Home Savings Bank (Boston, MA)

Episode Information

Episode UID
5012070939
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
501207 routing
Routing Number
5-0120
Start Date
March 11, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
96ccd602b16d6cdf

Response Measures

None

Description

Suspension was by court injunction and directors expected resumption; actual reopening not documented in provided articles.

Events (1)
1. March 11, 1878 Suspension
Cause
Government Action
Cause Details
Temporary injunction granted by the court (injunction obtained previously and continued).
Newspaper Excerpt
The Home Savings Bank suspended business to-day, a temporary injunction having been granted by the Supreme Court.
Source
newspapers

Newspaper Articles (12)
1. March 11, 1878 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, March 11, 1878

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MISCELLANEOUS. -A TORNADO. New York, March 8-Au Atlanta Georgia dispatch savs: A tornado struck that city yesterday morning about eleven o'clock, levelling the Episcopal church, and injuring 18 members of the congregation. When the building was struck, the officiating minister knowing that it was merely a question of minutes to secure safety of the people, called to them to throw themselves under the seats. This advice the congregation followed, and not a moment too soon. With a few fearful creaks and jara of its roof and walls, the whole building crumbled into a shapeless ruin, burying the congregation under the debris. Several other churches in Atlanta have been seriously injured, their walls shaken and roofs partly stripped. The city hall has been entirely unroofed, and the car sheds of the railroad depot unsettled. Great damage was done to private residences and stores. SATURDAY'S STORM. New Orleans, March, 11. Saturday's storm damaged the levees to a considerable extent. Crevasses are reported at Jesuite's bend, eighteen miles below the city, and at Dr. Williamson's, 35 miles below, both on the right bank. SUSPENSION. Boston, March 11.-The Home Savings bank suspended to day, a temporary injunc tion having been obtained. Two years deposits amount to $6,798,243, since when they dwindled. to $3,117,431. Of this amount $2,341,535 are invested ID real estate loans.

2. March 12, 1878 Evening Star Washington, DC
Article from Evening Star, March 12, 1878

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A BOSTON SAVINGS BANK SURRENDERS.- 1 The Home Savings Bank of Boston suspended yesterday under a temporary injunction. Two years ago the deposits amounted to $6,798,243. Since then they fallen to $3,116,431, of which amount $2,341,534 are invested in real estate loans.

3. March 12, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 12, 1878

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Business Embarrassments is PHILADELPHIA, March 11.-It stated that four or five provision houses in this city, besides that of Collins & Beogary, which suspended Saturday, are seriously involved. Collins & Beogary's liabilities are placed at $200,000. NEW YORK, March 11.-The failure of the provision houses in Philadelphia, it is said on the Produce Exchange and by the leading provision dealers here, will not affect any New York houses. BOSTON, March 11.-The Home Savings Bank suspended to-day. A tempo. rary injunction had been obtained two years ago. The deposits amounted to $6,798,243, since which they dwindled to $3,117,431, of this amount $2,341,534 are invested in real estate loans. PHILADELPHIA, March 11.- Ashael Troth & Son, William A. Millar & Co., and Troth Bros., provision dealers, have suspended. The failures were brought about mainly through the operations of Henry Troth, trading as Ashael Troth & Son, who hasjbeen operating largely. The debts of the firm are due principally to banks and note brokers, who negotiated their paper. The above firms were identified with Collins & Beagory and all declare that no other house in the trade 18 involved. MONTREAL, March 11.-Picault & Co., wholesale and retail druggists, suspended to-day. Liabilities, $100,000. BOSTON, March 11.-White, Osborn & Co., leather dealers, are reported to have suspended. Their liabilities are estimated at $120,000, chiefly due rough leather dealers. NEW YORK, March 11.-The schedule of the assignment of R W. Adams & Co., lumber dealers, was filed to day. Liabilities of the firm and individval mem. bers $1,548,044; nominal assets $1,968,442, actual $30,959.

4. March 12, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 12, 1878

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MINOR TELEGRAMS. A fete was given at Athens last night in honor of Gen. Grant. Pinkham, the Dover, N. H., murderer, has been sentenced to be bung. Five stores at Eaton Rapids, Mich, were burned yesterday. Loss $10,000. A baggage car from New York on the Lake Shore railroad was burned yesterday with all its contents. A freight train on the Jackson, Lansing & Saginaw R. R. broke through a bridge at Marsh Creek. Mich, yesterday, killing the fireman. Home Savings Bank of Boston has suspended. It is thought that in time the depositors will be paid in full. A cburch in Atlanta, Ga., was b'own down by a gale Sruday while it was filled with worshippers. Eight persons were seriously injured but done fatally. Fire last evening destroyed five tenement houses in Jersey City, rendering 98 families homeless. Four firemen were injured. Loss on buildings $12,000; insured.

5. March 12, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 12, 1878

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Massachusetts. BOSTON, March 11.-The Home Savings Bank supended to-day; a temporary injunction having been granted about two years ago. The deposits amounted to $6,798,243. Since that time the deposits dwindled to $3,117,431. Of this amount over $2,341,534 are invested in real estate loans. It is thought in time the assets of the bank will be fully realized, and depositors paid in full.

6. March 12, 1878 The New York Herald New York, NY
Article from The New York Herald, March 12, 1878

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SAVINGS BANK SUSPENSION. BOSTON, Mass., March 11, 1878. Tne Home Savings Bank suspended business to-day, a temporary injunction having been granted by the Supreme Court. About two years ago the deposits amounted 10 $6,798,243. Since that time the bank has struggled under embarrassments, 118 deposits having awindled down to $3,117,431. 01 this amount $2,341,534 are invested 10 real estate loans. It 18 thought that in time the assets of the bank will be fully realized and the depositors paid in full; but with such a large proportion of the assets 19 real estate it will require a long time to wind up the affairs 01 the bank.

7. March 12, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1878

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BANK TROUBLES. SUSPENSION OF A BOSTON SAVINGS BANK. BOSTON, March 11.-The Home Savings Bank suspended business to-day, a temporary injunction having been granted by the Supreme Court. About two years ago the deposits amounted to $6,798,243. Since that time the bank has struggled under embarrassments, its deposits having dwindled down to $3,117,431. Of this amount $2,341,534 are invested in real estate loans. It is thought that in time the assets of the bank will be fully realized, and the depositors paid in full: but with such a large proportion of the assets in real estate, it will require a long time to wind up the affairs of the bank. THE ANDROSCOGGIN SAVINGS BANK. LEWISTON, Me., March 11.-A petition has been presented to Judge Walton to scale the amount due depositors in the Androscoggin Savings Bank, to cover losses by the depreciation of Bates Manufacturing Company and other stock held by the bank. It is expected that the reduction will not exceed 10 per cent. MERCHANTS' BANK OF MONTREAL. MONTREAL, March 11.-The Committee of the House of Commons has recommended a further reduction of the capital of the Merchants' Bank of 3313 per cent, instead of 25 per cent. This had the effect of depressing the stock 5 per cent to-day.

8. March 13, 1878 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, March 13, 1878

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Financial. 1 Home saving Bank of Boston, $3,117,531 deposits, has suspendLehigh Valley Railroad announquarterly dividend of one per cent. le April 15. Merchants' Bank of Montreal, to losses, has been recommended by mittee of the Canadian House of ous to reduce its capital to oneFarmers and Traders' Bank, of gton, Kentucky, has suspended. State bank, with $150,000 capiThe deposits in the bank are stated 000 and its assets at $200,000, show0. impairment of capital of about riter in the London Times conit important as an indication, that, hstanding the Silver bill the Secof the Treasury intends paying erest on the 5, 4 and 4 per cent loans in gold, that whenever is sent to foreign holders it is panied by a Treasury circular statinterest is payable quarterly "by neque." This fact the writer convery important.

9. March 14, 1878 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, March 14, 1878

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NEWS OF THE WEEK. THE EAST. WILLIAM JACOBS, clothier, of Spartansburg, Pa., and his clerk, U. S. Goldman, have been arrested and lodged in jail, charged with incendiarism, from which cause that place was nearly all destroyed by fire, on the 7th inst. THE Home Savings Bank, of Boston, suspended on the 10th inst., a temporary injunction having been obtained. THE Chicago and Iowa railroad was sold on the 9th inst., to J. M. Walker, attorney for the Chicago, Burlington and Quincy road, for $900,000, $15,000 being cash down. THE steamer Timor sailed from Philadelphia, for Russia, on the 9th inst., with twentv-six locomotives on board. The Wiekham, with the remainder of the locomotives required, sailed the next day. MRS. LYDIA M. ROOSEVELT, whose boast it was that she was the first woman who descended the Ohio in a steamboat, died in her home at Skaneateles, New York, on the 8th inst., aged 86. THE New York button company has failed. Liabilities $100,000; actual assets about $55,000; in stock, machinery, etc. THE Lehigh Valley and Franklin Coal Companies, have suspended operations for this month. owing to the fact that the quota allowed to that section by the combination has been filled. THE greenbackers of New Hampshire have nominated Samuel Flint for governor. JOHN V. BARRON, president of the National State Capital Bank, of Concord, N. H., and treasurer of the Coin and Trust Savings Bank, died on the 5fh inst. THE Industrial Exhibition company, established at New York in 1871, has collapsed. The land held by the cempany was sold under foreclosure of mortgages on the 5th inst., for $400,000. The original price paid by the company for the property was $1,700,000.

10. March 16, 1878 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, March 16, 1878

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NUMBER 27. Weekly News Summary. Domestic. Home savings bank, Boston, has suspended business. Three large Philadelphia provision houses have failed. A Mr. Hodges was killed by lightning near Memphis. A heavy snow storm occurred in Wyoming last week. The steamboat City of Chester burned at Memphis. Two lives lost. Wm. Bowsher was convicted at Cineinuati of the murder of his wife. Chas. Auber, a German laborer, hung himself in a New Orleans boarding-house. General Sherman has been chosen regent of the Smithsonian Institute, vice Babcock. An incendiary fire destroyed every business house in the village of Spartansburg. N.J. Three brothers were fatally injured by the explosion of a railroad torpedo at Fort Wayne, Indiana. A high wind blew down an Episcopal chapel and tore the tin roofing off from other buildings in Atlanta. A new gasoline machine exploded at Harrison, Ohio, killing a member of the Town Council and a little girl. The steamer Timer sailed from Philadelphia with twenty-six locomotives built for the Russian government. Gen. O. O. Howard, charged with embezzling $130,000 as Commissioner of the Freedmen's Bureau, was acquitted. Dr. Cornelins Boyle, provost marshal of Gen. Lee's army at the time of the surrender, died at Washington, Monday. Collector Wade of Savannah has broken up nine distilleries and captured several distillers in Elbert county. Dr. Bray Hawker, with several others, convicted at New York of producing an abortion, were sentenced to ten years' imprisonment. Postmaster General Key refused to allow the Attorney General to question the right of members of Congress to become bondsmen for mail contractors. the The Raritan great river railroad at New bridge Brunswick, spanning N. J., caught fire from the sparks of a passing locomotive, and was almost entirely consumed. Mayer & Nathan, and N. Nathan & Co., wholesale Cincinnati tobacco dealers, who suspended last month, were arrested, charged with secreting goods with intent to fraud their creditors. Several houses were destroyed by a tornado in Creecy county, Ky. The family of Vincent Wesley and two others stopping at their house were killed. In another part of the county Mrs. John W. Morgan was killed.

11. March 26, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 26, 1878

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BUSINESS EMBARRANNMENTS. NEW YORK, March 25 6-Terry & Wells, of Riverhead, Long Island, who recently made such a disastrous failure, have made an offer to compromise with their creditors at 20 cents on the dollar. The deficiency of the firm is upward of $75,000. The foreclosure sale of the Erie railroad has been postponed thirty days. Postponement is granted in the Debetz suit with reference to Wm. Allen Batler, and leave to Debetz to examine all receivers' accounts. In the matter of the McHenry suit, to interview in the foreclosure suit, Judge Lawrence said this morning that he would give the Attorney General opportunity to be heard, and would communicate with his representatives in the course of a week. BOSTON, March 25.-The Home Savings a Bank has been granted a continuance of n injunction, the directors believing that within a few weeks the condition of its e affairs will warrant a resumption of business under the protection of the ret cent savings bank law. CINCINNATI, March 25.-Howell, Gano a & Co., hardware dealers, who recently suspended, to-day filed a voluntary petition in bankruptcy, in order to facilitate e the proposition agreed on by the credite ors. The assets of the firm are $204,707, not including $27,000 believed to be worthless; liabilities, $211,640. e ANOTRERSAVISGS BANK. FINDLAY, 0, March 25.-The citizens e savings bank of this city enspended toe day for 60 days; ARREALA $200,000 and lix. . bilities about $175,000 NEWBURG, N. Y, March 25 -James 8 Bigler & Co. of this city, extensive deal. ers in timber, made an awignment to. y day; liabilities not yet known. d

12. April 4, 1878 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, April 4, 1878

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SHERMAN 'PROTECTION" FRUITS. " Take care of the rich, and the rich will take care of the poor." New York, March 28.-Young. Smith & Co., 811gar importers, have failed. Liabilities, $300,000. Cincinnati, March 29.-Caleb Carpenter. a hardware dealer of Covington, Ky., hasfiled a petition in bankruptcy; liabilities, $75,000; assets, $70,000. Great Falls, N, H., March 29.-The Norway Plains Savings Bank at Rochester scaled deposits sixteen per cent. in compliance with the orders of the Bank Commissioners, Depositors will lose in the aggregate $100,000. Chicago, March 29.-The Garden City Chemical Works, on Michigan avenue, were badly damaged by fire this afternoon. Loss on building, $1,500 on stock, $7,000 insurance, $12.500. New Orleans, March 29.-The failure of McGee, Snowden & Violett, cotton factors, is reported. Albany, March 29.-In the case of the Six Penny Savings Bank, New York, Justice Westbrook announced to day that he would appoint a receiver for the bank. He also said that he should not consider the sale, under a foreclosure of the bank. as a violation of the injunction. Justice Westbrook has appointed Hon. Wm. F. Russell. of Saugerties, formerly member of Congress, receiver of the Six Penny Savings Bank, New York. San Francisco. March 29.-Belle, Gullivson & Co., carpet dealers, have failed. Liabilities are $40,000, and assets $50,000. Inability to collect outstanding accounts is the cause of the failure Louisville, Ky., March 30-E. T. Warner, an extensive wholesale dealer in Kentucky whiskys, in this city, made an assignment yesterday. Mr. Warner is universally respected and bas the sympathy of the entire community. He is probably the largest dealer in his line in Central Kentucky, and his failure is regarded as a public misfortune. His liabilities are $225,600.17; assets, $113,800. Philadelphia, March 29.-Henry Ashurst, a prominent member of the Stock Board, failed this afternoon, causing great surprise, as he was con sidered one of the richest members of that body. W. P. Caldwell, another broker, has failed, but his indebtedness is said to be small. Freemont, March 25.-The Citizens' Savings Bank of Findlay, O., suspended this morning for sixty days. The deposits were over $250.000. Boston, March 25.-The Home Savings Bank has been granted a continuance of the injunction, the directors believing that after a few weeks the condition of its affairs will warrant the resumption of business under the protection of the recent sav ings bank law. New York, March 25.-Terry & Wells, of Riverhead, L. I., who recently made such a disastrous failure, have made an offer to compromise with their cred tors at twenty cents on the dollar. The deficiency of the firm is upward of $75,000.