Article Text
Great Faith in B Savings Bank. TAUNTON, Mass., December 12.The Taunton savings bank suspended to-day. It is thought the depositors will be paid in full.
8253. Taunton Savings Bank (Taunton, MA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- savings bank
- Start Date
- December 12, 1877
- Location
- Taunton, Massachusetts (41.900, -71.090)
Metadata
- Model
- gpt-5-mini
- Short Digest
ac8b5de1
Response Measures
None
Description
Multiple newspapers report Taunton Savings Bank suspended payments on 1877-12-12. Subsequent reporting (Dec 24) says the Savings Bank Commissioners enjoined the bank from doing further business and cites depreciation of loans/mortgages; no contemporaneous article describes a depositor run. Sequence is a suspension followed by official injunction/closure (no evidence of reopening), so classified as suspension_closure. OCR corrected minor spacing/capitalization; no change to bank name or city.
Events (2)
1.
December 12, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Weakness due to depreciation of loans and mortgages; later reports give assets and liabilities showing strains from depreciated loans/mortgages leading to suspension.
- Newspaper Excerpt
- THE TAUNTON SAVINGS BANK SUSPENDED. TAUNTON, Mass., Dec. 12.-The Taunton Savings Bank suspended payments to-day. The bank is, however, reported solvent, and it is thought the depositors will be paid in full.
- Source
- newspapers
2.
December 24, 1877
Other
- Newspaper Excerpt
- The Savings Bank Commissioners enjoined the Taunton Savings Bank from doing further business. The bank has $1,405,513 assets, with $1,353,763 liabilities. The weak condition of the bank is due to the depreciation of loans or mortgages.
- Source
- newspapers
Newspaper Articles (10)
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SUING TRUSTEES IN THIS CITY. THE $100,000 BOND IN THE THIRD AVENUE BANK'S ASSETS ADJUDGED VALID-CHARGES AGAINST A TRUSTEE OF THE CENTRAL PARK BANK. Judge Van Brunt, in Supreme Court, Circuit, in the suit of Samuel H. Hurd, receiver of the Third Avenue Savings Bank, gainst David Morgan, directed judg ment, yesterday, for $3,191 35 against the defendant. he having signed for only $2,500. The decision makes the $100,000 bond given by the trustees of the bank valid against each of the other trustees for the amount for which they signed. The defence called. yesterday, Thompson W. Decker, the president of the bank, to testify that there was no other consideration for the bond than that expressed in it-that the bank should continue its business. It appeared, on cross-examination, that the witness and Morgan swore to semi-annual statements, in which this bond was stated as a good asset. Robert Sewell, counsel for tue defendant, renewed his motion to dismiss the complaint, on the ground that the bond wasa mere voluntary promise, the persons signing receiving nothing and the bank giving nothing for it. Judge Van Brunt said that looking on the position of affairs, this could hardly be called an entirely voluntary bond. A committee had recommended a cash subscription, or such a bond as this. Had the bank no power to receive the cash gift, or could the givers have recovered these gifts on that ground before the creditors were paid? Evidently not. And was there any difference in Ao not. He thought a bond? its being 111 the shape for the contract being ultra vires, be understood that doctrine to apply where a corporation promised to du what it had no right or power to promise. This was not such a promise. He therefore directed a verdict for plaintiff. He refused a request that the exceptions be heard in the first instance at the General Term, saying he only took that course where he was in such doubt that he only directed a versuet to save a second trial. Frederic Smyth and A. J. Vanderpoel appeared for the receiver; Robert Sewell for the defendant. Isnac V. French has brought suit, as receiver of the Central Park Savings Bank. against Thomas Gearty. a trustee of the bank, and at times its secretary and prespident. It is charged that he assisted in declaring nnproper dividends; that he contracted for the erection of the bank building for $32,500. be to receive his pay in a bond and mortgage and an assignment of the income; ap that ne bought from the bank two lots for $2,600 an plied the surplus over the mortgages, $7,000, on the contract. The defendant denies any improper declaration of dividends. He admits that under the contract for the bank building he was merely an agent for the bank. and says he has remitted $5,000 on that contract. and says he took the lots at more than their value, and has already parted with one at less than the price named. The case is on trial before Judge Lawrence. Peter B. Olney appears for plaintiff; Anderson & Man for the defendant. THE TAUNTON SAVINGS BANK SUSPENDED. TAUNTON, Mass., Dec. 12.-The Taunton Savings Bank suspended payments to-day. The bank is, the Annoud
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THE TAUNTON SAVINGS BANK SUSPENDED. TAUNTON, Mass., Dec. 12.-The Taunton Savings Bank suspended payments to-day. The bank is, however, reported solvent, and it is thought the depositors will be paid in full.
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Parade of Workingmen. WASHINGTON, Dec. 12. A procession of several thousand workingmen of the District paraded today. The President spoke a few words in acknowledgement of the compliment. They then proceeded to Ford's Opera House, where a mass meeting took place after the passage of a series of resolutions in support of the labor movement. Republican State Senator Elected. CHARLESTON, S. C., Dec. 12. The election for Senator in Beaufort county, which includes several of the Sea Islands, containing 8 large negro population, took place on Monday, Notwithstanding a vigilant Democratic canvass J. W. Collins, the Republican candidate, is elected by 1,500 majority. This is the first election in this State this year which has been carried by Republicans. Matthews Resolution Discussed-The Colorado Contested Case. WASHINGTON, Dec. 12. The Senate considered Matthews' resolution declaring the right of the Government to pay bonds in silver. Discussion on the Colorado contested election case was resumed, and continued up to adjournment. A bill was introduced authorizing the extension of the Southern Pacific Railroad to the Rio Grande. A Savings Bank Suspended. TAUNTON, Mass., Dec. 12. The Tannton Savings Bank suspended payment to-day. It is reported solvent, and it is thought depositors will be paid in full
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Suspension. TAUNTON. December 12. The Taunton savings bank has suspended payment. It is represented as insolvent, having $123,000 in real estate. There is said to be no doubt that the depositors will be paid in full. -
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Financial and Commercial Troubles. THE NEWARK SAVINGS INSTITUTION IN THE HANDS OF A RECEIVER. NEWARK, N. J., December 12.-The Newark Savings Institution, the largest and oldest in this city, chartered thirty years ago, has been taken in charge of by a chancellor on petition of its managers, so as to insure an equal distribution of its assets among the depositors and prevent unfairness from a possible run. It has about $12,000,000 of assets, including depreciated securities and $2,000,000 of Government bonds. The deposits are $11,000,000. The chancellor orders them to pay eighteen per cent. of the principal to the depositors who apply for it, with two per cent. interest, on January 2d, and no more till further orders. Meanwhile he will order a full investigation of the affairs of the institution. The moneys hereafter deposited are to be kept separate and invested in United States, New Jersey, and New York bonds, free from risk of former investments. MEETING OF CREDITORS OF A RHODE ISLAND HOUSE. PROVIDENCE, December 12.-A meeting of the creditors of A. & W. Sprague, representing $4,250,000 indebtedness. has been held to take action to protect them and Secure their rights, and an association has been formed for this purpose, and an executive committee chosen. who were instructed to take steps to protect the creditors. FAILURE OF A NEW YORK DRY-GOODS HOUSE. NEW YORK, December 12.-Adriance, Robbins & Co., dry-goods merchants, have failed. SUSPENSION OF A MASSACHUSETTS SAVINGS BANK. TAUNTON, MASS., December 12.-The Taunton Savings Bank suspended to-day. It is thought depositors will be paid in full.
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FOREIGN.-The Czar will leave for St. Petersburg ext Saturday. The Russians report that the Tarks fought at Plevna like lions. President MacMahon has disavowed personal ambition, and any desire to promote the interests of either aspirant for the French throne. A Grand Council at Constantinople has resolved to continue hostilities. DOMESTIC.-J. Bancroft Davis has been appointed to the Court of Claims. General Sheridan says there is no danger of war with Mexico. The House Railroads Committee has elected Mr. Throckmorton chairman. The President and Secretary of the Atlantic Mutual Life Insurance Company, of Albany, have The Taunton, been indicted for perjury. Mass., Savings Bank suspended yesterday. Professor Sumner, of Yale College, lectured on the silver question. Ex-Judge Jonathan Cogswell Perkins, the law editor and writer, died at Salem, Mass. CONGRESS.-In the Senate, petitions were presented in relation to woman suffrage, tariff reform, and the liquor traffic. The Select Committee on the Electoral Vote was authorized to take into consideration the best manner of electing the President and Vice-President, and the length of their terms of office. Similar action was taken in the House. The Senate resolved to adhere to its amendment to the Deficiency Appropriation Bill, and committees of conference were appointed. Senators Morgan and Christiancy debated the Matthews silver resolution. In Executive Session the nominations of Messrs. Roosevelt and Prince were rejected by a vote of 25 to 31 ; General Merritt was confirmed ; there was a six hours' debate on the nominations. In the House, Mr. Stephens presented a bill repealing the ironclad oath in cases of applications for pensions. The reports on the Colorado contested case were debated. CITY AND SUBURBAN.-The Newark Savings Insjitution. the largest in New-Jersey, is in trouble from bad investments. Watson J. Hildreth and James M. Tighe, lawyers in this city, have fled, *after embezzling $50,000. The Surrogate decided against the contestant in regard to the testimony in the Vanderbilt will contest yesterday. The liquor-dealers are still anxious, and keep their saloons closed. The Troch case wasdecided in favor of the police. The failure of Adriance, Robbins & Co., and James Leahy, dry goods dealers, was announced. Wheeler H. Peckham gave the history of the Ring suits. Peter B. Sweeny sailed for Europe. The bond for $100,000, given by the Third Avenue Savings Gold Bank trustees, was decided to be valid. 103, 10314, 10318. Gold value of the legal-tender dollar at the close, 97 cents. Stocks feverish and fluctuating, and weak at the close. THE WEATHER.-TRIBUNE local observations indicate cloudiness and somewhat warmer weather Thermometer yesterday, 40°, 51°, 41°.
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SAVINGS BANK SUSPENSION. TAUNTON, Mass., Dec. 12, 1877. The Taunton Savings Bank suspended payment today. The bank is, however, reported solvent, and it is thought the depositors will be paid in full.
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NIGHT DISPATCHES LATEST FROM WASH. INGTON. THE PUBLIC DEPARTMENTS CLOSED. No Business Until After New Year's. WASHINGTON, Dec. 24. The public departments closed at noon to day; there will be little, other than routine business, done until after New Year's. Many officials have gone home to spend Christmas. Secretary Sherman left for New York this morning. Three Companies of Infantry Arrive at Crook City. DEADWOOD, D. T., Dec. 24. Companies E, I and K, of the Seventh Infantry, in command of Major Charles G. Bartlett, arrived at Crook City last evening from the Cheyenne Agency, via the Fort Pierre route. Major Bartlett reports that, though often hearing of Indians along the road, he saw none. This command crossed an Indian trail at Cheyenne river, and crossing that led northwest, and he expresses the opinion that the Indians who committed the depredations in this vicinity, have gone to Little Missouri or Tongue river. Accidental Killing of a Mother and Child. MEMPHIS, Dec. 24. This morning, detective Wm. C. Pride, while half asleep, imagined he heard a burglar at the window, and took his pistol from under the pillow, and in attempting to cock it, the weapon was discharged, the ball passing through the body of his five months' old child, and also through the body of his wife, causing the death of both in a few hours. The inquest is now being held. Pride is almost crazed in consequence of the terrible accident. Savings Bank Enjoined. BOSTON, Dec. 24. The Savings Bank Commissioners enjoined the Taunton Savings Bank from doing further business. The bank has $1,405,513 assets, with $1,353,763 liabilities. The weak condition of the bank is due to the depreciation of loans or mortgages. Will Begin Prepayment. NEW YORK, Dec. 24. On Wednesday next, the United States Treasury will begin prepayment, without rebate, of the January interest on excise. Commissioners Morton and Patterson have warned the banks not to honor checks signed by Commissioner Murphy, their absconding Treasurer. Death of Robert P. Parrott. POUGHKEEPSIE, N. Y., Dec. 24. Robert P. Parrott, the inventor of the Parrott gun, died at Cold Springs this morning. Another Suspension. CHESTER, Pa., Dec. 24. Geo. Baker, banker, suspended on Thursday. He states his liabilities at $159,000; assets, $192,000.
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Financial Disasters. The Dale Manufacturing Company, of Paterson, N. J., who own the largest silk mill in that city, will go into liquidation, owing to the depreciation in prices of silk goods. Their liabilities are stated at between $300,000 and $400,000, all secured except $20,000. Tolle, Holton & Co., of Cincinnati, filed & petition in bankruptcy Monday. Liabilities, $382,000; assets $189,000. Mr. Baker, the suspended banker of Chester, Pa., states his liabilities at $159,000 and his assets at $192,000. The assets consis chiefly of real estate, and with judicious mant agement all claims can be paid. The Taunton Savings Bank, of Taunton, Mass., has been enjoined by the Bank Commissioners from doing any further business. The bank owes $1,353,768, and its assets are stated at $1,404,513. Its weakness is owing to depreciation of loans on mortgages, but the depositors will probably be ultimately paid in full The Passaie County Savings Bank, at Paterson, N. J., has closed up and depositors are to be paid January 5th. It is a stock concern, with $150,000 capital, only $15,000 of which is paid up. The deposits amount to $120,000. Among the assets are worthless notes of a former President, a leading director and New Jersey Midland Railroad bonds and notes. Messrs. Netter & Co., brokers and bankers, of New York, suspended payment Wednesday, with very large liabilities. The firm did a very large business, and the outstanding loans may have run up into the millions. N. W. Ader, dry goods dealer: S.J. Tay. lor, grocer; E. Finley, carriage builder, all of Bainbridge, Putnam county, Ind., have failed. The liabilities aggregate $30,000, and the assets $8,700.