First National Bank (Union Mills, PA)

Episode Information

Episode UID
11000998
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
1100 national
Charter Number
110
Start Date
February 26, 1883
Location
Union Mills, Pennsylvania (41.900, -79.845)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
141138bc13f6c965

Response Measures

None

Receivership Details

Depositor recovery rate
70.9%
Date receivership started
1883-03-24
Date receivership terminated
1893-04-15
OCC cause of failure
Fraud
Share of assets assessed as good
71.9%
Share of assets assessed as doubtful
20.8%
Share of assets assessed as worthless
7.3%

Description

Articles refer to the bank as 'First National Bank of Union Mills, at Union City.'

Events (4)

1. October 23, 1863 Chartered
Source
historical_nic
2. February 26, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy depreciation in real estate holdings; bank 'loaded up' with depreciated real estate.
Newspaper Excerpt
The First National Bank of Union Mills ... closed its doors Saturday afternoon.
Source
newspapers
3. March 24, 1883 Receivership
Source
historical_nic
4. November 11, 1886 Receivership
Newspaper Excerpt
The First National bank, of Union Mills, ... a fifth dividend of five per cent., making in all sixty-five per cent. on claims proved, amounting to $182,453.41 .
Source
newspapers

Newspaper Articles (10)

Article from The Indianapolis Journal, February 27, 1883

Click image to open full size in new tab

Article Text

National Bank Failure. ERIE, Pa., Feb. 26.-The First National Bank of Union Mills, at Union City, this county. closed its doors Saturday afternoon. It is believed that the depositors will be paid in full, but the stockholders may lose something. The suspension is thought to be due to depreciation in real estate, with which the bank has been loaded up for years. It had a capital of $150,000. and its October statement showed a surplus fund of nearly $17,000, and deposits of $165,000.


Article from New-York Tribune, February 27, 1883

Click image to open full size in new tab

Article Text

A NATIONAL-BANK SUSPENDED. ERIE, Penn., Feb. 26.-The First National Bank of Union Mills, of Union City, this county, closed its doors on Saturday. It is believed that the depositors will be pa d in full, but the stockhollers will lose something. The suspension is thought o be due to a depreciation in the value of real estate. The capital was $50,000. The October statement showed a surplus und or nearly $17,000, and deposits amounting to $165,000.


Article from Daily Globe, February 27, 1883

Click image to open full size in new tab

Article Text

Bank Closed. ERIE, Pa., The First National bank of Union Mills, at Union City, this county, closed its doors Saturday afternoon. It is believed depositors will be paid in full, but the stockholders mey lose something. The suspension is thought to be due to the depreciation in real estate with which the bank has been loaded up for years. It has a capital of $50,000, and its October statement showed a surplus fund of nearly $17,000 and deposits $165,000.


Article from Evening Star, February 27, 1883

Click image to open full size in new tab

Article Text

Name. a some O. C. Cen. Pacific 80 38 88 80% Nor. & Wes. p 20% Ches. & Ohio 21 North Pac 48 47% 30 29 Do. 1st pref Do. pref 83 82% 23 Do. 2d pret 24 Northwest 181 182V C.C.C.& 78% Ont. & West 25 25 Col. Coal 80 Pac. Mall 404 4016 1215 D.,LLW W Peo. D. E 20 122% 204 Den. & R G 44 43% Reading 58 523 Erte 86 87 St. Paul 100 101 Erle, 2ds 96 119 St. Paul pref 1174 III. Central St. P. & Omaha 1424 47 148 Lake Shore 109 108% 108 1064 Do. prer Lou. Nash 58 53% Texas Pac 38 Mich. Cent 92 93% Tex. . ''d'g'ts. M. K. Union Pac 29% 94 94 Mo. Pacific 98% 99% Wab. Pac 27% 2003 N. J. Central 45% 703 71% Wab. Pac. p'd. N. Y. Central. 125% 126% West. Union 81 81% News Briefs. Receiver Atkinson, of the defunct Rochester city bank, states there is a probability that depositors will r eceive about 20 per cent. Admiral Crosby, of the United States navy, has arrived at Southampton from Brazil. At the Frede rick. Md., municipal election yesterday, Hiram Bartgis, democrat, was elected mayor, and the democrats control the corporation. The First National bank of Union Mills. of Union city, Erte county,P closed Its doors Saturday. In the wrestling match between Duncan C. Ross and Theobald Bauer at Savannah, Ga, yesterday, Ross won. The levees between Greenville, Miss., and New Orleans, and also those above Vicksburg on the Mississippi side, remain intact. The grand jury at Milwaukee yesterday found an indictment against Sheller, the barkeeper of the Newhall house, charging him with setting fire to the building. His ball was fixed at $10,000. The Pennsylvania railroad company are contemplating establishing boat connections between Cambridge and Oxford, Md. and Baltimor to con. nect with their recently purchased line, the Dor. chester and Delaware railroad. The case of ex-Treasurer Polk was called in the criminal court at Nashville, Tenn.. yesterday. but was continued, owing to the illness of the pri-oner, The Massachusetts house of representatives yesterday engrossed the bill providing for the destruction of English sparrows. The superintendent of public instruction of Vir. ginta has called a conference of the county and the city superintendents of schools to meet in Richmond to-day. George C. Barber, charged with having attempted to sell bogus bonds of the Albany and Susquehanna railroad company, had A hearing in Philadelphia yesterday, and was held in $1,500 ball for s further hearing. The Trustees of the Newark (N.J.) City Home, at Verona, Essex county, the reformatory Institution of the city of Newark, last night voted to admit ministers of all denominations to visit the inmates. At the investigation of the charges against the officers or the Dixmont (Pa.) insane asylum yesterday, D. Carroll stated that he refused t take medicine, and was knocked down, kicked and choked, and saw plenty of others maltreated. Capt. Martin L. Smith was liberated from the lunatte asylum by order of Judge Donohue of New York, II had been confined for several years. The Irish societies of New York city will cele. brate St. Patrick's day by a street parade and a picnic at Jones' Wood, the proceeds of which will be sent to Mr. Parnell THE COLORED BEAUTY SHOW IN BALTIMORE Eleven colored women sat in a row on the stage at Douglass Institute last night to contest for the honor of being considered the champion beauty of America. The most noticeable element of their good looks was their gleaming white teeth. All the beauties were conscious of the adoration they were receiving. and seemed quite proud of the distinction. Sniffs of disparagement were heard from visiting colored belles. There were a number of white visitors. Among these was a wellknown gentleman, who bought five dollars' worth of ballots to back up bis declaration that a certain beauty would take the prize, which is said to be $100 in gold, in addition to the honor. No. 89 is the favorite thus far. She is from Alexandria, Va., but would not give her name for publication, because such things, she said, are low and com. mon. She has black eyes, and scoquettish in man. ner. Miss Jennie Gibson, No. 15, is light in color and was dressed in black. Miss Florence Minor, No. 85, had on a complete black velvet outnt, and was adorned at the neck and waist with many flowers. Miss Mary E. Banen, No. 33. is a dignified jubilee singer. Miss Lizzle A. Cornish, No. 87, has a light complexion and a plum dress. Miss Sedonia Wise, No. 3. was resplendent in black silk. Miss Ella E Barker, No. 29. was well satis. ned in black velvet and bangs Miss Edith Wise, No. 23. is pensive, has long straight hair and a garnet dress Miss Fanny Spriggs, No. 25 is plump and Jolly. Miss Annie Johnson, No. 21. was fine in black silk, and Miss Fannle Brown. No. 27, was elegant in navy blue silk. The beauties are from Baltimore, Washington, New York, Philadelphia and Virginia. The show is being conducted with great propriety and lignity.-Bultimore Sun, to-day. MR. PARNELL SHARPLY ARRAIGNS THE BRITISH GOVERNMENT. Parnell ye-terday. in moving his amendment to the address in reply to the speech from hethrone, spoke of the unjust executions" in Ireland, and said that the people had been kept down by the brutal, terrible, coercion act. He defined the government to continue to govern Ireland without the sympathy of the people. He complained or the Irish judges whom, he said, had mostly been appointed for political rea. sons, and were unfit to try political cases. If the government, after the Phoenix park murders were committed, had relied on the sympathy or the people instead of u.on a tyrannical act, Ireland would have been pacified. Mr. Parnell said the government now a great opportunity to restore peace and order in Ireland. H was conflite of victory, having a million of Irish in America be hind him. Mr. Parnell's amendment was rejected. THE ELECTRIC LIGHT IN NORFOLK. A meeting of representative business m n or Norfolk, Va., Friday evering decided to organize 8 company for the introduction of the electric light. The capital stock is to be not less than $10,000 nor more than $20,000.


Article from The Indiana State Sentinel, February 28, 1883

Click image to open full size in new tab

Article Text

Another Bank Goes Under. ERIE, Pa., Feb. 26.-The First National Bank of Union Mills, at Union City, this County, closed its doors Saturday afternoon. It is believed the depositors will be paid in full, but the stockholders may lose something. The suspension is thought to be due to the depreciation in real estate with which the bank has been loaded up for years. It had a capital of $50,000. Its October


Article from New-York Tribune, February 28, 1883

Click image to open full size in new tab

Article Text

TROUBLES OF BUSINESS MEN. PERU, III., Feb. 27.-The-suspension of the First Nationa Bank is announced. The bank had a paidup capital of $100,000, and cia med a surplus of $20,000. T. D. Brewster was the president, and Robert Sutherland cashier. The New-York correspondent was the National Bank of Commerce. UNION CITY, Penn., Feb. 27.-The assets of the 801pended First National Bank of Union Mills are $248,000. and there is due to depositors $164,000. CHICAGO, Feb. 27.-Paul D. Hayward, successor to Clark, Hayward & Co, wholesale paper merchants, has made an assignment. The business was started last October to distribute the product of seven paper mills in which the Clarks were interested. Mr. Hayward was interested in the Marseilles Paper Company, which recentry failed. CORPUS CHRISTI, Tex., Feb. 27.-M. Lichtenstein, drygoods merchant, has made an assignment. The liabiliLies are $50,000. SPRINGFIELD, III., Feb. 27.-A. H. Fisher, jeweler, has mare ao assignment. His liabilities are stated to be $70,000, a large part of which 18 due in ew-York City. Tue assets are valued at $40,000. PORTSMOUTH, N. H., Feb. 27.-Joseph Q. A. Rolles, of o siper, an extensive number dealer and notel proprietor, Has railed. His liabilities are reported to amount to from $40,000 to $50,000.


Article from The Stark County Democrat, March 3, 1883

Click image to open full size in new tab

Article Text

NEWS IN GENERAL. The extensive founday of Myers, Osborn & Co., Cleveland, burned Monday night. Loss $100,000. The First National Bank of Union City, Pa., has suspended. It was unable to secure a new charter. LONDON, Feb. 28.-The village of Hillestad, near Lund, Sweden, has been burned. Only thirty-two chimneys remain. The Citizens National Bank of Pittsburgh sued out a writ of foreign attachmentupon a judgment of $19,240 against Brown, Bonnell & Co., of Youngstown. ST. PETERSBURG, Feb. 28.-Forty students have been imprisoned for expressing doubts as to the administrative ability of the Minister of Public Instruction. G. L. Crowell, New York, president of the Empire Mining Company, was no slouch of a defaulter. He is $775,000 short and he has spent it all in a silver mine. The State Department has an application for the extradition of P. J. Sheridan, accused by the British Government of participation in the Phoenix Park crime. Red Cloud was in Washington and addressed the Appropriation Committee of the House. He wants. pay for his horses and he don't want to be paid in cows, saying "I have sense." BRUSSELS, Feb. 28.-It is reported that the Anarchist documents seized here show that a plot has been organized to murder the Czar of Russia on the occasion of his coronation. Samuel J. Medill, brother of Joseph Medill, of the Chicago Tribune, died last week. He had been for years also prominently connected with the Tribune. He was born in Pike township, Stark county, O. MADRID, Feb. 28.-Accounts from Andalusia show that the doings of socialistic societies recently discovered there resemble the worst outrages committed in Ireland. The society is particularly violent in denunciation of landlords. A reckless revolt occurred in the Missouri Penicentiary last week at Jefferson City. The convicts attacked the guards and overcame them and then fired three buildings which were used as shops, causing heavy loss. Citizens assisted in restoring order.


Article from Savannah Morning News, March 5, 1883

Click image to open full size in new tab

Article Text

BRADSTREET'S BUDGET. Southern Failures During the Past Week. There were 260 failures in the United States reported to Bradstreet's during the past week, 56 more than the preceding week, 108 more than the corresponding week of 1882, and 126 more than the same week of 1881. There were 55 reported from the Southern States, an increase of 19. The greatest number was reported from the West. The important failures included Humphrey & Co., leather, and Wiley, Wickes & Wing, importers of fruit, New York city; Fox & Co., glass manufacturers, Durhamville, N. Y.: The First National Bank of Union Mills, Pa.: The First National Bank of Peru, III.; Lucius Clark & Co., paper manufacturers, South Bend, Ind.: George H. Taylor & Co., and Paul D. Hayward, wholesale paper, Chicago. The following were reported from local territory: GEORGIA. Atlanta-E. Brewer, grocer, has assigned. Augusta-John J. Gallagher, shoes, has assigned. Liabilities $7,500; assets, stock $6,000; accounts $3,000; preferences $4,500. Gainesville-T. C. Gower, carriage maker, has compromised at 50 cents. Thomson-Paschal & O'Neal, general store, have assigned. Liabilities $9,000; nominal assets $18,000; preferences $1,000. SOUTH CAROLINA. Branchville-L. - Pearstein, general store, has assigned. Camden-W. F. Perkins, general store, has been closed by the Sheriff on mortgages in favor of S. B. Latham. Ninety-six-T. T. Beacham (agent), grocer, etc., offer to compromise at 25 cents. Williamston-Hart & Maher, general store, are reported to have assigned.


Article from The Middlebury Register and Addison County Journal, March 9, 1883

Click image to open full size in new tab

Article Text

NEWS OF THE WEEK. Eastern and Middle States. THE First National bank of Union Mills, of Union City, Penn., has suspended. It is believed the depositors will be paid in full, but the stockholders will lose something. GILBERT L. CROWELL, president of the Empire Silver Mining company, of New York, has embezzled funds intrusted to him amounting to more than $600,000. Most of the money taken belonged to the Talman estate, of which he was the agent. The money was spent by him in trying to make the Empire mine in Utah pay. Crowell has made a general assignment, showing $664,900 liabilities and $51,170 assets. NORWICH, Conn., and Newport, R. I., have been visited by earthquake shocks. THE judiciary committee of the Pennsylvania house of representatives reported favorably a bill to remove the State capital from Harrisburg to Philadelphia, under certain specified conditions. HARDLY more than a fortnight after the death of ex-Governor Jewell, of Connecticut, his widow also died in New York of prostration caused by her bereavement. CAROLINE BERNHEIMER, a poor New York widow, while washing clothes for another family, fell from a window upon a circular saw revolving underneath, and was cut in two. LOUIS P. CARMAN, late secretary of the defunct Manhattan Fire Insurance company, of New York, disappeared, and investigation of his accounts showed that he had misappropriated about $40,000. MANY of the fishermen at Gloucester, Mass., refused to go to sea on account of the prophecy of Wiggins, the Canadian astronomer, that a terrific storm would take place on March 11; in consequence several vessels all ready to sail for the fishing ground were unable to leave. SENATOR ORVILLE H. PLATT. of Connecticut, has been elected a member of the Republican National committee, in place of the late Marshall Jewell. THE Massachusetts assembly by a vote of 127 to 60, rejected the bill giving to female citizens the right to vote for city and town officers, to hold city and town offices, and to vote in town meetings. HARVEY N. FOLLANSBEE, clerk of the superintendent of the Boston police department and treasurer of the Police Relief association, has embezzled $20,750 of invested funds of the latter organization. He has been speculating in Union Pacific and other tocks. DUNLAP'S grain elevator and mill in Albany, N. Y., caught fire in the sixth story and soon the entire structure was in flames. Two laborers and a fireman were killed by a falling wall, and eight other persons were injured, one or two with probably fatal result. About 150,000 bushels of grain were in the elevator, and the total loss is estimated at $215,000. Two envoys from the large island of Madagascar, situated off the eastern coast of Africa, arrived in New York the other day. Their names are Ravoninahitriniarivo and Ramaniraka, and they are an embassy from Ranavolana, queen of Madagascar, sent to this country to exchange ratifications of a revised treaty of peace and friendship between the two governments. The envoys left their island home last August accredited to France, Great Britain, Germany and the United States. They have already visited the first two countries, been snubbed by France and secured a ratification of a treaty with Great Britain.


Article from The Eaton Democrat, November 11, 1886

Click image to open full size in new tab

Article Text

General News Summary. Interesting Home and Foreign News WASHINGTON. The President has appointed David T. Bunker, of Massachusetts, to be Consul of the United States at Demerara, and Oliver H. Gallup, of Nevada, to be Register of the Land Office at Carson City, Nev., in the place of W. E. Copeland, who declined the appointment. The oleomargarine law went into effect on the 1st. Commissioner Miller says the demand for stamps has been very great. He estimates that at least 100,000,000 pounds of the substitute for butter is manufactured annually for home consumption, to say nothing of the amount exported. Reports received show that all classes of manufacturers and dealers, including the retail men, propose to meet the tax and continue in business. The Comptroller of the Currency has declared dividends to the creditors of insolvent National banks as follows: The Mechanics' National bank, of Newark, N. J., a fifth dividend of one and one-fourth per cent.; the First National bank, of Union Mills, Union City, Pa., a fifth dividend of five per cent., making in all sixty-five per cent. on claims proved, amounting to $182,453.41. The President has announced that he will receive no visitors at the Executive Mansion between the 10th of November and the meeting of the next Congress, as his time will be fully occupied. Three thousand three hundred and seventy dollars in Continental notes of the issue of 1778-9, in denominations of $50, $55. $60, $70 and $80, were recently sent to the United States Treasurer by A. M. Seawell, of Washington, for redemption. Though yellow from age the notes are in good condition, but the First Comptroller has decided that they are barred by time and can not be redeemed. The non-election of Small, in South Carolina, and O'Hara, in North Carolina, will make the Fiftieth Congress the first purely white Congress since the war. The triennial assessment of taxable property in the District of Columbia, as given in the annual report of the assessor to the District commission, shows that the assessed value of taxable real estate in the city of Washington has increased from $85,151,430 to $96,338,486. The total assessed value of all the real property in the District, including that owned by the United States, which is exempt from taxation, is $222,105,191. The number of houses in the District is 34,750, of which 29,086 are in the . city of Washington. The Comptroller of the Currency has authorized the Patapsco National bank, of Ellicott City, Md., to begin business with a capital of $50,000. The President on the 5th appointed George W. Baxter, of Cheyenne, Wy. T., to be Governor of Wyoming Territory, vice Francis F. Warren, suspended.