7045. North Bridgewater Savings Bank (Brockton, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 29, 1877
Location
Brockton, Massachusetts (42.083, -71.018)

Metadata

Model
gpt-5-mini
Short Digest
49b66810b49823b9

Response Measures

None

Description

The articles report that the North Bridgewater Savings Bank suspended March 29, 1877 after the treasurer's death revealed insolvency/defalcations. An injunction later (April 5, 1877) prevented the bank from doing business. Receivers were appointed and extensive forgeries/embezzlement (~$80,000) were discovered; a receiver's decree allowed payment of 25% to depositors in Jan 1878. No run is described and the bank did not resume normal business; this matches a suspension leading to permanent closure/receivership.

Events (4)
1. March 29, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Treasurer (Edward/E. S. Southworth) recently died and proved insolvent; irregularities found in bank assets tied to his defalcations.
Newspaper Excerpt
The North Bridgewater Savings Bank, at Brockton, has suspended, pending investigation by the Bank Commissioners The treasurer, who recently died, proves insolvent.
Source
newspapers
2. April 5, 1877 Suspension
Cause
Government Action
Cause Details
Bank Commissioner sought an injunction due to doubtful business paper in the bank's assets.
Newspaper Excerpt
An injunction was issued to-day to prevent the North Bridgewater, Mass., Savings Bank from doing business. The Bank Commissioner found certain business paper in the assets of the concern which induced him to seek the injunction.
Source
newspapers
3. January 19, 1878 Receivership
Newspaper Excerpt
Receivers were appointed to look into the case. To the list of crimes already crowding over the grave of the dead treasurer must be added that of forgery...the investigation proves him to have been a criminal ... The total amount of these forgeries and abstractions as far as known is $80,000.
Source
newspapers
4. January 22, 1878 Other
Newspaper Excerpt
On application of the receiver, Judge Soule, of the Supreme Court, to-day issued a decree allowing the payment of twenty-five per cent to depositors of the North Bridgewater Savings Bank.
Source
newspapers

Newspaper Articles (11)
1. March 30, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 30, 1877

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TELEGRAPHIC TICKS. The North Bridgewater savings bank, at Brockton, Mass., has suspended. England has consented to sign the protocol, providing Russia agrees to demobolize. One feature of the civil service reform will be the entire abolition of all political tests. Several fine residences were burned in St. Paul on Thursday morning-explosion of a kerosene lamp. The Reading Railroad company has notified its locomotive engineers that it will no longer employ members of the Brotherhood of Locomotive Engineers. A mutiny occurred on board the ship Jamestown, for San Francisco, while lying off Philadelphia. Seven of the. crew were placed in confinement, but giving no sufficient reason for the mutiny will be taken to sea on the ship.

2. March 30, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 30, 1877

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Ba k Suspension. BOSTON, March 29.-The North Bridgewater Savings Bank, at Brockton, has suspended, pending investigation by the Bank Commissioners The treasurer, who recently died, proves insolvent.

3. March 30, 1877 The Sun New York, NY
Article from The Sun, March 30, 1877

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Another Bank in Trouble. BROCTON. Mass. March 29.-The North Bridgewater Savings Bank has suspended pending an investi. gation by the Bank Commissioners Edward Southward, the Treasurer who recently died. proves inselvent It is not alleged that he has taken any money fraudulently, but some securities negotiated by him inuted to his per sonal benefit. The capital of the bank has been impaired to the extent of about $25,000.

4. April 6, 1877 New-York Tribune New York, NY
Article from New-York Tribune, April 6, 1877

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TELEGRAPHIC NOTES. SAN FRANCISCO, April 5.-The - police authorities here say the report that correspondence has passed between the Chiefs of Police in New York and San Francisco, relative to a suspicion that Charley Ross is in this city, 18 untrue. AUBURN, N. Y., April 5.-In the billiard match played here to-night between John Bessenger and Jacob Schaefer of New-York, Bessenger won, running the game out with 212. The score stood 300 to 133. Winner's average, 3712 Schaefer's best run was 98, and average 19. CINCINNATI, Ohio, April 5. In the case of Abe Rotchechild, accused ot having murdered Bessie Moore at Jefferson Texas, and who was here awaiting extradition proceedings. Judge Watson dismissed the writ of habeas corpus. Sheriff Wallace turned Rothschild over to Texas authorities BOSTON, April 5.-An - injunction was issued to-day to prevent the North Bridgewater, Mass., Savings Bank from doing business The Bank Commissioner found certain business paper in the assets of the concern which induced him to seek the injunction. The bank may possibly resume business If the doubtful paper is guaranteed.

5. April 6, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, April 6, 1877

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FINANCIAL. BOSTON, April 5.-An Injunction was issued to-day to prevent the North Bridgewater, Mass., Savings Bank from doing business. The Bank Commissioner found certain business paper in the assets of the concern which Induced him to seek an injunction. The bank may possibly no sume business If the doubtful paper is guaranteed. Special Dispatch to The THOUSE QUINCY, 111., April 5.-The exact condition of the Cautou, Mo, Savings Bank, recently suspended, has not yet been made public. It is generally understood that the assets will pay a good dividend to depositors, estimated to be in the neighborhood of 75 per cent, and probably nearly all the deonsits. The stockholders will suffer more. The bank holds considerable real estato, which has gradually decreased in value, but is still worth something. SAN FRANCISCO, April 5.-On being advised of the failure of Mr. Friedlander, the luterior banks holding his notes to the amount of SAUL 000 at once offered to carry them three or six months without interest. This offer was declined, as the accommodation would still fall abort of the necessities of the case. Mr. Friedlander states, concerning the results of his tonnage operations for the season, that the charters which last June promised a prodit of a quarter of a millon bays actually made a loss of $150,000. Ho denies owing either Balfour, Guturio

6. April 10, 1877 Idaho Semi-Weekly World Idaho City, ID
Article from Idaho Semi-Weekly World, April 10, 1877

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NEWS ITEMS. The Pope has entirely recovered. The North Br dgewater Savings Bank, at Bracton, Massachusetts, has suspended. Serious charges have been preferred in the Interior Department at Washington against Governor Axtell, of New Mexico. Ex-Governor McCormick, of Arizona, has been appointed Assistant Secnetary of the Treasury in place of Cunant. The Chico outrage is attracting considerable attention in California, and six more arrests have been made. The jury in the case of Andronico Ygerra brought in a verdict of murder in the first degree, after being out one Hour. His accomplice, Juan Salazar, being tried. The Union Pacific Raidroad Compaay is seriously considering the project of constructing a branch railway to the Black Hills country. Machinery for the silver wells is arriving at the Dalles. An Arkansas man is talking of building a woolen mill at the Dalles. Hon. L. F. Lane has hung out his law shingle. Russia has ordered her squadrons in Mediterranean and American waters to the Baltic. Turkey has resolved to make peace with Montenegro. It is expected that Russia will raise a heavy loan as soon as the confidence of peace in Europe is strengthened. The question of disarmament still remains the real question between Russia and Turkey. The civil war in Columbia stil rages, the clergy being more violent than ever in opposition to the Govern ment. Trade dollars are quoted at 96 buy ing and 9612 selling. The Crown Point has levied an as sessment of $1 per share. A fight between hunters and the Sioux Indians took place a few days ago, and fifteen of the former were killed.

7. November 2, 1877 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, November 2, 1877

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THE EAST. The Manchester Savings Bank, of Allegheny City, Pa., failed on the 23d. The American Missionary Association of the United States began its annual session at Syracuse, N. Y., on the 23d, delegates being present from nearly every State in the Union. The Empire Transportation Company has been sold to the Pensylvania Railroad Company. Parole was the winner in the two and a half mile race at Baltimore on the 24th-defeating Ten Broeck by two lengths and Ochi!tree by six. Time George L. Fox, the pantomimist, died on the 24th. Investigation shows the over issue of stock of the West Philadelphia Railroad by Morton and his confederates to be 9,200 shares. The Superintendent of the New York Insurance Department reports the New York Life Insurance Company of New York city all right. Nearly all the Western and Middle States were represented at the cheese fair at Meadville, Pa., on the 24th. Ex-Gov. Tilden arrived at New York from Europe on the 25th. The Episcopal General Convention, in session at Boston, adjourned sine die on the 25th. Masons who recently went from New York to England found on their arrival there that they were to take the place of men striking against a reduction of pay, and at once joined the strikers. Morton, Huhn, Stokes, Nagle, and Vickers have been indicted for conspiracy to defraud the Philadelphia Market Street Railway Company out of $200,000. Another indictment charges the three former with embezzling $200,000, and Nagle and Vickers with receiving it. Ten Broeck won the four-mile-heat race at Baltimore on the 26th. Time 7:41 1/2 and 7:40. Augustus Schell is the Tammany candidate in opposition to John Morrissey for State Senator. The Boston & Albany Railroad declared a dividend of 8 per cent. on the 26th. Eels, the Secretary of the plundered Rockland (N. J.) Savings Bank, has been indicted for perjury in making reports. Edwin Adams, the actor, died at Philadelphia on the 28th. The number of voters registered in New York city this year is 143,375, against 183,064 last year. Ex-Gov. Tilden, responding to a serenade at New York on the evening of the 27th by a Democratic club, strongly indorsed the State ticket, and expressed the belief that it would be successful. Of national politics, he said the result of last year's contest was a robbery of the dearest rights of American citizens-the right of free government, the right of the people to govern themselves and change their rulers at will. In conclusion he said: "One thing I promise, one thing I swear before the assembled people of America-I swear that the Government of America will be restored to the people according to the ideal of its founders." The run on the Union Dime Savings Bank, of New York city, has ended. The officers of the North Bridgewater (Mass.) Savings Bank think they can pay the depositors 25 per cent. within a month. The loss to depositors will depend upon the amount recovered from the estate of the deceased defaulting Treasurer, Southwick. He was short $80,000.

8. January 20, 1878 The New York Herald New York, NY
Article from The New York Herald, January 20, 1878

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FORGERIES DISCOVERED. THE BRIDGEWATER SAVINGS BANK DEFALCATIONS-HOW THE CASHIER DEFRAUDED THE INSTITUTION OF EIGHTY THOUSAND DOLLARS. [BY TELEGRAPH TO THE HERALD. BOSTON, Jan. 19, 1878. It will be remembered that some time ago the North Bridgewater Savings Bank suspended, but people only set this case down as one of the many that were then startling the business community and driving poor families 10 want and despair. The ostensible cause of the suspension of the bank was the death of the treasurer, E.S. Southworth, but financial irregularities were discovered, and defalcation, bogus accounts, &c. followed in rapid succession. Receivers were appointed to look into the case, and they have been busily engaged in investigating the whole subject. To the list of crimes already crowding over the grave of the dead treasurer must be added that of forgery. His career of crookedness began twelve years ago, and his mode, uniform throughout, was to sign notes himself as coming from other parties, the names 01 whom are now found to be fictitious, with the exception of one. The investigation proves him to have been a criminal, and 11 is only surprisieg that his peculations were not discovered before his death; and 11 would appear that if the trustees had done their duty his "crookedness" would have como to light THE FORGERIES DISCOVERED. The first note of any great amount which proves to be a forgery 18 :or $340 and 18 signed by Thomas O'Donnell and dated June 20, 1867. It was indorsed by James O'Dea and Bridget O'Dea as sureties The indorsements show cash received July 1, 1869, $190, and interest paid to June 1, 1875. This 18 a torgery. Another 16 for $600. given by John W. Kendrick, indorsed by Henry C. DeWolf, Nancy B. Mellers, interest paid up to December 1, 1873. There are no such parties. A third 18 for $500, signed by John C. Allen, and witnessed by E. Southworth, Jr.; interest paid to June 1, 1875; indorsed. Alt these signatures are of mytbical parties. The greatest forgery of all the hotes, so far as the sum IS concerned, is perpetrated on two notes. representing $15,000, purporting to be signed by Howard Fulter and Grover & Bears. The following are the notes:NORTH BRIDGEWATER. June 1. 1873. In consideration of John S. Fuller. Sewall P. Howard and R. B. Grover having signed as note for $10 000. and another for $5,000. 1 promise to pay said Fuiler, Howard and Grover $15,000. with eight per cent interest semi-annusily. or it 1 take up their two notes above named in the North Bridgewater Savings Bank and pay them in iull. without trouble or cost. to said Fuller. Howard and Grover. then this note. given to secure them. shall be vold and returned to me. EDWARD sourdWorth. Indorsed.-'BROCKTON. April 2. 1877.-For value received, we hereby assign and set over to North Bridgewater Savings Bank the within agreement and all benent to be derived therefrom. Sewail P. Howard, John S. Fuller. Robbins B. Grover. BROCKTON, Mass., April 5. 1876.-For value received we jointly and severally promise to pay the North Bridgewater Savings Bank or order $4,950, us tollows:Five per cent of said sum each hult year until fully paid, with seven per cent interest. payable semi-aunually. DUNBAR & CO. B. 1v. LITTLE-IELD. DANIEL B. LITTLEFIELD, MARY M. DUNBAR.

9. January 21, 1878 Evening Star Washington, DC
Article from Evening Star, January 21, 1878

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A DEAD DEFAULTER.-A Boston letter says the examination of the affairs of the North Bridgewater (Mass.) Savings . Bank has resulted in the discovery among its assets of a number of forged notes, bogus accounts, and other evidence of defalcation on the part of E. S. Southworth, the deceased cashier, on account of whose irregularities the bank recently suspended. The total amount of these forgeries and abstractions as far as known is $80,000.

10. January 21, 1878 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, January 21, 1878

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It is said that an examination of the affairs of the North Bridgewater (Mass.) Savings Bank shows that among its assets are forged notes, false accounts, and other evidences of embezzlement ion the part of its deceased cashier, E. S. Southworth, whose "irregularities" caused the suspension of the bank. As far as khown. Southworth's stealings amount to $80,000, A penny eating house was opened in. Washington on Saturday, and hundreds of persons were fed in it on that day. Charitable citizens have contributed freely of provisions to it, and have bought packages of tickets, at the rate of one cent per ticket, for distribution among the poor.

11. January 23, 1878 The New York Herald New York, NY
Article from The New York Herald, January 23, 1878

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A SAVINGS BANK PAYS TWENTY-FIVE PER CENT. BOSTON, Mass., Jan. 22, 1878. On application of the receiver, Judge Soule, of the Supreme Court, to-day issued a decree allowing the payment of twenty-live per cent to depositors of the North Bridgewater Savings Bank.