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And Still Another. MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. The national comptroller was notified by the directors,
National Bank of the Commonwealth (Manchester, NH)
Episode Information
- Episode UID
469301123- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
46930national - Charter Number
- 4693
- Start Date
- July 25, 1893
- Location
- Manchester, New Hampshire (42.996, -71.455)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
7a0d3c35bcb04f83
Response Measures
None
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1893-08-07
- Date receivership terminated
- 1899-05-22
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 71.5%
- Share of assets assessed as doubtful
- 17.7%
- Share of assets assessed as worthless
- 10.8%
Description
Suspension precipitated by failures of other local banks; examiner then receiver appointed.
Events (5)
1.
February 9, 1892
Chartered
- Source
- historical_nic
2.
July 25, 1893
Suspension
- Cause
- Local Banks
- Cause Details
- Suspension precipitated by the suspensions of the New Hampshire Trust Company and Bank of New England.
- Newspaper Excerpt
- The National Bank of the Commonwealth suspended payment this morning.
- Source
- newspapers
3.
July 27, 1893
Other
- Newspaper Excerpt
- C. M. Dorr, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth.
- Source
- newspapers
4.
August 7, 1893
Receivership
- Source
- historical_nic
5.
August 7, 1893
Receivership
- Newspaper Excerpt
- Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.
- Source
- newspapers
Newspaper Articles (21)
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The New Hampshire Panic. MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. This action was determined on at a meeting of the directors last night, and the national comptroller was notified. Its assets and liabilities are about $625,000; deposits, $310,529: capital stock. $200,000. The suspensions of the New Hampshire Trust company and Bank of New England precipitated the Commonwealth's suspension.
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To Suspend Payment. Manchester, N. H., July 24.-The National Bank of the Commonwealth will suspend payment to-morrow morning. This action was determined on at a meeting of the directors to-night, and the national controller was notified.
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Manchester Bank Suspended. MANCHESTER, N. H. July 25.-The Na tional Bank of the Commonwealth suspended payment this morning This ac tion was determined on at a meeting of the directors last night and the national comptroller was notifled.
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The New Hampshire Panic. MANCHESTER, N. H., July 25.-The Nalional Bank of the Commonwealth suspended payment this morning. This action was determined on at a meeting of the directors last night, and the national comptroller was notified. Its assets and liabilities are about $625,000; deposits, $310,529: capital stock, $200,000. The suspensions of the New Hampshire Trust company and Bank of New England precipitated the Commonwealth's suspension.
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In Charge ofa Bank Examiner. MANCHESTER, N. H., July 27.-C. M. Dorr. of Somer-worth, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth. There is no change in the financial stuation here. All banks are confident that worst is over, locally.
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A Receiver in Charge. MANCHESTER, N. H., July 27.-C. M. Dorr, a national bank examiner, has taken charge of the suspended National Bank of the Commonwealth. All the banks are confident the worst is over, locally.
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And Still Another. MANCHESTER, N. H., July 25.-The National Bank of the Commonwealth suspended payment this morning. The national comptroller was notified by the directors.
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CONCORD, N. H., July 29.-The Derryfield Savings bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined last night from transacting any further business by Bank Commissioner Lyford.
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Closed Up. CONCORD, N. H., July 29.-The Derryfield Savings Bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined last night from transacting any further business by Bank Commissioner Lyford.
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FOLLOWS THE COMMONWEALTH. Derry field Savings Bank and Trast Company Temporarily Suspended. CONCORD, N. H., July 28.-The Derryfield Savings Bank and Trust company of Manchester, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, with which it was connected, was enjoined tonight from transacting any further business by Bank Commissioner Lyford. The savings bank this time has upward of $150,000 in deposits and a small interest account, having just declared a dividend of 4 per cent. Its capital stock is $100,000 and nominal assets $254,000. Loans to some of its officers are secured by collateral, which is looked upon as doubtful, and the name of its treasurer, "Morrill," is on paper in large excess of the limit allowed by law. The directors of the bank charge the president and treasurer of the bank with using itf funds to promote their personal interests and their resignations, tendered last Wednesday, were promptly accepted. The alleged crooked work of the treasurer is thought to be confined to the national bank. Bank Commissioner Lyford, who returned to this city late this evening, declined to be interviewed. He did admit there will be a large loes to the stockholders of the Derryfleld Savings Bank and Trust company, although expressing the belief that there will be noloss to the depositors. He further said that these two banks had no connection with any of the savings banks of Manchester; that they had been regarded with disfavor by other national and savinga banks and consequently they would not be effected by their failures. It is stated that the name of the president of the two banks is on a good deal of paper of those institutions, and that the poor investments are in concerns in which be is interested. The People's Fire Insurance company of Manchester, of which Hon. J. C. Moore is president, and Charles F. Morrill treasurer, is being investigated by Insurance Commissioner Linehan.
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Bank Receivers Appointed. D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, Ill., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.
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Bank Receivers Appointed. D. C. Taylor has been appointed receiver of the First National Bank of Kankakee, III., and Gilbert C. Shattuck receiver of the National Bank of the Commonwealth of Manchester, N. H.
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Receiver Heard Hard at Work. Affairs at the National bank of the commonwealth of Manchester, N. H., are being stirred up in a vigorous manner by Receiver William A. Heard. Mr. Heard states his be lief that there will be no dividend declared Nov. 1 nor Dec. 1, but adds that this is a mat. ter entirely in the hands of the controller of the currency at Washington.
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THE END OF IT. Inso Ivency Proceedings Against Dr. Moore Are Dropped. LACONIA, N. H., Nov. 28.-The adjourned bearing in the insolvency proceedings against Dr. J. C. Moore, ex-president of the Commonwealth National bank and the People's Fire Insurance company of Manchester, was held yesterday afternoon before Judge Rollins. Attorney E. M. Topliff, representing Receiver Bartlett of the People's Fire Insurance company, and D. A. Taggart for the Derryfield Savings bank, withdrew their motion S that their names be joined to the petition of Receiver Heard of the Commonwealth bank that Dr. Moore be declared insolvent, and the proceedings are thus practically ended. Judge Rollins ruled that the usual probate notice of the motion and its withdrawal be given, and the matter will not be pushed further.
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Good News For Creditors. MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.
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Squaring Up. MANCHESTER, N. H., Feb. 27. - The comptroller of the currency has ordered Receiver Heard to pay a third dividend of 20 per cent to the depositors of the Commonwealth National bank. This will make 65 per cent in the past six months.
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Surrendered by His Bondsmen. MANCHESTER, N. H., Dec. 10.-Dr. J. C. Moore, ex-president of the People's Fire Insurance company, now in the hands of a receiver, ex-president of the Derryfield Savings bank. and of the Commonwealth National bank, both of which went to the wall about two years ago as a result of alleged mismanagement and the misappropriation of funds, was yesterday surrendered by his bondsmen and placed in the custody of Sheriff Daniel F. Haley. Dr. Moore is under indictment for alleged frauds in connection with the management of the Derryfield Savings bank, the indietments having been found two years ago.
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ber of the state senate from the sixth senatorial district. His chief work during his term of office was his part in securing the passage of the measure which created the present state board of health. In 1884 Dartmouth College at its June commencement conferred on him the degree A. M. In the summer of 1885, the New Hampshire Legislature entirely recast the Insurance laws of the state, and after a prolonged struggle enacted the "valued policy law." To meet the condition of affairs thus presented, New Hampshire capitalists speedily undertook the formation of local insurance companies, and Dr. Moore, seeing in this an opportunity for the exercise of his financial ability which had so long lain dormant, an for the profitable inve-tment of the millions of money which be and the New Hampshire Club represented, secured n charter for the People's Fire Insurance Company. which met so diastrous au end in the summer of 1893. To the presidency of this company, Dr Moore secured his own election. and Charles F. Morrill became treasurer. This, it is believed. was Moore's first business connection with Morrill, and the partnership then struck was destined to be one of the most remarkable in New Hampshire's financial history, involving, before it was ended, the wrecking o three great financial institutions and carrying to the people of Manchester a direct money loss of more than $1,000,000. Accordingl . in 1889, the Legislature was induced to grant a charter for the Merrimack Mortgage & Debenture Company, and the charter as it was originally granted by the Legislature was vetoed by Gov. Goodell. It was a'terward amended, however, and received the executive approval. Under this charter business was begun and continued for nearly three years. when the name of the corporation was changed to Derryfield Savings Bank and Charles F. Morrill was chosen treasurer. The Merrimack Mortgage & Debenture Company was always a little off color. and it now appea's that it was during the short life of that institution that Dr. Moore first resorted to questionable means for securing the funds he so much needed. The panic of 1893 was little felt in New Hampshire outside of the Queen City of Manchester, and the actual crash which occurred among the banking institutions of that city was preceded by weeks of undefloned rumor in which the affairs of the Derryfield Savings Bank and the National Bank of the Commionwealth were prominent. The legal aspect of the case next called for consideration, and Bank Examiner Dorr of New Hampshire called upon the comptroller for assistance in untangling the Common. wealth's affairs. Bank Examiner Gatehell of Massachusetts was accordingly dispatched to Manehester. and the two examiners, together with Dist.-Atty Remich, took poses. sion of the Commonwealth's books, and made an exhaustive examination. which re. sulted, in January, 1894. in the indictment of both Mo re and Morrill for abstraction, embezzlement and misuse of money. the substitution of funds and credits. and the general manipulation of the bank's assets In the meantime, the trustees of the Derryfield Savings Bank. after several stormy meetings, turned over their affairs into the hands of a receiver. and the People's Fire Insurance Company suffered a like fate. Both of these tran-fers were preceded and accompanied by an expert examination of he accounts.
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Suit Indefinitely Postponed. MANCHESTER, N. H., Feb. 1--The suit of Arthur D. Heard, receiver of the defunct National bank of the Commonwealth, against the bondsmen of the former president, Dr. Joseph C. Moore, to recover the amount of their bonds, has been postponed indefinitely.
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Suit Indefinitely Postponed. MANCHESTER, N. H., Feb 3- The suit of Arthur D. Heard. receiver of the defunct National bank of the Commonwealth,against the bondsmen of the former president, Dr Joseph C. Moore, to recover the amount of their bonds, has been postponedindefinitely