The Washington herald., 1908-01-26

Boston, Mass, Jan. Upward of
81 100000. the owners Of which are un-
known. is now lying IN the banks of New
England. This great sum is carried on
the books Of the institutions as unclaim-
ed. More than $600O0O of this IS In tho
banks Of Massachusetts. one Boston
company having about S1so,OOO drawing
interest and compound interest for some
stranger to its officers.
Even advertising in compliance with the
law has failed to find an owner for over
80 per cent OF these deposits.
Since the advertising of these deposits,
termed dead mems money" letters and
affidavits have come from the four points
Of the compass. Several attorneys I'm
Boston have been interesting themselves
TO locate the parties who can present
sufficient claims for these moneys 20 get
some
IN all, only little over per cent
Of these advertised unclaimed deposits
have been paid The largest amount
known 10 have been paid TO such claim
ant has been S,34764, which had been
accumulatng for nearly twenty-six years.
It went 10 the neice OF one Steve Naples.
late of Pallsade. New. The woman's
name is Mrs. Nora Mcbride, and the un-
expected legacy IS 10 be used toward
the education Of her nine-year-old boy.
Before going West Mr.. Naples lived
on a farm near Chicopee. and later in
FAN River. where he had an interest
IN a livery stable. He left with the
father Of young Mcbride 10 engage IN
ranch life Before he started he placed
half Of his small fortune IN a Boston
bank. This deposit he never referred to.
and it was not until three years after
his death that his relatives accidentally
learned Of it, They then thought that
they could not secure il, and let the
matter so stand until the recent adver-
tisement Of long-standing accounts was
made.
Beverly Mans Long Account
tt was discovered only last week that
there is a man now living I'm Beverly who
has longtime accounts with four Boston
banks, not one of which has he paid the
least attention TO for over twenty years.
The matter was called TO his attention,
and at first he was averse to remember
ing or discussing it,
He was told that the State. by re-
Gently enacted law, is about to claim all
such deposits, and he declared he would
like to see what was TIghfully his thus
claimed, He said he could not see why
he should not let his account run as long
as he wanted to. The money is drawing
good interest, isn't il. and I'm we'll salts
Id T- f+
There is an old woman I'm the little
town of latham above Springfield on
the west bank of the Connecticut River.
Recently she was placed in q home in
Holyoke When her rooms I'm the old
family homestead were being renovated
a certificate of deposit of S97, received as
pension bounty eighteen years ago. was
discovered. The old woman's daughter Is
now qualifying 10 withdraw the money
and use it for her mothers comfort
In 1857 sixty-eight banks in Massachu-
Eetts reported 1422 accounts which had
not been touched by their owners for
twenty years or more These accounts
reached the total of SllS.3SS2S- The facts
We're advertised, and the names Of the
depositors were published,
and 1902 the ownership of L045 of these
accounts was established The restoTa-
ton OF money represented i'm these
amounted 10 S33o1i2.e9. There still re-
manned unclaimed S14S2452 which may
be literally regarded as dead mems
money"
These accounts are practically OF no
more use to the banks than any others.
For on all accounts up to $l.6oo they must
pay interest from year to year precisely
as they would were the depOsitOrs within
easy reach and the accounts examined
regularly.
Unclaimed Accounts Grow.
In spite Of the publicity given to uu-
claimed accounts the number and amount
Of them grow with each fve-year period.
Here are the returns from 1857 to 1902
Sixty-eight banks in 1851 reported .4i2 ac-
counts. aggregatng SflS,3SS.-S. Seventy
nine banks in 1892 reported 1926 accounts.
aggregating SJ06l3llg, Ninety-dve banks
ip 1897 reported L7-1 accounts, aggregat-
ing S5613lSm. One hundred and eight
banks in 1902 reported 1904 accounts, ag-
gregating $3.50 1881.
BY far the largest holder Of unclaimed
deposits I'm the state is the Provident In
stitution for Savings, in the city Of Bos-
ton. It usually furnishes about 81 per
cent of the total The amount Of them
IN this one bank runs from Sl75.O00 20
$4,000 The Five Cent Savings Bank is
also q large holder Of unclaimed deposits
As a general thing each deposit is
trding. Yet some scores Of them espe-
cially I'm the Provideut Institution. run
into the thousands The limits of the un-
claimed deposits are So minimum and
about $450 maximum, and q very good
percentage Of the accounts reach more
than $1,000
sues state for Deposit.
Officials of the Commonwealth have
long felt that the unclaimed money on
deposit in the banks should go 10 the
State. At the present time any balances
from escheated estates revert to the
treasury by order of the Probate Court.
Only last week Thomas Noyes, Of Hol-
den. and Sarah r. d. Moulton and Fred
erick NJ Hedden, Of Worcester, filed a
suit in the Superior Court 10 obtain a
savings bank deposit Of S37l held by State
Treasurer Chaplin. Originally the deposit
was S65, and belonged to Charles Noyes,
Of Needham who died in 1856. The plain
tiffs are the heirs Of Thomas Noyes, Of
Worcester. who was d brother Of Charles
Noyes
The deposit left by Charles Noyes had
been kept intact from the time of his
death until last June by the Norfolk
Probate Court. awaiting the appearance
OF the Tightful heirs. None appearing.
the money was turned over TO the State
treasurer. Meanwhile it had been grow
ing until it is six times its original size
A like course for turning over the un-
claimed deposits was advocated and last