Union Savings Bank - Cedar Rapids, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: March 15, 1876
Location: Cedar Rapids, Iowa (42.008, -91.644)

Metadata

Model: gpt-5-mini
Short Digest: 663c2125

Response Measures

None

Description

Newspaper reports from March 15, 1876 state the Union Savings Bank of Cedar Rapids 'has suspended' and 'the failure is announced' with the bank 'simply retir[ing] from the banking business.' No run is described; the bank appears to have suspended and closed/quit banking (voluntary retirement).

Events (1)

1. March 15, 1876 Suspension

Cause: Voluntary Liquidation
Cause Details: Articles state the bank 'will simply retire from the banking business' and report its failure/suspension as a retirement rather than run-driven insolvency.
Newspaper Excerpt: The Union Savings Bank at Cedar Rapids, Iowa, has suspended.
Source: newspapers

Newspaper Articles (3)

1. March 16, 1876 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, March 16, 1876

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Article Text

Business Failures. NEW YORK, March 15.-The suspension of the United States Reflector Company (Conet, Jacobson & Co.), manufacturers and importers of reflecting chandeliers, was announced yesterday. Liabilities over $100,000. Their assets are considered good. The immediate cause of the suspension was difficulty in making collections. DAVENPORT, Is., March 15.-The failure is authoritatively announced here of the Union Savings Bank of Cedar Rapids, of this State. It is stated that there will be no material losses in that the bank will simply retire from the banking business.

2. March 16, 1876 Los Angeles Daily Herald Los Angeles, CA

Article from Los Angeles Daily Herald, March 16, 1876

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Article Text

NEWS OF THE MORNING. A rumor comes from Sloux City that a small party of whites have been mnrdered by the Indians in the Black Hills. The Union Savings Bank at Cedar Rapids, Iowa, has suspended. Ex-Police Superintendent Rhem of Chicago has testified before the Grand Jury thatexCongressman Ward was identified with the Chicago whisky ring, and Ward is explaining to the Grand Jury. It is reported that an alliance offensive and defensive has been formed by Greece, Servia and Romania against Turkey. A hurricane swept over London yesterday doing much damage. The failure of the Bank of New York was caused by the Vice President permitting overdraft. J. F. Eastman, has been appointed Postmaster at Marysville, vice Ellerman, a defaulter. The failure of A. P, Miner, operator in Ida. ho stocks, is announced with liabilities of $400 000. Near Ogdensburg, New York, stock and houses have been swept off by the flood. David A. Wells has been nominated for Congress in the third district of Connecticut. Ge orge W. Tisdale, Boston insurance agent, was arreste i for irregularities. Bailed in $15. 000, The Bank of the State of New York closed its doors yesterday.

3. March 16, 1876 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, March 16, 1876

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Article Text

vote on the Constitutional Convention, but it is undoubtedly carried. [NOTE.-The reported Democratic gain of representatives in the above dispatch is doubtless an error, as it is highly improbsble that Where there have been such heavy Republican gains in the vote for Governor there should be a Democratic gain in the Legislature; besides, a comparison with the complexion of last year's Legislature does not warrant the above conclusion.-EDS.] NEW YORK, March 15.-George A. Merwin & Co., proprietors of the State Coffee. and Spice-Mills, have suspended. Liabilities, $60,000. The nominal assets will exceed this sum. The United States Reflector Company (Conet, Jacobsen & Co.) have also suspended, with liabilities exceeding $100,000. Their assets are considered good. DAVENPORT, IOWA, March 15.-The failure of the Union Savings Bank of Cedur Rapids is announced. MEMPHIS. March 15.-The residence of General Gideca Pillow was sold at a bankrupt sale yesterday. There was no competition, and the residence, which is probably worth $8,000, was bought by a gentleman for twenty-six dollars, and the valuable library was purchased by another person for eleven dollars, and both presented to Mrs. Pillow.