Dorchester Savings Bank (Dorchester, MA)

Episode Information

Episode UID
1952949990938
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
195294999 hash
Start Date
February 9, 1878
Location
Dorchester, Massachusetts (42.297, -71.074)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0e330f7e8b592b36

Response Measures

None

Description

Contemporary reports say the bank was enjoined from doing further business and expected to go into liquidation.

Events (1)
1. February 9, 1878 Suspension
Cause
Government Action
Cause Details
Court injunction enjoining the bank from doing further business because its condition was considered unsafe amid decreased business and falling real-estate values.
Newspaper Excerpt
The Dorchester Savings Bank of Dorchester ... have both been 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

Click image to open full size in new tab

Article Text

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

Click image to open full size in new tab

Article Text

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

Click image to open full size in new tab

Article Text

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
Article from The Sun, February 10, 1878

Click image to open full size in new tab

Article Text

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

Click image to open full size in new tab

Article Text

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 11, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, February 11, 1878

Click image to open full size in new tab

Article Text

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.

7. February 11, 1878 New-York Tribune New York, NY
Article from New-York Tribune, February 11, 1878

Click image to open full size in new tab

Article Text

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.

8. February 11, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, February 11, 1878

Click image to open full size in new tab

Article Text

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.

9. February 13, 1878 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, February 13, 1878

Click image to open full size in new tab

Article Text

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.

10. March 1, 1878 The Emporia News Emporia, KS
Article from The Emporia News, March 1, 1878

Click image to open full size in new tab

Article Text

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.