19716. Franklin Institution For Savings (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1873*
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
a9a075bb

Response Measures

None

Description

No run is described in the articles. The Franklin Institution for Savings was in receivership and liquidating: receivers sold property (Sept 1892) and the receiver declared a final dividend to be paid May 1, 1893. The paper states the bank failed twenty years ago (circa 1873), indicating a long-closed institution in liquidation rather than an active run or reopening.

Events (4)
1. January 1, 1873* Suspension
Cause Details
Article (Apr 25, 1893) states the bank 'failed twenty years ago' but gives no specific cause for the original suspension/failure.
Newspaper Excerpt
Receiver Greene, of the Franklin Institution for Savings which failed twenty years ago...
Source
newspapers
2. September 19, 1892 Other
Newspaper Excerpt
The sale is by order of the receivers of the Franklin Institution for Savings and the Cranston Savings Bank. Auctioneer William H. Herrick commenced yesterday to close out at auction desirable house lots ... the sale is by order of the receivers of the Franklin Institution for Savings and the Cranston Savings Bank.
Source
newspapers
3. September 22, 1892 Other
Newspaper Excerpt
One of the final acts in the settlement of the great Sprague estate occurred to-day, when claims to the amount of $2,000,000 against the estate held by the receivers of the Franklin and Cranston Savings Banks, were sold for $1.50.
Source
newspapers
4. May 1, 1893 Receivership
Newspaper Excerpt
FINAL DIVIDEND! The 9th and Final Dividend of 2 9-10 per cent. in liquidation has been declared and is now payable at the Banking Rooms of the said Institution ... THOMAS C. GREENE, Receiver. Providence, R. I. May 1, 1893.
Source
newspapers

Newspaper Articles (10)
1. September 9, 1892 The Providence News Providence, RI
Article from The Providence News, September 9, 1892

Click image to open full size in new tab

Article Text

NEWS OF REAL ESTAE. Now is the Time the Market Commences to Regain Its Activity. Every incoming train and steamboat brings a new lot of arrivals home from their summer vacation. And every lot of arrivals means money spent at home instead of elsewhere. The real estate man is as will aware of this fact as anybody else. Нө, therefore, at this season, begins to boom his property and the real estate market quickly awakens from its summer dullness. Soon it will regain all of last spring's activity. The fact that a fair return may be realized from property sold at action has thrown considerable property in the market to be sold in that manner. On Monday, Sept. 19, George H. Burnham will sell at auction a lot of land on the southerly side of Cypress street, well improved with fine dwellings. The lot measures about 50 by 100. The sale is by order of the joint standing committee of the City Council on city property. On Wednesday, Sept. 21, by order of Louis L. Angell, assignee, the property bounded by Broad, Central and Pearl streets, heretofore occupied for a lumber yard by the firms of Winsor & Brown, R. B. Winsor & Co. and Andrew Winsor & Co., including that occupied by the PROVIDENCE Sash and Blind Company, will be sold at public auction. There is a frontage of 130 feet on Broad street, about 90 feet on Pearl street and several desirable lots on Central street. Also the property nearly opposite that described above known as the Brown Mill estate," fronting 120 feet on Central street, and also having a convenient frontage on A street. On this property is a large wooden building about 40 by 96 feet, and an adjoining building about 35 by 40 feet, and an 80-horse power Corliss steam engine, with boilers and shafting, making a de sirable property for jewelry or light manufacturing enterprises. All this property is available for business or residence purposes, and is in a very desirable part of the city, and, as it will be sold in separate parcels, it offers a rare opportunity for purchasers. The sale doubtlessly will be attended by a large number and the character of the property promises that the bidding will be lively and spirited. Also by order of Mr. Angell, as assignee, there will be a peremptory sale of desirable real estate on Wednesday, Sept. 21. It is a tract of land bounded northerly on Carpenter street, on which it measures 100 feet, and bounded westerly on Courtland street, on which it measures sixty feet. An adjoining lot fifty feet wide on Courtland street and 120 feet deep will be sold also, The estate now has buildings upon it fitted for a coal yard, but it is desirable for business or other purposes. Auctioneer William H. Herrick commenced yesterday to close out at auction desirable house lots on the Josiah Chapin plat. The sale concludes to-day. The lots front principally on Cranston and Messer streets, and the sale is by order of the receivers of the Franklin Institution for Savings and the Cranston Savings Bank. The section of the city in which the Josiah Chapin plat is situated is thickly populated and is growing. This is au opportunity to obtain at a fair price very desirable property. The terms of the sale are $10 cash per lot to be paid to the auction er at the time of the sale and the balance in cash on the delivery of the deed, which will be one week after the day of sale. At Cambridge Park. Business is booming on the Cambridge Park plat. Among the recent purchasers are the following Thomas Hoar, Cranston, four lots: Mrs. Delia Griffin, PROVIDENCE, one lot; Aifred Carter. PROVI DENCE, one lot; Axel P. Kihlstrom. PROVIDENCE, four lots: Charles Swanson, PROVIDENCE, two lots: William Wildprett, two lots: Carl G. T. Oberholm, PROVIDENCE, two lots: J. W. D. Foster, PROVIDENCE, one lot; Patrick F. Cummings, Oineyville, six lots; Washington

2. September 23, 1892 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1892

Click image to open full size in new tab

Article Text

A CLAIM FOR $2,000,000 SOLD FOR 81 50. Providence, R. I., Sept. 22.-One of the final acts In the settlement of the great Sprague estate 00curred to-day, when claims to the amount of $2,000,000 against the estate held by the receivers of the Franklin and Cranston Savings Banks, were sold for $1 50. The sale was a necessary formality In the settlement of the estate.

3. September 28, 1892 Watertown Republican Watertown, WI
Article from Watertown Republican, September 28, 1892

Click image to open full size in new tab

Article Text

THE Dominion government has en notified by the british governent that a British man-of-war has en ordered from the Pacific to ce proceed to Vladivostock, Russia. investigate the recent seizures of nadian vessels by the Russian cruiss, and to offer relief to those crews 10 still may be in custody of the Rusins. THE Court Street Methodist Church Flint, Mich., burned. The fire caught m an oil stove that had been placed der the organ to dry it out. Loss, 2,000; insurance, $18,000. CLARENCE TEAR, burglar; Richard rdner, highwayman; Eugene Day, zhwayman; John Davis, under intment for felonious assault, and John ith, thief, escaped from Monroe unty rail at Rochester. N. Y. Tear ened his cell door with a key and sed the others. PETER MINSKI, proprietor of a carrou1, shot and killed Morris Boyle at Chigo. The men had quarreied in a barom shortly before the murder. Mini claims that he was waylaid by Boyle d shot in self-defense. FOUR negroes and one white man were hipped at Newcastle, Del., in the esence of about 300 spectators. THE London Post calls attention to el national aspect of the transfer of the o fast steamers of the Inman Line to e United States registry as diminishg England's effective strength at sea. says: " We do not care to contemate the possibility of their employent against us. We must never alw our naval supremacy to be ked." LEONARADA, a notorious Sicilian brigd, has been captured, after a sharp ht. THE execution of an innocent gentlean, as the reported leader of Tekhua ti-Christian riot in 1891, has caused other serious rising in Fukien. THE imposition of the new tariffs on e island of Porto Rico meets with uch opposition. As in Cuba, the merants closed their establishments. The ople also indulged in noisy demonrations, and a number of collisions ocrred between them and the armed rces. Senor Vege Verdugo, manager the treasury, made an attempt to nd in order to quell the disorders, t was compelled to remain on the eamer in order to avoid personal inry at the hands of the infuriated peo'a THE Socialistic Labor party in New ork City have placed a full municipal ket in the field. Alex. Jonas, editor the Volks Zeitung, is their candidate I ONE of the final acts in the settlement the great Sprague estate at Provience, R. I., occurred when $2,000,000 claims against the estate held by the ceivers of the Franklin and Cranston vings Banks were sold for $1,502. e sale was a necessary formality. A BIG FOUR fast freight train was recked at Dayton, O., by a 6-year-old y turning t switch. He explained T saying he wanted to see a big wreck. n cars were smashed and piled on ch other and freight scattered over e debris. Fortunately no one was irt. THE liyerymen of Chicago have rmed a trust, and have put the price carriages during the World's Fair rade dedication at $22 per day. The rectors have been compelled to pt the price, and the outlay for Ocber 21 will be $10,600. ONE car containing several cages ie of the trains of Forepaugh's circus mped the track near Sinking Springs, 1., on the Reading Railroad. The ges contained a bear and several lope, and rolled down an embankent. No serious damage was done. J. H. VICKS, a millionaire of New ork City, and president of the Wicks efrigerator company, with headquarrs at Rochester, N. Y., fell out of the cond story window of a disreputable buse at Detroit and was instantly illed. He was entirely undressed and is supposed was intoxicated. Ile xteen feet to the stone sidewalk riking on the back of his head, break g his neck and fracturing his skull. THE elegant colonial residence of 40 Fish

4. September 29, 1892 Eagle River Review Eagle River, WI
Article from Eagle River Review, September 29, 1892

Click image to open full size in new tab

Article Text

NEWS PARAGRAPHS. THE Dominion government has just been notified by the British government that a British man-of-war has been ordered from the Pacific to at once proceed to Vladivostock, Russia, to investigate the recent seizures of Canadian vessels by the Russian cruisers, and to offer relief to those crews who still may be in custody of the Russians. THE Court Street Methodist Church at Flint, Mich., burned. The fire caught from an oil stove that had been placed under the organ to dry it out. Loss, $32,000; insurance, $18,000. CLARENCE TEAR, burglar; Richard Gardner, highwayman; Eugene Day, highwayman; John Davis, under indictment for felonious assault, and John Smith, thief, escaped from Monroe County jail at Rochester, N. Y. Tear opened his cell door with a key and released the others. PETER MINSKI, proprietor of a carrousal, shot and killed Morris Boyle at Chicago. The men had quarreied in a barroom shortly before the murder. Minski claims that he was waylaid by Boyle and shot in self-defense. FOUR negroes and one white man were whipped at Newcastle, Del., in the presence of about 300 spectators. THE London Post calls attention to the national aspect of the transfer of the two fast steamers of the Inman Line to the United States registry as diminishing England's effective strength at sea. It says: We do not care to contemplate the possibility of their employment against us. We must never allow our naval supremacy to be relaxed." LEONARADA, a notorious Sicilian brigand, has been captured, after a sharp fight. THE execution of an innocent gentleman, as the reported leader of Tekhua anti-Christian riot in 1891, has caused another serious rising in Fukien. THE imposition of the new tariffs on the island. of Porto Rico meets with much opposition. As in Cuba, the merchants closed their establishments. The people also indulged in noisy demonstrations, and a number of collisions occurred between them and the armed forces. Senor Vege Verdugo, manager of the treasury, made an attempt to land in order to quell the disorders, but was compelled to remain on the steamer in order to avoid personal injury at the hands of the infuriated people. THE Socialistic Labor party in New York City have placed a full municipal ticket in the field. Alex. Jonas, editor of the Volks Zeitung, is their candidate for mayor. ONE of the final acts in the settlement of the great Sprague estate at Proviidence, R. I., occurred when $2,000,000 of claims against the estate held by the receivers of the Franklin and Cranston Savings Banks were sold for $1,502. The sale was a necessary formality. A BIG FOUR fast freight train was wrecked at Dayton, O., by a 6-year-old boy turning the switch. He explained by saying he wanted to see a big wreck. Ten cars were smashed and piled on each other and freight scattered over the debris. Fortunately no one was hurt. THE liverymen of Chicago have formed a trust, and have put the price of carriages during the World's Fair parade dedication at $22 per day. The directors have been compelled to accept the price, and the outlay for October 21 will be $10,600. ONE car containing several cages in one of the trains of Forepaugh's circus jumped the track near Sinking Springs, Pa., on the Reading Railroad. The cages contained a bear and several antelope, and rolled down an embankment. No serious damage was done. J. H. WICKS, a millionaire of New York City, and president of the Wicks Refrigerator company, with headquarters at Rochester, N. Y., fell out of the second story window of a disreputable house at Detroit and was instantly killed. He was entirely undressed and it is supposed was intoxicated. IIe fell sixteen feet to the stone sidewalk, striking on the back of his head, breaking his neck and fracturing his skull. THE elegant colonial residence of Frederick S. Fish, son-in-law of J. M. Studebaker, at South Bend, Ind., was totally destroyed by fire. The fire is believed by some to have been incendiary. The house was as yet unoccupied, workmen being just finishing it. Loss, $50,000; insured. UNKNOWN parties entered the postoffice at Weiser, la., blew open the safe with giant powder, and secured about $700 in money, stamps and postal notes. Certificates of deposit amounting to $1,200 were taken, but they are worthless to the robbers. OTIS SCOTT, a prominent money-lender of Port Huron, Mich., has disappeared. Friends had indorsed $50,000 worth of paper for him, and it has been discovered that he has disposed of all his property. He is believed to be in Canada.

5. January 30, 1893 The Providence News Providence, RI
Article from The Providence News, January 30, 1893

Click image to open full size in new tab

Article Text

FRANKLIN INSTIT. FOR SAVINGS. A Preliminary Meeting Held To-day-The Final Dividend Soon. The preliminary meeting of the depositors of the Franklin Savings bank was held to-day at 10:30 A. M. The report of the receiver was read and will be handed to the Supreme Court for approval. When that is done, which will require 30 days at le st. the receiver will at once proceed to compile the accounts for the final settlement. John C. Pegram stated that he would at once proceed to examine the accounts and make his final statement. No sug. gestions were made by the depositors present, but there was some inquiry as to the final dividend. Mr. Pegram stated that it would probably be between 21/4 and 3 per cent. The total dividends thus far paid have amounted to 83 per cent. When the books have been examined by Mr. Pegram a final meeting will be called. This will occur probably within the next two months.

6. April 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1893

Click image to open full size in new tab

Article Text

TROUBLES OF BUSINESS MEN. D. T. HEDGES FAILS IN SIOUX CITY-GOVERNOR M'CONNELL'S IDAHO COMPANY GOES UNDER. Sloux City, Iowa, April 25.-D. T. Hedges, the largest financial operator here. filed an assignment this afternoon for the benefit of creditors. There are no preferences. E. 11. Hubbard is assignee. The failure is attributed to the bad state of the money market and to inability to sustain the Pacific Short Line and Sioux City and Northern railroads on In. dividual credit. None of the local banks or merchants are involved. Much paper was issued through the Union Loan and Trust Company, and soon after filing of the Hedges notice of assignment that company also closed its doors. The secretary stated that the direct liabilities are not large. Hedges's schedule of assets. stocks and bonds, not including his real estate, is $1,823,640. The last of the claims against the Leeds Land Comparty were satisfied yesterday. and yesterday after neon, L. A. Black, receiver for the company, was discharged and the affairs of the company were put back in the hands of its directors and officers. The company has already arranged to take up Its old bonds with a new issue, which will be the last step in the clearing away of the $1,500,000 indebtedness. Grand Rapids, Mich., April 25.--In the United States Court to-day, Eastern creditors and bondholders got judgments aggregating $130,000 against the draulic Company of this city. and Thomas J. O'Brien was appointed receiver to wind up the affairs of the embarrassed corporation. Chicago, April 25.-Giles Brothers, one of the largest wholesale and retail jewelry firms in Chicago, are financially embarrassed. Confessions of judgment were entered against them in the Circuit Court this afternoon for over $85,000. Moscow. Idaho, April 25.-The McConnell & Maguire Company. a corporation, the largest mercantile house in Idaho, of which Governor McConnell is the head, was closed by the Sheriff yesterday. Attachments were placed amounting to $100,000. More are expected to-morrow. The assets amount to about $80,000 In stock and a large book account. The firm's business property is mortgaged for $25,000. The firm was incorporated for $100,000. Governor McConnell is deeply sympathized with by his numerous friends. It is thought that with careful management the firm may pay dollar for dollar. Last night it made a general assignment. Providence, R. I., April 25.-Receiver Greene. of the Franklin Institution for Savings which failed twenty years ago. to-day announced a final dividend, the payment of which will be begun May 1. The last dividend will be 2 9-10 per cent. and it will in the aggregate make the payment to depositors about 94 per cent. There were originally about 20,000 depositors. but a good many have died. and the books have been lost.

7. May 15, 1893 The Providence News Providence, RI
Article from The Providence News, May 15, 1893

Click image to open full size in new tab

Article Text

Franklin Institution for Savings. FINAL DIVIDEND! The 9th and Final Dividend of 2 9-10 per cent. in liquidation has been declared and is now paya. ble at the Banking Rooms of the said Institution. 87 South Main street, Providence, R, I. Hours of payment from 10a. m. to 1 p. m. Providence, R. THOMAS I., May 1, C. 1893, GREENE, Receiver.

8. June 13, 1893 The Providence News Providence, RI
Article from The Providence News, June 13, 1893

Click image to open full size in new tab

Article Text

Franklin Institution for Savings, FINAL DIVIDEND! The 9th and Final Dividend of 2 9-10 per cent In liquidation has been declared and is now rayable at the Banking Room 8 of the said Institution, 87 South Main street, Providence, R, 1. Hours of payment from 10 a. m. to 1p. m. THOMAS C. GREENE. Receiver. Providence RL May 1. 180%

9. July 15, 1893 The Providence News Providence, RI
Article from The Providence News, July 15, 1893

Click image to open full size in new tab

Article Text

Franklin Institution for Savings. FINAL DIVIDEND! The 9th and Final Dividend of 29-10 per cent in liquidation has been declared and is now payable at the Banking Rooms of the said institution 37 South Main street, Providence, R, I. Hours of payment from 10 a. m. to 1 p. m. THOMAS C. GREENE, Receiver. Providence R. I. May 1. INDI,

10. July 17, 1893 The Providence News Providence, RI
Article from The Providence News, July 17, 1893

Click image to open full size in new tab

Article Text

Franklin Institution for Savings FINAL DIVIDEND! The 9th and Final Dividend of 2 9-10 per cent in liquidation has been declared and is now payable at the Banking Rooms of the said institution 37 South Main street, Providence, R, I. Hours of payment from 10 a. m. to 1p. in. THOMAS C. GREENE, Receiver. Providence, R. I., May 1, 1893.