4520. Union Bank (Quincy, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 15, 1884
Location
Quincy, Illinois (39.936, -91.410)

Metadata

Model
gpt-5-mini
Short Digest
d03a80a23ea0db67

Response Measures

None

Description

Multiple contemporary papers report the Union Bank of Quincy failed to open May 15, 1884, i.e. suspended operations. The suspension is repeatedly attributed to the closing of the Metropolitan Bank (a correspondent) after the failure of the Marine Bank of New York, so cause = correspondent. There is no clear, contemporaneous report of a depositor run; coverage describes suspension only. Subsequent reporting (May 30) provides a statement of the bank's condition showing assets exceed liabilities and depositors protected, which suggests the bank was in position to resume rather than liquidate; no explicit reopening date is given in these clippings. I therefore classify as a suspension with likely reopening (suspension_reopening) but note that explicit resumption is not directly printed in the supplied articles.

Events (2)
1. May 15, 1884 Suspension
Cause
Correspondent
Cause Details
After the Marine Bank (NY) failed the Union had transferred its account to the Metropolitan Bank; the closing of the Metropolitan is given as the immediate cause of the Union Bank's suspension.
Newspaper Excerpt
The Union Bank of this city failed to open its doors this morning. ... the closing of the doors of that bank yesterday is given as the cause for the suspension.
Source
newspapers
2. May 30, 1884 Other
Newspaper Excerpt
The statement of the condition of the suspended Union bank of Quincy, Ill, places the assets... at $263,485. The liabilities are $256,895, of which $117,161 are due depositors ... and $65,154 in the savings department (May 30, 1884).
Source
newspapers

Newspaper Articles (12)
1. May 16, 1884 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, May 16, 1884

Click image to open full size in new tab

Article Text

MORE FAILURES. WALL STREET, May 15th-2:30 P. M.Fisk & Hatch have suspended. The firm of Fisk & Hatch was composed of A. S. Hatch, President of the Stock Exchange, and Harvey Fisk. The firm has been the heaviest dealers in Government bonds on the street, and were considered stanch, conservative and reliable, and have been recognized as the financial agents here for the Chesapeake and Ohio Railroad system. They carried heavy amounts of their stock. The announcement of their suspension came like a thunderboldt on the Exchange. A. W. Dimick & Go., brokers, have suspended. A dispatch from Boston reports the suspension of F. A. Hawley & Co., a firm which, although not heavy dealers, was regarded in good standing. BOSTON, May 15th.-Hill, Stanwood & Co., brokers, correspondents of Goff. Randall & Co., of New York, have suspended, with liabilities at $1,000,000. ST. PAUL (Minn.), May 15th.-Armstrong Taylor has been appointed receiver of the St. Croix Land and Lumber Company, of which E. S. Austin is President. The assets are placed at $500,000; liabilities about $400,000. QUINCY (III.), May 15th.-The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed the Union transferred its account to the Metropolitan Bank, and the closing of the doors of that bank yesterday is given as the cause of the suspension.

2. May 16, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 16, 1884

Click image to open full size in new tab

Article Text

At the opening of the Produce Exchange prices fell off and wild rumors of failures were started. Subsequently the market regained what it had lost only to decline, however, on the announcement of further failures in Wall street. The closing was slightly lower than on Wednesday. There was talk at the Exchange of abolishing calls, as has already been done in Chicago. It was the general opinion that this would be done Immediately. THE COTTOCE EXCHANGE. At the Cotton Exchange the market opened firmer, prices being firmer than at Wednesday's close. There was little business done. When the news of thefailure of Fisk & Hatch reached the Exchange the market broke somewhat at the close, May had tallen off 12 points and June 4 points. Some of the others had fallen off one point and others none at all. There were no failures afeither exchange. BOSTON'S BREAKS. NEW YORK, May 15, 11:30 A. M.-A patch from Boston reports the supension of F.A. Hawley & Co., a firm which, although not heavy dealers, were regarded as of good standing. Messrs. Hotchkiss & Burnham are engaged in the work of balancing their accounts and expect to be able to resume business to-morrow morning. BOSTON, May 15, 2 PC M.-Hill, Stanwood & Co., brokers, and Boston correspondents of Goff, Randall & Co., of New York, have suspended. Their liabilities will probably not reach $10,000. The failure is not considered of any significance. It is now said that the deposit account of F. A. Hawley & Co., at the time of their suspension, amounted to $250,000, and that their total liabilities are $500,000- There are rumors that the firm has been speculating, but nothing authentic is yet known. HAWLEY & CO'S FAILURE. BOSTON, May 15, 11 P. M.-H. A. Mandell has been appointed assignee of all the property, accounts and business of F.A Hawley & Co., without preferences. Mr. Hawley, in an interview this afternoon, acknowledged that his failure is a very bad one in that almost everything is gone, and that resumption is impossible. He says that his affairs are somewhat mixed, and it will require several days before any statement of a definite character can be obtained. His liabilities, he believes, will not exceed $150,000. BRADFORD'S EXCITEMENT. BRADFORD, PA., May 15.-The Tuna Valley Bank did not open its doors this morning. It was the correspondent of the Metropolitan Bank of New York, and when the announcement was made of the suspension of that bank it was thought best to suspend temporarily. It is thought that the bank will resume in a few days. A promise has been made to the depositors that they will be paid in full. There was a run on other banks to-day, but all demands were met promptly and the excitement was over by noon. A QUINCY BANK CLOSES. CHICAGO, May 15. A Quincy, III., dispatch says: "The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed, the Union transferred its account to the Metropolitan, and the closing of that bank yesterday IS given as the cause for the suspension. BONDS NOT RUSHED IN FOR REDEMPTION. WASHINGTON, May 15.-Up to noon today but $10,000 of the $10,000,000 worth of bonds called by the Treasury on the 127th call had been presented for redemption. ENGLISH SPECULATORS NOT ALARMED. LONDON, May 15, 10 P. M.-An agent of the Associated Press called upon leading bankers having important American connections with a view to learning their opinions concerning the panic yesterday in Wall street. The feeling generally expressed was one of confidence that the panic should be considered merely a local occurrence. They were positive that it would occasion no failures in London, either inside or outside of the Stock Exchange. The general soundness of the financial situation here is evinced in the fact that there have not been rumors of large failures. The remarkable decline of American securities the last during few days has attracted a new class of investors into the market, who are stimulated also by the cheapness of money in England, Germany and France. One prominent banker said that it was amazing how little real stock was being sold here, but he said the bear sales were immense. The market shows a strong disposition to respond to anything favorable from America. The participation of bank officials in fraudulent schemes was censured. This one thing had done more than anything else to weaken public confidence. TRAVELERS IN ENGLAND ANXIOUS. LONDON, May 15, 7 P. M.-The failures in New York have caused great anxiety and excitement among the Americans residing here and having business connections or interests in the United States. The anxiety is particularly painful among travelers, and many of these have decided suddenly to terminate their trips and to return to America.

3. May 16, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 16, 1884

Click image to open full size in new tab

Article Text

From Quincy. QUINCY, ILL, May, 15.-The Union bank of this city opened doora this morning. When the Marine bank of New York failed the Union transferred its accounts to the Metropolitan, and the closing of doors by that bank yesterdav was given as the cause for their suspension.

4. May 16, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, May 16, 1884

Click image to open full size in new tab

Article Text

BRIEF TELEGRAMS. Domestic, Chicago is to see "Excelsior" at the new McVickers under the management of the Kiralfy Brothers. A fire in a large factory on First avenue, New York, did $125,000 damage. The failure of the Richmond Medicine Company of St. Joseph, Mo., turns out to be a very small affair It is believed that the State Saving bank of the same place will resume. The failure of Fisk & Hatch had little effect at Kansas city. Chas. Leanig's Porvate bank, of La Porte, la suspended yesterday. Liabilities light. Will probably resume. General Assembly, Cumberland Presbyterian Church in session at McKeesport, Pa. The condition of the Quincy, III., Union Bank is said to be favorable and it will probably be resumed. On the 571st ballot Democrats of the Third Indiana district nominated J. G. Howard for Congress. San Francisco but little effected by the New York flurry. Great excitement at Ashland, 0., where two murderers are to be hanged to-morrow. At Kansas City extensive runs were made on the banks but they all pulled through. Governor Glick, of Kansas, is en route East to look out after the interests of the State of Kansas, which is a loser by the failure of Lawson & Simpson. Washington. The President has called a meeting of the Board of Commissioners of the World's Exposition for the 17th prox. The Pension fund, as reported by the Senate Committee, is fixed at $66,000,030, instead of $84,000,000. The number of pension agents is reduced to twelve. The section fixing pension attorney's fees at $10 is stricken out. Rudolph W. Wolfsohn, of Buffalo, was confirmed as U. S. Consul at Mannheim.

5. May 16, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 16, 1884

Click image to open full size in new tab

Article Text

A Suspended Bank. CHICAGO, May 15.-The Journal's Quincy, Ills., special says: "The Union Bank, of this city, has failed to open its doors this morning- When the Marine Bank, of New York, failed, the Union Bank transferred its account to the Metropolitan, and the closing of the doors of that bank yesterday was given as the cause for the suspension.

6. May 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 16, 1884

Click image to open full size in new tab

Article Text

Closing of a Quincy Bank. QUINCY, III., May 15.-The Union Bank, of this city. has failed to open its doors this morning. When the Marine Bank of New York failed. the Union transferred its account to the Metropolitan. and the closing of the doors of that bank yesterday is given as the cause for suspension. No statement can be obtained at present. but the officials are confident depositors will be paid in full It is stated by the officials that the bank will probably not resume business.

7. May 16, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 16, 1884

Click image to open full size in new tab

Article Text

ing generally expressed was one of con fidence that the panis would be considered merely local, but they were in a position to occasion no failures in London, either inside or outside the Stock Exchange. The remarkable decline in American securities during the past few days, attracted a new class of investors into the market. who are stimulated also by the cheapness of money in England, Germany and France. A prominent banker said: "It is amusing how little real stock is being sold here. Bat," be said, "the bear sales are immense." The market shows a strong disposition to respond to anything fav rable from America. The largest business on the street. in a single day, for years. was done today. The purchase of American stock by small investors, is enormous. The market is firm. Advices from Frankfort and other financial cente 8. report great activity in purchasing American securities. GOVERNMENT ACTION. WASHINGTON. May 15.-Bank Examiner Schriba believes the crisis is past. The Secretary of the Treasury has telegraphed the Assistant Treasurer at New York as follows: From this day to June 1st you are authorized to pay the bonds embraced in the 125th, 126th and 127th calls, with accrued interest, subjeet to the decision of the department as to the regularity of the assignments, and the expressage to the department to be paid, as heretofore, by the party having the bonds redeemed." AT BOSTON. BOSTON, May 15.-F. A. Hawley & Co., bankers and brokers, have suspended. They cannot give a statement of their liabilities, but state that their suspension is due to a failure to ascertain just where they stand. The amount due depositors is unknown. They hope to resame. but this is net probable. The house rates at about $100,000. THE OIL MARKET. PITTSBURO,May15.-Petrolen opened firm at 83, and under the impression that the worst was over. good buying was inangurated, which sent prices up to 95, when the announcement of the failure of Fi-k & Hatch and A. W. Dino k caused 4 reaction. and a worse panic than that of yesterday ensued. Certificates were damped on the market in large bundles, and prices dropped to 761/ in a few moments amid the wildest excitement. The news of the panic spread rapidly, and large crowds flocked to the Exchange: but me intime the market had touched bottom, and prices rallied and closed at 77½. The shies of the day were enormous. HILL, STANWOOD & CO. BOSTON, May 15.-Hill, Stanwood & Co., brokers, correspondents of Goffe, Randle & Co., of New York, have sus. pended. The liabilities are $100,000. It is stated that the deposit accounts of Hawley & Co. are $250,000. Total liabilities, $500,000. AN UNFOUNDED REPORT. Kansas CITY, May 15.-There 18 no truth in the report of the suspension of the Bank of Kansas City. The bank ers of the city met this morning and agreed to pay 20 per cent cash to depositors and give certified checks for the balance. This agreement includes all except the Farmers' Bank, which prefers to pay dollar for dollar. The balance at the Clearing House will be announced at 1 p. m., when a plan of settiement will be agreed upon. It is thought the plan decided on in New York will be adopted here. FAILURE AT QUINCY. QUINCY, III., May 15.-The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed, the Union Bank transferred its account to the Metropolitan, and the closing of the doors of that bank yesterday is given RS the cause of the suspension. ACTION IN WASHINOTON. WASHINGTON, May 14.-Hundreds of telegrams from New York have been received by members of Congress today urging immediate legislation to relieve the financial strain. The majority were received by Representatives. Just before the adjournment of the House unanimous consent Was asked by Spring or to pass the Diagley bill, authorizing the Secretary of the Treasurv to invest

8. May 16, 1884 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, May 16, 1884

Click image to open full size in new tab

Article Text

Suspension of the Union Bank of Qniney, Ille. CHICAGO, May 15.-The Journal's Quincy, Ills., special says the Union Bank of that city failed to open its doors this morning. When the Marine Bank of New York failed the Uniou Bank transferred its account to the Metropolitan Bank, and the closing of that bank yesterday is given as the cause of its suspension.

9. May 16, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 16, 1884

Click image to open full size in new tab

Article Text

QUINCY, ILL. FAILURE OF THE UNION BANK, QUINCY, ILL,, May 15,-The Union bank of this city has failed to open its doors this morning. When the Marine bank of New York failed, the Union transferred its account to the Metropolitan, and the closing of the doors of that bank yesterday is given as the cause for the suspension.

10. May 19, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 19, 1884

Click image to open full size in new tab

Article Text

1884 Corresp'g weeks. Past Previ's 1881. 1882. 1888. week. week. States. 28 29 31 25 39 Middle 22 21 28 35 82 New England 13 21 34 20 82 Southern 19 81 55 40 58 Western. Pacific and Ter6 14 18 12 26 ritories 88 116 166 132 187 Totals 15 14 21 20 35 Canada About 75 per cent. were those of small traders whose capital was less than $5,000. The following were the important suspensions of banks, bankers and brokers during the past week: New York city-Fisk & Hatch, Hatch & Foote, Donnell, Lawson & Simpson, O.M. Bogert & Co., Hotchkiss, Burnham & Co., A. W. Dimock & Co., Nelson Robinson & Co., H. C. Hardy & Sons, Goffe & Randle. Brooklyn-Atlantic State Bank. Newark, N. J.-The Newark Savings Institution. BostonF. A. Hawley & Co. Bradford, Pa.Whitney & Wheeler. Quincy, Ill.Union Bank. St. Joseph, Mo.-State Savings Bank. Tucson, Arizona-Hudson & Co. Atlanta, Ga.-John H. James. Among the other suspensions were the Northwestern Manufacturing and Car Co. of Stillwater, Minn.: Charles E. Young & Brother, produce, Philadelphia, Pa.; and Henry C. Mayo, canned goods, Boston, Mass. In the principal trades they were as follows: Bankers and brokers 13, banks 5, stock brokers 5, grocers 26, general stores 24, produce and provisions 11, clothing and cloth 10, liquors 9, drugs 8, hotels and restaurants 8, manufacturers 7. shoes 6, dry goods 6, hardware 6, butchers 5, bakers and confectioners 5, furniture 4, lumber 4, jewelry 4, millinery 3, fancy goods 2, grain and flowr 2, tobacco and cigars 2, men's furnishing goods 2, books, stationery, etc., 2. ALABAMA. Eufaula-Thomas L. Allday, saloon, failed; Ebenezer Priest, saloon, reported failed. FLORIDA. Tallahassee-B. A. McGinnis, general store. assigned. GEORGIA. Atlanta-M. B. Byron, grocer, failed; John H. James, banker, suspended and assigned to W. J. Garrett and A: D. Adair. His real estate is valued at $250,000, and he thinks this will be enough to pay all his liabilities: Paine, Rowland & Co., produce exchange, receiver appointed. Rome-J. G. Yeisse, drugs, applied for homestead. Sucainsboro-Manning R. Rountree, general store, assigned. SOUTH CAROLINA. Charleston-C. D. Derate, fruits, sold out on a chattel mortzage. Georgetown-Julius Levy (agent), saloon. failed and succeeded by his father. Itis said he paid nothing Marion-Julins Brown, generalstore, closed by Sheriff.

11. May 30, 1884 The Pioneer Express Pembina, ND
Article from The Pioneer Express, May 30, 1884

Click image to open full size in new tab

Article Text

General News Items. Kauffman, Kohn & Co., St. Louis milliners, failed for $75,000. The Chickasaws in Indian Territory protest against admitting negroes to citizenship with Kauffman, Kohn & Co., wholesale millinery, St. Louis, have assigned with $75,000 liabilities and $35,000 assets. A mortgage on Gen. Grant's farm, a few miles south of St. Louis, to aid in securing the loan from-W. H. Vanderbilt, was recorded. dreat preparations are in progress for the yearly meeting of the Dunker aburch of North America, near Dayton, Ohio, beginning May 801 Gen. Rosecrans and party the other day identified the spot where Gen. Bedgwick fell at Brotaylvania, and a monument will be erected there Charles B. Sensing, a well-known real estate and insurance agent of Vandalia, III., was found dead in his room at the Everett house, St. Louie. The creditors of J. H. James, bankers at Atlanta, Ga, have unanimously voted to accept a compromise offered, which leaves the property in trust. They will probably pay in full. Elliott, Dewey & Co., wholeale dry goods, Richmond, Va, have assigned. Liabilities $200,000, assets not known. Dewey thinks they can pay dollar for dollar. Preferred creditors amount to $103,000. Judge W. G. M. Golsom has been appointed by United States Justice Woods, United States marshal for the Middle and Southern districts of Alabama, pending the action of the United States senate on the nomination of James H. Speed. The statement of the condition of the suspended Union bank of Quincy, III, places the mets-real estate and perfectly good bills receivable-at $263,485. The liabilities are $256,895, of which $117,161 are due depositors and 865,154 in the savings department The following candidates were admitted to the naval academy at Annapolis: J.L Knoernschild of Wisconsin: Edmund P. Metson of Misquari; D. W. Beswick of Michigan; N. W. Hicks of Minnesota; Frank W. Murdough of Pennsylvania; A. A. Hin of Illinois, and A P. Campbell of Missouri. Frederick Ward, of Grant & Ward, rested in New York by a deputy sheriff in a him by Nelson J. Tappan Ward in held in fixed in the order of in is but in the jail, not been yet

12. June 5, 1884 The Mineral Argus Maiden, MT
Article from The Mineral Argus, June 5, 1884

Click image to open full size in new tab

Article Text

Charles B. Sessing, a well-known real estate and insurance agent of Vandalia, Ill., was found dead in his room at the Everett house, St. Louis. The creditors of J. E. James, bankers at Atlanta, Ga., have unanimously voted to accept a compromise offered, which leaves the property in trust. They will probably pay in full. Elliott, Dewey & Co., wholsale dry goods, Richmond, Va., have assigned. Liabilities $200,000, assets not known. Dewey thinks they can pay dollar for dollar. Preferred creditors amount to $103,000. Judge W. G. M. Golsom has been appointed by United States Justice Woods, United States marshal for the Middle and Southern districts of Alabama, pending the action of the United States senate on the nomination of James H. Speed. The statement of the condition of the suspended Union bank of Quincy, Ill, places the assets-real estate and perfectly good bills receivable-at $263,485. The liabilities are $256,895, of which $117,161 are due depositors and $65,154 in the savings department. The following candidates were admitted to the naval academy at Annapolis: J. L. Knoernschild of Wisconsin; Edmund P. Metson of Missouri; D. W. Beswick of Michigan; N. W. Hicks of Minnesota; Frank W. Murdough of Pennsylvania; A. A. Hill of Illinois, and A. P. Campbell of Missouri. Frederick Ward, of Grant & Ward, was a-I rested in New York by a deputy sheriff in a suit brought against him by Nelson J. Tappan, city chamberlain. Ward is held in $300,000 bail, the amount fixed in the order of arrest. He has not yet been lodged in jail, but is in the custody of the sheriff. Bail has not yet been furnished by Ward. Eugene Field, the alleged funny man of the Chicago News, recently announced the marriage of J. C. Harris (Uncle Remus) of the Atlanta Constitution. The father of the lady is much incensed at the free use of the name of his daughter. and threatens to take a trip to Chicago for the purpose of seeking satisfaction according to the code. Dispatches from the northwest territories state that Indian bands have sent out runners to the various reserves to rouse the redskins to action. A grand reunion of all the tribes has been arranged to take place at Pasquah's reserve, and trouble is feared. The mounted police have arrived at Fort Qu'Appelle with cannon Every precaution is being taken. R. N. McLaren, secretary of the national republican convention, received a letter from Hon. A. Barto of Sauk Center, Minn., delegate elect to the national convention, with a copy of a letter from Hon. George A. Johnson of Detroit, who was one of the delegates from the Kindred convention, in the Fifth Minnesota district. He diselaims any intention of prosecuting the contest for a seat in the national convention, and says he will go before the national convention in Chicago and make a statement. He proposes to act in good faith, and will prevent a contest. Mr. Kindred is reported as saying that he is satisfied, and does not favor a contest.