Shawmut National Bank (Boston, MA)

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Episode Information

Episode UID
58200875
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5820 national
Charter Number
582
Start Date
November 11, 1872
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
25f695d8db41b1af

Response Measures

None

Description

Reports state the bank failed to settle at the clearing-house and its vault was under the ruins after the Nov. 1872 Boston fire.

Events (3)
1. November 22, 1864 Chartered
Source
historical_nic
2. November 11, 1872 Suspension
Cause
Local Shock
Cause Details
Operations interrupted because the bank's vault/office was under the ruins of the Boston fire and unable to settle at the clearing house
Newspaper Excerpt
Three banks out of the seven that were burned failed to settle at the clearing-house - viz., the Shawmut ... vault under the ruins
Source
newspapers
3. November 25, 1898 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (7)
1. November 12, 1872 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, November 12, 1872

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BY TELEGRAPH. LATEST FROM ALL POINTS FOREIGN AND DOMESTIC NEWS THE BOSTON FIRE. Additional Particulars-Newspapers Destroyed -The Banks and Insurance Companies. Boston, November 11.-The following is the list of newspaper offices destroyed American Railway Times (weekly), American Union (weekly), American Workman (weekly), Ballou's Magazine (monthly), Boston Journal of Chemistry (monthly), Christian Monthly, Courier Weekly, Flag of our Union (weekly), Gleason's Home Circle (do), Good Templar (semi-monthly), Literary Companion (weekly), Masonic Monthly, Monthly Novellette, New England Postal Record, Oliver Optic's Magazine (weekly and monthly), Pathfinder Railway Guide (monthly), Pilot (weekly), Evening Gazette (weekly), Shoe and Leather Reporter (weekly), Student and Schoolmate (monthly), Sunday Courier, Tilton's Journal of Horticulture (monthly), Transcript (daily), Watchman and Reflector (weekly), Waverly Magazine, Yankee Blade(weekly), Youth's Companion (semi-monthly. Three banks out of the seven that were burned failed to settle at the clearing-house -viz., the Shawmut, Fireman's, and the North America. The Mount Vernon, Hide and Leather, and Everett banks saved most of their valuables. The savings banks are all secure. The local insurance companies will be able to pay about fifty per cent. on risks; but, capitalists coming forward liberally, all may be able to continue business. Their average loss is about $500,000 each -two reaching $900,000. All of the Providence companies say they will come out straight. The American and Mercantile, of Boston, will go on. The Boyleston must stop. The New Jersey companies lose only trifling amounts. The Continental Insurance company, of New York, has assets amounting to over $2,000,000. If the entire amount at risk within the district is a total loss, one-half of its surplus will pay for it. It is stated that only three insurance companies here have suspended-viz: the International, the Corn Exchange, and the Humboldt. President Oakley, of the Board of Underwriters, estimates the loss in Boston at not over $100,000,000. Later-Among the Ruins-Searching for the Dead-Incendiary Hanged-Others Arrested, &c., &c. Boston, November 12-12:30 A. M.The steam engines are busy to-night playing on the debris. All the streets leading thereto are strictly guarded. Although the city is dark and gloomy-there being no gas-large crowds hover in the vicinity of the runs. 3 A. M.-The streets are now perfectly quiet-250 soldiers now patrol the streets, and no one not having official authority from the commandant is allowed to pass the lines of infantry. One man who at-

2. November 12, 1872 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, November 12, 1872

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of them will be forced to suspend, and a good feeling now prevails. The Chicago calamity was much worse in its effects than this can be. NYM. A Financial Panic in New York-Universal Uneasiness and Numerous Suspensions. NEW YORK, November 11-Noon. The stock market is in a panic on account of the Boston disaster. Prices of all securities declined from 5 to 10 per cent. The following suspensions are announced: S. O. White, Pellot, Perry & Co., H. A. Wilcox, R. J. Kimball Co. These firms were all on the long side of the market, and their stocks were to day sold out under the rule. Stocks are now steadler, and It would appear that the worst is over. Gold opened at 114@114g. No information has yet been received regarding the action of the Treasury Department. EVENING.-Th panicky feeling is dying out, although but little business has been transacted to-day in wool, hardware, leather or dry goods. Judge Richardson, assistant secretary of the treasury, has been consulting with capitalists, and It is stated that Secretary from Boutwell has stopped the withdrawal the banks of the greenbacks deposited some time since to relieve the market. Gold is more at 132. The suspension of Bowles of has no upon Brothers, quiet London, effect rumored, this but market. Several failures are definite is known. dein stocks. Cotton, and pression nothing There groceries is great breadstuffs are without marked change, but wool, leather, boots and shoes are held in expectation of material advances. Better News from Washington. WASHINGTON, November 11. The secretary of the treasury this morning received a telegram from the president of the no Merchants' Bank o! Boston, saying, are is reason for a panic If the banks stand firm. The loss is large, but it falls upon persons who are able to to the secretary, telegram generally sustain dated it. New Another York this morning, says the disposition to create a panic is abated, and the writer gratuitously suggests that there Is no need for the secretary to fear anything financially. Information has been received that 80 far as the treasury is losses have by the and books concerned fire-the funds no been being sustained uninjured. It is thought at the treasury that the fire will produce no serious effect on the finances of the country. The probabilities are that Boutwell will not-interfere. The Cincinnati Bankers Cautious. CINCINNATI, November 11. The banks here are generally pursuing conservative course. They are accommodating their customers, but there seems to be a general disposition among them to act carefully until they can more accurately weigh the probable consequences ot the disaster. The Havoc Among the Banks. BOSTON, November 11. Three of the seven banks burned have falled to settle at the clearing house, namely the Shawmut, Fireman's and North American. The Mount Vernon, Hide and Leather and Everett Banks saved most of their valuables. The savings banks are all secure. A Staggering Blow to the Insurance Companies-Action of the Board of Underwriters. NEW YORK, November 11. all the Insurance Nearly with companies statements have their windows placarded of The heaviest losers are the who are the to large their condition. companies, best able stand it. The board of underwriters held a meeting and in order to prevent policyholders from to this morning, transferring their policies merchanother companies, advanced rates on dise cent. on all five cent. of the increase to fifty per per special risks, take of twenty- effect Hartimmediately. An insurance company ford, Conn., has bulletined at its office here that its losses by the Boston fire will not exceed one million, and that its financial status will not be affected thereby, its capital being five millions. It is stated that only three insurance companies here have suspended, namely, the International, the Corn Exchange and the Humboldt. President Oakley, of the board of underwriters, estimates the insurance loss in Boston to be net over one hundred million dollars. Not so Ead as It MightBe. BOSTON, November The local insurance companies will be able to about fifty per cent. of the losses, but are coming capitalists pay forward continue liberally, business. and they all may be able to The loss is about a loss average companies half nine million, hundred but the of two reach thousand each. It is believed that the insurance risks are more widely spread than at Chicago, and will not come 60 hard on the companies. The Losses in Philadelphia. PHILADELPHIA, November 11. The Insurance companies here lose about two millions.

3. November 12, 1872 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 12, 1872

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were socie The Bostett mails are received and for warded as usual. The military guard for the burnt district has been reinforced by a battalion of eavalry. Three banks out of the seven that were burned failed to settle at the clearing-houseviz., the Shawmut, Fireman's and the North America, The Monut Vernon, Hide and Leather, and Everett banks say most of their valuables. The savings banks are all secure. The local instituance companies will be able to pay about fifty per cent. on risks: but, capitalists coming forward liberally, may be able to continue business. Their average loss is about $500.000 pack rivo reaching $900,000. The Evening Transcript appeared to-day. printed at the Globe office. The Fire Started Again. BOSTON, November 11-2 A. M.-A gas explosion has again started the fire, which has crossed Washington street towards Temple place. The block corner of Wa-bington and Summer streets is doomed. The Fire Dace More Under Control. BOSTON, November 11-BA. -The fire is once more under control, being kept in the block between Summer and Avon streets of a A fireman has just tallen off the top building on Summer street. There were three explosions of gas at 3:30 A. M., the gas being only shut off from a portion of the city. Perfect order has been maintained generaliy in the streets. and the people begin of to be relieved from the terrible excitement fire. the uncertainty regarding the spread of the Newspaper offices restroyed. BOSTON, November ...The following list of the newspeper offices destroyed: a American RaftWay Times (weekly), American Union (weekly), American Workman Bos(weekly), Ballou's Magazine (monthly), ton Journal of Chemistry (monthly), Christian Monthly, Courier Weekly, Flag of Our Union (weekly), Gleason's Home Circle (weekly), Good Templar (semi-mouthly), Literary Companion (weekly), Masonic Monthly, Monthly Novelette, New England Postal Record, Oliver Optic's Magazine (weekly and monthly), Pathfinder Railway Evening Guide (monthly), Pilot (weekly), Gazette (weekly). Shoeand Leatlier Reporter (weekly), Student and Sché dimate (month- of Sunday Courier, Tilton's Journal Horticulture (y), (monthly). Transcript (daily) Watehman and Re flector (weekly), Waverly Youth's Magazine. Yankee Blade (weekly), Companion (=cmi-mouthiy). Number of Buildings Burned, &c. BOSTON, November 11.--- Nine hundred ar business housesand firms wereburned thirty out, and sixty dwelling and lodring-houses The Three hundred families are homeless. Parker Beening Gaz tte was med and the House The d tire unaged is now confined to the ruins, number and there is no apprehension. A large of engines are on the watch. Effect on the Gold and Stock Market. are NEW YORK, November 11. Stocks in consequence of the Boston fire. Prices panicky have declined from five to are ten per reThe following suspensions & Co.: cent. : S. V. White: Pellot. Perry all os ported A. Wileox R. J. Kimball Co.: account 11. long-side market. and for whose rule. the stocks were sold out under the that the stocks are now steadier, and it appears the worst is over. Gold opened at 114 to 1141. There of is the no information regarding the action the insuTreasury Department. their Nearly windows all plarance companies with statement have shown their candi- large carded The beaviest losers are stand the it. tion. who are best able to companies Later.- The panicky feeling is dy to-day out little business was transacted goods. though in leather hardware. or dry wool, Secretary of the Treasury stated RichAs-istant consulting with capitalists. stopped the ardson. Secretary Boutwell had greenbacks de withdrawal that from banks of market. some time since relieve The the su-penposited ismore quiet at 1184. has no Gold of Bowles Brothers, of Paris, natures are jon this market. Several known,and effect on but nothing detimite is it rumored. probably be only a rumor. may lated that only three insurance the com11 here have suspended- viz. 11 Inter- mopanies the Corn Exchange, and the Board of national, President Oakley, of the Boston Underwriters holds. estimates the loss in at not over $100,000,000. The Effect in Philadelphia. is November --There PHILADELOHIA, depressio in stocks. cotton, groceries, change. great but without marked held for and bread-tuils Wool. leather. boots, and shoes are it materia Board advance. of Underwriters held a meetThe morning, and in order to prevent poliing policy-holders this from transferring their the rates other companies advanced all speeies merchandise to filty per cent., and on effect cial on risks twenty-tive per cent., to take immediately. American Securities in London. November American securi- fire in LOSDOX, irregular. The news of the quoted ties are causes dullness. Bonds are 10-40's, Boston follows: 165's old. 901 '07 9243 87 us new 39 88: Erie's 10. (NOTE. Theabove dispatch was 12:18 received .M. the Associated Press office at six hours in in having been nearly by the to-day, Londou. It was delayed and cable transit companies, from probably believe in London, with a mahave every reason to general we purpose and as 8 part of a manlicious practiced by the cable system of fraud trusted employé, to swiedle Asagers, the press or and some public.-New York Agent sociated Effect Press.) OR the Leather Business. The YORK, November Gentlemen Boston in- do NEW the leather business in of the terested in the almost total destruction bring about not think business in that city will the cases leather except, perhaps, in stock held any of one suspensions or two small tirms. The by leading houses was small.

4. November 13, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 13, 1872

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NEWS BY MAIL. here are over two million dollars worth of churches building in New York. Fifty houses were burned by the patriot forces in Cuba the other day in attacking an inland town Rev. H. W. Beecher discoursed Sunday evening upon the Boston fire. He said that it was folly for any one to assert that either this fire or that at Chicago was a judgment upon any class of the inhabitants of those cities. Charlestown, S. C., has been free from yellow fever this season, not one death from that disease having occurred. The Old South Church has been utilized by turning it into a resting place for tired t. oops. The effects of the fire have extended to the hotels, as well as to almost every other branch of business. The number of boarders at the principal establishments of the kind has largely increased since Sunday, so that at the present time there is but little room for strangers. The savings banks of Boston are all safe. Their losses by the fire are very small indeed compared with their me ans. The visiting firemen came to Boston for work, says the Transcript. They had no holiday attire, but engines, officers and men never before looked so splendid as on this memorable occasion. The first official aid tendered to Boston was from Chicago. Her people gratefully remembered the generosity of Boston at the time of their own great calamity. The light of the great contigration on Saturday night was distinctly visible and attracted the attention of people resident sixty miles from Boston along the eastern coast, and al80 seventy miles in the interior country. It seems that in Virginia the straigh-out democrats received five votes in Richmond, five in Norfolk and twelve in Portsmouth. The Richmond Enquirer fears that Mr. O'Conor runs behind his ticket in Virginia. The only national banks in Boston that did not settle at the Clearing House, Monday, were the Bank of North American, vault under the ruins; Shawmut Bank, vault under the ruins, and Freeman's Bank, vault broken

5. November 20, 1872 The Somerset Herald Somerset, PA
Article from The Somerset Herald, November 20, 1872

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imity to the burning building, but despite the danger, the firemen soon had streams playing on the burning build ings. From Storm's establishment the flames rapidly communicated the extensive building on the corner of Summer and Washington streets occupied oa the ground floor by Messrs. Shreve, Crump & Lowe, jew elers and dealers in elegant gas fix tures. The upper stories were occupied by the Wheeler & Wilson sewing machine ware rooms, Lowell & Brett engravers, and by two or three custom tailors. Efforts to stay the progress of the flames were unavailable and in less than half an hour the inagnificent block on the corner of Summer and Washington streets were doomed The flames leaped from the windows and curled themselves about the earnices, and soon the vast pile was in a shroad of flame One gas explosion followed anoth er in rapid succession. Several soldiers and firemen were prostrated and several severely injured. A woman named Martha E. Hutchison jumped from a second story window to the pavement and was seriously injured, and her recovery is considered doubtful. The special train from Manehester N H. which arrived in this city at 5 o'clock brought two steam engines from the Amoskeag works, and a hose carriage, with men enough to run all three. One steamer is a self-propeller. and worked very handily. The men were fresh and went to work with great zeal. It was fortunate at this critical juncture that the steamers were on hand, for the water force at the hydrants was very small, hardly enough to force stream to the sec. ond story windows. Among the arrivals was an engine company of enty-five men from Biddeford, Me Had the proper authorities shut off the gas from the whole burned distriet early on Sunday morning, the present dreadful visitation would have been avoided. All the property along the line of W Tashington street which has now been destroyed, or is in imminent danger, would have been saved, had not explosions given the flames fresh encouragement. 5 A M The fire is now believed to be under good control, and unless very strong wind should spring up no more fresh fires are apprehended. 10 a. M. Jordan and Marh's store was saved, though at one time deelared a hopeless ease. Shreeve Crump & Low were burned out. Only three of the seven banks burned out failed to settle at the clear ing house to-day, the Shawmat Firemen's and North America being unable to get at their vaults. The Mr Vernon, Hide and Leather and Everett banks saved most of their valus. bles. The morning papers are almost exelusively filled with details of the great conflagration. The Adcertize estimates the loss at $80 000. and the Post and Journal place $100. 000.000. The Owl train from New York due at four this morning. arrived at seven with several car loads of roughs and thieves, who cleaned out all the restaurants and saloons, and committed other outrages. The Boston insurance companies will be able to pay an average of about fifty per cent. on their risks Capitalists are coming forth so liberally with offers of funds that there is some prospect of their going on without suspension. There average losess are in the neighborhood of five hundred thousand dollars, two or three reaching nine hundred thousand dollars The savings banks are all secure. A battallion of eavally has been added to the military guard of the burning district, which now numbers fifteen hundred men. All attempts at robbery and incendiarism will be summarily dealt with. The streets are almost impassable from the crowds in the vieinity of the fire. W ASHINGTON, November 11.-The Secretary of the Treasury this morning received a telegram from the President of the Merchants' Bank, Boston, saying, There is no reason for panie, if the banks stands firm The loss is large, but it falls on persons who are generally able to stand it." Another telegram to the Secretary, dated at New York this morning,says The disposition to create a panie is abated," and the writer gratuitously suggests that there is no need for the Secretary to do anything financially Information is received that the Treasury has sustained no losses by the fire. the funds and books being uninjured. The number of firms and business houses burned out is nine hundred and thirty. The number of dwellings and lodging houses sixty four. The insurance offices report losses as follows: $125,000 Firemen's Fund, of Cal. 45,000 Commerce, of Albany, 400,000 Queen, of London, net. 600,000 Etna, of Hardfort, These offices will pay in full. The North British, Hardfort, Phennix and National report that all their policies will be paid in full, and they will eentinue business. A general visit to the Boston insurance offices this morning reveals the fact that they have been hardly able to do anything today toward estimating and determining future steps. The fire is now confined to the ruins. and no fears are felt of a new outbreak. large number of steamers continue to work, reliefs of firemen taking turns. The Saturday Evening Gazette was among the papers burned out. James Tulley was arrested by a soldier early this morning while seting fire to building on Milk street.

6. November 28, 1872 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, November 28, 1872

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and a hopeful feeling prevailed everywhere. The number of firms and business houses burned out is 930. The number of dwellings and Jodging houses, GO. The Citizens' Relief Committee held meeting in the large committee-room in the a City Hall, at ten o'clock, Hon. Wm. Gray in the chair. Mayor Gaston read a number of telegrams from Chicago, Philadelphia, Cinand heartiest sympathy to Boston ing cinnati, the Indianapolis, elsewhere, extend- in her bereayment, and offering assistance. there were thousands require immediate city Mayor who believed would in The the the assistance so accepted. On motion of he Russell, should thought be it freely aid, offered Judge and was voted that it was that they should the of offers the meeting accept the sense 80 generously made, and that His Henor the Mayor be instructed to reply to the telegrams received with the sincerest thanks. The members of the shoeand leather trade held a meeting at noon to-day at the rooms, ex-Governor B. E. Cole said that the chair. of Trade Mr. Claflin Mayor in Board the and Aldermen had expressed willingness to grant any land belonging to the city for the use of the various branches of structures to accommodate They suggested temporary the ent necessities. Common trade, that, pres- for as was to be given to the dry goods trade, the shoe and leather trade might take the land on which Fort Hill formerly was. A Committee was appointed to examine the different locations, and report at a future meeting. A special session of the Legislature is to be called by the Governor, for the purpose of taking such action as may be required in the present condition of the city, e Shawmut, Firemen's and North American Banks were unable to get at their vaults. The Mount Vernon, Hide and Leather, and Everett Banks were saved, but lost their valuables, NEW YORK, November 11. All the insurance companies have bulletined statements of their losses and standing of which the annexed is a copy The /Etns, of Hartford, loss less than a million assets. 85,250.00. Relief, of New York, loss $56,000 capital unimpaired Williamsburgh City, loss $90,000 assets, $550,000. Resolute, loss $10,000. Commercial, loss $104,000 assets, $840,000. Colum bia, loss $75,000 assets. $440,000 Star, loss $150,000 assets, $40,000. Mechanics' loss 85,000. Firemen's loss $5,000. La fayette, loss $5,000. Phonexix, loss $450,000 assets, $2,032,191. Adriatic, loss 87,500 ; sets, $80,000. Niagara, loss $300,000; assets $1,000,000. Liverpool and London and Globe, loss 8600,000. This company has received disspatch from London to pay its losses and a on London, loss about erpool draw Hope, loss and the Liverpool office Queen, $300,000. of Livabout 850,000. American Central, of St. Louis, loss $15,000. Farmers' Mutual. of York, Pa., loss $5,000. Pennsylvania Underwriters', loss $15,000. American, loss, $300,000; assets 81,250,000. London Assurance, loss $100,000. Pennsylvani loss, Glo loss $300,000; assets, $1,250,000. $15,000. Orient. loss $150,000. National, loss $150,000. Exchange loss $15,000. At na, of New York, loss $30,000. Tradesman's loss $240,000; assets, $455,000. St. Nicholas, loss $15,000. National. loss $120,000; assets, $675,000. Lorillard. unimpaired. It is stated that the only insurance companies here that have suspended are the International, Relief, Corn Exchange, and Humboldt A general visit to Boston insurance offices this morning reveals the fact that they have been hardly able to do anything toward estimating and determining future steps. The fire is now confined to the ruins, and no fears are felt of a new outbreak. A large number of steamers continue to work, rellefs of firemen taking them. The Saturday Feeming Gazette was among the papers burned out The firms burned out the fire caused by the gas explosion s morning were James. Smith & Co., R. H. Stern & Co., and W. R. Storms & Co., on Summer street: Shrieve, Crump Lowe, corner Summer and Washington street; Wheeler & Wilson, in same building, and Stephenson's dry goods store on Washington street slightly damaged. A building in Central Court. occupied by Crosby, Moore & Foss, whose front is on Washington street, was burned down. The Park House was damaged a little, and there was injury by water to the store of Palmer, Jacobs & Co, on Washington street. BOSTON. November 11. Four insurance offices report losses as follows: $125, 000: Commerce, Firemens' of Fund. Albany, of California, $45,000; Queen, of London, net. $400,000; Atna. of Hartord, $600,000. These offices will pay in full. The North British, Hartford, Phonix and National report that all their policies will be paid in full and they will continue business. k -At the great Industrial Exhibition at 8 Moscow, American steam fire engines took the first premium. We also learn from a German paper that 1,500 American year I mowers and reapers were sold last in one single city in Germany.

7. November 5, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, November 5, 1873

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# HOW THE COUNTRY STANDS THE CRASH. Items About Finance, Trade and Workshops, The Evening Post of the 28th says of the situation in New York: Whatever change there is in the general situation seems to be for the better. It is certain that the banks are improving, the gain in legal tender notes, according to this morning's report to the Clearing House, having been over one million dollars. In a few days the pooling of legal tenders by the banks will be discontinued, and a very large gain, will then, it is thought, be apparent. The Times says: In regard to the November dividends upon railroad bonds and stocks, we have reason to suppose that the defaulters will be less numerous than apprehended a fortnight ago, owing to the improvement in the bank movement and supply of currency. Earnest efforts are being made to provide the interests of several railroad loans of comparatively recent creation, which seems to be imperiled by the suspension of the bankers of the roads in September. New York funds are reported more plenty at Boston, and the banks of both cities will no doubt resume currency payment in full at the same time. Indeed at Boston the banks claim that they have already resumed in full. In Philadelphia the payments of currency are also nearly up to the demand. Nearly all whose necessities require currency get it on demand. A Washington dispatch of the 28th says: Representative Kelly, of Philadelphia, arrived here to-day, and this afternoon had quite an interview with the President on the condition of National finances. His well known views in favor of a convertible bond by which the forty-four millions of legal tenders can be issued, found no little favor with the President, who, recent other facts indicate, is much more in accord with Judge Kelly's inflation policy than the latter had expected. Serious results of the panic are felt along the Hudson. The extensive brick yards near Poughkeepsie have all stopped, and employing carpenters and manufacturers are working with half the usual force. The extensive paint works of Gardner & Co., at Little Falls, Cohese, Rochester, Pleasant Valley, Newberg, and Haverstraw stopped Saturday, and 10,000 men are out of employment. The firms paid $500,000 a month to employees. Factories in other places have either stopped or reduced time and wages.