7740. Union Bank (New Orleans, LA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
*
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
f8bb7d43

Response Measures

None

Description

Articles (1866) indicate Union Bank of New Orleans had suspended specie payments earlier during Reconstruction and by Dec 17, 1866 was expected to resume business at an early day. No explicit run is described in the provided excerpts, so this is classified as a suspension with (anticipated) reopening.

Events (1)

1. * Suspension
Cause Details
Suspended specie payments earlier in the post-war reconstruction period; article does not attribute suspension to a specific rumor, correspondent failure, or bank-specific scandal.
Newspaper Excerpt
the Union Bank and the Crescent City are expected to resume business at an early day.
Source
newspapers

Newspaper Articles (2)

Article from New Orleans Daily Crescent, March 3, 1866

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Article Text

Few Orleans Daily Quescent. New Orleans Money Market. CRESCENT OFFICE, No. 94 CAMP STREET, Friday Evening, March 2, 1866. The most prominent feature of the movement in financial circles to-day hasjbeen the decline of fully one per cent. in rates of Gold and Foreign Exchange. Gold opened dull and drooping under advices by telegraph of a decline of nearly two per cent. in the New York market yesterday. Offerings were very heavy throughout, but the demand was of an unusually restricted character, and the operations for the day have been limited to the following amounts at the prices annexed, viz: $5000 at 135;$5000 and $5000 at 1343/4; $20,000 at 134% $1000 and $10,000 at 134 1/2: $5000, $6000 and $17,000 at 1343/5; and $1000, $2000 and $3500 at 134. In Silver the only sale of any importance that transpired was $2000 American halves at 131. We now quote Gold at 134@1341/2, and Silver 130@131 for American coin, and 134@135 for Mexican dollars. Dispatches quoting a slight reaction at New York were received during the day, but failed to check the downward tendency. FOREIGN EXCHANGE has been very flat to-day. The market was more than amply supplied to meet the most general ordinary demand, while the inquiry was at no time much better than nominal, as nearly all the principal buyers still ab. sented themselves from the market, owing to the unfavorable tenor of New York advices. The transactions for the day have been restricted to the following sales, viz.: £500 at 146, £3000 at 1453. £14,000, in four lots, at 145, £6000 at 144)/@145, £1000 and £12,000, the latter taken by a bank, at 1441/2, £5000 at 1441/4 £2000, £2800 and £8000 at 144, and £2500 at 1433. Sales of Francs comprised 20,000f. at 3.883/f. 200,000f., in two lots, at 3.90f., and 100,000f. and 200,000f. at 3.91 1/f. The quotations at the elose of business this evening were: For bank sterling 147, clear bills 1443/1155/2, bill of lading bills 14314@14414, bank francs 3.821/@3.83}4. and outdoor francs 3.871/@3.92)/. DOMESTIC EXCHANGE-The movement in Domestic Exchange to-day has disclosed increased firmness, without developing, however, any quotable variation in rates. The demand at bank for sight checks on the Northern cities was active and general all day, and one of them refused, towards the close, to sell at the ruling figure of the day. Out of doors the supply of private and commercial exhibited but little, if any, increase, and the purchases by banks and bankers have been confined to the annexed trifling amounts, viz: $10,000, $20,000 and $25,000 New York sight, at % # cent. discount, $10,000, Boston do. at 1/2 78 cent. discount, and $20,000 New York and Boston, taken by one bank, at 7 cent. discount; $30,000 three days' sight at 3/2. $10,000 ten days at 2/18, and $15,000 fifteen days at 1 TO cent. discount. We now quote: New York sight at 1/4 73 cent. discount at bank, and F cent. discount out of doors; five and ten days' sight 78 cent. discount; fifteen and twenty days' sight 1@1% P cent. discount; thirty days' sight 11/2 cent. discount; and sixty days' 2 B cent. discount. STOCKS AND BONDS-The movement in securities has been quite limited since our last. The supply of favorite descriptions was light throughout, and the general run, though, as heretofore, abundant, continued neglected. The following embrace the whole of the operations that have come to our notice, via. 9 shares City Railroad Company (old stock) at 195; 50 and 50 shares do. (new stock), reported by two parties, one at 170 and the other at 180; $15,000 City Consolidated Bonds at 90: and $5000 do. at 901/2. UNCURRENT BANK NOTES-There has been a general suspension of operations in the notes of the liquidating banks to-day. Offerings were light from the opening to the close of the market, and the demand was at one time much better than nominal. Sales have been confined to driblets, and we still quote Bank of New Orleans, Crescent City Bank and Union Bank at 88@94c., Merchants' Bank at 77@82c., Louisiana State Bank at 73@76c., and Bank of Louisiana at 55@60c. TO dollar.


Article from The Wheeling Daily Register, December 17, 1866

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Article Text

ington Correspondence of the New York Herald, 10th. One House of the Tennessee Legislature has passed a bill loaning $300,000 of State bonds, to the East Tennessee and Virginia Railroad Company. During the progress of a ladies fair at Library Hall, Petersburg, on Tuesday night, Mr. George Woody was badly shot in the neck by a pistol which was being carelessly handled by a young man named Leath. At last accounts the bullet had not been extracted. It is difficult to imagine why a young man "or any other man" should be handling a pistol at a ladies' fair. DISTRESSING SUICIDE.-The Lynchburg News learns that a Mr. Cheatwood, from Lewis county, W. Va., committed suicide at Ronsack's in Roanoke county, on Monday morning last, by cutting his throat from ear to ear, death ensuing almost instantly. The deceased was on a visit to his brother, who has resided for a great while at Bonsack's, and whom he had not seen for twenty years. He was a man of family, and separation from them is believed to have been the cause of his self-destruction. NEW ORLEANS BANKS.-We observe that the old banks of New Orleans are making great progress in the work of reconstruction. Three New Orleans banks have never reduced their capitals; the Southern Bank never suspended specie payments; the Union Bank and the Crescent City are expected to resume business at an early day. The Bank of Louisiana, the leading bank in the State, is still some distance in the back ground, but arrangements for its re-establishments are expected. BEAU HICKMAN.-Colonel Hickman authorizes us to deny that he is a native of North Carolina. Like. Henry Clay and Patrick Henry, he was born at the Slashes of Hanover. The Colonel says that it is preposterous for a State that produces nothing but tar and turpentiue to claim the parentage of the greatest financier of theage. North Carolina can tnrn out Badgers, Grahams, and Clingmans, but never a Hickman.Star.