course where he was in such doubt that he only directed a versuet to save a second trial. Frederic Smyth and A. J. Vanderpoel appeared for the receiver; Robert Sewell for the defendant. Isnac V. French has brought suit, as receiver of the Central Park Savings Bank. against Thomas Gearty. a trustee of the bank, and at times its secretary and prespident. It is charged that he assisted in declaring nnproper dividends; that he contracted for the erection of the bank building for $32,500. be to receive his pay in a bond and mortgage and an assignment of the income; ap that ne bought from the bank two lots for $2,600 an plied the surplus over the mortgages, $7,000, on the contract. The defendant denies any improper declaration of dividends. He admits that under the contract for the bank building he was merely an agent for the bank. and says he has remitted $5,000 on that contract. and says he took the lots at more than their value, and has already parted with one at less than the price named. The case is on trial before Judge Lawrence. Peter B. Olney appears for plaintiff; Anderson & Man for the defendant. THE TAUNTON SAVINGS BANK SUSPENDED. TAUNTON, Mass., Dec. 12.-The Taunton Savings Bank suspended payments to-day. The bank is, the Annoud

3. December 13, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 13, 1877

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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.

4. December 13, 1877 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, December 13, 1877

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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

5. December 13, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 13, 1877

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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. -

6. December 13, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 13, 1877

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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.

7. December 13, 1877 The New York Herald New York, NY
Article from The New York Herald, December 13, 1877

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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.

8. December 20, 1877 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, December 20, 1877

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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

9. December 25, 1877 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, December 25, 1877

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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.

10. December 29, 1877 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, December 29, 1877

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Financial Disasters. The Dale Manufacturing Company, of Paterson, N. J., who own the largest silk mill in that city, will go into liquidation, owing to the depreciation in prices of silk goods. Their liabilities are stated at between $300,000 and $400,000, all secured except $20,000. Tolle, Holton & Co., of Cincinnati, filed & petition in bankruptcy Monday. Liabilities, $382,000; assets $189,000. Mr. Baker, the suspended banker of Chester, Pa., states his liabilities at $159,000 and his assets at $192,000. The assets consis chiefly of real estate, and with judicious mant agement all claims can be paid. The Taunton Savings Bank, of Taunton, Mass., has been enjoined by the Bank Commissioners from doing any further business. The bank owes $1,353,768, and its assets are stated at $1,404,513. Its weakness is owing to depreciation of loans on mortgages, but the depositors will probably be ultimately paid in full The Passaie County Savings Bank, at Paterson, N. J., has closed up and depositors are to be paid January 5th. It is a stock concern, with $150,000 capital, only $15,000 of which is paid up. The deposits amount to $120,000. Among the assets are worthless notes of a former President, a leading director and New Jersey Midland Railroad bonds and notes. Messrs. Netter & Co., brokers and bankers, of New York, suspended payment Wednesday, with very large liabilities. The firm did a very large business, and the outstanding loans may have run up into the millions. N. W. Ader, dry goods dealer: S.J. Tay. lor, grocer; E. Finley, carriage builder, all of Bainbridge, Putnam county, Ind., have failed. The liabilities aggregate $30,000, and the assets $8,700.

11. January 8, 1878 The Hillsdale Standard Hillsdale, MI
Article from The Hillsdale Standard, January 8, 1878

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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.

12. October 13, 1886 National Republican Washington, DC
Article from National Republican, October 13, 1886

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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.