Rockport Savings Bank (Rockport, MA)

Episode Information

Episode UID
6557224090938
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
655722409 hash
Start Date
February 9, 1878
Location
Rockport, Massachusetts (42.656, -70.620)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
008647a10b8051d0

Response Measures

None

Description

Articles report the bank was enjoined from doing business by court action; later disposition not described in these clippings.

Events (1)
1. February 9, 1878 Suspension
Cause
Government Action
Cause Details
Court injunction enjoining the bank from doing further business; cited unsafe condition caused by gradual decrease of business and decline in real-estate values.
Newspaper Excerpt
The Dorchester Savings bank, of Dorchester, and the Rockport Savings bank, were both enjoined from doing further business.
Source
newspapers

Newspaper Articles (10)
1. February 9, 1878 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, February 9, 1878

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A was Free Trade with America," with a picture of John Bull in high feather, with the British lion at his feet, was among the noticeable mottoes. MASSES OF REQUIEM. St. Louis, Feb. 9.-Archbishop Kenick has directed solemn high masses of requiem to be celebrated in all the Catholic churches here Tuesday morning, for the repose of the soul of the deceased pontiff. Philadelphia, Feb. 9.-A grand requiem mass was celebrated this morning in the Catholic church of St Maria Maddelen Depozzie, for the late Victor Emmanuel. The church was crowded. FAILURE. Botton, Feb. 9.-The Dorchester Savings bank, of Dorchesters, and the Rockport Savings bank, were both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which wil! probably be paid in time and the same may be sald of the Rockport bank, which has deposits of $192,060. Their suspensions is due to the gradual decrease of business and decline in value of real estate. Northampton, Mass., Feb. 9-The Haydenville Savings bank, of which Joel Hayden, recently failed, is president, has suspended payment on the call requiring 30 days notice. The announcement of Joel Hayden's failure and connection with the bank, caused a heavy run. SUPREME COURT PROCEEDING3. In the supreme court the rule of contempt against Deputy Collector Tom. linson, U. S. Commissioner W. G. Lane, Deputy Marshals E. S. Wurzburger and Chas. Steele, was continued until Monday at two o'clock. THE ANDERSON CASE. On motion of Messre. Cullom & Castletanos, councel for Thoe. C. Anderson, it was ordered that the attorney general show cause, on Wednesday, the 13th, why a rew trial should not be granted on the ground, first, that the verdict is against the evidence, and, second, contrary to law as more specifically set forth in the bills of exception taken during the trial, now on recerd, and made a part of this motion.

2. February 9, 1878 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, February 9, 1878

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MASSACHUSETTS. SPRINGFIELD, Feb. 9.-The Ravine woolen mill at South Wilbraham burned last night with the contents; loss $40,000; insurance $18,000. NORTHAMPTON, Feb. 9.-The Haydenville Savings bank of which Joel Hayden, recently failed, is president, has suspended payment on the call requiring 30 days notice; the announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. - The Dorchester Savings bank of Dorchester, and Rockport Savings bank, both are enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060; their suspension is due to the gradual decrease of business and the decline in value of real estate.

3. February 10, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, February 10, 1878

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THE DAY'S BANKRUPTS. Victims of Sherman's Financial Policy-Savings' Banks, Insurance Companies and Business Houses Forced to the Wall. PHILADELPHIA, Feb. 9.--The creditors of C. J. Fell & Bro., met to-day and appointed a committee to investigate the accounts of the firm. The liabilities foot up $173,112 as follows: Bills payable $25,580; open accounts $147,531. Assets, $228,076, as follows: bank accounts, $25,685; merchandise $44,488; real estate, $157,922. The creditors expressed considerable surprise to hear that Wm. M. Clarke, creditor in six hundred dollars, had sued out a warrant for C. J. Fell and J. E. Taylor, members of the firm, charging them with conspiracy to cheat and defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for a future hearing. SAVINGS BANK FAILURES. NORTHAMPTON, Mass., Feb. 9.-The Haydensville savings bank, of which Joel Hayden, recently failed, is president, has suspended payments on call to depositors, requiring thirty day's notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester savings bank of Dorchester, and the Rockport savings bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business and the decline in the value of the real estate. ASSIGNMENT OF A CATHOLIC INSTITUTE. CINCINNATI, Feb. 9.-A bill of assignment executed by the Catholic Institute for benefit of its creditors, was filed in the probate court yesterday. The principal real estate owned by the institute is a building on the northwest corner of Vine and Longworth streets, formerly Mozart Hall. The assignee's bond is for two hundred thousand dollars. MISCELLANEOUS. NEW YORK, Feb. 9.-The New Amsterdam bank building was sold to-day for $42,000, about one third of its value, as estimated in the assets of the receiver. NEW HAVEN, Feb. 9.-L. W. Sperry has been appointed trustee of the property of the National Capital Life Insurance company of Washington and this city. The company's building and real estate is here. CLEVELAND, O., Feb. 9.-Hull Brothers, wholesale tobacco dealers, assigned to-day; liabilities estimated at over $40,000. Letter of the Chief Engineer of the Fire Department. To the Editor of the GLOBE. Learning that the statement was made at the meeting at the chamber of commerce last evening, that I had been consulted, and was satisfied with the report of the committee on the salaries of the fire department. I feel it may duty to publicly deny such statement. On the contrary, I have invariably and unreservedly stated, the adoption of the report of the committee would practically destory the efficiency of the fire department. Yours, R. O. STRONG. The specie shipments the past week from New York were $26,300.

4. February 10, 1878 The Sun New York, NY
Article from The Sun, February 10, 1878

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Suspension of Massachusetts Banks. BOSTON. Feb. 9.-The Haydenville(Mass Savings Bank, of which Joel Hayden. recently gone into bankruptcy, is the President. has suspended payments to depositors on call. requiring the thirty days' notice pro vided by law The an ougleement of Juel Hayden's failure and his connection with the bank caused a heavy run upon it The Dorchester Savings Bank of Dorchester More and the Rockport Mass Savings Bank have both been en joined today from doing further business their condition being considered unsate. The Dorche ier Bank has deposite of $440,989. which will probably be paid in time, and the same max be said of the Rockport Bank which has deposits of $192 (660 Their suspension is due to the gradual decrease of business and the decline in value of real estate investments made by them

5. February 10, 1878 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, February 10, 1878

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TELEGRAPHIC TICKS. 0 The Ravine woolen mill at South Wilbraham, Mass., was burned Friday night; loss $40,000. , The Haydenville, Mass., savings bank, of which Joel Hayden, who recently failed, is president, has suspended payment. The Dorchester savings bank of Dorchester, Mass., and the Rockport e savings bank are both enjoined from doing business. A strong tidal wave has again swept the coast of Peru. In the harbor of Callao the shipping and moles were severely damaged. Requiem masses for the repose of the soul of Pius IX were held in nearly all of the Catholic churches throughout New York City. A grand requiem mass was celebrated in Philadelphia, Saturday morning, in the church of St. Maria Madelene, for the late Victor Emanuel. It is said that a telegram has been received by the British admiralty, stating that neither Russia nor Turkey will object to the British fleet going to Constantinople. The Boston wool market ruled quiet during the week. The sales have been quite numerous, but mostly in small lots, and the same indifference prevails on the part of manufacturers. Charles Baker, aged 40, keeper of a beer saloon on Light street, Baltimore, shot his wife twice, Saturday afternoon, and then killed himself. The widow may recover. Jealousy. Archbishop Wood, of Philadelphia, has addressed a circular to the clergy of his diocese, ordering a solemn high mass of requiem for the late Pontiff on Wednesday or Thursday next. The defalcation of Henry M. Turney, the paying teller of the Bank of North America, instead of being less than $100,000, as at first supposed, was ascertained yesterday to reach $283,000. John W. Stokes, of Pennsylvania, Grand Sire, having declined the Australian mission tendered him by the Odd Fellows Grand Lodge of the United States, Deputy Grand Sire John B. Harmon, of California, has been selected to go in his stead.

6. February 11, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, February 11, 1878

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of BUSINESS EMBARRASSMENTS. J.Fell & Bro., at Philadelphia. PHILADELPHIA, February 9.-The creditors of C. J. Fell & Bro. met to-day and appointed a committee to investigate the accounts of the firm. The liabilities foot up $173,112, AS follows: Bills payable, t $25,580; open accounts, $147,531. Assets, $228,076, as follows: Bank accounts, $25,685; merchandise, $44,488; real estate, $157,922. The creditors expressed considerable surprise to hear that William M. Clark, a creditor in the sum of $600, had sued out a warrant for C. J. Fell and Joseph E. .Taylor, members of the firm, charging them with conspiracy to defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for future hearing. THREE MASSACHUSETTS SAVINGS BANKS. NORTHAMPTON, MASS., February 9.The Haydenville Savings Bank, of which Joel Hayden, recently failed, is President, has suspended payments on call to depositore, requiring thirty days' notice. The announcement of Joel Hayden's failure and his connection with the bank, caused a heavy run. BOSTON, February 9.-The Dorchester Savings Bank, of Dorchester, and the Rock port Savings Bank, are both enjoined from doing further business. The Dorchester Bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rock port Bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business, and the decline in the value of real estate.

7. February 11, 1878 New-York Tribune New York, NY
Article from New-York Tribune, February 11, 1878

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SUSPENSION OF MASSACHUSETTS SAVINGS BANKS BOSTON, Feb. 10.--The Dorchester Savings Bank, of Dorchester, Mass., and the Rockport (Muss.) Savings Bank have both been enjoined from doing further business, their condition being considered unsafe. The Dorchester Bank has deposits of $440,989, which will probably be paid in time. and the same may be said of the Rockport Bank, which has deposits of $192,060. NORTHAMPTON, Mass., Feb. 10.-The Haydenville (Mass.) Savings Bank, of which Joel Hayden, recently gone into bankruptcy, is the president, has suspended payments to depositors on call, requiring the thirty days' notice provided by law. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run upon it.

8. February 11, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, February 11, 1878

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dollars, had sued out a warrant for C. J. Fell and J. E. Taylor, members of the firm, charg ing them with conspiracy to cheat and defraud, and obtaining goods under false pretenses. After the meeting Fell and Taylor were arraigned before a magistrate and held to bail for a future hearing. SAVINGS BANK FAILURES. NORTHAMPTON, Mass., Feb. 9.-The Haydensville savings bank, of which Joel Hayden, recently failed, is president, has suspended payments on call to depositors, requiring thirty day's notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester savings bank of Dorchester, and the Rockport savings bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport bank, which has deposits of $192,060. Their suspension is due to the gradual decrease of business and the decline in the value of the real estate. ASSIGNMENT OF A CATHOLIC INSTITUTE. CINCINNATI, Feb. 9.-A bill of assignment executed by the Catholic Institute for benefit of its creditors, was filed in the probate court yesterday. The principal real estate owned by the institute is a building on the northwest corner of Vine and Longworth streets, formerly Mozart Hall. The assignee's bond is for two hundred thousand dollars. MISCELLANEOUS. NEW YORK, Feb. 9.-The New Amsterdam bank building was sold to-day for $42,000, about one third of its value, as estimated in the assets of the receiver. NEW HAVEN, Feb. 9.-L: W. Sperry has been appointed trustee of the property of the National Capital Life Insurance company of Washington and this city. The company's building and real estate is here. CLEVELAND, O., Feb. 9.-Hull Brothers, wholesale tobacco dealers, assigned to-day; liabilities estimated at over $40,000.

9. February 14, 1878 The Anti-Monopolist Saint Paul, MN
Article from The Anti-Monopolist, February 14, 1878

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auf UT waons DUE '000'0cz$ TO umor avenworth, Lawrence and Galvesn railroad company for $500,000. is constitutes the entire assets of el debtor. The case was referred to e register for adjudication. waukee Special, 7th. The Milwaukee rolling mills were la to-day, pursuant to an order of e United states court. The comttee first mortgage bonds, nsisting of Messrs. David Ferguson, tt Keenan, and C. D. Nash, offered 80,000 in behalf of the holders of the nds. The committee on the second ortgage bonds, consisting of Messrs. ttt K enan. J. W. Tweed and S. P, rt, offered $180,000 in behalf of the Iders of the second mortgage bonds. e total bid was therefore, $360,000, which price the mills were sold. e talk is that the mills are now rtually the property of the Chicago, lwaukee and St. Paul company. w York Telegram, 4th. Merchants are growling loudly over e dullness of trade. The freight ubles have caused much uncertainty 1 retarded trade generally. Some ge sales are made through the ction rooms, but the prices obtained , low. Domestic wolens are in high nand. In foreign dry goods a slow vement is reported, but prices are 11 sustained. If aid does not soon ne to the suffering poor of Hoboken, ny will perish of starvation. There , five hundred and ninety-six destie families, with a total of 2,682 ils, entirely dependent upon charity support. Poormaster Lewis says knows of forty families in the ird ward, only two heads of which ve employment, and that for only ree days in a week at 85 cents a day. he suffering is great now," says he, ut it will be terrible if means are not ickly taken for relief. Last Thurs, in the driving storm of snow and nd, over two hundred poor people ne begging for relief. Barefooted men and starving children came. I 1 all I could for them, but at present : hands are tied. The cause of this treme poverty is the absolute stagtion of business. We have no nufactures to speak of; there is no ilding going on, and there is no rk doing on the docks." The legature has been applied to for imdiate relief. NORTHAMPTON Mass., Feb. 9.-The aydenville Savings bank, of which el Hayden, recently failed, is presint, has suspended payments on call depositors, requiring thirty day's tice. The announcement of Joel ayden's failure and his connection th the bank caused a heavy run. BOSTON, Feb. 9.-The Dorchester vings bank, of Dorchester, and the ekport Savings bank are both joined from doing further business. e Dorchester bank has deposits of 40,989, which will probably be paid time and the same may be said of e Rockport bank. which has deposits $192,060. Their suspension is due the gradual decrease of business and el decline in the value of real estate. PHILADELPHIA, Feb. 9.--The credrs of C.J. Fell & Bro. met to-day d appointed a committee to investite the accounts of the firm. The bilities foot up $173,112 as follows: Ils payable, $25,580; open accounts, 47,531; assets, $228,076, as follows: nk accounts. $25,685; merchandise, 4,488; real estate, $157,922. The editors expressed considerable surise to bear that Wm. M. Clark.

10. February 14, 1878 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, February 14, 1878

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The Democrat. SHERMAN RUINS. Three Massachusetts Banks, A Prominent Showman, and Any Number of Business Men Yield to the Pressure. One Day's Reports. Toledo, Feb. 9.-The Sunday Journal will publish to morrow a compilation of the posies picked up along relentless John Sherman's march of the nation to bankruptcy for Toledo and vicinity for the past one hundred days. It shows that sixty business houses have failed in the time, with ag. gregate liabilities of $450,000, made up of comparatively small dealers, on whom the stress of the times is very great, no one failure being for a greater sum than $25,000 The failures have all been since the 1st of November. Northampton, Mass., Feb. 9.--The Haydenville Savings Bank. of which Joel Hayden, recently failed, is President, has suspended payment on call for depositors, requiring thirty days' notice. The announcement of Joel Hayden's failure and his connection with the bank caused a heavy run. Boston, Feb. 9.-The Dorchester Savings Bank, of Dorchester, and the Rockport Savings Bank are both enjoined from doing further business. The Dorchester bank has deposits of $440,989, which will probably be paid in time, and the same may be said of the Rockport Bank, which has deposits of $192,000. Their suspension is due to the gradual decrease of business, and the decline in the value of real estate. New York, Feb. 9.-Montgomery Queen. proprietor of the California Circus and Menagerie has filed a voluntary petition in bankruptcy. His liabilities amount to $166,000, and the nominal assets are $31,223. A large number of the creditors are performers. Warren, O., Feb. 9.-Elder N. Bartlett. of Niles, a reverend disciple of Garfield, Sherman & Co., has assigned to Julius N. Cowdery, Esq. As usu al, assets are small and liabilities large. Indianapolis, Feb. 9.-Samuel N. Milligan, of Terre Haute, filed a bankruptcy petition to day; and the creditors of the Union Cabinet Company, took steps to wind up its affairs. The last named is a material failure, but the liabilities are not stated. Cleveland, Feb. 9.-Hull Br. S., wholesale tobacco dealers, assigned to-day. Liabilities are estimated at over $40,000. Cincinnati, Feb. 9.-A deed of assignment, executed by the Catholic Institute for the benefit of its creditors, was filed in the Probate Court yes. terday. The principal real estate owned by the "Institute" is a building on the northwest corner of Vine and Lor gworth, formerly Mozart Hall. The assignees bond is two hundred thousand dollars. Philadelphia, Feb. 9.-The creditors of C. J. Fell & Bro. met to-day, and appointed a commit. tee to investigate the accounts of the firm. The liabilities foot up $173,112. The creditors expressed considerable surprise to hear that Wm. M. Clark, one of the creditors in the sum of six hundred dollars, had sued out a warrant for C.J. FerFell and Joseph E. Taylor, members of the firm, charging them with conspiracy to cheat and defraud, and obtaining goods under false pretenses After the meeting, Fell and Taylor were arraigned before a. magistrate, and held to bail for future hearing.