15403. Bank of the Union (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1854*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
788b06da

Response Measures

None

Description

Multiple contemporaneous reports (Oct–Dec 1854) state the Bank of the Union 'have suspended operations' or are 'closing.' Causes are attributed to the Clearing House action (failure to settle accounts), i.e., distress among local banks leading to suspension. No article reports a later reopening or receiver assignment; classified as suspension leading to closure.

Events (1)

1. October 1, 1854* Suspension
Cause
Local Banks
Cause Details
Clearing house rules: a bank failing to settle daily is suspended from privileges of the Clearing House, precipitating suspension and redemption of its notes; suspension attributed to clearing house/local banking distress.
Newspaper Excerpt
Some of the small Banks of this city are shaking in the wind. The Knickerbocker, Suffolk, Eighth Avenue and Bank of the Union, have suspended operations, and their circulation is going in for redemption.
Source
newspapers

Newspaper Articles (4)

Article from The Ashland Union, October 25, 1854

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Article Text

didates, and who will come right side up out the Chaos, CEDIPUS himself could not guess. The oldest and shrewdest campaiguers are at fault, as well they may be, after the late astounding news from Pennsylvania, Ohio and Indiana. The verdict in the case of Dr. Graham seems to give universal satisfaction. His counsel have given notice of a bill of exceptions, but if wise, they will not move for a new trial. Another jury might be less lenient. The maximium of punishment under the verdict, is seven years imprisonment, and the general opinion seems to be, that he should be sentenced for the full term. Iager, found guilty of manslaughter in the third degree, has been condemned to the State Prison for three years. His offence was the stabbing to death of a man named Moran, during a drunken quarrel. Yesterday another fatal knife case was concluded in the court of Oyer and Terminer. The prisoner, Charles Graham, was found guilty in the same degree as Iager, and received the same sentence. It would seem, however, the spirit which is rife among the rowdies of this city, has not been checked by the late examples. A deliberate homicide was committed in Brome Street last night by an unknown man, who leaped upon the platform of a Harlaem car and knocked the brakeman off. The unfortunate man, whose name was Rickert, died fifteen minutes afterwards in consequence of the injuries he received by the fall. A rowdy who had been en gaged in a dispute with Rickerts on Wednesday last, is suspected to be the guilty party, but he has not yet been arrested. Some of the small Banks of this city are shaking in the wind. The Knickerbocker, Suffold, Eighth Avenue and Bank of the Union, have suspended operations, and their circulation is going in for redemption. It is scarely possible that bill-holders should sustain any loss by the failure of these concerns, whatever may be the fate of the depositors. The fact is, we have too many banks of the small fry class. They do anything but a legitimate business, and the sooner they are wound up and their notes redeemed from the proceeds of their stock in the hands of the comptroller, the better. The Knickerbocker Savings Bank also has failed. The weather here is warm enough for August, and the furs, merinos, and other winter goods, behind the plate-glass windows of the fashionable stores in Broadway, look singularly unseasonable. The cholera, which has nearly ceased its ravages on terra firma, is making frightful havoc at sea. On board thé Harvest Queen, from Liverpool, and the Piscatore, from Havre, both arrived yesterday, the total number of deaths on the voyage was one hundred and twentyfive. Seventy-five dead bodies were thrown overboard from the former and fifty from the latter. Business continues to be dull, and.retrenchment of expenses seems to be the order of the day among our merchants; still there are no heavy failures, and although we shall probably have a "tight" time this fall and next winter, there is a fair prospect of a renewal of trade in the spring. The Clearing house which was established last spring by the different banks, has been the cause of the suspension of the banks reported above. If a bank fails to settle up its account daily, it is suspended from the paivileges of the House, which causes a general run upon it, which few banks can go through safely. ST. CYR. THE EUROPEAN WAR.


Article from Nebraska Palladium, November 8, 1854

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teen minutes afterwards, in consequence of the injuries he received by the fall. A rowdy who had been engaged in a dispute with Rickert, on Wednesday last, is suspected to be the guilty party, but he has not yet been arrested. Some of the small banks of this city are shaking in the wind. The Knickerbocker, Suffolk, Eighth avenue, and Bank of the Union, have suspended operations, and their circulation is going in for redemption. It is scarcely possible, that bill-holders should sustain any loss by the failure of these concerns, whatever may be the fate of the depositors. The fact is, we have too many banks of the small fry class. They do anything but a legitimate business, and the soener they are wound up and their netes redeemed from the proceeds of their stock in the hands of the Comptroller, the better. The Knickerbocker Savings Bank also has failed. The weather here is warm enough for August, and the furs, merinoes, and other winter goods behind the plate-glass windows of the fashionable stores in Broadway, look singularly unseasonable. A fine body of firemen, from Lynn, Mass., calling themselves the Silver Greys and wearing a beautiful uniform of that color, are now receiving the hospitality of the fire department of this city. The cholera, which has nearly ceased its ravages on terra firma, is making a frightful havoc at sea. On board the Harvest Queen, from Liverpool, and the Piscatore from Havre, both arrived yesterday, the total number of deaths on the voyage was one hundred and twenty-five. Seventy-five dead bodies were thrown overboard from the former, and fifty from the latter. The Second avenue railroad company was yesterday mulcted in $3,000 damages, l'or a breach of contract in suspending the laying of concrete rail, after having agree therefor. Whenever a jury get a chance of this kind at a railroad corporation, they are pretty sure to give the plaintiff a rousing verdict. Besides the criminal trials in the court of oyer and terminer this week, there have beentwo In the court of sessions one for manslaughter in the fourth degree, and the other for rape. Both the offenders were found guilty and sentenced to two year's imprisenment. So we go! All the theaters here, seem to be doing a good business, notwithstanding the 'hard times.' At the Broadway English Opera is decidedly successful. Miss Louisa Pyne, the prima donna, is a delightful singer; but the "great Engliah tenor," as n he is called, is by no means equal to Wood, v Wilson, and others, who have preceded him in the same line. d Business continues to be dull, and ref trenchment of expenses seems to be the n order of the day among our merchants.Still there are no heavy failures, and although we shall probably have a "tight" g time this fall and next winter, there is a fair prospect of a renewal of trade in the h spring. The clearing house which was established last spring by the different e banks, has been the cause of the suspenI sion of the banks reported above. If a I bank fails to settle up its accounts daily, ) it is suspended from the privileges of the ) house, which causes a general run upon it, which few banks can go through safeel ly.


Article from The Belmont Chronicle, and Farmers, Mechanics and Manufacturers Advocate, November 24, 1854

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LIST OF BANKS WHICH HAVE REC ENTLY FAILED.-Thompson's Bank Note Reporter gives the following list of suspended Banks: Farmers' and Mechanics' Bank of Memphis, Tennessee failed Aug. 16. Bank of Washtenaw, Milford, Delaware, failed August 24th. Erie and Kalamazoo Railroad Bank, Adrian, Michigan, failed Oct. 6th. Adrian Insurance Company, Adrian, Michigan, failed October 6th. Ellsworth Bank, Ellsworth, Maine, thrown out by the Suffolk Bank, October 6th. Eighth Avenue Bank, New York city, failed Oct. 6. Knickerbocker Bank, New York city, suspended on the 11th of October. Suffolk Bank, New York city, suspended Oct. 12. Newport Safety Fund Bank, Newport Kentucky, failed October 16th. Kentucky Trust Company, Covington, Ky. failed October 15. Bank of the Union, New York city, closing.


Article from Carroll Free Press, December 7, 1854

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LIST OF Banks WHICH HAVE RECENTLY FAILED,-Thompson's Bank Note Reported gives the following list of suspended Banks: Farmer's and Manchanics' Bank of Memphis, Tennessee failed Aug, 16. Bank of Washtenaw, Millord. Delaware, failed August 24th. Erie and Kalamazoo Railroal Bank, Adrian, Michiganfailed Oct. 5th. Adrial Insurance Company, Advian, Michigan, failed October 6th. Ellsworth. Bank, Ellsworth, Maine, thrown out by the Suffolk Bank. October 6th. Eighth Avenue Bank, New York city, failed Oct. 6.Knickerbocker Bank, New York city, suspended on the 11th of October. Suffolk Bank, New York city, suspended Oct, 12. Newport Safety Fund Bank, Newport Kentucky, failed October 16th, Kentucky Trust Compan Covington, Ky, failed October 15th Bank of the Union, New York city, closing, A dispatch bearing date Boston Dec I says It is stated that the stock bank at Bennington, Vt., which suspended last Monday may ultimately redeem its bills, the directors being held in bonds to the State to insure that result.The bills now sell 50cts on the dollar. We tender our thanksito the Cleveland Leader for an 'extra' containing a map of Sevastopol. It shows the Town, Forts. Harbors, &c. so that by a glance upon it, one can read the description of the battles at that place, understandingly. The Leader never fails tofurnish its readers with what is most interesting and profitable. It is one of the foremost dailies of the West.