Brookfield Savings Bank (Brookfield, MA)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
December 1, 1895*
Location
Brookfield, Massachusetts (42.214, -72.102)
Bank Type
savings

Metadata

Notes

Bank placed in receivership after treasurer's large embezzlement; remained in receivers' hands.

Events (4)

1. December 1, 1895* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Appointment of a receiver after discovery of large discrepancies and embezzlement by treasurer Hiram P. Gerald.
Newspaper Excerpt
The bank went into a receiver's hands, a week ago, with liabilities of $45,000.
Source
newspapers
2. December 1, 1895* Receivership
Newspaper Excerpt
George W. Johnson, president of the bank, was appointed receiver. ... the bank went into a receiver's hands a week ago.
Source
newspapers
3. March 11, 1896 Other
Newspaper Excerpt
Receiver George W. Johnson ... asked that a dividend of 30 per cent be declared to depositors; defalcation given as $27,240.
Source
newspapers
4. May 27, 1897 Other
Newspaper Excerpt
Jury ... returned a verdict for the plaintiff in the case of receiver Johnson against Hiram P. Gerald and his bondsmen.
Source
newspapers

Newspaper Articles (10)

Article from Daily Kennebec Journal, December 31, 1895

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Article Text

Hiram P

Gerald, town clerk of Brookfield, Mass., and treasurer of the Brookfield Savings Bank, is missing, and it is believed that his accounts are short from $6000 to $10.000. The bank went into a receiver's hands, a week ago, with liabilities of $45,000. Three attachments, Monday, were recorded in Worcester against Gerald's property,one being for $20,000 by the receiver to coverthe bank's loss.


Article from The Wilmington Daily Republican, December 31, 1895

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Cash and Cashier Missing

BROOKFIELD, Mass., Dec. 31.-Hiram P. Gerald, cashier of the Brookfield Savings bank, has disappoared. It is believed he is a defaulter to the amount of between $10,000 and $15,000, and his disappearance strengthens this belief. About three weeks ago George W. Johnson, president of the bank, was appointed receiver. He instituted an investigation into the affairs of the institution, and has since discovered something wrong with Gerald's accounts. Gerald was town clerk of Brookfield. He ran a drug store, was interested in many business enterprises and was prominentin the affairs of the town.


Article from The Citizen, January 3, 1896

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Article Text

Bank Treasurer Goes Wrong

Worcester, Mass., Jan. 1.-George W. Johnson, receiver of the Brookfield Savings bank, has issued a warrant for the arrest of Hiram F. Gerald, the treasurer of the bank, who is missing with $10,000 of the bank's funds. Gerald's downfall is due to reckless bucket-shop speculation.


Article from Vermont Phล“nix, January 3, 1896

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Article Text

Brookfield's Town Clerk Missing

Hiram P. Gerald, town clerk of Brookfield, Mass., "and treasurer of the Brookfield savings bank, is missing and it is believed that his accounts are short from $6000 to $10,000. The bank went into a receiver's hands a week ago with liabilities of $45,000. Three attachments were recorded in Worcester against Gerald's property Monday, one being for $20,000 by the receiver to cover the bank's loss.


Article from The United Opinion, January 3, 1896

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Cashier Gerald Has Skipped

BROOKFIELD, Mass., Dec. 31.-Hiram P. Gerald, cashier of the Brookfield Savings bank, has disappeared. It is believed he is a defaulter to the amount of between $10,000 and $15,000, and his disappearance strengthens this belief. About three weeks ago George W. Johnson, president of the bank, was appointed receiver. He instituted an investigation into the affairs of the institution, and soon discovered something wrong with Gerald's accounts. Attachments have been placed on his property in Brookfield, and a deputy sheriff went to Springfield and placed an attachment of $20,000 on Gerald's property in Hampden county. Gerald was town clerk of Brookfield. He ran a drug store, was interested in many business enterprises and was prominent in the affairs of the town.


Article from Spirit of the Age, January 4, 1896

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Article Text

DISCREPANCIES IN BOOKS

Bank Treasurer H. P. Gerald of Brookfield Missing. WORCESTER, Mass, Jan 3-Hiram P. Gerald, town clerk of Brookfield and treas urer of the Brookfield Savings Bank, is missing, and it is believed that his accounts are short from $6,000 to $10,000. The bank went into a receivers hands a week ago, with liabilities of $45,000. Hon. George W. Johnson of Brookfield. who was appointed receiver says that should Gerald's accounts be correct the bank will pay dollar for dollar, but an examination of about one-fourth the bank books show considerable discrepancy. Gerald started for Holland, to look, he said at a wood lot. He has not been at Holland and has not been seen since. Mrs. Gerald is prostrated. Three attachments were recorded in Worcester against Gerald's property, one being for $20,000 by receiver Johnson to cover the bank's loss.


Article from The Portland Daily Press, March 12, 1896

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Something Left for Depositors

Boston, March 11.-Receiver George W. Johnson, of the Brookfield Savings bank today presented to Judge Lathrop in the supreme court his report on the condition of the bank's affairs, and asked that a dividend of 30 per cent be declared to depositors. The defalcation of the treasurer, Hiram P. Gerald, is given as $27,240. There are 456 depositors' books outstanding against the bank, representing $76,700. The books of the bank were falsified and entries of payments to depositors were made. The late treasurer is now in jail awaiting trial. The amount which the receiver has on hand is $25,171.


Article from The Providence News, March 12, 1896

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Article Text

Brookfierd in shar shape, BOSTON, March 12.-Receiver Johnson of the Brookfield Savings bank yesterday presented to Judge Lathrop his report 0 the condition of the bank's affairs, am. asked that a dividend of 30 per cent be de clared to the depositors. The most deplorable fact stated in the report is that 0 the defalcation of the treasurer of th bank, Hiram P. Gerald, who absconde after the appointment of Mr. Johnson n receiver. The report states that the defalcation amounts to $24,240.


Article from Evening Journal, May 27, 1897

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Bondsmen Must Pay

Worcester, Mass., May 27.-The jury in the case of George T. Johnson of Brookfield, receiver of the Brookfield Savings bank, against Hiram P. Gerald and his bondsmen have returned a verdict for the plaintiff in the superior civil court. This suit was brought by the receiver of the bank to recover on the surety of the former treasurer of the bank, Gerald, who is serving a sentence in state prison for embezzlement of the funds of the institution. The defendant claimed that the bond was never properly delivered to the trustees of the bank, and it appeared in evidence that it was found back of a bottle in the defaulter's drug store.


Article from The Evening Tribune, May 27, 1897

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Judgment Against Bondsmen

Worcester, Mass., May 27.-The jury in the case of George T. Johnson of Brookfield. receiver of the Brookfield Savings bank, against Hiram P. Gerald and his bondsmen, has returned a verdict for the plaintiff. This suit was brought by the receiver of the bank to recover on the surety of the former treasurer of the bank, Gerald, who is serving a sentence in state prison for embezzlement of the funds of the institution. The defendant claimed that the bond was never properly delivered to the trustees of the bank, and it appeared in evidence that it was found back of a bottle in the defaulter's drug store.