8090. Framingham Savings Bank (Framingham, MA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
May 17, 1897
Location
Framingham, Massachusetts (42.279, -71.416)

Metadata

Model
gpt-5-mini
Short Digest
758b97b0

Response Measures

Accommodated withdrawals, Partial suspension, Books examined

Other: Receivership and dividends paid by appointed receivers; injunction by state commissioners

Description

May 1897: a depositor run occurred and trustees limited cash withdrawals to $100 invoking the 60-day statutory notice. Feb 3, 1898: the Massachusetts Savings Bank Commissioners enjoined the bank after discovery of large embezzlement by former cashier William H. Bird. March 1898: receivers were appointed and the bank was wound up; receivers later paid dividends. Thus sequence: run → suspension (injunction) → receivership/closure.

Events (6)

1. May 17, 1897 Run
Cause
Rumor Or Misinformation
Cause Details
Uneasiness and alarming talk after a reduced semiannual dividend (1.5% instead of 3%) and ominous rumors about the bank's condition.
Measures
Trustees posted notice limiting withdrawals to $100 per depositor and invoked the 60-day statutory notice on larger sums.
Newspaper Excerpt
A run on the Framingham Savings bank...about two dozen depositors, mostly women...Up to the closing hour...$25,000 had been paid over the counter to the depositors.
Source
newspapers
2. February 3, 1898 Suspension
Cause
Government Action
Cause Details
State commissioners enjoined the bank after examination revealed a shortage and following the arrest of former cashier William H. Bird for misappropriation of funds.
Newspaper Excerpt
The Massachusetts Savings Bank commissioners to-day placed the Framingham Savings Bank under an injunction to prevent it from doing business until further action can be taken.
Source
newspapers
3. March 10, 1898 Receivership
Newspaper Excerpt
Judge Barker of the supreme court has appointed A. B. Harrington and P. H. Cooney receivers of the Framingham Savings Bank, Framingham, Mass.
Source
newspapers
4. November 11, 1898 Other
Newspaper Excerpt
Receivers granted leave to return contingent deposits amounting to $1084...when the bank was under the control of the savings bank commissioners...with a view of winding up the bank.
Source
newspapers
5. December 14, 1898 Other
Newspaper Excerpt
The receivers...are authorized to pay a dividend of 50 per cent to the depositors. The dividend will be paid out of $425,576, which is the cash that the receivers had realized from sales of certain securities.
Source
newspapers
6. January 16, 1899 Other
Newspaper Excerpt
The Framingham Savings Bank, which went into the hands of receivers last March...the receivers began Monday morning paying out the dividend of 50 per cent...During the day 210 depositors received their share of the dividend, the aggregate amount paid out being $49,500.
Source
newspapers

Newspaper Articles (24)

Article from The Daily Morning Journal and Courier, May 18, 1897

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RUN ON A BANK. Depositors Scared Because Usual Dividend Was Not Paid. South Framingham, Mass., May 17.A run on the Framingham Savings bank, which caused some uneasiness among business men, was precipitated here to-day by the action of about two dozen depositors, mostly women, who presented themselves at the bank and demanded the amounts due them. All such calls were promptly paid. It appears that the fact of the May dividend, a semi-annual one, which has recently been declared, being one of only 1 1/2 per cent. instead of 3 per cent., caused some uneasiness. Up to the closing hour of the bank, 2 o'clock, $25,000 had been paid over the counter to the depositors. The trustees state that the bank is in very good condition, and no serious trouble is expected as the result of the excitement of the day.


Article from The Providence News, May 18, 1897

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A RUN STOPPED. Framingham Bank Takes Advantage of the Sixty-Day Limit. Will Pay Only $100 to Each of Its Depositors on Demand. South Framingham, Mass., May 18.When the doors of the Framingham Savings Bank were opened this morning over 100 persons entered the office prepared to draw out their deposits in the institution. They were confronted by a notice, signed by the trustees of the bank, announcing that at the meeting of the trustees last evening it had been decided that, until the present excitement subsided, depositors would be allowed to withdraw only $100 each, and that the bank would take advantage of the 60-day limit, allowed by law, on all sums above the amount mentioned. It was also annonnced this morning that at the trustees' meeting the resignation of Treasurer Morrill, which had been in the hands of the board for six months, had been accepted, and that Cashier Harrington of Westporo National Bank, had been chosen to fill the vacancy. A resolution of confidence was adopted and will be presented to Mr. Morrill on his retirement. The announcements of the trustees appear to have had a good effect upon the depositors, and there is thought to be no probability of further trouble. The officers claim that they have plenty of money on hand and that the bank is in good condition. The depositors left the bank after reading the notices posted by the trustees.


Article from Evening Journal, May 18, 1897

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Women Cause a Bank Scare. South Framingham, Mass., May 18.A run on the Framingham Savings bank, which caused some uneasiness among business men, was precipitated here by the action of about two dozen depositors, mostly women, who presented themselves at the bank and demanded the amounts due them. All such calls were promptly paid. It appears that the fact of the May dividend, a semiannual one, which has recently been declared, being one of only 1 1/2 per cent instead of 3 per cent, caused some uneasiness.


Article from The Topeka State Journal, May 18, 1897

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RUN ON A BANK. A Massachusetts Bank Won't Let Depositors Have More than $100 Apiece. South Framingham, Mass., May 18.A serious run on the Framingham Savings bank was averted today by the directors who refused to honor checks for more than $100 from each depositor, taking advantage of the 60 day statute in larger amountts.


Article from The Brunswick Times, May 19, 1897

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Run on a Bank. South Framingham, Mass., May 18 -A serious run on the Framingban Savings bank was averted today by the directors, who refused to houor checks for more than $100 from eac' depositor, taking advantage of th sixty day statute in larger amounts There 18 little probability of further trouble.


Article from The Providence News, May 19, 1897

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COTTON MARKET. Yesterday's last. Open. Close. 6 85 6 86 6 89 January 6 89 6 93 February 6 93 6 95 6 97 March .... .... .... April 7 30 7 35 May 7 31 7 30b 7 35 June 7 34 7 34 7 39 July 7 28 7 29 7 33 August 6 98 6 99 7 03 September 679 6 81 681 October 678 6 83 6 79 November 681 6 86 6 83 December Total sales 61,600; market closed quiet. Business Going on as Usual. South Framingham, Mass., May 19.-The run which began on the Framingham Savings Bank last Monday could hardly be said to have been continued today, although there were several depositors who demanded their money this morning. The affairs at the bank are proceeding as usual, and any who desire to withdraw more than the $100 are pacified by the notice posted by the trustees enforcing the 60-day notice rule.


Article from The Citizen, May 21, 1897

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Bank Run Caused by Women. South Framingham, Mass., May 18.A run on the Framingham Savings bank, which caused some uneasiness among business men, was precipitated here by the action of about two dozen depositors, mostly women, who presented themselves at the bank and demanded the amounts due them. All such calls were promptly paid. It appears that the fact of the May dividend, a semiannual one, which has recently been declared, being one of only 1½ per cent instead of 3 per cent, caused some uneasiness.


Article from The County Record, May 27, 1897

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Domestic. The failure is reported of the First National Bank of Orleans, Neb. Simon Banks, a wealthy farmer and shipowner at Southport. Conn., dropped dead just after discharging a shotgun at a cat. Mr. Banks was sixty-seven years old, and was a sufferer from heart disease. shot James A. Marks, of Newark, N. and killed John Sauerbrei, who conducted a delicatessen shop in Bayonne, N. J. Marks attempted to dispossess Sauerbrei illegally from the shop. George Louis Shaw, of Baltimore, was arrested, charged with having aided George Barnard, the dead cashier of the Fort Stanwix National Bank of Rome. N. Y., to embezzle or misapprop riate $32,000 of the funds of the bank. = The Rev. Dr. Sheldon Jackson was elected Moderator of the Presbyterian Assembly; the retiring Moderator, Dr. Withrow, preached the opening sermon. The Brooklyn Navy Yard band has applied for discharge from the Government service because it has been ordered to accompany the Brooklyn to English waters during the Queen's jubilee. The Florida House of Representatives has adopted a resolution appointing exSenator Call State agent for the collection of an Indian war claim of $750,000. Marquis Visconti Venosta, the Italian Minister of Foreign Affairs, suggests reprisals for American tariff duties. 'A new loan of $4,000,000 has been sanctioned by the Uruguayan Chamber. The armistice between Greece and Turkey has been fixed at seventeen days. A neutral zone is to be established between the armies. The terms of peace may be the result of long deliberation on the part of the powers. There is talk in Japan of retaliatory measures against the new American tariff. Five cannon, captured by General Scott from General Santa Anna during the Mexican war have been stolen from the West Point (N. Y.) Military Academy grounds. Judge Chester, at Monticello, N. Y., declined to vacate the order granted May 11 with reference to changing the place of taking testimony in the proceedings against the alleged Coal Trust. He did grant an order, however, tending to delay the beginning of the investigation. At San Antonio, Texas, natural gas has been struck at a depth of 600 feet in a well on the County Court House grounds. Mrs. L. C. Elliott. of Nashua, N. H., died of excessive bicycle riding, according to physicians. She spent much of her time on her wheel, and recently cerebo-spinal meningitis developed. By a fire in Jersey City, N.J., six houses were destroyed, eleven badly damaged, and seventy families were rendered homeless. No lives were lost. The loss is estimated at $100,000. Miss Fannie Richardson, a recluse and miser. died in Taunton, Mass, worth $50,000. No will has been found, and as far as is known she had DO relatives. The Pittsburg jury returned a verdict of acquittal in the case of Lieutenant Edward S. Farrow, charged with conspiring to defraud the Mutual Reserve Fund Life Association of New York. The members of the United States Birnetallic Commission are in Paris waiting for the appointment of French delegates by President Faure before they proceed. to England. Oscar Wilde, who was sentenced on May 25, 1895, to two years' imprisonment with hard labor. was released from Holloway (England) Prison. He refused $5000 to write his prison experiences. He will do literary work in London under his own name. Superintendent of Streets Thomas F. Maloney, of Buffalo, N. Y., was convicted of attempting to bribe Superintendent of Police W. S. Bull by offering him $500 to protect the Goelet Gambling Club last July. The Presbyterian Union Theological Seminary graduation exercises were held in New York City, and Miss Briggs, daughter of Professor C.A. Briggs, received the degree of Bachelor of Divinity, being the first woman graduate of the seminary. A diver discovered that the leak in the big navy yard dock at Brooklyn is caused by a ten-foot-square hole in the apron outside of the caisson. Much additional damaging evidence has been found against Adolph L. Luetgert, the rich sausage manufacturer, of Chicago, Ill.. who is accused of murdering his wife and burning her body. Phineas B. Smith, a well-known citizen of Roxbury, Mass., died of heart trouble resulting from overexertion in climbing a hill while riding a bicycle. He was fiftynine years of age and was a lawyer. Governor Black. of New York, has signed the General Tax Rate bill. The State tax rate for the year is 2.67 mills. The revenues from direct taxation are estimated at $12,003 792.92, and from indirect taxation at $10,043,708. The Illinois Battlefield Commission has decided to erect nine monuments each at Lookout Mountain and at the north end of Mission Ridge to the Illinois regiments which participated in these battles. In New York City Helen Horsford, left an orphan by the death of her mother, grieved constantly, and committed suicide by hanging. There was a $25,000 run on the Framingham Savings Bank at South Framingham, Mass. The Government Building at the Tennessee Centennial Exposition was opened. George Bartholomew, an engineer for the Crown Slate Company at Pen Argyl, Penn., was blown to pieces by the explosion of a boiler. Bartholomew is supposed to have fallen asleep and on awakening found the boiler dry and turned on the water, thereby causing the explosion. His sister, when she learned of her brother's death, attempted to commit suicide by throwing herself into the burning boiler house. John Farrell was fined 85 for planting potatoes on Sunday at Nanuet, N. Y. The Holland, a small vessel owned by her inventor and designed for submarine warfare, was successfully launched at Elizabethport, N.


Article from The Abbeville Press and Banner, June 2, 1897

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the war. Domestic. There is talk in Japan of retaliatory measures against the new American tariff. Five cannon, captured by General Scott from General Santa Anna during the Mexican war have been stolen from the West Point (N. Y.) Military Academy grounds. Judge Chester, at Monticello, N. Y., declined to vacate the order granted May 11 with reference to changing the place of taking testimony in the proceedings against the alleged Coal Trust. He did grant an order, however, tending to delay the beginning of the investigation. At San Antonio, Texas, natural gas has Deen struck at a depth of 600 feet in a well on the County Court House grounds. Mrs. L. C. Elliott. of Nashua, N. H., died of excessive bicycle riding, according to physicians. She spent much of her time on her wheel, and recently cerebo-spinal meningitis developed. By a fire in Jersey City, N. J., six houses were destroyed, eleven badly damaged, and seventy families were rendered homeless. No lives were lost. The loss is estimated at $100,000. Miss Fannie Richardson, a recluse and miser, died in Taunton, Mass, worth 850,000. No will has been found, and as far as is known she had no relatives. The Pittsburg jury returned a verdict of acquittal in the case of Lieutenant Edward S. Farrow, charged with conspiring to defraud the Mutual Reserve Fund Life Association of New York. The members of the United States Bimetallic Commission are in Paris waiting for the appointment of French delegates by President Faure before they proceed to England. Oscar Wilde, who was sentenced on May 25, 1895, to two years' imprisonment with hard labor. was released from Holloway (England) Prison. He refused $5000 to write his prison experiences. He will do literary work in London under his own name. Superintendent of Streets Thomas F. Maloney, of Buffalo, N. Y., was convicted of attempting to bribe Superintendent of Police W. S. Bull by offering him $500 to protect the Goeiet Gambling Club last July. The Presbyterian Union Theological SemInary graduation exercises were held in New York City, and Miss Briggs, daughter of Professor C. A. Briggs, received the degree of Bachelor of Divinity, being the first woman graduate of the seminary. A diver discovered that the leak in the big navy yard dock at Brooklyn is caused by a ten-foot-square hole in the apron outside of the caisson. Much additional damaging evidence has been found against Adolph L. Luetgert,the rich sausage manufacturer, of Chicago, Ill.. who is accused of murdering his wife and burning her body. Phineas B. Smith, a well-known citizen of Roxbury, Mass., died of heart trouble resulting from overexertion in climbing a hill while riding a bicycle. He was fiftynine years of age and was a lawyer. Governor Black, of New York, has signed the General Tax Rate bill. The State tax rate for the year is 2.67 mills. The revenues from direct taxation are estimated at $12,003 792.92, and from indirect taxation at $10,048,708. The Illinois Battlefield Commission has decided to erect nine monuments each at Lookout Mountain and at the north end of Mission Ridge to the Illinois regiments which participated in these battles. The Government Building at the Tennessee Centennial Exposition was opened. In New York City Helen Horsford, left an orphan by the death of her mother, grieved constantly, and committed suicide by hanging. George Bartholomew, an engineer for the Crown Slate Company at Pen Argyl, Penn., was blown to pieces by the explosion of a boiler. Bartholomew is supposed to have. fallen asleep and on awakening found the boiler dry and turned on the water, thereby causing the explosion. His sister, when she learned of her brother's death, attempted to commit suicide by throwing herself into the burning boiler house. John Farrell was fined 85 for planting potatoes on Sunday at Nanuet, N. Y. The Holland, a small vessel owned by her inventor and designed for submarine warfare, was successfully launched at Elizabethport, N.J. Mr. Bissel, a farmer livinging east of Carthage, III., having no faith in banks, kept his money hidden about his farm. The other day he hid it up a flue. The next day his wife put up a stove and started a fire and burned up 83000 in bank notes. Three men, one of them James Francis, son of Maine's famous guide and hunter, were drowned in a lake by the upsetting of their canoe. John Reichart, a railroad brakeman, saw a child in the water as his train was passing the Allegheny River at Pittsburg. He jumped off the train and into the water and both were drowned. Martin Wicks and wife, who live near Gresham, Wis., left their home to look after some stock that had strayed away. During their absence forest fires spread over the farm and destroyed the house. Three small children who had been left alone perished. The Coroner's inquiry in New York City into the Leona fire horror, by which thirteen persons lost their lives at sea, resulted in a verdict by the jury exonerating the captain and crew of the Leona and management of the Mallory Line from any blame in the matter. Judge Gibbons in Chicago pronounced the American Tobacco Company an illegal combination and forbade it doing business in Illinois. Governor Black signed the act changing the Civil Service system in New York State. There was a $25,000 run on the Framingham Savings Bank at South Framingham, Mass. Twelve thousand tailors of New York City forced their leaders to order them to strike after they had decided to organize to avoid a strike. Henry Van Buskirk, of East Stroudsburg, Penn., fatally shot one of three men who attacked his wife, and then received a fatal wound. Foreign. A bill intended to divert German emigration from the United States to South America passed the Reichstag. Owing to a short coffee crop a financial crisis has arisen in Venezuela, and the banks refuse all commercialoperations. Laforce Langevin, the only son of Sir


Article from New-York Tribune, February 4, 1898

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WRECKED BY ITS AGED CASHIER. SUSPENSION OF A SAVINGS BANK AT FRAMINGHAM. MASS. Boston, Feb. 3.-The Massachusetts Savings Bank Commissioners to-day placed the Framingham Savings Bank under an injunction to prevent it from doing business until further action can be taken. The action followed the arrest of William H. Bird, former cashier of the bank, who, in the Framingham Court to-day, was held under $20,000 for the Grand Jury on a charge of misappropriating $9,000 of the bank's funds. Mr. Bird is about seventy years old, and for many years was one of its most trusted employes. He resigned January 1. Experis of the State Bank Examiners who were put at work on the books discovered a shortage of $24,000. but the charge against the cashier named only part of this amount. The bank has had trouble before, and last summer there was a heavy run on it, owing to rumors as to its condition.


Article from The Indianapolis Journal, February 4, 1898

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Business Embarrassments. BOSTON. Mass., Feb. 3.-The Massachusetts saving banks commissioners to-day placed the Framingham Savings Bank under an injunction to prevent it from doing business until further action can be taken. The action followed the arrest of William H. Bird, former cashier of the bank, who, in the Framingham court to-day was held in $20,000 for the grand jury on a charge of misappropriating $9,000 of the bank's funds. LONDON. Ont., Feb. 3.-A receiver has been placed in charge of the department store of Runyans & Butler. of this city. The liabilities are estimated at $100,000. The stock carried is estimated at about the same figure.


Article from Worcester Morning Daily Spy, February 4, 1898

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A HEAVY BANK LOSS / W.H.Bird of Framingham Short $10,000. Was Arrested in Allston and Later Held in $20,000 Bonds-Statement of Bank's Condition-Bird in Jail. (Special Dispatch to the Spy.) South Framingham, Feb. S.--William H. Bird of Allston, a former bcokkeeper for the Framingham Savings Bank, was arrested Wednesday night at his home at Allston, on a charge of em- the bezzling $10,000 of the funds of bank. The arrest was made by State Detective J. H. Whitney of Medford. Bird was brought here by Officer Whitney, Thursday morning, and was arin the first district court, with the offense. the and was bound over raigned charged examination He waived in of $20,000 to await the action the In default of to jail at grand was sum of committed jury. East bail, Cam- Bird bridge A temporary injunction has been served on the bank officials restraining the institution from receiving deposits and paying out any money to depositors, until such time as the experts made now at work the books shall have the a full investigation of the effairs of institution. So far as is known, Bird's peculations it date back for at least six years, and is alleged that he has been abstracting a the bank's funds at the rate of $100 $200 month. and sometimes as much as for the same period. Bird's methods have been to make so falsifications in the general ledger that amounts due depositors on the than general ledger appeared to be less amount which appeared to be due on depositors ledger Arthur V. Harrington, who has July, been treasurer of the bank since last in making up his balance sheet for the in November, discovered some- he so year thing wrong about the books, and notified the trustees of the bank. Some time ago the bank commission- Bank and the Framingham Savings the ers experts at work on the books of the put bank. and they found in making up trial balances a discrepancy of about the $24,000. Bird left the employ develop- of bank about Jan. 1, and these time. ments have occurred since that When Bird was at the state house worn. this morning, he looked very old and He is in fact 70 years old. The story of the case is not a long after one. Bird left the bank about Jan. 1, for a been connected with it been having number of years, and having who a trusted servant. It is felt by those in a position to know, that the bank an are has been ruined, but there will be immediate step taken to put the insti- who tution under injunction, so that all have deposits there will be served ex- be actly alike. B.rd did not seem to unmuch surprised when he was placed der arrest by Detective Whitney. The bank has had trouble before. In it was closed by the bank commissioners, 1885 under injunction, by reason of of bad investments and for the security depositors. For nearly five years it the kept closed, and on May 15, 1890, date it was again opened. At the latter been was the affairs of the institution had so looked after as to warrant its going had again. The poor investments along been made to yield as much as possible with the most careful management, and bethere was apparently a good future fore the institution. Today the hands probability is that it will go into the of a receiver, never to be reopened. The bank has a lot of foreclosed real estate which will entail a loss. This after is the result of bad loans made soon the bank reopened. Last May there was a run on the bank which started from injudicious In and went on for some time. talk, there has been a continual drain fact, the bank ever since, many having been lost on confidence in it. It had stopped in the last few weeks, however, to be and some of the people seemed regaining confidence in its solidity. short time ago the bank commis- the A sent a recommendation to sioners that it have the books audited. the This bank was done, in connection with expert of the savings bank commission. was It was discovered that something for, when the trial balance was made wrong, up, it showed a shortage, appar- savent. of $24,000 that day, which, the liable ings bank commissioners say, is in to be reduced somewhat by errors figures. The bank has a guaranty fund of $4442.19; an interest account of $2000 1897. and account of $3144 on Oct. 31, $850,627. open The deposits at that time were The cause of Bird's downfall is a known mysas it was not generally tery, he was addicted to any extrava- his that habits, but lived quietly with and wife gant at Allston. He is 69 years old, the employed as bookkeeper in bebank was since 1887. He was regarded as trusting a good accountant and a worthy The future servant. of the bank is a matter the of it being entirely in sioners. province conjecture, of the savings bank commis-


Article from The Roanoke Times, February 5, 1898

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ROBBED BY ITS CASHIER. Framingham Savings Bank Closed by Order of State Officials. Boston. Feb. I.-The Massachusetts Savings' Bank commissioners to day placed the Framingham Savings Bank under an injunction to prevent it from doing business until further action can be taken. The action followed the arrest of William H. Bird, former cashier of the bank, who. in the Framingham court to day, was held in $20,000 for the grand jury on a charge of misappropriating $9,000 of the bank's funds. Mr. Bird is about 70 years of age, and for mapy years was one of its most trusted employes. He resigned January 1. Experts of the State bank examiners, who were put at work on the books dis covered a shortage of $24,000, but the charge against the cashier named only part of this amount. The bank has had trouble before, and last summer there was a heavy run on it, owing to ominous ru. mors as to its condition.


Article from Worcester Morning Daily Spy, March 9, 1898

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FRAMINGHAM BANK. Boston, March 8.-A statement was submitted to the supreme court today as the result of an examination of the affairs of the Framingham Savings Bank. The liabilities are $815,627. and while the nominal assets are $857,501, the report shows that they are likely to fall short of that amount by perhaps $100,000 or more. Judge Barker was asked by a representative of the attorney general's office, to appoint Arthur V. Harrington of Framingham receiver. All parties interested agree to his appointment. The court will decide the matter later.


Article from Evening Journal, March 9, 1898

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There Will Be a Deficit. BOSTON, March 9.-A statement was submitted to the supreme court as the result of an examination of the affairs of the Framingham Savings bank. The liabilities are $815,627, and while the nominal assets are $857,501 the report shows that they are likely to fall short of that amount by perhaps $100,000 or more. Judge Barker was asked to appoint Arthur V. Harrington of Framingham receiver.


Article from The Indianapolis Journal, March 9, 1898

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A Savings Bank in Trouble. BOSTON, March 8.-A statement was submitted to the Supreme Court to-day as the result of an examination of the affairs of the Framingham Savings Bank. The liabilities are $815,627, and while the nominal assets are $857,501, the report shows that they are likely to fall short of that amount by $100,000 or more. Judge Barker was asked by a representative of the attorney general's office to appoint Arthur V. Harrington, of Framingham, receiver. All parties interested agree to his appointment. The court will decide the matter later.


Article from Worcester Morning Daily Spy, March 10, 1898

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NEW ENGLAND BRIEFS. Judge Barker of the supreme court has appointed A. B. Harrington and P. H. Cooney receivers of the Framingham Savings Bank, Framingham, Mass. At the Trott Baking Company's establishment at Waterbury, Conn., Wednesday, a boy in charge of boiling crullers left his post for a moment. The fat boiled over in his absence and set the building on fire. The damage amounted to $300 or more. At the annual meeting of the New Hampshire Board of Trade, Wednesday, Major Wm. J. Pratt of Concord was re-elected president. Delegates were chosen to meet other commercial bodies at Boston, March 22, to consider New England's representation at the Paris exposition. The schooner Mildred E. left Boston, Wednesday, with a party of New Englanders for Alaska. Capt. Nickerson took out clearance papers for San Francisco, where the vessel will be joined by several more of the party, who will go overland. James Ryan, the bad man of the Rhode Island state prison, has been adding to his 151 record. It was learned Wednesday that on Monday afternoon all sorts of tools that were intended for use in breaking jail were found under his bench in the workshop.


Article from The Worcester Spy, November 12, 1898

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FRAMINGHAM SAVINGS BANK. Receivers Granted Leave to Return Contingent Deposits. Boston, Nov. 11.-The receivers of the Framingham Savings Bank today were granted leave to return conting< ent deposits amounting to $1084, which were made by various persons between January 26 and February 2 last, when the bank was under the control of the savings bank commissioners, who were then making an examination of the books, with a view of winding up the bank. the depositors bein imporant of the bank's precarious condition.


Article from The Worcester Spy, November 13, 1898

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DIVIDEND OF FIFTY PER CENT. Boston, Nov. 12.-The depositors of the defunct Framingham Savings Bank will soon receive a first dividend of 50 per cent. The receivers filed a report of their stewardship in the supreme court today, and asked leave to pay a dividend of 50 per cent.


Article from The Worcester Spy, November 16, 1898

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FRAMINGHAM SAVINGS BANK. Boston, Nov. 15.-The report of P. H. Cooney and A. V. Harrington, receivers of the Framingham Savings Bank, which was filed and the substance of it reported last Saturday, was brought up before Judge Knowlton in the supreme court today, and an order of notice ordered to be published to the parties interested in it. The order will be returned in about a month.


Article from The Worcester Spy, December 15, 1898

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A DIVIDEND ORDERED. Boston, Dec. 14.-Judge Knowlton in the supreme court today approved the report of Messrs. P. H. Cooney and A. V. Harrington, receivers of the Framingham Savings Bank, and they are authorized to pay a dividend of 50 per cent to the depositors. The dividend will be paid out of $425,576. which is the cash that the receivers had realized from sales of certain securities.


Article from The Worcester Spy, December 17, 1898

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DEPOSITORS MUST WAIT. South Framingham, Dec. 16.-It is stated on reliable authority that the receivers of the Framingham Savings Bank, Messrs. Patrick H. Cooney of Natick and Arthur V. Harrington of South Framingham will not pay the 50 per cent dividend on hand to the depositors until the 30 days' limit, giving the right to depositors to appeal to the full bench of the supreme court from allowing the report of the receivers, will have elapsed. This means that the depositors will have to wait for the payment of the first dividend until at least January 16.


Article from The Worcester Spy, January 14, 1899

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WILL PAY CASH. Dividend of Fifty Per Cent. to be Ready Monday. South Framingham, Jan. 13. .No appeal having been entered before the full bench of the supreme court against allowing the report of the receivers of the Framingham savings bank, which was decreed a month ago in the equity session of the court, the receivers, Messrs. Patrick H. Cooney and Arthur V. Harrington, today decided to begin Monday morning paying out the dividend of 50 per cent which has accumulated since the bank closed its doors Feb. 2, 1898. The receivers have now an hand about $450,000, and a month ago they applied to the equity session for permission to pay out that amount. The report of the receivers was allowed by that bench, but as the law gave the right to depositors to appeal to the full bench of the court, any time within 30 days from the decree of the equity bench, the receivers deemed it prudent to not pay any money until the 30 days' limit had expired. This was the last day, and no one entering an appeal, the coast is clear for the receivers to begin the payment of the first dividend. There are in all about 2800 depositors, scattered all over the United States, England, Ireland, France, Germany and Sweden. It is expected that the work will take up several weeks' time.


Article from The Worcester Spy, January 17, 1899

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WERE ON HAND. Framingham Bank Pays Depositors Nearly $50,000. South Framingham, Jan. 16. -The Framingham Savings Bank, which went into the hands of receivers last March, following the discovery of the defalcation of a number of thousands of dollars by a dishonest bookkeeper, reopened its doors this morning for the purpose of paying out the first dividend to its depositors. Long before the doors were opened in the banking rooms in the Manson building, a large crowd of depositors had assembled in the corridors of the big building, and at 9 o'clock, the appointed time for the resumption of business, the commodious quarters were filled with a throng of anxious men, women and children. The receivers, Messrs. Patrick H. Cooney of Natick and Arthur V. Harrington and Frank D. Oliver and assistant, G. F. Gale, were on hand, ready to care for the depositors. The first person to present himself at the wicket was Hugh Callaghan of 223 Waverly street, South Framingham, who received the first check signed by the receivers on a national bank, in which the funds of the savings bank are on deposit. During the day 210 depositors received their share of the dividend, the aggregate amount paid out being $49,500. As the dividend amounts to about $413,000, it will take about two months to pay the 2800 depositors, who are scattered all over the United States, Canada, England, Ireland, Germany and Sweden.