8219. Sandwich Savings Bank (Sandwich, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
September 27, 1877
Location
Sandwich, Massachusetts (41.759, -70.494)

Metadata

Model
gpt-5-mini
Short Digest
48c4e79a

Response Measures

None

Description

Newspaper reports (Sept 1877) state the Sandwich Savings Bank suspended, which then caused a run on Barnstable Savings. The articles do not describe a run on Sandwich itself nor do they state permanent closure or receivership. I therefore classify as a suspension with likely temporary closure (reopening uncertain but no evidence of permanent failure).

Events (1)

1. September 27, 1877 Suspension
Cause Details
Article mentions the bank suspended but gives no specific immediate cause in the excerpts provided; suspension triggered depositors' panic elsewhere.
Newspaper Excerpt
the suspension of the Savings bank at Sandwich.
Source
newspapers

Newspaper Articles (4)

Article from Alexandria Gazette, September 27, 1877

Click image to open full size in new tab

Article Text

jail for being implicated in the recen of the county treasury, has confesse county auditor, J. T. Smith, was the p permitted to bind and gag Myer terwards rob the safe of what money It appears from the confession that 1 had been heretofore abstracted from with Myers' knowledge, and probable A dispatch dated last night says in the past twenty-four hour at Fe Five new cases are reported. among 1 C. Grossman, Collector CI Custom of the most active workers on the Committee. Dr. McFarland thinks is over if the people can b3 deterred turning before frost. At Oldtown, 8 Fernandina, over half 01 the popul down with the faver. At Philadelphia yesterday John 8. president; B. F. Stokes, secretary, an P. Huhn, treasurer of the Market Str road Company, together with George private secretary to Morton, were ETT charge of conspiracy to cheat and de company. The arrests were made at gation of the newly appointed office company. Some 01 the parties gare the others were held. It is now ascertained that the Rev. Page, author of the history of Camb $25,000 by the late robbery of the Ca port National Bank, of which 000 gotiable bonds, and the balance in see various kinds. The available plunder box was greater than all the rest obtain robbery. It is supposed there are par the city, who have yet to discover thei Rufus Hatch sent a communication President of the N.Y. cigar exchange stating that he W&S unable to settle the against him on account of the stock, for his account, under the rule or within 24 hours, which the rules CT the allow. He hoped, however, to be at the account soon. A dispatch from Boaton this morni L. Prang & Co.'s large chromo establ Highland district, is on fire and will be destroyed. The building is filled able plates, chromos, &c. The loss will exceed $50,000. The democratic convention of Wise yesterday at Fond du Lac and adoj getic resolutions. The nominations Mallory for Governor: R. E. Davis Governor; James B. Hayes for Se State; John Ringle for Tressurer. A prize will te offered to the best drl ey company at the South Carolina St: November-open to the United St President and his Cabinet are exper present. Mr. Alexander H. Stephens visited dent yesterday, and urged the appoir Herschel V. Johnson to the VRORDCY premo Bench. Mr. John H. Lowe, deputy clerk of States Court in Baltimore city, died su heart disease, at Easton, Md, yesterds The msgnificent residence of Judg Dickinson, in Prince Edward ent burned Tuesday evening Bonnett, Schenck and Earls manut New York, have ta Ted. Liabilities $ Col. T. R. Sharp has not resigned hi as master of transportation of the B. : Another Savings Bank Nus PROVINCETOWN, MASS., Sept. 27. past month a run has been made on stable Savings Bank, occasioned by caused by the suspension of the Sav Sandwich. The facts as nearly ascertained at present are as follows paid off depositors to the amount of the managers availed themselves 01 th notice required and up to Monday been made amounting 10 $175,000 gether with what DAS already seen caused the suspension, it W/ im realize 3 quarter of a million of dolla great sacrifice and seriously, impair stitution; and the other depositors thought it best 10 suspend and call commissioners, 9 ad the bank closed i Tuesday. Mar ay of the investments estate in Bor ,ton and vicioity. and on depreciatic D in value the bank has lo Notwith standing these losses by justi agems at the bank was thought to ! cond ition until this run was mede. div idends for a year or two The bank oly be able to pay dollar or dollar. "No VACANCY.' ne late John for many years the pa rtner of Frand in The Washington Globe, was a man in various ys. To una)mme sense and admir able business and ability be added such personal qual cially as a raco oteur, as rendered hi prized and alv ays welcome guest a of Presider_ts, Cabinet ministers, men of 8'.1 sorts at the capital. The the full lowing story of Major Selan who from 1827 to 1829 was a memb g 89, and who 00 the accession of on to the Presidency was made As master General, which position he 1850: Major Hobbie, like many of our P officials, was ever ready with the ta "No vacancy," to all applicants for Rives said the major had promised a friend of his to the first vacancy, called on him repeatedly to fulfill th but the invariable answer, "No vac the notil had about concl


Article from The Sun, September 28, 1877

Click image to open full size in new tab

Article Text

Now it is from Massachusetts that we hear of savings bank troubles. It appears that the suspension of the Sandwich Savings Bank caused a run upon the Barnstable Savings Bank, which has closed its doors, after the depositors had drawn out $75,000 and called for $175,000 more. The Massachusetts savings banks have heretofore stood very high, and have commanded their full share of confidence: and even now it is from only a few of the smaller concerns that unpleasant news is pubfished.


Article from The New York Herald, September 28, 1877

Click image to open full size in new tab

Article Text

AFTER A RUN. PROVINCETOWN, Mass., Sept. 27, 1877. For the past month a run has been made on the Barnstable Savings Bank, occasioned by the scare tollowing the suspension of the savings bank at Sandwich. The facts, as nearly as can be ascertained at present, are as follows:-After having paid off depositors to the amount of $75,000 the managers availed themselves of the month's notice required, and up to Monday calls had been made amounting to $175,000. This, together with what had already been paid off, caused the suspension, as It was impossible to realize $250,000 without a great sacrifice. and seriously impairing the institution. The other depositors therefore thought it best to suspend and call upon the Commissioners, and the bank closed its doors on Tuesday. Many of the investments are in real estate in Boston and vicinity, and on account of depreciation in value the bank has lost heavily. Notwithstanding these heavy losses the bank was thought to be in a good condition until this run was made. By paying no dividends for a year or two the bank will probably be able to pay dollar for dollar.


Article from The Daily Gazette, September 29, 1877

Click image to open full size in new tab

Article Text

Hayes got cheers from some of the Democrats of the South, but be gets curses from his Republican party associates at the North. He is going to have a hard time, of it, and one of the first and bitterest of the pills be will have to swallow will be the defeat of the Fepublican ticket in his own State of Ohio. Honest John Sherman writes to the Chairman of the State Committee, imploring his party to carry Ohio, his restless anxiety appearing in every sentence of his letter for he knows what a rebuke Democratic success there will be. But the Republibans are cold and demoralized and they will r ,fuse to respond to the entreaties of Sherman. Now it is from Massachusetts that we hear of savings bank troubles. It appears that the suspension of the Sandwich Savings Bank caused a run upon the Barnstable Savings, Bank, which has closed its doors. the. depositore had drawn out $75,000 and called for $175,000 more. The Massachusetts srvings banks ha ve heretofore stood very high, and have commanded their full share of confidence and even now it is from only a few of the S maller concerns that unpleasant news is published.