14309. Union National Bank (Rahway, NJ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 881
Charter Number: 881
Start Date: September 11, 1878
Location: Rahway, New Jersey (40.608, -74.278)

Metadata

Model: gpt-5-mini
Short Digest: 58a38b4b

Response Measures

None

Description

The bank's managers and stockholders voted to go into voluntary liquidation in September 1878. Multiple dispatches report the bank suspended or closed around Sept. 11–12, 1878; cause given as shrinkage in values/real-estate depreciation and unprofitability. No run is described; the closing is voluntary liquidation (winding up) rather than a forced receivership.

Events (5)

1. March 13, 1865 Chartered

Source: historical_nic

2. September 10, 1878 Voluntary Liquidation

Source: historical_nic

3. September 11, 1878 Suspension

Cause: Voluntary Liquidation
Cause Details: Managers and stockholders voted to go into voluntary liquidation because business was unprofitable after shrinkage in values and depreciation in real estate; deposits fallen and past-due loans noted.
Newspaper Excerpt: Rahway, N.J., September 11.-The Union National bank of this city suspended yesterday.
Source: newspapers

4. September 12, 1878 Other

Newspaper Excerpt: A NATIONAL BANK CLOSED. VOLUNTARY LIQUIDATION OF THE UNION NATIONAL BANK OF RAHWAY. The Union National Bank of Rahway, N. J., decided, on Tuesday, by a unanimous vote of the stockholders present ... to go into voluntary liquidation.
Source: newspapers

5. September 23, 1878 Other

Newspaper Excerpt: NOTICE.-The Union National Bank, located at Rahway, in the State of New-Jersey, is closing up its affairs. All note-holders and other creditors of said association are therefore hereby notified to present the notes and other claims against the association for payment. - Dated September 10, 1878. R. C. BREWSTER, Cashier.
Source: newspapers

Newspaper Articles (11)

1. September 12, 1878 New-York Tribune New York, NY

Article from New-York Tribune, September 12, 1878

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A NATIONAL BANK CLOSED. VOLUNTARY LIQUIDATION OF THE UNION NATIONAL BANK OF RAHWAY. The Union National Bank of Rahway, N. J., decided, on Tuesday, by a unanimous vote of the stockholders present, 734 shares being represented, to go into voluntary liquidation. A reporter of THE TRIBUNE talked last night with Jonathan Woodruft and Robert Brewster, the pres ident and cashier of the bank, in regard to the matter. They stated emphatically that the story about the appointment of a receiver for the bank was without foundation; no such action had been taken or was con templated. For the past six months the directors hadbeen considering the advisability of going into voluntary liquidation and winding up the affairs of the bank. About two weeks ago, President Woodruff went to Washington and had an interview with the Controller of the Currency, and the result of their consultation was the issuing of a circular to the stockholders to attend a meeting on Tuesday, for the purpose of voting upon the question of going into voluntary liquidation, under the provisions of Sections 5,220 and 5,221 of the Revised Statutes of the United States. This course was decided upon, because the bank was not paying expenses. The bank was organizedin 1865, and up to a year ago was paying from 7 to 12 per cent dividends; but last Spring, for the tirst time, the dividend was passed. The deposits ran down from $100,000 a year to less than $20,000. This, with the high rate of taxation, local and Government, made it impossible for the bank to make any money, and it concluded to go out of business. The bank has ceased to do any business, and is prepared to pay all claims promptly on demand. The loss to stockholders will be from $20,000 to $25,000. or from 20 to 25 per cent of their capital stock. The bank has $7,614 15 in cash; the difference between circulation and the face of its Government bonds is $16,000; the redemption fund is $3,000, and its deposits are $19,584 72. This makes the bank abundantly able to meet all demands upon it. The assets, with care and some delay, may possibly bring more than is now estimated.

2. September 12, 1878 The Waco Daily Examiner Waco, TX

Article from The Waco Daily Examiner, September 12, 1878

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MISCELLANEOUS. Another National Bank Suspends. Rahway, N.J., September 11.-The Union National bank of this city suspended Eyesterday. The suspension was caused by the shrinkage in values and depreciation in real estate. The capital is $100,000, and it is thought the creditors will be paid in full.

3. September 12, 1878 The Sun New York, NY

Article from The Sun, September 12, 1878

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SUSPENDING FOLUNTARILY. The Union National Bank of Rahway, N. J., Goes Into Liquidation. On the 4th inst. the managers of the Union National Bank of Rahway N.J., issued circulars to the shareholders calling a meeting for Tuesday last, to consider the expediency of winding up the affairs of the bank. At the meeting. which was attended by men representing 724 shares of the total (1,000). the officers reported that business had ceased to be profitable, and that the shrinkage in values had caused the bank serious Josses. They recommended. therefore, that the bank take advantage of sections 5,220 and 5,221 of the Revised Statutes and go into voluntary liquidation. The following report of the condition of the bank was presented: RESOURCES-United States bon is, 10-40s. $90,000 United States bonds. 81s, $10,000; bids, discounts, $62 455.25; demand loans, $5,000: bonds and mortgages, $20,150: due from reserve agent. Fourth National Bank. New York, $2,116.57 due from other banks. $434: eash, $7,614 15. real estate. $8,800 ; bills past due. $22,103.99 United States redemption fund, $3,000; Methodist Episcopal College bonds $4,000 total. $235,673.96 LIABILITIES-A apital stock. $100,000. pront and loss, $4,265.09 cireblation. $00,000 deposits, $10,584 due national bank* $6,823.50 bills payable, $12,000; mort gage payable, $3,000 total, $235,678.96 The item of profit and loss includes salaries. rents, and incide expenses, and the officers say that the bills past due, counted as resources, aregood. There were 724 shares, making more than the two-thirds vote required by the statute in favor of the Dr position. Subsequently Mr. R. C. Brewster. the cashier, who is also City Treasurer of Rahway, was delegated to wind up the offairs of the bank. Yesterday arrangements were made with the Fourth National Bank, the New York agent of the Rahway institution, by which depositors will be enabled to draw their money without dehay. In the statement It will be seen the depos is are $19 584.72, while the cash on hand is only $7,614.15. But the bank has on deposit in the United States Trensury $90,000 in 10-40 bonds. worth say 107. and $10,000 in 18818. worth 106 and a fraction. Against these bonds It has in circulation $90,000 of its own notes. Yesterday the Fourth National Bank forwarded to Washington $90,000 in greenbacks, which areto go into the Treasury as security for the circulation. Then the Fourth National will sell the bonds at the market rate, and the difference will be added to the available cash. This will give the bank ample means to pay the depositors in full. Mr. Brewster says the bank has been doing but little business for some years, and that while the depositors will be paid dollar for dollar the stockholders may lose from 20 to 25 per cent. Rahway has another national bank and the business of the placo is not heavy enough to support two. Before the war it was a flourishing manufacturing town. its chief industry being carriage building for the Southern trade.

4. September 12, 1878 New-York Tribune New York, NY

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THE NEWS THIS MORNING. FOREIGN.-The Albanian League, formed of TurkIsh insurgents, is said to number 45,000 men, all It is deemed likely that Austria well armed. may occupy Albania as well as Bosnia. About 281 Floods are apprehended in Egypt. people were killed yesterday by a colliery explosion The St. Leger in Monmouthshire, England. stakes were won yesterday by Lord Falmouth's Jannette. Domestic.-The Massachusetts Greenback Convention has nominated General Butler for Governor on a platform attacking resumption. the payment of bonds in gold, the Associated Press, the poll-tax, and convict labor; the platform demands equal taxation The Masof land, whether cultivated or not. sachusetts Temperance men have nominated the Rev. Dr. Miner, of Boston, for Governor. General Longstreet has been appointed to a SouthAn attack upon the arn Revenue Agency. express trains on the Union Pacific Railroad by robThe Samoan treaty has been bers is feared. Samoa. The yellow fever has apin ratified peared at Gallipolis, Ohio: there is no especial change in the South. There is a rumor that twenty-seven of General Miles's party have been massacred by the Indians. The hearing of the Fitz John Porter case has been adjourned to OctoColonel Robert H. Hall has been ber 1. appointed Recorder in the Hammond case. CITY AND SUBURBAN.-The charges against the Sheriff, County Clerk and Register are to be subShermitted to the Governor next week. borne B. Eaton, Herry B. Hyde. Jackson S. Schultz, and Daniel C. Robbins made suggestions yesterday before the Custom House Cortlandt Parker was nominated Committee. for Congress in the Vith New-Jersey District. Clarence O. Valentine died of yellow fever at Closter, N. J. A large quantity of sugar was seized in Brooklyn by Revenue officers. The Union National Bank of Rahway went into voluntary liquidation. The total subscriptions for yellow fever sufferers amounted to Gold, 100³₁₆, 100³₁₆, 10014. Gold $183,452 01. value of the legal-tender dollar at the close, 99810 cents. Stocks active, and generally higher. closing strong. THE WEATHER-TRIBUNE local observations indicate cloudy or rainy weather, with lower temperature. Thermometer yesterday, 72°, 82°, 74°.

5. September 17, 1878 The Waco Daily Examiner Waco, TX

Article from The Waco Daily Examiner, September 17, 1878

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Condensed News. State prohibitory convention. Massachusets enthusiastic. Innudations threatened in Egypt by an unusual high rise in the White and Blue Nile. An imposing funeral of rigipsy queen at Cineinnati. Union National Bank of Rahway, New Jersey suspended. Miss Jeanette Bennet, sister of James Gordon Bennet and Isaac Bell Jr. of New York Massachusets democrats will run a clean straight ticket. The New York State Democratic Convention will be held-September 25th at Syracuse. The State of Kentucky has no publie debt. Last Friday was observed as a day of fasting and prayer for yellow . fe ver sufferers, in Indiana.

6. September 26, 1878 Catoctin Clarion Thurmont, MD

Article from Catoctin Clarion, September 26, 1878

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The Union National Bank of Rahway, N. J. closed its doors Wednesday afternoon and its alfairs have been placed in the hands of Robert Brewster for the benefit of the depositors and directors. The suspension was caused by the shrinkage in values and depreciation in real estate. Its capital was $100,000, and it is thought that all the creditors will be paid dollar for dollar.

7. September 26, 1878 New-York Tribune New York, NY

Article from New-York Tribune, September 26, 1878

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financial. PPOINTMENT of FISCAL AGENCY for A THE STATE OF KANSAS.-To whom it may concern.-Notice is hereby given, that the American Exchange National Bank, of the City of New-York, State of New. York, has been appointed as the fiscal agency of the State of Kansas, and all bonds and compons of the State of Kansas, or of any County, Township, City, Board of Education or School District in said State, which are by their terms payable at the Fiscal Agency of the State of Kansas, in NewYork, shall be paid at said American Exchange National Bank. The appointment aforesaid to take effect and be in force from and after the 1st day of October, A. D. 1878. Given under my hand and the official seal of my office. at the City of Toneka. Kansas, this the 11th day [SEAL] of Seprember, A. D. 1878. P. I. BONEBRAKE. Auditor of State. AS STOCKS & City R.R. (Horse and Elvt'd) G Stocks & Bonds bought & sold. F.T.HEWITT, 8 Broad-st. AS STOCKS. All New-York and Brooklyn Gas Stocks, and also all kinds of Brooklyn investment securities, dealt in by GEO. H. PRENTISS. 30 Broad-st., N. Y. OTICE.-The Union National Bank, located N at Rahway, in the State of New-Jersey, is closing up its affairs. All note-holders and other creditors of said association are therefore hereby notified to present the notes and other claims against the association for payment--Dated September R. C. BREWSTER, Cashier. 10, 1878. OFFICE CENTRAL BAILROAD Co. OF NEW-JERSEY, F. S. LATHROP. Receiver, 119 LIBERTY-ST., NEW-YORK, Sept. 23, 1878, OTICE is HEREBY GIVEN that the INN COME and MORTGAGE BONDS, authorized by the agreement for the adjustment of the affairs of the Centra Railroad Company of New-Jersey, dated February 23, last," are now ready for delivery. Parties holding receipts will present them at this office to be exchanged for the above bonds. F. S. LATHROP, Receiver. OTICE IS HEREBY GIVEN by the SubN scrib rs, as the holders of Bonds to the aggregate amount of Five Hundred Thousand Dollars of the First Division of the Saint Paul and Pacific Railroad Company. mentioned in the Indenture of Mortgage and Deed of Trust made the Lit day of April, 1871, between the Saint Paul and Pacific Railroad Company, of the State of Minuesota, and Horace Thempson, George L. Becker and William G. Moorhead. as Trustees, pursuant to Article Fourteenth of said Indensure. that a MEETING of the holders of the said Bonds will be held on the 4th day of November, 1878, at the office of J. 8. Kennedy and Co., No. 41 Cedar-st. in the City of New-York, at twelve o'clock noon, to take such action as may be found expedient in regard tot e removal of the said trustees, to the appoint. ment of other trastees in their places, to the ratificati D and confirmation of proceedings heretofore taken to that end at a meeting of the salu Boadholders held at the same place and office on the 16th day of April 1870. and to such other business as may properly be brought before the said meeting. JOHAN CARP, CHEMET and WEETJEN, KERKHOVEN and Co., GEORGE STEPHEN, DONALD A. SMITH. LIPPMAN, ROSENTHAL NORMAN W. KITTSON, and Co., JAMESJ J. HILL WURFBAIN and SON, Trus. JOHN S.KENNEDY, TUTEIN, NOLTHENIUS tees. and DEHAAN, JOHN S. BARNES, H. C. VOORHOEVE and Co., HIO and MISSISSIPPI RAILROAD CO.Stockholders and bond rolders W W1 h to sustain the viewsofthe of eir ular issued by Sir A T. GALT and W. D. F.

8. October 12, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 12, 1878

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SUICIDE IN RAHWAY. W. H. FLATT, A NATIONAL BANK DIRECTOR, SHOOTS HIMSELF-FINANCIAL TROUBLES THE CAUSE. The quiet City of Rahway, N. J., was thrown into the wildest excitement yesterday morning by the announcement that William H. Flatt, a prominent citizen and large property owner of that town, had shot himself. His wife had left him in his room at their house in Irving-st., about five minuets before the report of the gun was heard, examining his books and papers. She hastened to his room on hearing the explosion. and found him lying on the floor, with the upper part of his head literally blown away. The wall and ceiling were spattered with blood and brains. The suicide had used a double breech-loading shot-gun, and discharged the weapon with his foot. The cause of the rash act is attributed to financial troubles. Mr. Flatt was a director of the Union National Bank. which recently suspended payments. He owned ten shares of the stock of the par value of $1,000, and was an indorser in the bank to the amount of $1,900; so that by the winding up of the bank he was responsible to it for of the bank on Thursday and did not then appear specially down-hearted. Yesterday morning he was out early attending to business and collecting rents, having, he said, several pay ments to make in the afternoon. a greater amount than the value of his stock. He was of a quet and plucky nature, but for the past ten days had taken a very gloomy view of the business outlook, although he said very little about it. He met with the Board of Directors He began business a poor man. and accumulated a large amount of property in Rahway, Asbury Park and other places. During the Summer he lived with his family at the latter place. He was at one time extensively ly engaged in the manufacture of carriages, having one of the largest establishments in Rahway, but recently bas been carrying on the manufacture of binds, blouldings, brackets. etc. lie had served in the Common Council and was always a respected citizen. Mr. Flatt was a Freemason, and an active member of the Presbyterian Church. He was about fifty-three years old. and leaves a wife, three daughters and a son The suicide caused greater surprise because Mr. Flatt was always looked upon as a man of unusually strong mind and had borne up bravely under the loss of large amounts in business during the late rebellion. There seems to be no doubt that business cares had unsettled his reason.

9. October 12, 1878 The Cincinnati Daily Star Cincinnati, OH

Article from The Cincinnati Daily Star, October 12, 1878

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Single Copy Two Cents. } NO 87. LATEST LOCAL. ginning business when young, he built up a large trade. Having large interests in the THIRTY marriage licenses were issued ( South the civil war brought him heavy losses from which he did not entirely reweek up to noon by License Clerk Ha Rechtin. cover. He was a Director of the Union National Bank of Rahway, which suspended THE consecration of St. Joseph's Cat a few weeks ago, he had invested largely in dral, of Columbus, will take place on 8 the stock, and the closing embarrassed him. day, October 20th, 1878. His Emine Business losses caused his suicide. Cardinal McCloskey, the Archbishops of HE OUGHT TO BE THE SHERIFF. different Provinces, with their Suffra Bishops, will all be present. All Cath JERSEY CITY, Oct. 12.-Ex-Sheriff BlarSocieties in Ohio and adjoining States com, of Hackensack, N. J., wason Thursday invited to participate. A special tr last the most promising Democratic candiwill be run on Sunday, October 20th, 1 date for the nomination for Sheriff in Berleaving Little Miami Depot, East Fr gen County. In the afternoon of that day street, Cincinnati, at 6 a. m., and arrive he fell from a buggy and dislocated his Columbus at 10:15 a. m. Tickets will neck. It was pulled back into place, and he is good returning by special train to le doing well-now, and his case is deeply interColumbus at 7 p. m., arriving at Cincini esting to the medical fraternity. He weighs at 11:30 Sunday night. or by regular t one hundred and ninety pounds. leaving Columbus at 1:10 a. m., arriving DEATH OF HON. BRUTUS J. CLAY. Cincinnati at 6:30 Monday morning. PARIS, Ky., Oct. 12.-Hon. Brutus J. Clay died yesterday morning of typhoid fever, of Marriage Licenses. which he had suffered some time. He The following marriage licenses h leaves a wife and five children, all of whom are well known and much respected. Mr. been issued since our last report: Clay was a brother of Hon. Cassius M. Clay, Richard McNeis and Nancy Drain. late United States Minister to Russia, and Thos. McCormick and Katie Hughes. father of Col. Green Clay, of Mississippi, Antoni Zrunda and Frederica Wrobles Colonels Zeke, Christopher and Cassius M. John F. Harnington and Cora Weave Clay, Jr., and Mrs. Davenport, of Virginia. Board of Public Works. He was very wealthy. HEAVY FIRE IN PHILADELPHIA. The Board met in regular session, Mes Bell and Caldwell absent and Mr. Bake PHILADELPHIA, Oct. 12.-At an early hour the chair. this morning the Hero Glass-works, corner of Cedar and Adams streets, were partially Miscellaneous bills amounting to $1 destroyed by fire. The works are owned were ordered paid. by W.A. Leavitt, and had been running for The leave of absence granted to Chief the manufacture of fruit-jars exclusively. gineer Anderson was extended ten days. They shut down on Monday last with a The Supervisor was directed to spr large stock in the packing sheds, which was broken stone on Columbia avenue, betw destroyed, as were also several smelting Torrence Road and Forrest avenue. pots. Loss $50,000, partially insured. A bill of $775 was ordered paid to J

10. October 24, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 24, 1878

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financial. AS STOCKS & City R. R. (Horse and Elvt'd) Stocks & Bonds bought & sold. F.T.HEWITT, 8 Broad-st. AS STOCKS. All New. York and Brooklyn Gas Stocks, and also all kinds of Brooklyn investment securities, death in by GEO. H. PRENTISS, 30 Broad-st. N.Y. NOTICE.-The Union National Bank. located at Rahway, in the State of New Jersey, is closing up its affairs. All note-holders and other creditors of said association are therefore hereby notified 10 present the notes and other claims against the association for pay ment. - Dated September BREWSTER, Cashier. 1878. THE MARKET NATIONAL BANK. NEW YORK, Oct. 21, 1878. TOTICE.- - meeting of the stockholders of this bank will DO held at the Banking-house on Tuesday, the 29th inat., at 10 o'clock a. III., to vote upon the question of a proposed reduction of the capital stock from one million dollarstotive hundred thousand dollars. A. GILBERT, Cashier. NOTICE IS HEREBY GIVEN by the Subscrib PS, as the holders of Bonds to the aggregate amount of Five Hundred Thousand Dollars of the First Division of the Saint Paul and Pacific Railroad Company. mentioned in the Indenture of Mortgage and Deed of Trust made the 1st day ot April, 1871, between the Saint Paul and Pacific Railroad Company, of the State of Minnesota, and Horace Thompson, George L. Becker and William G. Moorhead, as Trustees, pursuant to Article Fourteenth ot said Indenture, that a MEETING of the holders of the sad Bonds will be held on the 4th day of November, 1878, at the office of J. S. Kennedy and Co., No. 41 Cedar-st. in the City of New- York, at twelve o'clock noou, to take such action as may be found expedient in regard to the removal of the said trustees, to the appointment of other trustees in their places. to the ratification and confirmation of proceedings heretofore taken to that end at a meeting of the said Bondholders held at the same place and office on the 16th day of April, 1875. and to such other business as may properly be brought before the said meeting. JOHAN CARP, CHEMET and WEETJEN, GEORGE STEPHEN, KERKHOVEN and Co., DONALD A. SMITH. LIPPMAN, ROSENTHAL NORMAN W. KITTSON, and Co., JAMES J. HILL WURFBAIN and SON. TrasJOHN S.KENNEDY, TUTEIN, NOLTHENIUS tees. I JOHN S. BARNES. and DEHAAN. H. C. VOORHOEVE and Co.,

11. January 10, 1900 The Star Reynoldsville, PA

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LATEST NEWS NOTES. The Lawton fund to date amounts to 133.32 8 Pope Leo has indicated Cardinal Gotti as his successor. The Union National Bank, of Rahvay, N.J., has suspended. The Wagner palace car interests have een absorbed by the Pullman Comany. Senator Vest, of Missouri, says this erm will bring his public life to a close. Over 7,000 men are engaged in harresting 12-inch ice in the vicinity of Chicago. Allegheny, Pa., Carnegie library, remore 1118 1 MeN O 0'01$ e Japunoj S1 Cripple Creek's gold output for the ear just closed was 422,805 tons, worth '000'000'07' Philadelphia is to have a $2,000,000 notel. The structure will have 350 guest rooms. The Montezuma Lead Company, captal $3,000,000, is ready to operate in New Mexico. A statue of Vice President Hobart vill be erected at Paterson, N. J., at a cost of $15,000. Indications are that Carnegie, the iron and steel magnate, will enter the Alabama iron field. Senator Hoar. of Massachusetts. savs that State constitutions cut no figure is to senatorship. Andrew Carnegie has given Cheynne, Wyo., $50,000 with which to construct a free library. Joseph P. Dickev of Greenville, has been appointed mercantile appraiser for Mercer county. Pa. The Irish societies of Philadelphia, Pa., are endeavoring to raise $100,000 to ship. hospital e dinba Companies A, B, C. D. I, K. L and M. of the Fifteenth Infantry. are homeward bound from Cuba. While trying to mount his horse, Richard Croker was thrown backward and had his leg broken. A mad dog in a Pittsburg. Pa., cafe, New Years, succeeded in biting six persons before it was killed. During December 2,400,000 stamps were sold at the Pittsburg postoffice. This breaks the record. On account of the great demand for green coffee, that article has advanced one-half cent per pound. Senator Harold. of Kentucky, declares he was offered $4,500 to stay out of the Goebel caucus. President Kruger has consented to the sending of an American military observer to the Boer armies. The American Electric Vehicle Company, with a capital of $5,000,000, has been licensed in New Jersey. William Johnston, a gas expert, was asphyxiated Saturday while repairing a regulator at Youngstown, O. The annual financial report of the Pittsburg Stock Exchange shows a cash balance in bank of $8,109,03. The paying teller of the Fidelity Trust and Guarantee Company, of Buffalo, N. Y., gets away with $48,000. Indemnification has been demanded for recent seizure of American cargoes in Delagoa Bay by the English. Preparations are being made by the Pennsylvania Railroad Company for its new passenger depot at Pittsburg. A lamp explosion at Johnstown, Pa., Thursday evening, destroys a house and ten inmates are seriously burned. Jones & Laughlins have decided to