Article Text
Bank suspended. NEW YORK, January 13.-The Union bank of Jersey City suspended to-day.
14069. Union Bank (Jersey City, NJ)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- January 13, 1875
- Location
- Jersey City, New Jersey (40.728, -74.078)
Metadata
- Model
- gpt-5-mini
- Short Digest
2f6552b2
Response Measures
None
Description
The Union Bank of Jersey City suspended on Jan 13, 1875 due to accumulation of doubtful/suspended paper (bad loans). A receiver (Michael Sandford) was appointed and the bank was wound up; no evidence of a depositor run or reopening. Sources: multiple contemporaneous newspaper notices (Jan 13 suspension; Jan 21–22 receiver appointment and winding up).
Events (2)
1.
January 13, 1875
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Accumulation of a large amount of suspended/doubtful paper and doubtful loans; assets sufficient but not immediately available, prompting suspension.
- Newspaper Excerpt
- The Union bank of Jersey City suspended to-day.
- Source
- newspapers
2.
January 21, 1875
Receivership
- Newspaper Excerpt
- Chancellor Runyon ... appointed Mr. Sanford to settle up the bank's affairs; recommend Mr. Sanford's appointment as receiver. The matter was yesterday brought before Chancellor Runyon, who, on this recommendation, appointed Mr. Sanford to settle up the bank's affairs.
- Source
- newspapers
Newspaper Articles (15)
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CONDENSED TELEGRAMS. The shipments of specie from New York to Europe yesterday amounted to $1,050,000, of which $900,000 was in gold coin. The trustees of the Greeley Memorial Association, in New York, announce that they are prepared to receive contributions to the fund for the erection of an appropriate monument, the work being now assured. Only two witnesses were examined yesterday in the Tilton-Beecher suit, Augustus Maverick, who testified to Tilton's marriage, and Francis D. Moulton, who corroborated the statements heretofore made by him. Resolutions were offered in the Texas Senate yesterday strongly denouncing the outrage upon Louisiana. The Union Bank of Jersey City suspended yesterday, The Catholic Total Abstinence State Union of Ohio has organized a mutual life association for the benefit of its members. Resolutions were adopted by the New Jersey House of Representatives, yesterday, strongly condemning Grant's course toward Louisiana, and denouncing in severe terms the ejection of members of the Legislature by the Federal military.
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NEW YORK ITEMS. NEW York, Jan. 13. - The Union Bank of Jersey City has suspended. NEW YORK, Jan. 13. - The proceedings in the Beecher and Tilton trial are too indecent for telegraph columns.
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The Union Bank of Jersey city suspended Yesterday.
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New-York Daily Tribune. FOUNDED BY HORACE GREELEY THURSDAY, JANUARY 14, 1875. WITH SUPPLEMENT. Germany will demand satisfaction of Spain for the outrage on the Gustav. Several bands of Carlists have been defeated in Barcelona and Navarro. - Elections to fill six vacant seats in the French Assembly are to take place on the 7th of February. In the Senate the President's message on the Louisiana question was read and ordered to be printed. The debate on the Louisiana question was then resumed, and Mr. Legan addressed the Senate in justification of Sheridan's action; be cited precedents for the military interference in Louisiana. In the House a long debate took place on the report of the Secretary of the Treasury, regarding the changes made in the tariff by the revised statutes. The Indian Appropriation bill was taken up, and in the course of the debate Messrs. Beck and Randall charged that great frauds were perpetrated by Indian agents. Minister Pierce urged before the Sonate Foreign Relations Committee the adoption of the Hawaiian Reciprocity Treaty. Pinchback was elected United States Senator by the Kellogg Legislature in opposition to the wishes of Gov. Kellogg. The President's message was not well revelved by the Kellogg party. SeveralState Legislatures debated the question of adopting protests. A meeting of citizens will be held at Faneuil Hall, Boston, to-night. ====== The Congressional Committee investigating the Mississippi troubles adjourned from Vicksburg to Jackson. - At the meeting of the delegates of the various colleges at Hartford, it was decided to row the annual regatta at Saratoga on July 14. In the Tilton-Beecher suit ex-Judge Morris finished his address, and Augustus Maverick and Francis D. Moulton testified for the prosecution. Russell Sage declined by letter to serve as a Director of Pacific Mail. Many workmen employed along the Hudson by Ice companies struck against reduced wages. Reductions went into effect in the Health Department. - The Ualon Bank of Jersey City suspended on ac. count of doubtful loans. === Thermometer, 30°, 30°, 31°. Gold, 1125, 112g. 112). Gold value of the legal-tender dollar at the close, 88 9-10 cents
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ANOTHER BANK FAILURE. THE UNION BANK OF JERSEY CITY SUSPENDS OPERATIONS. No little excitement was caused in Jersey City yesterday forenoon when depositors in the Union Bank, situated in Montgomery street, found the doors closed against them and the following notice posted up:-"This bank is closed for business till further notice. By order of the Directors." An investigation of the cause of the failure showed that the concern has been running down hill for several months. It has been in existence only about four years. The first President, Mr. George W. Cassidy, retired from the post six months ago and Mr. Sandford was appointed in his place. The change did not improve the prospects of the bank, and a suspension was at last inevitableThe difficulty has arisen from the accumulation of a large amount of suspended paper, which was originally taken under the former management of the bank. Some of this paper IS of doubtful character, some is probably valueless, but the amount 01 it was too heavy for the institution to successfully carry. and the judgment of the officers and directors is that to suspend now was the wisest course to adopt in the interest of the depositors. At a meeting neld on Tuesday night a tender of assistance was proffered by other banks of the city, but the directors concluded to decune it. It is urged that the assets are sufficient to meet the claims of the depositors and that the losses will fall on the stocknolders only. The latter will hold a meeting on Saturday to discuss the actual condition of the accounts and the causes of the fallure. One week ago a statement of the affairs of the bank for the quarter ending the first Monday of the present month was issued and was as foilows:RESOURCES. Loans and discounts $241,806 03 Bonds and other securities 16,000 00 Furniture and fixtures 6,000 00 German-American Bank, N. Y 23,527 11 4.881 19 Due from other banks 28,08 69 Cash items, bills, checks, Ac. Total $325,226 02 LIABILITIES. $150,000 00 Capital stock Profit and loss $8,339 16 51 60 Interest and discount 1,021 20 Exchange and premium 9,411 96 162,609 98 Individual deposits Due other banks 2,793 47 410 61 Tax dividends unpaid Total $325,226 02
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BANK SUSPENSION.-New York, January 13.-The Union Bank, of Jersey City, suspended this morning. The president says be does not yet know the exact amount of the liabilities; that the assets are, however, sufficient to cover them, but are not immediately available, and If the depositors will be patient they will sustain no loss.
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NEW YORK, January 13.-The Union bank of Jersey City suspended to-day.
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NEW-JERSEY. JERSEY CITY.-The Fourth Regiment, N. G., of Jersey City, the Hudson County Democratic Central Committee, and the Frst District Democratic Committee, have made arrangements to go to Trenton to-day to at- tend Gov. Bedle's inauguration....A defective flue on a Pullman Palace Car, in the Pennsylvania Railroad Com- pany's yard, set the car on fire yesterday, and damaged it $100.... The receipts at the Abattoir daring the past week were 5,088 cattle, 14,943 hogs, and 12.763 sheep. The number slaughtered was 1.729 cattle, 14,883 hoge, and 8,127 sheep. Yesterday tue receipts were 2380 cattle, 2,000 hogs, and 5,530 ваеер.... The workmen in Gregory & Co.'s and Thompson & Co.'s teel works were notified yesterday that their wares would be reduced 10 per cent. Tacy stopped work at once, but it is believed they will resume tais morning. ....The Rev. Dr. Mitchell of the Canal Street Presby terian Church will preach in the Taird Presbyterian Church to-morrow evening.... At noon yesterday Judge Bedie ceased to be a Justice of the Bapreme Court. At 11 a. m. he signed the last paper in the Hud- son County Court. The members of the bar presented him with a handsome bouquet.... The City Collector received $24,697 53 duong the past week.... Thomas Shaughnessy, age 20 years, an employé as Mese- role's stabies, was found dead in his bed yesterday morn ing. Dr. Bird was summoned, and decided that death was caused by apoplexy. In his pocket $682 22 was found, which had been carried there so long that the bils were matted together.... The Committee appointed on Saturday to report the best plan to be pursued by the stockholders of the Union Bank, which suspended pay- ment last week, will meet at the bank to-day, and pre- sent a report to the stockholders. As far as could be ascertained yesterday the bank will be placed in the hands of a recciver. It is probable that Michael Sana- ford, President of the Bank, wiil be selected to wind up its alfairs. NEWARK-The Odd Fellows' Funeral Aid Association heid their annual meeting last evening.... A gang of young highwaymen in the Eightu Ward, near the qаг- ries, 100 children in broad daynghi.... Liucoin Post, No. 11, G. A. R., held a "camp-fire" last night.... In the su- preme Court, the case of J. Fisher Shoate, trustee, azt. the Eric Railway Company is pending. This is an ejeer- ment suit in regard to the Satterthwate land in Frank- lia townsamp. It is claimed by the plaintiff that in the construction of the Paterson and Newark Ratiroad, a tract of land on the same property, different from that awarded by the Commissioners, was taken. This was caused by changing the course of the railroad. Tue tract occupted 18 a third of & mite from that awarded by the Commissioners.... In the Special Sessions yesterday William Kortzendorffer was tried for assault and battery, with Intent to all James Santa, a saloon-keeper, on the night of Jan. 9. The accused was found guilty of assault.... In the Quarter Sessions yesterday Police Odicer Rae pleaded not guity to an indictment for assault aud battery in shooting a notorions raitian nained "Duge" Dougherty who was attempting to escape from bla.... Judge Depue of the the Essex Circuit has been called upon by Governor-siect Bodle to take nis place ou the benen until a successor be appointed. Junge Bedle intends to nominate his successor within a tew days after his inaugurali n. Jadge Depue will open the courts in Hudson County to-dav... Pani V. Flivan. of The Newark Daily Journal, will lecture in Rahway on Wednesday evenias, on "Temperance," at the request of the Rev. Dr. Bebastian Sinith.... Fuis evening the musical and dramatte entertainment of the St. Joun's Church, Woodside, Ladies' Association will be given at the Opera House. The dramatic pars of the entertain- ment will be carried out by members of the Murray Hill Association of New-York, and the Amaranth of Brooklyn.... The Mutual Benetit Lite lusurance Com- pany yesterday elected the following Directors: None- miah Perry. Theodore P. Howell, and Erward A. Strong for four years, and L. spencer Gople and Amzi Dodd to üll vacancies.... The New Jersey Mutual Life Insurance Company elected J. H. Stedwali, R. C. Frost, N. N. Hai- sted, J. P. Senarti, and G. A. Hooart Directors....The Justices of the Peace, having had little business since the establishment of the District Courts, have formed an association, and at their next meetlag will appoint delegates to proceed to Trenton to secure legislation re- storing their jurisdiction. HOBOKEN. William Stemmler, the absconding saloon- keeper, has arrived in Hamburg, and is family propose starting to join him on Saturday. He had assigned nis lease of Stemmier's Hail before leaving, and there is nothing left to satisfy his creditors.... The boiler used tor neating the Reformed Caarcu bocans frozen on Sat urday, and burst with the pressure of the iw0. TRENTON. The New Jersey Editorial Association. chteily composed of publishers and printers, had a large meting at Trenton yesterday, and elected the follow- ing officers: M. R. Hamilton, I'resident; Jonn Chers- mau, jr., James D. Fiyun, E. F. Applegate, E. W. Ostmann, F. L. Landy, Wm. B. Guild and Eaward Gard- ner, Vice-Presidents. FRANKLIN. During Sunday night the depots at Frank- lia, Arlington, Essex, Belleville, and Woodside, on the Paterson and New-York Railroad, were proken open and robbed of valuable artiles. At the first-named place 1,000 excursion tickets were stolen. No clew to the identity of the thieves has been discovered. WESTFIELD.-Ephraim Clark, an old citizen of this place, and an uncle of Controller Baker of Newark, died on Saturday at the age of 80 years. His funeral will take place this afternoon from the Presbyterian Church, of which he had been a member for 50 years. MONTCLAIR.-On Sunday evening Robert M. Hening, an oid resident, died suddenly of pueamonta, in ins 631 year. He retired from active life some time since, after making a fortune in the wool business in New-York. He occupied a number of official postions. EAST ORANGE. William Redfern, who mysteriously disappeared some weeks ago, has been heard from in Europe, where he went, as he writes, at the earnest so- incitation of a friend whom he met in New-York, WEST HOBOKEN. A warrant was issued yesterday for the arrest of justice Gerlica, on complaint of Frederick Weber, a member of the Hindise Band, of whien Gerich is treasurer, on a charge of msitcious assault. BAYONNE. An extensive dock is to be built at the foot of Avenue Rin the Kiil Von Kull.
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THE JERSEY BANK FAILURE. BB THE BUSINESS OF THE UNION BANK TO WOUND UP. The committee of stockholders appointed to de vise a plan to wind up the affairs of the Union Bank, of Jersey City, held a meeting yesterday and will report to a meeting of the stockholders to-day. The latter are almost unanimously in favor of closing the bank altogether. According to the report of the President, Mr. Sandford, the bank possesses assets sufficient to pay off the depositors, to liquidate all loans and to pay sixty. five per cent, and perhaps seventy-Ave. on the stock. At the meeting to-day a proposition will be submitted to have a receiver appointed. Ex cept in a lew instances the amount or stock hold by any one individual does not exceed $1.000. The stockholders are in favor 01 the appointment of the President, Mr. sendford, as receiver. Therein not she sligitest probability shat the bank same
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NEW-JERSEY. JERSEY CITY.-The Committee appointed by the Board of Directors of the Union Bank to investigate the bank's affairs and report on the best manner of arranging its difficulties have reported that it is unadvisable to attempt to resume business. and that it will be best to have a receiver appointed and the bank's business closed up. They aequit the President and cashier of all blame, and, as an evidence of their confidence, recommend Mr. Sanford's appointment as receiver. The matter was yesterday brought before Chancellor Runyon, who, on this recommenda ion, appointed Mr. Sanford to settle up the bank's affairs The Hudson County Grand Jury yes erday adjourned until Monday next, there being at present very few cases in readiness for presentation to them About 5 a. m. yesterday, two clerks who sleep in the ory goods store or T. M. James, No. 50 Montgomery-s were awakened by Nie crashing of glass, and on examination found that some one had thrown a large stone through the glass of the show-window and stolen a valuable piece of silk. On attempting to follow the thief the clerks found that the outer doors had been securely fastened, thus preventing immediate pursuit A warrant was issued yesterday by Justice Roberts for the arrest of James Handley, on complaint of Mary Shaugungssy, who charges ДПП with ao attempted outrage The annual report of The Chief Engineers of the Board of Public Works shows tue consumption of 3,803,666,530 gallons of water III 1874. The consumption was 34,000,000 gallons less than that or 1823. NEWARK.-A young girl employed at Clark's thread factory was 80 overcome with the cold while on her way to work, on Tuesday morning, that sue was not resuscitated for several hours Tue honorary members of Hiawatha Engine Company No. 5, Dave organized an asThe sociation, with DeWitt C.J. rolemon as President Hunnbolit Insurance Company yesterday elected J. C. Ludiow, President; E. W, McChave, Vice-President J. Griswold, Secretary J. A. Hedden, Treasurer Over 50 conversions were reported last week in the Franklin Street M. E. Charch The Rev. Dr. McGlyon of NewYork lectured at the Catholic Institute last evenng, on "Cæsar OF Curist," in aid of St. Allgustine's German Carholic Church Charles J. Graham, private secretary to Mayor Perry, was found dead in his bed yesterday morning. The County Physiclan decided that death was caused by congestion of the brain. The deceased was about 28 years old, and son of Cuarles S. Graham, cashier or the Essex County National Bank Peter P. Saunier Was 01 Tuesday night elected City Apothecary by the Board of Health. The Health Paysician reported the city as being free from all epidemic diseases the eclectic physicians of this city have applied to the Legislature for a charter for their organization. ELIZABETH.-Francis Thackeray, age 65, an inmate of the Almshouse, died of the small pox on saturday night. Tue anoual report of the Caler of Police shows 43 P licemen; 8 specials in factories without compensation; 1,056 arrests: 110.8 collected, $270; expenses of the police force, $34,796 He recommended a mounted ice force to project the suburbs ONS starday a little child or Mr. Eickhoff, the druggist, while playing about its father's store, got hold of a cap containing solution blue vitriol which 10 drank, causing death during the night Ex-Mayor Francis B. Chetwood died this morning, age 68. The funeral services will be held on Friday afternoon at 2 o'clock at St. John's Episcopal Church. UNION HILL.-The Town Committee has ordered the issue of $15,000 in township bonds, to be sold at 95 per cent, 00 account of the Bull's Ferry road improvements. Messrs. Meyer, Hansen and Rab, will appear before the Grand Jury on Monday, to Testify to the attempt made on the life of Freeholder Run, by James Mulvell, Dec. 1. The counsel for the Hunson County Board of Chosen Freeholders has notified the Town Treasurer, Coarles Wurtz, that the balance of tue State and County tax due, and amounting to $6,111.47, must be immediately paid to the County Collector. The reason given by the Committee for the failure to pay the amount, is that $7,000 or more was que to the township from the State, via account of school moneys. BLOOMFIELD.-Last evening Bloomfield Lodge No. 40 F. and A. D1. presented P. M. Jonn F. Folsom with a Past Master's J wel handsomely set with diamonds Michael Carron visited Sarran Running at ner residence, on Wednesday afternoon, and seizing a gun loaded with buckshot, discharged the contents at her head, inAleting severe though not fatal wounds. Immediately after the shooting Carron fled. The girl claims that the young man pointed the gun at ner simply to frighten ner. HOBOKEN.-The Common Council has ordered one hundred $1,000 bonds printed, 01 which $60,000, it is uncerstood, will be taken by a New-York broker at 97 cents on the dollar.
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THE JERSEY BANK FAILURE. The Directors of the Union Bank of Jersey City having resolved to wind up the affairs of that concern applied through their counsel to Chancellor Runyon yesterday for the appointment of a receiver. The Chancellor appointed Mr. Michael Sandford. the President. The depositors are now to be paid off, and the losses must be sustained by the stockholders. An emort was made to assess the STOCK and continue the business, but It failed. The liabilities will not exceed $85,000. The depositors have agreed not to take any legal steps in the matter, but to await the action of the receiver.
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NEW JERSEY. A shocking accident occurred on the Erte Railway, near the Provost street crossing, in Jersey City, on Wednesday night. James Gilmore, of Union Hill, attempted to jump on a Ireight train, but shpped and fell backward. Before he could recover his balance a locomotive coming in the opposite direction struck him. The workmen describe his cries and moans as irightiul while the mangling process was going on. One leg and one arm were severed from the body. He was conveyed to St. Francis' Hospital, but medical aid was unavailing. He died vesterday morning. Mr. Sandiord. President of the Union Bank of Jersey City, which was suspended two weeks ago, has notified the depositors to send in their pass books that they may be examined. As soon as the necessary clerical work 18 completed he promises that a dividend on the deposits will be announced without delay; whatever losses may be sustained will fall upon the stockholders. Strenuous edorts have been made by some of the stockholders looking to a resumption of business but there is no probability the bank will be re-opened. Mr. Sandlord IS now acting as receiver.
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NEW-JERSEY JERSEY CITY.-Michael Sandford, Receiver for the late Union Bank, began the payment to depositors of a dividend of 50 per cent of their balances on Saturday. Tue stockholders bave decided to form a National Banking Company as soon as the affairs of the Union Bank are settled The Women's Temperance League acknowledge the receipt of $10 45, the proceeds of a children's entertainment given by Miss Miggle Warren. The Ladies' Fund Society of the Pick Reformed Church will celebrate its ninth anniversary by a supper in the basement of the church this evening The Trial of Frederick16cheibe, for the murder of Jacon Schulizo
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Items of Interest. The tenor and soprano in a South choir are to be married soon. They by chants, the usual way. In Contra Costa county, California the squirrels destroy a million dollars worth of property every year. A man of large experience said his quaintance would fill a cathedral, but pulpit would hold all his friends. The spelling schools that are spread ing all over Ohio are said to have demon strated the fact that a woman can four times better than a man. The Mount Cenis tunnel cost abou $975 a yard, and at the same rate proposed tunnel under the English nel would cost about $86,035,000. Mrs. Walworth is working in good earnest at Washington for signa tures that will influence Gov. Tilden, New York, to pardon her poor Frank. The Mayor of New Orleans has adver tised for proposals for planting that city a great number of the Euca Anstruction JO 'snmqoib smith tree. In a jubilee in 1775, two boys who companied the cross asacolytes quarrele and fought one another with the golder candlesticks. One of them became Pope Leo XII., the other Pius VIII. Joshua Bailey, of Cohoes Falls, Y., promised the bulk of his fortune whichever of his nephews raised largest family of boys. W. W. Bailey of Waverley, Iowa, raised five boys, got $2,000,000 at the death of his uncle Alexander Dumas, it is said, ketches a scheme for any of his pieces He takes for a four-act piece seventy even big sheets of blue paper. He votes twenty pages each to the first, second and third acts, and seventeen the last. The contractors who have undertaker o furnish 240,000 headstones for the national cemeteries cut the names in their works at Rutland, Vt., by means of and blast. This cuts a name in four minutes, and they complete five hundred tones daily. An outbreak occurred among the Chinese prisoners in the criminal jail Singapore, in which Superintendent Digby Dent was mortally wounded. een warders were also wounded. een prisoners were killed and thirty ive wounded in the repression of the utbreak. The following notice is conspicuously osted in a small hotel at a country town n Kansas: " At a proper hour at night he house will be closed for retirement, y which time each boarder is expected o be in his room by that time as near practicable.' To a pastor who had been condoling with a female parishioner in poor health, he good woman made reply: res, Mr. Cribbs, I've had the cholery voman with shult what's cholery to overin' around her." We learn from the New York Time hat Michael Sandford, the receiver he suspended Union Bank, in Jersey City, has announced that he is now ared to pay fifty cents on the dollar 11 editors who are not themselves debt rs of the institution." Mr. Sandford vill find our card inclosed. Phenia Epps, of Hamilton, Ohio sked her mother to take a note for o a friend of the family living in a street. The note when opened found to read: This is a little ruse nine to get mother out of the house Before she can get back I will be on ears with dear Lorenzo, and before night will be married." Cremation appears to have been siced in this country in ages anterior ts occupancy by our present race. the region of North Carolina the tom was to cover the body with and build a fire upon it, which only consumed the body, but converte the clay into a hardened mass or cophagus. A clergyman in Fond du Lac, Wis. publicly prayed: Oh, Lord, Tho knowest that my hated wife is one obstacle in the way of a revival in church. Wilt Thou, in Thy goodness remove her ?" The next day the wife moved herself to her father's house, r OW the petitioner is likely to be moved by his congregation. A cannibal has been arrested in Hay with his dinner in a basket. A blac man was brought into Jacmel the day from the interior to answer a charg of cannibalism. Unfortunately for accused, when taken into custody he in a basket the head of a victim, recently Aluo havebeen to seemed