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Another Savings Bank in Tronble. BOSTON, Oct. 3.-Another savings bank O.) the Cape is in trouble. The Cape Cod fivecent savings bank at Harwich on Monday suspended.
8109. Cape Cod Five Cents Savings Bank (Harwich, MA)
Bank Information
- Episode Type
- Run → Suspension → Unsure
- Bank Type
- savings bank
- Start Date
- September 29, 1877
- Location
- Harwich, Massachusetts (41.686, -70.076)
Metadata
- Model
- gpt-5-mini
- Short Digest
725eefa8
Response Measures
Full suspension
Description
Multiple contemporaneous newspapers (Oct 3–4, 1877) report a run on the Cape Cod Five Cents Savings Bank (about $75,000 paid out) on Saturday, followed by suspension of payments on Monday. No later article in this set confirms a reopening or permanent closure, so outcome is unclear.
Events (2)
1.
September 29, 1877
Run
- Cause Details
- Newspapers report a run occurred but do not attribute it to a specific rumor, correspondent failure, or other cause; treasurer asserted bank was in good condition prior to run.
- Measures
- Treasurer paid out about $75,000 (met withdrawals); officers to meet following suspension.
- Newspaper Excerpt
- There had been a run upon the bank and over $75,000 had been paid out.
- Source
- newspapers
2.
October 1, 1877
Suspension
- Cause Details
- Suspension followed the run; articles state bank suspended till to-day, when a meeting of the officers is to be held. No explicit insolvency or government action described.
- Newspaper Excerpt
- The Cape Cod Five Cents Savings Bank at Harwich on Monday suspended.
- Source
- newspapers
Newspaper Articles (10)
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committees then appointed Rev. Dr. Clark, foreign secretary of the board, who delivered an address on the claims of the unevangelized lands, on Christian churches, and Rev. Mr. Behrenis made an address on the missionary problem and its solution. Also over two hundred clergymen and theological students were preaent; bishops, nearly sixty in number, entered about 11 o'clock. Bishop Smith, of Kentucky, whose date of concecration is 1832, headed the procession, and Bishop Perry, of Iowa, closing it. The services were most impressive. FAILURE. Pittsburg, Oct. 3.-The Allegheny Savings bank, the oldest bank in Allegheny City, suspended this morning. The stockholders are individually liable, and the directors hope to pay all depositora. Last year about this time the deposits aggregated $1,312,000, but the run has been progressing steadily since that, 80 that now they are not over $591,000, of which the directors and stockholders own $100,000. The bank also owes to other banks $128,000. The assets chiefly on real estate aggregate $748.000. Boston, Oct. 3.-The Cape Cod. five cent savings bank, at Harwich, Monday, suspended till to-day, when a meeting of the officers is to be held.
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GENERAL NEWS. Senator Morton is doing so well that his friends hope to take him to his ho me in Indianapolis within two weeks. The Cape Cod Five Cents Savings Bank ot Harwich, Mass., suspended on Monday, the suspension to continue until a meeting of the officers, to be held yesterday. There had been a run upon the bank and over $75,000 had been paid out. The treasurer says the bank was never in better condition than before the commencement of the run. The Galt House, in Louisville, Ky., was sold yesterday by order of assigneesIt brought $157,000, its original cost hav. ing been upwards of $1,000,000. The Allegheny Savings Bank, the oldest bank in Alleghaney City, Pa., suspended yesterday morning. The Directors posted a notice on the doors stating that tue suspension was caused by the in ability of the concern to convert its assets into money; that the stockholders are individually liable, and it is hoped all the depositors will be paid. It is understood that the bank's deposits have been steadily decreasing since the run upo n it last year, and do not now exceed $591,000, of which about $100,000 belongs to the stockholders. In addition, the bank owes secured debts and mortgages to the amount of $128,000. Its assets, chiefly real estate, uggregate $748,000. A telegram from Camp Rooinson says that twenty lodges of Sieux left Spotted Tail for the north on Tuesday night. a nd adds: "It is believed that for every lodge that comes into the lodge six go out."
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EMBAARRISSED SAVINGS BANKS. Suspension of One in Allegheny City, Pa., and of Another on Cape Cod. PITTSBURGH, Oct. 3.-The Allegheny Savings Bank. the oldest bank in Allegheny City, suspended payment this morning. The following notice is posted on the doors: The directors of the Aliegheny Savings Bank. being unable to convert its a.spts into money immediately have deemed it proper to suspend payment in addition to the assets of the bank. the tockholders are individually liable. and the directors hope to pay all the depositors. About this time last year a run was made on the bank. but the officers met all the demands 80 promptly that the run soon censed. It is ascertained that at the time of the run last year the deposits aggregated $1,312,000. but singe that time they have been steadily reduced. and do not now exceed $591,000, of which amount about $100,000 belongs to the directors and stockholders. In addition to this the bank owes secured debts to other banks and money borrowed on mortgages to the amount of $128.000. The assets. consisting largely of real estate. will aggregate $718,000. BOSTON, Another savings bank on the cape is in trouble The Cape Cod Five Cents Savings Bank at Harwich on Monday stopped payments till to-day. when a meeting of the officers is to be held. A run was announced Saturday. The treasurer says he has paid out about $75,000 or $100,000. He reports the bank as never in better condition since its incorporation than it was before the run.
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Another Savings Bank Threat. ened. BOSTON, October 3.-The Cape Cod Five Cent Savings Bank at Harwich on Monday suspended until to-day, when a meeting of the officers will be held. The treas. urer reports that the bank was never in better condition than before the run on Saturday.
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Another Savings Bank in Trouble. BOSTON, October 3.-The - Cape Cod Five Cent Savings Bank at Harwich, Monday, suspended until to-day, when & meeting of its officers will be held. The treasurer reports that the baak was never in better condition than before the run Saturday.
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NEWS ITEMS. a What to Delag in the Old World and the a New. The Maryland Democrats nominated Thomas J. Keating for comptroller and adopted a platit form which congratulates the Democrats and + Conservatives of the Forty-fourth Congress O upon their reduction of the national expenses by more than $30,000,000 declares that it i o "a cause of pride and satisfaction t to the Demo1 cratic party, that its peaceful policy of home State has become rule of cardinal rule and non-intervention the civil affairs action the even in an Administration whose title to office is not derived from an election according to Constitutional methods, but exists by the adjudication of tribunal unknown to the Constitution, but whose award has been acquiesced in by a peace-loving people opposes subsidies of all kinds, and expresses sympathy for the the work. ingman L. Prang & Co.'s chromo establishment near Boston was destroyed by fire, is and loss incurred of $100,000 and fire in to the business heart of Providence, R. I., destroyed number of large buildings, causing a 1 loss of nearly $1,000,000 The New York Repu! blican Republican convention at Rochester finished its labors by nominating the following officers For secretary of State, John C. Churchill for comptroller, Francis Sylvester for State treasurer, William L. Bostwick for attorney attorney-general, Grenville H. Tremain for State engineer, Howard Soule, Jr The Minnesota Republicans renominated Gov. Pillsbury and adopted a platform approving of the President's Southern and civil service policies, and favoring the early resumption to specie payments, with the sheriff's party remonetization of silver A shot and killed two members of the band who C recently robbed the Union Pacific express train in Nebraska, and recovered $20,000 in gold A single-scull, three-mile boat race on Owasco The Lake, N. Y., was won by Charles E. Courtney, SavBarnstable over four opponents ings Bank, of Provincetown, Mass., has closed its doors on account of inability to pay its depositors In Pittsburgh, Pa., Henry Stopel, whose father was killed during the recent railroad troubles, caused the arrest of MajorGeneral Pearson, commander of the State troops at the time, on the charge of murder, for ordering his soldiers to fire upon the crowd. General Grant visited Stratford-on-Avon, the home of Shakespeare, and was presented with a very cordial address, enclosed in a casket made from the wood mulberry tree planted the great English dramatist. William E. Howard, a colored convict in the prison at Auburn, N. Y., was killed by a blow from the leg of an iron bedstead in the hands of an other convict named Harvey Thorp. Ill feeling between the two men men led the assault. It is estimated that the Russians have lost 70,000 thus far in the war with Turkey. Gen. Levitski, who was at the head of the and the of who Russian was Danube, army deprived of his command for failing to reinforce Gen. Skobeleff. has committed suicide. A fire at Goldsboro, N. C., destroyed property valued at $40,000, most of which covered by insurance At a cabinet meeting in Washington the questions to be treated in the coming message of the President were discussed. The message will be quite brief, and will consist mainly the reasons for summoning an extra session of Congress. The trial at Washington of x-Assistant Sec. retary of the Treasury Sawyer -who was also, United States Senator from South Carolina between the years 1868 and Commis sioner of Customs Haines and Frank Brooks, on the charge of procuring the payment of fraudulent claim against the government for 857 $57,000, ended in a verdict of guilty by the jury, and the prisoners were remanded for sentence A. M. Clapp, late government printer, has assumed charge of the Washington National Republican, which was known as the administration organ during Gen. Grant's term, and will conduct it as an independent Republican newspaper A fire broke out in Putnam, Conn. and before it could be subdued the busi- The ness portion of the town was destroyed. loss is about $200,000 insured. William Hartman, leader of body of striking of fired = sheriff's railroad employes near Circleville, officers Kansas, when posse upon commanded to halt. The fire was returned and Hartman received wounds from which he died At Richmond, Ky., Perry White, M. United a colored man, was shot and killed States by Hon. minisformerly ter to Cassius Russia. Clay, White's mother had been discharged from Mr. Clay' employ, and the son had threatened to revenge her removal. Meeting Mr. Clay on the roadside, White rushed upon him after an altercation, when he drew a pistol and fired twice. Mr. Clay was exonerated by a coroner jury The Workingmen's party of Massachusetts have nominated Wendell Phillips for governor A reduction of in the public debt was made during September An election in Hartford, Conn., resulted in the success the Democratic ticket. Senor Castillo and his son, permanently connected with the Cuban insurrection, have surrendered to the Spaniards. Senor Castillo Over was misister of foreign affairs 750,000 under the persons Cuban have perished government during the famine in India t A number of buildings were burned in Indianapolis, Ind., and loss incurred of $75,000 000 The savings bank at Hannis, Mass., suspended after a heavy run of several days. The American forces under Lieutenant Bullis that had entered Mexico in pursuit of Indian horse thieves, returned without accomplishing their object. They were not molested by the Mexican authoritie It was accidentally discovered in New York that William C. Gilman, an insurance broker, whose reputation for honesty and business integrity was unexceptionable, had perpetrated a series of astounding frauds by which he had realized hundreds S of or certificates of thousands of dollars. His method was to insurance profits script obtain of the Atlantic Mutual Insurance Company for small sums and raise them to a much higher figure. He would erase the words 'one hundred in a certificate for $100 and insert instead ten thousand, making it a certificate for $10,000 and although the forgeries were clumsily executed, yet Gilman's standing in the business community was 80 high that the certificates were never examined closely, and the forgeries were committed with comparative impunity. It was rumored in Wall street that Gilman had also 'raised some bank stock in similar manner James R. Hawkins, colored, was sentenced to death in the Howard county (Maryland) circuit court for an assault on a thirteen-year-o girl in April last. q The boiler burst on the steamer Comfort, running from Wheeling. W. Va., to Marietta, Ohio, and five persons were killed and about fifteen were more or less severely wounded D. James D., Roosevelt Bayley, The death is announced of the Most archbishop of Reverend the See of Baltimore and primate of the Catholic Church of the United States. He was in the up Protestant born in New York city, August 23, 1814. Episcopal and was faith, in brought which he was ordained minister in due time. After a while he renounced his faith. went to Rome and became a member of the Roman Catholic priesthood. He was the author of number of ecclesiastical works and founded several schools, churches, convents Cod Five Cents and colleges The Cape Savings Bank, of Harwich, Mass. and the Alleghany Savings Bank, of Alleghany city, Pa. theoldest bank in the -suspended payments. A five which raged for several hours in business portion of McKeesport, Pa. the threatened the destruction of the whole town, but was eventually subdued with the loss of about $175,000 in stores and residences prima Mile Teresa Titiens, the celebrated donna, died in London, aged three forty-three years. The depot of the Dry Dock horse-car railroad company in New York city was completely destroyed by fire and a pecuniary loss inflicted of over $250,000, on which there is a partial bales of ha hay were Nearly burned By the explosion of a boiler attached to a saw-mill near Studer town, Ohio, three young men were instantly de killed, and several others were more or less severelyinjured The triennial convention of y the Episcopal Church of the United States met
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persons have perished during the famine in India A number of buildings were burned in Indianapolis, Ind., and a loss incurred of The savings bank at Hannis, $75,000 Mass., suspended after a heavy run of several days. It was accidentally discovered in New York that William C. Gilman, an insurance broker, whose reputation for honesty and business integrity was unexceptionable, had perpetrated a series of astounding frauds by which he had realized hundreds of thousands of dollars. His method was to obtain "certificates of profit' or insurance script of the Atlantic Mutual Insurance Company for small sums and "raise" them to a much higher figure. He would erase the words "one hundred" in a certificate for 8100 and insert instead ten thousand," making it a certificate for $10,000 and although the forgeries were clumsily executed, yet Gilman's standing in the business communily was 80 high that the certificates were never examined closely, and the forgeries were committed with comparative impunity. It was rumored in Wall street that Gilman had also 'raised' some bank stock in a similar manner. The American forces under Lieutenant Bullis that had entered Mexico in pursuit of Indian horse thieves, returned without accomplishing their object. They were not molested James. R. by the Mexican authorities Hawkins, colored, was sentenced to death by the Howard county (Maryland) circuit court for an assault on a thirteen-year-old girl in April last. In New York the car depot of the Dry Dock Railroad Company was destroyed by fire. Besides the building about ninety horse-cars were burned and a loss incurred of $250,000, which The Most Reverend is covered by insurance James Roosevelt Bayley, archbishop of Baltimore and primate of the Roman Catholic Church of America. died in Newark, N. J., aged sixty-three years. Archbishop Bayley was born in New York and was a graduate of Washington (now Trinity) College, Hartford, Conn. He was ordained minister of the Protestant Episcopal Church, and subsequently joined the Roman Catholic Church, preparing himself for the priesthood at St. Sulpice, Paris. He was the founder of Seton Hall College as well as of numerous schools, academies, convents and churches, and was oue of the highest dignataries of the Roman Catholic Church in Titiens the opera singer, died this country in London on October 3 The Alleghany Savings Bank, the oldest bank in Alleghany city, Pa., and the Cap Cod Five Cents Savings Bank, of Harwich, Mass., have Five persons were suspended payments killed and a number were wounded by the explosion of the boiler on the steamer Comfort, bound from Wheeling. W. Va., to Marietta. A fire which broke out in McKeesport, Pa., at one time endangered the whole town. Before the flames could be subdued a large number of business houses and private residences were burned and a loss incurred of about $175,000 One square in the business partially insured portion of Frankton, Ind., was destroyed by fire. Loss, about $10,000 ; no insurance The National Episcopal Congress opened at Boston The steamer Magnolia, running between New York and Savannah, was lost at sea, owing to a leak ; no lives were lost.
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SUMMARY OF NEWS. Interesting Items from Home and Abros The Cap Cod Five Cents Savings Bank, Harwich, Mass., and the Alleghany Saving Bank, of Alleghany City, Pa.-the oldest bai in the city- -suspended payments. The boil burst on the steamer Comfort running fro Wheeling, W. Va., to Marietta, Ohio, and fi persons were killed and about fifteen were mo or less severely wounded The death is a nounced of the Most Reverend James Roos velt Bayley, D. D., archbishop of the See Baltimore and primate of the Catholic Churc of the United States. He was born in Ne York city, August 23 1814, and was brought in the Protestant Episcopal faith, in which was ordained a minister in due time. After while he renounced his faith, went to Ron and became a member of the Roman Cathol priesthood. He was the author of a number ecclesiastical W rks and founded sever schools, churches, convents* and colleges. A fire which raged for severalhours in the bus ness portion of McKeesport, Pa., threatene the destruction of the whole town, but waseven ually subdued with the loss of about $175,00 in stores and residences. Mlle Teresa Titien the celebrated prima donna, died in Londo aged forty-three years. The depot of th Dry Dock horse-car railroad company in Ne York city was completely destroyed by fire an a pecuniary loss indicted of over $250,000, which there is a partial insurance. Nearly 01 hundred cars and 15,000 bales of hay wer burnd By the explosion of a boiler attache to a saw-mill near Studertown, Ohio, thrt young men were instantly killed, and sever others were more or less severely injured The triennial convention of the Episcop Church of the United Stetes met in Boston. New York Democratic State Conventic The Democrats of New York, assembled convention at Albany, nominated the following ticket: Secretary of State, Allen C. Beach controller, Frederick P. Olcott treasure James Mackin; attorney-general, August Schoonmaker Jr.; Engineer, Horatio Seymou Jr. The following platform was adopted The people having in the last Presidential co test elected by an overwhelming popular and clear electoral majority, the Democratic cand dates for President and Vice President, an the will of the Nation, thus constitutional declared, having been wickedly and bold nullified by means of the grossest usurpatic and frauds of returning boards, protected an adopted, if not instigated, by the party in po session of the Government, and rendered pra ticable by a threatening array of military fore Resolved, That at this. the first convention the Democrats of this State, held since t1 consummation of this great crime, it is not on just and fit. but it is the plain duty in the inte est of Constitutional government, and in th vindication and preservation of the sacre right of the majority, to choose their ruler to denounce with the warmest indignation th stupendous wrong, and we do hereby denounc condemn, and hold it up to universal execr tion. Resolved, That this duty of setting mark of infamy upon this transaction, and pr venting any quick forgetfulness or easy cond nation of it from raising a tempting preceder for future outrages, rests especially and pec iarly upon the Democratic party of this Stat one of whose most illusrious leaders was t1 President actually chosen by the Natio Resolved, That the late House of Represent deserve the thanks of all patriots and lovers liberty for their refusal, in the exercise of t1 most ancient and valuable privilege belongin to representatives of the people in all constity tional Governments, to appropriate money f the support of soldiers to be used in the illeg and despotic oppression of citizens in any po tion of the Republic. Resolved, That tl present National Administration, by its with drawal of the troops from the South, and cessation from the mischievous, unconstity tional and oppressive interferance with th internal affairs of States, has in that respe reversed the vicious precedents of the Repul lican party, followed the course marked out the Federal Constitution, and to which th Democrats stand pledged, and it is therefor entitled in that particular to the approval all good citizens. The Democratic party New York reaffirm the following principles 8 forth in the platform adopted in 1874. no thrice indorsed by large majorities of th voters of this State Gold and silver the onl legal-tender no currency inconvertible wit coin; steady steps toward specie payments, n step backward the honest payment of th public debt in coin a sacred preservation the public faith revenue reform a tariff fo revenue only no government partnership wit protected monopolies home rule to limit an localize most zealously the few powers intrus ed to public servants, municipal, State an Federal no centralization equal and exa justice to all men no partial legislation, 11 partial taxation official accountability enforce by better civil and criminal remedies no pr vate use of public funds by public officers corporations cbartered by the State alway supervisable by the State in the interest of the people the party in power responsible for legislation while in power economy in publ expenses that labor may be lightly burdene Resolved, That we are opposed to the grantin of subsidies by the Government to corporation or individuals for the construction of railroad or other internal improvements as unnecessar beyond the scope of Federal power, and inev tably producing corruption. Resolved, Tha we congratulate the whole people of this Stat that. notwithstanding the suffering to which th laboring classes have been for years subjecte in spite of their failure to obtain remunerativ employment, and the bitter privations whic have been imposed upon them thereby, the have endured these calamities for the mo part with patience, without disorder or vi lation of the public peace, and we declare th: it IN through the beneficent operation of equ and just laws, favoring no one class at the pense of another, a stern refusal on the part legislative bodies to yield to the schemes grasping monopolies and the decrease of pul lic expenditures and taxation to the lowe practicable point-that the laboring classes the country (with whom the Democratic part has always strongly and intelligently symp thized), are mainly to find effectual and pe manent relief. Resolved. That we favor a un form and equitable excise law, having regar for and protective of the rightsof all the people accompanied by stringent provisions punishir its violation. Resolved, That we demand moi complete protection for the savings of the h dustrial classes by the stricter supervision an control of savings banks, insurance companie and other institutions in which the people money may be invested, and the enactmer of laws providing severe and certain punisl ment of all official neglect, extravagance fraud by which the people's earnings may endangered or lost. Resolved, That the d liberate refusal of the Republican majority the State Legislature, during two sessions, open defiance of the plainest and most peren tory mandates of the Constitution, to apportic the representation of the people of the Sta in the Senate and Assembly, in accordan with the census, isa reckless disregard of dut hitherto without precedent in our history, an aims a blow at the very root and foundation representative government. The final clau of the platform pledges the New York Dem cracy to follow the chief magistrate in can
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Sherman's Frosts. BOSTON, April 13.-The Cape Cod five cent savings' bank, at Harwich, to-day availed itself of the new bank law. NEW YORK, April 13.-Fellows, Forrester & Co., importers and dealers in watches, Maiden Lane, have suspended. Liabilities, $13,000; nominal assets, $150,000. PROVINCETOWN, Mass., April 13.-The Seamen's savings' bank has called on the bank commissioner to regulate its payments in conformity with the new law. BOSTON, Mass., April 13.-Henry P. Kilfreed, dealer in morocco leather, failed teday. Liabilities $100,000; assets light.