1604. Dime Savings Bank (Willimantic, CT)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
savings bank
Start Date
April 22, 1895
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini
Short Digest
4c8ed951d6cbbba1

Response Measures

None

Description

The Dime Savings Bank experienced a depositor run triggered by the closing of the First National Bank (its correspondent) in late April 1895, suspended payments (issued 60/90-day notice and scaling), and ultimately was placed in receivership in August 1895 after discovery of large shortages and the treasurer's flight. Dates are taken from contemporaneous newspaper reports.

Events (4)
1. April 22, 1895 Run
Cause
Correspondent
Cause Details
Run triggered by announcement of the closing/failure of the First National Bank of Willimantic, which was correspondent of the Dime and had funds of the savings bank tied up.
Measures
Bank suspended payments and later issued a notice requiring 60/90 days' notice; directors announced a scale on deposits (16% mentioned later).
Newspaper Excerpt
There was a run on the Dime Savings bank when the failure of the First National was announced.
Source
newspapers
2. April 23, 1895 Suspension
Cause
Correspondent
Cause Details
Suspension taken as a precaution after panic and heavy withdrawals following the First National's closing; bank invoked notice to depositors (60/90 days) and scaling.
Newspaper Excerpt
The bank ... was compelled to suspend payment because of the panic, and the action was taken by the Dime Savings bank as a measure to save the other depositors.
Source
newspapers
3. July 22, 1895 Other
Newspaper Excerpt
The doors of the Dime Savings bank remained closed ... 'Bank closed for examination.' Treasurer Walden has disappeared; books missing and mutilated; shortage discovered about $26,900โ€“$30,000; receiver to be asked for.
Source
newspapers
4. August 12, 1895 Receivership
Newspaper Excerpt
Judge Shumway ... appointed John L. Hall ... and George E. Stiles ... receivers of the Dime Savings Bank. Judge Shumway found the bank insolvent, and appointed the receivers ... .
Source
newspapers

Newspaper Articles (24)
1. April 22, 1895 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, April 22, 1895

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s BANK FAILURE. The First National Bank of Willimantic Closed This Morning by Examiner Dooley-Casher's Accounts Short. WILLIMANTIC, April 22.-At 9:35 o'clock this morning Bank Examiner Michael F. Dooley closed the First National bank of this city and the greatest excitement prevails. The bank is surrounded by a big crowd of business men and others P who have deposits there. Examiner Dooley has been appointed receiver of the bank by Comptroller Eckles and is making an examination. The bank is capitalized at $100,000 and, it is believed, will be able to meet its obligations. The trouble was discovered shortly after the death of Cashier O. H. K. Risley, who, it is said, was short in his accounts and guilty of mismanagement. A representative of the Connecticut Associated Press saw President Arnold this afternoon, but he refused to make a statement saying that the matter was in the hands of the bank examiner. There was a run on the Dime Savings bank when the failure of the First National was announced.

2. April 23, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, April 23, 1895

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WILLIMANTIC BANK CLOSED. This Action Ordered on the Report of Bank Examiner Dooley. Willimantic, April 22.-At 9:45 o'clock this morning Bank Examiner Michael F. Dooley closed the First National bank and took charge of its affairs. He placed a notice on the door which read as follows: Willimantic, Conn., April 22. The First National bank is closed. It is in charge of a national bank examiner. (Signed.) MICHAEL F'. DOOLEY. The news that the bank had been closed soon spread and the bank was quickly surrounded by a crowd. The business men of the city were greatly surprised when informed that the bank was in serious trouble, and probably insolvent. None of the directors would make a statement and Bank Examiner Dooley said he had not had time to obtain much information concerning the bank's affairs. He promised to make a statement later. It appears that the fact that there was anything wrong was not suspected until after the death of Cashier Risley. Some peculiarities in the accounts of the dead cashier was accidentally discovered, and the matter was called to the attention of the directors. A. careful examination is said to have resulted in startling disclosures. A Connecticut Associated Press correspondent saw President Ansel Arnold of the First National this afternoon and asked him for a statement of the bank's affairs and the condition of Cashier Risley's books. He replied that the matter was entirely in the hands of the bank examiner and until he had completed his investigation no statement would be made. The closing of the bank has caused a great deal of excitement among business men and people who have deposits in local banks. This afternoon a woman went to the Dime Savings bank and tried to draw $1,200, all she had on deposit. She became alarmed over the suspension of the First National bank and wanted to get possession of her money. Teller Crane told her that she could not have the money, as all the bank's funds were locked up in the First National bank. This story spread, and several others called at the Dime Savings bank and tried to draw out their deposits. A dispatch from Washington says: Comptroller Eckels appointed Michael Dooley receiver for the First National bank of Williamantic. The recent death of Cashier O. H. P. Risley led to the discovery that he was short in his accounts, and had been guilty of unwise management. Something had to be done, and as the directors did not feel able to do it, Comptroller Eckels appointed Examiner Dooley receiver. The bank is capitalized for $100,000. Eckels thinks it will be able to pay all debts. Congressman Henry of the First district, one of the stockholders in the bank, was seen this morning in reference to the matter. He said that certain transactions of Risley's part cannot be explained, and that an investigation is necessary. Risley was largely interested in various manufacturing concerns, and papers drawn by these concerns has been deposited in the bank heavily. This cannot be estimated at its full value, as its worth is not known at present. It is uncertain. He would say nothing further upon the subject.

3. April 24, 1895 The Times Richmond, VA
Article from The Times, April 24, 1895

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Disgrace After Daath. HARTFORD, CONN.. April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the Consol:dated road. The bank was the corrospondent of the Dime Savings Bank and some of the latter's funds are *tied up. There was a run on the Savings Bank to-day, but business was suspended when it was feared that there would be a rush.

4. April 24, 1895 The Morning News Savannah, GA
Article from The Morning News, April 24, 1895

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WILLIMANTIC'S BANK FAILURE. Ugly Rumors Afloat About the Cashier Who Recently Died. Hartford, Conn., April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the consolidated road. The bank was the correspondent of the Dime Savings Bank, and some of the latter's funds are tied up. There was a run on the savings bank to-day, but business was suspended, as it was feared that there would be a rush.

5. April 24, 1895 New-York Tribune New York, NY
Article from New-York Tribune, April 24, 1895

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ANOTHER WILLIMANTIC BANK CLOSED. Hartford, April 23.-Excitement continues in Willimantic over the closing of the First National Bank by National Bank Examiner Dooley. The bank was the correspondent of the Dime Savings Bank, and some of the latter's funds are tied up. There was a run on the savings bank to-day, and business was suspended.

6. April 24, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, April 24, 1895

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WILLIMANTIC'S BANK TROUBLES. Still Much Excitement-The Affairs of the Bank Being Investigated-The Dime Savings Bank and Its Funds Believed to be All Right. Willimantic, April 23.-The excitement in this city over the examination of the affairs of the First National bank in this city continued to-day. The announcement of the closing of the bank by the bank examiner pending an investigation has brought to the city today many farmers from the surrounding towns, who have endeavored to draw their deposits from the bank. The uneasiness among the business men in this city regarding the troubles of the bank is increasing, and it is feared that the troubles of the First National bank may precipitate several of the business men of the city into serious difficulties. The bank held the deposits of the principal merchants in the city, and in consequence of the action of Bank Examiner Dooley in closing the bank those business men whose funds are tied up in it find themselves crippled seriously. The examination of the bank's books has been in progress all day, being conducted by the Bank examiner and Cashier Culverhouse. The latter official said to a Connecticut Associated Press reporter to-night that no definite statement regarding the condition of affairs could be given out. In the investigation it has been found that the accounts of the late Cashier Risley, which were under his own direct control, were badly mixed p and it will take several days to straighten them out. President Walden of the Dime Saving bank could offer no information regarding the bank's affairs to-night. He said that there was no occasion for alarm among the depositors of the bank with which he was connected. The bank, he explained, was compelled to suspend payment because of the panic, and the action was taken by the Dime Savings bank as a measure to save the other depositors. President Walden said that as soon as the bank examiner could complete his examination of the First National bank's accounts that the Dime Savings bank would resume business. The Dime Savings bank to-day issued an order to its depositors announcing that no money would be paid out to any of its depositors until sixty days. Mr. Dooley was seen to-night at the Hooker house, but he refused to talk j regarding his investigation. He said that he would probably finish his examination in two or three weeks, when he would inform the comptroller of the currency of the result. Considerable comment has been OCcasioned in this city in the delay of the government officials in discovering the condition of the First National's affairs. The fact that the Merchants' I Loan and Trust company, which was I the old Risley and Preston organization, P I held 500 shares of the stock of the First National bank, is a matter which it is thought needed an investigation before this. The organization has been defunct some time. Congressman E. Stevens Henry, who is one of the directors of the First National bank, said to-night he could give no statement regarding the amount lost by the bank through the late cashier. d

7. April 25, 1895 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 25, 1895

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TELEGRAPHIC BREVITIES. At Paducah, Ky., yesterday, while at the breakfast table, Jake Brewer shot and instantly killed his cousin. United States marshals, having in charge twenty convicts, have started from Fort Smith, Ark., for Albany, N. Y. In the crowd is the notorious Bill Cook, who goes for forty-five years. The carpet and plush mills of James Dobson, at Falls of Schuylkill, Pa., were closed indefinitely last night on account of labor troubles, throwing two thousand employes out of work. The Dime Savings Bank, of Willimantic, Conn., has not formally closed, as reported, but has suspended payments under the ninety days' notice to depositors, as allowed under the State law. It has a considerable amount of money tied up in the national bank.

8. May 26, 1895 New-York Tribune New York, NY
Article from New-York Tribune, May 26, 1895

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Willimantic, Conn., May 25 (Special).-Financial affairs are still in an unsettled state. The incidents of the week have been the attachment for $77,000 levied by Mr. Dooley, the receiver of the First National Bank, upon goods of the Natchang SUK Company, in order to determine the receiver's right to hold the goods turned over to him by Colonel Chaffee, the manager of the Natchang Company, immediately after the bank was closed; and the consequent development of hostilities between the bank and Receiver Hayden, of the Natchang Company. It is asserted that Mr. Hayden's course has practically shut off the trade of the Natchang Company, and will make it necessary to close up the factory If he continues. The opposition to Mr. Hayden may appear in court next Tuesday, when he is to make his report as to the condition of the Natchang Company. It is understood that the liabilities exceed assets by about $100,000. This with probably involve reorganization and new capital, but the concern is said to be now doing a paying business and the people of Willimantie are earnestly destrous that the factory shall be kept moving. The Dime Savings Bank concedes that it must scale its deposits before resuming business, and the percentage of scale is likely to be 12 and possibly 15 per cent on the $600,000 deposits. The most interesting case on the docket for the June term of Supreme Court is that against Jeremiah Olney, State School Fund Commissioner, for alleged misuse and misappropriation of moneys of the Connecticut School Fund, which he has managed for many years. The charge is to the effect that Mr. Olney secured commissions on the loans for his own benefit contrary to statute. Mr. Olney has born a high and honorable reputation for many years, and people are loath to believe that he will not be able to clear himself of these charges. An interesting question concerning personal rights was raised in the Superior Court here yesterday before Judge Shumway. In fact, the whole case in which this question was raised is one of peculiar

9. June 16, 1895 New-York Tribune New York, NY
Article from New-York Tribune, June 16, 1895

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WILLIMANTIC'S MONEY TROUBLES. THE STRUGGLE BETWEEN SILK COMPANY AND BANK PROLONGED-THE DIME SAVINGS BANK. Willimantic, Conn., June 15 (Special).-The contest between the receivers of the First National Bank and those of the Natchaug Silk Company on Tuesday proved a sort of drawn game so far as actual results are concerned, though Mr. Hayden, of the Natchaug Company, remains in possession for three weeks longer, and has power from the Court to employ an expert meanwhile on the books. Receiver Hayden did not appear to good advantage on the witness-stand, as he plainly had not been able to get at the real status of the Natchaug Company. He rendered a statement to the Court purporting to show that its liabilities exceed its assets by $314,000, and in the liabilities he found $295,000 of notes given by the treasurer and manager of the silk company to the late cashier, Risley, presumably for moneys advanced by Risley to carry on the business. The Chaffee interest, which opposed Mr. Hayden as receiver, and petitioned for a new appointment, asserted that he had undervalued the assets by nearly $100,000. Hayden's counsel, on the other hand, intimated that the books of the silk company were in such a state that only an expert could made anything of them, and that they had been manipulated in a way to cover up the real condition. There were broad intimations also that there had been peculiar transfers of property and cash from the silk company to the banks just after Risley's death, and an examination of the whole affair by an expert was desired. This the Court granted, and Mr. Hayden is continued as temporary receiver, with instructions to report to the Court here July 2 a full and detailed statement of the condition of the company as it was when he became receiver in April, and of his own operations from that time until July 2. The amount of the scale to be made by the Dime Savings Bank is likely to be known at an early date. It will be recalled that the bank is requiring ninety days' notice of depositors who wish to withdraw, but, as the contract of the deposit book requires only sixty days' notice, it is not believed that a longer notice than sixty days can be enforced without injunction. The first sixty days since the bank was closed expires June 22. It is understood that if the depositors become uneasy after the scale and Insist upon withdrawal, an injunction is likely to be secured by the bank in order to save the institution from a run which might wreck It. It is probable that the Dime Savings Bank will need to be reorganized before It can regain public confidence.

10. July 18, 1895 The Press Stafford Springs, CT
Article from The Press, July 18, 1895

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producing samples experimentally. Some of the mills are "lucky," as the term goes, in striking a line of goods that run for years, and in easily gliding from a passe product to one that hits the public taste. Such mills are run by men who are in demand as shrewd business men, whose services cost the mill which retains them, or which secures them, the very pretty sum which their services are sure to be worth. They are rare men, and command price as such. Of course, the more we open American markets to competition the harder must be the struggle of our own manufacturers to hold them. To make goods for an American market which is open to the world, is only the price of freight better than to make them for competition in the markets of countries in which the wage rate is the lowest. One thing is suremanufacturers will not do business for fun. The man who has capital to build and run a mill is able to live at ease without doing it, and will not take up the burden and care of manufacturing unless he can make it pay. If he has capacity and ability to manage such a business these qualifications are in demand, and will secure him positions in the business world where he can amply provide for himself. We can never in this world change the law of the survival of the fittest, or compel a state of things wherein the capable and the incapable. the frugal and the imprudent, the man who faithfully serves his employer. and the man who makes it a boast that he don't try to please him, shall all stand upon the same footing and equally enjoy the world's best things. -There are anticipations that the Dime Savings Bank of Willimantic, when it resumes payment, will be pumped dry by withdrawing depositors. And yet the chances are. that it is now in an exceptionally healthy condition. The directors, in scaling down, if they did their duty, made themselves absolutely sure that the assets of the bank would meet liabilities in case of a run, SO that the last withdrawing depositor should fare equally as well as the first. If this was done, and we may be sure it was, the Dime Savings Bank under future painstaking and honest management must be a No. 1 depository for savings. -H. B. Brown, associate justice of the United States supreme court, was in Rockville last week. He lived in Ellington at one time for four years and was a pupil at Hall's Academy. This was his first visit in thirty years. He met Congressman Henry and several other citizens. His trip was merely for recreation.

11. July 22, 1895 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 22, 1895

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FLED WITH THE FUNDS. Willimantic Savings Bank Treasurer Plays the Scoundrel's Part. The Institution Left Practically Insolvent. A Receiver to Be Appointed For the III-Fated Bank to Protect Creditors. WILLIMANTIC, Conn., July 22.-Bank Commissioner Crofut announces that from discoveries made since his examination of the Dime Savings bank a week ago, the institution is insolvent by at least $30,000, and that he sees nothing to be done but to close the bank. John Walden, who for 15 years was cashier of the bank and who resigned last Wednesday at the request of the corporators, has disappeared. The general cash book and the daily balance book cannot be found, and the real estate book is badly mutilated. The time lock of the safe has run down and the key is gone. An officer has been placed in charge of the bank. The Dime Savings bank has been having a hard struggle ever since the recent failure of the First National bank through the defalcations of Cashier Risley. The bank commissioners have been in charge of the Dime Savings bank, and it was hoped both by the officials and corporators that plans might be perfected for the continuance of the institution. To this end a 90 days' notice from depositors wishing to withdraw was announced and a 16 per cent scale. Last Wednesday the corporators met to perfect plans for the reorganization before the first of the 90 days' notice should expire on July 22. At this meeting the resignation of Cashier Walden was requested, and it was at once presented and accepted. Another meeting was called for Friday, at which time it was voted to increase the board of corporators by eight, and a final meeting for the election of officers was appointed for today. Meanwhile, Commissioner Crofut had appealed to the supreme court for an injunction to prevent a run on the bank when the notices come due today. Finances In Bad Shape. This application was refused, and it at once became apparent that a receiver must be asked for. Commissioner Crofut at once came here to begin a final examination of the affairs of the bank, when to his astonishment he found a shortage of more than $12,000, recorded loans of a doubtful nature aggregating $20,000 and the books missing and mutilated, barring further investigation. To add to the diffioulty, it was found that the safe could not be opened, the time lock having been permitted to run down, and no key could be found to wind it again. In view of these complications Commissioner Crofut decided to at once declare the bank insolvent, and the corporators will be called together at 9 o'clock today to hear the report of the commissioner, whose discoveries have all been made since an examination made July 11. These sentlemen are appalled at the

12. July 23, 1895 The Evening Herald Shenandoah, PA
Article from The Evening Herald, July 23, 1895

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Willimantic's Bursted Bank. WILLIMANTIC, Conn., July 23.-"Bank closed for examination" are the words placarded on the door of the Dime Savings bank, while among the citizens here keen interest in all the details of all the bank's affairs is manifested. State Attorney Hunter applied for a receiver today, and George O. Stiles is mentioned for the appointment. A bond of $10,000, Walden's security, was unearthed today, but it is thought to be worthless, as the maker of it is William Wild, of New York, brother of the missing man, is said to own no real estate.

13. July 23, 1895 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 23, 1895

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BOOKS ARE MUTILATED And Will Delay Settlement of the Willimantic Bank Troubles. Total Shortage Will Amount to $26,900. Whereabouts of Cashier Walden Still a Matter of Speculation. WILLIMANTIC, Conn,, July 23. - The doors of the Dime Savings bank remained closed yesterday at its usual hour for opening. A slip of paper was tacked on the door with the words: "Bank closed for examination." The depositors stood around, making anything but pleasant remarks about the missing cashier. The books of the bank that are not missing are so badly mutilated that an expert will have to go through them in order to get any definite statement as to the true condition of the bank. The police as yet have no clew as to Walden's whereabouts. It is not known who is surety on Walden's bond, as it cannot be found. It is supposed that his brother, Henry Walden of New York city, and the late Cashier Risley are on his bond, but as Risley is dead, and his brother has no property in this state, it is worthless. The bank vaults were opened yesterday, and the exact shortage found to be $26,900, as follows: Railroad bonds, $11,000; Clark mortgage, $6500; money procured to pay depositors, $5000; cash short for some time, $4400. The mortgage is one given in part payment of the land upon which Walden's new house stands. The incorporators of the bank met yesterday afternoon and elected ex Bank Commissioner E. A. Buck, president; John Scott, vice president; E. Harlow Holmes, secretary and treasurer. Mr. Buck declined to serve, and Sheriff C. B. Pomeroy was chosen in his stead. Where Is Walden Speculation at to Cashier Walden's whereabouts are rife, and a rumor was widely circulated that he was in town, and had been seen in the vicinity of the bank, but this could not be verified. State Attorney Hunter, in an interview, said that two detectives were at work on the case, but had, SO far, found only slight clews on which to work. Mr. Hunter will apply for a receiver, and George E. Stiles is mentioned for the appointment. Walden is believed to have sailed from New York for Australia on Saturday. Assistant Superintendent Hine of the Pinkerton detective agency is investigating his departure. A bond for $10,000 as Walden's security was unearthed, but it is thought to be worthless, as the maker of it, William Walden of New York, brother of the missing man, is said to own no real estate. Commissioner Crofut's Statement. Commissioner Crowfut makes the following statement: "Since a week ago last Thursday, when I examined the books, I find missing a mortgage note of $6500 and five $100 railroad bonds. There is also a deficit of $4400 cash. "On July 17 the treasurer drew a check on himself for $1000. I find that the general ledger, cash book and daily balance book are missing since my previous examination. Some of the records of the real estate book have been mutilated, to apparently cover up the withdrawal of the $6500 mortgage notes. "I have been unable to learn of the treasurer or his whereabouts, in order to get an explanation. Assuming that the bank was in a solvent condition upon the examination of retiring Bank Commissioner Buck of this city, after the 16 per cent scale had been ordered, leaving no surplus, the above $11,000 makes the bank insolvent today. "Furthermore, after looking over the personal loans, in conjunction with parties who are familiar with the makers, I think, perhaps, it would be the proper thing to call about $20,000 of these loans doubtful, making thereby the bank insolvent by about $30,000. "In justice to all depositors, 1 can see no other course for the directors to pursue than to close the doors of the bank to all demands of depositors, and await legal

14. July 24, 1895 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, July 24, 1895

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Domestic. THE Defender' sailed her maiden match against the Vigilant" at New York last Saturday, and won by nearly four minutes in a fifteen-knot to windward and return race. Ex GOVERNOR ALEXANDER H. RICE of Massachusetts died last Sunday at Melrose from the effects of a shock of paralysis. He was the republican governor of Massachusetts in 1876, 1877 and 1878. JOHN L. WALDEN, treasurer of the Dime Savings Bank of Willimantic, Conn., is a defaulter to the amount of $26,900. He has sailed for Australia, and his rascality has ruined the bank. Most of the depositors were laboring people, who have lost their all. DURING a storm last week Wednesday evening, lightning struck the tower of the state prison at Jeffersonville, Ind., and the greatest excitement prevailed among the 850 convicts confined there. The prisoners had just been locked into their cells, which averted a panic. THE inhabitants of Lewiston, Idaho, are jubilant over the news that by August 1 the Nez Perces Indians will receive their money from the government for their lands. This means that $626,222 will shortly be put into circulation, and that within six weeks the great Nez Perces reservation, the garden spot in Idaho, will be opened for settlement. THE Ministers' Association of Chicago has passed resolutions condemning Mrs. Leland Stanford, widow of the California senator, because she proposes to dispose of 1,000,000 gallons of brandy from her ranch for the benefit of Stanford University. These clergymen oppose sending a Christian youth to a college that is supported by the sale of liquor. A WIND-STORM, accompanied by a heavy rain-fall, burst upon the camp grounds near

15. July 25, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, July 25, 1895

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ARE AFTER WALDEN. A Reward to be Offered for His Capture. Willimantic, July 24.-To-night the new board of directors for the collapsed Dime Savings bank held another meeting at the bank to talk over the affairs of the institution. At the meeting steps were taken looking toward the capture of Walden, the missing treasurer. It was practically decided to offer a generous reward, but the amount to be offered has not yet been decided upon. One of the directors, however, said after the meeting that if a reward was offered it would be at least $1,000. It is probable that at the next meeting, which is to be held to-morrow night, the directors will decide to officially notify the authorities and ask their aid in running down the missing Walden. The excitement attendant upon the discoveries of the past few days is beginning to wane. It has been decided by State Attorney Hunter and the bank officials that the hearing which is to be held before Judge Shumway Saturday, shall be immediately adjourned until Wednesday next. This is done at the request of the bank directors, and for the purpose of giving them more time to prepare themselves for the hearing. The new president, C. B. Pomeroy, was seen after to-night's meeting and spoke freely about he institution. Upon being asked the reason for the delay in getting after Walden Mr. Pomeroy said that the new officers and directors have had altogether too much to attend to in trying to ascertain the true condition of affairs to permit of their undertaking the capture of Walden. In commenting upon the condition of the bank, he said: "We do not know as yet the true condition of affairs. We are beginning to believe that the situation has been magnified. In our work today, for instance, we have discovered nothing of a discouraging nature, and on the other hand there are indications that things are not as bad as they seem. We do not know that Walden ran away with more than a few hundred dollars, and I feel able to say that if our financial losses were confined to the monies that Walden may have taken, the bank would be solvent to-day. It is the worthless paper which we have that caused the trouble. Our investigations will continue until the hearing in court. We are now hopeful and are working toward the end that the bank may continue. We feel encouraged and believe that by a scale of 10 per cent. on top of the existing scale of 16 per cent. the bank can revive and continue."

16. July 25, 1895 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, July 25, 1895

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Savings Bank Wrecked. The Dime Savings Bank at Willimantic suffered by the frauds of Cashier Risley of the First National Bank of that city and on Thursday the treasurer of the savings bank, John L. Walden, absconded and took with him all the funds of the bank which he had been able to get hold of, about $30,000 Pinkerton detectives have been put on the track of Mr Walden and it is expected he will soon be captured. The state bank examiner says that the bank is insolvent by about $30,000. The affairs of the bank have been run in a very slipshod manner.

17. July 26, 1895 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, July 26, 1895

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Another Willimantie, Conn., Bank in Trouble. J. L. Walden, treasurer and cashier of the Dime savings bank, is missing from Willimantic, Conn. It has been discovered by investigation that about $30,000, enough to render the bank insolvent, are also missing. The bank will be closed and a receiver appointed. The closing of the bank is an outcome of the transactions of Cashier Risley of the defunct First national bank. Walden is supposed to have gone abroad. He was a young man in whom the people of Willimantic had the utmost confidence. Later developments show that prominent men of Willimantic are concerned in the wrecking of the Dime Savings bank and arrests are liable to be made. Cashier Walden probably took only about $1000 when he fled from the city.

18. July 26, 1895 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 26, 1895

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BANK EXAMINER BLAMED. The Public Think Cashier Walden Had too Good a Chance to Steal, Willimantic Conn. July 25.- Within the last few days there has [been"cc: siderable criticism in banking circles in regard to the way ex-Bank Examiner Buck has conducted the examinations of the Dime Savings Bank. It has been asserted that considerable blame rests upon him for the present condition of the banks He has always been considered a man of irreproachible character and well up in banking matters and fully capable of occupying the position he held. The last examination he made of the bank was June 15 just previous to his turning over the office to his successor. At that examination he found the bank had assets of $627,080 and was in a perfectly solvent condition On July 21 Mr. Crofut made an examination after the scale of 16 per_cent was declared placed with liabilities at $491,992; assets $483,301 pronouncing the bank insolvent. Buck procured a statement from Crofut and after a comparative examination made with one made by him June 15 gave the result to the press representative tonight. Buck's statement corresponds with Crofut's in every respect with the exception of three items. Mr. Buck places the expense account at $531 safe and fixtures $3411; cash on hand $5733. Mr. Crofut put the above items at $2904. Assuming that Mr. Buck's appraisal of three items is correct it will leave according to Mr. Crofut's statement a deficiency in the assets of about $1800 which is all that Walden could have possibly taken away with him. Mr. Buck considers that a large amount of paper Crofut has wiped out as of doubtful value "is collectible and dividends coming from Morrison Company and Allentown transactions place the bank in a solvent condition today. Mr. Buck's theory was if there was any stealing done it was probably $25000 Walden might have used to put into the Morrison Company. In his opinion to appoint a receiver would be the worst step the depositors could take as it would take a number of years to wind up the affairs of the institution with probably a loss of about two-thirds of the deposits. Kelley and Sumner returned from Allentown today and reported a meeting of the directors this evening. A deed was transferred from Walden to the bank and accepted by the directors. This means that the bank will receive $9800 on the transaction. The condition of the Dime Savings Bank occasioned a slight run on the Willimantic Savings Institution but it stands ready to meet all demands and is paying off depositors in gold. The directors decided to offeria reward for the arrest of Walden.

19. July 26, 1895 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, July 26, 1895

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LEFT ON BIKE. Cashier and $30,000 Are Unaccounted For. John L. Walden, treasurer and cashier of the Dime savings bank of Willimantic, Ct., is missing. He has not been seen since last Thursday evening, when he left home on his bicycle, telling his folks he was going to see a friend. The wheel was found near the bank the following morning by a policeman. and it was later claimed by Walden's father, who is president of the bank. State Attorney Hunter, learning that young Walden was missing, telegraphed for Bank Commissioner S. W. Crofut, who came and examined the books. At a meeting of the trustees he stated that a mortgage note of $6,500, five $100 railroad bonds, $4,400 in cash, the general ledger, cash book and daily balance book are missing. All the above were present at the last examination of the bank. Some of the records of the real estate book have been mutilated to apparently cover up the withdrawal of the $6,500 mortgage note. On last Wednesday cashier Walden drew a check on himself for $1,000. Assuming that the bank was solvent on the retirement of exBank Commissioner Buck two weeks ago, after thescale of 16 per cent had been made, leaving no surplus, the above deficit of $11, 000 makes the bank insolvent. A scale of 16 percent was recently made and the notices of 90 days for payment of depositors has expired. Eight new corporators were elected at a meeting of the trustees. A meeting of the corporation will be held when a receiver will probably be asked for. The time lock on the safe run down and the key is missing. An officer was put in charge of the bank. The last statement of the bank commissioner made to the governor shows deposits to the amount of $626,591, surplus $30,000; total assets $649, 866.

20. August 1, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, August 1, 1895

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DON'T WANT A RECEIVER, The Depositors in the Willimantic Dime Bank Say the Institution is Solvent-The Missing Treasurer Seen in Boston-Probably Sailed for Jamaica. Willimantic, July 31.-The hearing on the application for a receiver for the Dime Savings bank came up before Judge Shumway in the superior court today. Attorney Sumner for the bank filed a petition from 450 depositors objecting to the appointment of a receiver and asked for an adjournment to allow the officers to get at the true condition of affairs on the ground that the bank was solvent. He said the bank was solvent by more than $9,000 than when the commissioners made their examination on July 11, and asked for a temporary injunction restraining the bank from paying out money, which had been refused by the supreme court. He said that some of the $20,000 securities thrown out by the commissioners as of doubtful value was collectable and that a receiver was unnecessary, but that a temporary injunction should apply. Judge Shumway said it was necessary to do something, but it was not his duty to say what the commissioner or state's attorney should do and he thought they had better proceed with the hearing on the application. Mr. Sumner made a general denial of all he allegations in the application. Bank Commissioner Crofut was placed on the stand and testified to the condition of the bank as given out by him in his statement last week. Boston, July 31.-Mr. Julius Pinney of Willimantic, having stated that he saw John L. Walden, the missing treasurer of the Dime Savings bank of that city, in Boston, July 19, and that Walden said he was going to sail for Jamaica the next day, a call was made to-day at the office of the Boston Fruit company at Long wharf, the only company in Boston which runs steamers to Jamaica. It was learned that their steamer Brookline, which sailed July 24, had a passenger who booked as "Julius Pinney" of Willimantic, Conn., and bought only an outward ticket. The I treasurer of the Fruit company described this man as tall and slim with a moustache. If the real Mr. Julius Pinney is at present in Willimantic, Conn., there is little doubt that the man who sailed from here last week Wednesday on the Brookline was Walden booked under Pinney's name. The only other boats which have sailed from here for Jamaica since the 18th were the tramp fruit steamer, the Daylight, which carried no passengers, and the Boston Fruit company's regular t boat, which sailed Tuesday night of this week, on which the only passengers were two residents of Jamaica returning home, and Captain Collins of Provincetown.

21. August 4, 1895 New-York Tribune New York, NY
Article from New-York Tribune, August 4, 1895

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WILLIMANTIC NEWS NOTES. CONTEST OVER THE DIME BANK-NATCHAUG SILK CO. PROSPECTS-MR. PINNEY'S SOUTH AMERICAN TRIP. Willimantic, Conn., Aug. 3 (Special).-The contest over the Dime Savings Bank has developed into a strong fight to determine whether the institution shall go into the hands of a permanent receiver and be wound up, or simply a temporary friendly receiver, who will assist the new directors to straighten out affairs and continue business. A majority of the depositors seem to prefer a temporary receiver, believing that with an additional 10 per cent scale the bank will be able to resume business and come out of its troubles with much less loss to depositors and to the business interests of the community. Two elements, however, give strength to the demand of Commissioner Crofut and State Attorney Hunter for a permanent recelver, and those are the fear that the full extent of the missing treasurer's peculations are not known and that there may be an attempt to cover up some things that ought to be shown up; also that a majority of the corporators are men who were In the old management and friendly to Wal-

22. August 13, 1895 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 13, 1895

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Receivers for Savings Bank. WILLIMANTIC, CONN., August 12.Judge Shumway to-day appointed Hon. John L. Hall, vice-president of the New York, New Haven and Hartford railroad, and George E. Stiles, of this city, receivers of the Dime Savings Bank. Judge Shumway found the bank insolvent, and appointed the receivers, fixing their bonds at $30,000 each, and fixing, also, a limit of four months for filing claims.

23. August 13, 1895 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, August 13, 1895

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DIME BANK INSOLVENT. illimantic Institution Placed In the Hands of Receivers. Important Matters Allowed to Remain Unrecorded. Testimony Shows Shiftless Methods Employed In Dealing With Finances. WILLIMANTIC, Conn., Aug. 13.-Judge Shumway, of the superior court, yesterday denied the petition of the directors of the Dime Savings bank for permission to continue the operations of the institution, and appointed John M. Hall of New Haven and George E. Stiles of this city as receivers to wind up the affairs of the bank. E. B. Summer, attorney for the directors, made a vigorous fight to show the bank solvent, and asked the court to enjoin the present officers from the transaction of any business until they could call in the passbooks and ascertain the actual liabilities of the bank. During the hearing Judge Shumway ordered the book containing the records of meetings of the corporators and directors to be produced in court. Upon examination it was discovered that there were no records of either body since 1891. Lax Methods. Treasurer Holmes testified that there were very few indorsements of interest on the notes held by the bank, and that many depositors' accounts had not been touched since 1888. There is no record of the vote of the directors ordering the 16 per cent scale. John A. McDonald, against whom the unexecuted and unrecorded mortgage is held, claims that the $6000 note accompanying it has been reduced by payments of $2000, but there are no indorsements on the note and he holds no receipts. Judge Shumway found the bank insolvent, and appointed the receivers, fixing bonds at $80,000 each and a limit of four months for filing claims.

24. September 5, 1895 The Press Stafford Springs, CT
Article from The Press, September 5, 1895

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George Fraker of Topeka, Kan., in 1893, three months after loading himself with life insurance policies, during a night fishing excursion on the Missouri river, disappeared. Three men swore they saw him drown. His body was never found. Most of the companies refused to pay and $20,000 reward was offered for his capture. The case went from court to court, and not till 1895 was the insurance, amounting to $48,000, paid. Sunday Fraker was found living in a woodman's hut near Tower, Minn., under the assumed name of Schnell. He admitted his identity and/agreed to accompany the officers to Missouri without extradition papers. There are people who do not read the papers, but it is hoped that they are few in number. A correspondent of the Hartford Courant recently found a family in Mansfield that were shrewd enough to save money and put it at interest, but did not realize the value of newspapers. As a result their knowledge of current events is explained by the following clipping : A resident of Willimantic passed a recent Sunday in one of the "way-back" districts of Mansfield, and there found a family of whom six members had deposit books for funds in the Dime Bank of Willimantic, aggregating about $350, and yet none of them had heard of the closing of the bank, and knew nothing of Willimantic financial troubles! They were grievously disappointed to learn from the Willimantic man of their probable losses, and gave him their six books to bring down to the receivers.