8115. Haydenville Savings Bank (Haydenville, MA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
February 9, 1878
Location
Haydenville, Massachusetts (42.375, -72.701)

Metadata

Model
gpt-5-mini
Short Digest
112778b1

Response Measures

Partial suspension

Description

Multiple contemporary newspaper reports (Feb 9–16, 1878) state that the announcement of President Joel Hayden's bankruptcy produced a heavy run which led the Haydenville Savings Bank to suspend payments on call, requiring the 30 days' notice. No article in the set reports a reopening or a receivership/closure, so final status is unclear.

Events (2)

1. February 9, 1878 Run
Cause
Bank Specific Adverse Info
Cause Details
Announcement that the bank's president, Joel Hayden, had gone into bankruptcy led depositors to withdraw funds (heavy run).
Measures
Bank subsequently required thirty days' notice for withdrawals (suspension on call).
Newspaper Excerpt
The announcement of Joel Hayden's failure and connection with the bank caused a heavy run upon it.
Source
newspapers
2. February 9, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Following heavy withdrawals triggered by President Joel Hayden's bankruptcy/connection with the bank, the bank suspended on call and required 30 days' notice.
Newspaper Excerpt
The Haydenville (Mass.) Savings Bank ... has suspended payments to depositors on call, requiring the thirty days' notice provided by law.
Source
newspapers

Newspaper Articles (12)

Article from Evening Star, February 9, 1878

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Article Text

Another Suspended Savings Bank. NORTHAMPTON, MASS., Feb. 9.-The Haydenville (Mass.) savings bank, of which Joel Hayden recently gave into bankruptcy, is the president, has suspended payments to depositors on call, requiring the thirty days notice provided by law.


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 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 Vermont Watchman and State Journal, February 13, 1878

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BUSTED SAVINGS BANKS.-Two savings banks in Massachusetts closed their doors on Saturday. The Dorchester bank, with four hundred and fifty thousand dollars of deposits, and the Rockport, with two hunIred thousand dollars, were enjoined from doing further business. They are expected to pay up pretty nearly in full, but will go into liquidation. The better method. however, if there is an ability to pay mostly it full, would be the scaling process--marking down the books, by consent of the deposit ors, to a point where the solvency is assured. A Chicago bank has just resumed business after such a step, adopting the constitutional provision that any depositor may at any time examinè the bank's books. A third bank of Massachusetts in trouble is that at Haydenville, which has required thirty days' notice before the withdrawal of deposits. The president of the bank is Joel Hayden, who has just failed, and consequent upon his failure comes a run. If there was permission there to look over the books the failure of the manager could not produce a panic, unless he had done what the law of Connecticut forbids.


Article from The Anti-Monopolist, February 14, 1878

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auf UT waons DUE '000'0cz$ TO umor avenworth, Lawrence and Galvesn railroad company for $500,000. is constitutes the entire assets of el debtor. The case was referred to e register for adjudication. waukee Special, 7th. The Milwaukee rolling mills were la to-day, pursuant to an order of e United states court. The comttee first mortgage bonds, nsisting of Messrs. David Ferguson, tt Keenan, and C. D. Nash, offered 80,000 in behalf of the holders of the nds. The committee on the second ortgage bonds, consisting of Messrs. ttt K enan. J. W. Tweed and S. P, rt, offered $180,000 in behalf of the Iders of the second mortgage bonds. e total bid was therefore, $360,000, which price the mills were sold. e talk is that the mills are now rtually the property of the Chicago, lwaukee and St. Paul company. w York Telegram, 4th. Merchants are growling loudly over e dullness of trade. The freight ubles have caused much uncertainty 1 retarded trade generally. Some ge sales are made through the ction rooms, but the prices obtained , low. Domestic wolens are in high nand. In foreign dry goods a slow vement is reported, but prices are 11 sustained. If aid does not soon ne to the suffering poor of Hoboken, ny will perish of starvation. There , five hundred and ninety-six destie families, with a total of 2,682 ils, entirely dependent upon charity support. Poormaster Lewis says knows of forty families in the ird ward, only two heads of which ve employment, and that for only ree days in a week at 85 cents a day. he suffering is great now," says he, ut it will be terrible if means are not ickly taken for relief. Last Thurs, in the driving storm of snow and nd, over two hundred poor people ne begging for relief. Barefooted men and starving children came. I 1 all I could for them, but at present : hands are tied. The cause of this treme poverty is the absolute stagtion of business. We have no nufactures to speak of; there is no ilding going on, and there is no rk doing on the docks." The legature has been applied to for imdiate relief. NORTHAMPTON Mass., Feb. 9.-The aydenville Savings bank, of which el Hayden, recently failed, is presint, has suspended payments on call depositors, requiring thirty day's tice. The announcement of Joel ayden's failure and his connection th the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester vings bank, of Dorchester, and the ekport Savings bank are both joined from doing further business. e Dorchester bank has deposits of 40,989, which will probably be paid time and the same may be said of e Rockport bank. which has deposits $192,060. Their suspension is due the gradual decrease of business and el decline in the value of real estate. PHILADELPHIA, Feb. 9.--The credrs of C.J. Fell & Bro. met to-day d appointed a committee to investite the accounts of the firm. The bilities foot up $173,112 as follows: Ils payable, $25,580; open accounts, 47,531; assets, $228,076, as follows: nk accounts. $25,685; merchandise, 4,488; real estate, $157,922. The editors expressed considerable surise to bear that Wm. M. Clark.


Article from American Citizen, February 16, 1878

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have been enjoined from doing further business. The Haydenville (Mass.) Savings Bank has suspended payment. The South Side Savings Bank of Pittsburg has also suspended. P. J. Lemonan, Louisville, Ky., and Hall Brothers & Co., Cleveland, O., both tobacco dealers, have gone into bankruptey.


Article from San Marcos Free Press, February 23, 1878

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The city of Augusta, Ga., was severely damaged by a cyclone on the night of the 7th. Several buildings were literally crushed to atoms. Charles Dives and wife were left dead in the ruins of their house. The track of the tornado, about 300 yards in width, blazed as if on fire. Capt. James Trousdale shot and fatally wounded Capt. J. M. May, at New Orleans on the 9th. Both are well known river men. A young lady, a daughter of Senator Rogan, of Hendricks County, Ind., was drowned while fording Walnut Creek, near Greencastle, on the 9th. The Dorchester Savings Bank and the Rockport Savings Bank, both of Boston, have been enjoined from doing further business. The Haydenville (Mass.) Savings Bank has suspended payment. The South Side Savings Bank of Pittsburg has also suspended. P.J. Lemonan, Louisville, Ky., and Hall Brothers & Co., Cleveland, o., both tobacco dealers, have gone into bankruptcy. The Troy (N. Y.) Times building was burned on the 10th, including seven stores and various offices, etc. Total loss about $200,000.


Article from The Emporia News, March 1, 1878

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We Lave to add the Dorchester, Brockport and Haydenville, Mass., Savings banks, to the list of suspended ones. They announce that their failure is "caused by the decrease in business and shrinkage in value of real estate," which must be very satisfactory to their depositors. Also, the Somerworth Savings bank, Great Falls, N. H., closed on the 20th.