8114. Haverhill Savings Bank (Haverhill, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 17, 1877
Location
Haverhill, Massachusetts (42.776, -71.077)

Metadata

Model
gpt-5-mini
Short Digest
5d279c3d

Response Measures

None

Description

Multiple contemporaneous articles (July 17-18, 1877) report that the Massachusetts Commissioner of Savings Banks enjoined the Haverhill Savings Bank from doing further business. The articles describe this as a precautionary injunction to protect depositors; no run or reopening is reported in the provided items. Classified as suspension_closure because the bank was enjoined (government action) and there is no evidence in these articles of reopening or continued operation.

Events (1)
1. July 17, 1877 Suspension
Cause
Government Action
Cause Details
Massachusetts Commissioner of Savings Banks enjoined the Haverhill Savings Bank from doing further business (precautionary injunction).
Newspaper Excerpt
The Commissioner of Savings Banks of Massachusetts has enjoined the Haverhill Saving's Bank from doing further business.
Source
newspapers

Newspaper Articles (3)
1. July 18, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, July 18, 1877

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Article Text

General News. The certificate authorizing the Charter Oak Life Insurance Company of Hartford to issue new policies in New York was revoked on Monday. L. Blumgart & Co., importers of woollen and vest goods, in New York, suspended yesterday. Their liabilities are stated at nearly $500,000. The Brooklyn street railway companies have adopted the wholesale free pass system again, in direct violation of the new State law on this subject. The great silver movement to secure resumption by means of inflation has reached its inevitable result in a general demand for the repeal of the Resumption act. In this market the commission is chargable on the par of shares at New York, on the percentage of shares, two shares of $50 each being counted as one. At the United States Treasury gold received for subscriptions is weighed, and, we see it stated. the last receiver is compelled to lose the value of the coin worn off by circulation, The Commissioner of Savings Banks of Massachusetts has enjoined the Haverhill Saving's Bank from doing further business. The bank's last report showed a total of deposits of $980,098. Its loans ou real estate amounted to $593,018. Great Britain during 1876 exported to foreign countries 16,299,077 tons of coal and other similar fund valued at nearly $45,000,000. This exportation goes 10 all parts of the world, but on the Pacific coasts and in the West Indies a keen competition is noted by United States coal. The run on the banks in St. Louis almost ceased yesterday, but another concern, the Bremen Savings Bank, closed its doors and will go into liquidation.The officers of the North St. Lou's Savings Bank say that its assets exceed its liabilities $150,000, and that they can be "pretty easily realized upon." The deposits amount to $600,000. The bank will go into liquidation. The President of the Bank of St. Louis says that bank will pay its depositors in full. Its current deposits amount to about $50,000 its time deposits to $33,000.

2. July 18, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, July 18, 1877

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Article Text

FINANCIAL. Another Small Savings-Bank In St. Louis Temporarily Suspends-The Excitement Dying Out. Sr. Louis, July 17.-This morning business at the banks opened with brighter prospects, and up to this hour (11 o'clock) nothing of special note has transpired. A very few people, not more than half a dozen at any one time, have been at the Fourth National and the Provident Savings presenting checks, which have been promptly paid. The run scemst have stopped, and it is hoped there will be no further excitement or trouble. Still It cannot be said what the day will bring forth. The officers of the North St. Louis Savings Institution assert that the assets of the bank exceed the liabilities fully $150,000, and that they can be pretty easily realized upon; the deposits amount to $000,000. The bank will go into liquidation. It said Espy, Heidlebach & Co., of Cincipnati, had a considerable sum In the bauk when It closed, as stated yesterday. Mr. Merrill, President of the Bank of St. Louis, says the bank will pay do positors every dollar. The current deposits are about $500,000, and the time deposits $33,000, with assets more than cufficient to pay all. The bank had a large amount of New York exchange, which It could not dispose of, but It could have pulled through had not the North St. Louis Savings closed, locking up $27,000 of its clearings. A pretty well authenticated report has just come down from the extreme northern part of the city that the Bremen Bank has closed. No particulars can be given at this writing. The run on the down-town banks may be regarded as stopped. The enforcement of the thirty-days' police rule yeaterday regarding time-certificates sccus to have effected this rosult, and as the small current accounts In the savings-bunks have mostly been drawn out the excitement has about' subsided, and business is progressing again in its regular channels. LATER.-The report about the closing of the Bremen Savings Bank proved to be true. The bank did its clearing through the Franklin Avenue Savings Bank, but assurances of further accommodation from that source not betrip forthcoming, the Directors held a meeting and adopted a resolution declaring that, In view of the requirements of the new State Banking law, and the present financial distress, and its duty to its depositors and stockholders, the bank would susjected for 4 period of ten days, with a view to linal liquidation. The original capital of the bank was $100,000, but this was reduced some time since to $69,000 by reason of bad securities. The deposits amount to about 6200,000, Including $115,000 In time deposits. The assets are placed at $250,000. The officers of the bank assert that depositors will be fully paid. The run to-day was very light, and loug bofore the close of business hours It had prace tically coursel. It sectus as though the tlurry is entrely over. and that there will be no further trouble. It is expected that business tomorrow will resume its regular course, The statement that Espy. Heidelunch & Co., of Cincinnati, had a considerable amount of money in the North Missouri Savings Bank when it closed yesterday proved to have been untrue. That house is debtor In a email amount to the bank, instead of being a creditor. BOSTON, July 17.-The Commissioner of Savlogs Banks has enjoined the Haverhill (Mass.) Savings Bank from dolug further business.

3. July 21, 1877 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, July 21, 1877

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Article Text

HERE AND THERE. The Strike Extends to the Western Division of the Pennsylvania Hallroad. PYTISBULG, July 19.-At noon to day the train men on the western division of the Pennsylvania railroad refused to go out with their trains. Elcho Shield Wor. WIMBLEDON, July 10.-Etcho Shield won, Ireland England scoring second The Private Bank or K. W. West & Co., Failed. Des MOINES, July 10.-The private bank of R. W. West & Co., failed. Liabilities $130,000. Depositors may realize thirty per cent. by careful management. Shoe Factory Barned. WEST MARLBOROUGH, Mass., July 19.-T. A. Coolidge's shoe factory burned. Loss $100,000. Two hundred workmen thrown out of employment. Run Dqwn and Sunk in a Feg. BOSTON, July 19.-The schooner Don Pedro was run down and sank in a fog by the revenue cutter Grant. The schooner had no lights or fog born. No lives were lost. Fallare of Blangart & Co. NEW YORK, July 18.-L. Blumgart & Co., woolen importers, have assigned liabilities at half a million. Assets small. American Ship Sterling Wrecked LONDON, July 18.-The American ship Sterling was wrecked on the 19th of June, at Salt Point. Ninety-eight Millions Enjoined - The flaverhill Savings Bank. BOSTON, July 17.-The commissioner of savings banks has enjoined the Haverhill, Massachusetts, savings bank from doing further business. This was a precautionary step, and intended to protect depositors. The last report from the bank showed total deposits of $98,000,898.