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The Milford, N. H., Savings Bank suspended payment this morning. The bank has deposits of about $900,000 and a guarantee fund of $21,000 and should be able to resume business when general conditions improve and pay all depositors in full.
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SAVINGS BANK IN TROUBLF. Severe Losses in the West is Ascribed as the Cause. NASHUA, June 12.-The Milford Savings Bank was today enjoined from doing business by bank commissioners Lyford and Baker. The deposits in the institution amount to $90,000. Of late, the withdrawals have been heavy and the bank has also suffered severe losses in the West, where it had large interests. Dr. W. H. H. Hinds is president of the bank, and W. M. Knowlton, treasurer.
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A BANK IN MILFORD, N. H., SUSPENDED. Milford, N. H., June 12.-The Milford Savings Bank suspended payment this morning. Bank Commissioners Tyford and Baker on Tuesday afternoon served an injunction on the bank, restraining It from receiving or paying deposits. This action was made necessary by the large number of notices of withdrawal of deposits by non-residents, timid depositors and others, who were dissatisfied with the 3 per cent interest that was paid. These payments could not be made without selling Interest-bearing securities at a sacrifice, which would imperil the principal of the other depositors. The bank has deposits of about $300,000 and a guarantee fund of $21,000, and it should be able to resume business when general conditions improve and pay all depositors in full.
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MILFORD SAVINGS BANK Suspends as the Result of Injunction by Bank Examiners. Milford, N. H., June 12.-The Milford Savings bank suspended payment this morning. Bank Commissioners Tyford and Baker on Tuesday afternoon served a court injunction on the Savings bank, restraining the institution from receiving or paying deposits. The order is made by request of the board of trustees to the bank commissioners. This action was made necessary by the large number of notices of withdrawal of deposits by non-resident time depositors and others who were dissatisfied with the rate of 3 per cent interest. These payments could not be made without selling interestbearing securities at a sacrifice, which would imperil the principal depositors. It was deemed better to suspend rather than to lessen the ability of the bank to pay every depositor in full. The demands on the bank were heavy during the panic of 1893, and have continued S) since. It had a steadily improving busi. ness until the closing of the neighboring banks caused many withdrawals, thereby forcing the present position, which otherwise would not have occurred. The bank has deposits of about $900,000 and a guarantee fund of $21,000, and should be able to resume business when the general conditions improve and pay all depositors in ful.
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THE MILFORD BANK SUSPENDS Payment Through the Request of the Board of Directors. By Southern Associated Preas. MILFORD, N. H., June 12. --The Mil ford Savings Bank suspended payment this morning. Bank Commissioners Tyford and Baker on Tuesday afternoon served a court injunction on the Savings Bank, restraining the institu tion from receiving or paying deposits. The order IS made by request of the Board of Trustees to the Bank Commissioners. This action was made necessary by the large numbers of notices of withdrawal of deposits by non-residents, who were dissatisfied with the rate of 3 per cent. interest. These payments could not be made without selling in terest bearing securities at a sacrifice, which would imperil the principal of other depositors. It was deemed better to suspend rather than to lessen the ability of the bank to pay every depositor in full. The demands on the bank were heavy during the panic of 1893 and have continued since.
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NEW HAMPSHIRE BANK SUSPENDS, Three Per Cent. Interest the Trouble-Many Withdrawals, MILFORD, N. H., June 12.-The Milford Savings Bank suspended payment this morning. Bank Commissioners Tyford and Baker on yesterday afternoon served a court injunction on the Savings Bank, restraining the institution from receiving or paying deposits. The order is made by request of the board of trustees to the bank commissioners. This action was made necessary by the large number of notices of withdrawal of deposits by non-residents, timid depositors and others who were dissatisfied with the rate of 3 per cent. interest. These payments could not be made without selling interest-bearing securities at a sacrifice, which would imperil the principal of the other depositors. It was deemed better to suspend rather than to lessen the ability of the bank to pay every depositor in full. The demands on the bank were heavy during the panic of 1893, and have contimued since. A steadily improving business until the closing of neighboring banks caused many withdrawals, thereby forcing the present position, which otherwise would not have occurred. The bank has deposits of about $900,000 and a guarantee fund of $21,000. and should be able to resume business when general ccnditons improve and pay all depositors in full.
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A SAVINGS BANK SUSPENDS. Numerous Notices of Withdrawals Cause the Suspension. Milford, N. H., June 12.-The Milford Savings Bank suspended payment this morning. Bank Commissioners Tyford and Baker yesterday afternoon served a court injunction on the savings bank, restraining the institution from receiving or paying deposits. The order is made by request of the board of trustees to the bank commissioners. This action was made necessary by the large number of notices of withdrawal of deposits by non-residents, timid depositors and others, who were dissatisfied with the rate of 3 per cent. interest. These payments could not be made without selling interest-bearing securities at a sacrifice, which would imperil the principal of the other depositors. It was deemed better to suspend rather than to lessen the ability of the bank to pay every depositor in full. The demands on the bank were heavy during the panic of 1893, and have continued since. A steadily improving business was done until the closing of neighboring banks caused many withdrawals, thereby forcing the present position, which otherwise would not have occurred. The bank has deposits of about $900,000. and a guarantee fund of $21,000, and should be able to resume business when general conditions improve and pay all depositors in full.
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GRANITE STATE BANK SUSPENDS. Savings Institution Enjoined from Receiving or Paying Deposits. MILFORD, N. H., June 12.-The Milford Savings Bank suspended payment this morning. Bank Commissioners Tyford and Baker on yesterday afternoon served a court injunction on the bank, restraining the institution from receiving or paying deposits. The order is made by request of the Board of Trustees to the bank commissioners. This action was made necessary by the large number of notices of withdrawal of deposits by non-residents, timid depositors, and others, who were dissatisfied with the rate of 3 per cent. interest. These payments could not be made without selling interest-bearing securities at a sacrifice, which would imperil the principal of the other depositors. It was deemed better to suspend, rather than to lessen the ability of the bank to pay every depositor in full. The demands on the bank were heavy during the panic of 1893, and have continued 80 since. There was a steadily improving business until the closing of neighboring banks caused many withdrawals, thereby forcing the present posilion, which otherwise would not have occurred. The bank has deposits of about $900,000, and a guarantee fund of $21,000, and should be able to resume business when general conditions improve, and pay all depositors in full.
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Will Settle In Full. MILFORD, N. H., June 13.-The Milford Savings bank suspended payment yesterday. The bank has deposits of about $900,000 and a guarantee fund of $21,000 and should be able to resume business when general conditions improve, and pay all depositors in full.
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Milford, N. H., Bank Suspends Payment. The Milford, N. H., savings bank suspended payment Wednesday, a court injunction having been served on the bank restraining the institution from receiving or paying deposits. This action was made necessary by the large number of notices of withdrawal of deposits by non-residents, timid depositors and others who were dissatisfied with the rate of three per cent interest. It was deemed better to suspend rather than lessen the ability of the bank to pay every depositor in full. The bank has deposits of about $900,000 and a guarantee fund of $21,000.
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PETITIONS FOR A RECEIVER Frank Hartshorn Brings [Action Against Medford Savings Bank. Frank Hartshorn in the district court yesterday filed a petition through Stanley, Vermilion & Evans, asking that a receiver be appointed for the Milford Savings Bank of New Hampshire. Hartshorn alleges that the bank is indebted to him in the sum of $1,174 and that the company is insolvent and cannot pay its debts. The concern has property in this county, and the petition prays for the appointment of a local receiver.
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AFFAIRS CLOSED. Bank Failures of 1893 Wound Up By Assignees. Manchester. N. H.. April 10.-The affairs of the Milford Savings Bank of Milford: Wilton Savings Bank of Wilton and Bank of New England of this city, have been wound up by the assignees who, today. filed their final accounting in the Hillsboro county court. The Bank of New England depositors received 96 per cent. of their deposits; the Milford Bank has paid 99 per cent. and the Wilton Bank, 85 per cent. All three failed as the result of the 1893 panic which closed dozens of New Hampshire institutions.
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DEPOSITORS IN FAILED BANK RECEIVE 99 CENTS ON DOLLAR Milford, N. H., May 3.-Assignee Carl E. Knight of the Milford Savings bank today paid a final dividend of four per cent to depositors. thus closing out the affairs of the stitution. The bank had assets of $1,500,000 in 1893. the year of the panic, which forced the bank to close its doors. Depositors received in all 99 cents on the dollar.