Fall River Savings Bank - Fall River, MA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: June 28, 1878
Location: Fall River, Massachusetts (41.701, -71.155)

Metadata

Model: gpt-5-mini
Short Digest: ebe3f04f

Response Measures

None

Description

Article (Memphis Daily Appeal, 1878-06-29) reports the Fall River Savings Bank being restricted to paying ten per cent. for the next six months, and a like amount for the succeeding six months, i.e., a partial suspension/moratorium on payments due to large holdings of local mill paper. There is no mention of depositor runs or a permanent closure/receivership or later takeover in these excerpts; therefore classified as a suspension with eventual reopening (no evidence of failure).

Events (1)

1. June 28, 1878 Suspension

Cause: Local Shock
Cause Details: Bank held large amounts of local mill paper (about $80,000 of Border City mill's paper and $60,000 of the Sagamore mill's paper) leading to restriction on payments.
Newspaper Excerpt: The Fall River savings bank is restricted to paying ten per cent. for the next six months, and a like amount for the succeding six months.
Source: newspapers

Newspaper Articles (1)

1. June 29, 1878 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, June 29, 1878

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Article Text

AFTERNOON TELEGRAMS. Buffalo, June 28: John Lane killed his father this afternoon while drunk. Providence, June 28: Mrs. Sarah Helen Whitman, the poetess, died last evening of heart disease. London, June 28: The amount of bullion withdrawn from the Bank of England on balance to-day was thirty-six thousand pounds. Wheeling, June 28: John A. Slatman. a prominent business man of this city, was stricken with apoplexy this morning, and died in about two hours. Rome, June 28: The Italic states that the pope will celebrate a solemn mass of requiem in the Sistine chapel for the repose of the soul of the queen of Spain. London, June 28: The town council of Berlin is considering a resolution that the grand historical painting be made at the expense of the town commemorating the meeting of the congress. Vienna, June 28: The Presse says that, in consequence of the violation of the frontier near Liono by the Turkish troops, the frontier town of Bilibrig has been occupied by the Dalmatian landwehr. London, June 28: It is said orders have been issued to reduce the force and expenditures of the Portsmouth navy-yard, and it is understood that the autumn maneuvers will beabandoned this year to aid in the retrenchment. Agram, June 28: Military magazines are being constructed at Agram, Hungary, and the provision contractors have been ordered to deliver at the Agram railroad station, by the fifteenth of July, provisions for fifty thousand men, also forage for cavalry. New York, June 28: In Jacksonville, Florida, yesterdav, William Roots's flour and grain store was burned, and the adjoining property considerably damaged by an incendiary. Loss, thirty-five hundred dollars; insurance, twenty-eight hundred dollars. Free Hold, N. J., June 28: The centennial celebration of the battle of Monmouth, and the laying of the corner-stone for the granite shaft to bear the names of the New Jersey soldiers killed in the revolutionary war, took place to-day, and were the occasion for a grand civic and military procession. Fall River, Mass., June 28: The Fall River savings bank is restricted to paying ten per cent. for the next six months, and a like amount for the succeding six months. The bank held about eighty thousand dollars of the Border City mill's paper, and sixty thousand dollars of the Sagamore mill's paper. New York, June 28: Henrietta B. Haines and Camille DeJanon, whokeep a fashionable young ladies' school at No. 9 and 10 Gramercy park, have filed a voluntary petition in bankruptcy. Liabilities are one hundred and forty-three thousand five hundred dollars, of which one hundred and six thousand five hundred dollars are secured. Madrid, June 28: King Alfonso has received telegrams of condolence from all the European courts. All shops were closed yesterday, the theaters have ceased playing, and business on the exchange is suspended. It has been decided that the body of the queen shall lie in state three days. The funeral will probbly take place next week. New York, June 28: A letter from Havana says the campaign of the Spaniards against the Cubans, without any battles, cost the former eighty thousand men. The island is a vast cemetery. Five steamers are reported to be on the way from Spain to carry home the troops. Martinez Compas has begun a reduction of government expenses on the island, by giving up one-half of his own salary as captain-general. Constantinople, June 28: Count Zichy, Austro-Hungarian ambassador to Constantinople, visited the grand vizier, Safvet Pasha, at seven o'clock yesterday morning. An extraordinary cabinet council was subsequently held, the sultan presiding, and the question of the Austrian occupation of Bosnia and Herzegovina discussed. The result was an order to the Turkish plenipotentiaries in the Berlin congress to protest against such occupation, without the period of its duration being previously fixed. The council lasted the whole day.