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
same day
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 months
3.March 11, 1896Other
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
+15 months
4.May 27, 1897Other
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)
1.December 31, 1895Daily Kennebec JournalAugusta, ME
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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.
2.December 31, 1895The Wilmington Daily RepublicanWilmington, DE
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Article Text
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.
3.January 3, 1896The CitizenFrederick, MD
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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.
4.January 3, 1896Vermont PhลnixBrattleboro, Bellows Falls, Ludlow, VT
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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.
5.January 3, 1896The United OpinionBradford, VT
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Article Text
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.
6.January 4, 1896Spirit of the AgeWoodstock, VT
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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.
7.March 12, 1896The Portland Daily PressPortland, ME
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Article Text
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.
8.March 12, 1896The Providence NewsProvidence, RI
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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.
9.May 27, 1897Evening JournalWilmington, DE
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Article Text
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.
10.May 27, 1897The Evening TribunePawtucket, RI
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Article Text
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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Brookfield Savings Bank · Episode ID 5648091891152