8246. Stockbridge Savings Bank (Stockbridge, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
April 6, 1891
Location
Stockbridge, Massachusetts (42.288, -73.320)

Metadata

Model
gpt-5-mini
Short Digest
04d4012b

Response Measures

None

Description

Treasurer C. H. Willis's large defalcation and poor loans led to the bank being put into receivership in spring 1891. Newspapers mention possible depositor excitement but do not report an actual run; the bank was placed in receivership and did not reopen (depositors expected ~25% loss). Later articles describe misconduct by receiver F. A. Hobbs (1892–1894).

Events (4)

1. April 6, 1891 Receivership
Newspaper Excerpt
The Stockbridge savings bank at Stockbridge, Mass., has gone into a receiver's hands. Depositors would lose 25 per cent. / Bank Commissioner Chapin ... will put the bank in the hands of a receiver.
Source
newspapers
2. April 6, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large defalcation by treasurer C. H. Willis (reported $22,000–$30,000) and large poor loans (~$44,000) made the bank insolvent, prompting suspension and receivership.
Newspaper Excerpt
Bank Commissioner Chapin has announced to the trustees of the Stockbridge Savings bank that he will put the bank in the hands of a receiver. Poor loans aggregating $44,000 and Willis' defalcation of $29,000 are what necessitate this step.
Source
newspapers
3. July 20, 1892 Other
Newspaper Excerpt
Receiver Hobbs, of the Stockbridge Savings bank, has been ordered to account for about $50,000 of the funds of the bank which it is alleged he has converted to his own use.
Source
newspapers
4. January 16, 1894 Other
Newspaper Excerpt
Ex-Receiver F. A. Hobbs of the Stockbridge bank was carried on a stretcher ... capias issued by Judge Knowlton in contempt proceedings for refusing to turn over his papers to the new receiver. ... It appeared ... that there is $20,000 unaccounted for by Hobbs, and it was asserted by the attorney general that he had appropriated the funds to his own use.
Source
newspapers

Newspaper Articles (15)

Article from Pittsburg Dispatch, January 4, 1891

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Article Text

ANOTHER TREASURER WRONG. He Is a Defaulter to the Amount[of $22,000 or $25,000. /SPECIAL TELEGRAM TO THE DISPATCH.\ PITTSFIELD, MASS., Jan. 3.-A great sensation was created in Stockbridge when It was learned that C. H. Willis, Treasurer of the Stockbridge Savings Bank, is a defaulter to an amount running from $22,000 to $25,000. Willis has been Treasurer of the bank for several years. About a month ago Bank Examiner Chapin looked over its affairs and found notes that could be realized on. One especially of $10,000, in favor of the Glendale Woolen Mill Company, the money on which was obtained by H. J. Dunham, trustee of the mill. Mr. Chapin therefore placed an injunction on the bank, on which there will be a hearing on Monday. It was ascertained that Willis had not posted up his books tor some years. He acknowledged that he had taken the above amount from the bank, but it is not known how long he has been pilfering. Willis is a native of Stockbridge, and is about 50 years old. He owns a small place in town, but his property is not sufficient to cover the loss. However, his bondsmen are good for the amount. Matters are so complicated that it is impossible to learn what the outcome will be. The depositors are so much excited that as soon as the bank opens for business there may be a run upon it.


Article from Evening Journal, April 6, 1891

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Article Text

A Receiver for the Bank. PITTSFIELD, Mass., April 6.-Bank Commissioner Chapin has announced to the trustees of the Stockbridge Savings bank that he will put the bank in the hands of a receiver. Poor loans aggregating $44,000 and Willis' defalcation of $29,000 are what necessitate this step. Willis' bond of $25,000 will probably make good his defalcation. There is no way, however, to make good the poor loans. The depositors will probably lose 25 per cent.


Article from Grant County Herald, April 16, 1891

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Epitome of the Week. INTERESTING NEWS COMPILATION. DOMESTIC. THE work of inclosing and securing the grave of Gen. Sherman at St. Louis has been completed and the military guard about the tomb would be withdrawn. YALE and Harvard have completed arrangements for a series of annual athletic contests, this year's meeting to be at New Haven, Conn., May 16. LATER developments prove that Alexander Snyder, an old citizen of Goshen, Ind., thought to have been murdered by tramps, was attacked in his sleep by rats. THE steamer Earle Kinsley, from Hiawa, arrived at San Francisco and reported that in northern China there had been a severe flood and that over 10,000 people had been drowned. Two YOUNG women at White Oaks, N.M., committed suicide by shooting themselves with the same revolver. They belonged to wealthy families and left a note saying: "Death is sweet, and we prefer it to life." Two CHILDREN at Plattsville, Col., were fatally burned by the explosion of a can of kerosene which they were using to start a fire. GEORGE HARRIS, who cut his wife's throat and did the work successfully, was sentenced at Caldwell, O., to a life term in the state penitentiary. BY an explosion in a Hungarian boarding-house at Braddock, Pa., eleven men were burned, four fatally. PHILADELPHIA'S new mayor gives the police department ten days to get out of polities or out of the city's employ. THE New York Methodist conference has decided overwhelmingly that women shall not be admitted to the general conference. THE Stockbridge savings bank at Stockbridge, Mass., has gone into a receiver's hands. Depositors would lose 25 per cent. DOZENS of cattle, horses and hogs were dying of hydrophobia in Britt, la. A mad dog run amuck in that vicinity several weeks ago. HENRY M. STANLEY'S lecture tour in the United States is over. He said in New York that the total number of miles he had traveled in all his exploration of Africa was 25,000, and that he had beaten that record by over 2,000 miles on his lecture journey. LEWIS BOOKER. one of the most prominent business men in Richmond, Va., was arrested, charged with misappropriating $100,000 of fid iciary funds. TOOF. McGowa & Co., grocers and cotton factors at Memphis, Tenn., have failed for $126,728. THE most valuable cargo of coffee ever brought to this country arrived at Baltimore. It consisted of 23,328 bags, worth $660,213. THE town of Tobias, Neb., was nearly wiped out by fire. DAVID DAVIS, a detective employed in hunting out illicit stills, was found murdered near Elkhorn, Va. THREE of the Hungarians who were in the labor riot at Braddock, Pa.. last New Year's day in which Michael Quinn was killed. were convicted of murder and sentenced to be hanged. THE celebration of the 100th anniversary of the establishment of the American patent system was begun in Washington, a large number of inventors participating. N. BYRES & Co., lumber dealers at Laneaster, Pa., have failed for $190,000. MICHIGAN salt manufacturers have formed a new organization to control the price of their product. Two UNKNOWN men were seen to capsize in a boat on the Mississippi river at Davenport, la. CHARLES E. KINCAID. the newspaper correspondent on trial in Washington for the shooting of ex-Representative Taulbee, of Kentucky, in February, 1890, was acquitted. THE championship season of the American association of baseball clubs opened on the 8th. THE loss to the oyster beds near New Orleans caused by the crevasse at Ames' plantation will reach $500,000. THE United States treasurer has paid the governor of Tennessee the direct taxelaims of the state, amounting to $392,000. THE directors of the Washington national bank of New York have decided to close up the institution. A TERRIBLE cyclone visited Nevada, Mo., and houses were wnroofed, wires prostrated and havoc played in all directions. One person was killed. Two SOCIETY women at Albuquerque, N. M., became insane from the use of cosmetics on their faces. FRED HUNDLEY, 18 years of age, was sentenced to fourteen years in the penitentiary at Huron, S. D., for shooting his father over a quarrel in putting down a carpet last summer. JAMES Cow and his mother quarreled in Jeffersonville. Ind. She struck him with a stone. when he shot and killed her. THE Central hotel at New London, Conn., was burned, and Michael Daley, father of the proprietors, was suffocated in his room.


Article from Connecticut Western News, April 22, 1891

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BERKSHIRE COUNTY. Prof Theodore Schurr, Pittsfield's distinguished taxidermist, formerly of Great Barrington, has been engaged by the Chatham. N. Y. board of education to deliver three lectures there. He has also made an engagement to deliver a course of lectures before the Hudson River institute at Claverack, N. Y. The thunder shower on Saturday afternoon did much damage. In the city of Pittsfield it is said considering its duration, to be the most severe in the memory of the city's aldest inhabitants. Several trees were struck, and a barn at Lanesboro demolished, burning two horses. The sewers in Pittsfield were clogged up in a short time, and the streets flooded. John Castle of Lee, aged 79 years was found dead in his barn Oil Chansday night. Death undoubtedly being caused by heart disease. The town of Adams, in order to evade the law making it illegal to exempt the Berkshire cotton mills from taxes, by a vote of 200 to 50 in a recent town meeting, voted to pay the company $4000 a year to maintain a drinking fountain for men and beasts and a hydrant near the factory for fire purposes, thus effectually returning to the company the taxes it is obliged to pay. F. A. Hobbs the recent treasurer has been appointed receiver of the Stockbridge Savings Bank, it being maintained by Commissioner Chapin that this was the only legal procedure that could be adopted. The defalcations will be made good by the bonds given, but there is a large shrinkage on poor loans. In the North Adams town meeting Mrs Locke was elected a member of the school board. The annual meeting of the Berkshire County Teachers' Association will be held May 29, in the Methodist chapel in Pittsfield. Among the speakers will be Agent George T. Fletcher, Supt W. P Beckwith of Adams, Mr Martin of Lynn. and Prof Wm. J. Milue. President of Albany Normal College. Special efforts are being made to make this meeting a benefit to the teachers of the county. At North Adams on Monday, Charles Clark, alias Charles Herrick, who was wanted in Bennington, Vt., for assault on John C. Stevens with intent to kill, was arrested by Sheriff Robinson. The arrest was made on requisition papers issued by the governor of Vermont. The dead body of a woman aged about 45 years, was found in a wagon shed in Adams Monday morning. She was scantily dressed, and the body showed evidence of a struggle. Numerous tracks were seen in the sand around the shed, and several whiskey bottles were found near the scene. Medical Examiner Brown pronounced it death from exposure and alcoholic poisoning. e The remains were identified as those of Mrs John Burk, a dissipated character of Cheshire. She leaves a husband and six children.


Article from Richmond Dispatch, October 23, 1891

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A Town's Sole Industry Gone. (By telegraph to the Dispatch.] PITTSFIELD, MASS., October 22.-The town of Glendale, fitteen miies south of this city, recolved a heavy blow last evening when the Glendale Woollen-Mills, the only industry of the place, were destroyed by fire. The fire was discovered at 9 o'clock, and the building was in ashes two hours later. The mill was a five-story stone building. It was formerly operated by Frank Adams, and later, for his creditors, by Henry Duncan, of Stockbridge, a trustee. Duncan borrowed $10,000 of the Stockbridge Savings bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the Savings Bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000 held by the Berkshire Life-Insurance Company of this city. It was purchased by 8 Mr. Hermann, of New York, who prepared to carry on business, and the whoels were started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from The Morning News, October 23, 1891

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WOOLEN MILLS BURNED, The Investment a Loser for Several Years Past. PITTSFIELD, Mass., Oct. 22.-The town of Glendale, fifteen miles south of this city, received a heavy blow last evening when the Glendale woolen mills, the only industry of the place, were destroyed by fire. The The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five-story stone building, formerly operated by Frank Adams, and later for his creditors by Henry Duncan of Stockbridge, a trustee. Mr. Duncan borrowed $10,000 of a Stockbridge savings bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the savings bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under the foreclosure of a mortgage for $75,000 held by the Berkshire Life Insurance Company of this city. It was purchased by Hermann of New York, who prepared to carry on the business, and it was started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from The Roanoke Times, October 23, 1891

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A LARGE FACTORY BURNED. The Town of Glendale Suffers a Great Disaster. PITTSFIELD, Mass., Oct. 22.-[Special] -The town of Glendale, fifteen miles south of this city, received a heavy blow last evening when the Glendale woolen mills, the only industry of the place, were distroyed by fire. The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five story stone building, formerly operated by Frank Adams, later for his creditors by Henry Duncan, of Stockbridge, a trustee. Dunham borrowed $10,000 of the Stockbridge Savings Bank, securing the loan by a chattel mortgage on stock in the mill. The inability to pay the note resulted in suspension last spring of the savings bank, suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000 held by the Berkshire Life Insurance Company, of this city. It was purchased by Hermann, of New York, who prepared to carry on the business and the wheels started yesterday. The total is about $200,000, fuily insured.


Article from Delaware Gazette and State Journal, October 29, 1891

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A Disastrous Fire. PITTSFIELD, MASS., Oct. 22.-The town of Glendale, 15 miles south of this city received a heavy blow last evening when the Glendale Woolen Mills, the only industry of the place; were destroyed by fire. The fire was discovered at 9 o'clock and the building was in ashes two hours later. The mill was a five story stone building. It was formerly operated by Frank Adams; later for his creditors by Henry Dunean of Stockbridge Savings Bank, securing the loan by a chattel mortgage on the stock in the mill. Inability to pay the note resulted in the suspension last spring of the savings bank, the suspension bringing to light the defalcation of Treasurer Charles Willis. Two months ago the mill was sold under foreclosure of a mortgage for $75,000, held by the Berkshire Life Insurance Company of this city. It was purchased by Mr. Herman of New York, who prepared to carry on the business, and the wheels started yesterday. The total loss is about $200,000; fully insured. There is no fire department in Glendale.


Article from Freeland Tribune, July 21, 1892

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Receiver Hobbs Accused. BOSTON, July 20.-Receiver Hobbs, of the Stockbridge Savings bank, has been ordered to account for about $50,000 of the funds of the bank which it is alleged he has converted to his own use.


Article from The Portland Daily Press, January 16, 1894

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# SOUND LEGS IN CASTS. How Hobbs Tried to Keep Away from Court Proceedings. THE CASTS WERE SMASHED AND HOBBS WAS DRESSED, And With the Breaking of the Plaster Casts Was Exploded a Pitiful Story of an Accident which Might Result in the Amputation of Both Legs-Hobbs Has Been Receiver of the Stockbridge (Mass.) Savings Bank and Is an Object of Suspicion.


Article from The Providence News, January 16, 1894

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TO COURT ON A STRETCHER. A Former Bank Receiver Hauled Up For Contempt Today. By The Associated Press. BosTOn,Jan.16-Ex-Receiver F.A.Hobbs of the Stockbridge bank was carried on a stretcher from his home to the supreme on a court today capias issued by Judge Knowlton in contempt proceedings for refusing to turn over his papers to the new receiver. Hobbs claims to be very ill, but physicians say he is shamming. He is addicted to the use of morphine. He turned the papers over some days ago under compulsion.


Article from The Portland Daily Press, January 17, 1894

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# HOBBS'S LEGS. If They Were Broken, Their Healing Was a Surgical Wonder. Boston, January 16.-F. A. Hobbs of Stockbridge, ex-receiver of the Stock-bridge savings bank, arrived in Boston today in charge of the deputy sheriff of Pittsfield, who had served upon Hobbs the capias issued by the Supreme court. Hobbs has shown a decided disinclination to turn over the papers of the Stock-bridge bank to the new receiver, and has been confined to his house in Stockbridge ostensibly suffering from a serious injury to both legs. A physician made an examination of Hobbs's legs, upon the arrival of the train upon which the ex-receiver rode, and reported that one of Mr. Hobbs's legs presented no appearance of injury whatever, and the other was slightly discolored. He thought that if Mr. Hobbs's legs had been broken by a heavy coal cart, as had been stated, they must have healed in a decidedly rapid manner. Mr. Hobbs was removed to the Emergency hospital. Later in the day, Hobbs was taken into court, adjndged guilty of contempt and sentenced to six months' imprisonment.


Article from The United Opinion, January 19, 1894

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Hobbs Got Six Months In Jail. BOSTON, Jan. 17.-Judge Knowlton yesterday afternoon found Receiver Hobbs of the Stockbridge Savings bank guilty of contempt of court and sentenced him to six months in Suffolk jail. It appeared from the testimony of one of the witnesses that there is $20,000 unaccounted for by Hobbs, and it was asserted by the attorney general that he had appropriated thefunds to his own use.


Article from Vermont Phœnix, January 19, 1894

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N THE LOCAL FIELD. MASSACHUSETTS NOTES. The Receiver a Defaulter. $1,000 More Stolen from the Stockbridge Savings Bank. Receiver F. A. Hobbs of the Stockbridge wings bank appears to be a defaulter to amount of $21,000. Judge Knowlton Boston Tuesday sent him to jail for six onths for contempt of court. The Stockdge bank troubles began in 1891, when was found that Treasurer Willis had len $30,000, his method being to give dit on the deposit books for cash reved, but not on the accounts which the missioners had examined. Hobbs, who ad béen connected with a savings bank Amherst for a number of years, sucded in getting the appointment as rever. Hobbs began to act in a highended manner soon after his appointment, posing the commissioners when they orared that dividends of 33¥ and 163 per ant be paid. Hobbs appropriated $5000 This own use, but the commissioners orred him to refund it. Nearly all the time a year he has been out of town, and hen in town claimed to be sick. He took old place on the South Lee road on hich the bank had a mortgage, and fixed up rather luxuriously. The commissioncould get no sort of statement from m, and as a result the court removed m six weeks ago, appointing W. C. aulding in his place. Then followed vaus pretexts to prevent an accounting, bbs sending to a Pittsfield paper a statent to the effect that he had had both as broken by a coal cart. When a depand physician went to Hobbs's house onday they found him with both legs cased in plaster casts. The physician noved these casts. One leg was perfectwell and the other had been somewhat hised. The indications are that Hobbs a morphine fiend, not fully responsible his acts, and that he lost the missing 1,000 in speculations.


Article from Pawtucket Tribune, July 24, 1894

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# NEW ENGLAND BRIEFS. William Wright was drowned at Newmarket Junction, N. H. The official trials of the Howell torpedo are to be made at Newport, R. I. The body of an unknown sailor was found off Monomoy (Mass.) beach. Florence Seiler, aged 66, hanged himself at his home in Lawrence, Mass. George Steele of Boston was held for the superior court on a charge of forgery. Thomas A. Irving, a Gloucester (Mass.) shipouilder, owes $10,747, with small assets. The carriage bridge at Tiverton, R. I, is to have a new draw, the present one being worn out. Patrick Sullivan, a painter, fell from a scaffold at Lowell, Mass, and was probably fatally hurt. Helen, the 8-year-old daughter of Daniel Keiser of Seaside, Mass., fell into a brook and was drowned. The railroad station at North Leominster, Mass., was found broken into, and several valises were missing. The Biddeford (Me.) city council voted to buy a steam road roller and appropriated money for a public park. Joseph Hanouseck of Lowell, Mass, has received an appointment as assistant storekeeper at the Boston custom house. Frederick A. Hobbs, ex-receiver of the Stockbridge Savings bank, was arraigned at Pittsfield, Mass., on the charge of embezzlement. He pleaded not guilty. The Connecticut state board of education has awarded the contract for building the new state normal school at New Haven to the A. W. Burritt company. The structure is to cost $66,700.