5211. 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
cbfe6731

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated May 15, 1884) report the Union Bank of Quincy failed to open its doors and was suspended. The suspension is repeatedly attributed to the closing of the Metropolitan Bank (to which Union had transferred its accounts after the Marine Bank failure) — i.e., a correspondent failure. Several articles state the bank's condition was 'favorable' and that it 'will probably be resumed' though a formal reopening is not explicitly documented in these clippings; therefore I classify as suspension_reopening based on press statements anticipating resumption.

Events (1)
1. May 15, 1884 Suspension
Cause
Correspondent
Cause Details
After Marine Bank (NY) failed, Union had transferred its account to the Metropolitan Bank; the Metropolitan's closing is given as the immediate cause of Union's suspension (failure to open).
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 of the suspension.
Source
newspapers

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

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

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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.

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

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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.

4. May 16, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 16, 1884

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Union Bank of Quincy. QUINCY, III., May 15.-The Union bank of this city has failed to open its its doors this forenoon. When the Marine bank of New York failed the Union transferred its accounts to the Metropolitan, and the closing of the doors of that bank yesterday is given as the cause of suspension.

5. May 16, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, May 16, 1884

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purpose of obtaining such relief as it is entitled to relating to notes and other securities belonging to the company held or disposed of by Grant & Ward. AN OFFICER OF THE METROPOLITAN BANK told a reporter this afternoon that $185,000 was paid out during the day. The deposits amounted to $664,000 and checks for $454,000 were certified. It is estimated that by settling his privileges on the basis of to-day's prices Russell Sage would lose from $800,000 to $1,000,000. FAILURE OF A SMALL BROKER W. H. Sweeney, a small banker at 104 Nassau street, assigned to-day to A. C. Aubrey. The failure is insignificant. A RUN ON THE BROOKLYN BANKS. There was a run on the South Brooklyn Savings bank to-day. The depositors are mostly poor and ignorant people who were misled, as the bank is on Atlantic avenue, into supposing it was the Atlantic bank which suspended yesterday. The demands were promptly met. Father Franceli, of St. Peter's Catholic church, to which most of the depositors belong, went to the bank and addressed the crowd, begging them to go home and not lose six months' interest by drawing out their money. He said he would personally vouch for the soundness of the bank. His remarks, however, were not heed~ ed by the excited crowd Up to the elosing of business $125,000 had been paid out. The cashier says there is a surplus of $700,000 and all applicants will be paid in full. The Brooklyn Savings bank was also run upon and paid out $150,000. The officers count their gain of $6,000 in interest. Nearly all the other savings banks in Brooklyn sustained slight runs. Another Bank Shuts Its Doors. St. LOUIS, May 15.-The Bank of Kansas City closed its doors this morning. It had a capital of $600,000 and was the last to close in the great panic of 1873. President Chick states that the suspension is due to the failure of Donnell, Lawson & Sintpson, their New York correspondents. The bank had a surplus of $106,688.After a meeting of the directors it was announced that the bank would pay twenty per cent. cash and the rest in certified checks. The amount of deposits is figured at $2,000,000. A Bank in Illinois Goes Down. QUINCY, Ill., May 15r-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 accounts to the Metropolitan, and the closing of that bank yesterday is given as the cause of the suspension Comments of the London Press. LONDON, May 15.-The Daily Telegraph this morning regards the financial situation in New York with cheerfulness and says everything will be straightened out in the course of a few weeks. It praises Secretary Folger's action. The Times and the News think it deubtful that the crisis is yet reached in the New York panic. They do not think, however, that the panic will be as disastrous as that of 1873. Ward Tells About His Business Methods. NEW YORK, May 15-The examination of Ferdinand L. Ward was continued before Referee Cole to-day. Mr. Ward admitted that he never had any government contracts, yet had given out that impression to the people he was dealing with. The examination also developed the fact that two ledgers were kept by the firm of Grant & Ward, the entries in the one being at considerable variance with those in the other. The testimony of the bookkeeper of Grant & Ward showed that two weeks before the failure Mr. Spicer deposited with the firm $26,000 in Colorado bonds and that on the day of the failure Mr. Ward declared that the bonds were only deposited for safe keeping and not as security for Spicer's account, and they were withdrawn from the assets of the firm. The examination will be resumed to morrow

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

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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

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

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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.

8. May 16, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 16, 1884

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financial centres report great activ ity in purchases of American se curities. Beston, 14.-The Herald will to morrow print an interview with Lieutenant Governor Ames, upon the financial troubles and the outlook for the Union Pacific. Ames attributes this crisis to over production of manufactures and ruinous rate cutting by railroads and other corporations. He expressed great faith in the future of the Union Pacific, although its management had been too autocratic and arbit rary. Referring to the recent departure of Frederick L. Ames, Jr., and Charles Francis Adams, Jr., for Canada to investigate the affairs o' the road, he said: "They are provided liberally with scalpels, and when they find a cancer they will be most unmerciful in cutting around the diseased parte." Hill, Stanwood & Co., brokers, correspondents of Goffe, Randall & Co., New York, have suspended. Liabilities $10,000. It is stated that the deposit ac. count of Hawley & Co. is $259,000. Total liabilities $500,000. Washington, 15.-Bank Examiner Scriba believes the crisis is past The Secretary of the Treasury telegraphed the assistant treasurer at New York as follows: "From this date to June 1st you are authorized to pay the bonds embraced in the 125th, 126:h and 127th calls with accrued interest, subject to the decision of the Department as to the regularity of assignments, the expressage to the department to be paid as heretofore by the party having the bonds redeemed. Kansas City, 15 -There is no truth in the report of the suspension of the bank of Kansas City. The bankers of the city met this morning and agreed to pay twenty per cent to depositors and give cer tifled checks for the balance. The agresment includes all except Armour's Bank which prefers to pay dollar for dollar. Balances at the Clearing House will be announced at 1 o'clock when a plan of settlement is agreed upon. It is thought the plan decided upon in New York will be adopted here. Chicago, 15.-Journal's Quincy, Ills. 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 the doors of that bank yesterday is given as the cause of the suspension.

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

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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.

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

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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

11. May 30, 1884 The Warner Weekly Sun Warner, SD
Article from The Warner Weekly Sun, May 30, 1884

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Charles B. Sessing, & well-known real estate and insurance agent of Vandalia, III., was found dead in his room at the Everett house, St. Louis. 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., 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, III, 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 disclaims 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.

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

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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.