8075. Dorchester Savings Bank (Dorchester, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 9, 1878
Location
Dorchester, Massachusetts (42.297, -71.074)

Metadata

Model
gpt-5-mini
Short Digest
b141814e

Response Measures

None

Description

Multiple articles (Feb 9–11, 1878) report the Dorchester Savings Bank enjoined from doing further business by court order due to unsafe condition; no run on this bank is reported in the texts (a heavy run is mentioned for Haydenville Savings Bank). The injunction implies suspension and likely permanent closure; no reopening mentioned.

Events (1)

1. February 9, 1878 Suspension
Cause
Local Shock
Cause Details
Court injunction/suspension attributed to gradual decrease of business and decline in value of real estate investments held by the bank (impaired condition).
Newspaper Excerpt
The Dorchester Savings bank, of Dorchester, ... has been enjoined from doing further business; their suspension is due to the gradual decrease of business and the decline in the value of real estate.
Source
newspapers

Newspaper Articles (10)

Article from Daily Press and Dakotaian, February 9, 1878

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A was Free Trade with America," with a picture of John Bull in high feather, with the British lion at his feet, was among the noticeable mottoes. MASSES OF REQUIEM. St. Louis, Feb. 9.-Archbishop Kenick has directed solemn high masses of requiem to be celebrated in all the Catholic churches here Tuesday morning, for the repose of the soul of the deceased pontiff. Philadelphia, Feb. 9.-A grand requiem mass was celebrated this morning in the Catholic church of St Maria Maddelen Depozzie, for the late Victor Emmanuel. The church was crowded. FAILURE. Botton, Feb. 9.-The Dorchester Savings bank, of Dorchesters, and the Rockport Savings bank, were both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which wil! probably be paid in time and the same may be sald of the Rockport bank, which has deposits of $192,060. Their suspensions is due to the gradual decrease of business and decline in value of real estate. Northampton, Mass., Feb. 9-The Haydenville Savings bank, of which Joel Hayden, recently failed, is president, has suspended payment on the call requiring 30 days notice. The announcement of Joel Hayden's failure and connection with the bank, caused a heavy run. SUPREME COURT PROCEEDING3. In the supreme court the rule of contempt against Deputy Collector Tom. linson, U. S. Commissioner W. G. Lane, Deputy Marshals E. S. Wurzburger and Chas. Steele, was continued until Monday at two o'clock. THE ANDERSON CASE. On motion of Messre. Cullom & Castletanos, councel for Thoe. C. Anderson, it was ordered that the attorney general show cause, on Wednesday, the 13th, why a rew trial should not be granted on the ground, first, that the verdict is against the evidence, and, second, contrary to law as more specifically set forth in the bills of exception taken during the trial, now on recerd, and made a part of this motion.


Article from The Rock Island Argus, February 9, 1878

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MASSACHUSETTS. SPRINGFIELD, Feb. 9.-The Ravine woolen mill at South Wilbraham burned last night with the contents; loss $40,000; insurance $18,000. NORTHAMPTON, Feb. 9.-The Haydenville Savings bank of which Joel Hayden, recently failed, is president, has suspended payment on the call requiring 30 days notice; the announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. - The Dorchester Savings bank of Dorchester, and Rockport Savings bank, both are enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060; their suspension is due to the gradual decrease of business and the decline in value of real estate.


Article from Daily Globe, February 10, 1878

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THE DAY'S BANKRUPTS. Victims of Sherman's Financial Policy-Savings' Banks, Insurance Companies and Business Houses Forced to the Wall. PHILADELPHIA, Feb. 9.--The creditors of C. J. Fell & Bro., met to-day and appointed a committee to investigate the accounts of the firm. The liabilities foot up $173,112 as follows: Bills payable $25,580; open accounts $147,531. Assets, $228,076, as follows: bank accounts, $25,685; merchandise $44,488; real estate, $157,922. The creditors expressed considerable surprise to hear that Wm. M. Clarke, creditor in six hundred dollars, had sued out a warrant for C. J. Fell and J. E. Taylor, members of the firm, charging them with conspiracy to cheat and defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for a future hearing. SAVINGS BANK FAILURES. NORTHAMPTON, Mass., Feb. 9.-The Haydensville savings bank, of which Joel Hayden, recently failed, is president, has suspended payments on call to depositors, requiring thirty day's notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester savings bank of Dorchester, and the Rockport savings bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business and the decline in the value of the real estate. ASSIGNMENT OF A CATHOLIC INSTITUTE. CINCINNATI, Feb. 9.-A bill of assignment executed by the Catholic Institute for benefit of its creditors, was filed in the probate court yesterday. The principal real estate owned by the institute is a building on the northwest corner of Vine and Longworth streets, formerly Mozart Hall. The assignee's bond is for two hundred thousand dollars. MISCELLANEOUS. NEW YORK, Feb. 9.-The New Amsterdam bank building was sold to-day for $42,000, about one third of its value, as estimated in the assets of the receiver. NEW HAVEN, Feb. 9.-L. W. Sperry has been appointed trustee of the property of the National Capital Life Insurance company of Washington and this city. The company's building and real estate is here. CLEVELAND, O., Feb. 9.-Hull Brothers, wholesale tobacco dealers, assigned to-day; liabilities estimated at over $40,000. Letter of the Chief Engineer of the Fire Department. To the Editor of the GLOBE. Learning that the statement was made at the meeting at the chamber of commerce last evening, that I had been consulted, and was satisfied with the report of the committee on the salaries of the fire department. I feel it may duty to publicly deny such statement. On the contrary, I have invariably and unreservedly stated, the adoption of the report of the committee would practically destory the efficiency of the fire department. Yours, R. O. STRONG. The specie shipments the past week from New York were $26,300.


Article from The Sun, February 10, 1878

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Suspension of Massachusetts Banks. BOSTON. Feb. 9.-The Haydenville(Mass Savings Bank, of which Joel Hayden. recently gone into bankruptcy, is the President. has suspended payments to depositors on call. requiring the thirty days' notice pro vided by law The an ougleement of Juel Hayden's failure and his connection with the bank caused a heavy run upon it The Dorchester Savings Bank of Dorchester More and the Rockport Mass Savings Bank have both been en joined today from doing further business their condition being considered unsate. The Dorche ier Bank has deposite of $440,989. which will probably be paid in time, and the same max be said of the Rockport Bank which has deposits of $192 (660 Their suspension is due to the gradual decrease of business and the decline in value of real estate investments made by them


Article from The Cheyenne Daily Leader, February 10, 1878

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TELEGRAPHIC TICKS. 0 The Ravine woolen mill at South Wilbraham, Mass., was burned Friday night; loss $40,000. , The Haydenville, Mass., savings bank, of which Joel Hayden, who recently failed, is president, has suspended payment. The Dorchester savings bank of Dorchester, Mass., and the Rockport e savings bank are both enjoined from doing business. A strong tidal wave has again swept the coast of Peru. In the harbor of Callao the shipping and moles were severely damaged. Requiem masses for the repose of the soul of Pius IX were held in nearly all of the Catholic churches throughout New York City. A grand requiem mass was celebrated in Philadelphia, Saturday morning, in the church of St. Maria Madelene, for the late Victor Emanuel. It is said that a telegram has been received by the British admiralty, stating that neither Russia nor Turkey will object to the British fleet going to Constantinople. The Boston wool market ruled quiet during the week. The sales have been quite numerous, but mostly in small lots, and the same indifference prevails on the part of manufacturers. Charles Baker, aged 40, keeper of a beer saloon on Light street, Baltimore, shot his wife twice, Saturday afternoon, and then killed himself. The widow may recover. Jealousy. Archbishop Wood, of Philadelphia, has addressed a circular to the clergy of his diocese, ordering a solemn high mass of requiem for the late Pontiff on Wednesday or Thursday next. The defalcation of Henry M. Turney, the paying teller of the Bank of North America, instead of being less than $100,000, as at first supposed, was ascertained yesterday to reach $283,000. John W. Stokes, of Pennsylvania, Grand Sire, having declined the Australian mission tendered him by the Odd Fellows Grand Lodge of the United States, Deputy Grand Sire John B. Harmon, of California, has been selected to go in his stead.


Article from The Wheeling Daily Intelligencer, February 11, 1878

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of BUSINESS EMBARRASSMENTS. J.Fell & Bro., at Philadelphia. PHILADELPHIA, February 9.-The creditors of C. J. Fell & Bro. met to-day and appointed a committee to investigate the accounts of the firm. The liabilities foot up $173,112, AS follows: Bills payable, t $25,580; open accounts, $147,531. Assets, $228,076, as follows: Bank accounts, $25,685; merchandise, $44,488; real estate, $157,922. The creditors expressed considerable surprise to hear that William M. Clark, a creditor in the sum of $600, had sued out a warrant for C. J. Fell and Joseph E. .Taylor, members of the firm, charging them with conspiracy to defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for future hearing. THREE MASSACHUSETTS SAVINGS BANKS. NORTHAMPTON, MASS., February 9.The Haydenville Savings Bank, of which Joel Hayden, recently failed, is President, has suspended payments on call to depositore, requiring thirty days' notice. The announcement of Joel Hayden's failure and his connection with the bank, caused a heavy run. BOSTON, February 9.-The Dorchester Savings Bank, of Dorchester, and the Rock port Savings Bank, are both enjoined from doing further business. The Dorchester Bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rock port Bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business, and the decline in the value of real estate.


Article from New-York Tribune, February 11, 1878

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SUSPENSION OF MASSACHUSETTS SAVINGS BANKS BOSTON, Feb. 10.--The Dorchester Savings Bank, of Dorchester, Mass., and the Rockport (Muss.) Savings Bank have both been enjoined from doing further business, their condition being considered unsafe. The Dorchester Bank has deposits of $440,989, which will probably be paid in time. and the same may be said of the Rockport Bank, which has deposits of $192,060. NORTHAMPTON, Mass., Feb. 10.-The Haydenville (Mass.) Savings Bank, of which Joel Hayden, recently gone into bankruptcy, is the president, has suspended payments to depositors on call, requiring the thirty days' notice provided by law. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run upon it.


Article from Daily Globe, February 11, 1878

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dollars, had sued out a warrant for C. J. Fell and J. E. Taylor, members of the firm, charg ing them with conspiracy to cheat and defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for a future hearing. SAVINGS BANK FAILURES. NORTHAMPTON, Mass., Feb. 9.-The Haydensville savings bank, of which Joel Hayden, recently failed, is president, has suspended payments on call to depositors, requiring thirty day's notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester savings bank of Dorchester, and the Rockport savings bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business and the decline in the value of the real estate. ASSIGNMENT OF A CATHOLIC INSTITUTE. CINCINNATI, Feb. 9.-A bill of assignment executed by the Catholic Institute for benefit of its creditors, was filed in the probate court yesterday. The principal real estate owned by the institute is a building on the northwest corner of Vine and Longworth streets, formerly Mozart Hall. The assignee's bond is for two hundred thousand dollars. MISCELLANEOUS. NEW YORK, Feb. 9.-The New Amsterdam bank building was sold to-day for $42,000, about one third of its value, as estimated in the assets of the receiver. NEW HAVEN, Feb. 9.-L: W. Sperry has been appointed trustee of the property of the National Capital Life Insurance company of Washington and this city. The company's building and real estate is here. CLEVELAND, O., Feb. 9.-Hull Brothers, wholesale tobacco dealers, assigned to-day; liabilities estimated at over $40,000.


Article from The Stark County Democrat, February 14, 1878

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The Democrat. SHERMAN RUINS. Three Massachusetts Banks, A Prominent Showman, and Any Number of Business Men Yield to the Pressure. One Day's Reports. Toledo, Feb. 9.-The Sunday Journal will publish to morrow a compilation of the posies picked up along relentless John Sherman's march of the nation to bankruptcy for Toledo and vicinity for the past one hundred days. It shows that sixty business houses have failed in the time, with ag. gregate liabilities of $450,000, made up of comparatively small dealers, on whom the stress of the times is very great, no one failure being for a greater sum than $25,000 The failures have all been since the 1st of November. Northampton, Mass., Feb. 9.--The Haydenville Savings Bank. of which Joel Hayden, recently failed, is President, has suspended payment on call for depositors, requiring thirty days' notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. Boston, Feb. 9.-The Dorchester Savings Bank, of Dorchester, and the Rockport Savings Bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport Bank, which has deposits of $192,000. Their suspension is due to the gradual decrease of business, and the decline in the value of real estate. New York, Feb. 9.-Montgomery Queen. proprietor of the California Circus and Menagerie has filed a voluntary petition in bankruptcy. His liabilities amount to $166,000, and the nominal assets are $31,223. A large number of the creditors are performers. Warren, O., Feb. 9.-Elder N. Bartlett. of Niles, a reverend disciple of Garfield, Sherman & Co., has assigned to Julius N. Cowdery, Esq. As usu al, assets are small and liabilities large. Indianapolis, Feb. 9.-Samuel N. Milligan, of Terre Haute, filed a bankruptcy petition to day; and the creditors of the Union Cabinet Company, took steps to wind up its affairs. The last named is a material failure, but the liabilities are not stated. Cleveland, Feb. 9.-Hull Br. S., wholesale tobacco dealers, assigned to-day. Liabilities are estimated at over $40,000. Cincinnati, Feb. 9.-A deed of assignment, executed by the Catholic Institute for the benefit of its creditors, was filed in the Probate Court yes. terday. The principal real estate owned by the "Institute" is a building on the northwest corner of Vine and Lor gworth, formerly Mozart Hall. The assignees bond is two hundred thousand dollars. Philadelphia, Feb. 9.-The creditors of C. J. Fell & Bro. met to-day, and appointed a commit. tee to investigate the accounts of the firm. The liabilities foot up $173,112. The creditors expressed considerable surprise to hear that Wm. M. Clark, one of the creditors in the sum of six hundred dollars, had sued out a warrant for C.J. FerFell and Joseph E. Taylor, members of the firm, charging them with conspiracy to cheat and defraud, and obtaining goods under false pretenses After the meeting, Fell and Taylor were arraigned before a. magistrate, and held to bail for future hearing.


Article from Essex County Herald, February 22, 1878

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NEWS SUMMARY. Eastern and Middle States. Failures among New York business still continue, the most prominent one of cent date being that of Joel Hayden & manufacturers of brass work, with liabilit of $400,000. The New York chamber of commerce adopted a memorial to Congress against Bland silver bill. A great deal of conflicting testimony ing the condition of the steamer Metrop has been bronght out in New York during official investigation into the recent disaster the North Carolina coast. Three men were ser ously injured by an plosion of gas in a mine near Pottsville, Pa. The bridge over the Schuylkill river at street, Philadelphia, fell in, causing a of $100,000. A fire in the building occupied by the Times, $200,000. at Troy, N. Y., caused a loss of The Dorchester Saving Bank, of Dorchest Mass., and the Rockport Savings Bank in same State have been enjoined from further business by an order of the court on account of their impaired condition A demonstration in favor of a protect tar ff took place in Pittsburgh, Pa. Nearly the towns in western Pennsylvania, Ohio, and West Virginia were represented, from 12,000 to 15,000 men were in the sion. The meeting was held in the expositi building, and resolutions in conformity its object were passed. The schooner Speedwell arrived in New JO ouo inq 118 pus offeces the crew of the vessel Sallie M. Steelman, was discovered flying signals of distress east of the Bermuda islands. The told a horrible story of suffering and balism. They were without food for days, when one of the men, in his desperati attempted to kill & companion, but was shot dead. Tue rest of the crew then pieces of flesh from the corpse which boiled and eat. Some of the remains salted down for future use and the rest buried but, fortunately, on the next day Speedwell was sighted and rescued the vors. The International Trust Compamy, a City (N. J.) savings bank, has suspended. A collision between the English ship Amerca and the American brig Carrie low, off Sandy Hook, near New York, resu! in the sinking of the latter and the loss of captain and s:eward. The death of the Hon. Gideon Welles place at Hartford, Conn., on the eleven He was born in Glastonbury, Conn., in 1802, studied law, became editor and proprie of the Hartford Times in 1828, held a of minor offices, and in 1851 was appoin 8 cretary of the navy. under Lincoln. office he held until 1869, and since then he been a liberal contributor to the press of country. Dur ng the 1.st presidential paign he supported Tilden. The public school teachers of New York had cation. their salaries reduced by the board of The American Poultry Association Portland, Me., Charles A. Sweet, of Buffalo, *Supiseed "X The Pennsylvania Sta'e Senate has joint resolution in favor of protec ion and nouncing the bill for the revision of the before the Washington. committee on ways and The Cambric mill of the N. H. Slater facturing Company at Webster. Mass., was stroyed by tire and an estimated loss of ! 000 Freight charges on the trunk lines from East to the West have been materially Western and Southern States A suit for libel, brought in Cincinnati P. T Barnum and others for $50,000, ten days, attracting much attention, and solting in a vedict of $40,000 for the tiffs. The action was brought by a show publiction 8 10 4 nooor uo Aund defendants in the Utica (N. Y.) show. which, the plaintiffs charged, broke up A dispatch fr m New Orleans states tha 8 the sinking of the steamer Lessie Taylor the Atchafalaya river, a colored woman no child and four or five deck hands weredrow The steamer had a cargo of sugar. cotton, or cotton seed, and was valued at $40,000. J A fatal duel was fought at Matamoras, between Hon. Nester Maxan. a lawyer, and M De La Pena. After two I were fired, the latter gentleman declared S self satisfied, but Mr. Maxan demanded S other round and was shot through the a dying almost instantly. a The San Francisco chamber of commerce .I vassed resolutions in opposition to the : monetization of silver and the repeal of resupmt on act. ' The committee on federal relations in 0 Maryland house of delegates, to which a ferred the memorial of the Hon. Montgon Blair, on the 8th of January last, calling Congress to reopen the electoral question ascertain judic ally who was elected at the last election. and give effect to the 8 of the people, reported unfavorably on a