Stockbridge Savings Bank (Stockbridge, MA)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
January 3, 1891
Location
Stockbridge, Massachusetts (42.288, -73.320)
Bank Type
savings

Metadata

Notes

Defalcation by the treasurer precipitated the bank's suspension and receivership.

Events (7)

1. January 3, 1891 Other
Newspaper Excerpt
a great sensation was created in Stockbridge when it was learned that C. H. Willis, Treasurer of the Stockbridge Savings Bank, is a defaulter to an amount running from $22,000 to $25,000.
Source
newspapers
2. April 7, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defalcation by treasurer C. H. Willis and inability to realize on a large loan (Glendale Woolen Mill note) led to suspension.
Newspaper Excerpt
The Stockbridge Savings bank has been placed in the hands of a receiver.
Source
newspapers
3. April 7, 1891 Receivership
Newspaper Excerpt
The Stockbridge Savings bank has been placed in the hands of a receiver.
Source
newspapers
4. July 13, 1892 Other
Newspaper Excerpt
Conversion of the funds of the Stockbridge Savings bank ... by the receiver, Fred A. Bobbs, of Stockbridge, is charged
Source
newspapers
5. July 20, 1892 Other
Newspaper Excerpt
Receiver Hobbs ... has been ordered to account for about $50,000 of the funds of the bank which it is alleged he has converted to his own use.
Source
newspapers
6. December 20, 1892 Other
Newspaper Excerpt
Receiver F. A. Hobbs of the Stockbridge Savings bank has applied to the Superior Court to declare dividends of 12 1-2 per cent., making 62 1-2 per cent. paid to depositors.
Source
newspapers
7. January 30, 1896 Other
Newspaper Excerpt
Frederick A. Hobbs, ex-receiver of the Stockbridge Savings bank, pleaded guilty ... to the charge of embezzling funds of the bank
Source
newspapers

Newspaper Articles (15)

Article from Pittsburg Dispatch, January 4, 1891

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ANOTHER TREASURER WRONG

He Is a Defaulter to the Amount[of $22,000 or $25,000. /SPECIAL TELEGRAM TO THE DISPATCH.\ PITTSFIELD, MASS., Jan. 3.-A great sensation was created in Stockbridge when It was learned that C. H. Willis, Treasurer of the Stockbridge Savings Bank, is a defaulter to an amount running from $22,000 to $25,000. Willis has been Treasurer of the bank for several years. About a month ago Bank Examiner Chapin looked over its affairs and found notes that could be realized on. One especially of $10,000, in favor of the Glendale Woolen Mill Company, the money on which was obtained by H. J. Dunham, trustee of the mill. Mr. Chapin therefore placed an injunction on the bank, on which there will be a hearing on Monday. It was ascertained that Willis had not posted up his books tor some years. He acknowledged that he had taken the above amount from the bank, but it is not known how long he has been pilfering. Willis is a native of Stockbridge, and is about 50 years old. He owns a small place in town, but his property is not sufficient to cover the loss. However, his bondsmen are good for the amount. Matters are so complicated that it is impossible to learn what the outcome will be. The depositors are so much excited that as soon as the bank opens for business there may be a run upon it.


Article from The Dalles Daily Chronicle, April 7, 1891

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A Savings Bank Suspends

STOCKBRIDGE, Mass., April 7.-The Stockbridge Savings bank has been placed in the hands of a receiver. It is thought that the loss to depositors will not reach more than twenty-five per cent.


Article from The Seattle Post-Intelligencer, April 8, 1891

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A Savings Bank Assigns

STOCKBRIDGE, Mass., April 7.-The Stock bridge Savings bank has been placed in the hands of a receiver. It is thought the loss to depositors will not reach more than 20 or 25 per cent.


Article from The Salt Lake Herald, April 8, 1891

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Stockbridge Savings Bank Fails

STOCKBRIDGE, Mass., April s7.-The Stockbridge Savings bank has been placed in the hands of a receiver. It is thought the loss to depositors will not reach more than 20 or 25 per cent.


Article from Richmond Dispatch, October 23, 1891

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A Town's Sole Industry Gone

(By telegraph to the Dispatch.] PITTSFIELD, MASS., October 22.-The town of Glendale, fitteen miies south of this city, recolved a heavy blow last evening when the Glendale Woollen-Mills, the only industry of the place, were destroyed by fire. The fire was discovered at 9 o'clock, and the building was in ashes two hours later. The mill was a five-story stone building. It was formerly operated by Frank Adams, and later, for his creditors, by Henry Duncan, of Stockbridge, a trustee. Duncan borrowed $10,000 of the Stockbridge Savings bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the Savings Bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000 held by the Berkshire Life-Insurance Company of this city. It was purchased by 8 Mr. Hermann, of New York, who prepared to carry on business, and the whoels were started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from The Morning News, October 23, 1891

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WOOLEN MILLS BURNED, The Investment a Loser for Several Years Past. PITTSFIELD, Mass., Oct. 22.-The town of Glendale, fifteen miles south of this city, received a heavy blow last evening when the Glendale woolen mills, the only industry of the place, were destroyed by fire. The The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five-story stone building, formerly operated by Frank Adams, and later for his creditors by Henry Duncan of Stockbridge, a trustee. Mr. Duncan borrowed $10,000 of a Stockbridge savings bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the savings bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under the foreclosure of a mortgage for $75,000 held by the Berkshire Life Insurance Company of this city. It was purchased by Hermann of New York, who prepared to carry on the business, and it was started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from The Roanoke Times, October 23, 1891

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A LARGE FACTORY BURNED

The Town of Glendale Suffers a Great Disaster. PITTSFIELD, Mass., Oct. 22.-[Special] -The town of Glendale, fifteen miles south of this city, received a heavy blow last evening when the Glendale woolen mills, the only industry of the place, were distroyed by fire. The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five story stone building, formerly operated by Frank Adams, later for his creditors by Henry Duncan, of Stockbridge, a trustee. Dunham borrowed $10,000 of the Stockbridge Savings Bank, securing the loan by a chattel mortgage on stock in the mill. The inability to pay the note resulted in suspension last spring of the savings bank, suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000 held by the Berkshire Life Insurance Company, of this city. It was purchased by Hermann, of New York, who prepared to carry on the business and the wheels started yesterday. The total is about $200,000, fuily insured.


Article from Delaware Gazette and State Journal, October 29, 1891

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A Disastrous Fire

PITTSFIELD, MASS., Oct. 22.-The town of Glendale, 15 miles south of this city received a heavy blow last evening when the Glendale Woolen Mills, the only industry of the place; were destroyed by fire. The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five story stone building. It was formerly operated by Frank Adams; later for his creditors by Henry Dunean of Stockbridge Savings Bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the savings bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000, held by the Berkshire Life Insurance Company of this city. It was purchased by Mr. Herman of New York, who prepared to carry on the business, and the wheels started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from Evening Journal, July 13, 1892

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Conversion of Funds Charged

BOSTON, July 13.-Conversion of the funds of the Stockbridge Savings bank of Stock. bridge by the receiver, Fred A. Bobbs, of Stockbridge, is charged by the savings bank commissioners.


Article from Freeland Tribune, July 21, 1892

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Receiver Hobbs Accused

BOSTON, July 20.-Receiver Hobbs, of the Stockbridge Savings bank, has been ordered to account for about $50,000 of the funds of the bank which it is alleged he has converted to his own use.


Article from The Evening Herald, December 20, 1892

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Stockbridge Savings Bank Dividends

GREAT BARRINGTON, Mass., Dee. 20.-Receiver F. A. Hobbs of the Stockbridge Savings bank has applied to the Superior Court to declare dividends of 12 1-2 per cent., making 62 1-2 per cent. paid to depositors.


Article from The Portland Daily Press, January 16, 1894

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SOUND LEGS IN CASTS.

How Hobbs Tried to Keep Away from Court Proceedings.

THE CASTS WERE SMASHED AND HOBBS WAS DRESSED,

And With the Breaking of the Plaster Casts Was Exploded a Pitiful Story of an Accident which Might Result in the Amputation of Both Legs-Hobbs Has Been Receiver of the Stockbridge (Mass.) Savings Bank and Is an Object of Suspicion.


Article from The Portland Daily Press, January 17, 1894

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HOBBS'S LEGS.

If They Were Broken, Their Healing Was a Surgical Wonder.

Boston, January 16.-F. A. Hobbs of Stockbridge, ex-receiver of the Stock-bridge savings bank, arrived in Boston today in charge of the deputy sheriff of Pittsfield, who had served upon Hobbs the capias issued by the Supreme court. Hobbs has shown a decided disinclination to turn over the papers of the Stock-bridge bank to the new receiver, and has been confined to his house in Stockbridge ostensibly suffering from a serious injury to both legs. A physician made an examination of Hobbs's legs, upon the arrival of the train upon which the ex-receiver rode, and reported that one of Mr. Hobbs's legs presented no appearance of injury whatever, and the other was slightly discolored. He thought that if Mr. Hobbs's legs had been broken by a heavy coal cart, as had been stated, they must have healed in a decidedly rapid manner. Mr. Hobbs was removed to the Emergency hospital.

Later in the day, Hobbs was taken into court, adjndged guilty of contempt and sentenced to six months' imprisonment.


Article from Pawtucket Tribune, July 24, 1894

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NEW ENGLAND BRIEFS.

William Wright was drowned at Newmarket Junction, N. H.

The official trials of the Howell torpedo are to be made at Newport, R. I.

The body of an unknown sailor was found off Monomoy (Mass.) beach.

Florence Seiler, aged 66, hanged himself at his home in Lawrence, Mass.

George Steele of Boston was held for the superior court on a charge of forgery.

Thomas A. Irving, a Gloucester (Mass.) shipouilder, owes $10,747, with small assets.

The carriage bridge at Tiverton, R. I, is to have a new draw, the present one being worn out.

Patrick Sullivan, a painter, fell from a scaffold at Lowell, Mass, and was probably fatally hurt.

Helen, the 8-year-old daughter of Daniel Keiser of Seaside, Mass., fell into a brook and was drowned.

The railroad station at North Leominster, Mass., was found broken into, and several valises were missing.

The Biddeford (Me.) city council voted to buy a steam road roller and appropriated money for a public park.

Joseph Hanouseck of Lowell, Mass, has received an appointment as assistant storekeeper at the Boston custom house.

Frederick A. Hobbs, ex-receiver of the Stockbridge Savings bank, was arraigned at Pittsfield, Mass., on the charge of embezzlement. He pleaded not guilty.

The Connecticut state board of education has awarded the contract for building the new state normal school at New Haven to the A. W. Burritt company. The structure is to cost $66,700.


Article from Connecticut Western News, January 30, 1896

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Pleaded Guilty

Frederick A. Hobbs, ex-receiver of the Stockbridge, Mass., savings bank, pleaded guilty in the Superior court at Pittefield on Tuesday to the charge of embezzling funds of the bank and was sentenced by Judge Fessenden to one day's solitary confinement in the state prison and ten years at hard labor as a maximum and six years as a minimum