Stonington Savings Bank (Stonington, CT)

Episode Information

Episode UID
9164621391251
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
916462139 hash
Start Date
March 29, 1904
Location
Stonington, Connecticut (41.336, -71.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bbdca4ef118e1632

Response Measures

None

Events (6)
1. March 29, 1904 Suspension
Cause
Government Action
Cause Details
Bank commissioners ordered 60 days' notice and restraint on payments amid difficulty; assets depreciated and securities impaired
Newspaper Excerpt
The Peoples Savings Bank of Stonington ... has been ordered by the bank commissioners of Connecticut to enforce the order that 60 days' notice be required before a depositor can withdraw his money
Source
newspapers
2. April 1, 1904 Suspension
Cause
Government Action
Cause Details
Court restraining order limiting payments and directing liquidation after discovery of deficits and depreciated real estate values
Newspaper Excerpt
Judge Ralph Wheeler ... directed the officials of the Stonington Savings Bank to proceed to liquidate the affairs of the bank ... restraining the bank for four months after May 1 from paying in excess of 10 per cent of its deposits
Source
newspapers
3. October 3, 1908 Suspension
Cause
Government Action
Cause Details
Extensions of court/commission restraining orders continuing limitation on payments while liquidation proceedings continued
Newspaper Excerpt
The restraining order to the Stonington savings bank expired October 3, 1908, and a further order was issued restraining payments to July 3, 1909.
Source
newspapers
4. December 29, 1911 Receivership
Newspaper Excerpt
Notices ... of a hearing to be had before the court on the matter of the appointment of a permanent receiver in the action of Moses A. Pendleton et al. vs. Stonington Savings bank ... Depositors hope that the end is in sight, and that soon a savings institution can be opened in the borough again.
Source
newspapers
5. January 6, 1912 Receivership
Newspaper Excerpt
S. Burrows Spalding has been appointed permanent receiver of the Stonington Savings bank. Four months has been allowed for the presentation of claims and the sale of real estate.
Source
newspapers
6. December 20, 1913 Other
Newspaper Excerpt
Savings Bank to Make Settlement. The Stonington Savings bank is soon to make a settlement with depositors, and the affairs of the concern will soon be finished up. The institution has not done business for several years
Source
newspapers

Newspaper Articles (14)
1. March 30, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 30, 1904

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BANK SUSPENDS. Savings Institution in Rhode Island in Difficulty. Westerly, R. I., March 29. - -The Peoples Savings Bank of Stonington, situated in the village of Westerly on the Connecticut side of the river, has been ordered by the bank commissioners of Connecticut to enforce the order that 60 days' notice be required before a depositor can withdraw his money as a preliminary to the liquidating of the bank. The order went into effect, today. The total amount of deposits in the bank is about $95,000 and the assets will be sufficient to pay the depositors in full if the securities can be realized. The bank is the third savings institution in this vicinity which has suspended payment within three years. The Stonington Savings Bank, which had deposits of $728,529, is under injunction from the courts restricting the payment of deposits and the bank, it is understood, will be wound up as soon as its affairs are straightened out. The Mechanics Savings Bank of Westerly closed its doors on April 30. 1901, with deposits of $1.000,000 and it is in liquidation. The difficulties of the three banks are attributed to depreciation in securities.

2. April 2, 1904 New-York Tribune New York, NY
Article from New-York Tribune, April 2, 1904

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BANK TOLD TO LIQUIDATE AFFAIRS. Deficit of $37,000 in Amount Needed to Pay Stonington Depositors. New-London, Conn., April 1.-Judge Ralph Wheeler, of the Superior Court, to-day directed the officials of the Stonington Savings Bank to proceed to liquidate the affairs of the bank as rapidly as might be practicable without serious loss to the bank. An order was also granted restraining the bank for four months after May 1 from paying in excess of 10 per cent of its deposits. The order followed a number of hearings which have been held on the bank's application to secure an injunction to prevent it from paying depositors in excess of 10 per cent of deposits for the next eighteen months. A similar order has been in force for the last year and a half. According to the bank's official figures there is a deficit of $37,000 in the amount needed to pay depositors, and. according to testimony given by valuation experts at the hearing, certain real estate holdings of the bank in New-Haven have depreciated in value so that the deficit of deposits is actually about $70,000. A question was raised at the hearings as to whether a receiver should be appointed or the officers of the bank should be allowed to carry out its litigation, and the latter course was adopted on the ground that a receiver would be obstructive.

3. January 22, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 22, 1908

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Upon the expiration of the restraining order, February 28. 1907. the Thompson Savings bank of Putnam commenced to pay its depositors in full and in July, 1907, deposits not called for were deposited with the treasurer of the state and the charter annulled, as provided by special act, approved March 19. 1907. There were 174d eposits uncalled for, amounting to $519.69. The restraining order to the Stonington Savings bank expires January 3. 1908. On December 28, 1907. a further order was issued. restraining payments to October 3. 1908. The Watertown Savings bank is still in the hands of Mrs. S. McLean Buckingham, receiver. The receiver of the People's Savings bank of Pawcatuck has paid during the year a final dividend of 22 3-10 per cent., which. with a previous dividend paid, makes a total of 72 3-10 per cent. The defalcation if the treasurer of New Britain was the Savings Bank excellency at the fully reported to ye rther examinatime it occurred. ar ers and investion by the commi have proved tigation by the

4. January 2, 1909 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 2, 1909

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ANNUAL REPORT OF THE BANK COMMISSIONERS. Decrease in Depositors of Nearly 4,000 in the State-Deposits Drop Four and a Quarter Million. Bank Commissioners C. H Noble and Norris S. Lippitt have sumbitted their annual report to Governor Woodruff with "the annual statements of the savings banks as of October 1, 1908, together with the statements of the state banks and trust companies showing their condition at the close of business September 23, 1908, and also the statements of trust companies having savings departments as returned for October 1, 1908." Savings Banks. There were 536,169 depositors in the savings banks on October 1, 1908, and the total amount of the deposits was $252,098,766.78. On October 1, 1907, the deposits amounted to $256,372,061 56, showing a decrease of $4,278,294.78. There were, o n October 1, 1908, 461,579 depositors having less than $1,000 eac hon deposit, those having from $1,000 to $2,000 numbered 49,492. There were 24,681 depositors each of whom had from $2,000 to $10,000, and 417 persons Had each $10,000 and over on deposit. The largest amount due a single depositor was $56,282.82. During the year. 70.045 new accounts were opened, and there were 73,853 accounts closed. The amount deposited during the year, including interest credited. was $58,359,593.39, and the, amount withdrawn was $62,632,888 22. The total assets of savings banks on October 1. 1908, amounted to $267,272,021.68. and on October 1, 1907, they amounted to $270,935,319.86. The liabilities of the banks amounted to $267,272,021.88 on October 1, 1908, and to $270,935,319.86 on Oictober 1, 1907. Eighty banks paid a 4 per cent. dividend and the dividends amounted to $9,342,396.28 Two banks paid a dividend of 3 3-4 per cent., making a total amount of $225,662.15, and five, whose rate was per cent. paid $80,432.11 in dividends. There was one bank which did not pay a dividend. The commissioners say in their report: "The number of depositors has decreased 3,704. and the decrease in deposits of $4,273,294.78, compared with the gain reported in 1907 of $10,107 076.92, illustrates to what extent the panic of 1907-08 was felt. The commissioners take advantage of this opportunity to offer theiracongratulations to the managers of our banking institutions for the excellent way in which the charge entrusted to them The has been administered. restraining order to the Stonington savings bank expired October 3. 1908, and a further order was issued restraining payments to July 3, 1909." State Banks and Trust Companies. The assets and liabilities of the state banks on October 1, 1908, amounted to $11,632,896.23, and of the rtust companies to $27,819,970.28. The itemized statement of the deposits of savings banks shows that as a rule those making an increase are banks located in small towns. Those whish show an increase since October, 1907, are the Bridgeport Savings bank, the Brooklyn savings bank. the Canaan savings bank, the Dime savings bank of Cromwell, the Dime savings bank of Wallingford, the Higganum savings bank, the Moodus savings bank Naugatuck savings bank, New Canaan savings bank, New Hartford savings bank, New Milford savings bakn, Norfolk savings bank, Norwalk savings society, People's savings bank of Bridgeport, People's savings bank of New Britain, People's sa bank of Rockville, Salisbury savings society, savings bank of Matnchester, savings bank of Tolland savings bany of, Danbury, Shelton savings bank, * Stafford savings bank, Thomaston savings bank, Union savings bank of Danbury Westport savings bank and the Willimantic savings institute As in past years the largest individual deposit is held by the Norwich savings society and it amounts to $56,282.82.

5. December 20, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, December 20, 1911

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FOR PERMANENT RECEIVER. Notices Have Been Issued by Clerk Parsons Regarding Stonington Bank. Notice has been issued by George E. Parsons, clerk of the superior court of New London county, and D. Burrows Spalding, temporary receiver of the Stonington Savings bank, of a hearing to be had before the court on the matter of the appointment of a permanent receiver in the action of Moses A. Pendleton et al. vs. Stonington Savings bank, at the court in Norwich on the 29th day of December 1911. at 10 a. m. Notices have been issued to all parties in the case to appear. Depositors hope that the end is in sight, and that soon a savings institution can be opened in the borough again. This case has been allowed to drag over a long period now, and those interested hope for an early closing of the affair.

6. January 6, 1912 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, January 6, 1912

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PERMANENT PFCFIITR FOR STONINGTON SAVINGS BANK. Stonington, - Jan. 6-S. Burrows Spalding has been appointed rermaent receiver of the Stonington Savngs bank. Four months has been llowed for the presentation of claims and the sale of real estate.

7. January 6, 1912 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 6, 1912

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WILL HASTEN LIQUIDATION. Four Months in Which to Close Up Affairs of Stonington Savings Bank. The appointment of S. B. Spalding as permanent receiver of the Stonington savings bank will hasten the liquidation of that institution. Mr. Spalding has been temporary receiver Proceedings to close the institution were begun a number of years ago, and the bank has been liquidating since that time. The permanent receiver is allowed four months in which to receive claims and to dispose of realty. Then will come the final order to close up the bank. The state register gives the bank as the amount of deposits $62,254, and surplus $16,259, and adds that the bank is in liquidation.

8. January 23, 1912 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, January 23, 1912

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BANK SAVINGS OF $328,000,000 IN CONNECTICUT (Special from United Press.) Hartford, Jan. 23-Savings deposits of over $328,000,000 showed on the books of savings for the State and trust banks in Connecticut, last Oct. 1, according to the State Bank Commissioner's report, out today. This was an increase of over $15,000,000 for the year. In the same period only two banks got into trouble. The Stonington Savings Bank went into the hands of a receiver and the Meriden City Savings Bank lost $12,000 through a defalcation, although this loss did not endanger its reputation. The surplus of the savings banks increased over $480,000 in the year. Commissioner Norris Lippitt, who signed the report, suggested that legislation be enacted permitting the department to hire expert accountants to take off balances on the deposit ledgers of the different banks within the State after their .regular annual meetings. He made it plain that the present commission has not the power to make a thorough audit of bank books, neither has the commission the equipment. to do the work. These suggestions, said the commissioner, should not create a feeling of uncertainty in the savings institutions, "No class of business in the country," he said, "is so free from dishonesty and irregularity as the banking business."

9. May 25, 1912 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, May 25, 1912

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SHORT CALENDAR. Motions Argued Before Judge Holcomb -Indian Land Timber Sold for $2,000. At a short calendar session of the superior court here Friday morning, Judge Marcus H. Holcomb, the following cases were disposed of: In McGrath and others VS. William Redden, McGrath and others vs. H. C. Redden, Mc Grath and others VS. H. C. Redden, and Coakley and others vs. Redden, executor, and others, all defaults for failure to plead, pleadings were ordered in three weeks by agreement of counsel. In Margaret Kenure VS. Brainerd & Armstrong company, also a default for failure to plead, pleadings were ordered in two weeks by agreement of counsel. Motion that the divorce case of Noyes A. Eccleston vs. Lila L. Elceleston be placed on the uncontested list was granted, Mrs. Eccleston having made no contest. In Moses A. Pendleton and others vs. Stonington Savings bank, the report of receiver was accepted and a change in the order concerning sale of property and extending time for sale was granted. Plaintiff's motion for leave to amend complaint was granted in Emma Edwards vs. town of Waterford. Charles L. Stewart, overseer of the Eastern tribe of Pequot Indians, presented for acceptance his return on sale of timber on the reservation in North Stonington. It showed that the timber had been sold for $2,000 to Paul Massey of Stonington, with expenses of $165.50, and the account was accepted. In Alice E. Peters VS. Charles A. Peters, the second order of notice was directed. In Clift VS. Groton and Stonington Street Railroad company, demurrer was overruled.

10. May 29, 1912 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, May 29, 1912

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STONINCTON Road Oiling Begun-Steamer Watch Hill to Open the Season-First Mackerel Brought In. The Stonington road commissioners have arranged for oiling the roads in the different sections of the town, In Pawcatuck, Mechanic and Liberty streets in Stonington Center street from the borough line to Williams and Water, and tip to the Pine Point Ridge from the Harbor schoolhouse up the hill to the westward, from the Elias Wilcox hill westward over the same; in Mystic from the old cemetery down Denison avenue and following the trolley line to the Mystic drawbridge. To Play Bulkeley. The Stonington alumni baseball team and the regular Bulkeley nine of New London will play at Stanton park this (Wednesday) afternoon, Steamer's Season to Open. The steamer Watch Hill will be on her regular trips Saturday for the summer season. James P. Gilmore is to run as engineer, Leonard Patterson, J. H. Thayer, Jr./ Fred Olsen, as deckhands, and Chester Connell as express messenger. Rouse Babcock will be captain. First Fare of Mackerel. Capt. John Ostman came in Tuesday with a catch of 356 fine mackerel. These are the first catch of the season ) here; they were disposed of quickly ) about town. Borough Notes. A meeting of Neptune hose company is to be held Friday evening. The court has granted an extension 3 of time to the receivers of the Ston ington savings bank, and named Oc1 tober 1 as the date for further hearing. è Miss Catherine Deforest is expected to arrive at her summer home Thursday for the season. k James Gilmore is to act as assistant to Express Agent F. G. Bellamy at the express office here during the summer. Mrs. Albert Mason and family arrived at her summer home here TuesS day. B. C. King has returned from a visit at the Atwood bungalow, at Rangeley lake, Maine.

11. January 4, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 4, 1913

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SHORT CALENDAR SESSION OF SUPERIOR COURT. Number of Cases Disposed of at Session Here Friday. At the short calendar session of the superior court here Friday morning cases were disposed of as follows: In the suit of Jean Turcotte vs. Uncas Power Co., Judge Shumway took the papers after argument of demurrer. The motion that judgment be entered in accordance with mandate of the supreme court in James V. Luce VS. Niaptic Menhaden Oil and Guare Co. was granted. Judgment was granted in the suit of Belton A. Copp and others, executors of the estate of Sebastian D. Lawrence, vs. the Joseph Lawrence Free Public hospital and others. An answer or demurrer before the first Tuesday in February was ordered in Gove VS. Maxson and others. The scheduled hearing on motion for special bail in William Collins vs. Dr. Purdy was postponed. More specifice statement in two weeks was ordered in Thomas Howe VS. George C. Raymond and others. Default was ordered reopened in William M. Howard vs. Samuel M. Prentis, administrator. Judge Shumway took the papers after argument on motion to open judgment in Savings Bank of New London vs. Richard C. Libby and wife. Bond of $75 before the first Tuesday in February was ordered in Frank A. Case and others vs. Connecticut Co. In Willard Moon VS. Charles Daboll, administrator, answer in two weeks was ordered. Order extending time for sale of real estate was granted and acceptance of receiver's report were ordered in Moses A. Pendleton and others vs. Stonington Savings bank. Three weeks were allowed for more particular statement in Stuart vs. Noyes, administrator. Judge Shumway took the papers after argument of motion to set aside verdict in the suit of Mary Gilles vs. Connecticut Co., in which the plaintiff was recently awarded $1,500. The court adjourned to come in at Norwich Jan. 17.

12. March 31, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, March 31, 1913

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MOTION LIST. Short Calendar Matters Disposed of in Superior Court. The following matters on the motion list of the superfor court were disposed of at New London on Friday: In Groton Savings bank vs. Michael P. McGrath, judgment by foreclosure was granted. The amount is $1,608.75. The motion to have the damage suit of J. R. Butler VS. Central Vermont road placed on the jury docket was granted. The same motion in J. H. Butler VS. Central Vermont road was granted. In Joyce vs. Margolin and others the motion to cite in Herman Shapiro as party defendant was granted. In the divorce suit of Chester Miner vs. Fannie I. Miner, answer in two weeks was ordered. A second order of notice in the Cone divorce suit was ordered. John Quinn and Fred Irons of Sprague and Andrew B. Davies of Norwich were named as appraisers to value some liened property in Sprague which is in issue in R. Douglas Turner vs. Howard Powell. In the divorce suit of Olive Mills Judd vs. George Judd, an answer in two weeks was ordered. The report of the receiver was accepted and extension of time for sale of real estate was granted in Moses A. Pendleton and others vs. Stonington Savings bank. The court adjourned to come in at 11.30 this morning, when the suit of the New Haven road vs. Louis Cella, started Thursday, will be finished. The court comes in Monday, which is not ordinarily a court day, because Tuesday the court room will be occupied by the criminal court of common pleas. The suit of the New Haven road vs. Cella will probably wind up the current term of the superior court.

13. December 20, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, December 20, 1913

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Funeral of Mrs. McGowan. The funeral of Mrs. Mary E. McGowan was held from her home in Groton Friday morning, with a requiem mass at St. Mary's church, Stonington, celebrated by Rev. C. J. Lynch. Burial was in St. Mary's cemetery. Wamphassett and Lord's Point are being visited by deer, many having been seen here this season. Art Exhibit Opens. The art exhibit at the borough schools opened Thursday evening. On Friday evening a musical programme was enjoyed, music being furnished on both nights by the High school and Stonington Symphony orchestras. Savings Bank to Make Settlement. The Stonington Savings bank is soon to make a settlement with depositors, and the affairs of the concern will soon be finished up. The institution has not done business for several years, but depositors still have money due them. Initiated Four. Thursday evening at the meeting of Nina council, No. 43, K. of C.,,four candidates were initiated, also taking the second degree. Refreshments and a social hour followed. Christmas Rally, Christmas Sunday will be observed at the Second Congregational church tomorrow. The special collections, morning and evening, will be for the church choir, to procure music. This (Saturday) evening the members of the Stonington Gun club intend having a game supper, as they have four large ducks. The atter trawl fishermen are making good, 43 barrels being shipped from the local station Thursday. On account of the uncertain running of the trolleys to Westerly, the New Haven railroad is getting the benefit of the traffic. Foundrymen All at Work. The retubing of the boiler at the boiler foundry of A. B. Miller Son's, on East Grand street, was completed by James Gilmore, 60 new steel tubes having been placed in the boiler. The full force of moulders and helpers are now at work there. Miss Charlotte G. Joseph, instructor at Lasell Seminary, has returned home to spend the holidays. Mrs. C. Howard Barber and children of Bridgewater, Mass., and Mrs. J. H. Pendleton and daughter of New York are guests of Mr. and Mrs. William H. Fairbrother. The Travel club will have a vacation of two weeks during the holidays., Mr. and Mrs. W. F. Broughton have returned from a stay in New York.

14. March 28, 1914 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, March 28, 1914

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# COURT ADJOURNS AFTER # SHORT CALENDAR SESSION. Motion List Disposed of Before Judge Reed. Superior court with Judge Reed on the bench came in at New London Fri- day morning for a short calendar session. Court was in about an hour and a half when it adjourned without day. The following short calendar matters were disposed of. The account of the receiver in the case of Pendleton et al. vs. Stoning- ton Savings bank was allowed. In Daboll, administrator and trus- tee, vs. Moon et al., counsel agreed to the facts and there was a reservation for the advice of the supreme court. The case of Barber vs. Speirs, argu- ment of demurrer went off. in the case of Balestrini vs. city of New London, a motion to expunge the second defense of the defendant's an- swer was argued and the judge took the papers. The argument of motion to set aside the verdict in the case of Mat- tison vs. Christensen was not made because of the absence from the city of Attorney George C. Morgan, one of the attorneys for the plaintiff, and the matter went off. Two weeks to file pleadings were al- lowed in Andrea vs. New York, New Haven and Hartford Railroad Co. The case of Clatworthy et al. vs. Smith, exeutrix et al., appeal from probate, appellees' motion to expunge from and correct reasons of appeal, went off.