Union Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 15, 1884
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: c003748f

Response Measures

None

Description

Newspaper dispatches (May 15–16, 1884) report the Union Bank of Chicago failed to open its doors on May 15, 1884. The suspension is attributed to the closing of the Metropolitan (a correspondent in New York) after the Marine Bank failure. One report notes the bank may have resumed with the resumption of the Metropolitan of New York, so I classify as a suspension with a likely reopening rather than a permanent closure. No explicit mention of a depositor run is provided in these clips.

Events (1)

1. May 15, 1884 Suspension

Cause: Correspondent
Cause Details: Closure of the Metropolitan (New York) — a correspondent/bank where Union Bank held accounts — after Marine Bank failure; Union transferred its account to the Metropolitan and then suspended when Metropolitan closed.
Newspaper Excerpt: The Union Bank of this city has failed to open its doors this morning. ... the closing of that bank yesterday is given as the cause for suspension.
Source: newspapers

Newspaper Articles (3)

1. May 15, 1884 Evening Star Washington, DC

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Article Text

POSTSCRIPT. A FINANCIAL THUNDERBOLT. THE FISK & HATCH FAILURE THE CAUSES OF THE SUSPENSION. BAD EFFECT ON THE STOCK MARKET. WALL STREET. 8 p.m.-on announcement of the failure of Fisk & Hatch a rush of operators was made to the office of the failed firm, and anxious inquiries were made by brokers as to how the firm stood. The firm is composed of A. S. Hatch & Harvey Fisk. Mr. Hatch was recently elected president of the stock exchange by an unanimous vote. The firm have been the heaviest dealers in government bonds on the street, and have generally been considered a staunch, conservative and thoroughly reliable firm. They have been or recognized as the fiscal agents here of the Chesapeake and Ohio railroad, and of the Elizabeth town Big Sandy and Lexington road, and have carried heavy amounts of stock of these roads while the market has been declining. They have sons and sons-in-law in the stock business. The announcement of the suspension of Fisk & Hatch came like a thunderbolt on the Exchange. William Lummis, of Lummis & Day, is now acting as president of the stock Exchange, owing to Mr. Hatch's disability, he having been president of that body. It is surmised that efforts to aid their sons may have embarrassed the firm. Mr. Hatch has been very prominent in religious matters and philanthropical measures, and has trequently been heard of as a lecturer on religious subjects at the Macauley Cremorne mission. Fisk has just returned from an extended tour in Europe. T he immediate result of the failure on the stock exchange was a decline of from 1 to 5 per cent. The weakness in the government bond market is explained by the suspension of this frm. Failure of the Union Bank of Chicago, ⑉ CHICAGO, May 15. The Journal's Quincy. III., dispatch says: The Union Bank of thiscity has tatled 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 suspension.

2. May 16, 1884 The Daily Enterprise Livingston, MT

Article from The Daily Enterprise, May 16, 1884

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Article Text

THE ECHOES OF THE PANIC. Failures In Different Parts of the Country and a Few More in New York. A. W. Dimick & Co., brokers, of New York, suspended yesterday, but produced little effect on the market. Fisk & Hatch, a very heavy firm of brokers. regarded as among the staunchest on the street also. suspended; Fisk was president of the stock exchange; their suspension produced a marked decline in prices. At noon yesterday the Metropolitan bank resumed payment and thereby produced a very favorable impression on business. The Second National bank has been completely secured from its difficulties by depositors who brought in large amounts of ready money to the relief of the bank. The low prices of stocks and the immense prices charged for cash loans attracted foreign dealers. and their New York agents received orders to buy securities or draw for any amount of cash. This had a highly beneficial effect and made a firmer market. Donnell, Lawson & Simpson's correspondents in various parts of the west have been made safe during their sus pension by other firms agreeing to pay outstanding drafts on them and it does not appear that there will be any inconvenience among western banks from their suspension. Prices of leading stocks closed slightly higher last evening than on Wednesday evening, and it is the universal feeling that the worst is over. Wm. H. I Sweeney, a Nassau street (New York) banker made an assignment. The 1 amount is not large, but may embarass t other small firms in the neighborhood. There was a run on the Irish Emigrant Savings bank, but it produced 4 no effect. In Chicago the Union bank has susc pended payment, but may have reN sumed with the resumption of the b Metropolitan of New York. In Bost ton F. A. Hawley & Co., brokers, t have failed hopelessly; liabilities $500,000. Hill, Hanwood & Co., brop kers of the same city, have also failed a with comparatively small liabilities. n At Kansas City two banksn the Kansas City and Armour'sb are in trouble but will pull through. i At St. Joseph. the S. A. Richmond Medical company failed without any d seemingly good reason. At Pittsburg a here was a wild panic on the oil ext change yesterday which produced dein reciation in prices and enormous C ales. San Francisco and St. Louis al re both interested but not involved n the present crisis.

3. May 16, 1884 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, May 16, 1884

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Article Text

Failure in Boston. BOSTON, May 15.-Hill, Stanwood & Co., brokers. and Boston correspondents of Goffe, Randle & Co., of New York, have suspended. The liabilities will probably not reach $10,000. The failure is not considered of any significance. It is now stated 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. A Chicago Bank Suspends. CHICAGO, May 15.-The Journal's 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 Bank transferred its account to the Metropolitan. and the closing of that bank yesterday is given as the cause for the suspension.