6860. Abington National Bank (Abington, MA)

View Charter #1386 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
1386
Charter Number
1386
Start Date
July 1, 1886
Location
Abington, Massachusetts (42.105, -70.945)

Metadata

Model
gpt-5-mini
Short Digest
adcd9ba1b889c63c

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1886-08-02
Date receivership terminated
1887-02-17
OCC cause of failure
Excessive lending
Share of assets assessed as good
41.4%
Share of assets assessed as doubtful
56.8%
Share of assets assessed as worthless
1.8%

Description

Articles (July–Dec 1886) report an initial depositor rush/payments (a run) after president R.J. Lane's arrest for embezzlement, the bank then suspended payment (early July). A receiver was appointed (Aug) and by autumn all claims paid and reorganization/resumption was planned (Dec), indicating the bank was reorganized and expected to reopen. OCR errors in some articles (e.g., 'Gatchell' = Getchell/Gatchell examiner) were retained where unclear. Dates use newspaper reports.

Events (8)
1. July 1, 1865 Chartered
Source
historical_nic
2. July 1, 1886 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors learned of alleged embezzlement/defalcation by president Richmond J. (R.) J. Lane, triggering heavy withdrawals.
Measures
Cashier honored checks and paid depositors at opening; initial payments made until funds exhausted; directors then stopped payment pending meeting.
Newspaper Excerpt
The news regarding the alleged defalcation ... soon a large number of depositors were on hand. ... As soon as the bank was opened there was a rush and Cashier Farrar was kept busy paying the depositors.
Source
newspapers
3. July 2, 1886 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors suspended payments after discovering large shortage/defalcation by the president; suspension followed loss of confidence and inability to meet demands.
Newspaper Excerpt
It was announced that payment would be resumed later, as soon as funds were received from Boston, but the funds were not forthcoming and confidence in Mr. Lane fell. The bank will not reopen at present.
Source
newspapers
4. August 2, 1886 Receivership
Source
historical_nic
5. August 3, 1886 Other
Newspaper Excerpt
The comptroller of the currency has appointed John F. Simmons to be receiver of the Abington National Bank, of Abington, Mass.
Source
newspapers
6. November 20, 1886 Other
Newspaper Excerpt
Receiver John F. Simmons ... filed a petition for leave to compromise certain claims against Richard J. Lane ... because all just claims against the bank have been paid, leaving the bank still solvent, and because the shareholders manifest a desire to accept the offer made by Mr. Lane's attorneys ... The face value of the notes held by the bank bearing Mr. Lane's name is $122,718.30.
Source
newspapers
7. December 4, 1886 Reopening
Newspaper Excerpt
At an adjourned meeting of the stockholders ... it was voted to send Receiver Simmons to Washington to adjust the details of reorganization. It is expected that the bank will resume business early in January.
Source
newspapers
8. February 17, 1887 Restored To Solvency
Source
historical_nic

Newspaper Articles (19)
1. July 2, 1886 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 2, 1886

Click image to open full size in new tab

Article Text

THE ALLEGED DEFAULTER, Richmond J. Lane, held in $50,000 Bail. BOSTON, July 1. Richmond J. Lane, president of the Abington National bank and of the Rockland Savings bank, and holder of other large trusts, who was arrested in Portland, Wednesday night, and brought to Boston, Thursday morning, was taken before Commissioner Hallett, charged by the bank examiner with being a defaulter of the Abington National bank to the extent of the 850,000. United States District Attorney Stearns aaid the government would claim that Lane was an embezzier to the extent of $130,000 and would ask that he be held in $75,000 bail. Lane pleaded not guilty. He stated that the bank was interested and had invested $1700 in money in the leatherboard business in Saccarappa, Maine, and that he was on his way to inspect the property Bail was finally fixed at $50,000 and the case was continued until July 12th. Lane was unable to secure bail and was lodged in jail. ABINGTON, Mass.. July 1. The news regarding the alleged defalcation of Richmond J. Lane, created an intense exeitement. and soon a large number of depositors were on hand. Thus far all of the checks presented at the National Bank have been honored, but it is stated the bank will stop payment soon. The Savings Bank is regarded as perfectly safe, and but few depositors have withdrawn their funds. The Abington Savings Bank had about $25,000 on deposit with the National Bank, but it is said to be regarded as perfectly safe. In Rockland there has been no run on the Savings Bank of which Lane is president, but a Targer amount of business has been transacted than usual. Lewis Reed Co., executor of Washington Reed's estate, left Rockland for Boston, Thursday® morning to look after the interest of the estate. It is expected that a rigid examination of the affairs of the estate will follow. A meeting of the directors of the Abington National Bank was held this evening. There were present Judge Asa French, attorney for the bank, Examiner Getchell, and Directors Martin S. Stetson. Joseph Vaughan, Henry Noyes, and z. N. Whitmarsh. The object of the meeting was to determine the future action of the bank, and its course at the present crisis in its affairs. A searching investigation has been commenced, and the directors state that the condition is far better than was at first anticipated. Henry A. Noyes, one of the directors of the institution saye: The meeting was held for the purpose of determining the future action of the bank, and is is, at the present time,

2. July 2, 1886 New-York Tribune New York, NY
Article from New-York Tribune, July 2, 1886

Click image to open full size in new tab

Article Text

THE ARREST OF RICHMOND J. LANE. EXTENT OF HIS ALLEGED DEFALCATIONS-MELD TO BAIL-THE BANKS INTERESTED. BOSTON, July 1 (Special).--The announcement this morning of the misappropriation of funds by Richmond J. Lane, president of the Abington National Bankand the Rockland Savings Bank, has created a big sensation, especially in Boston and Plymouth County. Mr. Lane was regarded as a model man in his own town and county. Men and women of small means who wished to invest their savings were accustomed iq defer to Mr. Lane's judgment, and in not a few cases money was intrusted to his care. Lane was much surprised when arrested at Portland last night. He went to Portland. it is alleged. to investigate the leather board euterprise from which he still hoped to realize something. He arrived in Boston this morning in charge of Pinkerton's detectives, and on the opening of the United States Commissioners' Court was arraigned before Commissioner Hallett. The Goverument was represented by United States DistrictAttorney Stearns, the defendant by B. F. Brooks, Asa French appeared for the Abington National Bank. The question to be considered was as to the amount of bail, and Jeremiah Gatehell, National bank examiner, was called to testify on that point. He spoke of the examination which he was making into the condition of the bank and said that the complaint against Mr. Lane had been brought at this time because his departure from Boston was regarded as a direct indtcation of his intention to leave the country. The examination of the bank was not completed, but the examiner was of the opinion that the funds fraudulently obtained would amount to $135,000. Of this sum $40,000 is represented by notes in different names to cover drafts on the redemption agent of the bank, and about $9,000 represents overdrafts. The District-Attorney asked that bail be fixed at $75,000. The Commissioner decided to Hx the bail at $50,000, and Mr. Lane's two brothers, Everett and Alonzo, became his bondsmen in the sum required. At the office of the Savings Bank Commissioners this afternoon It was learned that Mr. Curry, the member of the Commission who visits the savings banks in the eastern part of the State had made a thorough examination of the affairs of the Abington Savings Bank on May 9, and It is understood that no found nothing to prove unsoundness, eiteer in the deposits or the investments made by that institution. The extent to which the Rockland Savings Bank is in. volved by the action of Mr. Lane as its president is still in doubt, but it was clear that Commissioner Curry did not find ground for warning at the time of his visit in the middle of May. A8 to other savings banks in Norfoik and Plymouth Counties. which presumably were most associated with the National bank, the state ments of the commissioners show that there was little tendency to invest in its stock. There 18, however, a a large investment in the 0880 of the Hingham Institution for Savings, which holds at par $1,500 in this stock, rated in value at $1,800. President Lane to-day dented emphatically the charges of dishonesty, and said the most that the bank would 1040 was $60,000. This amount he had expended with the knowledge and consent of the directors. If he had not been interfered with, he could within a few weeks have satisfactorily adjusted the whole affair without loss to the bank. He refused to talk about the trust funds held by him in the Washtugton Reed estate The news of President Lane's disgrace spread rapidly through the town of Abington this morning, and before the hour of opening the National Bank, a crowd of depositors had gathered in the square opposite the bullding. As soon as the bank was opened there was a rush and Cashier Farrar was kept busy paying the depositors. Farmers turned from the cashier's window with both hands full of gold coin and left the building with a puzzied air, as if they did not know what to do with their money now that it was once more in their possession. An illustration of the confidence which many realdenta of the town entertained this morning in Lane's rectitude was shown by the fact that several large manufacturers who were obliged to draw from their deposits to pay their help did not take out more than was necessary to meet present demands. They still withheld their consure of Lane until they could hear his side of the case, out at about 10:30 a. III., when the bank stopped payment for lack 01 runds. those who were left in the background, unable to get their money. began to take a different view ot the case. It was announced that payment would be resumed later, as soon as funds were received from Boston, but the funds were not forthcoming and confidence in Mr. Lane fell. The bank will not reopen at present. There was a email run on the Abing. ton and Rockland savings banks, chiefly by women. All demands were promptly met.

3. July 2, 1886 Daily Republican Wilmington, DE
Article from Daily Republican, July 2, 1886

Click image to open full size in new tab

Article Text

Two men named Gullett and Barlow were partners in farming in K mper County, Mississippi, and the lived, with their families, in the same house. On Tuesday a quarrel arose between Barlow and his wife and Mrs. Gullett, t and, on Gullett asking what was the t matter, Barlow seized a gun and b pointed it at him. Gullett snatched a pistol from a bureau and shot Barlow e in the neck. Barlow dropped the gun and ran to a fence. Gullett picked up t. the ann and shot him dead. Turning, r he dcovered Barlow's wife `in the act of Billing his wife with an axe, whered upon he fired the remaining charge at Mrs. Barlow, killing her instantly. y Gullett surrendered to the authorities. At Darbyville, Ohio, yesterday, Mar. r shal Brown, accompanied by a deputy, b undertook to arrest Seymour Darling r and Job Carpenter, charged with barn I burning. The Marshal was resisted by Darling and Carpeuter and by " Nat" it Darling, " Wash" Darling and Ora a Radcliff. Stymour Darling received five shots and was killed. The others ; were dangerously, if not fatally wounded. The race between the Yale, Harvard and Columbia crows, at New London, was rowel yesterday morning, and was won by Harvard by three lengths, in 11 minutes, 53 seconds. Columbia was second, her time being 12 minutee, 10 seconds. Yale was put out of the race by her boat being disabled and sunk by a heavy wave. The population of Chicago, as indicated by its new directory, is more than 750,000, an increase of 50,000 since last year. The development of the business and building features of the city in the year is reported to have exceeded that of any other like period. The Abington National Bank of Abington, Mass., suspended Thursday. Its president, R. J. Lane, was a rested in Portland, Me., on Wednesday night, charged wish stealing its funde. The "shortage" is estimated at nearly $160,000. A fire in St. Lou's Thursday morning destroyed six frame buildings occupied as stores and owellings, at Market street and Manchester road. The loss is estimated at $15,000. The Dominion cruiser Terror on Wednesday seized the American schoon er City Point, of Porfland, Maine, on the Nova Scotia coast, for violation of the fishery laws. George Hatchinson and Delos New. ton were killed and Elias Tripp was dangerously injured by the bursing of the boiler of a saw mill near Usadilla, New York, yesterday morning. At the Turkey Run colliery, at Shenandoab, Penna., yesterday, John Bevan was killed and two Poles were dangerously injured by a fall of clay, while "stripping" a coal surface. The public debt statement issued yesterday shows a decrease during June of $9 061,898. Total cash in the Treasury, $492,917,173. The greater portion of Independence, California was destroyed by fire on Wednesday. Loss, $200,000; insurance, $40,000. At Nanticoke, Penna., yesterday morning, Eiward Bellows, being jealous, shot and fatally wounded his wife. Miller & Lawrence's tub and pail shop at Leominster, Mass., was burned Thursday morning. Loss $60 000. The race at St. John, Qaebec, yester day, was won by Haulan, by half a length. Time, 20 minutes, 30 seconds.

4. July 2, 1886 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 2, 1886

Click image to open full size in new tab

Article Text

President Lane's Defalcation. BOSTON, July 1.-Richmond J. Lane, president of the Abington National Bank, who was arrested in Portland, late last night, was arraigned before the United States commissioners' court in this city this morning. Bank Examiner Gatchell testified that the examination of the bank's affairs had not been completed, but that the funds fraudulently obtained would probably amount to $135,000. Commissioner Hallett fixed the bail at $50,000, and the case was continued to July 12. An Abington telegram says: "The Abington National Bank, whose president, R. J. Lane, was arrested in Portland, last night, suspended payment this mørning. No money will be paid out until after a meeting of the directors. It is thought that the shortage will amount to $160,000."

5. July 3, 1886 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, July 3, 1886

Click image to open full size in new tab

Article Text

A Terrible Explosion. NORRISTOWN, N.J., July 2.-A terrible explosion took place this morning at 7:30 o'clock at the Atlantic giant powder works, situated between McKanesville and Drakesville, resulting in the loss of 10 lives and the injury of 10 or 12 others. The explosion took place in the mixinghouse. The cause is not as yet known, nor is the loss known at present, but it will be very heavy. The concussion was felt distinctly for 20 miles around, and glasses in houses five miles away were shattered. A Shortage of $160,000. ABINGTON, Mass., July 2.-The Abington National Bank, whose President, R. J. Lane, was arrested in Portland last night, stopped payment this morning. No money will be paid out until after a meeting of the Directors. Last evening at the close of the banking hours the bank had $140,000 on hand. It is thought that the shortage will amount to $160,000. Confident of Success. PITTSBURGH, July 2.-The Leader to-day prints the following in regard to the Troubabour-Woodford race: Capt. Sam Brown, before going east, stated that he was sure of his horse's ability to win. He wagered $75,000 on the outcome at very gratifying odds. His returns run into figures largely in excess of $200,000. Dr. Porter's Successor. NEW HAVEN, July 2.-Prof. Timothy Dwight was to-day inaugurated President of Yale College, to succeed Dr. Porter. More Gold Shipment. NEW YORK, July 2.-The engagements of gold for export thus far this week aggregates $3,581,000.

6. July 3, 1886 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, July 3, 1886

Click image to open full size in new tab

Article Text

Held in $50,000. BOSTON, July 2.-Richmond J. Lane, the embezzling banker of Abington, was examined before a commission today and held in $50,000 to appear before the United States Court July 12. Bail was furnished by his brothers. The Abington National Bank suspended payments. All the other banks doing business with it deny that they are in any way affected by the troubles of that bank.

7. July 7, 1886 Morris Tribune Morris, MN
Article from Morris Tribune, July 7, 1886

Click image to open full size in new tab

Article Text

Embezzler Lane's Shortage. BOSTON, July 5.-The shortage of R. J. Lane, the alleged embezzler of Rockland, amounts to $247,000. Of this sum $112,000 is in his accounts as trustee of the Washington Reed estate, according to a statement made by Lewis Reed, the co-trustee. Bank Examiner Gatchell Friday began an investigation of all the business papers and records in the suspended Abington National bank, and he has already found full confirmation of his charges against the president. The friends of Lane will make an effort to extricate him from his difficulties.

8. July 8, 1886 The True Northerner Paw Paw, MI
Article from The True Northerner, July 8, 1886

Click image to open full size in new tab

Article Text

NEWS CONDENSED. Concise Record of the Week. EASTERN. The income at Yale College last year was $187,450, and the expenses $167,235. Harvard graduated this year 223 and Yale 326 students. A race between the Freshmen crews of Harvard, Columbia, and Yale Colleges, at New London, Conn., resulted in a victory for the former. President Richmond J. Lane, of the Abington (Mass,) National Bank, was arrested at Portland, Me., on the charge of having fraudulently taken from his bank amounts aggregating $135,000. At Boston he was held in $50,000 bail, and the case was continued. It is intimated that Lane was en route for Canada when captured. The bank has suspended payment for the present

9. July 8, 1886 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, July 8, 1886

Click image to open full size in new tab

Article Text

LATER NEWS ITEMS. The Iowa Democratic State Convention adopted a resolution favoring the appeal of the prohibitory liquor law and the establishment of local option with high license. The Greenbackers were given the selection of candidates for treasurer and clerk of the Supreme Court. The Democrates nominated Cato Sells for Secretary of State and Paul Guelich for Auditor. Frank P. Bradley is the nominee for clerk, of the Supreme Court. The financial status of Louisiana has greatly improved, and the State Treasurer has arranged with the associated banks of New Orleans for funds to pay interest on the consolidated and constitutional 4 per cent. bonds. A monster picnic was held at Troy, N. Y., to celebrate the end of the strikes and the revival of business. Harvard graduated this year 223 and Yale 326 students. A race between the Freshmen crews of Harvard, Columbia, and Yale Colleges, at New London, Conn., resulted in a victory for the former. President Richmond J. Lane, of the Abington (Mass.) National Bank, was arrested at Portland, Me., on the charge of having fraudulently taken from his bank amounts aggregating $135,000. At Boston he was held in $50,000 bail, and the case was continued. It is intimated that Lane was en route for Canada when captured. The bank has suspended payment for the present. For the first six months of this year the business failures numbered 5,136, with $50,434,000 liabilities, against 6,004 failures for the corresponding period of 1885, and liabilities aggregating $74,722,000. Gold to the amount of $2,831,000 was last week engaged in New York for shipment to Europe. The greatest demand for the yellow coin comes from Berlin, to be used in the negotiation of Russian securities. The bill authorizing the restoration of Fitz John Porter to the army rolls with the rank of Colonel has been signed by President Cleveland. Peter Zingerle, a maniac Frenchman, was arrested at Washington, charged with intent to kill the French Minister, M. Roustan. Zingerle left Pittsburg for the purpose of removing the Minister. Germany's revenue for the year will fall 17,000,000 marks below the estimate. Gen. Saussier has resigned as Military Governor of Paris on account of a reprimand from the Minister of War. THE House bill for the relief of the survivors of the Jeannette and the widows and children of those who perished in the retreat from the wreck of that vessel in the arctic seas was reported favorably to the Senate on the 1st inst. from the Committee on Naval Affairs. Senator Riddleberger introduced a bill providing for a 25 per cent. reduction in the salaries of Cabinet officers, Senators and Representatives. Senator Miller, from the Committee on Agriculture, reported back, without amendments, the House bill taxing oleomargarine, four members of the committee dissenting. The President nominated John C. Shields of Michigan to be Chief Justice of the Supreme Court of Arizona, and G. Chase Godwin to be United States Attorney for the Western District of Michigan. The House passed the sundry civil appropriation bill, and refused to pass the Des Moines River land bill over the President's veto.

10. August 3, 1886 National Republican Washington, DC
Article from National Republican, August 3, 1886

Click image to open full size in new tab

Article Text

EXECUTIVE INFORMATION. Col. John D. Williams, 5th infantry, has been placed on the retired list. Postoffices have been established at Elcourt, Lunenburg county, and Flint, Floyd county, Va. Surgeon Stoner is acting as surgeon general of the marine hospital service in the absence of Dr. Hamilton, who has gone to Chicago for sev: eral weeks. John A. Parsons, of Maryland, has been anpointed chief of the division of surveying in the general land office. The comptroller of the currency has appointed John F. Simmons to be receiver of the Abington National Bank, of Abington, Mass. The United States steamer Juniata, which left the New York navy yard yesterday for Tompkins Island. will sail in a few days for China to join the Asiatic squadron.

11. August 13, 1886 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, August 13, 1886

Click image to open full size in new tab

Article Text

ABINGTON'S GOLD FEVER. Much Encouraged by an Expert's Report60 percent at once. ABINGTON, Mass., Aug. 6.-The interest in the discovery of gold and silver in this place was renewed during the past few days, by the statement of Prof. Hervey, that he had discovered indications of gold in a ledge about a quarter of a mile from where it was originally found. He has been in the place to-day, and plans are nearly consummated for the formation of a company. A meeting was to have been held this evening, but was postponed till August 13, when a company will be formed. John F. Simmons, who was recently appointed receiver of the Abington National bank will assume his duties in a few days. Depositors will probably receive 60 per cent at once.

12. September 3, 1886 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 3, 1886

Click image to open full size in new tab

Article Text

EX-PRESIDENT LANE Wants to Settle with the Abington National Bank. ABINGTON, Mass., Sept. 2. It is understood that the committee recently appointed by the stockholders of the Abington National bank have received a proposition from ex-president Lane's friends in regard to his indebtedness to the bank, and it is further reported that the $40,000 is the sum offered. The receiver and different members of the committee refuse to say anything pertaining to the matter beyond making the statement that no official action has been taken by them in regard to settlement. It is understood that the receiver has been authorized by the comptroller to effect a settlement with Lane provided it is satisfactory to the stockholders. At the recent meeting held by the stockholders the final settlement was left in the hands of the committee appointed.

13. September 3, 1886 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 3, 1886

Click image to open full size in new tab

Article Text

Lane's Affairs to Be Settled. ABINGTON, Mass., Sept. 2.-It is understood that the committee, recently appointed by the stockholders of the Abington National bank, have received a proposition from ex-president Lane's friends in regard to his indebtedness to the bank, and it is further reported that $40,000 is the sum offered by them. The receiver and different members of the committee refuse to say anything pertaining to the matter beyond making a statement that no official action has yet been taken by them in regard to the settlement. It is understood that the receiver has been authorized by the comptroller to effect a settlement with Mr. Lane provided that it is satisfactory to the stockholders. At a recent meeting held by the stockholders the amount of final settlement was left in the hands of the committee appointed.

14. October 2, 1886 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, October 2, 1886

Click image to open full size in new tab

Article Text

Record of the National Banks for Twenty-three Years-ComptroIler Trenholm on Their Record. Comptroller Trenholm has not yet received the report of the Bank Examiner who was sent to investigate the condition of the First National Bank of Portland. Though It is not supposed the credit of the bank has really been impaired, the examiner's duty extends to discovering whether any of the officials are criminally responsible for the defalcation. If so the examiner 18 bound to give the information to the United States District Attorney and to the Marshal also, that he may cause the arrest of the officials charged with complicity in the defalcation. All this has been done, and the defaulting cashier, Mr. William E. Gould, is now a prisoner in Portland jail, failing to get $50,000 bail. Referring to this incident in connection with the Fish and Ward matter in New York, Comptroller Trenholm was asked if did not sometimes doubt the integrity of all the national bank officials. "Why do you ask that question?" be replied. "Because defalcations are now known as the great American crime, and it appears from daily developmonts that the most honored and most trusted have become robbers and defaulters. Why should national banks be an exception? They have furnished abundant material for suspicion." THE RECORD OF TWENTY-THREE YEARS. Turning quickly in his chair, the Comptroller reached for something. Could it be possible he intended violence for breathing such a remark. He, who is the embodiment of gentleness, courtesy and suavity certainly could not harbor such a thought. "Please hand me that paper, just beyond my reach," he asked of his clerk. Holding it up, Comptroller Trenholm said: "The National Banking act has been in operation twenty-three years; during that time 3,562 banks have been organized. Now, how many of this number do you suppose have become insolvent from all causes combined?" This was the first time your correspondent had ever heard a Southern gentleman- for Mr. Trenholm is from the ill-fated city of Charleston-follow the Yankee plan of answering a question by asking another. He was evidently able to speak with accuracy, for he had the figures before him; and to give him the opportunity of defending the character of the national banking officials, "forty-eight" was the reply made to this question. NUMBER OF INSOLVENT BANKS. "Of the 3,562 national banks organized since 1863 only 112 have become insolvent from all causes combined. Eliminate all who have paid their depositors in full, and I presume you would have about the number you said as having proved disastrous to those who trusted them. The 112 from all causes combined includes the recent failure of the Abington National Bank in Massachusetts. An examination of the assets of the bank shows a very remarkable financial state. There was never the slightest cause for the suspension. The depositors will be paid in sixty days, principal and interest, all that is owed them, and there will still be a handsome surplus for the stockholders. The flight of the cashier seems to have caused a panic among the directors of the bank, and suspension promptly followed. The Abington Bank is a sample of many others which have closed without any real cause for so doing. So when the number of organization S that have paid in full is deducted from 112. it is perhaps safe to say one-half or fifty-six banks have had dishonest officials. That is an average of but one every six months for the past twentythree years out of 3,000 organizations. Considering the immense amount of money handled in that time and the temptation in every direction to speculate and take advantage of places of trust think the record of the national

15. October 8, 1886 The Kimball Graphic Kimball, SD
Article from The Kimball Graphic, October 8, 1886

Click image to open full size in new tab

Article Text

# Good Report of the National Banks. Regarding some rumors of the suffering of the national banks by the defalcations, raised by the exposure of Gould, at Portland, Me., Controller Trenholm remarked: Of the 3,562 national banks organized since 1863 only 112 have become insolvent from all causes combined. Eliminate all who have paid their depositors in full and I presume you would have about the number that have proved disastrous to those who trusted in them. The 112 from all causes combined include the recent failure of the Abington National bank in Massachusetts. An examination of the assets of the bank shows a very remarkable financial state. There never was the slightest cause for the suspension. The depositors will be paid in sixty days, principal and interest, all that the bank owed them, and there will be a handsome surplus for the stockholders. The Abington bank is a sample of many others which have closed without any real cause, so when the number of organizations that have paid in full is deducted from the 112, it is, perhaps, safe to say one-half, or fifty-six, banks have had dishonest officials. Considering the immense amount of money handled in that time, and the temptation, I think the record of the national bank system is something to be proud of.

16. November 5, 1886 The United Opinion Bradford, VT
Article from The United Opinion, November 5, 1886

Click image to open full size in new tab

Article Text

THE NEWS CONDENSED. Thursday, Oct. 28. Boston has contributed $3,930 for Eastport sufferers. The forest fires at Barrington, N. H., were extinguished by rain. The officers of the National Brotherhood of Locomotive Engineers were all reelected at New York. Creditors of the Abington, Mass., National bank, have been paid in full. Reorganization is planned. Portugal has authorized the landing at Mozambique of the French-Madagascar cable. Mozambique will become a station of the new line. The proposal of promlnent Mexicans to establish a dietatorship, to replace the presidency of Mexico, is attracting a great deal of comment. The Mexican papers, with few exceptions, have espoused the scheme. The seventh annual meeting of the Woman's Home Missionary association was held in Boston. Officers were elected as follows: President, Mrs. J. W. Danieison, of Provi dence, R. I.: secretary, Miss Naturile Lord, of Boston: treasurer, Mrs. H. H. Proctor, of Roxbury.

17. November 21, 1886 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1886

Click image to open full size in new tab

Article Text

SETTLING THE CLAIMS AGAINST R. J. LANE. BOSTON, Nov. 20 (special).-Receiver John F. Simmons, of the Abington National Bank, filed a petition for leave to compromise certain claims against Richard J. Lane, former president of that institution. who is under indictment for embezzlement. This compromise is offered because all just claims against the bank have been paid, leaving the bank still solvent, and because the shareholders manifest a desire to accept the offer made by Mr. Lane's attorneys that the demand note for $20,000 under dateof April 8, 1885, made by Mr. Lane, will be paid in full with interest: that the notes of $2,000 and $5,000, due respectively on September 7 and 9, will be paid in full, with interest; that the three notes signed by R. J. Lane, treasurer of the Congregational Church. aggregating $2,300, will be paid in rull, with mterest; all of the above payments to be made within sixty days from notice of the acceptance of the propositions: also a purchase to be made of all other claims against Mr. Lane, whether against him personaily or as trustee for a sum which shall equal the difference between the amount necessary to pay the notes with interest and the sum of $20,000, to wit: About $7,000, the exact amount to be determined hereafter, to be paid in cash within sixty days from the date of the acceptance of the above propositions. The Controller has certified his willingness to accept the propositions, and has authorized the receiver to apply to the court for an order permitting a settlement on the terms proposed. The face value of the notes held by the bank bearing Mr. Lane's name is $122,718 30.

18. November 23, 1886 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 23, 1886

Click image to open full size in new tab

Article Text

ABINCTON NATIONAL BANK. The Claims Against ex-President Lane. Saturday morning Receiver John F. Simmons of the Abington (Mass.) National Bank filed a petition for leave to compromise certain claims against Richard J. Lane, former president of that institution, who is under indictment for embezzlement. This compromise is offered because all just claims against the bank have been paid, leaving the bauk still solvent, and because the shareholders have manifested a desire to accept the offer made by Mr. Lane's attorneys. This offer is substantially as follows: That the demand note for $20, 00, under date of April 8, 1885 made by Mr. Lane, will be paid in full with Interest; that the notes of $2000 and $5000, due respectively September 7th and 9th, will be paid in full with interest; that the three notes signed by R. J. Lane, treasurer of the Congregational Church, aggregating $2300, will be paid in full with interest; all above payments to be paid within sixty days from notice of the acceptance of the proposition. Also a purchase will be made of all other remaining claims against Mr. Lane. whether against him personally or as trustee, for a sum which shall equal the difference between the amount necessary to pay the notes with interest, and the sum of $ 0,000, to wit: About $7000, the exact amount to be determined hereafter, to be paid in cash within sixty days of the acceptance of the above propositions. The Compller has certified his willingness to accept the trust tions, and has authorized the receiver to propos. court for an order permitting a setapply to the ms proposed. The face value tlement on the ten bank bearing Mr. Lane's of the notes held by the name is $122,718.30. deducting it If the Reed estate be preferred, 03140 from the total assets, $134,400, it leaves with which to p..y $164,218.30. The above proposition, in substance, offers to pay certain notes in full, as stated above, an also offers to pay upon the remaining inde btedness about $700 making the sum of $20,000 offered the bank in settlement of the $122,718.3 due the bank. An order of notice to the stockholders is returnable December 6th.

19. December 6, 1886 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, December 6, 1886

Click image to open full size in new tab

Article Text

The Bursted Abington Bank. ABINGTON, Mass., Dec. 4.-At an adjourned meeting of the stockholders of the Abington National bank, Thursday, it was voted to send Receiver Simmons to Washington to adjust the details of reorganization. It is expected that the bank will resume business early in January.