Dime Savings Bank (Willimantic, CT)

Episode Information

Episode UID
9732352791144
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
savings
Bank ID
973235279 hash
Start Date
April 22, 1895
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2eb5fd76fbec21ad

Response Measures

None

Description

Initial run followed failure of the First National; later internal fraud and missing books led to insolvency and appointment of receivers.

Events (4)
1. April 22, 1895 Run
Cause
Correspondent
Cause Details
Run triggered by closing/failure of the First National Bank (a correspondent) and ensuing rumors about the First National's cashier.
Measures
Directors later decided to suspend payment; 90 days' notice announced to stop the run.
Newspaper Excerpt
There was a run on the Dime Savings bank when the failure of the First National was announced.
Source
newspapers
2. April 23, 1895 Suspension
Cause
Correspondent
Cause Details
Suspension invoked after heavy withdrawals following the First National's closing and related rumors; 90-day notice issued.
Newspaper Excerpt
The Dime Savings bank ... suspended payment to their depositors. ... gave notice that none of the depositors will be paid until the ninety days' notice has expired
Source
newspapers
3. July 22, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure for examination after discovery of missing/mutilated books and alleged defalcations by treasurer/cashier John L. Walden, rendering the bank insolvent.
Newspaper Excerpt
The doors of the Dime Savings bank remained closed ... 'Bank closed for examination.'
Source
newspapers
4. August 13, 1895 Receivership
Newspaper Excerpt
Judge Shumway ... denied the petition of the directors of the Dime Savings bank for permission to continue the operations ... appointed John M. Hall ... and George E. Stiles ... as receivers to wind up the affairs of the bank.
Source
newspapers

Newspaper Articles (25)
1. April 22, 1895 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, April 22, 1895

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s BANK FAILURE. The First National Bank of Willimantic Closed This Morning by Examiner Dooley-Casher's Accounts Short. WILLIMANTIC, April 22.-At 9:35 o'clock this morning Bank Examiner Michael F. Dooley closed the First National bank of this city and the greatest excitement prevails. The bank is surrounded by a big crowd of business men and others P who have deposits there. Examiner Dooley has been appointed receiver of the bank by Comptroller Eckles and is making an examination. The bank is capitalized at $100,000 and, it is believed, will be able to meet its obligations. The trouble was discovered shortly after the death of Cashier O. H. K. Risley, who, it is said, was short in his accounts and guilty of mismanagement. A representative of the Connecticut Associated Press saw President Arnold this afternoon, but he refused to make a statement saying that the matter was in the hands of the bank examiner. There was a run on the Dime Savings bank when the failure of the First National was announced.

2. April 23, 1895 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, April 23, 1895

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The " illimantic Bank Trouble. WILLIMANTIC, April 23 3--The -- Dime Savings bank to-day gave notice that none of the depositors will be paid until the ninety days' notice has expired and the run has stopped. The dispatch from Washington that the late Cashier Risley of the First National bank was a forger to the amount of $10,000 has caused & sensation. Neither Examiner Dooley nor the bank officials would make a statement to-day.

3. April 23, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, April 23, 1895

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LATER-A SMALL PANIC, Great Excitement Prevailing-The Savings Bank Suspends. Willimantic, April 22.-Great excitement prevails in this city to-night over the closing of the First National bank of this city by Bank Examiner Dooley. A crowd of anxious depositors whose money is tied up in the bank gathered about the bank this evening and discussed the troubles of the bank. bank, which had large deposits in the Late this afternoon the Dime Savings First National bank, suspended payment to their depositors. Many of those who had their money deposited at the Dime Savings bank called at that institution this afternoon and tried to withdraw their money. A run on the bank followed and the bank directors decided to suspend payment until the panic was over. A statement could not be secured from any of the bank officials or the bank examiner this evening. It is stated that the Merchants' Loan and Trust company, a concern in this city, with which the late Cashier Risley was connected, and which is now defunct, held 560 shares of the stock of the First National bank. Risley was believed to be worth several thousand dollars, but an investigation leads to the discovery that at the time of his death he was practically insolvent. I Cashier John L. Waldon of the Dime Savings bank to-night was asked for a statement concerning the Dime Savings bank's relations with the closed bank, but he declined to say anything.

4. April 24, 1895 The Times Richmond, VA
Article from The Times, April 24, 1895

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Disgrace After Daath. HARTFORD, CONN.. April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the Consol:dated road. The bank was the corrospondent of the Dime Savings Bank and some of the latter's funds are *tied up. There was a run on the Savings Bank to-day, but business was suspended when it was feared that there would be a rush.

5. April 24, 1895 The Morning News Savannah, GA
Article from The Morning News, April 24, 1895

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WILLIMANTIC'S BANK FAILURE. Ugly Rumors Afloat About the Cashier Who Recently Died. Hartford, Conn., April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the consolidated road. The bank was the correspondent of the Dime Savings Bank, and some of the latter's funds are tied up. There was a run on the savings bank to-day, but business was suspended, as it was feared that there would be a rush.

6. April 25, 1895 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, April 25, 1895

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ABBREVIATED TELEGRAMS. Fred Milheiser, formerly a merchant in New York, was arrested at Galveston, Tex., charged with embezzling 150 barrels of sugar from the sugar trust. The Dime Savings bank at Willimantic, Conn., has suspended. The last bank commissioner's report shows that the savings bank had Oct. 1 2,877 depositors, $626,591 on deposit, and a surplus of about $23,000. James R. Holland, cashier of the Merchants' and Farmers' National bank, of Charlotte,S. C., has been discovered short in his accounts to the amount of $75,000. Obituary: At Assumption, Ills., W.I Schoemaker, 60; at Carson, Itls., Samuel Carson; at Le Roy, Ills., W. E. Spearman, 34; at Hebron, Ind., Mrs. Susan Marshall, 82; at Virgina, Ills., Mrs. Anna B. Mann, 74. Lanpher, Finch & Skinner, of St. Paul, lost $125,000 by fire. Bishop Ruley, of the Delaware Methodist conference, has decided that smoking is a sin, rendering a minister amenable to discipline. In an interview at Louisville the Hon. James B. McCreary, of Kentucky, declares himself unalterably opposed to the free coinage of silver. This utterance was brought out by Senator Blackburn's stand in favor of free silver. Fivetons of nitro-giycerine exploded near Lima, O., the shock being felt for twenty miles. Much glass broken, but nolives were lost. The female stamp-counterfeiter, Mrs. Tinsey McMillan, alias Mrs. Mack, will undoubtedly be extradited from Canada, but she will not be taken to Chicago at once. The woman will first be taken to Buffalo on the charge of having counterfeit stamps in her possession. Counterfeit silver dollars are numerous at Milwaukee and have not yet been traced to their makers and circulators. The coins bear the date 1891, have a good ring, but are brittle and considerably below weight. Chauncey M. Depew has accepted the invitation of the oratorical association to address the students in University hall, Ann Arbor, Mich., on the afternoon of May & Republicnns of the Illinois legislature talk of the possibility of adjournment on May 24. The longest game of chess on record required between five and six years to play it. One player was in England and one in Australia, and the game was played by post. Two sneak thieves entered the First National bank at Plainfield, N. J., and while one engaged the twoclerks present in conversation the other stole $22,000 from the vault and both got away.

7. April 25, 1895 The Press Stafford Springs, CT
Article from The Press, April 25, 1895

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legislature. MOST startling is the news of the closing of the First National Bank of Willimantic. When the directors met, after the death of Cashier O. H. K. Risley, to elect his successor, they found on an examination of the accounts grounds for grave apprehension. Bank Commissioner Michael F. Dooly was notified, and on Monday the bank was closed by his orders. The capital stock of the bank is $100,000, with a surplus of $20,000, and undivided profits of $2,307, making a total of $122,307. Its deposits aggregated $275,000, with outstanding loans of $325,000. The death of the late cashier left many things connected with the bank's affairs that the other officers could not explain, as it was well known that Mr. Risley conducted the affairs of the bank in his own way and had the confidence of the directors to such an extent that they allowed him to do so without informing themselves at least regarding the details of transactions. When the new cashier, Mr. Culverhouse, came to assume the position, he desired a thorough examination of the bank by the examiner, which resuited in the finding of conditions which have resulted in closing the bank. There is evidence that the late cashier was a forger. The Hartford Courant says: One man who would not make any statement without facts upon which to base it, told the Courant's reporter to-day that more than $60,000 of mercantile paper in the bank bore forged signatures. either or endorsers,' and that the were executed by the geries makers' late cashier. forThe Dime Savings Bank, located in the same building, will suspend payment to danger of a run. The bank has of on hand, precauis taken to avoid a panic. plenty avoid tion money but the The Savings Bank is a stockholder in the National Bank and is likely to lose at least most of its surplus of $20,000. The bank was organized in 1878 and in its organization absorbed the Merchants' Loan and Trust Company, which was founded in 1871, and did a general banking business. When the First National bank Was organized the Merchants' Loan and Trust company took between $50,000 and $60,900 of the stock of the bank and ceased doing business, although still retaining its corporate existence, and, as can be seen, holding a controlling interest in the First National, whose capital was $100,000. Thus any single person who might hold $26,000 of the $51,000 of the Merchants' Loan and Trustcompany could absolutely control the affairs of the bank, although its stock was $100,000 At the time there would be no personal liato stockholder of the Loan and Trust company same bility any beyond Merchants' that of the of stock; and as the entire assets were no as in the case stock, trust the company assessment, invested bank's in stock, af bank individual holders of the could be made which the national bank laws allows to the extent of the amount of their stock. There is no general feeling that depositors are in danger of losing anything indeed, Comptroller Eckels says that the bank will be able to pay all depositors. The closing of the bank, however, will seriously disturb business affairs in the city, as merchants and business men who have been in the habit of their money use deposits cannot-get carrying to large for an indefinite time. At the latest it seems probable that the loss to the bank will wipe out its capital stock and surplus--$126,00 Depositors are likely to suffer no loss except the inconvenience of locking up their funds for a time. The bank will be placed in the hands of a permanent receiver, who is likely to be Ex-Bank Commissioner E. A. Buck. The affair creates a profound sensation throughout this section where Mr. Risley was so widely known. The 14th international Christian Endeavor convention, to be held in Boston July 15th, will not be behind any of its thirteen predecessors in interest. The railroads have made rates of 11 cents per mile from points nearer than 33 cents from Boston. Thus round trip rates from Willimantic wil be $2.60. Also measures will be taken to secure cheap hotel and restaurant rates for those attending. The sound money league of Chicago has started a house-to-house canvass of the city to learn how the people stand on the silver question. The result will be noted If with more than common interest. Chicago cannot be counted on for sound money then no spot in the west can be

8. May 26, 1895 New-York Tribune New York, NY
Article from New-York Tribune, May 26, 1895

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Willimantic, Conn., May 25 (Special).-Financial affairs are still in an unsettled state. The incidents of the week have been the attachment for $77,000 levied by Mr. Dooley, the receiver of the First National Bank, upon goods of the Natchang SUK Company, in order to determine the receiver's right to hold the goods turned over to him by Colonel Chaffee, the manager of the Natchang Company, immediately after the bank was closed; and the consequent development of hostilities between the bank and Receiver Hayden, of the Natchang Company. It is asserted that Mr. Hayden's course has practically shut off the trade of the Natchang Company, and will make it necessary to close up the factory If he continues. The opposition to Mr. Hayden may appear in court next Tuesday, when he is to make his report as to the condition of the Natchang Company. It is understood that the liabilities exceed assets by about $100,000. This with probably involve reorganization and new capital, but the concern is said to be now doing a paying business and the people of Willimantie are earnestly destrous that the factory shall be kept moving. The Dime Savings Bank concedes that it must scale its deposits before resuming business, and the percentage of scale is likely to be 12 and possibly 15 per cent on the $600,000 deposits. The most interesting case on the docket for the June term of Supreme Court is that against Jeremiah Olney, State School Fund Commissioner, for alleged misuse and misappropriation of moneys of the Connecticut School Fund, which he has managed for many years. The charge is to the effect that Mr. Olney secured commissions on the loans for his own benefit contrary to statute. Mr. Olney has born a high and honorable reputation for many years, and people are loath to believe that he will not be able to clear himself of these charges. An interesting question concerning personal rights was raised in the Superior Court here yesterday before Judge Shumway. In fact, the whole case in which this question was raised is one of peculiar

9. July 18, 1895 The Press Stafford Springs, CT
Article from The Press, July 18, 1895

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producing samples experimentally. Some of the mills are "lucky," as the term goes, in striking a line of goods that run for years, and in easily gliding from a passe product to one that hits the public taste. Such mills are run by men who are in demand as shrewd business men, whose services cost the mill which retains them, or which secures them, the very pretty sum which their services are sure to be worth. They are rare men, and command price as such. Of course, the more we open American markets to competition the harder must be the struggle of our own manufacturers to hold them. To make goods for an American market which is open to the world, is only the price of freight better than to make them for competition in the markets of countries in which the wage rate is the lowest. One thing is suremanufacturers will not do business for fun. The man who has capital to build and run a mill is able to live at ease without doing it, and will not take up the burden and care of manufacturing unless he can make it pay. If he has capacity and ability to manage such a business these qualifications are in demand, and will secure him positions in the business world where he can amply provide for himself. We can never in this world change the law of the survival of the fittest, or compel a state of things wherein the capable and the incapable. the frugal and the imprudent, the man who faithfully serves his employer. and the man who makes it a boast that he don't try to please him, shall all stand upon the same footing and equally enjoy the world's best things. -There are anticipations that the Dime Savings Bank of Willimantic, when it resumes payment, will be pumped dry by withdrawing depositors. And yet the chances are. that it is now in an exceptionally healthy condition. The directors, in scaling down, if they did their duty, made themselves absolutely sure that the assets of the bank would meet liabilities in case of a run, SO that the last withdrawing depositor should fare equally as well as the first. If this was done, and we may be sure it was, the Dime Savings Bank under future painstaking and honest management must be a No. 1 depository for savings. -H. B. Brown, associate justice of the United States supreme court, was in Rockville last week. He lived in Ellington at one time for four years and was a pupil at Hall's Academy. This was his first visit in thirty years. He met Congressman Henry and several other citizens. His trip was merely for recreation.

10. July 22, 1895 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 22, 1895

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FLED WITH THE FUNDS. Willimantic Savings Bank Treasurer Plays the Scoundrel's Part. The Institution Left Practically Insolvent. A Receiver to Be Appointed For the III-Fated Bank to Protect Creditors. WILLIMANTIC, Conn., July 22.-Bank Commissioner Crofut announces that from discoveries made since his examination of the Dime Savings bank a week ago, the institution is insolvent by at least $30,000, and that he sees nothing to be done but to close the bank. John Walden, who for 15 years was cashier of the bank and who resigned last Wednesday at the request of the corporators, has disappeared. The general cash book and the daily balance book cannot be found, and the real estate book is badly mutilated. The time lock of the safe has run down and the key is gone. An officer has been placed in charge of the bank. The Dime Savings bank has been having a hard struggle ever since the recent failure of the First National bank through the defalcations of Cashier Risley. The bank commissioners have been in charge of the Dime Savings bank, and it was hoped both by the officials and corporators that plans might be perfected for the continuance of the institution. To this end a 90 days' notice from depositors wishing to withdraw was announced and a 16 per cent scale. Last Wednesday the corporators met to perfect plans for the reorganization before the first of the 90 days' notice should expire on July 22. At this meeting the resignation of Cashier Walden was requested, and it was at once presented and accepted. Another meeting was called for Friday, at which time it was voted to increase the board of corporators by eight, and a final meeting for the election of officers was appointed for today. Meanwhile, Commissioner Crofut had appealed to the supreme court for an injunction to prevent a run on the bank when the notices come due today. Finances In Bad Shape. This application was refused, and it at once became apparent that a receiver must be asked for. Commissioner Crofut at once came here to begin a final examination of the affairs of the bank, when to his astonishment he found a shortage of more than $12,000, recorded loans of a doubtful nature aggregating $20,000 and the books missing and mutilated, barring further investigation. To add to the diffioulty, it was found that the safe could not be opened, the time lock having been permitted to run down, and no key could be found to wind it again. In view of these complications Commissioner Crofut decided to at once declare the bank insolvent, and the corporators will be called together at 9 o'clock today to hear the report of the commissioner, whose discoveries have all been made since an examination made July 11. These sentlemen are appalled at the

11. July 23, 1895 The Evening Herald Shenandoah, PA
Article from The Evening Herald, July 23, 1895

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Willimantic's Bursted Bank. WILLIMANTIC, Conn., July 23.-"Bank closed for examination" are the words placarded on the door of the Dime Savings bank, while among the citizens here keen interest in all the details of all the bank's affairs is manifested. State Attorney Hunter applied for a receiver today, and George O. Stiles is mentioned for the appointment. A bond of $10,000, Walden's security, was unearthed today, but it is thought to be worthless, as the maker of it is William Wild, of New York, brother of the missing man, is said to own no real estate.

12. July 23, 1895 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 23, 1895

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BOOKS ARE MUTILATED And Will Delay Settlement of the Willimantic Bank Troubles. Total Shortage Will Amount to $26,900. Whereabouts of Cashier Walden Still a Matter of Speculation. WILLIMANTIC, Conn,, July 23. - The doors of the Dime Savings bank remained closed yesterday at its usual hour for opening. A slip of paper was tacked on the door with the words: "Bank closed for examination." The depositors stood around, making anything but pleasant remarks about the missing cashier. The books of the bank that are not missing are so badly mutilated that an expert will have to go through them in order to get any definite statement as to the true condition of the bank. The police as yet have no clew as to Walden's whereabouts. It is not known who is surety on Walden's bond, as it cannot be found. It is supposed that his brother, Henry Walden of New York city, and the late Cashier Risley are on his bond, but as Risley is dead, and his brother has no property in this state, it is worthless. The bank vaults were opened yesterday, and the exact shortage found to be $26,900, as follows: Railroad bonds, $11,000; Clark mortgage, $6500; money procured to pay depositors, $5000; cash short for some time, $4400. The mortgage is one given in part payment of the land upon which Walden's new house stands. The incorporators of the bank met yesterday afternoon and elected ex Bank Commissioner E. A. Buck, president; John Scott, vice president; E. Harlow Holmes, secretary and treasurer. Mr. Buck declined to serve, and Sheriff C. B. Pomeroy was chosen in his stead. Where Is Walden Speculation at to Cashier Walden's whereabouts are rife, and a rumor was widely circulated that he was in town, and had been seen in the vicinity of the bank, but this could not be verified. State Attorney Hunter, in an interview, said that two detectives were at work on the case, but had, SO far, found only slight clews on which to work. Mr. Hunter will apply for a receiver, and George E. Stiles is mentioned for the appointment. Walden is believed to have sailed from New York for Australia on Saturday. Assistant Superintendent Hine of the Pinkerton detective agency is investigating his departure. A bond for $10,000 as Walden's security was unearthed, but it is thought to be worthless, as the maker of it, William Walden of New York, brother of the missing man, is said to own no real estate. Commissioner Crofut's Statement. Commissioner Crowfut makes the following statement: "Since a week ago last Thursday, when I examined the books, I find missing a mortgage note of $6500 and five $100 railroad bonds. There is also a deficit of $4400 cash. "On July 17 the treasurer drew a check on himself for $1000. I find that the general ledger, cash book and daily balance book are missing since my previous examination. Some of the records of the real estate book have been mutilated, to apparently cover up the withdrawal of the $6500 mortgage notes. "I have been unable to learn of the treasurer or his whereabouts, in order to get an explanation. Assuming that the bank was in a solvent condition upon the examination of retiring Bank Commissioner Buck of this city, after the 16 per cent scale had been ordered, leaving no surplus, the above $11,000 makes the bank insolvent today. "Furthermore, after looking over the personal loans, in conjunction with parties who are familiar with the makers, I think, perhaps, it would be the proper thing to call about $20,000 of these loans doubtful, making thereby the bank insolvent by about $30,000. "In justice to all depositors, 1 can see no other course for the directors to pursue than to close the doors of the bank to all demands of depositors, and await legal

13. July 24, 1895 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, July 24, 1895

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Domestic. THE Defender' sailed her maiden match against the Vigilant" at New York last Saturday, and won by nearly four minutes in a fifteen-knot to windward and return race. Ex GOVERNOR ALEXANDER H. RICE of Massachusetts died last Sunday at Melrose from the effects of a shock of paralysis. He was the republican governor of Massachusetts in 1876, 1877 and 1878. JOHN L. WALDEN, treasurer of the Dime Savings Bank of Willimantic, Conn., is a defaulter to the amount of $26,900. He has sailed for Australia, and his rascality has ruined the bank. Most of the depositors were laboring people, who have lost their all. DURING a storm last week Wednesday evening, lightning struck the tower of the state prison at Jeffersonville, Ind., and the greatest excitement prevailed among the 850 convicts confined there. The prisoners had just been locked into their cells, which averted a panic. THE inhabitants of Lewiston, Idaho, are jubilant over the news that by August 1 the Nez Perces Indians will receive their money from the government for their lands. This means that $626,222 will shortly be put into circulation, and that within six weeks the great Nez Perces reservation, the garden spot in Idaho, will be opened for settlement. THE Ministers' Association of Chicago has passed resolutions condemning Mrs. Leland Stanford, widow of the California senator, because she proposes to dispose of 1,000,000 gallons of brandy from her ranch for the benefit of Stanford University. These clergymen oppose sending a Christian youth to a college that is supported by the sale of liquor. A WIND-STORM, accompanied by a heavy rain-fall, burst upon the camp grounds near

14. July 25, 1895 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, July 25, 1895

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FLEES ON A BICYCLE. AND WITH HIM WENT $30,000 OF THE BANK'S MONEY. Trade Matters Are Quiet-Pretty Name for the Little Stranger in the President's Home-Italians Drowned by the Score in Genoa Bay. Another Cashier Gone Wrong. Cashier John L. Walden, of the Dime Savings Bank at Willimantic, Conn., has disappeared, and there is barely $500 in cash to meet demands. The discovery was made by Receiver Dooley, of the National Bank, and the incorporators of the bank Sunday afternoon. The total number of depositors is more than 3,200, and the amounts standing to their credit aggregate about $650,000. The trustees have*decided to close the bank and apply for a receiver. Walden has made way with about $30,000. The books are missing. Walden has a wife and one child. No one knows where the man has been since he left home on a bicycle Thursday night.

15. July 25, 1895 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, July 25, 1895

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Savings Bank Wrecked. The Dime Savings Bank at Willimantic suffered by the frauds of Cashier Risley of the First National Bank of that city and on Thursday the treasurer of the savings bank, John L. Walden, absconded and took with him all the funds of the bank which he had been able to get hold of, about $30,000 Pinkerton detectives have been put on the track of Mr Walden and it is expected he will soon be captured. The state bank examiner says that the bank is insolvent by about $30,000. The affairs of the bank have been run in a very slipshod manner.

16. July 26, 1895 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, July 26, 1895

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Another Willimantie, Conn., Bank in Trouble. J. L. Walden, treasurer and cashier of the Dime savings bank, is missing from Willimantic, Conn. It has been discovered by investigation that about $30,000, enough to render the bank insolvent, are also missing. The bank will be closed and a receiver appointed. The closing of the bank is an outcome of the transactions of Cashier Risley of the defunct First national bank. Walden is supposed to have gone abroad. He was a young man in whom the people of Willimantic had the utmost confidence. Later developments show that prominent men of Willimantic are concerned in the wrecking of the Dime Savings bank and arrests are liable to be made. Cashier Walden probably took only about $1000 when he fled from the city.

17. July 26, 1895 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 26, 1895

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BANK EXAMINER BLAMED. The Public Think Cashier Walden Had too Good a Chance to Steal, Willimantic Conn. July 25.- Within the last few days there has [been"cc: siderable criticism in banking circles in regard to the way ex-Bank Examiner Buck has conducted the examinations of the Dime Savings Bank. It has been asserted that considerable blame rests upon him for the present condition of the banks He has always been considered a man of irreproachible character and well up in banking matters and fully capable of occupying the position he held. The last examination he made of the bank was June 15 just previous to his turning over the office to his successor. At that examination he found the bank had assets of $627,080 and was in a perfectly solvent condition On July 21 Mr. Crofut made an examination after the scale of 16 per_cent was declared placed with liabilities at $491,992; assets $483,301 pronouncing the bank insolvent. Buck procured a statement from Crofut and after a comparative examination made with one made by him June 15 gave the result to the press representative tonight. Buck's statement corresponds with Crofut's in every respect with the exception of three items. Mr. Buck places the expense account at $531 safe and fixtures $3411; cash on hand $5733. Mr. Crofut put the above items at $2904. Assuming that Mr. Buck's appraisal of three items is correct it will leave according to Mr. Crofut's statement a deficiency in the assets of about $1800 which is all that Walden could have possibly taken away with him. Mr. Buck considers that a large amount of paper Crofut has wiped out as of doubtful value "is collectible and dividends coming from Morrison Company and Allentown transactions place the bank in a solvent condition today. Mr. Buck's theory was if there was any stealing done it was probably $25000 Walden might have used to put into the Morrison Company. In his opinion to appoint a receiver would be the worst step the depositors could take as it would take a number of years to wind up the affairs of the institution with probably a loss of about two-thirds of the deposits. Kelley and Sumner returned from Allentown today and reported a meeting of the directors this evening. A deed was transferred from Walden to the bank and accepted by the directors. This means that the bank will receive $9800 on the transaction. The condition of the Dime Savings Bank occasioned a slight run on the Willimantic Savings Institution but it stands ready to meet all demands and is paying off depositors in gold. The directors decided to offeria reward for the arrest of Walden.

18. July 26, 1895 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, July 26, 1895

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LEFT ON BIKE. Cashier and $30,000 Are Unaccounted For. John L. Walden, treasurer and cashier of the Dime savings bank of Willimantic, Ct., is missing. He has not been seen since last Thursday evening, when he left home on his bicycle, telling his folks he was going to see a friend. The wheel was found near the bank the following morning by a policeman. and it was later claimed by Walden's father, who is president of the bank. State Attorney Hunter, learning that young Walden was missing, telegraphed for Bank Commissioner S. W. Crofut, who came and examined the books. At a meeting of the trustees he stated that a mortgage note of $6,500, five $100 railroad bonds, $4,400 in cash, the general ledger, cash book and daily balance book are missing. All the above were present at the last examination of the bank. Some of the records of the real estate book have been mutilated to apparently cover up the withdrawal of the $6,500 mortgage note. On last Wednesday cashier Walden drew a check on himself for $1,000. Assuming that the bank was solvent on the retirement of exBank Commissioner Buck two weeks ago, after thescale of 16 per cent had been made, leaving no surplus, the above deficit of $11, 000 makes the bank insolvent. A scale of 16 percent was recently made and the notices of 90 days for payment of depositors has expired. Eight new corporators were elected at a meeting of the trustees. A meeting of the corporation will be held when a receiver will probably be asked for. The time lock on the safe run down and the key is missing. An officer was put in charge of the bank. The last statement of the bank commissioner made to the governor shows deposits to the amount of $626,591, surplus $30,000; total assets $649, 866.

19. August 1, 1895 The Providence News Providence, RI
Article from The Providence News, August 1, 1895

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Dime Bank Litigation. WILLIMANTIC, Conn., Aug. 1.-The hearing on State Attorney Hunter's applica tion for a permanent receiver for the Dime Savings bank came up before Judge Shumway in the superior court yes. terday. Nothing new was brought out at the hearing, which, after an all-day ses. sion, was adjourned to Aug. 5.

20. August 4, 1895 New-York Tribune New York, NY
Article from New-York Tribune, August 4, 1895

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WILLIMANTIC NEWS NOTES. CONTEST OVER THE DIME BANK-NATCHAUG SILK CO. PROSPECTS-MR. PINNEY'S SOUTH AMERICAN TRIP. Willimantic, Conn., Aug. 3 (Special).-The contest over the Dime Savings Bank has developed into a strong fight to determine whether the institution shall go into the hands of a permanent receiver and be wound up, or simply a temporary friendly receiver, who will assist the new directors to straighten out affairs and continue business. A majority of the depositors seem to prefer a temporary receiver, believing that with an additional 10 per cent scale the bank will be able to resume business and come out of its troubles with much less loss to depositors and to the business interests of the community. Two elements, however, give strength to the demand of Commissioner Crofut and State Attorney Hunter for a permanent recelver, and those are the fear that the full extent of the missing treasurer's peculations are not known and that there may be an attempt to cover up some things that ought to be shown up; also that a majority of the corporators are men who were In the old management and friendly to Wal-

21. August 13, 1895 The Providence News Providence, RI
Article from The Providence News, August 13, 1895

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Can't Continue Business. WILLIMANTIC, Conn., Aug. 13.-Judge Shumway, of the superior court, yesterday denied the petition of the directors of the Dime Savings bank for permission to continue the operations of the institution, and appointed John M. Hall of New Haven and George E.ยฐ Stiles of this city as receivers to wind up the affairs of the bank.

22. March 13, 1896 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, March 13, 1896

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The receivers of the Dime Savings bank of Willimantic, Conn., report that the claims amount to $685,000, and the assets to $420,000. I | I - I I

23. March 18, 1896 The Star Reynoldsville, PA
Article from The Star, March 18, 1896

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BRIEF MENTION. The parade of striking Baltimore garment workers was not a glittering success. The suspended Dime Savings Bank at Willimantic, Conn., will probably pay about 60 per cent. The quarterly statement mill dividends at Fall River indicates that the season has been prosperous, The Sherman county bank at Goodland, Kan., closed its doors. Assets, $60,000; liabilities, $85,000. The Albion paper company, of Holyoke, N. J., failed. Liabilities between $500,000 and $1,000,000.

24. May 15, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, May 15, 1897

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Receivers Will Pay a Dividend. Willimantic, Conn., May 15.-George E. Stiles and John M. Hall, receivers for the defunct Dime Savings bank of Willimantic, secured from the superior court an order to pay a dividend of 20 per cent to depositors of the defunct bank. This is the second dividend which has been ordered. The Willimantic Dime Savings bank, it will be remembered, was wrecked by irregular operations, which came to light after the death of the cashier, O. H. K. Risley, and the crash was one of the biggest in the history of Connecticut.

25. May 15, 1897 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, May 15, 1897

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DEFUNCT BANK. A Dividend of 20 Per Cent. Ordered. Willimantic, May 14.-George E. Stiles and John M. Hall, receivers for the defunct Dime Savings bank of Willimantic, to-day secured of the superior court, and sitting in this city, an order to pay a dividend of 20 per cent. to the depositors of the defunct bank. The dividend is payable on or before June 10. This is the second dividend that has been ordered for the depositors of this bank, the first having been paid some months ago on a 25 per cent. basis. The Willimantic Dime Savings bank, it will be remembered, was wrecked by irregular operations, which came to light after the death of the cashier, O. H. K. Risley, and the crash was one of the biggest in the history of Connecticut.