Union Bank (Quincy, IL)

Episode Information

Episode UID
5690178591013
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
569017859 hash
Start Date
May 15, 1884
Location
Quincy, Illinois (39.936, -91.410)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e878e22255190ee7

Response Measures

None

Description

The bank suspended due to the failure of its New York correspondent (Metropolitan Bank) following the Marine Bank failure; officials stated it would likely not resume.

Events (2)
1. May 15, 1884 Other
Newspaper Excerpt
It is stated by the officials that the bank will probably not resume business.
Source
newspapers
2. May 15, 1884 Suspension
Cause
Correspondent
Cause Details
The bank suspended because its New York correspondent, the Metropolitan Bank, closed its doors.
Newspaper Excerpt
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.
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 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, May 16, 1884

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Assistant lows: From this date to June 1 you are authorized to pay bonds embraced in 125th, 126th and 127th calls, with accrued interest, subject to the decision of the Department as to the regularity of assignments-expressage to the Department to be paid as heretofore by the party having the bonds redeemed. NEW YORK, May 15.-At the Produce Exchange there is nc excitement. The market is firmer. The rush on the Second National Bank has about stopped. There were 148 deposits up to noon. The Clearing House has arranged to pay all the Second National's debts. BOSTON, May 15.-Hill, Stanford & Co., brokers, correspondents of Goffe, Randle & Co., New York, have suspended. NEW YORK, May 15.-The failure of Fisk & Hatch was announced before the closing of the Exchange. The effect was instantaneous, causing a decline of 1 to 5 points in stocks. The street was excited. Brokers were rushing around wildly, and the situation again assumes & troubled aspect. The market closed weak. Cash Shot to Death. CHARLESTON, S. C. May 15.-Gov. Thompson received the following this morning: CHERAW, S. C. May 15.-To Gov. Hugh S. Thompson: I went with a posse last night to arrest W. B. Cash, and instructed the men not to fire unless absolutely necessary. Placing two men between the house and barn, and two between the barn and the swamp, and finding Cash in the barn, I ordered it surrounded. Cash came out and fired. The fire was returned. After Cash fired several shots he was killed, being riddled with bullets. None of the posse were struck except W. H. Hilton, whose fingers were shot off by Cash. (Signed) E. L. KING, Deputy Marshal. Missouri Bank Troubles. KANSAS CITY, Mo., May 15.-There is no truth in the report of thesuspension of the Bank of Kansas City. The bankers of the city met this morning. They agree to pay 20 per cent cash to the depositors, and give certified checks for the balance. The agreement included all except Armour's Bank, which prefers to pay dollar for dollar. The balance at the Clearing-house will be announced atl o'clock, when a plan of settlement will be agreed upon. It is thought the plan decided upon in New York will be adopted here. Trouble in Illinois. QUINCY, Ills., 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 Bank transferred its account to the Metropolitan, and the closing of the doors of that bank yesterday is given as the cause of the suspension. A Proper Investigation. WASHINGTON, May 15.-Morgan offered a resolution to the Senate, which went over one day, directing the Committee on Finance to examine into the causes of the failures of the National Banks in the city of New York. Lumber Company Failure. ST. PAUL, May 15.-Armstrong Taylor has been appointed receiver of the St. Croix Land & Lumber Company, of which E. S. Austin is President. The assets are placed at $500,000; liabilities at about $400,000. Not Guilty. NEW ORLEANS, May 15.-A Times-Democrat Hazelhurst special says: The jury in the case of E. R. Wheeler, for the murder of J.P. Matthews, was out about an hour and returned a verdict of not guilty. Loan of a Million. WASHINGTON, May 15. The Senate passed the House bill in aid of the New Orleans Exposition by the loan of a million of dollars. Greenback Tactics. WATERBURY, Vt., May 15.-The Greenback State Convention appointed a committee of five to make all nominations of delegates to Indianapolis.

4. 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.

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

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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

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

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A Bank in Illinois Goes Down. QUINCY, III., 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

8. 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

9. 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.

10. 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.

11. May 31, 1884 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, May 31, 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 them. 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. Great preparations are in progress for the yearly meeting of the Dunker church of North America, near Dayton, Ohio, beginning May 804 Gen. Rosecrans and party the other day identified the spot where Gen. Sedgwick fell at Spotsylvania, and a monument will be erected there. 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. 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, IIL, 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

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.