Wilmington daily gazette., 1874-02-03
Another savings Bank Closed.

I he rankin Savings Fund Society, located On
" alnut street, above Ninth, in Philadelphia, was
'losed yesterday morning, and put into Bank
rIptcy by order of Court
This Society has been using every means 10 in
duce people to deposit their means with it for
safe keeping. Notwithstanding the fact that il
had been enjoined from doing any further busi.
u3ss, Its usual advertisement still appeared in q
newspaper, opening with the motto, Light gains
make heavy purse and requesting the public
10 deposit in the "Old Franklin Saving Frnd, >
where their money will earn i've per cent interest
There ought 10 be some law by which the man
ayers Of such institutions could be punished. Ii
Is terrible 10 contemplate the misery which they
inhst upon society. And the misfortune is tina,
the worthy and deserving poor aie the ones that
suffer most.
The information published in the newspapers
on Saturday and Sunday concera'ng the downfall
OF the institution of course reached the eyes OF
lhe suffering public, aud stu clinRing to a hope.
numbe 8 repaired to the bauk on Monday morn
ing, 10 hnd its doors shut aga nst them, while on
The front was posted a sheet of paper upon which
wntten. ''Closed by order Of The United
States Court The creditors going TO aud fro
aid occasionally stopping to converse for mo-
ment, left, IN the ordinary course OF things about
interviews between the depositors were anything
but comp plimentary 10 the officers who conducted
the business OF The Franklin"
One man whose mite was gone, vowed that he
would never entrust another cent with an institu-
uon Of any descri ptisn. 1u 1857, one thousand
dollarf, which he Lad saved up ai,er come yea rs
hard work, yauished with the National Savings
Bank, and now he had come to tue conclusion
that they were nothing bnt gentee games for
swindhng people out OF their money. A foreigner
had
aud who was now out OF employment stood ST.
lently by with lls Ia lds iu : pocket, facing the
storm as The wind csyfied 1t up the eet, with
out a shudder, but the expression Of his counte-
nance showed that his mind was racked with
iiurnclal blast which had 80 suddenly burst upon
lnm. When questioned he stated, in quiet
tone, that he had seventeen hundred dollars de-
posted with the Frank III, "a" the money lie had
IN the word.
He bad been trying 10 draw it out Tor long
lime, but the officers put IN of, unit now there
was no chance OF his securing it, He shook his
head sorrowiuy anu walked of. Another de-
positor OF a different temperament said, with n
broad gin, that be Lad Just come down to draw
out some cash. because OF an increase which but
lately occurred in his family.
He had about 500 IN the concern, which he las
been trying 10 get out tor a long while. Just q
mouth ago he visited the ibs,tation and told the
officers that he wanted 10 draw out all his cash
He was told to wait until tc day, and now upon
making applications for his cash he hnds the duors
closed upon him
He stated that he had plenty OF work, however,
and did not feel IL 50 badly lie left with the
remark that il he did not get any more ior his
money be would perhaps get ten cents on the
dollar anyhow.
About the trst OF October The Board of Direc-
tors met in special session and adopted a resoll-
ton enforcing the bylaw, which provides for a
notice Of three months time for tue withdraw al
OF sums OF money exceeding three hundred dol
lars
Armed with this action of the society, when de.
positors presented their checks for sums Of that
amount, notw ,thstanding the fact that notice had
been given prior TO the adoption of the resolution,
the Treasurer endeavored to, rHd ID many cases
succeeded in putting the parties of until The eI-
plratlon of the three months.
Depositcrs Of judgment, however, who under
stood the law, threatened TO contest such
proceeding, and not until then would the money
be forthcoming, Those who could not cope with
the little game, the other hand, were n quired
TO wait until such times as the society saw tit TO
hand over the casn
HhlildplUhta De- l., ID