8183. New Bedford Safe Deposit & Trust Company (New Bedford, MA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: August 5, 1893
Location: New Bedford, Massachusetts (41.636, -70.934)

Metadata

Model: gpt-5-mini
Short Digest: 6264a56a

Response Measures

None

Description

The bank temporarily suspended/closed on Aug 5, 1893 due to money-market stringency (inability to realize securities/collect notes). Receivers were named Aug 7, but by Oct 6 newspapers report the institution is to resume business. No clear contemporaneous description of a depositor run (crowds/rapid panic withdrawals) is given, so this is classified as a suspension with later reopening.

Events (4)

1. August 5, 1893 Suspension

Cause: Macro News
Cause Details: Closed because of stringency in the money market and inability to realize on securities or collect notes falling due; bank temporarily suspended though reported solvent.
Newspaper Excerpt: The New Bedford Safe Deposit and Trust Company closed its doors to-day.
Source: newspapers

2. August 6, 1893 Other

Newspaper Excerpt: It is officially stated that depositors will be paid dollar for dollar. It is claimed the depositors will be paid in full.
Source: newspapers

3. August 7, 1893 Receivership

Newspaper Excerpt: The affairs of the bank will be placed in the hands of two receivers, and two New-Bedford men have been nominated for the place.
Source: newspapers

4. October 6, 1893 Other

Newspaper Excerpt: The New Bedford (Mass.) Safe Deposit and Trust company is to resume business
Source: newspapers

Newspaper Articles (13)

1. August 5, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 5, 1893

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All are reported well on board the steamship Karamania at New York quarantine this morning. There is no sickness on board and no indications of cholera among passengers or crew. President E. S. Moffatt, of the Lackawanna, Pa., Iron and Steel Company, whose death in London was announced yesterday, committed suicide by shooting himself. Mr. Moffatt had been suffering with insomnia. Sarah T. Bolden, one of the oldest and most famous women in Indiana, died in Indianapolis last night. Mrs. Bolton has written poems that are known world-wide, among them being "Paddle Your Own Canoe" and "Indiana." A dilapidated old dwelling in St. Louis collapsed last night, the whole structure falling into the cellar. Three persons are supposed to be in the ruins The building had for years been deserted and had served as a night roost for tramps. In a shooting affray at Brookhaven, Miss., between Thomas J. Decell and Oscar Stewart, the former was shot through both thighs, and the latter through the heart, Stewart being killed instantly. The difficulty was about a game of baseball. Capt. W. J. Allen, editor of the Texarkana, Ark., Interstate News, was last night fatally shot by John J. King, County Judge of Bowie county. The trouble had its origin in the arrest of Allen, who was fined for contempt of court by the Commissioners' Court of which King is presiding officer. Wall street still continues to be worried by the scarcity of currency and the business houses of New York are troubled almost as much on the same question. This morning at a number of the big banks the officials when checks were presented handed out coin, and in many cases flatly refused to pay out bills. Cincinnati bankers and whisky men are greatly agitated over Secretary Carlisle's order requiring government depositors to turn over the surplus to the sub-treasury instead of sending it to New York as heretofore. The whisky men declare that they cannot get the necessary currency and will have to close business. Friends of Senator Hill say that he is at work upon a free coinage bill to be introduced at the coming session of Congress and upon a speech in support of it. His measure will aim to establish free bi-metallic coinage as it existed prior to 1873 and that instead of the present ratio of 16 to 1, the Senator will advocate a ratio of 15} to 1. Senator Teller telegraphs from Washington "The unconditional repeal of the Sherman law is impossible. Al claims made by eastern men opposed to silver that enough votes would be mustered in the Senate to repeal the act are not true. The situation is even better than I anticipated it would be a few days ago." The Pennsylvania Railroad has effected a $3,000.000 loan in London, at 6 per cent interest, to complete improvements now under way. Consolidated mortgage four per cent bonds, a portion of which was recently sold at 1021, were given as security. It is understood that the bankers who loaned the money have an opinion to take the bonds at 101. James Pike, aged 35, and Selby Newbott, 16, were drowned at South Dildo, N. F., in sight of their homes by their boat sinking to-day. The fatality was witnessed by their families and friends. Will Pinkham, of St. John's Bay, N. F., was drowned by the upsetting of his dory. Edward R. Harrington, a well-known citizen and brother of Sydney Harrington, Q. C., was drowned yesterday afternoon while out sailing in the harbor, his boat being capsized by a squall off Halifax. The Lewiston, Me., mills shut down to-day for four weeks, and it is announced that the Lawrence, Mass., mills will run on half time beginning on Monday. Faulkner's mills have shut down for an indefinite period, and the Lowell's ingrain department has laid 1,000 hands off for a month. In addition to the Bennett mill, No. 1, and Potomska mill, No. 1, of the Howland corporation at New Bedford, Mass, all of the Wamsutta mills will suspend operation for an indefinite time. The Wamsutta will shut down this noon and the Howland some time next week. L. P, Sigler's three private banks at Leon, Ia., David City and Decatur, all in Decatur county of that State, suspended this morning. The New Bedford, Mass., Safe Deposit and Trust closed its doors to-day.

2. August 5, 1893 Evening Star Washington, DC

Article from Evening Star, August 5, 1893

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DEPOSITORS TO BE PAID. The New Bedford Safe Deposit and Trust Co. Closes Its Doors. NEW BEDFORD, Mass., Aug. 5.-The New Bedford Safe Deposit and Trust Company, which is neither a national nor a savings bank, clsed its doors today. It was incorporated in 1888 with a capital stock of $200,000. No statement has yet been given out. It is officially stated that depositors will Le paid dollar for dollar. DES MOINES, Iowa, Aug. 5.-L. P. Sigler's three private banks at Leon, David City and Decatur, all in Decatur county of this state, suspended this morning.

3. August 6, 1893 The Herald Los Angeles, CA

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EMBARRASSED BANKS. The List of Suspended Institutions Keeps on Growing. WHEELING, W. Va., Aug. 5.-The directors of the Exchange bank of this city this evening decided to make an assignment and the bank will not open Monday. No statement has yet been made. The bank is said to be solvent. GREENCASTLE, Ind., Aug. 5.-The Central National bank of this city has suspended. No statement. LEON, Iowa, Aug. 5.-The Decatur County Banking association, the oldest concern in Southern Iowa, including branch banks at Davis City and Garden Grover, suspended this morning. Assets, $47,000; liabilities, $315,000. T.S. Arnold is the assignee. It is believed the embarrreement is only temporary. New BEDFORD, Mass., Aug. 5.-The New Bedford Safe Deposit and Trust company, capital $200,000, has failed; no statement of liabilities or aseets. It is claimed the depositors will be paid in full.

4. August 6, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, August 6, 1893

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BANKRUPT BREVITIES. The New Bedford, Mass., Safe Deposit and Trust Company, with a capital of $200,000, has failed. There is no statement, but it is claimed that depositors will be paid in full. The Pacific, Everett, Washington, Atlantic, Arlington, and Pemberton mills, of Lawrence, Mass., announce that they will shut down for two to four weeks. The Pacific employs 5,000 persons. The Lawrence Mills, of Lowell, Mass., will run on half time, beginning Monday. Faulkner's mills are shut down for an indefinite period. The Lowell Company's ingrain department has laid off 1,000 hands for a month.

5. August 6, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, August 6, 1893

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CONDENSED DISPATCHES. The New Bedford Safe Deposit and Trust Company. of New Bedford, Mara, has failed. Nellie Grant Sartoria and children have returned from England to reside in New York city. 1. F. Michener of Indiana. has denied the story that he is organizing a boom for Harrison. Comptroller Eckels has appointed Gold 8. Curtis receiver of the First National bank of Great Falls, Mont The Decatur County Banking Association, with branches at Leon, Davis City and Garden Grove, Is., has assigned. There are only three days more left of our free excursions on Lake Washington on steamer Kirkland, leaving Madison street whar: hourly. Hyams, Pauson & Co. Conshite. music and new songs at Medison

6. August 6, 1893 The Sun New York, NY

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Banking Tronbles, LEON. Ia.. Aug. 5.-The Decatur County Banking Association. the oldest concern in southern Iowa, including branch banks at Davis City and Garden Grove, suspended this morning. Assets, $471,000; liabilities. $315,000. T.S. Arnold has been named as assignee. It is believed that the embarrassment is only temporary. and that the depositors will be paid in ull. NEW BEDFORD. Aug. 5.-The New Bedford Safe Deposit and Trust Company closed its doors to-day. It was incorporated in 1888 with capital stock of $200,000. No statement has as yet been given out. It is officially said that depositors will be paid dollar for dollar. SPARTA. Wis., Aug. 5.-M. A. Thayer, operating banks at Sparta and Tomah. made an assignment yesterday. Depositors will receive about 60 cents on the dollar. The Waupaca National Bank is expected to resume in a few days. MANKATO. Minn., Aug. 5.-Marston. Larson & Davis, bankers at Lake Crystal. closed their doors this morning. but are solvent. The Mapleton bank also closed to-day. The Mankato Savings Deposit Bank, the only one left in this city. will likely continue business as heretofore. Comptroller Eckels telegraphed the Presidents of the three national banks to day that he considered their action in closing yesterday unwarranted. E. C. Stringer of St. Paul has been put in charge of them.

7. August 6, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 6, 1893

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NEW-BEDFORD TRUST COMPANY SUSPENDS. New-Bedford, Mass., Aug. 5 (Special).-The NewBedford Safe Deposit and Trust Company has temporarily suspended. Its capital is $200,000. It was organized In 1888 under a special law, and in its official report In April of this year, the individual deposits amounted to $600,907, loans and discounts, $581,881, surplus and undivided profits, $9,306. There are between 1,500 and 2,000 depositors, mostly local tradesmen. It is not in the Clearing House, and no other banks here are affected. John W. Macomber, its president, says: " The Safe Deposit and Trust Company has temporarily suspended. This was done on account of the stringency in the money market, the inability to realize on securities or to make collections of notes falling due. The company is perfectly solvent, and every depositor will be paid in full, the only trouble to them being the inconvenience caused by delay."

8. August 7, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, August 7, 1893

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times. " The Richmond Savings Bank. A Richmond, Me., despatch to the Boston Herald says: For several days there has been a quiet run on the Richmond savings bank in this village by depositors, when, not being able to realize on its securities, the bank stopped payment and closed its doors. The appointment of a receiver will be asked for. The bank had a similar trouble about a year ago. Reported Saturday. James McLay, Jr., carriage dealer, New Haven, Conn., has made a voluntary assignment. The New Bedford, Mass., Safe Deposit and Trust Company, which is neither a national nor a savings bank, has closed its doors. It was incorporated in 1888 with a capital stock of $200,000 The depositors will be paid dollar for dollar. Manager Charles P. Berry of the Portsmouth Shoe Company, states that he will not run his factory more than three days a week during the present condition of the money market. He employs 100 hands. The Southern Pacific Company, in pursuing a policy of retrenchment, has discharged 1000 employes decreasing its monthly pay roll at the rate of $900,000 annually. At a meeting of the New Bedford, Mass., Clearing House Association held Friday it was voted that the mills having accounts with the national banks be notified that no assurance can be given that money can be furnished for pay rolls beyond the week ending August 12. The W.H. .Livingston Company, retail dealers in dry goods, Sioux City, Ia., went into the hands of a receiver there Saturday. The company has liabilities of $45,000 and assets of $60,000. The Eureka Silk Company, Canton, Mass., are running their mills only three days a week during the present business depression. About 500 employes are affected by the partial shut down. The northern division of the Old Colony system of the New York, New Haven and Hartford railroad discharged 150 men on Friday, the most of them being extra freight brakemen and workmen on two gravel or work trains which are to be discontinued. The Fuller & Johnson Farm Implement Manufacturing Company, Madison, Wis., will shut down for an indefinite period. Two hundred men are rendered idle. The first National Bank, the National Citizens' Bank and the Mankato Bank ot Mankato, Minn., closed their doors in succession Saturday. All claim to be solvent.

9. August 8, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 8, 1893

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TROUBLES OF BANKS AND BANKERS. RECEIVERS FOR A NEW-BEDFORD INSTITUTION -A MILWAUKEE BANK TO RESUME New-Bedford, Mass., Aug. 7.-The savings bank commissioners have completed their examination of the affairs of the New-Bedford Safe Deposit and Trust Company. and express their entire satisfaction with the solvency of the institution. The bank has paid out over $200,000 in the last sixty days to depositors, and while the institution had over $40,000 in cash on hand at the time of the suspension, the bank could have at the latest kept on but a day or two longer. The affairs of the bank will be placed in the hands of two receivers, and two New-Bedford men have been nominated for the place. Manchester, N. H., Aug. 7.-Receiver Taggart, of the suspended Defryfield Savings Bank, states that the liabilities of the institution are $252,894. and assets $254,671. He could not state what the loss to stockholders will be as the figures representing the assets are the face value as seen on the books, and no allowance is made for the shrinkage in securities. Springfield, Mo., Aug. 7. The Green County Bank, the oldest in the city, assigned to-day. Liabilities. $137,2421 assets, $252,251. There is some excitement, but no other bank seems to be involved. Milwaukee, Wis., Aug. 7.-Stockholders of the Mil wankee National Bank held a meeting to-day and voted to resume business. Three hundred thousand dollars must be added to the capital stock, and it was voted to raise the money. Pittsburg. Aug. 7.-The principal bankers of Pitts burg. comprising the Clearing House Association, to gether with between thirty and forty of the leading financiers of the city, met at the Clearing House this morning to discuss the financial situation. Several plans were suggested to make the banking Institutions of the city formidable enough to overcome any possi ble emergency that might present itself. No definite plan was adopted. but several are under consideration and will be acted upon finally at a meeting to be held later on. St. Paul. Minn., Aug. 7 (Special).-A meeting of the board of directors of the National German American Bank was held to-day. 11 was decided to call a special meeting of the stockholders on August 17. It is expected that at this meeting arrangements will be perfected for the bank to resume business at an early date. The People's Bank reports that it will resume business soon.

10. August 11, 1893 The Iola Register Iola, KS

Article from The Iola Register, August 11, 1893

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THE American liner New York has arrived. Among her passengers were Mrs. Nellie Grant Sartoris and her three children, Algernon, Vivien and Rose. She will reside permanently in this country. HOVEY defeated C. B. Neel at Chicago for the tennis championship of America. THE great reservoir of the waterworks at Portland, Me., burst. Two houses were swept away and four of the inmates drowned. Other buildings were destroyed but no further loss of life resulted. A HEAVILY-LOADED suburban train on the Illinois Central was derailed at Chicago by running into an open switch. Three or four cars were badly damaged but only one passenger, Miss Myra Bradshaw, was seriously hurt. JAMES L. WRIGHT, one of the founders of the Knights of Labor, died at Philadelphia recently. THE New Bedford, Mass, Safe & Trust Co. closed its doors. It was incorporated in 1888 with a capital of $200,000. SENATOR STEWART, of Nevada, has a silver bill which he is prepared to introduce in the senate at the first opportunity. THE gates of the world's fair were open last Sunday, but the visitors were few and there was little for them to look at. CONGRESS met in special session at noon on the 7th. Two freight trains on the Big Four collided on a bridge near Danville, Ill., and the results were loss of life and great destruction of property. THE wreck on the Lake Shore at Lindsey, O., was a terrible one, three persons being instantly killed and a number fatally and seriously injured. AT Corydon, Ind., a mob approached the house of William and Edward Conrad with the intention of lynching him, but they fired into the mob, killing and fatally wounding several. THE greed of the lobbyists who are making a fat thing out of percentages for collecting their claims is all that prevents the Choctaws from giving up their separate government and coming in as part of the United States. JAMES B. CUTLER, the well known Chicago real estate man, feli from the steamer City of Toledo, while returning from Jackson park, and was drowned. THREE boys were drowned in Red Lake river near Grand Forks, N. D. Two were swimming a race and both went down. The third lost his life in a brave attempt at rescue

11. August 12, 1893 Macon Beacon Macon, MS

Article from Macon Beacon, August 12, 1893

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annower, IS reported to be living in Springfield, O. JOSEPH W. HOWELL, who murdered a woman and four children near Brookfield, Mo., January 9, 1889, was executed at Trenton, Mo., on the 4th WALKER & Co., dry goods, Chicago, have failed. THE condition of the silver market created a financial panic in Costa Rica. Many houses have failed and great distress prevails. OLIVER P. MINK, of Boston, comptroller of the Union Pacific has declared that retrenchment will be the watchword of the management all along the line. THE American Loan & Trust Co. has resumed business at Omaha under the old officers. THE Choctaw elections resulted in a victory for the Locke faction. MESSRS. PARROTT BROS., members of the New York Cotton exchange, have announced their inability to meet their engagements. A FIREAT Princeton, Minn., destroyed the First national bank building, a hotel and six business houses, causing a loss THE of steamship $50,000; insurance only Straits of Gibraltar partial. has been lost in the straits of Belle Isle by a collision with icebergs. Value, $100,000. No lives were lost. THE Lebanon Trust & Safe Deposit bank, of Lebanon, Pa., failed to open its doors. The bank is a state institution with a capital of $50,000. It is believed that the suspension is only temporary. THE grand jury at Memphis indicted Sheriff McLendon, Deputy Sheriff J. A. Perkins, Jailer Harold and Police Captains Ohaver and Hackett for failing to do their duty in permitting Lee Walker to be taken from the jail and lynched and burned two weeks ago. Several of the members of the mob were also indicted. THE Texas national bank at San Antonio is now in the hands of the United States bank examiner. It is the smallest bank in the city; capital stock $100,000. The closing caused no excitement. of of the O., FIFTEEN Akron, hundred Savings the bank depositors unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for business. THREE boys were drowned in Red Lake river near Grand Forks, N. D. Two were swimming a race and both went down. The third lost his life in a brave attempt at rescue. of the THE greed lobbyists of percentages who are making a fat thing out their that the Choctaws up prevents for collecting claims from and is giving all coming their separate government in as part of the United States. AT Corydon, Ind., a mob approached the house of William and Edward Conrad with the intention of lynching him, but they fired into the mob, killing and fatally wounding several. Two freight trains on the Big Four collided on a bridge near Danville, and Ill., and the reeults were loss of life great destruction of property. THE wreck on the Lake Shore at Lindsey, O., was a terrible one, three persons being instantly killed and a number fatally and seriously injured. THE gates of the world's fair were last Sunday, but the visitors were to open few and there was little for them look at. THE New Bedford, Mass., Safe & Trust Co. closed its doors. It was in- of corporated in 1888 with a capital $200,000. THE great reservoir of the water- Two works at Portland, Me., burst. houses were swept away and four of the inmates drowned. Other buildings of were destroyed but no further loss life resulted. t HEAVILY-LOADED suburban train A the Illinois Central was derailed at Chicago on by running into an open r' switch. Three or four cars were badly Miss damaged but only one passenger, hurt. Myra Bradshaw, was seriously York THE American liner New has I arrived. Among her passengers were her Nellie Grant Sartoris and and Mrs. children, Algernon, Vivien in e three Rose. She will reside permanently n this country. 6 Union Pacific has retrenched by discharging THE many men and discontinuS ing train service.

12. August 12, 1893 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, August 12, 1893

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THE EAST. Ex-TAx COLLECTOR MOSES P. SMITH, of South Orange, N. J., has been arrested on a warrant charging him with embezzling $13,000 of the funds intrusted to his care as township collector. HULDA, the noted five-year-old, made a heat in the trotting race at Buffalo, N. Y., in 2:08½. THE financial situation in New York on the 4th was a very peculiar one, in the fact that a higher premium was offered for currency than gold. THE steam yacht, Rachel, sank in Lake George near Troy, N. Y., and nine persons of a party of pleasure seekers were drowned. OLIVER P. MINK. of Boston, comptroller of the Union Pacific. has declared that retrenchment will be the watchword of the management all along the line. THE Lebanon Trust & Safe Deposit bank, of Lebanon, Pa.. failed to open its doors. The bank is a state institution with a capital of $50,000. It is believed that the suspension is only temporary. MESSRS. PARROTT Bros., members of the New York Cotton exchange, have announced their inability to meet their engagements. THE New Bedford, Mass., Safe & Trust Co. closed its doors. It was incorporated in 1888 with a capital of $200,000. JAMES L. WRIGHT. one of the founders of the Knights of Labor, died at Philadelphia recently. THE great reservoir of the waterworks at Portland, Me., burst. Two houses were swept away and four of the inmates drowned. Other buildings were destroyed but no further loss of life resulted. THE extensive iron and steel plant of Jones & Laughlin. at Pittsburgh, has been put in operation, giving employment to about 3,500 men. Every department will go on double turn and the men are hopeful of steady employment. Brown & Co.'s sheet and hammer mill also resumed. These works employ 500 men. The wire and nail mills of the Carnegie Co. at Beaver Falls have started up and the rod mill will resume operations. DIXON, the colored champion, defeated Pierce, white, in the featherweight prize-fight at Coney Island, ¥. Y. THE American liner New York has arrived. Among her passengers were Mrs. Nellie Grant Sartoris and her three children, Algernon, Vivien and Rose. She will reside permanently in this country. HALF the mills of Fall River, Mass., have shut down. THE failure of H. D. Hotchkiss & Co., of New York, was announced at the Stock exchange. THE Madison square bank, New York, has collapsed with about $80,000 short.

13. October 6, 1893 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 6, 1893

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New England Briefs. Knox coun ty (Me.) liquor sellers pai fines aggregating $5100. Crowds yelled and a few stones wer thrown at Armenians at Auburn, Me. The dedication of a new public librar building occurred at Peterboro, N. II. The Fitchburg railroad will take a num ber of its employes to the World's fair. Frank H. Fuller of Springfield, Mass. opposes the probation of his wife's will. The New Bedford (Mass.) Safe Deposi and Trust company is to resume business Large bequests to charity were made b: the late C. T. Sampson of North Adams Mass. One man was killed and another prob ably fatally injured by a Shore line train at Cedar Hills, Conn. Charles Smith was sentenced at Spring field, Mass., to eight years in prison for assault with intent to murder. Owing to the continued depression it business the United States watch factory at Waltham, Mass., will run on the two thirds plan.