Dorchester Illustration 2701 Dorchester and Milton Bank Robbery 1850
In July 1850, “The Bankers’ Magazine and Statistical Register” reported on a theft at the Dorchester and Milton Bank at Lower Mills. “The first door of the vault has four locks, which had apparently been opened without force; the second had two locks, with a strong band of iron covering the key-holes, and fastened with a stout padlock. The villains must have opened the padlock with false keys, removed the iron band, and finding that their instruments were not calculated for the work of opening the door, inserted gunpowder in each of the keyholes, and blew off the locks. The banking room is in the second story of the building, the lower part being occupied as a store, by Mr. J. Brewer. The cashier of the bank, Mr. E. J. Bispham, resides in the same building.”
In 1850, the Dorchester and Milton Bank was located approximately where the driveway for the Dolan Funeral Home is located today, on Washington Street at the intersection with River Street. A photograph of the building from the early 20th century is today’s image. Notorious thief, Jack Wade, led the authorities on a chase across the eastern United States, continuing to pull off bank heists. When Wade was apprehended in September 1850, he was taken to the Dedham jail. He admitted that he had hidden some of the money in South Boston. Nine or ten thousand dollars was recovered. In January 1851, Wade was sentenced to the State Prison for sixteen years for robbing the Dorchester and Milton Bank of about $32,000.
A list of stolen bills is the below the image of the building in today’s post, compiled by E. J. Bispham, the bank cashier.
In “Good Old Dorchester,” author William Dana Orcutt states, “The town did not enjoy the luxury of a bank until 1832, when the “Dorchester and Milton Bank” was incorporated, with Moses Whitney, for its first president. In 1850 the name of the bank was changed to the “Blue Hill Bank,” owing to the loss of some $32,000 by theft.”