12760. Union County Bank (Rahway, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 26, 1905
Location
Rahway, New Jersey (40.608, -74.278)

Metadata

Model
gpt-5-mini
Short Digest
6f5b563d7cfd60d5

Response Measures

None

Description

Articles (Jan–Feb 1905) describe the Union County Bank of Rahway as defunct with a receiver appointed and court action seeking a receiver. No bank run is described; the institution remains closed and is in receivership with partial payments to depositors being made. OCR errors in Article 1 (Nowark -> Newark) were corrected.

Events (3)

1. January 26, 1905 Suspension
Cause
Government Action
Cause Details
Court action seeking appointment of a receiver for the bank (rule to show cause issued by Vice Chancellor Pitney).
Newspaper Excerpt
A rule to show cause why a receiver should not be appointed for the Union County Bank of Rahway.
Source
newspapers
2. February 10, 1905 Other
Newspaper Excerpt
A large number of depositors, principally poor people, gathered at the doors expecting to be paid; doors and windows were tightly closed; Cashier Sherwood had not appeared and officials drove away.
Source
newspapers
3. February 10, 1905 Receivership
Newspaper Excerpt
A notice was posted ... that on February 10 the bank will begin paying the fifteen per cent balance of cash due the depositors. The institution failed over four years ago and a receiver was appointed. ... a large number of depositors ... gathered at the doors of the defunct Union County Bank setting forth that on February 10 the bank will begin paying the fifteen per cent balance of cash due the depositors. (Perth Amboy Evening News, Feb. 10, 1905).
Source
newspapers

Newspaper Articles (2)

Article from Perth Amboy Evening News, January 26, 1905

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Article Text

State News A rule to show cause why a receiver should not be appointed for the Union County Bank of Rahway. and restrain. ing the bank officials from disposing of its assets in transferring its property, was made Tuesday by Vice Chancellor Pitney. It is returnable February 2. A young man who says he is Joseph Levy, of Brooklyn, is held at Nowark police headquarters for investigation. According to his statement which caused his arrest, the prisoner, with a nephew of Albert Horwitz and a third man went to Newark to rob Horwitz The latter is a collector and lives at No. 68 Nelson place. Mrs. C. B Boynton, of Orange. was the defendant Tuesday in the First District Court of Newark in a quit for $138.38, brought by the Misses Feiner, dressmakers. They claim that whe contracted for 8 taffeta gown at a cost of $108.31 and failed to pay for t. The Immigration Department has began A search in Pasasic county for 1 number of Chinese W ho, they Fav, have evaded the department officials and entered the country illegally.


Article from Perth Amboy Evening News, February 10, 1905

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Article Text

DEPOSITORS DAY TOO EARLY. Gathered at Defunct Union County Bank Yesterday. Rahway, Feb. 10:-A notice was posted Wednesday on the doors of the defunct Union County Bank setting forth that on February 10 the bank will bank would begin paying the fif. teen per cent. balance of cash due the depositors. The institution failed over four years ago and a receiver was ap. pointed. Yesterday morning, despite the date for payment being today, a large number of depositors. principally poor people. gathered at the deors, ex. pecting to be paid yesterdav. Up to 11 o'clock Cashier Sherwood had not put in an appearance. The doors and windows were tightly closed. The president, E. S. Savage, and City At. torney Frank Dothins waired in the rotunda half an hour and then drove away.