16943. Union Savings Bank (Saratoga Springs, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 22, 1878
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini
Short Digest
e7ae053d

Response Measures

None

Description

Contemporary newspapers report the Union Savings Bank of Saratoga Springs was ordered closed by the State bank superintendent (deficiency found) on Sept. 22–23, 1878; a receiver was to be appointed and later a receiver sold bonds (Dec. 22, 1878). No run is described — this is a suspension by government action leading to receivership/closure.

Events (2)

1. September 22, 1878 Suspension
Cause
Government Action
Cause Details
State bank superintendent ordered the bank closed after an examination found deficiencies on overdue interest and shrinkages; closure until a receiver could be appointed.
Newspaper Excerpt
The Union Savings Bank of Saratoga Springs closed its doors yesterday morning... Friday the superintendent addressed the cashier a letter ordering him to close the doors until a receiver can be appointed.
Source
newspapers
2. December 22, 1878 Receivership
Newspaper Excerpt
The receiver of the Union Savings Bank has sold $24,000 of Saratoga Springs bonds at auction. They brought from 108 to 111 ... SARATOGA, Dec. 22.-The receiver of the Union Savings Bank has sold $24,000 of Saratoga Springs bonds at auction.(Dec. 22, 1878).
Source
newspapers

Newspaper Articles (7)

Article from Evening Star, September 23, 1878

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Article Text

Another Sayings Bank Closed. New YORK. Sept. 23.-A special from Sara. toga says the Union Savings Bank, of Saraloga Springs, closed its doors Saturday morning, Its liabilities are $153,000. Its assets are: Cash on band, $30,000; mortgages and real estate, $180,000. The bank examiner made examination last week and found a deficiency of $1,000 or over due interest. Shrinkages willinerease this to about $12,000 or $15,000. Friday the superintendent addressed the cashier a letter ordering him to close the doors until a receiver can be appointed. The trustees will probably make up the deficiency voluntarily. The deposits are about $150,000.


Article from Alexandria Gazette, September 23, 1878

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Another Savings Bank Gone. NEW YORK, Sept. 23.-A special from Saratoga says: The Union Savings Bank of Saratoga Springs closed its doors Saturday morning. Its liabilities are $153,000. Its assets are, cash on hand, $3,000. Mortgages and real estate $180,000. The baok examiner made an examination last week and found a deficiency of $4,000 on over due interest. Shrinkages will increase this to about $12,000 or $15,000. Friday the superintendent addressed the cashier a letter, ordering him to close the doors until 3 receiver can be appointed. The trustees will probably make up the deficiency volunterily. The deposits are about $150,000.


Article from The New York Herald, September 23, 1878

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SAVINGS BANK FAILURE. [BY TELEGRAPH TO THE HERALD.] SARATOGA, Sept. 22, 1878. The Union Savings Bank of Saratoga Springs closed its doors yesterday morning. Its liabilities are $153,000. Its assets are:Cash on hand $3,000 Mortgages and real estate 180,000 Bank Superintendent Lamb made an examination into the affairs of this institution in March last, at which date the bank was, contrary to law, issuing certificates of deposit and paying out money on checks. Superintendent Lamb forbade this mode of doing business and compelled the directors to conform to the strict letter of the law governing savings banks. THE DEPOSITORS. Since his edict the business wen of Saratoga have withdrawn their balances, and the remaining deposItors were those of the poorer class. The waiters and servants have their wages deposited in the suspended bank, and one little bootblack who all summer long gave a five cent shine opposite the Arlington Hotel has his summer earnings locked in this savings in. stitution. The bank examiner made a second examination last week and found a deficiency 01 $4,000 on overdue interest Shrinkages will increase this to about $12,000 or $15,000. Friday the Super:stendent addressed the cashier letter, ordering him to close the doors until a receiver can be appointed. THE DEPOSITORS' CHANCES. The trustees will probably make up the deficiency voluntarily. The deposits are about $150,000. The cashier states that a dividend of thirty per cent Cill be paid within thirty days from securities immodiately available.


Article from Mower County Transcript, October 3, 1878

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and Western railroad company, at the following prices per ton: Grate, $3.55@3.57 % egg, $3.65@3.70; stove, $4.07 1/2; chestnut, $3.521/2. THE Vanderbilt will case was resumed at New York on the 24th inst. An offer was made to prove that in 1873, prior to the will, Commodore Vanderbilt told & lady that he had received a communication from his dead wife to leave the bulk of his property to his oldest son, 80 as to keep it together, and that he was going to do. The object was to show that spiritualism was not a mere speculative belief with him, but influenced him in business matters. AT Boston, Mass, on the 23d inst, United States Commissioner Hallett gave a decision in the case of Henry A. Parr, arrested some time ago on a charge of being engaged with others in the capture of the steamer Chesapeake, in the name of the Confederate government. The commissioner ordered the discharge of Parr on the ground that his case was covered by general amnesty proclamation of December 25th, 1868 THE Union Dime Savings bank, of Saratoga Springs, has closed. Liabilities, $153,000; cash on hand, $3,000; mortgages and real estate, $180,000. THE WEST. Two Ohio ministers-Revs. F. A. Spence and J. K. Davis-have been dismissed from the ministry for irregular conduct. THE following from Gen. James A. Garfield, in response to an inquiry will be of interest to western settlers. Persons entering a homestead after they have ceased to be soldiers, get a patent after one year's residence. Persons, actual soldiers at the date of entry, or who become 50 afterwards, if they served five years, require no residence. The commissioner's decision isright. I did not frame the law, but cencur with Judge Lawrence, who did." ELEVEN hundred and fifty bales of Texas cotton passed through Sedalia, Mo., on the 26th, over the Missouri, Kansas and Texas railroad, consigned to Liverpool. This is the first shipment by rail from the gulf to foreign ports. THE Loker bank, a private concern, the oldest in St. Louis, Mo., suspended on the 25th instant for lack of business. Depositors will all be paid. Gov. BISHOP, of Ohio, commuted the sentence of Ralph Wintergill, convicted of murder and sentenced to be hung in Columbia county, October 5th, to imprisonment for life. COL. MILES telegraphs the lieutenantgeneral from Fort Keogh, Montana, that six Sioux have arrived at the fort from the British possessions, being emissaries sent ever the line by Sitting Bull to ascertain upon what terms his people would be permitted to surrender to the United States military authorities. They represented that the Sioux who had taken refuge in Canada were very desirous of returning to the states. Gen. Sheridan answered that if they return it must be on terms of unconditional surrender. THE Odd Fellows' bank, Sacramento, Cal., has decided to wind up its business, and has made an assignment. The assets are believed to be sufficient to pay the depositors. HON. WM. N. MESERVFY, editor of the Webster County (Ia.) Gazette, died on the 21st inst., of hemorrhage of the stomach. GENERAL. IN the Wayne (Mich.) Circuit Court on 28th instant, an order was issued confirming the recent sale of the Detroitand Milwaukee railway to the Great Western Railway company of Canada, and authorizing the necessary conveyances. INFORMATION has been received by Capt. Howgate, at the signal office, that Capt. Tyson of the schooner Florence, of the Howgate Polar expedition, reached St. Johns, N. B., on the 26th. He has been absent fourteen months. SENOR ZAMANCONA, the Mexican minister, says the purpose of the Mexican government in sending five thousand troops to the border was to suppress raiding and aid the United States troops in putting down lawlessness. CONSIDERABLE commotion is created at Madison, Wis., among property owners, by the recording, on September 17, of a deed given by Dan Webster to David Hall, bearing the date of March, 1849, for sixty-five lots, including some of the very best business and residence lots in the city. The price paid to Hall was $10,000. Many consider it fraudulent, and should it be brought to trial it will be fought by the united strength of many wealthy residents. The title of all the property claimed under this deed is believed to be perfectly clear to the present holders, and quiet possession for ten years, under the laws of this state, with a reasonably clear title, confirms the holder in possession. THE American rifle team shot a match at Creedmoor on the 25th. Summer made the unprecedented score of 221 in a possible 225; Jackson reached 217, while the grand total reached 1,660 points against 1,655 of the team on the first, a year ago. THE Paris Patrie says: We learn that the difficulties between France, England and the United States, relative to the Newfoundland fisheries, have been arranged. The three cabinets are now drawing up a convention, which will obviate all future disagreements. WHILE an examination was progressing before Commissioner Maynard, at Marquette, Mich., on the 24th, in the case of the United States versus Samuel J. Tilden, two men suddenly entered 1 e office, seized the books of the New York Iron Mine company, which were being wed in testimony, and while one hurried wn the stairs to a carriage in waiting the her stood guard at the door, preventing eg.ess of anyone until his accomplice had secured a good start. Warrants were issued as quickly as possible and officers started in pursuit. They overtook the carriage some miles out of the city but found neither men nor property. AN estimate of the losses to the revenue on sugars for two years was sent to Congressmen Wood's committee on the 23d. The figures hich are said to have been prepared by a careful statistician, shows the whole loss to the government last year to have been over $2,500,000. The special agents have been ordered to prepare and submit to the treasury department the result of their investigations in the alleged


Article from Essex County Herald, October 4, 1878

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NEWS SUMMARY. Hastern and Middle States While laboring under mental derangement, George H. Moore. aged forty, principal of a New York city public school, committed suicide by shooting himself through the head, at Mount Vernon, N. Y. The fashionable world has been stirred by the marriage of Miss Jeannette Bennett, sister of James Gordon Bennett, proprietor of the New York Herald, to Mr. Isaac Bell, Jr., of New York. The ceremony was performed st Mr. Bennett's summer residence in Newport, R. I., and the numerous presents displayed were estimated to be worth a hundred thousand dollars. Charles E. Luburg, paying teller of the First National bank, of Mahoney City, Pa.. has been convicted of embezzling about $2,000 of the funds of the bank, and of altering its books to conceal his operations. The Vanderbilt will case in New York city has been reopened after a long season of repose. David N. Skillings and John Boyle O'Reilly, who were nominated at the Worcester (Mass.) Democratic convention for treasurer and auditor, respectively, have declined to run. David Bell. aged nineteen, living in Fiskkil Landing, N. Y., was bitten by a dog over two months ago, and died in terribie agony the other day from the effects of the bite. The Union savings bank, of Saratoga Springs. N. Y., has closed its doors, by order of the State bank superintendent, who found & deficiency of $4,000 on overdue interest. The New York board of aldermen have been listening to propositions to heat the city's business houses and private dwellings by steam. Hugh A. Mullen, editor and proprietor of the Philadelphia Sunday World, was struck with a whip by Richard N Price. The assault took place on the street, and Price claimed that his father, a prominent local politician, had been aspersed in an article which appeared in the Work. The first frost of the season appeared in the Hudson river valley and lowlands of Orange county, N. Y., on the twenty-third. The Connecticut Republican State convêntion was held at Hartford, and resulted in the nomination of Charles B. Andrews for governor; David Gallup, lientenant-governor ; David Terrance, secretary of State ; Talmage Baker, treasurer. The platform adopted favors hard money, declares the question of the presidential title permanently settled, and supports the administration of President Hayes. Adolph Hoffman, with several aliases, who had four wives living, and had promised marriage to five other women, has been sentenced to eight years' imprisonment, in a New York city court. Addison Laflin, ex-member of Congress. and naval officer of the port of New York during President Grant's administration, committed suicide by hanging himself in the garret of his house in Pittsfield, Mass. He was fifty-four years old, and for some time had been in bad health. The Massachusetts Democrats who adjourned from the recent convention at Worcester to meet at Faneuil Hall, Boston, assembled at that place-1,264 delegates being present. The ticket nominated reads: For governor, Josiah G. Abbott lieutenantgovernor, William R. Plunkett; secretary of State, H. C. Dewing; auditor, John E. Fitzgerald; attorney-general, Richard Olney treasurer, D. N Skillings. The platform adopted arraigns the Republican party for sustaining an alleged fraudulent President, and for issuing paper money in opposition to the constitution: declares that stringent laws should be passedregulating the issue of money, and insists that currency of all kinds should be paid on demand in coin, and should be received for duties et the face the


Article from New-York Tribune, December 23, 1878

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TELEGRAPHIC NOTES. MOURNING AT OTTAWA. OTTAWA, Ont., Dec. 21.-According to The Official Gazette the Court will go into mourning till January 29th, instead of the 10th, as previously announced. SARATOGA'S CREDIT FIRST-CLASS. SARATOGA, Dec. 22.-The receiver of the Union Savings Bank has sold $24,000 of Saratoga Springs bonds at auction. They brought from 108 to 111, the latter price being for those due in 1888. COUNTERFEIT BANK NOTES. MONTREAL, Dec. 21.-One of the $10 bills of the Consolidated Bank, stolen here before they were issued, has been received by a merchant of this city, the names having been forged. A CONSPIRACY TO DEFRAUD CREDITORS. PORTLAND. Me., Dec. 22.-The jury has given a verdict of guilty against John O. Winship, lawyer, of Portland, and George W. Swett, of Gorham, for conspiracy to defraud the creditors in the Holland bankruptcy case. A SHIP WHICH HAS VANISHED. BOSTON, Dec. 22.-The brig C. R. Burgess, Captain McBride, from Boston for Gloucester, England. before re. ported overdue, has been given up as lost. The Burgess was built at Cornwalds in 1874, and registered 400 tons. Rufus Burgess, of Corn wallis, is the registered owner. ROBBED AND THROWN FROM A TRAIN. RIDGEWAY, Mich., Dec. 22.-A passenger on the Grand Trunk, named Walter Storms, was attacked by a fel. ow-passenger near here, while standing on the rear platform of the rear car. The man cut his throat, robbed him of $600. and then huried him from the moving train. Storms struck in a snow-bank and crawled to a farmer's house, where he lies fatally ill. His assailant was a gambler named Crabb, and it 18 suspected that Storms is his associate.


Article from Iowa County Democrat, December 27, 1878

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Bad State of Things. Saratoga county is in great trouble. Two national banks at Saratoga Springs have suspended. The Union Savings bank at that place is defunct, and the County Treasurer, Wright, is a defaulter and cannet be found. Henry A. Mann, who held the office before Wright, was also a defaulter in a large sum. The courts cannot proceed, as there are no funds, and public busines is at a standstill.-Alba Evening Journal.