14516. Union National Bank (New York, NY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
1278
Charter Number
1278
Start Date
September 11, 1878
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
18987e43ffd814ef

Response Measures

None

Description

Two duplicate newspaper notices (Daily Kennebec Journal, 1878-09-12) report that the Union National Bank, New York, suspended on September 11, 1878. Cause given as shrinkage of real estate. No run is mentioned and no reopening is reported; therefore classified as a suspension that appears to lead to closure (no reopening information). OCR/copying corrected minor spacing; bank name and city match context.

Events (3)

1. June 14, 1865 Chartered
Source
historical_nic
2. September 11, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shrinkage (decline) in real estate values causing asset deterioration and suspension
Newspaper Excerpt
NEW YORK, September 11. The Union national bank has suspended. Caused by shrinkage of real estate. Capital $100,000. It is thought all creditors will be paid.
Source
newspapers
3. July 21, 1885 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Daily Kennebec Journal, September 12, 1878

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Article Text

NEW YORK. Suspension. NEW YORK, September 11. The Union national bank has suspended. Caused by shrinkage of real estate. Capital $100,000. It is thought all creditore will be paid. Immigration. The number of emigrants arriving here from January to September was 54,000, an increase of 9,000 over the corresponding period of the last year. Financial. The belief is entertained that Sherman's chief motive in paying out silver for greenbacks, Monday, is his apprehension that his currency balance is inadequate for the October demands. Railroad Matters. Railroad Auditor French declines to give the Union and Central Pacific roads further time to determine whether they will make the reports required by law, and he will institute legal proceedings. Marine News. The United States steamer Adams, Commander Frederick Rodgers, from Panama tenth of May, arrived at Apia, Sammon Islands, on the 28th of June. The steamer Utophia from London reports that on the 7th inst., on the Banks of New Foundland she ran into the bark Helios during a thick fog, sinking her immediately. The crew twelve in number were brought here. Revenue Matters. General James Longstreet has been commissioned revenue agent and assigned to district of Georgia and Florida, vice revenue agent Spencer, transferred to Louisvillee. From British Columbia. A Victoria despatch says the government has commenced collecting the Chinese head tax. The dominion officials have taken steps to test validity of the act depriving them of voting power. An Assault. Henry Speider was beaten perhaps fatally last night by Wm. McGlory. proprietor of a low saloon in Bowery. He was arrested. Murder. Michael Clifton was brained with an axe by John Lynch, to-day, who was arrested. The 4 Per Cents. The subscriptions to the 4 percent. loan to day were $1,222,900. Sentenced. Edward Cassidy and John Connors, masked burglars, were convicted to-day of boarding a sloop in East river, and robbing her, 16th of August last. The former was sentenced to twenty years and the latter fifteen years at hard labor in state prison. Investigation. WEST POINT, September 11. Further testimony in favor of General Porter has been given in court of inquiry, including that of Generals Morrell and Sykes. The court has adjourned to October 1st. Walking Match. Arrangements were completed to-day for a struggle of speed and endurance for $2000 and the Astley champion belt, between John Hughes of this city and Daniel O'Leary, the champion. The contest takes place in this city next month.


Article from Daily Kennebec Journal, September 12, 1878

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Article Text

NEW YORK, September 11. The Union national bank has suspended. Caused by shrinkage of real estate. Capital $100,000. It is thought all creditore will be paid.