4043. Union National Bank (Chicago, IL)

View Charter #698 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
698
Charter Number
698
Start Date
September 26, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
59ae065c7bc6e0af

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Description

Series of articles (late Sept–Oct 1873) describe heavy withdrawals and suspension during the Panic of 1873, the bank briefly reopening (Sept.29), then suspending again and entering voluntary liquidation Sept.30, and later reports (mid-Oct) stating the bank contemplated and then did resume business on a sound basis. Cause of initial disturbance is the national financial panic (news from New York and general panic). There is some ambiguity because papers report voluntary liquidation (Sept.30) yet later (Oct 9–16) numerous dispatches state the bank resumed; I follow the contemporaneous sequence: run → suspension → eventual resumption. No single article describes a discrete false-misinformation trigger, so random_run is False for the run event(s). OCR errors corrected minimally (e.g., “Uuion” -> Union).

Events (8)
1. January 11, 1865 Chartered
Source
historical_nic
2. September 26, 1873 Run
Cause
Macro News
Cause Details
Withdrawals and heavy outflow driven by the national financial panic (news from New York and heavy shipments of specie); large daily outgoing remittances noted in national dispatches.
Measures
Bank suspended payment temporarily; directors later issued public statement offering personal responsibility to depositors and later reopened briefly.
Newspaper Excerpt
CHICAGO, Sept. 26. It is just announced that the Union National, Manufacturers National and Second National banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on account of lack of currency ...
Source
newspapers
3. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Suspension due to lack of currency amid nationwide panic and heavy withdrawals; bank stated it had ample securities but insufficient currency to meet demands.
Newspaper Excerpt
CHICAGO, Sept. 26. It is just announced that the Union National, Manufacturers National and Second National banks have suspended.
Source
newspapers
4. September 29, 1873 Reopening
Newspaper Excerpt
Another cheerful announcement is that THE UNION NATIONAL WILL RESUME business this morning. ... The bank will be open for business at 10 o'clock this morn. W. F. COOLHAUGH, President ... GEO. A. IVER, Cashier.
Source
newspapers
5. September 30, 1873 Suspension
Cause Details
After reopening, heavy further withdrawals reduced cash; directors resolved to go into voluntary liquidation (second suspension before liquidation).
Newspaper Excerpt
The directors of the Union National Bank, after paying out about $400,000 yesterday, decided at a meeting last night to go into liquidation. The officers state that the assets are abundantly sufficient to pay all liabilities in full.
Source
newspapers
6. October 1, 1873 Other
Newspaper Excerpt
CHICAGO, Sept. 30.-The Union National Bank having suspended for the second time, and gone into voluntary liquidation ... its affairs will be wound up as rapidly as possible ... deposits had been reduced to $3,750,000; the cash and exchange to $420,000 ... bills receivable still amounted to $4,300,000. Capital, surplus, and undivided earnings about $1,300,000. Later accounts indicate settlement with country banks is progressing and the bank is 'busy with the preliminaries of voluntary liquidation.'
Source
newspapers
7. October 16, 1873 Reopening
Newspaper Excerpt
The Union National Bank of Chicago has resumed on a sound basis and will, beyond doubt, proceed as usual. ... Settlement has now been made with all of them, and all is well with the bank.
Source
newspapers
8. December 29, 1884 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (25)
1. September 26, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 26, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.) FINANCIAL AFFAIRS NEW YORK, Sept. 26.-The city is being drawed of money at a pretty lively rate. Since Saturday last out-going monies through Adams express have been about $1,500,000 daily, while that coming in, exclusive of what went to the The Treasury, amounted to about $600,000. United States Company have been sending out from $700,000 to $800.000 a day for several days past, while the receipts through that medium are very small. The National Express Company is carrying away an amount about three times as large as usual at this season of the year, and American Express Company is doing nearly likewise. Hows & Macy, in their circularsent their corthe day they say respondents suspended, into "We shall proceed to convert our assets cash as fast as possible and apply the same to the liquidation of our debts. Iu the meantime we have to ask forbearatice of those to whom we are indebted. All mobies received on and after this date will be held subject to the order of the owners thereof. NEW YORK, Sept. --The Steek Exchange remains closed. NEW YORK, Sept. 26.--Twenty-for hours notice is to be given before the Stock Exchange opens. NEW YORK, Sept. 26.--The committee of seven appointed by the governing committee for the purpose of preparing a plan for clear acing stocks submitted a report to-day. No tion was taken in connection with the report. NEW YORK, Sept. 26.-A special dispatch from Chicago, says the Second and Manufac turers' National banks have closed. LONDON, Sept. 26.-Four hundred and twenty-eight thousand pounds sovereigns and 51,000 gold bars were drawn from the Bank of England to-day for shipment to America. LONDON, Sept. 26-41 p. ---The amount of bullion withdrawn from the Bank of England on balance to-day is £473,000, CHARLESTON, S. C. Sept. 6.-The Peoples' bank of South Carolina, the Peoples' Savings bank and the South Carolina Loan and Trust Company have suspended currency payments. The National banks and other State banks pay as usual. LONDON, Sept. 26. -4:30 P. m.-American securities excited with a large business doing at large fluctuations. There is much uncasiness in the market. LONDON, Sept. 26. -4:45 p. m.-The market for all American securities is flat and prices have declined heavily, NEW YORK, Sept. 26.-A Chicago special says the Cooke County National bank has closed. CHICAGO, Sept. 26. It is just announced that the Union National, Manufacturers National and Second National banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on aca lack of until it is able to has been lost failcount realize. of Nothing currency from made the safe. ures and the depositors will be LONDON, Sept. 26.--4:30 p. m.--It is begold to lieved that the heavy shipments of America already reported are not made in consepuence of the low nominal rate of exchange, but to settle liabilities the bankers here incurred before the financial troubles in New York began. INDIANAPOLIS Sept. 26. The financial excitement continues, but in a much milder form than heretofore. The Indianapolis clearing house, at a meeting this morning resolved to adopt for two days substantially the same plan adopted in New York, Chicago and Cincinnati. It is hoped that by that time confidence will be fully restored. The run still continues 00 Ritizinger's bank. The depositors are mostly Germans and their claims are being paid in full as fast as presented. No doubt exist as to the ability of the bank to promptly meet all demands. NEW YORK. Sept. 26.-Several parties are short of gold and refuse to pay 1 per cent. for borrowing. Consequently there is a hitch in the clearance of gold at the Gold Exchange Bank. CHICAGO, Sept. 26.--Dispatches from the best informed sources received at the office of the Associated Press, in this city, from most of the principal cities in Lilicois and Iowa, in reference to the present financial troubles in the East, concur in saying that the action of the Chicago banks in following the course of the New York banks in suspending payment of large sums of currency is almost universally sustained and commend ed by the bankers and business men as wise and timely and calculated to arrest the panic and pave a way to relief from the present difficulties.

2. September 27, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 27, 1873

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List of the Failed Banks. CHICAGO, Sept. 26. The following is it correct list of banks which have suspended in this city: Union National Bank, Cooke County National Bank, Second National Bank. Manufacturers' National Bank. and National Bank of Commerce.

3. September 29, 1873 Evening Star Washington, DC
Article from Evening Star, September 29, 1873

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THE SITUATION ELSEWHERE. Summary of Last Night's News by Mail and Telegraph. SUNDAY SCENES IN NEW YORK. The scenes in New York yesterday were in marked contrast with those of the previous Sabbath, and there was no excitement visible anywhere. Last night at the Fifth Avenue hotel there was a conspicuous absence of the bankers and brokers who thronged its vestibule and parlors the Sunday evening before. The general sentiment was that the financial troubles will be fully overcome the present week, and that the fall business will be resumed upon a surer and more satisfactory basis. RESUMPTION OF SPECIE PAYMENTS URGED. The president of the First National Bank in New York urges the immediate resumption of specie payments, on the ground that such action will immediately add $80,000,000 of positive relief to the currency of the country. RESUMPTION OF BUSINESS IN CHICAGO. At a meeting of the Clearing-house association of Chicago, Saturday night, two plans for transacting business by means of certificates were proposed, but rejected, and it was voted inexpedient to issue certificates at all. This result, although a surprise, is generally commended, and it is thought the improved condition of affairs justifies the banks in keeping open doors for the transaction of business, and that sufficient currency is coming in for the purchase of grain to make up for that drawn out of the banks by country customers. The. officers of the Union National Bank announce that they will resume business to-day, MEN DISCHARGED FROM EMPLOYMENT. The Ohio Falls car and locomotive company, Jeffersonville, Indiana, employing nine hundred men, have stopped work in all their shops except the foundry, thus throwing about four hundred men out of employment. The Southwestern car company have also reduced their force, owing to inability to obtain currency to pay their men. The ship-yard of Dawes, Howard & Co., employing a heavy force of men, succeeded in securing a limited amount of currency, and paid two-thirds of their wages. A reduction of force has been made, but the boats on the stocks will be finished, notwithstanding the scarcity of currency. PAYING HALF WAGES. Some of the large employers in Philadelphia could pay only one-half of the wages due SatFurday, on account of the stringency in money. If the panic is not soon ended the danger is that this will become general; or what is worse, lead to a stopping of work, as in the case of the locomotive works in Patterson. THE GENERAL LOOK. The suspension of the Union bank at Chicago was not expected. It is the bank of the city, and in a city which covered a vast business holding the same relation to the west that New York does to the whole (country. The break there, it is feared, will take a wide circuit and bring more suspensions. The stringency and discontent in New York city now leads to a revival of the talk of an extra session of Congress, and also a petition, numerously signed, for the reopening of the Stock Exchange, which will take place tomorrow. DRY GOODS TRADE. The Economist notes with pleasure the action of the dry goods houses in keeping up their deposits and in drawing sparingly, and adds that "similar reports come from other lines of business, except produce, which is decidedly slow and flat."

4. September 29, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 29, 1873

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The Financial Panic. Washington, 27. The Republican announces on the authority of the President, that the Government does not intend to make any change in the naval fiscal exigency in London. The President being convinced that the suspension of Clews & Co. which involved the suspension of their London house, Clews, Habicht & Co. was the result of unavoidable misfortune, and that no dishonorable taint attaches to them on account of it. Chicago, 27. At the clearing house meeting which continued to au early hour this morning, the suspended banks were permitted to vote. Mr. Coalbaugh handed in a communication to the public, signed by the President and Directors of the Union National Bank, saying they would hold themselves personally responsible as individuals for the payment of all deposits now held by said bank or which may hereafter be made with it. Cincinnati, 27. A series of resolutions to-day were unanimously adopted by the Cincinnati Chamber of Commerce at a full meeting, resolving that the action of banks and bankers in this city in refusing to pay out large sums in currency, was timely, wise and necessary, and meets the approval of the Chamber. Philadelphia, Pa., 27. The Board of Brokers of this city, to-day, passed the following preamble and resolutions : WHEREAS, The embarrassed state of the finances of the country growing out of the scarcity of currency, the department of railroad interests, and the system of over-trading have given rise to a panic, in which the idea

5. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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We Hias also Ordered the Prepayment of November Interest. Shipments of Grain Abroad Renewed in New York. The Produce and Gold Exchanges Open --The Stock Exchange Opens To-Morrow. Comments of the Press---" The Groat Stock Operators." CHICAGO. THE WEATHER YESTERDAY was more depressing than half a dozon bank suspensions. The day was ushored in by rain, and it rained at fitful intervals until night. There was nothing choorful about the sky, nothing to induce people to walk abroad in the streets and parks, or attend worship, or stand in groupe to chat over the nows, if thoro was any. There was absolutely nono, everything boing quiet. Of course the banks were closed, and the Presidents went to their respective sanctuaries to divert their minds from worldly thingsIby contemplating the HIGHER AND HOLIER SUBJECTS to which the ministers called their attention. Doubtless they will como out to business this morning stronger and more confidont than ever, refreshed and recuporated in body and soul after the repose and worship of the Sabbath. In several of the churches the panic was the topic of ministerial discourses, and, whileministera are not first-class political economists or financiors, they can draw a lesson from current events, and inculcato the folly of putting too much money in earthly banks, instoad of laying up treasures in THE CELESTIAL BANK. which nover susponds. The moral lesson taught will undoubtedly be good good planted in rich soil, that will produco an hundred fold. The hotels were deserted, there was nothing doing round town to attract notice, and yot there was much being dono that will gratify every one this morning, because it will ebow that the panic is subsiding, and that the apprehension of real financial disaster was unfounded. The best nows is that CURRENCY TO A LARGE AMOUNT was received by express, and that the stringency of the money market will bo immodiately rolioved. The following statement shows the amount of currency received by the three Express Companies sinco Saturday AMERICAN EXPRESS-Saturday 8,1500,000 Sunday 1,200,000 Saturday U. S. EXPRESS200,000 Sunday 215,000 ADAMS EXPRESSSaturday 200,000 Sunday 100,000 Due this morning 500,000 Total 83,915,000 This money will begin to circulato to-day, easing the pressuro, and beginning the wook under the most favorable auspicos. Further supplica will arrivo daily, and as the wook grows older the supply of currency will grow larger, until, gradually and almost impercoptibly, business will resumo its wonted activity. Another cheerful announcement is that THE UNION NATIONAL WILL RESUME business this morning. This determination WAS reached yesterday, and is more fully explained in the following cards: UNION NATIONAL BANK, CHICAGO, Sept. 29, 1873. The Union National Bank, belleving that It would be impossible for the banks and business men of Chicago to continue for any length of time to carry on their financial and commercial affairs on any other basis than that adopted in all the commercial centres of the country, having failed in all its earnest efforts to seeuro any concert of action anouget our bankers, dls= continued its active business for two days, in the hope that the business men of our city would not fail to 860 the absolute impossibility of permanently maintaining any different position from that accepted by more than 2,000 National Banks of the United States. The officers of the bank yet believe it impossible, and hope that this unity of action may be secured but, recognizing the confidence reposed in them for 80 many years, and knowing the colvency of their bank, and belloving It to be a solomn duty in this emergency to share the common lot of their customere, and to act with them in sustaining by all legitimuto means in their power, the commercial Interests of the country, have determined to open their doors at once for the resumption of business. The bank will be opon for business at 10 o'clock this mornW. F. COOLHAUGH, President, lug. O. T. WHILELER, Vice President, GEO. A. IVER, Cashier. We, the undersigned, resident Directors of the Union

6. September 30, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 30, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] Finance al Affairs. NEW YORK, Sept. 30-12:30.-There is considerable pressure to sell and realize on stocks and prices have declined from one to three per cent, from the opening quotations. The following are the prices at this hour, the market being feverish and unsettled : New York Central, 90; Pacific Mail, 33. Brokers gener; ally display disinclination to operate for custo mers on margins before affairs become more settled. LONDON, Sept. 30-3:30 p. m. -The of bullion withdrawn from the Bank of Eng. land on balance to-day is £50,000. LEAVENSWORTH, Ks., Sept. 20.-There is much indiguation among the stockholders and depositors of the First National Bank in this city in consequence of the Vice-President or7 dering the bank to suspand and at the sametime drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers, of which firm the vice-President. Lyman Scott. is a partner. The German's Savings Bank and Insley, Shire & Co., bankers, re-opened yesterday and are abundantly well able to meet all demands. The other banks here are paying checks in limited sums. LONDON, Sept. 30--5 p. m.-The demand for discount at the Bank of England, as well as in open market to day has been heavy at the rate of 5 per cent. NEW YORK, Sept. 30. The sub-Treasurer paid out $6,500 on discount of the November interest. Smith & Seaver, who were reported suspended on the 19th inst., announce that they will pay all demands in full and continue business as heretofore. LONDON, Sept. 30.-A special dispatch from Berlin to the London Hour hints at financial troubles in Germany. Fancy stocks and bank shares are not saleable, and some have fallen as much as 20 per cent. There is some talk of government interference. CHICAGO, Sept. 30.-The directors of the Uuion National Bank, after paying out about $400,000 yesterday, decided at a meeting last night to go into liquidation. The officers state that the assets are abundantly sufficient to pay all liabilities in full. NEW YORK. Sept. 30.-The announcement was made iu the Stock Exchange that Smith & Seaver would pay in full in cash all claims against them. This was received with cheers and hailed as a good omen. The impression now prevails that all the leading houses will pull through. There was a decided improvement in foreign exchanges, which was looked upon as a favorable symptom of returning confidence Leading bankers advanced their rates to 1.064 for sixty days sterling and 1071 for sight, but actual business was at a reduction from these rates. Gold has been weak and lower. The price declined from 1124 to 111 and then recovered to 1124. At the opening loans in gold were made flat to 1 32 for use, but afterwards 1 32 was paid for carrying gold. Southern State securities are dull and without a feature. CHICAGO, Sept. 30.-The City Council have passed an ordinance authorizing the issue of $300.000 in Treasury scrip with which to pay the current expenses of the city during the lock up of currency. There is much difference of opinion along business men as to the expe dieney of this issue. MEMPHIS, Sept. 30. - At a large meetiug of the Chamber of Commerce this morning to cousider the financial situation, a resolution was received from the banks of the city to the effect that they would not suspend but would open in addition to the u ual business an exchange account to be paid in kind for the purpose of moving cotton, which was unanimously adopted by the Chamber. PROVIDENCE, R. I., Sept. 30.-An adjourned meeting of the Providence banks, this noon, received and adopted the report of the committee recommending a liberal policy on the part of the banks toward each other and their customers, that each bank should request its depositors to draw checks payable through the clearing house and should certify checks payable through the clearing house; that deposits made in the banks in currency be paid out to such depositors in currency, and that deposits made in certified checks be paid in kind. LONDON, Sept. 30.-The steamship Donau, which sailed from Southampton for New York to-day. took 136.000 pounds in bullion. LONDON, Sept. 30. ..-The 50,000 pounds drawn from the Bank of England on balance to-day is to be shipped to New York.

7. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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the seventh bell-pull a figure in white, with 'Is whiekers, appeared at the window: Mr. Wheeler in?" gently asked the reportor. "Heis," mildly insinugted the something in white-it was impossible to tell what it was. The reportor announced his mission in tones at once firm and respectful. He didn't want to hurt Mr. Wheeler's feelings, but, at the same time, a ride at midnight down as far as Twenty-third street must not be without results in panio time, oven if somo extra steam has to be put in. After a few minutes and elapsed, a click was heard at a window, and the snowy form was again apparent, o'ertopped by the genial face of the Vico-President. After apologizing for the inopportuneness of the visit, which he hoped the nocessity of the occasion would excuse, the reporter opened the saliont point of the interview with a question: Reporter-Mr. Whooler, what is the standing of the Union National this ovening ? Mr. Wheeler-You are n TRIBUNE reporter? Then of course you know. the news. We have resolved to go into voluntary liquidation. Reporter-Will not the public be surprised by this action ? Is not your bank solvent ? Mr. Whooler-As to the surprise I cannot answor. Our bank is solvent. Reporter-Then, Mr. Wheeler, what has inducod this action on the part of the Union National ? Mr. Whoolor-We have found our currency funds inadoquate to the supply of the demand upon us. Reporter-Upon your temporary suspension what amount of funds did you have on hand,I mean cash in currency and immediately availablo cash collaterals ? Mr. Whoolor-That Icannot definitely answer. It WAH stated correctly in THE TRIBUNE at the time, but I do not recollect the exact amount. Reporter-Was it not stated at $1,400,000? Mr. Whoolor-I believe that was the approximate amount, but it was not all in cash. Seon (tics deemed immediately available were included: Reporter-How has it been with you to-day? Mr. Wheeler-Wo oponed the bank against our better judgment, and our action was due to a feeling of compulsory acquiescence in general judgmont. We did not feel that circumstances

8. October 1, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 1, 1873

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HARRISBURG, PENN. HARRISBURG, Septembes 30.-Manufacturers here have adopted resolutions approving the action of the banks in preventing a drain of the currency as conducive to their best interests as well as the interests of the public at large. PROVIDENCE, B. I. PROVIDENCE, September 30.-Theadjourned meeting of the Providence banks has adopted the report of the committee, recommending a liberal policy on the part of the banks toward each other and their customers. That each bank should request its depositors to draw checks payable through the clearing-house,an should certify checks payable through the clearing - house That deposits made in banks in currency be paid out to such depositors in currency, and that deposits made in certified checks be paid in kind. The Providence banks are in a generally sound and strong condition. CINCINNATI, OHIO. CINCINNATI, September 30.-There has been no very particular change in the situation of financial affairs here today. The opening of the New York stock exchange was looked to with a great deal of interest, and the work of the day has been received with much favor. This, however, has been somewhat counteracted by the unfavorable turn affairs took in Chicago. It's true that not a few persons have feared the result announced with reference to the Union national, but the main body of the business men were not prepared for another change so soon. The consequence was, that the news took out considerable of the renewed spirit which was manifested in the general markets early in the day. More orders for provisions were here to-day, probably, than for a number of days, and more has been done in a jobbing way, but there is little disposition to do much until the improvement generally shall have become more clearly defined with the banks, and at the clearing-house matters have been proceeding about the same as they did yesterday. Those interested, report everything in connection with the clearing-house as working in a matter entirely satisfactory. ST. LOUIS, MO. ST. LOUIS, September 30.-The financial situation here presents no new feature. All is apparently quiet with the banks. They still pursue the policy first marked out, and nothing has occurred to produce a jar or discord. The announcement that the Union national of Chicago had gone into liquidation produced a profound sensation on 'change, and a depressed feeling followed, but no excitement occurred. There is, however still much apprehension for the future in commercial circle, but if things work out well in New York it is the general belief here that business will revive and no more disasters occur. CHICAGO, ILL. CHICAGO, September 30.-The announcement this morning that the Union national bank was going into liquidation, took everybody by surprise except the bankers, who for some reason or other appear to have anticipated the event and took it very cooly, none of them expressing any apprehension that it would materially injure the financial situation, though it had the effect temporarily to depress the prices of grain and caused a quiet feeling on 'change. There has been no further trouble with any other banks, all going through the clearing-house to-day without trouble. COLUMBUS, OHIO. COLUMBUS, September 30.-The failure of the First national bank of Mansfield, Ohio, is a very unfortunate affair, as the funds of the Ohio State board of agriculture and the proceeds of the reI cent State fair were deposited with this g bank. At the close of the fair something near twenty-two thousand dollars was deposited by the treasurer, but drafts on the funds had reduced the deposit to about fifteen thousand dollars at the time the bank suspended. A meeting of the State board has been called for Thursday to consider their financial situation.

9. October 1, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 1, 1873

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Chicago Market. CHICAGO, Sept. 30-The - final suspension of the Union National Bank to day depressed prices of grain and the market ruled very quiet Flour-Dull and prices are nominal. Wheat-Dull and prices have declined; No. 1 spring $1.00; No. 2 do 95c cash or seller October; No. 8 do 85c. Corn-Dull and prices have declined; 34c cash or October; rejected 321a 83c. Oats-No. 2. 281c. Rye-No. 2, 60a62c. as Barley-Quiet, weak and lower; No. 2 Fall $1 22a1 23; No. 3 do 95a98c. Provisions-Quiet and unchanged; some small orders on demand but sellers not in. clined to accept offers at present. Mess Pork-$14 00 cash. Lard-111c seller December. Bulk Meats and BaconNominal Whisky-Inactive; 90c bid; no as sales.

10. October 1, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, October 1, 1873

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Governing Committee, appointed committee to settle contracts of defaulting parties. In conclusion, he, added, "all.,I 10, Madyou Help each other 10.50am the burden that has fullen upon us, and to 80 conduct business as to enable the Exchange to carry on its work successfully." Loud cheering greeted these remarks, The members then proceeded with business. Much better feeling appears to exist, and the opening prices of stocks show a feeling of confidence. later despatch says there was considerable pressure to sell stocks, at a decline of one to thieaper cent. from the opening prices. Brokers are indisposed to operate for customers on margins, until affairs are more settled. CHICAGO, September 30.-The Union National Bank has intoliquidation. MEMPHIS, September 30.-Ata large meeting of the Chamber of Commerce, this morning, to consider the financial sitnation, a resolution was received from the banks of this city, to the effect that they would not suspend, but would open, in addition to the usual business, an exchange account, to be paid in kind, for the purpose of moving cotton, which was unar nously adopted by the Chamber. WASHINGTON, September 30.-At the Cabinet meeting to-day, the business was routine. Present, Fish, Cresswell, Williams and Richardson. Probubilities-For the South Atlantic States, increasing Northerly to Easterly winds, generally cloudy weather, and rain accompanying the disturbance on the Gulf, which will probably move North-eastward into the former. Application was made in the United States Circuit Court to -day for an order enjoining the Comptroller of the Currency and the Receiver of the Bank of the Commonwealth from proceeding further in the matters of the bank; also, for a citution to show cause why the receivership should not be vacated, and the appointment declared null and void, on the ground that the bank never refused to redeem auy of its circulating notes. The citation was granted, and made returnable ou the 7th of October. The banks and banking houses asso ciated to do nothing more than to certify checks, do but little business, while those not in the association have largely increased their business, paying all checks upon them as usual. Among the latter is Geo. Riggs, who, since Satarday, has refused to receive $800,000 on deposit, not caring to eularge his business, and employ additional clerks. LEAVENWORTH, September 30.-There is great indiguation among the stockholders and depositors of the First Na tional Bank of this city, in consequence of the Vice-President ordering the bank suspended, and ut the same time drawing from the bank nearly $100 000 in currency to sustain the credit of Scott St Co., brokers, of which firm Vice-President Scott is is partner. LITTLE ROCK, September 30.-The Attorney-General yesterday withdrew the suit against Gov. Baxtere and the Governor issued his order disbanding the militia. NEW YORK, September 30.-The resumption of Smith & Severs was received with cheers at the Stock Board. The impression prevails that all the leading houses will pull through. CHARLESTON, September 30.-The Union Bank continues the payment of currency. Its deposits exceed its disbursements by $3,000 or $4,000. Cotton sales o-day for greenbacks, instead of exclusively for sterling, as has been the case since the crisis. MONTGOMERY, September 30.-One yellow fever death to-day. Five mild cases are under treatment. A spread not apprehended. Telegraphie-Commercial Reports. LONDON, September 30.-5s91. Eries 425/. The Donan takes £136,000 to America. PARIS, September 30.-Rentes 56f. 40c. LIVERPOOL, September 30-Noon.Cotton 9)/@914;sales12,000 bales; speculation and export 2,000; sales of uplands, basis of low middling, delivered September, 15-16. FRANKFORT, September 30.-Bonds 961/2 LONDON, September 30.-The demind for discounts ut the baukand on the streets is active, at 5. NEW YORK, September 30-Noon.Go.d opened at 12% Stocks dull and very feverish. No price for money. Gold 117/ Exchange-long 61; short 734. State bonds quiet. Cotton quiet; sales 230 bales-uplands 181; Orleans 19. Futures opened: October 1714

11. October 1, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 1, 1873

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Cincinnati Markets. CINCINNATI, Sept. 30. - The general markets are still very quiet. Flour quiet at $6.90@7.10. Wheat market steady at $1.30. Corn irregular at 54@55c. Rye quiet at 82c. Oats unchanged at 36@45c. Barley quiet and firm; fall $1.35@1.50. Groceries steady. Oils unchanged. Butter quiet; western reserve 30@32c. Cheese quiet and firm at 131@14c. Provisions still remain quiet though there appears to be more inin a Mess pork nominalLard a shade at quiry ly $15. jobbing way. firmer; steam held 71; kettle in a fair jobbing demand at 8c, generally held at 8c. Bulk meats quiet and nominal; no large lots pressing on the market and mostly held above quotations; shoulders 7c; clear rib 8c; clear 84c. Bacon steady wi h an improved demand; shoulders 81c; clear rib 9c; clear 91c. Whisky unsettled; sales at 95c currency. Louisville Markets. LOUISVILLE, Sept. 30.-Bagging, little doing and dealers firm in their vi WS and grant no concessions; heavy brand 131@ 141c. Flour in fair demard; extra family $6; A No. 1 $7, fancy $8. Nothing doing in grain. Groceries are in fair demand. Coffee 25@281c for Rio. Hay, a fair local demand; a choice timothy $19@20.00. Provisions, light demand and nominal. Mess pork $16. Bacon, shoulders 81;; clear rib 91c; clear 97c sacked. Hams, plain 13c; sugar-cured 13@13c. Bulk meats shoulders 8c; clear rib 9c; c'ear 91c loose. Lard, tierces 81@9; kegs 91C; good Sc. Whisky nominal. Chicago Markets. CHICAGO, Sept. 30-The final suspension of Union National Bank to-day depressed the prices of grain and the market ruled very quiet on flour and wheat. Flour dull and nominal. Wheat dull and prices have declined; No. 1 spring $1; No. 2 95 for cash or October; November 39c. Oats in fair demand but at lower rates; No. 281c for cash or October; November 321c. Rye market steady; No. 60@62c. Barley lower, quiet and weak; No. 2 fall $1.22@ 1 23; No. 3 95@98c. Provisions quiet and unchanged, some S nall order demand, but sellers not inclined to accept offers st present rates. Mess pork $14 cash. Lard, sales at 73C for December. Bulk meats and bacon nominal. Whisky inactive; 90c bid but nosalee. as. Lonis market. ST. LOUIS, Sept. 30-Flour, little done, such sales as are made are from 50c to $1 lower than a week ago. Wheat, spring firm and held higher; No. 2 regular 97c; winter firm and held higher; sales of No. 3 red at $1.25, generally held at $1.45. Corn dull and prices drooping; No. 2 mixed 40c cash; October a decline to 37dc. 0sts demand fair and market firm; No.234c cash. Barley unchanged; only sample lots sold. Rye slow; No. 2 65c. Whisky steady at-93c. Provisions, only a small order trade. Lard nothing doing. Hogs lower at $3.50@4.00. Cattle dull and little doing; prices range about $3 including through Texan, common native steers and COWS to choice wintered Texan. Memphis Markets. MEMPHIS, Sept. 30.-No businesss owing to the scarcity of currency and prices are entirely nominal.

12. October 1, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1873

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CHICAGO FINANCES. THE UNION BANK GOES INTO LIQUIDATION-EFFECT ON THE CITY AND COUNTRY BANKS. [BY TELEGRAPH TO THE TRIBUNE.] CHICAGO, Sept. 30.-The course of the Union Bank in going into liquidation, after a series of undeeided maneuvers, was the chief event in financial circles here this morning. What effect it will have does not yet clearly appear. Bankers are very reticent, and affect a buoyant tone when questioned. A number of them express the opinion that the condition of affairs thas been materially amellorated here within the past few days, and that although the action of the Union Bank can hardly fail to cause a sensation, it can scarcely do any practical harm. The country banks which were largely depositors with Mr. Coolbaugh, are greatly excited about it. President Eames, of the Commercial National Bank, one of the most trustworthy financiers of the city, said to-day that deposits were coming into his bank more and more every day. He thinks commerelal houses of good standing will endure the strain, even if it be continued longer. Mr. Greenbaum, the stalwart President of the German National Bank, which is doing business and paying and receiving money as though there were no such thing as panic, said to-day that the going of the Union National Bank into liquidation did not greatly affect the city banks. It was the country banks that deposited with the Coolbaugh institution that would be incommoded. The effect to the city has been mainly to quiet business, but not to create any exeitement. Alfred Spluk, the bank examiner. said to-day that the effect of Mr. Coolbaugh's action would be benedicial, as it would teach the country banks that they could not make random runs on the Chicago banks. LATER.-The Union National Bank having suspended for the second time, and gone into voluntary liquidation, under the 42d second section of the National Currency act. its affairs will be wound up as rapidly as possible, and a great institution, which has for the last six or seven years exercised a more potent influence than any other bank in the North-West, will cease to exist. How soon. its affairs can be wound up. under the existing disorganized condition of business, it is impossible to say. Under ordinary circumstances it would not take probably more than 60 days; but the difficulty of collecting bills receivable now renders any ordinary calculations useless. The effects of panic on the affairs of a bank are liustrated by the following figures obtained from the , fticers, giving a comparison of its condition last evening with the condition on Sept. 2. Tae figures are given without the fractions of hundreds of thousands: On Sept. 2. the aggregate deposits of the bank were $6,600,000; the aggregate amount of cash and exchange. $3,300,000; the bills receivable, $4,400,000. Sept. 30, after closing the second time, the deposits had been reduced to $3,750,000; the cash and exchange to $420,000, while the bills receivable still amounted to $4,300,000. According to these figures, the sum of $2,900,600 has been paid out in the liquidation of deposits, while comparatively nothing was accomplished in collecting the bills receivable. The capital, surplus, and undivided earnings of the bank are about $1,300,000. Notwithstanding that the amount of cash and exchange is stated at $420,000, it is learned from the directors of the bank that the actual amount is $570,000, but that LLA this amount is included the

13. October 1, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 1, 1873

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The Situation Throughout the West Still Encouraging. CHICAGO. AMONG THE BANKS. When THE TRIBUNE reportor, who has since the beginning of the panicky times made his meanderings among the offices of bank Presidents and Cashiers, started yesterday morning on his tour of investigation, he felt that he had a problem to solve, upon the solution of which depended much of the immediate comfort and happiness of Chicago. After a few days of cloudy, but not stormy, weather, threatening appearances had again sprung forth, and the financial atmosphore had been RUFFLED BY AN EVENT which it was quite possible might cause a relapse of the panic. The going into liquidation of the Union National Bank, after a series of undecided maneuvree was an event that, it might reasonably be anticipated would cause trouble. Curious to find out the facts of the case, be they favorable or unfavorable, the reporter interviewed a number of bank gentlemen upon the subject of the present aspect of affairs, and elicited from each an opinion upon the subject which he deemed the most momentous on the occasion. With a unanimity that was almost astonishing, the bankers expressed the opinion that the condition of affairs had been so materially amellorated within the past few days that, although THE ACTION OF THE UNION BANK was of such a nature that it could hardly take place without causing some sensation, yet it could do no practical harm in the city. In their opinion, the country banks were feeling somewhat excited about it, but even they would not be materially inconvenienced. Still the over-anxious rustic Presidents and Cashiers sent in telegram after telegram to their banking friends here to know if " Coolbaugh's bank had really closed." The closing of this institution was fully expected by most of Mr. Coolbaugh's followbankers, and its sudden withdrawal from the family circle of bankers will not be falt after a few days. Well pleased with THE CONFIDENT TONE with which the bankers expressed themselves able to go on, in the absence of what one banker styled " a weak sister," the reporter WAS frequently obliged to change the subject from sheer modesty, his natural delicacy of feeling making him uncomfortable under the loads of praiso which THE TRIBUNE received, not morely for its publication of the latest intelligence, gathered when the Times and Inter-Occan men were alcoping, but also for the manner in which it was published. "Great heavens!" cried one bank Cashier, 'if the Times had learned of this, the panic would have broken out again worse than over." A bank President said that the Times never before showed itsolf 80 clover as in its ignorance yesterday of the only event in the financial world particularly worthy of mention. Another bank President said: "Sir, your report of the Union Bank's going into liquidation showed enterprise. The head-lines and the article's genoral tono showed a tact and appreciation of the position of things, and the best remedy, that has made A deep Impression upon us bankers. We will not forget how THE TRIBUNE helped us in the panio of 1873," Such are a few of the spontaneous avowals of appreclation of THE TRIBUNK'S successful attempts to supply the public with unscusational facts regarding the leading topio of the day. THE GENERAL FEELING AMONG BANKERS was confident, and with a tendency towards increasing confidence in a not far-off end of the trouble, The President of the National Bank of Illinois, in response to the reporter's query, said: "I think things are all

14. October 1, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 1, 1873

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On Sept. 30, alter closing the second time, the deposits had been reduced to 83,750,000, the cash and exchange to $120,000, while the bills reIceivable still amounted to $4,300,000. According to those figures, the sum of 62,900,000 has been paid out in the liquidation of doposits, while comparatively nothing was accomplished in colSecting the bills receivable. The capital, surplus, and undivided earnings of the bank are about $1,300,000. Notwithstanding that the amount of cash and exchange is stated at 8420,000, we learn from the Directors of the bank that the actual amount Is $570,000, but that in this amount is included the currency deposited yesterday, which has been kopt separate, and considered special deposits. We have been, and are yet, inclined to the belief that the failure of the bank in this panio was inovitable. Its country bank accounts were HO numerous and 80 large, that its business WAB ontirely unmanageable in a crisis like the present. This dangerous feature in the Union National Bauk has been well known and often commented upon by other bankers of this city in times of apparent security before the panic. Mr. Coolbaugh also know this perfectly well, and as soon as the spread of the panic to the West became a settled fact, lie accapted it as a foragono conclusion that bis bank must fail, and this, too, before there WAB any great uneasiness in other banks. The hasty suspension of the bank in the first instance might be exoused on the ground that it way Letter to suspond while there was currency enough in the bank to pay all the depositors some decent percentage of it, instead of stauding a run and letting a few have it all. The roopening, howover, for one day, in inexougable on any ground. BONDS IN THE MARKET. Messre. Preston, Kean & Co., quote as follows this p.m.:

15. October 2, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, October 2, 1873

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CHICAGO. -Beturning Confidence. CHICAGO, October 1.-The monetary aspect in this city to-day is quiet and hopeful. The banks feel better and stronger than they haveany day since the crisis. The restoration, of confidence and better feeling in New York is having a good effect here. No more suspension have occurred or are expected and affairs generally wear a decidedly brighter aspect. Currency continues to arrive in large amounts by express and through the post office, giving promises from this time forward of a sufficient supply with which to insure a heavier business. On 'Change something like the normal feeling has been exhibited to-day and the transactions accomplished indicate an approaching buoyancy in the grain and other markete. At the Union National Bank, suspended, matters are moving along smoothly toward settlement with depositore, which it is thought will be accomplished within the next three or four weeks. The Third National is still uncertain as to the time when it will rew sume. An encouraging feature, and one which will speedily become more general, is that our merchants and other business men are transferring accounts formerly kept with banks which have suspended to those which are doing business and known to be sound. Large Receipts of Currency. The receipts of currency continue large, some three millions being rem ported yesterday, while the demands on deposits are falling off. In fact some of the banks have already begun to furnish their customers with the usual accommodations, and the prospect is that it will not be long before business will resume its wonted channels. There is a much firmer feeling in the grain market, with an advancing tendency in prices. Paffenberger and Bean. The motion in the Criminal Court to quash the trial of Puffenberger was a1gued this morning and overruled by Judge Booth. He will therefore have to show why he did not carry more reliable time. The motion for a change of venue in Bean's case was this morning argued and sustained, and the trial ordered to take place in Wells county.

16. October 2, 1873 The Tipton Advertiser Tipton, IA
Article from The Tipton Advertiser, October 2, 1873

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THE great financial excitement which the past two weeks has brought to cities and large commercial centers has reached but faintly to our little town. Of course, comparative etagnation in produce trade was the immediate result, and this has not been re lieved. One or two days last week, upon the announcement of the closing of certain Chicago banks with which most of our business is transacted, evident symptoms of the disease of larger places were seen. The Union National Bank of Chicago, is we believe, the correspondent of both our local bankers. This house, after a brief suspension, re-opened Monday, and now our latest news indicate that it has again closed-this time permanently, by going into liquidation. This will in no wise effect our bankers, we can confideatly as sure the public, except to temporarily curtail their line of loans and discounts.

17. October 2, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 2, 1873

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CHICAGO FINANCES. IMPROVED CONDITION OF AFFAIRS - TRADE REVIVING. [BY TELEGRAPH TO THE TRIBUNE.] CHICAGO, Oct. 1.-Settlement day has passed with the happiest results, and people at last dare to believe the worst is over. The banks all made their clearings, and nearly all report largely-increased deposits over those during the crisis, The Union National is busy with the preliminaries of voluntary liquidation. Deputy Controller Maeruder, who has thoroughly examined its affairs, reports a capital and surplus of $1,300,000, unless the panic results in greater disaster to the commercial and mercantile interests. Mr. Coolbaugh has been all day a target for country bankers. whose dispatches and verbal protests have been almost overwhelming. Reports from the Iowa towns indicate the transfer of large accounts to the Cook County National, under the presidency of B. F. Allen, for years a successful financier in Des Moines. On 'Change to-day cash wheat rose nine cents per bushel, and transactions were large, chiefly on Canadian account. The Board of Trade rescinded the rule against ocean trading, and heavy sales for future delivery were made. This will set in motion the vast volume of grain still in the hands of farmers. The receipts of wheat for one day in August reached 1,145 ear-loads, while for to-day but 13,000 bushels came in. Charters for the shipment of a half million bushels were made this afternoon. The lights in the wholesale quarter this evening are deceptive, for with the mercantile community trade is reduced to a feeble condition and collections are next to impossible. The North-West is, however, still bare of supplies, and the ranks of jobbers are not broken by failures. It is believed that with the restoration of wholesale trade the reign of plenty will begin. The banks are pursuing a generous course with each other. and the 18 largest commercial institutions will doubtless weather the storm in safety. They are making loans sparingly on marketable collaterals, such being negotiated to-day in the open market at 10 per cent. Shippers are selling New-York exchange at four per cent discount. payable in certified checks in New-York. For the five weeks previous to the panic Chicago sent out into the North-West fifteen millions of currency, much of which must flow back on the return of confidence.

18. October 2, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 2, 1873

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THE SITUATION. Yesterday was the first day sinco the panic began that signa of a roal ronction and improvement began to manifest themselves in local financial circles. Thore have been days when affairs wore a cheorful exterior, and peoplo falt botter without exactly knowing why. Yesterday everybody seemed to lenoto that thero was a change for the bettor. In the first place, the price of wheat advanced G conts por bushol, and before the closo of the day gained 31/3 cents more, closing at 81.031/6 cash, against 94 conta the previous day. Corn also advanced 4 cents, with shipments of 140,000 bushols on Tuesday, and a demand for freight-room for 750,000 bushols yestordny. Prices of grain aro now higher than at any time sinco the panio began. Foreign exchange has advanced in Now York to a point which insures the rapid and regular movement of the crope. General trade was more active than on any previous day, and the streets presented a livelier appearance than before, while the harbor was fairly alive with shipping. The savings banks report more doposits than notices of withdrawal. The receipts of currency by the express companios were about 83,000,000. The banks have commoncod croditing their customers for checks on other city bauke of good standing, instead of waiting pass them through the Clearing-House. The D fast freight linos are doiug a grain business fully equal to their capacity. The railroads are also p carrying great loads of the cattle, and the tom0 porary blockado at the Stock-Yarda has been ro0 moved. They are now in a condition to receive 3 and caro for all tho cattlo that may bo sont forward. There is also a healthier feeling in Now York consequent upon the advance in sterling oxchange. Certified checks, however, are quoted B at 2 to 3 per cent below par, which is not unnatural in view of the fact that $22,000,000 of o loan-certificates have been issued. The slight of decline in stocks is accounted for in two ways ; it (1) An indisposition to speculato, and (2) or sales of collaterals to meet matured B paper. The suspension of the banking house o of Northrup & Chick is attributed to the demand that has been made on them by their Westorn correspondents. The majority of thoso are in 1 Kansas, Missouri, and oven as far south as Texas ; there are but two or three in the four States of Illinois, Iowa, Wisconsin, and Minno,sola. One of the most encouraging signs in n, New York is that the domand for currency from ethe country banks has materially decreased. in Ordera for money are countermanded a and oven greenbacks that have been drawn out nare being returned. Now York is beginning to on traco the immediate cause of the currency lockh, up to our of Jay Gould's stock cornors. The in suspension of Paton & Co., a dry-goods firm, is 80 only temporary, occasioned by the contraction 10 in curroncy; it is iutimated that thoro will be a 11liberal policy of extensions on any commercial paper that may nood it, owing to the transient or stringency of the money market. Elsowhere throughont the country thore are on the samo ovidences of a restoration of public in confidence that are to be found in Now York and ok in Chicago. In Memphis, the banks are resuming and the cotton trade is improving. The solid St. on Louis bankora have already begun to regret the n00 adoption of the policy of issuing loan-certificates. The notico of voluntary liquidation by the Union alNational Bank, of this oily, has caused no susit, pensione among its country correspondents, he as It was feared might be the case, The farmto era' notos in the country banks falling duo the olfirst of the month are boing mot promptly. The ryoutlook is brighter from every possible point of da view. m-

19. October 2, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 2, 1873

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Withdrawn from store yesterday for city consumption: 5,092 bu whent: 464 bu corn; 2,092 bu oats 2,258 bu ryo 4,722 bu barloy. The following amounts of grain have been inspected into store this morning up to 10 'clock: 168 cars wheat; 261 cars corn; 40,050 bu No. 2 do by canal; 1:11/1 cars oats: 8 cars ryo ; 351/4 cars barloy. Total (470 cars), 228,000 bu. leading produce markets were active and strong to-day, with a much bottor feeling all round, as a consequence of a roturn of that confidence which was HO rudely dashed yesterday by the report that the Union National Bank of this city had closed its doors for good (?). As we stated in our report this morning, it was widely expected yestorday that the result would bo a stringency in the country that would involve the closing of a considorable proportion of the 201 banks in the country that corresponded with the Union National, and a consequent rushing to this market of the grain held by thom as collaterals on money advanced to their customors. It was also thought probable that the delivories of grain on the option of seller October would be largely in OXCOSS of the ability of receivers to pay therefor, and be an additional cause of a break in prices. But in both these respects the facts were 60 completely at variance with the expectation that the well-wishers were most agreeably disappointed. They found that the country is safe, though the Union (National) could not be preserved. The country banks did not suspond, nor did thoy find any reason for wanting to do a 80. Thoy may have been short of currency, as rule, but they found that the country around them was BO full of it that payments were mado with surprising promptness. Not only did they not want to encrifico anything, but not a fow were ablo to sond in money to this city to meet the indebtedNOBB of country merchants, and to buy grain at the ridiculously low prices which they thought would rule to-day. So, too, it was found that there was very little grain prossing on the markot this morning, and that was all picked up at an early hour, though every Shing had been dolivered that could be, and a fow found themselves unablo to pay the full amount due on deliveries till they lind opened the market with their sales. This was soon lover, and then a strong, almost buoyant, feeling supervoned, and mon shook hands with each other, extending mutual congratulations that the storm lind far subsided ns to allow them onco moro to slinko out the reefH, and steer close to the wind. The feeling of relief was 80 general and so complete, that the proposition mado by the Directors of the Board of Trade to lift the injunction ou option trading met with unanimous approval. The following resolution was passed at noon, without n dissentient vote, the rules requiring twenty-four hours dolny having first been suspended by n vote without a negative: WHEREAR, This Board, ou the 26th ult., adopted by au upanimous vote n resolution suspending certain of its rules until the further order of the Association; and WHEREAS, It is now believed that said suspension line accomplished all it was intended or expected to do, and na the financial status of affairs in the city and country has in a large measure resumed its previous course; therefore. Resolved, That the time during which said suspension shall continue shall ceaso on the adoption of this resolution. Of course, this action does not mean that operators on 'Chango shall immediately pay up the differences agreed to on settlements made of trades adjusted since the Now York panic began. But all now trados will be subject to the ordinary rules with regard to margina, and the former differences will be in order of payment justa fast as tho debtors can get hold of the money. It may be well for operatora to remember that " Blow and sure ¹ is a very good motto, now as over, but especially so now, and not to launch out too largely till the clouds have more nearly cleared away from above the financial horizon. Our wholesale merchants folt very much better to-day, and for a better reason than simply because home matters seemed to be improving. Not a few bad sent out theirbills to the country, to be presented to-day, and found a large proportion of them honored with the ready cash, which enabled them to meet their own bills promptly, or to arrange to do so to-morrow when the money paid iu the country to-day arrives hero by express. Henco they were filling orders with a little more alacrity, though the day was not an active one. the number of orders being somowhat below the average, as for two or threo days past. There was plenty of money here today in produce circles, and more outside. Grain buyers were really numerous, and prices advanced to the top figures of Monday, the declino of yesterday being completely recovered from. Ilouco the shipping movement was very active, more so than on any previous day this season; and, the receipts being below the recent avorage, the rapid diminution of our stocks in store formed an additional oncouragement to holders to hope for still higher prices. There was no change in the general features of the dry goods market. Quiet provailed in all departments, and values were steady, as previonely quoted. Groceries were moving n little more freely, and the general market wore a rathor bottor look. The romittances of currency from the country were noticeably larger than on yesterday or Monday, and a more hopeful feeling prevailed all around. The quotable chauges

20. October 9, 1873 The Kenosha Telegraph Kenosha, WI
Article from The Kenosha Telegraph, October 9, 1873

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Report says that the Union National Bank Chicago, which suspended and went into voluntary liquidation, W ill proba biy resume in n few days.

21. October 14, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, October 14, 1873

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CHICAGO. The Union National Bank. CHICAGO, October 13.-The Union National Bank, which, for the past three weeks has been alternately in a state of suspension, resumption and liquidation, again contemplates resumption. From all that can be learned it appears that in case the authorities at Washin gton offer no serious opposition the bank will resums business in a lew days.

22. October 15, 1873 The Grange Advance Red Wing, MN
Article from The Grange Advance, October 15, 1873

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LATE NEWS ITEMS. The National Trust Company has sumed business. -They are trying Stokes for the third or fourth time in New York. -Patrons hold your wheat. The foreign demand was never greater, and the prospect for a good price is the very best. -Somebody has tried to garnishee old Poin's 7.000 bribery money. Some of his creditors are anxious to find out to whom it belongs. -Injunctions have been removed from the sale of stocks, but there are, instead of reaching their old prices. constant declines and reactions. -Specie is being shipped in large quantities from Europe to this country, and the resumption of specie payment is being discussed by those in authority. -The iron workers in Philadelphia resist a reduction in their wages, and are standing out manfully for their rights. Subscriptions have been taken to aid them. -Henry H. Boody has been charged with pocketing the neat little sum of $245,000 which he had, as Treasurer of the Rockford, Rock Island and St. Louis Railroad Co. There is not always honor among thieves. -A great change for the better is reported this morning, Oct., 5th, for the condition of Memphis, only eighteen deaths from yellow fever yesterday. Liberal contributions have flowed in from all parts of the country. -A special meeting of the County Union, P. of H., of Olmsted County is to be held October 15th, in Rochester, to attend to several matters of interest. J. L. Wright is Master, and S. D. Hillman, Secretary. -The Union National Bank of Chicago*has resumed business so have the banks of Cincinnati. Thus resumption causes no excitement. If men had kept as cool all the time there would have been in many instances no need of suspension. -It is now stated that Senator Conkling will not accept the office of Chief Justice if tendered him. He is going to retire from public life and apply himself to practicing law and laying up a fortune. If this be true there must be reform somewhere, for whoever heard of a man's declining an office in this age, when offered. They do sometimes modestly decline before it is offered. -Three shots were fired at Senator Pomeroy while walking up one of the streets in Washington on the 11th. One shot passed through his hat and one took effect in his breast, but proved to be only a flesh wound. The shooter gave us a reason for shooting he ruined myself and family." The Senafor says he never had any difficulty and does not know why the fellow shot him. It is probably because he had taken a liking to him. 6 THE CONTESTED OSAGE LANDS -LARGE MEETINGS OF SETTLERS. The settlers on the Osage lands in Kansas held a meeting on Wednesday at were were on Resolutions which 5,000 people adopted calling present. Congress to pass, early next season, an act authorizing and requiring the U. S District Attorney for Kansas, in conby the on to junction settlers with the the attorney Osage lands, selected file a bill in chancery in the U. S. Circuit Court to set aside and annul the patents to on neither companies, said roads heretofore have the ground issued that of railroad lands of any grant within Ceded Lands; of the calling limits upon of the the legislature Osage Kansas to memorialize Congress for the passage of such an act; renewing fealty to the cause, and pledging unflaggingly to the decide highest prosecute tribunal the of the claims land shall until them Gov Osborne Congressman

23. October 16, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, October 16, 1873

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The I Union National Bank of Chicago has restimed on a sound basis.and will, beyond doubt. proceed as usual. At the time of the panic this bank had over $6,000,000 on deposit, and it was impossible for it to meet it all at once. A large part of these deposits was from country banks, and they all wanted it. The bank had consequentIv to succtumb. Settlement has now been made with all of them. and all is well with the bank.

24. October 16, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 16, 1873

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DISOREDITAILE JOURNALISM. The Chicago Times of Tuesday had a column or moro of specilios (which were nover made) of the Directors of the Union National Bank. all to the effect that they would open that institution and resumo business on Wednesday, Oct. 15. The Times went forth to its misguided readors with the announcement, soveral timos repeated, in headlines and otherwise, that the bank would resume on Wednesday. To make assurance doubly sure, it printed a suppreesed circular signed by the officers of the-bank to that effect. What really took place at the Directors' meeting was a vote to roopon the bank on Tuesday, to suppress the circular. and to frame a reply to the lottor addressed to it by the other city banks last Saturday. The speeches put by the Times into the mouths of the Directors of the bank wore nover made at all. They word pure fabrications, as wore also tho speeches which it put into the mouths of various individuals at the ClenringHouse meeting, where the resolution on the subject of small checks was adopted, which was magnified by the Times into a resolution of all the banks of Chicago to close their places, and was thus sont abroad to breed panic among the country banks. It appears, from a genoral review of local financial news, that the Times has, within tho short space of two weeks,1. Had all the banks closed when they wore all open; 2. Had the Union National Bank open after it had closed; 8. Had the Union National Bank closed after it was open; and, 4. Had several columns of speeches by éminont financiers which were never made by anybody.

25. November 15, 1877 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, November 15, 1877

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W. F. COOLBAUGH, of Chicago, committed suicide with a revolver, by shooting himself in the head, at the Douglas monument, where his body was found yesterday morning. He was President of the Union National Bank on which there is a great run; although his troubles were domestic unhappiness, his wife being given to the use of stimulants and narcotics.