4710. Union Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 14, 1854
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
c38c6787

Response Measures

Full suspension

Other: Bank went into liquidation under state law; State Auditor later redeemed notes.

Description

Contemporary reports describe a run/panic in mid-November 1854 (originating from failures/suspensions of other western/Indiana banks) that forced the Union Bank to close (suspend) on/around Nov 14, 1854. The bank subsequently went into liquidation and a receiver (Mark Skinner) was appointed in January 1855. I infer 'state' bank because articles reference Illinois 'Free' or 'State' banking law and later liquidation under the Illinois general banking law.

Events (4)
1. November 14, 1854 Run
Cause
Local Banks
Cause Details
Panic in Chicago triggered by failures and suspensions of other banks (notably Indiana free banks and local Chicago banks), producing heavy withdrawals and runs on multiple banks including the Union Bank.
Newspaper Excerpt
Western Bank Difficulties. CHICAGO, Tuesday, Nov. 14, 1854. The Union Bank has closed. ... Great excitement exists here in regard to the continued bank failures.
Source
newspapers
2. November 14, 1854 Suspension
Cause
Local Banks
Cause Details
Closed amid the broader Chicago panic and withdrawals tied to failures/suspensions of other banks (Indiana and local banks).
Newspaper Excerpt
SUSPENSION OF THE CITY BANK OF CHICAGO. CHICAGO, Nov. 14, 1854. The City Bank of this city this morning suspended. ... WESTERN BANK DIFFICULTIES. CHICAGO, Nov. 14, 1854. The Union Bank has closed.
Source
newspapers
3. January 24, 1855 Receivership
Newspaper Excerpt
GOING INTO LIQUIDATION.-The Chicago Democrat says that it is understood that the suspended banks of that city-the Union, the Phoenix, and the City Banks-are to be wound up in accordance with the provisions of the General Banking law of that State. Hon. Mark Skinner has been appointed Receiver, and has entered upon the discharge of the duties of his appointment by taking charge of the effects of the suspended banks.
Source
newspapers
4. March 8, 1855 Other
Newspaper Excerpt
Illinois SUSPENDED Banks.-The Chicago Democratic Press ... says: The banks that have gone into liquidation are the Union Bank, City Bank, Farmers' Bank and Phoenix Bank, all of Chicago ...
Source
newspapers

Newspaper Articles (18)
1. November 15, 1854 The New York Herald New York, NY
Article from The New York Herald, November 15, 1854

Click image to open full size in new tab

Article Text

The Financial Crisis. RUN ON THE BANKS OF WASHINGTON. WASHINGTON, Nov. 14, 1854. The run on the Exchange Bank in this city continue. to-day, but there were appearances of an abatement at the close of bank hours. The paper of the bank is re. deemed promptly, but depositors are not allowed to remove their deposits, and bill holders are paid in notes on the Trans-Alleghany Bank of Virginía-an institution said to belong to the same firm. Strong doubts are entertained as to the capability of the bank to sustain itself under such sudden pressure. The run on the Trans-Alleghany, the Arlington, the Old Deminion, and the Kanawha banks, and also the Exchange Bank of Selden, Withers & Co., still continues, and each bank is redeeming its notes with those of the others. EXCITEMENT ABOUT THE CANAL BANK OF CLEVELAND. CLEVELAND, Nov. 14, 1854. Dr. Ackley, a special depositor of eight thousaed dollars in the Canal Bank of this city, as State Commissioner for the erection of an insane asylum at Newbury, attempted to get possession of the property of the bank by law, as assignee, bnt was refused the keys of the safe. Thereupon, the Sheriff caused the safe wall to be broken into. Meanwhile, a general depositor of fifteen thousand dollars sued the bank, and summoned the 33signee to give him possession. The landlord of the building then refused to accept the assignee as a sublessee, and the breaking in of the wall was temporarily suspended. It was afterwards resumed, and it was proceeded with amidst the greatest excitement. What was got by the assignee has not yet transpired. SUSPENSION OF THE CITY BANK OF CHICAGO. CHICAGO, Nov. 14, 1854. The City Bank of this city this morning suspended. Its capital was two hundred thousand dollars. STOPPAGE OF GEORGE MILNE & co., PRIVATE BANKERS. CINCINNATI, Nov. 14, 1654. George Milne & Co., private bankers, of this city, stopped this morning. WESTERN BANK DIFFICULTIES. CHICAGO, Nov. 14, 1854. The Union Bank has closed. The bills of the Elgin Bank are again being taken. Great excitement exists here in regard to the continued bank failures.

2. November 15, 1854 Evening Star Washington, DC
Article from Evening Star, November 15, 1854

Click image to open full size in new tab

Article Text

More Bank Suspensions. CHICAGO, Nov. 13.-The Merchants and Me. chanies' Bank of this city has closed its doors. The notes of the Napersville Bank, and the Bank of Elgin have been refused in this city. The City Bank has suspended payment. The Union Bank has closed. The bills of the Elgin Bank are again taken. There is great excitement among our citizens CINCINNATI, Nov. 14-Goorge Milne & Co., private bankers, of this city, stopped payment this morning.

3. November 15, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 15, 1854

Click image to open full size in new tab

Article Text

WESTERN BANK DIFFICULTIES. CHICAGO, Tuesday, Nov. 14, 1854. The Union Bank has closed. The bills of the Eigin Bank are again being taken. Great excitement exists here in regard to the continued bank failures. The City Bank, of this city, suspended this morning. Its capital was $200,000.

4. November 16, 1854 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 16, 1854

Click image to open full size in new tab

Article Text

MORE BANK SUSPENSIONS. CHICAGO, Nov. 13-The Merchants' and Mechanice' Bank of this city has closed its doors. The notes of the Napersville Bank, and the Bank of Elgin, have been refused in this city. CHICAGO, Nov. 14.-The City Bank of this city has suspended payment. CHICAGO, Nov. 14.-The Union Bank of this city has closed. The bills of the Elgin Bank are again taken. There is great excitement among our citi zens. CINCINNATI, Nov. 14 -George Milne & Co., private bankers of this city, stopped payment this morning.

5. November 17, 1854 Daily Davenport Gazette Davenport, IA
Article from Daily Davenport Gazette, November 17, 1854

Click image to open full size in new tab

Article Text

Among those whounderst and our general banking law, there never has been any distrust of the Illinois Banks. That the people may have their confidence reassured, Hon. P. Maxwell publishes the following: TO THE PUBLIC. The undersigned feels called upon, at this time of monetary excitement, to make a public statement for the benefit of such persons as are not in the way of being correctly informed as to the value of Illinois Bank bills of suspended Banks. Every Bank of this State, under the General Banking Law, has deposited with the Auditor, in the hands of the Treasurer, good interest paying bonds of the several States, to the full amount of every dollar of their own bills; and all registered money is equally secured, one Bank with another. Those that have closed their doors have in no way depreciated the security for their bills:they are of their full value now-but cannot command specie until the Auditor disposes of their bonds or securities according to law, which is required to be done immediately, at which time due notice will be given and the bills redeemed in specie. No sacrifice should be made on Illinois Bank bills whatsoever-not even suspended Banks. P. MAXWELL, Bank Commissioner. CHICAGO, Nov. 15, 1854. In this connection it gives us great pleasure to say that we were assured last evening by one of the proprietors of the City Bank, that they expect to resume business on Tuesday next. We also heard, but not officially, that the Union Bank will resume in a few days. The directors of the Mercantile and Mechanic's Bank also publish a card this morning which looks to an early resumption of business. These facts will tend to strengthen public confidence. Abroad prospects are improving somewhat. The Ohio Statesman says: "To show how little the credit of the notes issued by the Free or Stock Banks suffer upon the failure of those Banks issuing them, it is but necessary to state that the notes of the City Bank of Columbus, the Miami Valley Bank, and the Canal Bank of Cleveland, will be received for taxes and all public dues, as the State hold indemnity for the present and all future contingencies. On the whole we have reason to hope that the worst is over. Let the system of contraction and paying debts go forward. Let all act with prudence and energy, and the community will ere long be relieved from its present financial embarrassment.

6. November 18, 1854 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 18, 1854

Click image to open full size in new tab

Article Text

Bank Panic in Chicago, The panic, which had its origin a month or two ago in the failure of the Indiana free banks to make any definite arrangement for the redemption of their paper, and which has raged with more or less violence in Cincinnati, Cleveland, Pittsburgh, and other places ever since, finally broke out on Monday at Chicago, and threatened to carry all her banks and business men before it. The Merchants' and Mechanics' bank was the first to give way under the pressure, and with it went the Cherokee Insurance Com pany, of Dalton, Georgia, which was : shinplaster concern owned by the same bank. As soon as the fact became known the excitement grew intense about the streets, and all sorts of rumors were afloat Depositors and bill holders of other bank became uneasy, and a general rush to th banks followed, The "City bank" next elo sed its doors. and with it went down th bank of Milledgeville, Georgia, a shinplaste concern owned by that bank. The "Unior bank" of Forest, Brothers & Co., next expe rienced the effects of a run, and in a fey hours was forced to close its doors. Othe banks showedsigns of weakness, and close for a few hours, but we believe these are al the banks that have not yet resumed opera tions. With the closing of these banks came th general throwing out of the bills of th country banks with which they had connec tions by agency or otherwise, and thus th rumor was at once spread that those countr banks had also failed or suspended, Amon banks at which the finger was thus pointe were the bank of Naperville, the bank o Elgin, the Belvidere bank, Dupage Co bank, Ottawa bank, Rock Island bank, and several others, none of which, however, S far as we are advised, has failed to meet al it liabilities as presented, and the bills o which, being amply secured by state stocks are still current as any paper in the country and received by all the bankers and busines men in or out of Chicago, with a few unim portant exceptions. Indeed, a card is pub lished by nearly all the wholesale dealers in Chicago, in which they state that, seeing no just cause for the present panic in reference to the stock secured banks of the city and this state, they will continue to receive thei bills as heretofore, and the same course i again generally adopted by the bankers After diligent enquiry we cannot find that single country bank has yet suspended, and indeed, no serious run has yet been threat ened on any except in a few places immedi ately contiguous to Chicago, and there doubtless, the brokers and money shaver were at the bottom of it. The storm, however, appears to hav nearly spent itself in Chicago, and there is fair prospect of a calm, and speedy resump tion by the suspended banks. The Press o Thursday says: Yesterday, we are happy to say, ou streets were quiet. So far as we could lear the run on the Banks is over, and unles some new cause of alarm should arise, w have reason to hope the crisis is passed Business is moving along as usual, and seems to have returned to its original chan nels. It gives us great pleasure to say that w were assured last evening by one of the pro prictors of the City Bank, that they expec to resume business on Tuesday next. W also heard, but not officially, that the Unio Bank will resume in a few days. The directors of the Merchants and Mo chanic's Bank also publish a card this morn ing, which looks to the early resumption ( business. These facts will tend to strength en public confidence. With the resumption of these banks, ( course the Georgia money, for which the are responsible, will again become good, S that persons holding Milledgeville, Chere kee, &c., should by no means dispose of at present at the loss of a cent. It wi doubtless be all current again in a week, an the same patience which it is most profitabl to exercise in reference to our own bank will be found most profitable in reference t the Georgia banks. But when this foreig stuff does again become good, it will un doubtedly be the wisest course to exchang it as fast as possible for our own state cur rency, which we know to be safe.

7. November 20, 1854 The New York Herald New York, NY
Article from The New York Herald, November 20, 1854

Click image to open full size in new tab

Article Text

The Bank Excitement Over In Chicago-The Banks to Resume. [From the Chicago Free Press, Nov. 16.] Yesterday, we are baopy to say, our streets were quiet. So far 88 we could learn, the ran on the banks is over, and unless some new cause of alarm should arise, #e have reason to 10 e the crisis is passed. Business is moving along as usual, and seems to have returned to its original channels. Among those who unde stand our general banking law there never has been any distrust of the 11line is banks. That the people may have their confidence reassured, Hon. P. Maxwell publishes the following:TO THE PUBLIC. The undersigned feels called upon, at this time of monetery excitement, to make = public statement, for the bene fit of such persons as are not in the way of being correctly informed as to the value of IIIInois biles and suspended backs. Every bank of this State, under the general banking law, has deposited with the Auditor, in the bands of the Treasurer, good interest paying bonds of the several States, to e full amount of every collar of 1b-1c OWD bills; and all registered mobe) MR equally "se bren, bank with another. These that have losen their doors have in no way depredated the security for their bills-they are of their full value w-but cannot command spsote until the Auditor is their bonds or securities ac. coreing 10 in w, bico is required to be done imme. ciar-ly, at bigh time due notice will be given and the hills red-ened in specie. No sacrifice should be nace or Indnois Bank bills whatsoever-not even P. MAXWELL, suspenced backs. Bank Commissioner. CBICAGO, Nov. 15, 1854 In 1b:8 connection it kives us great pleasure to ray 118° we were as used est evening by one of the proprietors of the City Bank, that they expect to resume business on Tuesday rext. We also heard, but not, fficially, that the Union Bank will resume in 8 few days. The director rs of the Merchants' and Meshanics' Bank also publish a cad this morning which looks to on early resumption of business. These facts will tend to strengthen public confidence.

8. November 22, 1854 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, November 22, 1854

Click image to open full size in new tab

Article Text

most of our readers ere this, that the money of the Indiana Banks is at present uncurrent. The cause of the difficulty with the banks of that State, and the influence exerted by their suspension upon the banks of the neighboring States, may be gathered from the fact that the Indiana Free Bankiug Law allows the banks thirty days to refuse payment of coin for their notes, giving a chance, perhaps, for over circulation; but the Free Banking Law of Illinois compels the banks to redeem their notes on presentation. This naturally operates to prevent a forced circulation, and to keep the bank issues of the latter State within the bounds of the legitimate wants of trade. Illinois has a business population equal to that of Indiana, and while the banks under her free banking law have a circulation of $1,200,000, Indiana banks, previous to the late suspension, are said to have had a circulation of $7,000,000. But an opinion prevails quite extensively among business men that Indiana money will soon be current again, and we would advise our readers, who are in possession of money upon banks of that State, not to sacrifice thereon. In a few weeks the bills of most of the banks will doubtless have as free circu- as formerly. In respect to the banks of Illinois and Ohio we publish for the information of our readers, as regards their future prospects, the following statement taken from a Chicago paper of the 16th inst.: # THE BANK EXCITEMENT OVER- # THE BANKS TO RESUME. Yesterday, we are happy to say, our streets were quiet. So far as we could learn the run on the Banks is over, and unless some new cause of alarm should arise, we have reason to hope the crisis is passed. Business is moving along as usual, and seems to have returned to its original channels. Among those who understand our general banking law, there never has been any distrust of the Illinois Banks. That the people may have their confidence reassured, Hon. P. Maxwell publishes the following: TO THE PUBLIC. The undersigned feels called upon, at this time of monetary excitement, to make a public statement for the benefit of such persons as are not in the way of being correctly informed as to the value of Illinois bank bills of suspended Banks. Every Bank of this State, under the General Banking Law, has deposited with the Auditor, in the hands of the Treasurer, good interest paying bonds of the several States, to the full amount of every dollar of their own bills; and all registered money is equally secured, one Bank with another. Those that have closed their doors have in no way depreciated the security for their bills; they are of their full value now-but cannot command specie until the Auditor disposes of their bonds or securities according to law, which is required to be done, immediately, at which time due notice will be given and the bills redeemed in specie. No sacrifice should be made on Illinois bank bills whatsoever--not even suspended Banks. P. MAXWELL, Bank Commissioner. Chicago, Nov. 15, 1854. In this connection it gives us great pleasure to say that we were assured last evening by one of the proprietors of the City Bank, that they expect to resume business on Tuesday next.-- We also heard, but not officially, that the Union Bank will resume in a few days. The directors of the Merchants and Mechanic's Bank also publish a card this morning which looks to an early resumption of business. These facts will tend to strengthen public confidence. Abroad the prospects are improving somewhat. In reference to the Farmer's Joint Stock Bank at Toronto, we find the following card in the Buffalo papers: "The agency of the Farmers' Joint Stock Bank in this city being unable longer to sustain the protracted run upon this Institution, would beg leave to notify all parties interested, that the bills of this Bank will be fully redeemed in real estate at fair prices, or otherwise, as parties may agree." The Ohio Statesman says: "To show how little the credit of the notes issued by the Free or Stock Banks suffer upon the failure of those banks issuing them, it is but necessary to state that the notes of the City Bank of Columbus, the Miami Valley Bank, and the Canal Bank of Cleveland, will be received for taxes and for all public dues, as the State hold indemnity for the present and all future contingencies." On the whole we have reason to hope that the worst is over. Let the system of contraction and paying debts go forward. Let all act with prudence and energy, and the community will ere long be relieved from its present financial embarrassment. # TERRIBLE CONFLAGRATION AT LOCKPORT, N. Y., FROM THE EXPLOSION OF CAMPHENE. A very destructive fire occurred in Lockport, N. Y., Nov. 2d, from the explosion of a camphene lamp, in the old Jenning's Hotel, Maine street. By this accident two churches, three hotels, three grocery stores, besides two entire blocks and several wooden buildings in the immediate

9. November 23, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, November 23, 1854

Click image to open full size in new tab

Article Text

According to our last advices, the panic was to some extent abating. In Ohio, the Secretary of State advertises to take the notes of the suspended State Stock Banks on Taxes and all other public dues, as the State has ample security in Stocks deposited. The following banks have suspended payments since we published a list: City Bank of Chicago; Merchants & Mechanics Bank, Chicago; Farmers Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago; And as a consequence, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia; The Cherokee Bank & Ins. Co., Georgia; And the following Banks, located in other parts of the State of Illinois: Belvidere Bank; Bank of Rockford; Bank of Naperville; Bank of Ottawa; Du Page County Bank; Rock Island Bank; Rock River Bank, Beloit, Wis. These are mostly sma 1 institutions, with small circulation, and no necessity exists for a very deep shave upon their paper. The Brokers and Bankers of St. Louis have published a card agreeing to receive the notes of all the Illinois banks which have not 5113pended, at their face, and expressing confidence in the soundness and ultimate safety of the Free Banks of that State.

10. November 23, 1854 The National Era Washington, DC
Article from The National Era, November 23, 1854

Click image to open full size in new tab

Article Text

NEWS OF THE WEEK. The Western Banks. The Cincinnati Commercial states that, in consequence of the pressure, the City Bank of Columbus, Ohio, has been forced to suspend payments of its deposites. The notes of the Bank of Kanawha sold at 25 per cent. discount; Bank of Circleville, at 50; Kentucky Trust Company, at 70; and Newport Safety Fund, at 80. The notes of the Clinton Bank of Columbus were again refused at Cincinnati on Saturday. Indiana stock notes are selling at 25 to 30c. discount. A note from the Treasurer of the State of Ohio states that the notes of the Miami Valley Bank, Canal Bank of Cleveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks, will be received for taxes and all other public dues, as heretofore. These notes are abundantly secured by the pledge of Ohio and United States stock in the offices of the Auditor and Treasurer of State, which stocks are still commanding a premium in New York. No bill-holder, he adds, need necessarily lose anything by Ohio stock paper. For the sake of keeping our readers posted, we extract the following list of suspended Western banks, from Thompson's Reporter, of Nov. 18: The Union Bank, Chicago, Ill.; the Bank of Napierville, Napierville, Ill.; the City Bank of Chicago, III.; the Merchants and Mechanics' Bank, of Chicago, Ill.; and the Farmers' Bank of Chicago, are said to have failed; also, the Mechanics and Traders' Branch of the State Bank of Ohio, Cincinnati, Ohio; the Sandnsky City Bank, Ohio; the Farmers' Joint Stock Banking Company, Toronto, Canada; the Bank of Circleville, Ohio; the Exchange Bank, Buffalo, N. Y.; the Canal Bank, Cleveland, Ohio; the City Bank of Columbus, Ohio. Seven more Indiana Banks are under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry County Bank, Cannelton; Steuben County Bank, Angola; Traders' Bank, Terre Haute; Great Western Bank, Terre Haute. It is proper to add that a number of merchants of the city of Chicago, Illinois, have agreed to receive at par the bills of the banks of that city, which has had a good effect, but the excitement nevertheless continues, as the holders want specie, not goods, for their bills. The Union Bank of Chicago was owned by Forrest Brothers, and the City Bank, owned by Bradley, Curtis, & Co. The failure of the Mechanics' and Traders' Bank of Cincinnati is not of much importance. It has been in process of closing its business for some time past, under the supervision of the board of control. Its capital in August last was only $60,000, and its circulation $47,339. The deposits and circulation are paid without interruption.

11. November 25, 1854 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, November 25, 1854

Click image to open full size in new tab

Article Text

ILLINOIS BANKS.-The Telegraph announces, every day or two, the suspension of some of the Banks of Illinois. One list which is before us embraces the following Banks: City Bank of Chicago; Merchants' and Mechanics' Bank, Chicago; Farmers' Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago. And, as a consequence of these failures, two wild-cat concerns from Georgia, but owned in Chicago : The Milledgeville Bank, Georgia, and the Cherokee Bank and Insurance Company, Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. This is, we believe, the extent of the bank suspensions in Illinois ; and when it is recollected that the most of them are, in familiar phrase, "one-horse affairs," having capitals perhaps of $50,000 and a circulation of $30,000 or $40,000 each, scattered all over the State, it is somewhat surprising that even the excitable people of Chicago should make 80 much ado about it. It is not pretended that the banks, if let alone, will not redeem their paper. Our own bankers, we are glad to see, are pursuing a very proper course. They are receiving on deposite from their customers the notes of all the Free Banks of Illinois not known to be discredited in that State. They take this responsibility, we presume, believing that the banks are, as a general thing, sound. The Bank Commissioners at Springfield and Chicago have each made publication, assuring the public of the safety of the bill-holders.-St. Louis Republican.

12. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

Click image to open full size in new tab

Article Text

suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

13. January 24, 1855 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, January 24, 1855

Click image to open full size in new tab

Article Text

GOING INTO LIQUIDATION.-The Chicago Democrat says that it is understood that the suspended banks of that city-the Union, the Phoenix, and the City Banks-are to be wound up in accordance with the provisions of the General Banking law of that State. Hon. Mark Skinner has been appointed Receiver, and has entered upon the discharge of the duties of his appointment by taking charge of the effects of the suspended banks.

14. January 24, 1855 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, January 24, 1855

Click image to open full size in new tab

Article Text

To BE WOUND Up.-We learn that the affairs of the City Bank, the Union Bank and the Phœnix Bank, all of this city, which have been closed for several weeks past, are to be wound up under the general banking law of the State. Hon. Mark Skinner has been appointed receiver for the purpose and took charge of the visible effects of the bank yesterday.-Chicago Press.

15. March 8, 1855 Demoine Courier Ottumwa, IA
Article from Demoine Courier, March 8, 1855

Click image to open full size in new tab

Article Text

Illinois SUSPENDED Banks.-The Chicago Democratic Press of the 20th, *peaking of the Illinois banks, says: The banks that have gone into liqnidation are the Union Bank, City Bank, Farmers' Bank and Phoenix Bank, all of Chicago, and the Merchants' and Farmers' Bank, of Sprinfield.

16. March 9, 1855 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, March 9, 1855

Click image to open full size in new tab

Article Text

IMANOIS SUSPENDED BANKS.-The State Auditor of Illinois has given notice that, pursuant to an act of the Legislature atjits session just closed, he is ready to receive the notes of such banks as have gone into liquidation in exchange, at par, for the securities deposited with him by such banks, provided the notes shall be presented within the next sixteen days. After the expiration of that time the securities.will be offered for sale in New York, and the proceeds applied, pro rata, to the redemption of the notes. The banks that have suspended are the Union Bank, City Bank, Formers' Bank, and the Phoenix Bank, all of Chicago, and the Mechanics' and Farmers' bank of Springfield,

17. March 13, 1855 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, March 13, 1855

Click image to open full size in new tab

Article Text

Some mathematician has calculated that the war costs the Allies $300 a minute. # BROKEN AND SUSPENDED BANKS. PRESENT VALUE. Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 95 cents Bank of Circleville Ohio, 65 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. 80 cents Government Stock Bank, at Ann Arbour, Mich-igan, 40 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, 25 cents Farmers & Mechanics' Bank of Kent County Maryland 65 cents Newport Safety Fund Bank, Kentucky, — cents Stark Bank, Vernont, 50 cents Cochituate Bank, Boston, Mass. 25 cents Eighth Avenue Bank, New York City, 93 cents Lewis County Bank, Martinsburgh, N. Y. 10 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, 75 cents Mechanics' and Farmers' Bank, Springfield, Illinois, 75 cents Farmers' Bank, Chicago, Illinois, 75 cents Ship Builders' Bank, Maine, — cents Trans-Alleghany Bank, Virginia, 90 cents Bank of Milford, Delaware, — cents Exchange Bank of Selden, Withers & Co. Washington, 50 cents

18. April 26, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, April 26, 1855

Click image to open full size in new tab

Article Text

ILLINOIS SUSPENDED BANKS AT PAR -The Auditor of State has published the following notice, relative to the redemp. tion of the Illinois State Banks that have gone into liquidation. AUDITOR'S OFFICE, ILL Springfield, Apr. 4 1855 To the holders of Notes of Banks that are now in liquidation: I am now prepared to redeem the cir culating notes of the banks that are in liquidation, at par, viz. The Farmer's Bank. the Phonix Bank, the Union Bank. and the City Bank, situated at Chicag and the Mechanic's and Farmea's Bank, at Springfield, III. THOS. H. CAMPBELL, Auditor.