Jewelers National Bank (North Attleboro, MA)

Episode Information

Episode UID
767501296
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
76750 national
Charter Number
7675
Start Date
December 18, 1907
Location
North Attleboro, Massachusetts (41.983, -71.333)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b1fbbaa5efb2602d

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1907-12-20
Date receivership terminated
1912-10-25
OCC cause of failure
Fraud
Share of assets assessed as good
68.4%
Share of assets assessed as doubtful
18.1%
Share of assets assessed as worthless
13.5%

Description

Bank suspended after cashier's misuse of funds; placed in receivership and liquidated.

Events (5)

1. March 31, 1905 Chartered
Source
historical_nic
2. December 18, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Frederick E. Sargeant misused/hypothecated bank funds and was found dead, prompting examination and immediate closure.
Newspaper Excerpt
failed to open for business today...the directors pending an examination of the books thought it best for the bank to remain closed temporarily.
Source
newspapers
3. December 20, 1907 Receivership
Source
historical_nic
4. December 20, 1907 Receivership
Newspaper Excerpt
The Comptroller of the Currency today appointed H. F. Currier receiver of the Jewelers' National Bank, of North Attleboro, Mass.
Source
newspapers
5. February 1, 1908 Other
Newspaper Excerpt
the stockholders of the suspended Jewelers' National Bank of North Attleboro will be assessed 100 per cent par value of their holdings of the stock of the bank.
Source
newspapers

Newspaper Articles (21)

Article from Santa Fe New Mexican, December 18, 1907

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BANK CASHIER MISUSED FUNDS Sudden Death of Officer of Massachusetts / Institution Causes Its Suspension. /North Attleboro, Mass., Dec. 18.The Jewelers National bank of this city whose vice president and cashier, Frederick M. Sargeant, was found dead in a bath tub at his home last night, failed to open for business today. Bank examiners are examining the accounts of the institution. Dead Cashier Misused Funds. New York, Dec. 18.-Albert H. Wig. gin, president of the Jewelers National Bank of North Attleboro, who lives in this city today made the following statement: "The sudden death of Cashier Sargeant naturally excited suspicion and caused an immediate investigation of the condition of the bank. This shows Sargeant exceeded his authority and without the knowledge of the directors made loans to local concerns- in which he was interested. The directors pending an examination of the books thought it best for the bank to remain closed temporarily."


Article from The Washington Times, December 20, 1907

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EXAMINER MADE RECEIVER FOR BAY STATE BANK The Comptroller of the Currency today appointed H. F. Currier receiver of the Jewelers' National Bank, of North Attleboro, Mass. He is the bank examiner who has been Investigating its condition since its doors closed recently.


Article from Evening Star, December 20, 1907

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UNEASY ABOUT BANK. North Attleboro Business Men Need Cash for Pay Rolls. NORTH ATTLEBORO. Mass., December 20.-The declaration made last night by Albert H. Wiggin, president of the Jewelers' National Bank of this town, that the institution was insolvent. has caused much uneasiness among the business men of the place. as most of the manufacturing jewelers had their funds on deposit at the suspended bank. and will have difficulty in meeting pay roll requirements until other arrangements can be made. The town of North Attleboro has $30,000 tied up in the suspended institution. The Attleboro Savings Bank's offer to lend enough money to the town to help it out was accepted by the selectmen at a meeting last night. The town of Plainville also has all of its funds held up by the suspended bank, and unless the town treasurer can procure more money than he has on hand at present the school teachers and other town employes whose monthly pay is due today probably will have to walt until after Christmas.


Article from The News-Democrat, December 20, 1907

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BANK INSULVENT, WIGGIN STATES Jewelers' National of North Attleboro Must Go Into Hands of a Receiver-Affairs Hopelessly Tangled. Business Affected. The Jewelers National Bank of North that the dead cashier's "personal transactions" mentioned in President WigAttleboro is insolvent. gin's statement may reach many thouApplication for a receiver was made sands of dollars, and in this connection last night following reports by National it is pointed out that it must have been a heavy blow which could force so strong Bank Examiners Henry S. Currier and a bank into insolvency. Common report Albert Ewer after they had worked on places the shortage above $50,000. the books of the institution all day and An alleged loan by Mr. Sargeant of $30.assured themselves of the bank's insolv000 to one firm is 'among the rumors in ency "as the result of the personal transcirculation. actions of the late cashier," Frederick E. Mr. Sargeant lived well, though no betSargeant, who was found drowned in a ter than a man in his position would be bathtub in his apartments in the bank expected to live, and the supposition that building on Tuesday night. he used the money of the bank for perAnnouncement of the request for apsonal gratification is deemed untenable, pointment of R receiver was made in the unless through the stock market. following statement by the president of CHECKS COME BACK. the bank. Albert H. Wiggin, after a conThe return of checks drawn on the terence between the board of directors Jewelers National bank by its depositors And the two examiners last evening: in payment of accounts elsewhere began "The reports made today by Nayesterday. The Clearing Houses sent tional Bank Examiners Currier and back a. considerable number and a Boston Ewer as the result of their further innotary public appeared with a package vestigation into the affairs of the inof checks, upon which payment had been stitution convince them that as a rerefused. His mission was to get the sult of the personal transactions of maker to take up the check. Where the the late cashier the bank is insolvent: amounts were beneath $100 the request that the complications are many and was usually complied with, but in several far-reaching: and that in justice to all instances where the amount called for the only proper course is to ask that was larger it was impossible. application be made to the comptrolA large part of the manufacturing jew. ler of the currency for the appointelers did business with the bank and ment of a receiver." many of them are feeling the pinch rePresident Wiggin refused to add any. sulting from the lack of ready money. G. thing to his statement in the way of exK. Webster & Co., J. Sommer & Co. and planation and the other directors also E. I. Richards & Co. were unable to pay refused to talk regarding the situation. off their hands Wednesday because they It was learned, however, that the opedid not realize the condition of affairs rations of the cashier were conducted early enough to get money from other through several other banks and that the sources. The firm of W. H. Bell & Co. work of unravelling the tangle was thereprocured funds in this city with which to fore made very difficult for the examinmake up its pay roll. ers and the directors. The situation is made especially hard Mr. Wiggin refused to affirm or deny for the jewelers, as it is the end of their R report that a few days ago he receivyear, and they cannot expect to have ed from Cashier Sargeant a statement in much money coming in until concerns to the way of a confession of his operations. One of the bank officials when asked for which they have delivered goods for the holiday trade begin to make payment the information on this point shook his head first of January. and replied "Very bad. very bad." A Providence bank has offered to supAS TO THE SUICIDE STORY. ply the Attleboro jewelers who are hit by The following statement regarding the the suspension of the Jewelers National death of Cashier Sargeant was given out bank with sufficient funds to tide them last night by the family physician, Dr. over. It is also said that a Boston instiWillis L. Hale: tution is willing to loan the Jewelers Na"As a statement has appeared in some tional bank $20.000 on good security. out-of-town papers that Frederick E. The town of North Attleboro has $30,000 Sargeant committed suicide it seems tied up in the bank and the Attleboro proper at this time that I, as his family Savings bank of North Attleboro has ofphysician, as well as the one who probafered to lend sufficient money to the bly knows more details regarding this town to help it out while the affairs of sad affair than any one else, should state the Jewelers National bank are straightthat I have not seen anything which is ened out, which offer was accepted by proof in my mind that my friend, Mr. the selectmen, as yesterday was pay day Sargeant, died of other than accidental for the town's employes. Yesterday $3700 drowning." was borrowed at 6 per cent. It is current talk in North Attleboro


Article from New-York Tribune, December 22, 1907

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Washington, Dec. 21.-Charles G. Bancroft, of Natick, Mass., has been appointed permanent receiver of the Jewellers' National Bank, of North Attleboro, Mass., which recently suspended.


Article from The Montgomery Tribune, December 27, 1907

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Bank Asks for Receiver. North Attleboro, Mass.-The direct. ors of the Jewelers' National bank, which has been closed since the sudden death of its vice-president and cashier. Frederick E. Sargeant, two days ago, decided to make application for the appointment of a receiver.


Article from The News-Democrat, December 27, 1907

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BURGLARS ROB RESIDENCE OF W. H. RILEY, JEWELER dow. They went first to the dinini North Attleboro, Mass., Dec. 27.room, where they looted the sideboard. Burglars visited the residence of William carrying away every piece of solid silver. H. Riley, a manufacturing jeweler, some Mr. Riley's chamber was then visited. time during the night and carried off all The pockets of Mr. Riley's trousers were rified, the thieves securing from that garthe silverware and all the money that ment a considerable sum of money. could be found in the house. Neither Even Mr. Riley's keys were taken by the Mr. Riley nor his wife were awakened by thieves. the intruders, and their loss was not disMr. Riley is one of the directors and covered until they arose this morning. heaviest stockholders in the suspended The thieves made their entrance into Jewelers National bank. the house by prying open a library win-


Article from The Big Sandy News, December 27, 1907

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The schooner David Currier, laden with stone, sunk near Westbrook, Conn. The crew was landed Say brook Point. Robert Mitchell, member of the state board of agriculture and a leading farmer of Indiana, died at Prince ton, Ind. An explosion of gas in the Darr mine of the Pittsburg Coal company at Jacobs Creek, Pa., entombed between 200 and 250 miners, and there was scarcely a ray of hope that a single one of them would be taken from the mines alive. Many men escaped death because they were observing a festival of the Greek church. A terrifie explosion occurred in Palermo in the military powder magazine, where a large quantity of dynamite was stored. and was followed by a number of lesser explosions, the whole town being badly shaken and the people thrown into a panic, About 25 persons were killed and many injured. Thinking it unloaded. John Meyer, a farmer boy, living at Holy Cross, Ia, pointed a shotgun at his 16-yearold sister and pulled the trigger. blow. ing her head from her shoulders. Col. James B. McGonigal, who was a conductor on the first train operated on the Panhandle railroad in 1850, died in Kansas City, aged 74. The late King Osear of Sweden was buried at Stockholm with imposing ceremony. The Republican county committee of New York county, by - almost unanimous vote, refused to consider at this time a resolution indersing Gov. Charles . Hughes for the Republican presidential nomination. C. Hauge, the Norwegian minister to the United States, died while on a snowshoelag trip near Christiania. Henry Dibblee. one of the most prominent real estate men in Chicago, died of heart disease, aged 67 years. The first bill passed by the Philippine assembly appropriated $1,000,000 for schools. Burglars in Springfield, III., broke the window of the jewelry store of John C. Pierik and made their escape with $10,000 worth of diamonds. The Glenville Banking & Trust company, a small concern in the suburbs of Cleveland, O., made an as signment in the insolvency court. Engineer Frank Krag, 50 years old, of Buffalo, N. Y., thought III and faint, stayed at his throttle till he had brought his fast Lake Shore train safely into Collinwood, O. Then he stepped from his cab, and in a few minutes was dead. Olive Bartlett, daughter of J. J. Bartlett, a retired farmer, was shot and killed at her home in Olathe, Kan., by J. Frederick Kastendiek, a former sweetheart, who then killed himself. Howard West, alias Frank Earl, was electrocuted in the annex at the Ohio penitentiary at Columbus for the murder of William Legg, a butcher of Sid. ney, O. An attempt to rob a car on the Buf falo express in Philadelphia was frus. trated and William A. Hewett, said to have been caught beneath the car which contained $60,000 in gold bullion, placed under arrest. Capt. D. L. Keller, alias D. L. Smith, a United States officer of Reno, Nev., was arrested at Kamloops, B. C., charged with having stolen a bank check from Fort Sheridan, III., and filling It in for $92,500. Foreigners attacked Constable James Dolan at Lebanon, Pa., when he attempted to arrest coal thieves and the constable shot into the crowd, killing two Hungarians. The coal mines of the United States are killing three times as many men per 1,000 employes as those of most European countries. In the last 17 years 22,840 men have given up their lives in the mines of this country. These and other shocking facts are set forth in a report of an investigation by experts ordered by Secretary Garfield. The supreme court of Illinois handed down an opinion declaring the anticigarette law passed by the legislature this year dees not apply to eigarettes which contain pure tobacco, but only to those sigarettes which contain substances deleterious to health. The Diamond Jo line of Mississippi river steamers has been sold to a syndicate of men who will improve the present fleet of passenger and freight boats and increase its earrying eapacity very materially. Henry F. Currier, national bank examiner, took charge of the Jewelers' National bank at North Attleboro, Mass., whose vice president and cashier, Frederlek E. Sargeant, was found dead in a bathtub. Smallpox broke out in Chadbourne hall, a dormitory for women students at the University of Wisconsin, and 100 young women who live in the dormitory were ordered vaccinated and to leave for their homes. An attempt was made to hold up the west-bound Northern Pacific train 11


Article from The News-Democrat, January 9, 1908

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NORTH ATTLEBORO BANK TO REOPEN North Attleboro, Mass., Jan. 9.-The board of directors of the Jewelers' National bank held a conference with Receiver Charles C. BΓ‘ncroft today and with Lewis Reeves, accountant, regarding the re-opening of the bank. It wasTater announced that matters appeared most satisfactory and that the bank might be expected to re-open later on a basis agreeable to all. The idea of a new bank had been abandoned, it was added. The receiver's statement is expected within a few days.


Article from Daily Kennebec Journal, January 10, 1908

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CONDENSED DISPATCHES. All trolley car traffic in the Boston subway was blocked for an hour and a half during the rush hours Thursday night by a car becoming disabled. The gear case of the car broke and threw it from the ralls, smashing several windows. The conductor was slightly cut by glass, but the passengers were not hurt. Michael H. Norton, was brought before Judge Williams in the Roxbury, Mass., district court Thursday on the charge of murdering Mary McCarty at the doorway of her home at 27 Shirley street Thursday. Norton was held without bail for a continuance of the hearing Jan. 16. William B. Nevin, 14 years of age, who until two years ago was a member of the New York Stock Exchange, committed suicide Thursday by leaping in front of a subway train. His wife said he suffered heavy financial losses during the last five months and that he had been in a serious condition of health for sometime. After his retirement from Wall Street Mr. Nevin went to the Canadian Northwest to take up real estate ventures. He returned to New York a few months ago. The board of directors of the Jewellers' National Bank of North Attleboro, Mass., held a conference Thursday with Receiver Charles G. Bancroft and with Lewis Reeves, accountant, regarding the re-opening of the bank. It was later announced that matters appeared most satisfactory and that the bank might be expected to be re-opened later on a basis agreeable to all. The idea of a new bank had been abandoned. it was added. The receiver's statement is expected within a few davs. A New York undertaking establishment received an answer Thursday night to a telegram sent by it to Earl Grey, governor general of Canada which. it is said, instructed the company to inter at its discretion the body of H. Gray Duberly, who killed himself several days ago at the Hotel Hermitage. The letter intimated that Earl Gray would defray the expenses of the funeral. Duberly was a distant relative of the governor general. The burial will be in Mount Kensico, New York, Friday.


Article from The Bennington Evening Banner, January 15, 1908

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Sargeant Used Bank's Money. NORTH ATTLEBORO, Mass., Jan. 15.-The fact that Frederick E. Sargeant, the late cashier of the Jewelers' National bank of North Attleboro, which is now in the hands of a receiver, had been hypothecating the funds of the bank became definitely known when the surety company which furnished his bonds paid over to the receiver of the bank the sum of $20,000, the full amount of the bond.


Article from Richmond Planet, January 18, 1908

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Sargeant Used Bank's Money. NORTH ATTLEBORO. Mass., Jan 15.-The fact that Frederick E. Sargeant, the late cashier of the Jewelers' National bank of North Attleboro, which is now in the hands of a receiver, had been hypdthecating the funds of the bank became definitely known when the surety company which furnished his bonds paid over to the receiver of the bank the sum of $20,000, the full amount of the bond.


Article from Middlebury Register, January 24, 1908

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Shortage of Over $100,000 North Attleboro, Mass., Jan. 22.-Receiver Bancroft of the Jewelers' National bank has forwarded the report of the bank's condition to the comptroller of the currency. No part of the report will be made public until after it reaches Washington. It is known, however, that there is a shortage in the accounts of over $100,000.


Article from The Washington Herald, January 25, 1908

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Reports on a Bank, The first report of the receiver of the Jewelers' National Bank, of North Attleboro, Mass., shows the liabilities of the bank appearing upon the books as $799,721. The assets at date of suspension were $912,833, of which the receiver estimates $624,344 as good, $165,045 as doubtful, and $123,443 as worthless.


Article from New-York Tribune, January 26, 1908

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of old stock surrendered, and that the cash now on deposit amounts to $3,974,877. Portland, Me., Jan. 25.-M. E. Sprague, of Drew Plantation. the lumberman who assigned in November, on the same day of the assignment of James A. Wood, of Boston, who also filed a petition in bankruptcy at Boston yesterday, filed a petition of voluntary bankruptcy in the United States District Court to-day. fixing his liabilities at $658,946. Miscellaneous claims aggregate $395,092. secured claims $72,500, wages $4,200. and notes indorsed $189,393. The assets are given as $560,133. Boston. Jan. 25.-With liabilities amounting to $486,487. Bernard Davis, a real estate contractor of this city, filed a petition in bankruptcy in the United States District Court to-day. The assets are scheduled as "doubtful." The unsecured claims amount to $12,487. Chicago, Jan. 25.-Petitions in bankruptcy were filed yesterday against the Cream City Park Amusement Company, of Lyons, III., by creditors of the concern. It is said the liabilities of the company are $160,000 and assets $85,000. Reading, Penn. Jan. 23.-Nearly one thousand employes of the Reading Hardware Company have been ordered on a working schedule of fifty hours a week. They have been working only thirty-nine hours. The outlook in the hardware trade is brighter. North Attleboro, Mass., Jan. 5.-The Jewellers' National Bank of North Attleboro, now in the hands of a receiver, will be liquidated and a new bank formed, according to a statement made tonight by one closely identified with the affairs of the institution. According to the same information there will be an assessment of 100 per cent on each of the stockholders, and the depositors will be paid in full. The assessment on the stockholders will realize $80,300. Pottsville, Penn., Jan. 25.-Several open hearth furnaces have been lighted up for it more general resumption of work on Monday at the plant of the Eastern Steel Company at this place. Two of the three rolling mills will also start on Monday, while the third will resume on Tuesday, giving employment to about one thousand hands. The plant has been partially closed for several weeks.


Article from Evening Star, February 1, 1908

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Bank Stock Assessed. NORTH ATTLEBORO. Mass., February 1.-By order of Controller of the Currency William B. Ridgely, the stockholders of the suspended Jewelers' National Bank of North Attleboro will be assessed 100 per cent par value of their holdings of the stock of the bank. The institution was capitalized for $100,000, and this sum will be realized by the assessment 'and will be used to pay the depositors.


Article from The Birmingham Age-Herald, February 2, 1908

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Assessment of Stockholders. North Attleboro, Mass., February 1.By order of Comptroller of the Currency William B. Ridgely the stockholders of the suspended Jewelers' National bank of North Attleboro will be assessed 100 per cent par value of their holdings of the stock of the bank. The institution was capitalized for $100,000 and this sum will be realized by the assessment and will be used to pay the depositors.


Article from New-York Tribune, February 2, 1908

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ORDERS 100 PER CENT ASSESSMENT North Attleboro, Mass., Feb. 1.-By order of Controller Ridgely, the stockholders of the suspended Jewellers National Bank, of North Attleboro, will be assessed 100 per cent par value of their holdings of the stock of the bank. The institution was capitalized for $100,000. and this sum will be realized by the assessment and used to pay the depositors. The Controller decided originally the assessments should be paid on or before February 24. but Charles G. Bancroft, the receiver, issued a notice to the stockholders 10-day that he had been granted an extension of time, and that the assessments might be paid in four monthly instalments, each on or before the 24th day of each month.


Article from The Star and Newark Advertiser, February 25, 1908

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PLANS TO PAY DEPOSITORS. NORTH ATTLEBORO, Mass., Feb. 25.-Receiver Charles G. Bancroft of the Jewelers' National Bank, which closed its doors December 18, announces that he has recommended to the comptroller of the currency the payment to depositors of a dividend of 60 per cent. early in the coming month. It is expected that the depositors will ultimately be paid in full.


Article from Daily Kennebec Journal, March 19, 1908

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Charles D. Bancroft, receiver of the Jewellers National Bank at North Attleboro, Mass., announced Wednesday that within three months he will probably be able to pay a dividend of 30 per cent. to depositors. This dividend will be in addition to the dividend of 60 per cent. recently declared. The new dividend will be paid through the Manufacturers National Bank, the newly organized institution, which will be opened April 1, in the quarters formerly occupied by the Jewellers National Bank.


Article from Daily Kennebec Journal, May 27, 1908

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DIVIDEND IN JULY. Receiver of Jewellers National Bank Expects to Pay Depositors In Full. North Attleboro, Mass/, May 26.-Charles G. Bancroft, receiver of the Jewelers' National Bank of this town, which closed its doors after the mysterious death of its cashier, Frederick E. Sargent, Dec. 18, last year, announced tonight that he would be ready to pay a 30 per cent. dividend to depositors early in July. This will bring the total dividends already paid up to 90 per cent. and Receiver Bancroft is hopeful of paying the depositors 100 per cent. Yesterday was the last day of payment of assessments by the stockholders of the bank and with the exception of those shares held by the late cashier and shares believed to have been purchased by him shortly before his death but of which no record has been found, all assessments have been paid in full, amounting to more than $72,000.