Union National Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1278
Charter Number: 1278
Start Date: September 29, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 613f555b

Response Measures

None

Description

Article (Sept 29, 1873) reports the Union National (Coolbaugh's) suspended last week and has gone into voluntary liquidation. No explicit bank run on this specific bank is described in the excerpt; the sequence is a suspension followed by voluntary liquidation (permanent closure).

Events (1)

1. September 29, 1873 Suspension

Cause: Voluntary Liquidation
Cause Details: Article states the Union National suspended the prior week and 'has gone into voluntary liquidation.'
Newspaper Excerpt: The Union National (familiarly known as Coolbaugh's Bank, ...), which suspended last week, ... has gone into voluntary liquidation.
Source: newspapers

Newspaper Articles (1)

1. October 9, 1873 Eaton Weekly Democrat Eaton, OH

Article from Eaton Weekly Democrat, October 9, 1873

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Article Text

, OHIO, THURSDAY, OCTOBER 9, 1873. Cincinnati had followed the example of New r THE FINANCIAL CRASH. York. They at once yielded to the presSS sure. There is no apparent excitement on the to streets. The Situation in New York and the e, CHICAGO, Sept. 27.-Yesterday the financial is East. tidal wave caused the first real damage in this 1city. At 10 o.clock a. m. it was announced NEW YORK, Sept. 25.-The feeling in Wall from the Clearing-House that, an account of street was much quieter to-day. No more the extraordinary situation, no deposits would failures have been reported, and it is believed g, for the present be received and no checks confidence will soon be restored. There was n would be paid by the following banks Union less excitement on the street than for any day 7. National Bank, Cook County National Bank, for a week. The crowds which have assemk Second National Bank, Manufacturers' Nabled in Wall and Broad streets for some days tional Bank, National Bank of Commerce. y past were not visible. A feeling prevailed that These banks all claim that their suspension is a general suspension of the banks would be only temporary, that they have ample assets necessary. and a rumor was current that the to meet all demands, and that they will reSecretary of the Treasury had advised that d sume business so soon as they can convert course. This rumor, however, was authoritae those assets into curreney. There is a strong tively contradicted, the Secretary declining to d belief that the crisis of the panic has been advise the banks in any way. It transpired reached and passed, and that there will be no k that the Sub-Treasury in New York had dismore suspensions. bursed $25,000,000 in greenbacks in the purThe mercantile classes do not seem to have chase of bonds, and that a portion of this had d been thus far affected. and have been able to come out of the so-called reserve of $44,000,meet all their obligations as they matured. y 000. At this point the purchase of bonds was Deposits are still made in all the banks. That e, stopped. there has been a withdrawal of currency for The action of Secretary Richardson in stopa the purpose of hoarding it in private safes is ping the purchase of bonds, and in refusing to y obvious; but if the banks continue to meet anticipate the 5 per cent. bonds of 1874, due the requirements of their customers a few Jan. 1. was eagerly discussed, and, so far as 1, days longer, most of this hoarded currency could be ascertained, met with but moderate n will come forth. The receipts of currency approval. The Stock Exchange still remains here by express are large. The country must closed. The views of those prominent in the n have the breadstuffs and the provisions which dry goods trade are encouraging in the greatS are packed in our warehouses and stock-yards, est degree. Business is abont as good this n and to get them the money must be sent here. month as it was during the same period last A dispatch from Leavenworth, Kan., ang year, and shows hardly any more of a falling nounces the temporary suspension of the folo off than would properly accompany the end of lowing banks: Frst National, Second National, the season. The produce market remains in a Leavenworth Savings, Clark & Co., Newman & nominal state. Large amounts of grain have Havens. Good feeling prevails among merarrived here which were intended for shipg chants, all seeming to appreciate the situation. ment, and now remains in the warehouses in e consequence of the inability to negotiate CHICAGO, Sept. 29.-The two most important foreign exchange. developments of Saturday were the suspension of the Third National Bank, and the anNEW YORK, Sept. 26.-The general feeling in 1nouncement that the Cook County National, financial circles has decidedly improved. The which closed on Thursday, would resume on t day's record closes with some confidence in the Monday (to-day). The suspension of the belief that the bottom of the panic has been Il Third National, though not unlooked for in reached in this city, and thereis a fair prospect banking circles-the run on it having been that, when the Stock Exchange opens, there of heavy-created a feeling of depression in the will be little room left to arrange in the way of le community. The bank was the second largest settlements between brokers, so that there will be no new failures to announce. in the city, its deposits amounting to about $4,000,000. It is said the institution will soon The Loan Committee of the Clearing-House 11 resume, as its securities are all right. and can has issued about $1,500,000 in loan certificates be made available with little delay. to-day, making the entire amount issued about W All the banks, with the exception of those $18,000,000. that had suspended, passed the Clearings Mercantile paper falling due at the banks is House with flying colors. This fact, added to e being paid with remarkable promptness. the cheerful news received from abroad, There was an extraordinary excitement in served to re-establish confidence, and renew the gold markets to-day, which at one time and strengthen the spirit of moderation that threatened remarkable results. The price has been generally manifested since the panic moved up to 1141, against 1111 at the opening. began; and it came to be the accepted theory A private telegram from London says that the suspension of the Third National $4,500,000 has just been drawn from the Bank ff marked the turning-point of the crisis, that of England and shipped to New York. the storm had spent its fury, and the sunlight The total liabilities of the Union Trust Comwas about to break through the dark clouds. pany are $6,273,518; assets, $7,491,276. The An immense volume of currency is flowing institution will probably resume in a short time. into the city. Over $4,000,000 has been received by express in the past forty-eight NEW YORK, Sept.29.-Wal street is as quiet as h hours. usual, and matters are beginning to assume S The total assets of the Union National their normal condition. The crisis is over, (familiarly known as Coolbaugh's Bank, and although the scarcity of currency is seriously the largest in the city), which suspended last felt, and will be for some time to come. a week, are given at $5,600,000; liabilities, $4,The feasibility of resuming specie payment 300,000. n is exciting attention among our leading finanThere is little or nothing doing at the stockciers and business men, and especially those yards. There is over a million dollars' bankers who issue bills of foreign exchange. worth of stock in the yards, and the pens are a An argument heretofore set forth, that to reso full that no more stock can be received for sume specie payment would depreciate values, the present. can hardly be advanced, now that stocks and CINCINNATI, Sept. 29.--The financial situation securities are flat. here to-day appears to be improved. At the e The suspended firms are rapidly reorganizclose of business an improved feeling was ing, and promise a resumption of business plainly manifest. before the end of the week. Howes & Macy ST. LOUIS, Sept. 29.-Quietnessreigne among & have practically resumed already. Clews the banks here. All are paying checks under Co. and Fisk & Hatch will resume within a the rule, and everybody seems cheerfully to few days. acquiesce in the arrangement. The feeling on The following table shows the prices curChange was better, and prices for some arttrent for leading stocks on Wednesday, Sept. cles are stiffened materially. d 17, the day before Jay Cooke & Co. failed, and CHICAGO, Sept. .-About $4,000,000 in curthose current on the street to-day rency has been received in this city within the Sept. 17. Sept. 29. 1 last 48 hours, making about $11,000,000 for New York Central 86 10014 the last five days. Three of the suspended 91 Lake Shore 62 r banks have resumed. The Union National Northwestern 571/2 371/2 83 Rock Island 1031/2 (Coolbaugh's) has gone into voluntary liquiPacific Mail 29 431/4 dation. Produce markets active. Wheat and 27 St. Paul 451/4 corn are advancing. The storm is practically 89 Western Union 55 over, everything is serene, and people wonder Wabash 41 591/3 g why they allowed themselves to become so ex19 Union Pacific 24 1/8 a cited, 37 1/8 Ohio and Mississippi 241/2 OTHER POINTS S BOSTON, Sept. 29.-The bank presidents of Detroit, Cleveland, Toledo, Milwaukee, Duthis city have decided to make only emall curbuque, Keokuk, DesMoines, and in fact nearly t rency payments, and to issue $10,000,000 of every Western city and town heard from, reloan certificates. port an improved feeling in financial circles.