1606. First National Bank (Willimantic, CT)

View Charter #2388 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2388
Charter Number
2388
Start Date
April 22, 1895
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini
Short Digest
2f50e0aca64ab16f

Response Measures

None

Receivership Details

Depositor recovery rate
70.0%
Date receivership started
1895-04-23
Date receivership terminated
1906-10-01
OCC cause of failure
Excessive lending
Share of assets assessed as good
33.4%
Share of assets assessed as doubtful
37.6%
Share of assets assessed as worthless
29.0%

Description

The First National Bank of Willimantic was closed by National Bank Examiner Michael F. Dooley on April 22, 1895 after discovery of large shortages and forged paper connected to the recently deceased cashier O. H. K. Risley. Examiner Dooley was appointed receiver and the bank remained in receivership and did not resume normal operations; assets were collected and dividends later paid to depositors. Related runs occurred at the Dime Savings Bank (a correspondent) but the primary bank was closed by examiner action due to cashier malfeasance.

Events (4)
1. June 20, 1878 Chartered
Source
historical_nic
2. April 22, 1895 Receivership
Newspaper Excerpt
Examiner Dooley has been appointed receiver of the bank by Comptroller Eckles and is making an examination.
Source
newspapers
3. April 22, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery after the death of Cashier O. H. K. Risley that he was short in his accounts; forged paper and mismanagement (large defalcations and forged notes).
Newspaper Excerpt
At 9:35 o'clock this morning Bank Examiner Michael F. Dooley closed the First National bank of this city...
Source
newspapers
4. April 23, 1895 Receivership
Source
historical_nic

Newspaper Articles (22)
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 Times Richmond, VA
Article from The Times, April 23, 1895

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Telegraphic Brevities. Count Gorolamo Nazelli has been recognized by the State Department as acting Consul of Italy, at New Orleans, pending the appointment of a successor to Chevalier Ricarrdo Mottda. The Tacoma schooner Behring Sea, reported lost, with all on board. has been spoken by Captain Foote, of the steamer Mischief, safe in Clayo Que Sound, where she has been detained by rough weather for the past week. Camptroller Eckels has closed up the First National Bank of Williamantic, Conn., and placed Bank Examiner Dooley in charge. The capital of the bank is $100,000, and it has become impaired, it is said, through the carelessness or otherwise of the cashier, who recently died. In addition to the well-founded reports of contemplated extensive additions to the Laurel Lake and Tecumseh Mills, it has become known that a movement is on foot to establish a new corporation at Fall River for the manufacture of med-um-count cottons. At Walland Webber's saw-mill, at Saginaw. Mich., yesterday morning Frank J. Mavelle, head sawyer, fell upon a c:rcular saw, and was cut through the shoulder, across the spinal column and into the lungs. He lived an hour and a half in full consciousness. According to agreement, the increase in wages from 5 to 10 per cent. went in effect at the United States Cotton Company's big mill at Central Fall, R. I., yesterday, in all the departments. The mills are running at their full capacity, and 1,630 looms are now in daily operation.

3. 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.

4. 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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LATER-A SMALL PANIC, Great Excitement Prevailing-The Savings Bank Suspends. Willimantic, April 22.-Great excitement prevails in this city to-night over the closing of the First National bank of this city by Bank Examiner Dooley. A crowd of anxious depositors whose money is tied up in the bank gathered about the bank this evening and discussed the troubles of the bank. bank, which had large deposits in the Late this afternoon the Dime Savings First National bank, suspended payment to their depositors. Many of those who had their money deposited at the Dime Savings bank called at that institution this afternoon and tried to withdraw their money. A run on the bank followed and the bank directors decided to suspend payment until the panic was over. A statement could not be secured from any of the bank officials or the bank examiner this evening. It is stated that the Merchants' Loan and Trust company, a concern in this city, with which the late Cashier Risley was connected, and which is now defunct, held 560 shares of the stock of the First National bank. Risley was believed to be worth several thousand dollars, but an investigation leads to the discovery that at the time of his death he was practically insolvent. I Cashier John L. Waldon of the Dime Savings bank to-night was asked for a statement concerning the Dime Savings bank's relations with the closed bank, but he declined to say anything.

5. 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.

6. 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.

7. 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.

8. 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

9. April 25, 1895 The Press Stafford Springs, CT
Article from The Press, April 25, 1895

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legislature. MOST startling is the news of the closing of the First National Bank of Willimantic. When the directors met, after the death of Cashier O. H. K. Risley, to elect his successor, they found on an examination of the accounts grounds for grave apprehension. Bank Commissioner Michael F. Dooly was notified, and on Monday the bank was closed by his orders. The capital stock of the bank is $100,000, with a surplus of $20,000, and undivided profits of $2,307, making a total of $122,307. Its deposits aggregated $275,000, with outstanding loans of $325,000. The death of the late cashier left many things connected with the bank's affairs that the other officers could not explain, as it was well known that Mr. Risley conducted the affairs of the bank in his own way and had the confidence of the directors to such an extent that they allowed him to do so without informing themselves at least regarding the details of transactions. When the new cashier, Mr. Culverhouse, came to assume the position, he desired a thorough examination of the bank by the examiner, which resuited in the finding of conditions which have resulted in closing the bank. There is evidence that the late cashier was a forger. The Hartford Courant says: One man who would not make any statement without facts upon which to base it, told the Courant's reporter to-day that more than $60,000 of mercantile paper in the bank bore forged signatures. either or endorsers,' and that the were executed by the geries makers' late cashier. forThe Dime Savings Bank, located in the same building, will suspend payment to danger of a run. The bank has of on hand, precauis taken to avoid a panic. plenty avoid tion money but the The Savings Bank is a stockholder in the National Bank and is likely to lose at least most of its surplus of $20,000. The bank was organized in 1878 and in its organization absorbed the Merchants' Loan and Trust Company, which was founded in 1871, and did a general banking business. When the First National bank Was organized the Merchants' Loan and Trust company took between $50,000 and $60,900 of the stock of the bank and ceased doing business, although still retaining its corporate existence, and, as can be seen, holding a controlling interest in the First National, whose capital was $100,000. Thus any single person who might hold $26,000 of the $51,000 of the Merchants' Loan and Trustcompany could absolutely control the affairs of the bank, although its stock was $100,000 At the time there would be no personal liato stockholder of the Loan and Trust company same bility any beyond Merchants' that of the of stock; and as the entire assets were no as in the case stock, trust the company assessment, invested bank's in stock, af bank individual holders of the could be made which the national bank laws allows to the extent of the amount of their stock. There is no general feeling that depositors are in danger of losing anything indeed, Comptroller Eckels says that the bank will be able to pay all depositors. The closing of the bank, however, will seriously disturb business affairs in the city, as merchants and business men who have been in the habit of their money use deposits cannot-get carrying to large for an indefinite time. At the latest it seems probable that the loss to the bank will wipe out its capital stock and surplus--$126,00 Depositors are likely to suffer no loss except the inconvenience of locking up their funds for a time. The bank will be placed in the hands of a permanent receiver, who is likely to be Ex-Bank Commissioner E. A. Buck. The affair creates a profound sensation throughout this section where Mr. Risley was so widely known. The 14th international Christian Endeavor convention, to be held in Boston July 15th, will not be behind any of its thirteen predecessors in interest. The railroads have made rates of 11 cents per mile from points nearer than 33 cents from Boston. Thus round trip rates from Willimantic wil be $2.60. Also measures will be taken to secure cheap hotel and restaurant rates for those attending. The sound money league of Chicago has started a house-to-house canvass of the city to learn how the people stand on the silver question. The result will be noted If with more than common interest. Chicago cannot be counted on for sound money then no spot in the west can be

10. April 25, 1895 New-York Tribune New York, NY
Article from New-York Tribune, April 25, 1895

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THE WILLIMANTIC BANK'S LOSSES. Washington, April 24.-Controller Eckels has recelved a preliminary report from Bank Examiner Dooley on the condition of the closed First National Bank of Willimantic, Conn. From It he has decided to place the bank in the hands of a permanent receiver. Examiner Dooley reports that the assets are about $440,000, and there is due depositors and other banks $300,000. Cortroller Eckels thinks all the creditors will be paid in full. The loans and discounts are placed at $344,000, the greater part in the bank, but part of them rediscounted. The book statement is $44,000 incorrect. The bank's paper to the extent of $59,000 is forged, most of which is in the books, but part of these notes have been rediscounted. If the estimate as to missing paper and forged paper is found to be correct, the bank's capital of $100,000 and surplus of $25,000 is wiped out.

11. April 27, 1895 Passaic City Record Passaic, NJ
Article from Passaic City Record, April 27, 1895

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Domestic. RECORD OF THE LEAGUE CLUBS. Per Per Clubs, Won. Lost. et Clubs. Won. Lost. ct. Wash'ng' 2 2 .500 Pittsburg 4 1 .800 3 750 1 Boston Louis. 2 3 .400 750 Louisville. 2 3 400 Baltimore. 3 1 .600 New York. 1 3 .250 Cincinnati, 3 2 Phftadel. 1 3 .230 Chicago 3 2 .600 2 2 .500 Cleveland. 1 4 .200 Brooklvn Morris Hopkins, colored, was hanged at Richmond, Va., for the murder of H. S. Parsons, his employer, whom he killed with a club. The defalcation of Paul Schulz, land agent of the Northern Pacific Railroad at Tacoma, Wash., is now estimated at $500,000. The New York City Police Reorganization bill was beaten in the Senate at Albany by a tie vote, three Republicans joining the Democrats in opposition to it. The Pennsylvania House at Harrisburg passed the "Greater Pittsburg' bill, and also the bills known as the second and third 'Greater Pittsburg" bills by decisive majorities. The defalcations of Cashier Risley, of the Willimantic (Conn.) National Bank, amount to $125,000. The city was in a state of cona sternation over the discovery, and a run on local savings institution took place. George Payne. aged sixty-four years. an old and respected business man of Rome, committed suicide by cutting his throat with a razor. He had been mentally deranged for several days. Civil Service Commissioner Roosevelt decided to accept one of the Police Commissionerships of the city of New York tendered to him by Mayor Strong. Louisville's Board of Trade authorized the appointment of delegates to the Memphis Sound Money Convention. Julia Gross, a sixteen-year-old girl, who was lured away by a young man from her home in New York City, and returned two days after, was found lying dead in the yard of her home. She had committed suicide through remorse. Edward B. Shaw. of Newburyport, was nominated for State Treasurer and ReceiverGeneral by the Republicans of the Massachusetts Legislature. The nomination was tantamount to election. Thomas S. Borden, agent and treasurer of the Metacomet and Anawan Mills, has fled from Fall River, Mass. He is short in his accounts to the extent of $6000. Salvatore Cavaliere, an Italian shoemaker. is in the Long Branch (N. J.) jail charged with a score of burglaries, committed during the last five years. Three houses are said to have been built by him with stolen lumber. He had enough stolen goods on hand to stock a store. Mrs. Catharine Scott, believed to be the oldest woman in Brooklyn, died at her home, in the city, aged 103. Despite her great age she had not a gray hair in her head, and read without glasses. The First National Bank of Willimantic, Conn., was closed by order of Controller Eckels. Itwasa surprise Willimantic business men. whose deposits in the bank aggregate about $250,000. Its cashier was unwilling to assume responsibility for some of its assets. H. H. Kohlsaat has purchased a controlling interest in the Chicago Times-Herald, whose former proprietor, James W. Scott, died a few days before, and converted it into a Republican, protection and hard money paper. This transfer left Chicago without a Democratic morning daily newspaper. A train struck a team containing Mr. and Mrs. Henry Frank, aged sixty-two and sixty-five respectively, near Richland, Penn., and both were instantly killed. The couple were wealthy. Beef is so high priced in Chicago the poorer residents of the city subsist on fish, which thousands are catching in Lake Michigan. Alice Walsh was murdered in Thompson street, New York City, in a fashion that strongly recalls the crimes in the Whitechapel district of London. By the capsizing of a skiff in the Delaware River at Philadelphia, Penn., three boys were drowned. They were Julius Haeflin, eighteen years old, and his brother, Ernest, sixteen years old. and John Miller, sixteen years old, all of the Kensington district. Paul Fenimore Cooper, son of the famous American novelist, died at Albany. N. Y. Senator Blackburn, of Kentucky, announced himself as in favor of free silver coinage at 16 to 1. Mrs. Delia T. S. Parnell, mother of the noted Irish leader, was assaulted and robbed by footpads near her home at Bordentown, N.J. Her injuries were serious. The Empire State Society, of the Sons of the American Revolution, presented a loving cup to the New York City Chapter of the Daughters of the American Revolution. At Winchester, Va., Thornton Parker was executed. On March 5 Parker made an assault upon Mrs. Milton, of Middletown. R. C. Wickliffe, an ex-Governor of Louisiana, died at Shelbyville, Ky., at the home of J.C. Beckham. his son-in-law, fromgrip. He was born in Washington County, Kentucky, seventy-five years ago. Three workmen were killed, two others were fatally injured and one seriously hurt by the fall of a great derrick in the yards of the South Chicago (III.), Shipbuilding Company. A dead whale, sixty-feet long. picked up off Chatham, Mass., was taken to New York City for exhibition by the tug Taurus.

12. May 15, 1895 New-York Tribune New York, NY
Article from New-York Tribune, May 15, 1895

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Apostolic Delegation, United States of America, Washington, D. C., May 13, 1895. The Rev. J. P. Dawson. Dear Sir: I received some days ago your letter, with which you sent me the protest of the Christian Endeavorers against the attack made by the Rev. Father Phelan, in his paper, on the practices of that association. I regret exceedingly that a question of this kind should have arisen, but after a long and careful consideration of the whole matter, I feel that it is one which belongs to the Most Rev. Archbishop of St. Louis rather than to me. With sentiments of sincere esteem, I remain most SATOLLI. faithfully yours in Christ, Mr. Dawson says he will obtain another copy of the petition, and forward it to the Archbishop of St. Louis, together with a copy of Monsignor Satolli's letter. In case the Archbishop pays no attention to the petition, Mr. Dawson says he will go up still higher. THE WRECKED WILLIMANTIO BANK'S AFFAIRS Willimantic, Conn., May 14 (Special).-Controller Eckels has directed Michael F. Dooley, the National Bank Examiner, now in charge of the First National Bank as temporary receiver, to proceed to collect the assets and pay a dividend to depositors as soon as possible. Notice has been given to the creditors of the bank, including the depositors, to file their claims before August 10. The appointment of a permanent receiver is thus delayed, and may not be made, but Mr. Dooley continues in charge.

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

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A FINANCIAL FIGHT IN WILLIMANTIC. THE NATCHAUG COMPANY'S SILKS-THE CASE AGAINST MR. OLNEY. Willimantic, Conn., June 8 (Special).-A life and death struggle is on between the receivers of the First National Bank and the Natchaug Silk Company. The issue directly involved is the possession of about $100,000 worth of manufactured silk goods which the Natchaug company had on hand when 1 the First National Bank closed, and about half ( of which Colonel Chaffee, manager of the Natchaug I company, at once turned over to the First National ( Bank to secure it on Natchaug paper, but which a Receiver Hayden, of the Natchaug company, re( pudiating Colonel Chaffee's action, has since attached for the company. Both the bank and the 1 silk company are ruined by the Risley crash, and must be wound up by their respective receivers; but the possession of this $100,000 of silk stock will be S a big advantage to the corporation which wins it and a big loss to the other, affecting largely the dividends which either, will be able to pay. The matter comes up in Superior Court here next TuesI day at 11:30 a. m. Mr. Hayden's continuance as receiver is opposed by the Second National Bank of S Norwich, and the First National Bank here, which are joint beneficiaries in the $100,000 of goods which Colonel Chaffee turned over to them. They are . understood to favor the appointment as permanent receiver of I. Lester Eaton, of Chaplin, a welli known money-lender in Willimantic, who used to sell silk for Cheney Brothers, of Manchester. Mr. ( Eaton will, it is said, work for the interests of the banks, while Mr. Hayden is credited with a pur} pose to secure the Natchaug company and reorganize it with himself at the head. It is estimated that the expense of preparing the case against Mr. Olney, School Fund Commissioner, has already cost the State not less than $2,500 or $3,000. The expense of bringing the thirteen witnesses here from Ohio this week was not less than I $1,200 or $1,500. The State's Attorney appeared in court all ready to proceed with the case. But for some reason the Judges failed to assign one of their 1 number to try the case, and it goes over until Sep\ tember, while the assertion that the case never will be tried secures more credence than ever. The notice of assessment levied upon the stockholders of the First National Bank. as issued Thursday, indicates a number of things of interest. First, Mr. Dooley is likely to continue as receiver until the bank's affairs are settled. A sharp contest was made for the permanent receivership by the respective friends of ex-Congressman Lewis Sperry, of Hartford, and State Bank Commissioner E. who A. Buck, of this city, and as a result Mr. Dooley, is also National Bank Examiner, seems to Second, have concluded to retain this plum himself. the call for the full amount permitted by law (100 cent on each stockholder's holdings) indicates its per that the bank needs to realize all possible on assets, and is scarcely likely to pay 100 per cent to depositors, though it is believed it will pay results nearly that, and perhaps quite, if the Natchaug suit ( favorably to the bank. Third, there is not likely to be any dividend to the depositors before the middle : of August. People in this vicinity, regardless of party, Wednes- regret I the action of the House of Representatives the day in voting down the proposed amendment to State Constitution, providing for plurality election of officers.

14. June 15, 1895 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, June 15, 1895

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Willimantic Bank Wreck. The report of James E. Hayden, receiver of the Natchaug Silk Company of Willimantic,Conn was submitted to court at Hartford, Conn. The report is the sensational wrecking of the First National Bank of Williman tie by its cashier, the late O. H. K. Risley. The report shows that Risley sank more than $300,000 in the Natchaug Silk Company, stealing the bank's assets and capital stock to do it, and covering up his tracks with forgery and misrepresentation. As a matter of fact, it had been stripped of every available asset, to the extent of nearly $300,000, and there is nothing to show whither the money had gone.

15. June 20, 1895 The Press Stafford Springs, CT
Article from The Press, June 20, 1895

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MANSFIELD. (Correspondence.) -The funeral of Mrs. Cynthia Reynolds last Friday was largely attended, and the floral display was bountiful and beautiful, contributed by friends in and out of town. The family plot was profusely adorned with flowers, tastefully arranged by friends who held her in high esteem. She was lineally descended from the pilgrims of the Mayflower, was 75 years old, and leaves a husband and one daughter. -The failure of the Natchaug Silk Co. of Willimantic, and consequent wrecking of First National and Merchants' Loan and Trust banks of that city, is most of anything talked about just now, many parties in town holding stock and having deposits in the wrecked banks. That officers of any bank should trust the entire capital of the banks to one company is surprising. These failures have caused heavy loss to the Dime Savings Bank, but with the surplus on hand could have borne the loss and continued business without interruption but for other bad or worthless paper held against other parties, with insufficient security. It is intimated that some notes held by the bank were taken on securities the directors had no right to take, and that they are thus personally liable for the loss. However that may be, it is a foregone conclusion that the depositors will sustain a loss. The bank, as reported last October, had in deposits $626,591, and only $7,302 of non-productive loans, but it is feared that the bank holds a considerable amount of worthless paper. Probably one-half the depositors have given notice to withdraw their deposits, and the directors would scale the deposits if they could find any law to warrant them in doing it. If all the depositors would agree to submit to a scale it would be legal, otherwise the bank would have to go into the hands of a trustee or it could pass its dividends, hoping in time to make up the bank's loss. Our correspondent is evidently mistaken as to the power of the directors to scale down the deposits. If the assets have shrunken, as they probably have, they would be remiss in duty to pay out its assets to those who came first, leaving nothing for the last comers.

16. August 2, 1895 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 2, 1895

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# BRIEFLY TOLD. Fortier & Co., furniture dealers of Montreal have assigned; liabilities $30,000. Mr. Horace Parker of Chicago was in the city Thursday calling on relatives and friends. The Methuen Company's mills is to be reopened Monday after a three weeks' shut down. Prof. Heinrich von Sybel, the German historian, died at Marburg, Thursday. He was born December 2, 1817. Mrs Rebecca A. Burrill of Belfast, long identified with temperance and other reforms in Maine, died Wednesday. Robert C. Scott, ex-city treasurer of Jacksonville, has been arrested on a charge of embezzling $10,707 of the city's funds. The race for the Goodwood cup Thursday was won by the Prince of Walos's Herizel, which was the favorite, at 10 to 1. Thessalion, second. Steamer Twilight, which run between Boston and Nantasket beach for the past 13 years, has been sold to Philadelphia parties for about $30,000. Arrangements were made Thursday whereby Hon. A. J. Warner president of the National Bi-metallic league, and Hon. R. G. Horr of Michigan, will discuss the silver question at Lakeside, Ohio August 7. The summer hotel Tonywatha, opposite Madison, Wis., containing 50 guests, and owned by W. D. Eaton & Co., of Boston, has been destroyed by fire. There were many narrow escapes, but no one was hurt. The loss is $30,000; insurance $15,000. Comptroller Eckles denies that he knew that the First National bank of Willimantic, Conn., was insolvent a year before its failure and that information to that effect was furnished him after examination of the bank. A surprise marked yesterday's play in the Hotel Wentworth tennis tournament at Newcastle, N. H. Budlong, whom every one had considered invincible, was defeated in a two set match by W. M. Scudder of St. Paul's school, 6-4, 6-5. At Cincinnati, the Standard Wagon company and Davis company assigned yesterday afternoon. The Standard is reported as having $300,000 assets and $400,000 liabilities; the Davis company $150,000 assets, but no statement of liabilities is given. James Nolan has sold his well known race horse St. James, to Ed. Woodside of Brunswick for $1200. It is understood that Mr. Woodside bought for a third party. St. James has a record of 2.26 and is a very handsome horse. Two hundred comrades of Burnside post turned our Wednesday evening to a camp fire, given in honor of Capt. Henry Little of Chicago, formerly of Auburn, by the post Wednesday evening in Grand Army hall, Auburn. The grand jury in Chicago have voted indictments against six election judges, charging fraudulent practices in the election last November. The men against whom true bills were returned are A. E. Gage, Andrew Buchanan, John Reedy, E. P. Strain, Thomas Meeneley and Timothy McLaughlin. Governor McCorkle of West Virginia and party, who have been spending a week at Atlantic City, have been summoned to Wheeling immediately because of a strong probability of a strike among the coal miners on an immense scale, beginning in Pennsylvania and spreading through out West Virginia. Illinois. Ohio and Indiana. Sheriff Tamsen ex-Warden Raabe, ex-Keepers Schoen and Schneer of the Ludlow street jail New York, has been indicted by the grand jury of the general sessions in connection with the escape July 4th of the post office robbers. The sheriff has been notified of his indictment and warrants have been issued for the ex-keepers' arrest. George H. Shaw of Augusta, who has been travelling from town to town through the state selling small wares on the street, was arrested at Madison this week for sales of the same without a license as prescribed by the statutes. He pleaded guilty and was sentenced to a fine of $50 and costs; and in default of payment was committed to jail. Following the decision that probate judges have had no right to grant divorces in Oklahoma since August 13, 1893, the supreme court decided that even their jurisdiction was confied to persons who had been residents of the territory two years or more, and that all divorces granted by them to persons on 90 days' residence are null and void and subsequent marriages bigamous. This effects about 400 divorces of eastern people. Two coal barges were launched at Bath Thursday, a 1200 ton four master, the Forest Belle of New York, from William Rogers' yard. She is owned by William Besse of New Bedford, Mass., and will be commanded by O. M. Harding, formerly of the Western Belle. She cost upwards of $40,000. The Devon, a three master, was launched by Kelley Spear & Co. She is owned by the Staples Coal company of Taunton, Mass., is 667 tons net and cost $5,000. It is reported tobacco smuggling has been carried on between Montreal, Boston and New York for many months. The tobacco comprising Sumatra and Havana leaf, upon which the duty is $1.50 a pound, is purchased from Montreal firms and carried over the border in fifty pound packages on railway tricycles to Rouse's Point twice each night. At Rouse's Point the tobacco is forwarded to Boston and New York. Warrants are out for the arrest of the smugglers. Amaranth Tent, No. 2, Knights of the Maccabees, will hold its regular review

17. August 28, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, August 28, 1895

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JOTTINGS. CONNECTICUT EVENTS OF NOTE IN VARIOUSPARTS OF THE STATE. A Boy Crushed to Death- The Dr. Griswold Case-Man Thrown Fifty Feet by a Train -A Seventh c. V. Man Killed by a Horse -Meriden Bicycle Meet-A Raid Made in Cheshire-Business Boom in Wallingford -Crimes in Various Places-Willimantle Bank Dividend-Hartford Hotel Man Dead-An Old House With a Mystery Bridgeport, Aug. 27.--Edward KenneBy, thirteen years old, was caught between a freight car and a stone wall in Ansonia at 10 o'clock this morning and crushed so badly that he died within an hour. His parents live on Jersey street in Ansonia. WILLIMANTIC BANK DIVIDEND DECLARED. Willimantic, Aug. -The receiver of the First National bank, which closed Its doors several months ago, to-day deplared a dividend of 15 per cent. on all deposits. TOOK STRAMONIUM BY MISTAKE Hartford, Aug. 27.-Mrs. Ellen Murphy and her son, William Powers, of Martin street, had a narrow escape from being poisoned Monday evening. They took in mistake a dose of stramonium. They were in a comatose condition when John J. Morrissey saw them. The doctor restored them to consciousness and to-day they were reported as being all right again. WANTS HIS BAIL REDUCED. Hartford,Aug 27.-By agreement with State Attorney Eggleston the hearing on Dr. M. R. Griswold's application for be a reduction of bail from $15,000 will held next Monday. The hearing will be before Chief Justice Andrews, who has issued a writ of habeas corpus to SherIff Smith to bring Dr. Griswold from jail. A RAID ON CHESHIRE. Meriden, Aug. 27.-Two residents of Cheshire representing the Law and OrHer league came to Meriden last evening and secured the services of Deputy Sheriff Duis, who, accompanied by Special Kelly, went to Cheshire and made successful raid on Patrick Keough's a place near the depot in West Cheshire. In the absence of Prosecuting Agent Sawyer the Cheshire parties engaged search Attorney Hinman to draw up a and seizure warrant. Sheriff Duis and Officer Kelly captured three barrels of lager beer, a fifteen gallon jug of whiskey, two demijohns botpartly filled with whiskey and four tles of gin. The confiscated goods were stored in Cheshire until the trial comes off. About two weeks ago Sheriff Duis visited Keough's place and at that Sher- time found only a quart bottle of gin. Duis went to Cheshire this afternoon to Iff arrest Keough for selling without a license. It is reported that a hearing The this will be held to-morrow. civil on process will be tried before Justice in Beadle on September 3 at 4 o'clock the afternoon. Law and Order league in CheshThe have engaged a New Haven lawyer Ire prosecute to-morrow, while Attorney in the to Hinman will also go over later day to assist in the prosecution. DARING BURGLARY IN NEW BRITAIN. New Britain, Aug. 27.-A daring burgcommitted at the home of Sevic at 608 North A hour this a lary at Steve an was early Main morning. through street affected an entrance window, burglar picked up Mr. Sevic's trousers them. went out in the yard with $18.60 and garment was searched and in the evidently The was found The burglar pockets. thought the house, that was more money in and there he left the trousers in the yard rewent as back into the building and newed awakened his search. the occupants of mak- the room He this time, but succeeded in Ing his escape. [ASSAULTED SIXTEEN-YEARS-OLD MARY WALLACE IN ESSEX. Essex Aug. 27.-Mary Wallace, daugh- was H. J. Wallace of this place, at ter of an attempted the of George Rand, a 5 hands of victim well assault about known the last night at The victim is and but small for twencharacter, o'clock. old, about her age, of sixteen years is a burly youth with negro blood in ty-one, an evening newspaper her assailant girl carries his of veins. the The through the southern part of route and Rand being cognizant town, laid in wait in a lonely part fought of this, road and attacked her. She the Brute off while he tried to prevent his her the from screaming by holding hand over her mouth. finally broke loose from him with and She her way to a nearby house face badly torn and with blood. Sheriffs are hid made her covered clothing her search be ing for Rand, who is believed to ing in the woods.

18. September 12, 1895 New-York Tribune New York, NY
Article from New-York Tribune, September 12, 1895

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THE WILLIMANTIC SCANDALS. STATE ATTORNEY HUNTER TO EXAMINE THE NATCHAUG SILK COMPANY'S BOOKS. Willimantic, Conn., Sept. 11.-State Attorney John L. Hunter made application to the Superior Court in Windham County to-day for an order to examine the books and papers of the Natchaug Silk Company. His application contained the assertion that the stockholders of the company had reason to believe that certain crimes had been committed by the officers and employes of the company, which the books would disclose. Judge Wheeler ordered James E. Hayden, receiver of the company, to allow Mr. Hunter and his agents to have full access to all books and papers of the company, and also to disclose to the State-Attorney any information he might have as to the commission of any crime by the officers and employes of the company. When the expert accountant finished his examination of the books of this company some time ago, it is alleged, he gave the receiver to understand that he had found evidence which would incriminate persons connected with the office. Fred Barrows was bookkeeper for the concern and J. D. Chaffee president. After the death of O. H. P. Risley, and when the affairs of the First National Bank were found in such a condition as to warrant the closing of its doors, the prevailing opinion was that a great deal of the bank's money had gone into the Natchaug Silk Company.

19. November 14, 1895 The Press Stafford Springs, CT
Article from The Press, November 14, 1895

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Receiver Dooley of the First National Bank of Willimantic has settled with the estate of the late Stephen C. Risley of Rockville, father of Cashier Risley, the deceased defaulter of the First National Bank, Mr. Risley, with Messrs. Fowler and Walden of Willimantic, both of whom are now insolvent, were on the cashier's bonds. The bank receives $5,000 in settlement of Risley's liability on the bond.

20. November 30, 1895 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, November 30, 1895

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Mr. Fowler Paid Over The $6,000. WILLIMANTIC, Ct., Nov. 29-A. F. Fowler this morning paid receiver Michael F Dooley $6 000 in sett.ement of his account with the First National bank. $5.000 as a bondsman for the late cashier Risley, and $1,000 as assessment on the bank's stock held by him. Mr. Dooley had previously been unable to effect a settlement, and the proceedings will now be quashed.

21. April 9, 1896 Freeland Tribune Freeland, PA
Article from Freeland Tribune, April 9, 1896

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Willimantic National Bank Claims. Willimantic, Conn., April 7.-Receiver Dooley of the First National bank has filed the bank's claim against the insolvent Natchaug Silk company claims for money had and received, $327,926, less notes assigned to Pangburn, New York, $67,594, making a total of $260,332, with interest. The bank claims $44,500 on Natchaug stock and notes in the bank. John A. Pangburn claims. $67, 594 on notes. Claims close to-day.

22. April 22, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, April 22, 1896

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the principal issue, but the question of the town's liability in similar cases is at stake. MUST TURN OVER THE PROPERTY. Judge Clark of the Willimantic probate court has issued an order to Receiver Dooley of the First National bank to turn over any property or collateral or property belonging to the estate of O. H. K. Risley to George E. Stiles and Charles Phelps, the administrators. Receiver Dooley has heretofore refused to surrender quite an amount of such property found among Mr. Risley's effects in the bank. STURGES IS NOT A THIEF. The case against Matthew H. Sturges, who was arrested on April 16 charged with theft of gold and silver watches and rings valued at $250, was nolled in the city court yesterday morning. Sturges was trying to sell the jewelry at ridiculously low prices in a Grand avenue pawn shop. He said he brought it from Troy, N. Y., where he formerly kept a jewelry store. The police wrote to Troy and received a letter from Sturges' brother-in-law stating that his story is correct. Sturges was satisfied to have the case nolled, He has a brother, George Sturges, who is employed in the rolling mill here. NO PROOF OF ASSAULT. Raphael Cuomo of 40 Fair street, who was arrested Monday night on the charge of assaulting Abraham Ajooranes, a Russian junk dealer, was discharged in the city court yesterday because there was no proof of the assault. BREACH OF CONTRACT SUIT. James Lord has sued Hannah G. Winehouse for $300 and property on Webster street has been attached. Breach of contract on a building is the allegation. $20 AND COSTS FOR PLAINTIFF. Justice John F. Wynne yesterday rendered a decision in the case of Ludoric Lombardi against Pericles Calza for the plaintiff to collect $20 and costs. The case is a suit for alleged debt. The plaintiff is a Wallace street saloon keeper and the defendant is proprietor of the Pro Patria, a local Italian publication. Attorney Moulton was counsel for the plaintiff and Philip Pond, 2d, appeared for the refendant. ASSAULTED HIS MOTHER. Francis Bowen of 125 Portsea street was fined $5 and costs in the city court yesterday morning far assaulting his mother. LIQUOR CASES CONTINUED. Thomas F. McKeon of 205 Washington street has been arrested for selling liquor without a license. The place was a licensed one last year, but he failed to take out a new license. William F. C. Falby, jr., of 80 Wallace street, it is alleged, sold liquor to J. J. Clancey of 493 Chapel street, a minor. Clarence H. Madden of 172 DeWitt street, it is alleged, sold liquor to J. E. Glennon of 264 West Carlisle street, a minor. All three cases were continued yesterday in the city court to Thursday, the accused giving bonds.