Sandwich Savings Bank (Sandwich, MA)

Episode Information

Episode UID
5923985890933
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
592398589 hash
Start Date
September 1, 1877*
Location
Sandwich, Massachusetts (41.759, -70.494)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7e2dae2dac932985

Response Measures

None

Description

Suspension in Sept 1877 tied to mortgage/real-estate losses; later receiver removed for deficiencies (embezzlement/shortage).

Events (4)

1. September 1, 1877* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses from depreciation of real-estate and mortgage collateral in Boston area led to insolvency and suspension.
Newspaper Excerpt
The Sandwich Savings Bank of Boston Mass. with deposits aggregating $1,100,000, has been declared insolvent.
Source
newspapers
2. September 27, 1877 Other
Newspaper Excerpt
The suspension of the savings bank at Sandwich caused a run upon the Barnstable Savings Bank, which has closed its doors.
Source
newspapers
3. April 3, 1881 Receivership
Newspaper Excerpt
The Attorney-General has filed ... a petition for the removal of John B. D. Cogswell from the position of Receiver of the Sandwich Savings Bank.
Source
newspapers
4. May 10, 1881 Receivership
Newspaper Excerpt
John B. D. Coggswell has been removed from the receivership of the Sandwich Savings Bank because of deficiencies in his accounts amounting to $2,600.
Source
newspapers

Newspaper Articles (12)

Article from Stevens County Tribune, September 6, 1877

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September 4th The Pennsylvania Ceal Company's miners have resolved to resume labor when they get 10 per cent, advance. The old John Brown monument at Ossawattomie Kansas, was dedicated on the 30th in presence of ten thousand people. The sixth Baltimore regiment, two companies of which did the fatal shooting at the beginning of the strike, has disbanded. A dreadful fire has occurred in the Rosario mine near the city of Mexico, in which 24 lives were lost and many persons injured. The coal miners strike in Lehigh valley is virtually ended the late reduction of wages having generally been restored to the laborers. It is reported that the Baltimore & Ohio railroad company have negotiated a loan in London sufficient to fund the floating debt and leave a surplus. In the grand parade of the Knights Templars at Cleveland on the 28th, there were 175 commanderies in line numbering not less than 8,000 swords. The Public Printer has discharged a onsiderable number of printers and other employes of the government printing office at Washington. The famine alone has already cost the government of India eight million pounds sterling, and is costing five hundred thousand pounds per month. An agent of the American bridge Co., at Omaha, says the broken span of the bridge will be replaced by trestle work and Howe truss inside of twenty days. The U. S. consul at Liverpool, has informed the State Department that neither skilled nor unskilled workmen from abroad can find employment in England. Twenty-five carpenters, the last of the 300 under engagement for three years with the Manchester building firm. sailed from New York for England on the 28th. The prospects of a large fall trade in St. Louis are reported to be extraordinary good, and it is believed the volume of trade will be greater even than before the panic of 1873. The Cincinnati Hamilton & Dayton Railroad proposes hereafter to make ninety miles a day's run instead of sixty as heretofore, and a strike among the freight engineers and brakemen is imminent. The Indians heretofore reported as having turned back under Joseph to fight Howard, were merely on a horse-stealing expedition. They came within 25 miles of Virginia City and drove off 300 horses from Madison Valley. The Sandwich Savings Bank of Boston Mass. with deposits aggregating $1,100,000,has been declared insolvent. The difficulty is said to be due to shrinkage in value of property in Boston and other places on which mortgages valued at $400,000 are held. Howard had a slight skirmish with Joseph's band on the 20th, in which one man was killed and seven wounded. The same night the Indians stole 200 of Howard's horses. The Montana volunteers are returning home disgusted, many of them on foot. As rike of the miners of the Philadelphia & Reading Coal and Iron Company has been quashed by the announcement that the wages for August would be an advance of ten per cent. on July rates. In consequence, a better feeling prevails in the Schuylkill reigon. Since Brigham Young's death the government of the Mormon Church has passed into the hands of the twelve apostles, two of whom, Joseph Smith and Orson Pratt, are in England. It is not likely a president of the Church will be appointed for some time. The Papal bull regulating the procedure to be observed by the conclave of cardinals in case of the death of the Pope, has been completed at the Vatican. It empowers Cardinal Camerlandi to summon a conclave immediately or await the arrival of foreign cardinals. At Des Moines Iowa, on the 31st, during the consideration of the famous Iowa Central Railroad case, the charges of Isaac M. Cate of Boston affecting the fairness and impartiality of Judge Dillon's judicial action were considered and pronounced untrue, by the counsel engaged therein. An incendiary fire broke out on the afternoon of the 31st ult., in the town of Paris, Texas, which destroyed a large portion of the city, and resulted in the loss of several lives. The loss is estimated at from $1,000,000 to $1,300,000. The supposed incendiary has been arrested and lodged in jail. Gen Terry having reported at Washington that Sitting Bull with 1300 warriors had crossed the line, the proceedings in reference to appointing a commission to arrange for his return has been temporarily suspended. Sitting Bull is encamped between the Uilk & Missouri River near the Little Rocky Mountains. A train on the Missouri Pacific railway, at a road crossing near Laclede, about eight miles from St. Louis, on the 28th, ran into a covered wagon containing W. F. Richy, wife and two children. Richy was killed instantly, his wife died in a few minutes, one of the children is fatally injured, and the older had a thigh broken. The strike, which was imminent among the employes of the Cincinnati Hamilton & Dayton Railroads on account of the road's lengthening a day's run to ninety miles instead of sixty as before, with extra compensation for the labor, has been quashed by the road's acceding to the demands of the men who waited in a body upon President Shoemaker and explaining the situation to him. The order for increases distance was thereupon promptly revoked. The bar Association of Cleveland Ohio have telegraphed Gov. Grover of Oregon, now U. S. Senator from that State, relative to W. B. Higbee who is proclaimed by members of the association without regard to party, as an unmitigated liar, charged with forgery and embezzlement, obtaining money under false pretenses and adultry, and as having been expelled from the association. Higbee had made affidavit before Morton's investigating committee that money had been used to influence Grover's election to the U. S. Senate. On the 26th, Lieut. Schofield from the top of Mount Washburn Montana, observed the Indians when they killed a party of white men and captured and carried off two women and one man in Grizer basin. Short-


Article from Alexandria Gazette, September 27, 1877

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jail for being implicated in the recen of the county treasury, has confesse county auditor, J. T. Smith, was the p permitted to bind and gag Myer terwards rob the safe of what money It appears from the confession that 1 had been heretofore abstracted from with Myers' knowledge, and probable A dispatch dated last night says in the past twenty-four hour at Fe Five new cases are reported. among 1 C. Grossman, Collector CI Custom of the most active workers on the Committee. Dr. McFarland thinks is over if the people can b3 deterred turning before frost. At Oldtown, 8 Fernandina, over half 01 the popul down with the faver. At Philadelphia yesterday John 8. president; B. F. Stokes, secretary, an P. Huhn, treasurer of the Market Str road Company, together with George private secretary to Morton, were ETT charge of conspiracy to cheat and de company. The arrests were made at gation of the newly appointed office company. Some 01 the parties gare the others were held. It is now ascertained that the Rev. Page, author of the history of Camb $25,000 by the late robbery of the Ca port National Bank, of which 000 gotiable bonds, and the balance in see various kinds. The available plunder box was greater than all the rest obtain robbery. It is supposed there are par the city, who have yet to discover thei Rufus Hatch sent a communication President of the N.Y. cigar exchange stating that he W&S unable to settle the against him on account of the stock, for his account, under the rule or within 24 hours, which the rules CT the allow. He hoped, however, to be at the account soon. A dispatch from Boaton this morni L. Prang & Co.'s large chromo establ Highland district, is on fire and will be destroyed. The building is filled able plates, chromos, &c. The loss will exceed $50,000. The democratic convention of Wise yesterday at Fond du Lac and adoj getic resolutions. The nominations Mallory for Governor: R. E. Davis Governor; James B. Hayes for Se State; John Ringle for Tressurer. A prize will te offered to the best drl ey company at the South Carolina St: November-open to the United St President and his Cabinet are exper present. Mr. Alexander H. Stephens visited dent yesterday, and urged the appoir Herschel V. Johnson to the VRORDCY premo Bench. Mr. John H. Lowe, deputy clerk of States Court in Baltimore city, died su heart disease, at Easton, Md, yesterds The msgnificent residence of Judg Dickinson, in Prince Edward ent burned Tuesday evening Bonnett, Schenck and Earls manut New York, have ta Ted. Liabilities $ Col. T. R. Sharp has not resigned hi as master of transportation of the B. : Another Savings Bank Nus PROVINCETOWN, MASS., Sept. 27. past month a run has been made on stable Savings Bank, occasioned by caused by the suspension of the Sav Sandwich. The facts as nearly ascertained at present are as follows paid off depositors to the amount of the managers availed themselves 01 th notice required and up to Monday been made amounting 10 $175,000 gether with what DAS already seen caused the suspension, it W/ im realize 3 quarter of a million of dolla great sacrifice and seriously, impair stitution; and the other depositors thought it best 10 suspend and call commissioners, 9 ad the bank closed i Tuesday. Mar ay of the investments estate in Bor ,ton and vicioity. and on depreciatic D in value the bank has lo Notwith standing these losses by justi agems at the bank was thought to ! cond ition until this run was mede. div idends for a year or two The bank oly be able to pay dollar or dollar. "No VACANCY.' ne late John for many years the pa rtner of Frand in The Washington Globe, was a man in various ys. To una)mme sense and admir able business and ability be added such personal qual cially as a raco oteur, as rendered hi prized and alv ays welcome guest a of Presider_ts, Cabinet ministers, men of 8'.1 sorts at the capital. The the full lowing story of Major Selan who from 1827 to 1829 was a memb g 89, and who 00 the accession of on to the Presidency was made As master General, which position he 1850: Major Hobbie, like many of our P officials, was ever ready with the ta "No vacancy," to all applicants for Rives said the major had promised a friend of his to the first vacancy, called on him repeatedly to fulfill th but the invariable answer, "No vac the notil had about concl


Article from The Sun, September 28, 1877

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Now it is from Massachusetts that we hear of savings bank troubles. It appears that the suspension of the Sandwich Savings Bank caused a run upon the Barnstable Savings Bank, which has closed its doors, after the depositors had drawn out $75,000 and called for $175,000 more. The Massachusetts savings banks have heretofore stood very high, and have commanded their full share of confidence: and even now it is from only a few of the smaller concerns that unpleasant news is pubfished.


Article from The New York Herald, September 28, 1877

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AFTER A RUN. PROVINCETOWN, Mass., Sept. 27, 1877. For the past month a run has been made on the Barnstable Savings Bank, occasioned by the scare tollowing the suspension of the savings bank at Sandwich. The facts, as nearly as can be ascertained at present, are as follows:-After having paid off depositors to the amount of $75,000 the managers availed themselves of the month's notice required, and up to Monday calls had been made amounting to $175,000. This, together with what had already been paid off, caused the suspension, as It was impossible to realize $250,000 without a great sacrifice. and seriously impairing the institution. The other depositors therefore thought it best to suspend and call upon the Commissioners, and the bank closed its doors on Tuesday. Many of the investments are in real estate in Boston and vicinity, and on account of depreciation in value the bank has lost heavily. Notwithstanding these heavy losses the bank was thought to be in a good condition until this run was made. By paying no dividends for a year or two the bank will probably be able to pay dollar for dollar.


Article from The Daily Gazette, September 29, 1877

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Hayes got cheers from some of the Democrats of the South, but be gets curses from his Republican party associates at the North. He is going to have a hard time, of it, and one of the first and bitterest of the pills be will have to swallow will be the defeat of the Fepublican ticket in his own State of Ohio. Honest John Sherman writes to the Chairman of the State Committee, imploring his party to carry Ohio, his restless anxiety appearing in every sentence of his letter for he knows what a rebuke Democratic success there will be. But the Republibans are cold and demoralized and they will r ,fuse to respond to the entreaties of Sherman. Now it is from Massachusetts that we hear of savings bank troubles. It appears that the suspension of the Sandwich Savings Bank caused a run upon the Barnstable Savings, Bank, which has closed its doors. the. depositore had drawn out $75,000 and called for $175,000 more. The Massachusetts srvings banks ha ve heretofore stood very high, and have commanded their full share of confidence and even now it is from only a few of the S maller concerns that unpleasant news is published.


Article from The Bossier Banner, October 30, 1879

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Another rotten pillar of Republi- canism has fallen. Gen. Coggswell, Speaker of the Massachusetts Sen- ate, embezzled $12,000 while acting as Receiver of the Sandwich Savings Bank.


Article from New-York Tribune, April 3, 1881

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TELEGRAPHIC NOTES. ADJOURNMENT OF THE TEXAS LEGISLATURE. AUSTIN. Tex., April 2.-The Legislature adjourned sine die at 3 p. m. yesterday. REPUBLICAN NOMINATIONS AT TRENTON. TRENTON, N.J., April -Adam Eaton was nominated by the City Republican Convention for Mayor, and William Hancock for school superintendent. BORDENTOWN'S ANNIVERSARY CELEBRATION. BORDENTOWN. N. J., April 2.-Flags were displayed on the various public places here to-day, it being the two hundredth anniversary of the settlement of Bordentown. NOT TO BECOME A LAW. LONG BRANCH. N. J., April 2.-Governor Ludlow has refused to sign the bill passed by the Legislature, which called for the division of the corporation into wards, as it did not keep up in letter to the new Constitution, which prohibits special laws or legislation. KILLED BY A RUNAWAY TEAM. GALVESTON. April 2.-A dispatch from Hearne to The News saysthat Mr. Bishop, an oid and respected citizen, was thrown from his wagon to-day, and was run over and killed by the frightened team of horses. His two daughters and grandchild narrowly escaped death. MORE ENTRIES FOR A STALLION RACE. BOSTON, April 2.--In addition to the entries already made in the great station raca for a purse of $10,000. offered by W. P. Balch, the station Monroe, Chief, of Chicago, and the station Bonesetter, have been entered. The latter, which has a record of 2;13, is entered by H. V. Bemis, of Chicago. TAKING HIS LIFE IN A HOTEL AT BALTIMORE. BALTIMORE, April - A yondg man well dressed, and wearing a light brown mustache, who registered his name as J. P. Ames, of Pittsburg, Penn., at Pepper's Hotel, this city, on Tuesday last. committed suicide to-da by shooting himself through the head. In his pocket was found a bill of the Bolten Hotel. as Harrisburg. Penn., dated April 1. ASKING FOR THE REMOVAL OF A BANK RECEIVER. BOSTON, April 2.-The Attorney-General has filed in the supreme Court, Equity Session. a perition for the re. moval of John B. D. Cogswell from the position of Receiver of the Sandwich Savings Bank. This pelition is based on the request of the Savings Bank who are not satis. ned with Mr. Cogswell's management of the adairs of the bank.


Article from Evening Star, May 10, 1881

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Short $2,600. BOSTON, May 10.-Hon. John B. D. Coggsweit has been removed from the receivership of the Sandwich Savings Bank because of deficiencies in his accounts amounting to $2,600. He was given time in which to refund, but falled to do so.


Article from Wheeling Register, May 11, 1881

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THENEWS Of the Day In Pithy Paragraphs. The statement of the Imperial Bank of Germany shows a decrease in specie of 1,660,000 marks. A correspondent with Gen. Vincendori's brigade says the cam psign against the Kroumiers is over, and that against Tunis has bes u 1. Eighty employees in Back & Co.'s machine shops at Hayrenth, N J., have struck for an advance of 25 cents per day. As yet no terms have been made. At Kincardin, Ontario, yesterday morning. two men named Brownscombe and Spindler, while repairing an old well, were overcome by the foul air and perished. The jury in the case of Samuel Garret, Sr., a commissioner of Schuylkill county. Pa, charged with embezzlement of the funds of the county, has returned a verdiet of not analyt. On Saturday in the Palmer and Sullivan camp, near Acowbaro, Mexico, Engineer Sackerider became insane and killed Engineers Martin and Jones. Sackerider was killed by a party named Filley. Hon. John B. D. Coggewell has been removed from the receivership of the Sandwich (Mass.) Savings Bank because of deficiencies in his accounts amounting to $26,000. He was given time to returnd but failed to do so.


Article from The Windham County Reformer, May 13, 1881

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J. B. D. COGSWELL, ex-president of the Massachusetts Senate, has just been removed from the receivership of the Sandwich savings bank because he is a defaulter for $2600. He is a fair speci- men of the men whom the "spoils" of politics have brought to the surface for the past few years.


Article from Warren Sheaf, May 18, 1881

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WEEKLY RECORD OF CRIMES. At Philadelphia recently an infuriated German, named Frank Thuma, instantly killed his wife at their home, 2230 Mutler street. He then hanged himself. Joseph Keneback, a Hungarian, was arrested on board the steamer Batavia, at Boston, charged with the larceny of 11,000 guilders from the Hunigarian government. Dr. H. D. Bullard of Delavan, Wis., has been arrested on a charge of exacting exhorbitant fees for the collection of pensions. The regular fee is $100 and Bullard always demanded and received $200. Hon. John B. Coggswell has been removed from the receivership on the Sandwich, Mass., savings bank because of deficiencies in his accounts, amounting to $2,060. He was given time to refund, but failed to do it. The United States grand jury, at Denver, found indictments against Berry, A. Meacham and Kline, as accessories, and five Utes, Hoane, Peap, Cabo, Henry and Nuquo as principles, in the murder of A. D. Jackson. In Spartansburg county, S. C., W. H. Hicke; aged thirty years, killed his wife, first shooting her and then cutting her throat. He immediately made two attempts at suicide by cutting his own throat. Hicks was arrested. Frank Winniman, a seventeen-year-old boy, who has for some time past carried the mail between Newburg and Washington county, Wis., pleaded guilty in the United States court to robbing the mails, and was sentenced to two years in the Chester, Ill., state prison. James B. Doyle of Bradford, Ill., who acquired distinction as a forger of government bonds, and whose workmanship was only distinguishable from the genuine by being superior thereto, was brought before Judge Blodgett's court at Chicago, and gave bonds in the sum of $20,000. M. Erickson and H.C. Hanson, doing a dairy business at Manitowoc, Wis., under the firm name of M. Erickson & Co., were arrested on a charge of embezzlement. The complaint is made by A. M. Osborne & Co., of Chicago, and the amount embleezed is placed at $3,000. Both were held in $800 bail. A dispatch from Black River Falls, Wis., gives an account of a fracas at that place between Mr. Castle of the Wisconsin Independent and F. F. Hollister of the Jackson county Democrat, who formerly published a paper at. Waseca, Minn., growing out of unwaranted personal abuse of each other in the columns of their respective papers. The account says that Hollieter got the worst of it. Alexander Jonas, editor of the New York Volkszeitung, was recently arrested at Dresden. He was suspected of traveling in the interest of socialists. His baggage was searched and private papers taken, and he was not allowed to leave Dresden. After nine days, however, his papers were restored, as no proof of alleged suspicion was found. He has now applied to United States Minister White for redress. White has submitted the matter to the Berlin foreign office. A young lawyer by the name of D. M. Smith, living in Conway, Ark., took advantage of the absence of Mr. and Mrs. J. E. Martin, who had gone on the excursion to New Orleans, to inveigle their little daughter Jessie, aged twelve years, a cousin to the young man, to his room, and there ravished her. Maj. Bolton wishing to use the room for some purpose went to the door and tried to enter, but failing suspicions were aroused and he watched the room, and he saw the young man and girl come out. He told Col. Lincoln, the girl's uncle, and upon an examination the girl confessed everything and stated that Smith had threatened murder if she told. Smith, finding that he was suspected fled to the woods, where he was found and captured by indignant citizens. He is under strong guard, but it is feared he will be lynched. The parties are of the best in the community. FIRES AND OTHER CASUALTIES. Jack Ward was drowned on Hill Bros. & Lambert's Platte river drive recently. His body was recovered soon after. His parents are supposed to live in Allamakee county, lowa. A building in Chicago, owned by the American Cutlery company, was burned with considerable stock and machinery. Lose, $25,000 to $30,000; insured for $69,000 in thirty companies. CURRENT EVENTS.


Article from The Northern Pacific Farmer, May 19, 1881

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WEEKLY RECORD OF CRIMES. At Philadelphia recently an infuriated German, named Frank Thuma, instantly killed his wife at their home, 2230 Mutler street. He then hanged himself. Joseph Keneback, a Hungarian, was arrested on board the steamer Batavia, at Boston, charged with the larceny of 11,000 guilders from the Hunigarian government. At Louisville, Ky., John Ferguson and Alex. Hawkins quarreled in a restaurant, when the latter threw a hatchet at Ferguson, crushing his head so it is thought he will die. Dr. H. D. Bullard of Delavan, Wis., has been arrested on a charge of exacting exhorbitant fees for the collection of pensions. The regular fee is $100 and Bullard always demanded and received $200. Hon. John B. Coggswell has been removed from the receivership on the Sandwich, Mass., savings bank because of deficiencies in his accounts, amounting to $2,060. He was given time to refund, but failed to do it. In Spartansburg county, C., W. H. Hicks, aged thirty years, killed his wife, first shooting her and then cutting her throat He immediately made two attempts at suicide by cutting his own throat. Hicks was arrested. A Dallas, Texas, dispatch says: J. B. T. Lygo has been arrested and charged with obstructing letters addressed to Miss Lizzie Sloan, his guest and an important witness in several cases of his against an insurance company. Miss Sloan belongs to Minnesota. Frank Winniman, a seventeen-year-old boy, who has for some time past carried the mail between Newburg and Washington county, Wis., pleaded guilty in the United States court to robbing the mails, and was sentenced to two years in the Chester, III., state prison. A dispatch from Black River Falls, Wia., gives an account of a fracas at that place between Mr. Castle of the Wisconsin Independent and F. F. Hollister of the Jackson county Democrat, who formerly published a paper at Waseca,Minn., growing out of unwaranted personal abuse of each other in the columns of their respective papers. The account says that Hollister got the worst of it. Alexander Jonas, editor of the New York Volkezeitung, was recently arrested at Dresden. He was suspected of traveling in the interest of socialists. His baggage was searched and private papers taken, and he was not allowed to leave Dreaden. After nine days, however, his papers were restored, as 110 proof of alleged suspicion was found. He has now applied to United States Minister White for redress. White has submitted the matter to the Berlin foreign office.