8210. Rockport Savings Bank (Rockport, MA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: February 9, 1878
Location: Rockport, Massachusetts (42.656, -70.620)

Metadata

Model: gpt-5-mini
Short Digest: 2ccc3abd

Response Measures

None

Description

Multiple newspapers (Feb 9–10, 1878) report the Rockport Savings Bank of Rockport, Mass., was enjoined from doing further business due to impaired condition — cited cause: gradual decrease of business and decline in real-estate values. Articles do not describe a depositor run on Rockport itself (Dorchester and Haydenville had runs). The injunction and language indicate the bank was effectively closed and not expected to resume.

Events (1)

1. February 9, 1878 Suspension

Cause: Local Shock
Cause Details: Court injunction enjoining the bank from doing business; condition attributed to gradual decrease of business and decline in value of real-estate investments.
Newspaper Excerpt: The Dorchester Savings bank, and the Rockport Savings bank, were both enjoined from doing further business...their suspension is due to the gradual decrease of business and the decline in value of real estate.
Source: newspapers

Newspaper Articles (10)

1. February 9, 1878 Daily Press and Dakotaian Yankton, SD

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.

2. February 9, 1878 The Rock Island Argus Rock Island, IL

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.

3. February 10, 1878 Daily Globe Saint Paul, MN

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.

4. February 10, 1878 The Sun New York, NY

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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

5. February 10, 1878 The Cheyenne Daily Leader Cheyenne, WY

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.

6. February 10, 1878 The New York Herald New York, NY

Article from The New York Herald, February 10, 1878

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SAVINGS BANK TROUBLES. TWO MASSACHUSETS INSTITUTIONS ENJOINED. BOSTON, Feb. 9, 1878. Two more savings banks are in trouble and have been temporarily enjoined. The Dorchester Savings Bank IS located in Harrison square, an outlying ward of Boston. It was incorporated in 1858 and has done a very fair business, but the shrinkage iu value has brought It to ILS grave. There was a run on the insci. tution a few weeks ago and the directors closed the doors under the sixty day rule. It passed its November d:videna and charged the same off to some losses 16 had met with. Iu its report to the Commissioners, in October, its assets were stated at $454.940 78, and its liabilities the same-the deposits being $440,989 41, and guarantee fund, $750. Since the closing of the doors a large number of notices have been received, enough 10 indicate that the bank would be unable to resume payment after the term of notice had . expired, and there appears to be no probability that the bank will ever resume business. The bank has already passed one dividend, and it IS thought that this will nearly absorb the shrinkages, so that the depositors will ultimately get the lace value of their deposits. During the last year 922 deposits were received, amounting in the aggregale to $56,359 31, while there were 1,332 withdrawals, amounting to $217,557 72. There were 136 accounts opened and 379 closed during the year, and the present number of open accounts 18 1,573 The directors have furnished a statement to the effect that their habilities are $454,940 78 and that they have sufficient securities to make good all obligations, but that their real estate would not bring the tace value of the mortgages. It was enjoined this morniag and bearing appointed for February 26. The excitement in the city 18 increasing and is feeling of uneastness prevails among savings bank creditors. THE ROCKPORT BANK. The other bank closed DV order 01 the Commissioners is the Rockport Savings Institution of Rockport, Mass. This has been in a moribund condition for some time owing to certain troubles two years ago, when it was put under a temporary injunction. There has been no confidence in 118 stability, and it will die for lack of support. January 15 the officers reported to the Balk Commissioners the condition of the bauk as follows:-Assets, real estate, $40,244 14; mortgages, $131,424 71; bank stock, $29,166 05; personal notes, $4,095; government bonds, $5,306 25; cash, $2,991 28; total, $213,227 43. Liabilities-Amount due 955 depositors, $198,332 88; notes payable, $3,000; guarantee fund, $1,400; profit and loss, $10,494 55. Number of closed accounts since January 1, 1877, 434; number opened in that time, 36; number of payments, 2,779; number of deposits, 105; amount of payments, $164,224 64 ; amount of deposits, $11,977 01; number of sleady withdrawals, commencing with November 1. 1877, 54; amount of balances of same, $20,618; total number of accounts drawing steadily, 152; amount of balances of same, $47,226. There is no hope that either will be allowed to resume, and the Dorchesier IS expected to pay about seventy-five cents on the dollar, out 11 is possible 11 the trustees are allowed to wind up its affairs is will pay in full.

7. February 11, 1878 The Wheeling Daily Intelligencer Wheeling, WV

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.

8. February 11, 1878 New-York Tribune New York, NY

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.

9. February 11, 1878 Daily Globe Saint Paul, MN

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.

10. February 22, 1878 Essex County Herald Island Pond, Guildhall, VT

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