8083. Union Savings Bank (Fall River, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 1, 1888
Location
Fall River, Massachusetts (41.701, -71.155)

Metadata

Model
gpt-5-mini
Short Digest
5ce7fb73

Response Measures

None

Description

Articles (Oct 1 and mid-Oct 1888) report the Fall River Union Savings Bank was closed (no run reported) and shortly after described as having failed with losses of $240,000. No run is described; closure/failure is bank-specific (losses). Bank type inferred as a state-chartered savings bank.

Events (2)

1. October 1, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Savings institution closed; only a few withdrawals; context indicates institution was insolvent or in distress leading to closure.
Newspaper Excerpt
There was no run on the Union Savings bank to-day. The national bank did business as usual, but the savings bauk was closed, and only a few depositors in the latter institution asked to withdraw their deposits.
Source
newspapers
2. October 18, 1888 Other
Newspaper Excerpt
The Union Savings Bank at Fall River has failed with losses of $240,000.
Source
newspapers

Newspaper Articles (3)

Article from The Morning News, October 2, 1888

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Article Text

FALL RIVER'S BANKS. NoRun on Them-The Savings Institution Closed. FALL RIVER, MASS., Oct. 1.-There was no run on the Union Savings bank to-day. The national bank did business as usual, but the savings bauk was closed, and only a few depositors in the latter institution asked to withdraw their deposits. No other banks were affected to any extent. A large amount of dividends paid out whelped to maintain the public confidence. "


Article from The Pacific Commercial Advertiser, October 18, 1888

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Article Text

be in Canada, and it is claimed that he cannot be in his right mind. His income was $10,000 a year and at his father's death he will inherit $1,000,000. F. A. Cauchsis & Co., coffee and tea importers on Fulton street, New York, have failed. Liabilities about $40,000. The Conway Manufacturing Company of Milwaukee assigned with liabilities of $180,000, assets unknown. The failure is directly due to the destruction of the company's extensive plant by fire. There has been an extensive wheat deal in Chicago, forcing prices up far above the Liverpool market. As a result, Williams, Black & Co. of New York have failed. With two exceptions, the most prominent and most influential firm on the New York Cotton Exchange has for years been the house of Williams, Black & Co. They have been credited with the control of millions of dollars. C. Marsh & Co., stock-brokers, of New York, have suspended. They claim they are not indebted on the stock exchange, but the liabilities are believed to be $150,000. At Chicago, on the application of cashier Talman of the Traders Bank, Hiram McChesney was appointed receiver, in bonds of $500,000. The failure is attributed to the illness of its president who since died. The banking house of Shanklin & Austin, the oldest bank in North Missouri, has closed its doors. The cause was the failure of the Traders' Bank in Chicago. The Union Savings Bank at Fall River has failed with losses of $240,000. Joseph M. Paul of Hume, Alleghany county, director of the First National Bank of Angelica, has been indicted for devoting the funds of the bank to his own use and making false entries on the books. One of the biggest swindling schemes worked in New York in many years has been brought to light by the disappearance of William H. Ingham of the brokerage firm of W. H. Ingham & Co. The losses to the victims of the speculative mania will run well up into the thousands, and may aggregate more than $100,000.


Article from The Hawaiian Gazette, October 23, 1888

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Article Text

Failures and Forgeries. Ephraim S. Wells of Jersey City, a manufacturer of proprietary medicines and owner of "Rough on Rats," has failed. Liabilities $80,000. The total stealings of Wm. R. Foster, Jr., of the New York Produce Exchange, amount to $176,000. Each member will lose about $1,200. Foster is believed to be in Canada, and it is claimed that he cannot be in his right mind. His income was $10,000 a year and at his father's death he will inherit $1,000,000. F.A. Cauchsis & Co., coffee and tea importers on Fulton street, New York, have failed. Liabilities about $40,000. The Codway Manufacturing Company of Milwaukee assigned with liabilities of $180,000, assets unknown. The failure is directly due to the destruction of the company's extensive plant by fire. There has been an extensive wheat deal in Chicago, foreing prices up far above the Liverpool market. As a result, Williams, Black & Co. of New York have failed. With two exceptions, the most prominent and most influential firm on the New York Cotton Exchange has for years been the house of Williams, Black & Co. They have been credited with the control of millions of dollars. C. Marsh & Co., stock-brokers, of New York, have suspended. They claim they are not indebted on the stock exchange, but the liabilities are believed to be $150,000. At Chicago, on the application of cashier Talman of the Traders Bank, Hiram McChesney was appointed receiver, in bonds of $500,000. The failure is attributed to the illness of its president who since died. The hanking house of Shanklin & Anstin, the oldest bank in North Missouri, has closed its doors. The cause was the failure of the Traders' Bank in Chicago. The Union Savings Bank at Fall River has failed with losses of $240,000. Joseph M. Paul of Hume, Alleghany county, director of the First National Bank of Angelica, has been indicted for devoting the funds of the bank to his