8438. Union Banking Company (Baltimore, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 8, 1877
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
10b34cf9

Response Measures

None

Description

The Union Banking Company of Baltimore suspended in early October 1877 (reports dated Oct 9–10 say it suspended 'yesterday'). Suspension followed apparent fraudulent/crooked transactions and insolvency (buying stock without paying, bogus check, assets < liabilities). A receiver was appointed Oct 10 and defendants were later indicted and tried, indicating permanent closure. No article describes a depositor run prior to suspension.

Events (2)
1. October 8, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent/undercapitalized and involved in an apparent swindle: insiders/new purchasers bought stock without paying, bogus check cashed, assets far below liabilities; credit destroyed and suspension followed.
Newspaper Excerpt
The Union Banking Company of Baltimore suspended yesterday.
Source
newspapers
2. October 10, 1877 Receivership
Newspaper Excerpt
Judge Gilmer appointed J. Alexander Preston receiver of the Union Banking Company, which suspended on Monday last.
Source
newspapers

Newspaper Articles (12)
1. October 9, 1877 Evening Star Washington, DC
Article from Evening Star, October 9, 1877

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SUSPENSION OF A BALTIMORE BANK The Union Banking Company of Baltimore suspended yesterday. Tue American says:"Its capital was small; its resources limited; its deposits light, and its credit rather below than above par. The loss will fall principally on the stockholders, although the few depositors may fail to receivethe full amount credited in their bank books. Tne only thing about the failure that excites any comment is the singular conduct of certain gentlemen from New York, who bought up the stock of the bank but never paid for it, and took possession of the bank only to abandon it. Ac cording to the statement of Mr. Savin, the cashier, about the only official act performed by the new president was the drawing of a check for $65 on a bank that had no existence. Part of the assets of the Union Banking Company is a claim for $65 against its president. The money that the obliging cashier handed to him over the counter was genuine, but the check that he gave turned out to b8 bogus."

2. October 9, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 9, 1877

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ed at Fernandina Saturday and three deaths Sunday. Yesterday there were five new cases and one death reported. Dr. T. P. Weiford, one of the physicians who went to Fernandina from Jacksonville when medical aid was asked, is among the sick, and was reported dying yes terday. There have been two new cases and one death from yellow fever at Port Royal, since Saturday. There have been forty-two cases in all. A dispatch from the Mayor of Port Royal yesterday says are in a deplorable condition here. There are now forty eight cases of yellow fever under treatment. One death has occurred since last night. We are in want of food, nourishment and means to procure nurses for the sick. There are not enough convalescents to care for the sick. At Columbia, S. C., yesterday, the colored ex-Congressman Smalls had a preliminary (X amination of the charges against him. Wood ruff testified that he paid Smalls $5,000 as a bribe to vote for a measure before the Legislature in 1873. Smalls was held to bail to abswer the indictment in the Circuit Court, which meets on the fourth Monday in October. Mr. Msxwell, Senator from Marlboro' county, in default of bail was imprisoned on 3 similar charge. These charges of bribery are connect ed with the prioting swindles by the Republican Printing Company, of which Voodruff was the head centre. His testimony is based upon a memorandum book he kept in short hand. Philadelphia Commandery No. 2, Knights Templars, which is making arrangements to attend the Paris Exposition of 1878, is in receipt of a letter from F. W. Seward, Acting Secre tary of State, which answers the question whether the commandery would be permitted to wear their side arms in France. The Acting Secretary informs the commandery that the French Government will accord them permission to wear their insignia in the meetings of their various corporations while in France, but that they should abstain from wearing them in public. The report of the commission to investigate the origin of the Patent Office fire declares that there is no foundation for the supposition that the fire was from an incendiary origin, or from spontaneous combustion. but are inclined to attribute it to a fire kindled of dry pine 00 the morning that the fire occurred in the ladies copying room in the basement, and that the sparks communicated to the roof through some defect in the flus. The temporary roof of the west wing was completed yesterday in time to shield that portion from the rain storm. The ministers composing the Preachers' Meeting of Richmond and Manchester have resolved themselves into an association to be known as the Duscau Monument Association, for the purpose of securing the crection of a suitable monument over the grave of the late Rev. James A. Duncan. Yesterday at a meeting of the miners em. ployed by the Susquehanna Coal Company, at Nanticoke, the men by 2 unabimous vote decided to resume work. They will receive a ten per cent. advance. Operations will begin as soon as the mines can be put in order. A St. Thomas dispated of yesterday's date says: The U. S. steamer Frolie, of the South Atlantic squadron, arrived at Thomas this morning, all well on board. A hurricane was encountered near Curacoa on the 23d ult., in which the vessel sustained severe damages. The Manager of the Pioneer Land and Loan Bank of San Francisco announces its susp ension and asks for the appointment of a receiver. The assets of real estate at cost price are $1,254, 000 and the liabilities $1,213,000. The readjusters at Amissville, Rappaban nock county, have resolved to vote for J. E. Massey for Governor, norwithstanding the fact that that gentleman is running as a candidate for the State Senate from Albemaric. At a late meeting of the Floyd Brigade, at which General G. C. Wharton presided, steps were taken for the erection of a monument to the memory of the late Gen. J. B. Floyd. E. Lawton, Daniel W. Lewis and Edward M. Spilman have been appointed revenue storekeepers and gaugers for the sixth district of Virginia. The United States Supreme Court met at Washington yesterday pursuant to adjoura ment. The Judges paid their repects to the President. Senator Patterson cluded the Marshal of the District of Columbia, who had the warrant for his arrest, by secreting bimself in the country house of A. R. Shepherd, of Washington. A Richmond, Ind., dispatch says Senator Morton has been improving slowly for the past 36 hours. He cannot be removed to Indian apolis, however, without endangering his life. Last Saturday Albert A. Ware, of Vermont, shot himself to death at the Girard House, Philadelphia. Senator Spencer, of Alabama, gives the as surance that be will be present in the Senate on the opening of Congress next Monday. The boiler at Schmeyer's Iron Works at Macangie, near Allentown, Pa., exploded yester day afternoon, killing a boy named Oswold. The Union Banking Company of Baltimore suspended yesterday.

3. October 10, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, October 10, 1877

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A Baltimore Bank swindle. BALTIMORE, October 9. -The Union Banking Company of this city suspended payment yesterday afternoon. The crahier makes the following statement: "Liabilities, $100,000; assets, $70,000. The depositors will be paid in full. The bank was incorporated in 1873, with a capital stock of $100,000; Samuel Barth, President, and W. A. Savin, Cashier. For some time past it has been involved, and its time certificate of deposit have been offered for sale in New York, which fact has alrerdy destroyed its credit here." Mr. Savin, the late Cashier, makes the following statement: "The bank has been in trouble for some time, and a week ago W. P. Buckmaster, who claimed to have been the President of the Oriental Bank of New York city; B. W. Warner, E. J. Church, J. C. De Leware, an attorney. and M. D. Savin, all of New York, the latter my brotber, and also President of the Peerless Patent Paper Company, came to Baltimore, and by buying up floating stock to the extent $18,000 obtained control of the bank. They did not pay for the stock, but gave security, with W. H. Place, engineer, of the Centrai Transit Company of New York, as bondsman. They then elected Buckmaster President and Colonel Foute, of emphis, Cashier. They gave as their ason for not paying cash for their stock that they wanted to put all their money into the business to get the bank on its feet again. and on Thursday they would put $25,000 in the vaults. This was not done, and the President and myself stayed in the bank to protect our own interest. Previous to that Buckmaster came to me and got a check for $65, drawn on the Oriental Bank of New York, cashed. I indorsed the check, and it came back protested. I showed it to Mr. Buckmaster, and he tore it up, saying he made a mistake: it should have been drawn on the Oriental Savings Bank of New York. On Friday be absconded, and I unde stand he is in New|York, I will have him arrested for obtaining money under false pretenses. This can be done by getting a copy of the check from the notary public who protested it. Yesterday we decided to suspend. Mr. Foute js still here, and 1 don't think had any share in what I believe is a swindle from the start.

4. October 11, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, October 11, 1877

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Our Boarding House.- 1 This popular comedy, which will be produced at the Grand Opera House on Tuesday evening next, will bc one of the most pleasing performances ever given in this city. The play is meritorous and in the hands of the excellent artists who are to produce it, it will lose none of its past, popularity or interest. The company includes Mr. and Mrs. Chas. Walcott, Sam. Hemple, George Howard, and others of equal popularity and renown, altogether it will prove a very desirable performance, and will doubtless be witnessed by a large a udience. REAL ESTATE SALES.-The farm of Sam'l W. Passmore, in East Nottingham township, containing 154 acres, was sola at public sale on Saturday last. R. Haines Passmore, of West Chester, was the purchaser, at $6,442. Walter Armstrong has purchased the farm of the late C.C. Brokaw, at Fair Hill, Cecil county, containing 160 acres, for $6.500. Thomas Moore has sold his farm of 150 acres, in Drumore township, Lancaster county, to Henry Earnheart, of the same township, at $62 per acre. THE NEXT PAY.-The next pay of the Pennsylvania railroad company, which willtake place about two weeks hence, will be the occasion of a large distribution of money to employees than at any former period during the present year. Many of the workmen have been making over-time since the beginning of last month. Cloaks.-M. L. Lichtenstein, at his great dry goods and trimming store, No. 226 Market street, is DOW offering asptendid line of ladies' fall and winter cloaks at very low rates. His stock is unusually large, and he is prepared to offer purchasers the greatest inducements of the season. Remember now thy Creator in the days of thy youth, and don't forget to take Good Samaritan Syrup have a bad or King's when you cough Cough cold. into a row Police and Court-Two O'Brien, got Philadelphians, quarrel at Mor- the races yesterday, and O'Brien was required to pay the costs of the case. Two, men were also fined this morning for corner lounging, The Diamond State Loan -At the regular monthly meeting of the Diamond State Loan Association, last evening, the money sold at an average premium of 5K per ct. In Baltimore, yesterday, Judge Gilmer, appointed J. Alexander Preston Receiver of the Union Banking Company, which suspended on Monday.

5. October 11, 1877 New-York Tribune New York, NY
Article from New-York Tribune, October 11, 1877

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A RECEIVER FOR A BALTIMORE BANK. BALTIMORE, Md., Oct. 10.-In the City Circuit Court, to-day, Judge Gilmer appointed J. Alexander Preston receiver of the Union Banking Company, which suspended on Monday last.

6. October 13, 1877 The Morning Herald Wilmington, DE
Article from The Morning Herald, October 13, 1877

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THE suspension of the Union banking company, Baltimore, which occurred Monday last, has been the subject of much talk in the financial circles of that city. The liabilities are said to reach $100,000, and there is a suspicion that "crooked" transactions will be developed. The. assets, which consist of bills receivable and promissory notes, will scarcely reach $75,000. The Union Banking Company was incorporated under the lawe of Maryland, in 1878, with a nominal capital stock of $150,000, of which never more than $60,00 000 was paid in. It is the old, old story.

7. November 2, 1877 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, November 2, 1877

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EAST AND SOUTHEAST. The centennial anniversary of Burgoyne's surrender was celebrated at Schuylersville, Saratoga County, N.Y., on the 17th. ExGov. Seymour and George W. Curtis were the orators. The assets of the Union Banking Company of Baltimore, which recently failed, re estimated as beingworth $4,000, of which amount $12 is in cash. The liabilities of the concern are $50,000. Three Directors and the Treasurer of the collapsed Merchants' Loan and Trust Company of Paterson, N.J., have been indicted or conspiracy to embezzle assets. A mass-meeting was held at Albany,N on the 18th, to indorse President Hayes's Civil Service and Southern policies, and to censure the action of the Rochester Convention. The Etna Savings Bank at Sharpsburg, Pa., has suspended. The National Life and Trust Company and the American Mutual Life Insurance Company, both of New Haven, Ct., have been temporarily enjoined from doing further business, upon application of the Connecticut Insurance Commissioner, who alleges that their Resets are dangerously impaired. The Manchester Savings Bank of Allegheny City, Pa., has been forced to suspend on account of the determined run of depositors since the failure of the Allegheny Savings Bank. The officers assure depositors that their accounts will ultimately be paid in full.

8. December 2, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, December 2, 1877

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TELEGRAPHIC TICKS. J. D. Hopkins & Co., lumber dealers, of Ellsworth, Maine, suspended; liabilities heavy. Walter Ross & Co., merchants, of Pictou and Wellington, Ont., failed Saturday. Irvin E. Moore, of Springfield, Ill., filed a voluntary petition in bankruptcy Saturday. Commodore Charles H. B. Caldwell, U.S.N., died at Waltham, Mass., on Friday night. There were over two millions of silver pieces coined at the Philadelphia mint last month. The Porte has offered full satisfaction for the seizure of two Italian merchantmen in the Bosphorus. Details of the losses in the fighting at Mitchka on the 26th ult., show that the Russians collected 2500 Turkish dead. The heaviest fog of the season in London occurred yesterday. At 10:30 a. m. it was as dark as midnight for a short time. The Republic Trust company of Newark, N. J., have decided to discontinue business on account of the difficulty in securing safe-paying investments. The grand jury at Baltimore have presented. indictments against the late directors of the Union Banking company, charged with conspiracy to defraud. The steamer Lotus No. 2 was burned on the Mississippi river, near New Orleans, Saturday afternoon. No lives lost. The boat was scuttled. The cargo, 1700 bales of cotton, is a total loss.

9. February 19, 1878 New-York Tribune New York, NY
Article from New-York Tribune, February 19, 1878

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A TRIAL OF CONSPIRATORS IN BALTIMORE. BALTIMORE, Feb. 18.-Samuel Rarth, Felix A. Savin, Charles Harvey, Wm. H. Strauss. J. C. De La Mar, Wm. P. Buckmaster, M. A. Savin, and J. M. Balio win, connected with the Union Banking Company of this city, which suspended in October last, were indicted for conspiracy to defrand. Their trial was begun here to-day, and will probably continue several days. Buck master, De La Mar, and Baldwin are from New-York, and are the ones who parchased the bank just before the suspension, and have been in prison here since the ir in dictment and arrest. A formilable airay of counsel is engaged.

10. February 19, 1878 The New York Herald New York, NY
Article from The New York Herald, February 19, 1878

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CONSPIRACY TO DEFRAUD. BALTIMORE, Feb. 18, 1878. The trial of Samuel Rarth, Felix A. Savin, Charles Harvey, William H. Straugs, J. C. Do La Mar, William P. Buckmaster, M. A. Savin, and J. M. Baldwin, who were connected with the Union Banking Company or this city, which suspended in October last, and who were indicted for conspiracy to defraud, was commenced in the Criminal Court here to-day, and will probably continue several days. Buckmaster, De La Mar and Baldwin are the New York parties who purchased the bank just before the suspension, and have been in prison here since their indictment and arrest. A formidable array ot counsel are engaged.

11. February 21, 1878 New-York Tribune New York, NY
Article from New-York Tribune, February 21, 1878

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TELEGRAPHIC NOTES. SALT LAKE, Feb. 20.-A snow slide at Bingham to-day, killed two men. DEXTER. Me., Feb. 20.-The Newport Savings Bank, at Newport, Me., has suspended. BOSTON, Feb. 20.-Charles Bailey, age forty-five, was arrested this morning while rifling street letter-boxes by the aid of duplicate keys. Seventy-four letters were found concealed about his person. WHEELING, W. Va., Feb. 20.-The Pittsburg, Wheeling and Kentucky Railroad will be opened for passenger and freight traffic on February 25. This is the short line road between this city and Pittsburg. BOSTON, Feb. 20.-At Haverhill, Mass., this morning, Charles A. Harriman, of that place, completed his walk of 100 miles in eighteen hours, forty-eight minutes and forty seconds. This is said to be the shortest time on record. BALTIMORE, Feb. 20.-The trial of the case of the State agt. Samuel Barth, F. A. Savin, Charles Harvey, W. H. Strauss. of Baltimore, and s. M. Baidwin. Marcus D. Savin, W. P. Buckmaster and J. De La Mar. of New-York, for conspiracy to defraud by means of certificates of deposit of the Union Banking Co., of Baltimore. which suspended last October, was continued in the Circuit Court before Judge Brown to-day, and is still on.

12. March 9, 1878 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, March 9, 1878

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News of the Week. At the end of the year 1877 there were in the United States 80,000 miles of railroad, with an invested capital of $4,500,000,000. Major Lewis Cass, only son of the late Gen. Lewis Cass, of Michigan, died at Paris, recently, where he has. lived for a number of years. The depot of the Baltimore and Ohio Railroad, at Weaverton, Md., was burned on Tuesday morning. All the valuables in the building were saved. The schooner Virginia, from Accomac county, Va., for Baltimore, with 35,000 bushels of corn, was run into and sunk by a steamer at the mouth of the Patapsco river on Friday night, Her captain, John Turlington, was drowned. Niles G. Parker, ex-State Treasurer of South Carolina, has been released from the Columbia jail on his own recognizance. He has turned State's evidence, and surrendered documentary proof of the misdeeds of his former associates in office, hence his release. The convict choir at Auburn, N. Y., prison is a remarkable musical organization. The organist is sentenced for grand larceny, the first violin, the first tenor and double bass are murderers, the second tenor, basso, and sopranos are all burglars, and the professor is a forger. During theheavy thunder and hail storm on Sunday last the tobacco house of Mr. Rufus K. Day, situated near Kemptown, Frederick county, Md., was struck by lightning and entirely consumed, together with its contents, which consisted of about 2,000 pounds of tobacco. Telegrams from Atchison and Topeka report large arrivals of immigrants hound to the interior of Kansas. Over 1200 arrived in Atchison alone, in one day, and it is estimated that, if the number of immigrants keeps up, the population of the State will be increased 200,000 this year. The latest advices from Peru indicate a possible famine in certain districts, in consequence of the failure of the cereals, owing to excessive drought. While drought has prevailed in the interior, the coast districts, where rains have been almost unknown, have recently been visited by disastrous floods. A tornado in Casey county, Ky., on Saturday afternoon, demolished everything in a track four hundred feet wide, near the villages of Rich Hill and Mount Olive. Six persons were killed and several others injured. Many horses and cattle were also killed. The loss is estimated at $50,000. The New Orleans Picayune publishes a long letter from W. P. Converse, Jr., foreman of the jury before which General Anderson was tried, claiming the entire fairposs of the working of the jury in that case, and stating that the two colored men without reservation assented to the verdict of guilty. A bill has been reported favorably in the Pennsylvania Legislature to encourage the planting of trées along the roadside. This bill was suggested by the State Agricultural Society and allows any person liable for road tax one dollar for every four trees transplanted along the roadside, the distance of such trees apart ranging from sixty to seventy feet, according to variety. In the Criminal Court at Baltimore, Monday, Judge Brown rendered his decision in the cases of those indicted in connection with the suspension of the Union Banking Company. Samuel Barth, ex-President of the con-e eern, was acquitted, and the two Savins and J. M. Baldwin were declared guilty. Counsel for defence gave notice of 8 motion for 8 new trial, and sentence was deferred. The case was on trial without a jury for two weeks. An effort will be made to secure from the Legislature an appropriation to erect in some public place in Baltimore, Md., 4 monument to the memory of the Union soldiers who died in the service of their country. The monument is to be about thirty-five feetin heightand will cost about $8,000. A committee, composed of prominent gentlemen, has been appointed to present the matter to the Legislature.