Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1888 edition. Excerpt: ... day of February 1878 they were reduced to #182,352. About this time, Hon. Charles P. Thompson and Dr. Joseph Manning were appointed receivers and within a few years the business of the bank was closed. The depositors received eighty-five and a fraction per cent. of their deposits. A short time, say about twenty days, after the receivers were appointed, the Massachusetts Legislature enacted the Stay Law, so called, which undoubtedly prevented other savings institutions in the Commonwealth from sharing the fate of the Rockport. Had this law been enacted before the receivers were appointed probably the Rockport Savings Bank would be in successful operation to-day and the depositors would be receiving, when called for, one hundred cents and interest on every dollar of their deposits. For when we take into consideration the eighty-five and a fraction per cent. paid depositors, and eight thousand dollars paid the receivers, and the shrinkage on a few of the largest mortgages, saying nothing of the shrinkage on the smaller ones, we have an amount more than equal to the whole amount of deposits when the receivers were appointed. The closing out of this useful institution was one of, if not the greatest financial disaster that ever befell this town. Granite Savings Bank. Awhile after the closing out of the Rockport Savings Bank, some of our citizens saw the need of an institution for savings within the town. Therefore a petition was forwarded.to the Legislature and in the year 1884 the Granite Savings Bank was incorporated. Wm. E. Winsor, J. Loring Woodfall, George Elwell, George M. McClain, Francis Tarr, Nath'l. Richardson, Jr., John W. Marshall, Frank Scripture, Wm. II. Colby and George A. Lowe were named in the act as Corporators. The first...
