Union Market National Bank (Watertown, MA)

Episode Information

Episode UID
210801009
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
21080 national
Charter Number
2108
Start Date
January 29, 1884
Location
Watertown, Massachusetts (42.371, -71.183)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7e306e42922efa50

Response Measures

None

Description

The bank suspended following a significant defalcation by its cashier; while one article mentions a potential run if it opened, the bank suspended before opening its doors.

Events (3)

1. May 16, 1873 Chartered
Source
historical_nic
2. January 29, 1884 Other
Newspaper Excerpt
Tilden G. Abbott, for ten years cashier of the Union Market National bank of Watertown, Mass., has absconded, taking funds of the bank aggregating as far as known $31,160.
Source
newspapers
3. January 30, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defalcation and absconding of the cashier, Tilden G. Abbott, who stole over $31,000.
Newspaper Excerpt
The Union National Bank, of Watertown, Mass, which was ex. pected to suspend owing to the defalcation of its cashier, did suspend this morning.
Source
newspapers

Newspaper Articles (5)

Article from Evening Star, January 29, 1884

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Article Text

Professor Lenz, of Nuremberg, Germany, has received an order to cast a bronze statue of the late President Garfield, which is to be erected In San Francisco. Prof. Klinkerfues, the German astronomer, shot himself in the observatory at Gottingen, Germany, yesterday. The trial of George Alfred Townsend for libel of Joseph Hart, with damages set at $20,000, began in New York yesterday. The will of Dr. John R. Lee, of Hartford, Conn., among other bequests leaves $2,000 to the Hampton (Va.) Normal and Agricultural school. An unknown Hungarian, out of work and starving, committed suicide at West Newton, Pa, Sunday, by jumping in an air-hole in the ice. A man named Webb became involved in a dimculty in Jackson county, Ala., yesterday, with three brothers named Milburn, and he killed two of them and fatally wounded the third. All the compositorsemployed in the Evening News office, Philadelphia, were notified Saturday that their services were no longer required, and their places were soon afterwards supplied by non-union men. The amount of subscriptions received by the Boston Post to be given Lieut. Rhodes. of the cutter Dexter, for gallant conduct in connection with the City of Columbus disaster, is $1,180. Agnes Murphy, of Raymertown, N. Y., died Sunterday morning from poisoning. There are circumstances in the case which point to its being a life insurance murder. Wing Lee, a well-known Louisville Chinaman, was married in that city Monday to Miss Neille Burton, a prepossessing white girl. A MYSTERIOUS MURDER-The mutilated remains of Harvey Slacker, a prominent young man of Elizabeth, Pa., were found yesterday morning near Peter's creek trestle, two miles from Elizabeth. Blood was scattered over the snow for a distance of 100 yards, and there was evidence of a hard struggle. There is no clue to his murderer. ... THE OLD, OLD STORY.-Tilden G. Abbott, for ten years cashier of the Union Market National bank of Watertown, Mass., has absconded, taking funds of the bank aggregating as far as known $31,160. The bank will not open its doors to-day, and should there be a run it may close permanently. Abbott was of pleasing address, a member of the Baptist church, and until within six months ago was treasurer of the Watertown Savings bank. He is about forty years old, and has a wife and four children. It is believed that a woman is with him. A YOUNG WOMAN'S DEATH FROM MALPRACTICEMargaret Sauer, aged 21, died Sunday at the restdence of her married sister, Bertha Hauft, in New York, from the effects of malpractice. Dr. Wm. P; Merxes, who attended her; Mary Bachert, allas Preston, and Jacob Bachert, the brother of the preceding and the alleged lover of the victim, were arrested and held for examination. TWIN BABIES FROZEN TO DEATH.-A dispatch from Liberty Mills, Ind., says: "The twin babies or Isaac and Rebecca Martin were frozen to death Thursday night in their crib, which had been placed in a fireless room. They werethree months old. Martin visited the crib during the night and found one babe dead. The other was suffering severely, and soon died. The clothing was trozen to the bodies of the infants. PART OF THE BUZZARD BAND ARRESTED-Mrs. Abc Buzzard, wife of the notorious outlaw. and three members of the gang, named Hainey, Hornberger and Breneiser, were arrested on Ephrata mountain near Lancaster, Pa., Friday, the men being charged with felonious entry and larceny, and Mrs. Buzzard with receiving stolen goods. The arrest was effected on the information of a Philadelphia detective, who joined the band January 1 and has been traveling with it since. SAD EFFECT OF THE EMMA BOND TRIAL-There is a queer climax to the Emma Bond case. One of the jurors weeps constantly at home, and refuses to be comforted. Another one starts and runs whenever he hears any unusual noise, and another, Boone Isaacs, who was engaged to a young lady, has been jilted, and is now overcome with grief. SOME MODEST REFORMERS.-The second day's session of the New England Free-Thinkers' convention opened at Boston yesterday. A tree-thinkers' association was formed, with by-laws, demanding that churches should not be exempt from taxation; that the jndicial oath should be abolished; that all laws enforcing the observance of the Sabbath and Christian morality should be repealed; that the Bible should be removed from the puolic schools, and that governmental aid should be refused to sectarian schools. WHOLE FAVILY PATIONED wife of


Article from The Daily Dispatch, January 30, 1884

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Article Text

ROBBED BY THE CASHIER. A Bank in Massachusetts RuinedTilden G. Abbott, of the Union Market Bank of Watertown, Absconds. The Boston Journal yesterday tells the story of the ruin and collapse of another national bank as the result of the rascality of one or more of its officers. Condensed, the Journal says as follows: A few weeks ago the Union Market National Bank, of Watertown, was obliged to pass its dividend on account of certain very peculiar transactions by its president, George N. March, who, by the way, was a director of the Pacific Bank when it failed. The nature of these transactions was not fully made public, but March resigned and the matter was compromised. But now the cashier of the institution, Tilden G. Abbott, has gathered up the available cash in the vaults and has absconded. The extent of Abbott's operations is not yet known, but the apparent deficit is $31,160. There is also missing a blank check from the cashier's check-book of which there is no record and the amount that has been negotiated thereon is not known. Abbott was last seen about 2 o'clock on Saturday. He spent most of the day in Boston, but was at his desk at the close of bank hours. He did not appear at his desk this morning and an inquiry was made at his house. The members of his family said he left home on Saturday afternoon, saying that he was going to spend Sunday with his parents at North Reading. THE BANK COMPLETELY STRIPPED. A messenger was sent to Boston, and at the clearing-house he found an irregular casher's check against the bank for $4,960, payment on which was refused. The Fourth National Bank, the Boston agent of the bank. had paid a simitar check for $6,200. Both had been given to brokers' firms on Saturday in payment for negotiable securities purchased by Abbott. It was also found that the absconding eashier had on Thursday last drawn $10,000 from the cash balance kept at the Fourth National by the Union Market Bank and a similar amount on Saturday. giving as a reason that he wanted to butid up the bank's reserve, because he expeeted an immediate visit from the bank examiner. He took with him also $5,000 in cash from the vaults. These were Abbott's recent operations. To what extent he, with or without the cooperation of others. has systematically depleted the bank's resources, cannot yet be stated. The bank. in any event, is crippled, and will to-morrow morning suspend business until a full examination of its affairs can be made. THE ABSCONDER'S HIGH SOCIAL STANDING. The resources of the institution, according to its last statement, amounted to $598,000. Abbott's bond amounts to $15,000. and is considered good. He has been cashier for ten years. and was previously connected with Boston banks. He occupied a high social position, and leaves a wife and four children. He was on terms of closest intimacy with March. the recently-retired president, and both were active members of the same church. It is said that Abbott had been dissipating somewhat in Boston of late. He is not known to have speculated. No one has any idea about the direction in which he has fled. There is little doubt that the bank will go into liquidation, and that in any event its affairs will be wound up.


Article from The Wheeling Daily Intelligencer, January 31, 1884

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Article Text

The Bank to Nospend, BOSTON, January 30.-The Union National Bank, of Watertown, Mass, which was ex. pected to suspend owing to the defalcation of its cashier, did suspend this morning. The liabilities are thought to be $10,000 in excess of the assets.


Article from The Rock Island Argus, January 31, 1884

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Article Text

belor Bank Sespended. BOSTON, Jan. S1-Tae Union National bank, of Watertown, Mass., has suspended owing to the defalcation of the cashier. The liabilities are thought to be $10,000 in excess of the assets.


Article from The Stark County Democrat, February 2, 1884

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Article Text

Union national bank of Watertown, Mass., has suspended. The deposits have run off with the cashier.