19714. Franklin Institution For Savings (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 27, 1882
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
e1bb2f62

Response Measures

None

Description

Articles describe the Franklin Institution for Savings as one of the savings banks wrecked by the Sprague failure and reference a receiver (Winthrop DeWolf) and litigation to recover assets. There is no description of a depositor run in these items; the bank is in receivership/was wrecked and the litigation indicates permanent failure. I therefore classify this as a suspension/closure with receiver involvement. Dates of original failure (Sprague collapse) are earlier; the articles here are about subsequent receivership litigation (1881–1882).

Events (2)

1. October 27, 1882 Other
Newspaper Excerpt
An opinion has been given by the Connecticut Supreme Court of Errors in the case of the receiver of the Franklin Savings Bank of Providence ... The opinion is favorable to the creditors.
Source
newspapers
2. * Receivership
Newspaper Excerpt
one of the savings banks wrecked by th[e] Sprague failure eight years ago ... appointed a committee to urge the Supreme Court to direct the Receiver to accept a proposition ... Winthrop DeWolf, receiver of the Franklin Savings bank of Providence, vs. the A. W. Sprague Manufacturing company ... opinion is favorable to the creditors.
Source
newspapers

Newspaper Articles (6)

Article from The Portland Daily Press, December 5, 1881

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Article Text

The Sprague Estate Affairs. PROVIDENCE, R. I., Dec. 3.-In the supreme Court today a decree was entered authorizing Mr. Chaffee, trustee of the Sprague estate, to lease the Baltic Mill estate. A meeting of a few of the depositors in the Franklin Institution for Savings, one of the savings banks wrecked by th Sprague failure eight years ago, was held today and appointed a committee to urge the Supreme Court to direct the Receiver to accept a proposition understood to have been made by Gen. B. F. Butler for settlement. The depositors numbered nearly 6000-less than 300 were present The offer of Gen. Butler to the savings bank was 30 per cent.


Article from Daily Globe, October 28, 1882

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The Spragus Estate HARTFORD, Conn. Oct. 27. - An opinion is given by the Connecticut supreme court of errors in the case of the receiver of the Franklin Savings bank of Providence, against the A. & W. Sprague manufacturing company and Zacariah Chaffee, trustee, under the Sprague trust deed. The opinion is favorable to the creditors. The petitioner desired to set aside the trust deed and foreclose the judgment lien upon the Sprague property in this state. The opinion holds that the trust deed is practically a mortgage, but as it does not definitely describe the property, it is void under Connecticut law, and conveys no interest to Chaffee as against the attachment by creditors. It is also held that the deed is fraudulent and void against non-assenting creditors.


Article from Morning Journal and Courier, October 28, 1882

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NEW ENGLAND. Connecticut. An Exhaustive Opinion By Judge Hovey. HARTFORD, Oct. 27.-Judge Hovey, of the Connecticut Supreme Court of Errors, has prepared and filed an opinion in the celebrated case of Winthrop DeWolf, receiver of the Franklin Savings bank of Providence, vs. the A. W. Sprague Manufacturing company and Zachariah Chaffee, trustee under the Sprague trustee deed. The petitioner seeks to set aside the trust deed and foreclose the bank's judgment lien upon the Baltic mill and all other property owned by the Spragues in this State. The opinion is the most exhaustive ever written in Connecticut, being over fifty printed pages. The decision is favorable to the creditors of the company.


Article from New-York Tribune, October 30, 1882

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THE SPRAGUE ESTATE LITIGATION. HARTFORD, Conn., Oct. 29.-An opinion has been given by the Connecticut Supreme Court of Errors in the case of the receiver of the Franklin Savings Bank of Providence, against the A. & W. Sprague Manufacturing Company and Zachariah Chaftee, trustee under the the Sprague trust deed, The opinion is favorable to the creditors. The petitioner desires to set aside the trust deed and to foreclose the judgment lien upon the Sprague property in this State. The opinion holds that the trust deed is practically a mortgage but as it does not definitely describe the property, it is void under Connecticut law and conveys 110 interest to Chaffee as against attachments by creditors. It is also held that the need is fraudulent and void against non-assenting creditors.


Article from The Wellington Enterprise, November 1, 1882

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Railroad tunnel disaster, by recommending to the Legislature that strict laws be emacted making railroad companies do their utmost in guarding against accidents in their tunnels. J. C. TIFFIANY, formerly the Indian agent in Arizo a. was arreated in New York for conspiracy to rob the Government of $6,000 and embezzlement and perjury. THE Western Distillers' Association at their session at Chicago on the 26th, determined to further reduce the production of spirits ten per cent. on account of the low price of highwines. THE Directors of the National Mineral and Industrial Exposition, 10 be held at Nashville, Tennessee, in September 1883, have been organized with a capital of $300,000 AN opinion was given by the Connecticut Court of Errors on the 27th ult.. in the case of the receiver of the Franklin Savings Bank of Providence against the A. W. Sprague Manufacturing Company and Zachariah Chaffee, trustee under the Sprague deed The opinion was favorable to the credit ors. The petitioner desired to set aside judga trust deed and foreclose in ment lien upon the Sprague property Connecticut Theopinion holds that the irust deed is practically mortgage; but as it does not definitely describe the property, it is void under the Connecticut law, and conveys no interest to Chaffee as against the attachment by creditors. It was also held that the deed was fraudulent and void against non-assenting creditors. GOVERN BURT and Peter Lamb entered an abandoned portion of the Pine Ridge shaft of the Delaware & Hudson Coal Company's works, at Wilkesbarre, Pa., on the 27th ult., to procure old iron, with naked lamps. When the lights came in contact with the gas there was terrific explosion, blowing Burt and Lamb into dump-bole and burning them to death. There were one hundred men at work in another portion of the mine who escaped unhurt. GEORGE SCOVILLE entered the courtroom at Chicago on the 27th ult., presumably under the influence of liquor, while his daughter, Mrs. Harper, was testifying in the divorce proceedings, and made disturbance, saying he was there protect his wife, and he was committed to jull ten days for contempt. A FIRE at East Brady, Pa.. on the 27th ult., destroyed Joseph Hertmick's butcher shop and grocery store; Joseph Walter's residence, Odd Fellows' Hall, two buildings owned by Michael Young, one general store and dwelling occupied by Daniel Cormody and the other occupied by George Leiblick as baker and eating house Dr. Robinson's drug store and residence Presbyterian church; Patrick Riley' boot and shoe store: Mrs. M.J. Scott's residence: Josepi Myers' barbershop and residence, and num ber of other buildings. Loss not less than $75 000. THE last.day of the Bi-Centennial celebration at Philadelphia, the 27th ult., was devoted to the State National Guard and military display, 25,000 troops being in line. The troops represented Pennsylvania, New Jersey Delaware and Maryland. General Beaver was in command of the Pennsylvania troops and Senator Sewell those of New Jersey and Dela ware. The troops were ewed by President Arthur, Secretary Lineoln, Governor Hoytand staff. THE imprisoned miners in a Shenandeah, Pa., colliery were taken out on the morning of the 27th ult., after fifteen hours confinement, alive. FIRE destroyed Branche's carding mill, Peterson's planing mill, Narequist's furniture factory and E. Kimberly dwelling, at Jamest wo, New York, on the 27th ult Loss, $20,000; insured for $3,000. The fire was caused by spontaneous combustion. DELEGATES from the various Divisions of the Uniform Rank, Knights of Pythias, of Ohio, met at Columbus on the 26th ult. and formed a Grand Division for the State The delegates consisted of a Sir Knight Commander, Sir Knight Lieutenant Commander and Sir Knight from each division The following officers were elected Grand Commander Henry Heinmiller. of Co lumbus: First Assistant, J F. Shumare, of Urbana; Second Assistant, Henry Daniels of Sandusky: Adjutant, E. J. Dowdall Colum bus; Quartermaster, S. A. Court, Marion Surgeon, J.F. Armstrong, leveland; Chap lain, J. D. Kneer, Dayton. THE business failures for the week ending the 27.h ult., throughout the whole country, numbered 131, of which 124 occurred in the different States and seven in New York City. THE total output of coal for the State of Iowa from July 1, 1881, to July 1, 1882. was 3,127,700 tons. Average price per ton for mining 90 cents. making total earnings of 74,000 miners $2,814,930, or $31.60 per month per man. Wages range all the way from three to five cents per bushel. THE Post-office Department has decided that the privilege accorde. to publishers, second class matter, namely, to print upon wrappers of perio !icals the request that if o the same be not called for limited time, it may be celivered to a one of class pernamed, cannot be extended to senders of third class matter. FOREMAN DICKSON, of the Star route jury, was arrested at Washington on the 28th t ult. and released on $5,000 bail, to appear at the a next term of court. A GENERAL naval court martial has been ordered for the trial of Captain Alfred Hopkins, on charge of unofficer like conduct in having deserted his post at the navy yard in Pensacola upon the first approach of yellow e fever at that place. THE Flint Mill, at Fall River, Mass. was almost totally destroyed by fire on the 28th ult. The mill was valued at $800,000, and insured for $600,000. The fire caught from abe t in the picker room. THE Home Valley Preserving Com pany's works at New Brunswick, N. J., were burned on the 28th. Loss $35,000; insured for $15,000. at THE Eureka Cast Steel Works, Lamokin, near Chester, Pa. were burned on d the 28th ult. A large number of valuable patterns were destroyed. Loss, $150,000; COV ered by insurance. THE jury in the Scoville insanity case at Chicago, brought in a verdict on the 28th of ult. declaring Mrs. Scoville insane. After the verdict was announced Mrs. Scoville dieap peared and could no be found. It was thought that she had been taken to Canada by friends. THE boiler of the tug Wetzel blew up on the morning of the 28th ult. twelve miles d north of Racine, Wiscousin, while that vessel was racing with another tug for tow. The 1 vessel was blown to atoms and Lowell, the owner and captain, illiam Kelley, the engineer, and Patrick Waite, the fireman, were killed. GEORGE WOODRUFF a prominent and wealthy citizen of Joliet, Illin is, fell through an opening in one of the floors of the Joliet Elevator Company's building and was killed, on the 28th ult. A LARGE portion of the business part of Truckee, California, was destroyed by fire on the 27th ult. Among the buildings destroyed al were Odd Fellows Hall and the American and Sherrett hotels. Loss $100,000; insurance I. about $60,000. n THE lumber docks of Hamilton. Mc-


Article from Vermont Phœnix, December 15, 1882

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THE NEWS MN BRIEF. -Sir Hugh Allan of Montreal, one of the Dominion's most prominent citizens, died Saturday at Edinburgh, Scotland, aged 72. --A 36 hours' snow storm is reported from Michigan. -There was a $25,000 fire at Worcester, Mass., Monday morning. -The explosion of a large whiskey still at Belle Vernon, Pa., Monday, fatally injured one man and destroyed $400,000 worth of property. -An explosion in an Illinois saw mill on Monday killed eight men and wounded three. --Two hotels were burned at Winnipeg last night, and people were turned out of doors with the mereury at 25° below zero. -Property of the Manhattan Beach railway company, to the value of $500,000, was burned at Bay Ridge, near New York, Thursday. --The royal palace at Hampton, Eng., was damaged by fire to the extent of about $150,000 on Thursday. -The heaviest gale for many years visited Newfoundland Tuesday night, followed Wednesday morning by a very high tide, which did much damage to the railway along Conception Bay. -A Kingston (Jamaica) despatch says that the business portion of that city was burned Monday at a loss of $30,000,000. The wharves, warehouses, stores, banks, and many houses and their contents are destroyed and hundreds of people are homeless. Food is wanted for people starving and help is asked. The city of Kingston has a population of 34,314 souls, and is, or was, the principal commercial city of the island. -A San Antonio, (Tex.) despatch says that the new iron and steel bridge on the Mexican Pacific extention fell while over 100 workmen were engaged on it, of whom it is said seven were killed and many hurt. -The Enterpise cotton mills at Manayunk, Penn., were burned Tuesday; loss $75,000. There were no fire-escapes on the building, and sixteen persons were injured in their efforts to escape death. -Two well-known men died suddenly at Boston, Tuesday, Winthrop DeWolf dropping dead on the street and J. Frank Alden dying at the Tremont house of heart disease. The former was receiver of the Franklin institution for savings at Providence, which went under with the Sprague estate. Alden was a dealer in boots and shoes and fought in the war in the 4th rifles. -The Kingsley (Kan.) bank vault has been robbed of $12,000 and it is thought that County Treasurer Crawford is the thief. The story is that Crawford occupies the rear room of the bank as his office; that last Saturday evening he and Cashier Boyce, after locking the vault, left the bank together for supper, and when they returned, also together, they found the vault open and robbed. It is thought that Crawford returned in the interval and committed the crime.