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Another Savings Bank in Tronble. BOSTON, Oct. 3.-Another savings bank O.) the Cape is in trouble. The Cape Cod fivecent savings bank at Harwich on Monday suspended.
Cape Cod Five Cents Savings Bank (Harwich, MA)
Episode Information
- Episode UID
53055270933- Episode Type
- Run → Suspension → Reopening
- Bank Type
- savings
- Bank ID
-
5305527routing - Routing Number
53-0552- Start Date
- September 29, 1877
- Location
- Harwich, Massachusetts (41.686, -70.076)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
ea6422990dac0c65
Response Measures
None
Description
The bank suspended in October 1877 following a run and later invoked the 'new bank law' (stay law) in April 1878 to regulate payments, a common practice for reopening or stabilizing savings banks in MA during this period.
Events (3)
1.
September 29, 1877
Run
- Cause Details
- Heavy withdrawals beginning on a Saturday; specific trigger not mentioned but treasurer claimed bank was in good condition.
- Measures
- The bank paid out between $75,000 and $100,000 before suspending.
- Newspaper Excerpt
- A run was announced Saturday. The treasurer says he has paid out about $75,000 or $100,000.
- Source
- newspapers
2.
October 1, 1877
Suspension
- Cause Details
- Suspended following a run that depleted cash reserves by $75,000-$100,000.
- Newspaper Excerpt
- The Cape Cod Five Cents Savings Bank at Harwich on Monday suspended.
- Source
- newspapers
3.
April 13, 1878
Reopening
- Newspaper Excerpt
- The Cape Cod five cent savings' bank, at Harwich, to-day availed itself of the new bank law... to regulate its payments in conformity with the new law.
- Source
- newspapers
Newspaper Articles (10)
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committees then appointed Rev. Dr. Clark, foreign secretary of the board, who delivered an address on the claims of the unevangelized lands, on Christian churches, and Rev. Mr. Behrenis made an address on the missionary problem and its solution. Also over two hundred clergymen and theological students were preaent; bishops, nearly sixty in number, entered about 11 o'clock. Bishop Smith, of Kentucky, whose date of concecration is 1832, headed the procession, and Bishop Perry, of Iowa, closing it. The services were most impressive. FAILURE. Pittsburg, Oct. 3.-The Allegheny Savings bank, the oldest bank in Allegheny City, suspended this morning. The stockholders are individually liable, and the directors hope to pay all depositora. Last year about this time the deposits aggregated $1,312,000, but the run has been progressing steadily since that, 80 that now they are not over $591,000, of which the directors and stockholders own $100,000. The bank also owes to other banks $128,000. The assets chiefly on real estate aggregate $748.000. Boston, Oct. 3.-The Cape Cod. five cent savings bank, at Harwich, Monday, suspended till to-day, when a meeting of the officers is to be held.
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GENERAL NEWS. Senator Morton is doing so well that his friends hope to take him to his ho me in Indianapolis within two weeks. The Cape Cod Five Cents Savings Bank ot Harwich, Mass., suspended on Monday, the suspension to continue until a meeting of the officers, to be held yesterday. There had been a run upon the bank and over $75,000 had been paid out. The treasurer says the bank was never in better condition than before the commencement of the run. The Galt House, in Louisville, Ky., was sold yesterday by order of assigneesIt brought $157,000, its original cost hav. ing been upwards of $1,000,000. The Allegheny Savings Bank, the oldest bank in Alleghaney City, Pa., suspended yesterday morning. The Directors posted a notice on the doors stating that tue suspension was caused by the in ability of the concern to convert its assets into money; that the stockholders are individually liable, and it is hoped all the depositors will be paid. It is understood that the bank's deposits have been steadily decreasing since the run upo n it last year, and do not now exceed $591,000, of which about $100,000 belongs to the stockholders. In addition, the bank owes secured debts and mortgages to the amount of $128,000. Its assets, chiefly real estate, uggregate $748,000. A telegram from Camp Rooinson says that twenty lodges of Sieux left Spotted Tail for the north on Tuesday night. a nd adds: "It is believed that for every lodge that comes into the lodge six go out."
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EMBAARRISSED SAVINGS BANKS. Suspension of One in Allegheny City, Pa., and of Another on Cape Cod. PITTSBURGH, Oct. 3.-The Allegheny Savings Bank. the oldest bank in Allegheny City, suspended payment this morning. The following notice is posted on the doors: The directors of the Aliegheny Savings Bank. being unable to convert its a.spts into money immediately have deemed it proper to suspend payment in addition to the assets of the bank. the tockholders are individually liable. and the directors hope to pay all the depositors. About this time last year a run was made on the bank. but the officers met all the demands 80 promptly that the run soon censed. It is ascertained that at the time of the run last year the deposits aggregated $1,312,000. but singe that time they have been steadily reduced. and do not now exceed $591,000, of which amount about $100,000 belongs to the directors and stockholders. In addition to this the bank owes secured debts to other banks and money borrowed on mortgages to the amount of $128.000. The assets. consisting largely of real estate. will aggregate $718,000. BOSTON, Another savings bank on the cape is in trouble The Cape Cod Five Cents Savings Bank at Harwich on Monday stopped payments till to-day. when a meeting of the officers is to be held. A run was announced Saturday. The treasurer says he has paid out about $75,000 or $100,000. He reports the bank as never in better condition since its incorporation than it was before the run.
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Another Savings Bank Threat. ened. BOSTON, October 3.-The Cape Cod Five Cent Savings Bank at Harwich on Monday suspended until to-day, when a meeting of the officers will be held. The treas. urer reports that the bank was never in better condition than before the run on Saturday.
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Another Savings Bank in Trouble. BOSTON, October 3.-The - Cape Cod Five Cent Savings Bank at Harwich, Monday, suspended until to-day, when & meeting of its officers will be held. The treasurer reports that the baak was never in better condition than before the run Saturday.
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NEWS OF THE WEEK. WASHINGTON. Arapahoe and Sioux delegations of The with the Secretary a final pow-wow the 2d. They object Missouri to being Interior the on reservation near the they River, sent to but the Secretary insists that shall live up to their treaty. of an interPresident Hayes in the course late trip had the 2d, said his his view, on him in the conviction that the inSouthern strengthened policy would redound to terest The of President the blacks. issued a proclamation lands on in the 2d placing all the unsold public Arkansas in the market. Secretary of the Interior distributed on the 8d visited The the Indian delegations and silver medals among them. Prof. Henry, of the Smithsonian 2.a comet Institute, that he discovered, S. announces ascension 24b. 51m., declination in right 19m daily motion toward southward 10h. The comet supports small bright will be 90m. Collector Arthur, of New York, tendered a foreign mission, a Washington special rain-storm says. did great damage in the The In terior A Department building on the 4th Land suffered considerably in the records records Office and in the Patent Office many public papers were destroyed. and A requisition from Gov. Hampton, J. Pat- of South Carolina, for U. 8. Senator Cartter, was received by of Co terson the Supreme Court of the District Issued lumbia, of on the 5th, and a warrant was for his arrest. Randall, Cox and Morrison, the three Wash lead candidates for Speaker, were in the utington ing on the 5th. Each professed most confidence in his own success. It is stated that the Democrats will press of on the admission of Spofford, action Louisiana, as soon as the Senate meets. A Washington telegram says Secretary and has selected Thomas Roosevelt Evarts Gen. A. Merritt for Collector and Surveyor of the port of New York. U. S. Senator Patterson was in court to the on 6th and the case was postponed 17th. the Patterson is charged with conspiracy to bribe legislatore, etc. The Board of Inquiry to investigate the of the fire in the Interior Department building cause on the 24th ult. report that that there the no foundation for the supposition fire was of incendiary origin. Miterson believes the Senate will sustain Sena'but dian in refusing to go to South Carolina at this time and stand trial. in the Randall was believed to be ahead canvasa for Speaker on the 9th Atty.-Gen. Devens will ask for an appro in priation of $255,000 to cover a defici ency his department this fiscal year. Within year the Seventh Cavalry has lost De by petitioned eighteen officers in action and those the War having partment friends still is alive in that regiment to transfer them to some other department. THE EAST. The Savings bank at Hyannis, Mass., sus. pended on the 1st. W. C. Gilman, a Wall-street insurance scrip broker, has borrowed large sums as of money from banks in New York, giving security insurance scrip which he had raised. instance he altered thirty-dollar cer In tificate one to $10,000. The total of his steal is not yet known. Gilman has borne the repu- Sab tation of devoted church member and bath-school teacher. The little steamer Comfort exploded her boiler at Pipe Creek, below Wheeling, W.Va. Pilot on the 2d, killing Capt. Kirkbridge, Umstter and three passengers. The sixty-eighth annual meeting of For the American Board of Commissioners of eign Missions commenced at Providence, R I., on the 2d, Rev. Mark Hopkins presiding esThe Gilman forgeries at New York are timated to reach $342,500. kes, friend of President Morton, Market and late £ Secretary of the Philadelphia Street Railway, has become a lunatic. Robert S. Winthrop was on the Trustees 3d re elected President of the Board of of the'Peabody Educational Fund. of A fire at McKeesport, Pa., on the night the 2d inflicted total loss of $175,000. The Allegheny Savings Bank, of Allegheny City, Pa., suspended payment on the 3d. 1. Bayley, Archbishop of New Jersey, died on The th Cape Cod Five Cents Savings Bank, o Harwich, Mass. has suspended. The capital of the Brewers' Insurance Company, of New York, is said to be serious ly impaired. Base-ball on the3d: Boston 6, Hartford 3 St. Louis Chicago 5. Mark Hopkins, D.D., has been re-elected Missions President of the American Board of The next meeting will be held at Milwaukee 4th A violent rain and wind storm on railroads the caused number of accidents on in New York and Pennsylvania. On the 4th the centennial of the battle o Germantown was celebrated at Philadelphia The creditors of Frank Leslie have agree upon plan of settlement by which the busi is to be continued under board con ness sisting of the five principal creditors. Lesli will have supervision and be allowed 20 pe b cent. of the profits, the remainder to divided pro rata quarterly among the cred In itors. Fourteen buildings were burned by an cendiary at Nanticoke, Pa., on the 5th. Leading members of the National Associa th tion of Wool Manufacturers express opinion that is impossible at present for ou o manufacturers to contend in the markets the world with the cheap labor and low rate of interest abroad. The Scranton miners receded from thei demand for 25 per cent. increase in wages unti but the operators declined negotiations work was resumed. The triennial convention of the Episcops Church of the Urited States opened on th 3d Boston. Tweed testified before the Aldermanic Com mittee again on the 6th. He said the rin paid Senators for voting for bills in Commit tee of the Whole and allowed them to vot as they pleased on their passage; in suit against the Albany Argus and Journal an E.F. Apgar he would give evidence of num bers of frauds, and support his assertion o with checks and letters. Two letters Hastings, of the Commercial Advertiser, wer read, addressed to My Dear Tweed" an "My Dear Friend, showing their friend ship. Witness paid $65,000 to the Board Aldermen, of New York, to appropriate $1 500,000 for bridge money and got his shar of the latter from Henry C. Murphy. Th proprietor of the Albany Argus says Tweed story as to him is false. The capital stock of the Arctic Fire Insurer ance Company, of New York, is reporte impaired. Ex-Assistant Secretary of State Apga
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persons have perished during the famine in India A number of buildings were burned in Indianapolis, Ind., and a loss incurred of The savings bank at Hannis, $75,000 Mass., suspended after a heavy run of several days. It was accidentally discovered in New York that William C. Gilman, an insurance broker, whose reputation for honesty and business integrity was unexceptionable, had perpetrated a series of astounding frauds by which he had realized hundreds of thousands of dollars. His method was to obtain "certificates of profit' or insurance script of the Atlantic Mutual Insurance Company for small sums and "raise" them to a much higher figure. He would erase the words "one hundred" in a certificate for 8100 and insert instead ten thousand," making it a certificate for $10,000 and although the forgeries were clumsily executed, yet Gilman's standing in the business communily was 80 high that the certificates were never examined closely, and the forgeries were committed with comparative impunity. It was rumored in Wall street that Gilman had also 'raised' some bank stock in a similar manner. The American forces under Lieutenant Bullis that had entered Mexico in pursuit of Indian horse thieves, returned without accomplishing their object. They were not molested James. R. by the Mexican authorities Hawkins, colored, was sentenced to death by the Howard county (Maryland) circuit court for an assault on a thirteen-year-old girl in April last. In New York the car depot of the Dry Dock Railroad Company was destroyed by fire. Besides the building about ninety horse-cars were burned and a loss incurred of $250,000, which The Most Reverend is covered by insurance James Roosevelt Bayley, archbishop of Baltimore and primate of the Roman Catholic Church of America. died in Newark, N. J., aged sixty-three years. Archbishop Bayley was born in New York and was a graduate of Washington (now Trinity) College, Hartford, Conn. He was ordained minister of the Protestant Episcopal Church, and subsequently joined the Roman Catholic Church, preparing himself for the priesthood at St. Sulpice, Paris. He was the founder of Seton Hall College as well as of numerous schools, academies, convents and churches, and was oue of the highest dignataries of the Roman Catholic Church in Titiens the opera singer, died this country in London on October 3 The Alleghany Savings Bank, the oldest bank in Alleghany city, Pa., and the Cap Cod Five Cents Savings Bank, of Harwich, Mass., have Five persons were suspended payments killed and a number were wounded by the explosion of the boiler on the steamer Comfort, bound from Wheeling. W. Va., to Marietta. A fire which broke out in McKeesport, Pa., at one time endangered the whole town. Before the flames could be subdued a large number of business houses and private residences were burned and a loss incurred of about $175,000 One square in the business partially insured portion of Frankton, Ind., was destroyed by fire. Loss, about $10,000 ; no insurance The National Episcopal Congress opened at Boston The steamer Magnolia, running between New York and Savannah, was lost at sea, owing to a leak ; no lives were lost.
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SUMMARY OF NEWS. Interesting Items from Home and Abros The Cap Cod Five Cents Savings Bank, Harwich, Mass., and the Alleghany Saving Bank, of Alleghany City, Pa.-the oldest bai in the city- -suspended payments. The boil burst on the steamer Comfort running fro Wheeling, W. Va., to Marietta, Ohio, and fi persons were killed and about fifteen were mo or less severely wounded The death is a nounced of the Most Reverend James Roos velt Bayley, D. D., archbishop of the See Baltimore and primate of the Catholic Churc of the United States. He was born in Ne York city, August 23 1814, and was brought in the Protestant Episcopal faith, in which was ordained a minister in due time. After while he renounced his faith, went to Ron and became a member of the Roman Cathol priesthood. He was the author of a number ecclesiastical W rks and founded sever schools, churches, convents* and colleges. A fire which raged for severalhours in the bus ness portion of McKeesport, Pa., threatene the destruction of the whole town, but waseven ually subdued with the loss of about $175,00 in stores and residences. Mlle Teresa Titien the celebrated prima donna, died in Londo aged forty-three years. The depot of th Dry Dock horse-car railroad company in Ne York city was completely destroyed by fire an a pecuniary loss indicted of over $250,000, which there is a partial insurance. Nearly 01 hundred cars and 15,000 bales of hay wer burnd By the explosion of a boiler attache to a saw-mill near Studertown, Ohio, thrt young men were instantly killed, and sever others were more or less severely injured The triennial convention of the Episcop Church of the United Stetes met in Boston. New York Democratic State Conventic The Democrats of New York, assembled convention at Albany, nominated the following ticket: Secretary of State, Allen C. Beach controller, Frederick P. Olcott treasure James Mackin; attorney-general, August Schoonmaker Jr.; Engineer, Horatio Seymou Jr. The following platform was adopted The people having in the last Presidential co test elected by an overwhelming popular and clear electoral majority, the Democratic cand dates for President and Vice President, an the will of the Nation, thus constitutional declared, having been wickedly and bold nullified by means of the grossest usurpatic and frauds of returning boards, protected an adopted, if not instigated, by the party in po session of the Government, and rendered pra ticable by a threatening array of military fore Resolved, That at this. the first convention the Democrats of this State, held since t1 consummation of this great crime, it is not on just and fit. but it is the plain duty in the inte est of Constitutional government, and in th vindication and preservation of the sacre right of the majority, to choose their ruler to denounce with the warmest indignation th stupendous wrong, and we do hereby denounc condemn, and hold it up to universal execr tion. Resolved, That this duty of setting mark of infamy upon this transaction, and pr venting any quick forgetfulness or easy cond nation of it from raising a tempting preceder for future outrages, rests especially and pec iarly upon the Democratic party of this Stat one of whose most illusrious leaders was t1 President actually chosen by the Natio Resolved, That the late House of Represent deserve the thanks of all patriots and lovers liberty for their refusal, in the exercise of t1 most ancient and valuable privilege belongin to representatives of the people in all constity tional Governments, to appropriate money f the support of soldiers to be used in the illeg and despotic oppression of citizens in any po tion of the Republic. Resolved, That tl present National Administration, by its with drawal of the troops from the South, and cessation from the mischievous, unconstity tional and oppressive interferance with th internal affairs of States, has in that respe reversed the vicious precedents of the Repul lican party, followed the course marked out the Federal Constitution, and to which th Democrats stand pledged, and it is therefor entitled in that particular to the approval all good citizens. The Democratic party New York reaffirm the following principles 8 forth in the platform adopted in 1874. no thrice indorsed by large majorities of th voters of this State Gold and silver the onl legal-tender no currency inconvertible wit coin; steady steps toward specie payments, n step backward the honest payment of th public debt in coin a sacred preservation the public faith revenue reform a tariff fo revenue only no government partnership wit protected monopolies home rule to limit an localize most zealously the few powers intrus ed to public servants, municipal, State an Federal no centralization equal and exa justice to all men no partial legislation, 11 partial taxation official accountability enforce by better civil and criminal remedies no pr vate use of public funds by public officers corporations cbartered by the State alway supervisable by the State in the interest of the people the party in power responsible for legislation while in power economy in publ expenses that labor may be lightly burdene Resolved, That we are opposed to the grantin of subsidies by the Government to corporation or individuals for the construction of railroad or other internal improvements as unnecessar beyond the scope of Federal power, and inev tably producing corruption. Resolved, Tha we congratulate the whole people of this Stat that. notwithstanding the suffering to which th laboring classes have been for years subjecte in spite of their failure to obtain remunerativ employment, and the bitter privations whic have been imposed upon them thereby, the have endured these calamities for the mo part with patience, without disorder or vi lation of the public peace, and we declare th: it IN through the beneficent operation of equ and just laws, favoring no one class at the pense of another, a stern refusal on the part legislative bodies to yield to the schemes grasping monopolies and the decrease of pul lic expenditures and taxation to the lowe practicable point-that the laboring classes the country (with whom the Democratic part has always strongly and intelligently symp thized), are mainly to find effectual and pe manent relief. Resolved. That we favor a un form and equitable excise law, having regar for and protective of the rightsof all the people accompanied by stringent provisions punishir its violation. Resolved, That we demand moi complete protection for the savings of the h dustrial classes by the stricter supervision an control of savings banks, insurance companie and other institutions in which the people money may be invested, and the enactmer of laws providing severe and certain punisl ment of all official neglect, extravagance fraud by which the people's earnings may endangered or lost. Resolved, That the d liberate refusal of the Republican majority the State Legislature, during two sessions, open defiance of the plainest and most peren tory mandates of the Constitution, to apportic the representation of the people of the Sta in the Senate and Assembly, in accordan with the census, isa reckless disregard of dut hitherto without precedent in our history, an aims a blow at the very root and foundation representative government. The final clau of the platform pledges the New York Dem cracy to follow the chief magistrate in can
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Sherman's Frosts. BOSTON, April 13.-The Cape Cod five cent savings' bank, at Harwich, to-day availed itself of the new bank law. NEW YORK, April 13.-Fellows, Forrester & Co., importers and dealers in watches, Maiden Lane, have suspended. Liabilities, $13,000; nominal assets, $150,000. PROVINCETOWN, Mass., April 13.-The Seamen's savings' bank has called on the bank commissioner to regulate its payments in conformity with the new law. BOSTON, Mass., April 13.-Henry P. Kilfreed, dealer in morocco leather, failed teday. Liabilities $100,000; assets light.