Union Banking Company (Philadelphia, PA)

Episode Information

Episode UID
952953590885
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
95295359 hash
Start Date
September 19, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
823c0bcf801ac0d0

Response Measures

None

Description

Sources state bank had a State charter and suspended after heavy withdrawals tied to the Jay Cooke crisis.

Events (3)
1. September 19, 1873 Run
Cause
Macro News
Cause Details
Panic following the failure/suspension of Jay Cooke & Co. and wider financial crisis drove heavy withdrawals.
Measures
Paid out large sums during the day and kept doors open to meet demands; later posted a placard announcing a suspension for a few days.
Newspaper Excerpt
The Union Banking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out.
Source
newspapers
2. September 20, 1873 Suspension
Cause
Macro News
Cause Details
Suspension announced after heavy run and the broader panic associated with Jay Cooke & Co.'s failure.
Newspaper Excerpt
The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon.
Source
newspapers
3. November 28, 1873 Reopening
Newspaper Excerpt
The Union Banking Company, which suspended during the panic, has resumed business, with the capital increased to seven hundred thousand dollars.
Source
newspapers

Newspaper Articles (22)
1. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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THE RUN ON PHILADELPHIA BANKS. PHILADELPHIA, Sept. 19, 1873. The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out. Mr. Browne, President, said he would keep open until midnight if it were necessary, to show depositors that that institution was in a sound condition and able to meet all claims. The Union Bauking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. TOUCHING BOTTOM. To-night there is a feeling prevailing that the worst has passed and that to-morrow will witness a decided change for the better. PUBLIC FUNDS SAFE. It is authoritatively stated that neither the State nor the city funds are disturbed, the State and city treasurers having no connection whatever with Jay Cooke & Co. nor any of the endangered houses. CALLING ON PRESIDENT GRANT. President Grant is in town to-night and was waited upon by prominent and influential gentlemen, who, it is said, urge the government to do something to strengthen the money market.

2. September 20, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 20, 1873

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THE FINANCIAL CRASH. More Failares-The Government Buys $10,000,000 Bonds. NEW YORK, September 20.-The presidents of the national banks held an informal meeting this morning, and resolved to support each other and disregard any restrictions in to-day's dealings. Wall street was crowded at an early hour, but, however, with less solicitude. The resolution of the banks to sustain each other and the purchase of ten millions of bonds by the treasury nerves matters. Two members from Jay Cooke & Co. are coming on the Russia, which is expected Monday, when a reliable statement of the affairs of the house will probably be presented to the public. WASHINGTON, September 20.-The following failures are reported this morning: Union banking company, of Philadelphia ; Union trust company, of New York ; A. B. White & Co., of New York; E. C. Broadhead, of New York, and Ketchum & Belknap, of New York. NEW YORK, September 20.-The stock exchange is closed, subject to the call of the president, to enable members to settle. The defalcation of the Union trust company is reported. Vanderbilt is closeted with the directors. Quotations of stocks are impossible. President Chapman, of the stock exchange, forbids outside operations by members, upon penalty of expulsion. WASHINGTON, Septemper 20.-A. G. Cottrell, agent of the syndicate at London, telegraphs to Secretary Richardson that their accounts are all in perfect order. ADDITIONALSUSPENSIONS. Saxe & Rogers, New York; National Bank of the Commonwealth, New York Quassig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Josephs, Fearing & Dillinger, Brown, Wadsworth & Co. The Freedmans' bank has paid out $65,000. The officers declare themselves well fortified. There is only the usual Saturday afternoon crowd about the bank. NEW YORK, September 20.-The National trust company has closed its doors. Certificates of the Mechanics banking association and the Continental bank, are thrown out from the clearing office. The bank of North America has suspended. PHILADELPHIA, September 20.-It rumored that the Union banking house has suspended. ALBANY, September 20.-Itis rumored that Squires & Sons have suspended. The Crisis in London-Jay Cooke's Firm Honor All Demands. LONDON, September 20.-The firm of Jay Cooke, McCulloch & Co., in this city, has paid cash over their counter yesterday notwithstanding the rush on the house. EFFECT OF THE NEWS FROM NEW YORK. LONDON, September 20.-Financial re ports in the afternoon papers indicate an uneasy feeling, occasioned by the news from New York. The close of the marS ket, however, finds confidence partially restored, and at this hour London's financal condition is sound. There are no failures. WHAT THE LONDON PAPERS SAY. LONDON, September 20, 6 a. m.-The London Times, commenting on the financial panic in New York, says : "In view of : the extraordinary prosperity of the United States, and high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says such local P troubles as suspensions in New York seem to be merely the rank outgrowth of exu3. berant prosperity and accessories to progress, which does not for a moment halt.

3. September 20, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 20, 1873

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BUBBLES BURSTING. [Continued from the First Page.] money has been wasted. The failure will not affoot the dry goods trade at all." THE NATIONAL LIFE COMPANY denier positively that it will be affected by Mr. Cooke's suspension, Mr. Cooko in Chairman of the Finance Committee of the Board of Directors. THE NATIONAL BANKA. At the Union Banking Company, nt Fourth and Chestnut streets, the run was kopt up from half-past 10 this morning until the hour of closing, and there was no want of funds to meet all the obligations of the institution RB they came in. To show the carnestness of the Company,to demonstrate that they were in no financial strait,DDS of the officers made it his sole business to keep the people in line, and to facilitato the payment of their checks as far as it was possible to do so. At the Soventh National Bank no change was observable from the ordinary routine. This bank is regarded as the largest depository of Jay Cooke & Co. The firm are cashing the checks of the Fidelity as fast as presented. All rumors to the contrary notwithstanding, there has been no run at the Central National Bank, on Fourth, below Chestnut street; and should there bo, ample proparations have been made therefor. There was no run on the People's Bank. Mr. Komble, the President, says that there are FEW DANESTHAT ARE NOT GOOD. He does not expect any extraordinary run on his establishment. The general panic does not seem to affect the dopositors in the Provident Life and Trust Company, the usual amount of business being transacted. There has been some little pressure on the Philadelphia, Franklin, and several other savings institutions. THE SECOND FAILURE TO-DAY, after Dellaven & Bros., was that of Gilbough, Bond & Co., which closed at 1 p. m. The firm states that their dificulties are owing to the general panic, and to their having loaned money to Jay Cooko & Co., a loan having been mado as late as Wednesday, the same being returnable to-day. Their assets, they say, are in excess of their liabilities, and the suspension is but temporary. A MEMBER OF EFIRM MXPLAINS. Mr. Gilbough Rays: "A Now York house in which we haves large balance has also closed on us. Wo will be able, however, to pay dollar for dollar." THE FAILURES COME THICKER AND FASTER. The following firms went down in rapid succession George II. North, 125 South Third street. J.P.& II. E. Yorkes, No. 29 South Third street. Charles P. Bayard, No. 228 1/4 Walnut street. John P. Lloyd. Henry H. Douglass, No. 305 Walnut street. H. Hober Bull, No. 131 South Third street. T. O. Knight, No. 136 South Third street. Henry L. Fell & Bro., No. 305 Walnut street. Many small houses are tottering, and will doubtless go under in a general crisis. Mr. Smith, President of the BANK OF MORTH AMERICA, assured me that the panic had caused no run there. He says: We have 50 per cent above our liabilities

4. September 21, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 21, 1873

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TELEGRAPH BY NEWS SUMMARY. NEW YORK, September 20.-The Presidents of the National Banks, held an informal meeting to-day, and resolved to support each other and to disregard reserve instructions in their dealings to-day. Wall street was crowded at an early hour; there is less solleitude, however, than yesterday. The resolution of the banks to sustain each other, and the sale of ten millions of bonds by the Treasurer, nerves matters. Two members of the firm of Jay Cooke & Co., are coming from Europe, in the Russia, which is expected on Monday, when a reliable statement of the affairs of the house will be presented to the public. Additional suspensions-Saxe & Rogers, National Bank of Commerce, Quossig & Fisber, P. M. Meyers, Miller & Walshe, It is rumored that the Union Banking House, of Philadelphia and Squires & Sons, of Albany, have suspended. The Stock Exchange is closed, subjeet to the call of the President, to enable members to settle defalcations in the Union Trust Company. It is reported that Vanderbilt is closeted with the Directors. Quotations of stocks impossible. President Chapman, of the Stock Exchange, forbids outside operations qy members under penalty of expulslon. The Bank of North America has suspended. HARTFORD, September 20.-In the Mobilier case, Attorney General Williams said that the Union Pacific Railroad were not only the agents of the government, which had provided the money for a public good, but their road was a highway, and as the trust assumed by the company has been violated, he looked for a decision that would do more good in railroad matters than all legislative enactments. was who the He defendants, followed by holds Judge that Carter the bill for was too multifarious to be brought in. READING, Pa., September, of the State Grange Patrons of 20.-The Industry, organized here to-day. Twentytwo delegates were present, representing twenty-five Granges. WASHINGTON, D. C., September 20.Trust Failures: Philadelphia-Union Union Banking Company Company New York- A. B. White & Co. ; E. & agent of the Broadhead; A. London, G. Cattel, Ketchum Belknap. Syndicate, at telegraphs to Secretary Richardson that their accounts are all in perfect order

5. September 21, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 21, 1873

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Bank were thrown out from the office Continental clearing The Bank of North America has suspended. The Stock Exchange in closed, subject to call. The President will enable\the members to settle the defalcation of the Union Trnat Company, It is reported that Vanderbilt is closeted with the di rectors. Quotations of stocks impossible. President Chapman, of the Stock Exchange, forbide outside operations by the members, upon penalty of expulsion. A.G. Cattell, agent of the syndicate at London, telegraphs Secretary Richardson that their accounts are in perfect order. 4P. M.-Alluding to the suspension of operations by members of the Stock Exchange, the Evening Express says: 'Too much praise cannot be awarded to the men who conceived and carried out this master stroke of policy. Bedlam was running loose, and the craze was rapidly communicating itself to the outside multitude. Nothing remained but to shut the door, and try and bring back the bulls and bears alike to their senses." The defalcation of the Union Trust Company is $500,000. The Bank of North America has not suspended. Western Union stock 57. The clearing house announces its inability to make H general clearance, on account of dealers' inability to obtain properly certified checks. The bank presidents, at their meeting this afternoon, passed a resolation to issue immediately $10,000,000 in loau certificates. TORONTO, September 20.-H. J. Morse & Co., bankers, have soapended. is PHILADELPHIA, September 20.-It rumored the Union Banking House suspended. ALBANY, September 20.- It is rumored Squires & Sons have suspended. WASHINGTON, September 20.--The following failures are announced Uniou Banking Company, of Philadelubia; Union Trust Company. A. B. White & Co., E. C. Broadhead, Ketchum & Belknap. New York. NEW YORK, September 20-Noon.Cotton quiet and nomiual-uplands 183/; Orleans 191/2, new crop; futures opened as follows: September 18 1-16, 181/6; October 175; November 17 7-16 Flour dull and heavy. Wheat nominally 2@3c. lower. Corn nominally 1@2o. lower. Pork dull and nominalnew mess 17.75@17.87% Lard dull and in buyers' favor-old Steam 11-16 @834. Freights quiet. No stock quotations to-day. 7 P. M.-Cotton-net receipts 217 bales; gross 2,481. Futures closed firm; sales 5,100 bales, as follows: September 181/6; October 175, 11-16; November 17%, 17 7-16; December 17% 17 7.16. Cotton dull and nominal; sales 236 bales, at 183/@191/2 The monetary panic unsettled the market for breadstuffs generally, and prices for all desoriptions are nominally lower, with not enough doing to fairly establish the market. Flour sold in small lots to local trade at 7.00@8 20 for common to fair extra Southern; 8 25@11.00 for good to choice ditto. Wheat dull, and 2@4c. lower, owing to difficulty in negotiating exchange; shippers not in market to any material extent-1.46@ 1.49 for Iowa spring; 1.45@1.72 for Chicago; 1.67 for winter red Western; 1.70 for white. Pork quiet and easier, at 17.75@17.871/2 for new mess. Lard lower-81/@85 Groceries quiet. Freights quiet. No regular money market. Gold closed at 1/@ 12. Governments and States, nothing doing. The Western markets show a general halt in transactions, without any change in values. AUGUSTA, September 20.-Cotton dull and nominal-middling 161/2; ceipts 250 bales; sales 225. GALVESTON, September Cotton in DO demand-good ordinary 161/4; net receipts 353 bales; stock 5,950. BOSTON, September 20.-Cotton quiet -middling 203/; net receipts 25 bales; sales 96; stock 290. CHARLESTON, September 20.-Cotton dull and nominal-middling low middling 17; strict ordinary 16; net receipts 67 bales; exports 912; sales 100; stock 4,748. WILMINGTON, September 20.-Cotton steady-middling 19; net receipts 1 bales; sales22; stock 388. New ORLEANS, September 20.-Cotton very quiet-middling 19; net re. ceipts 375 bales: gross 618; exports to Great Britain 1,119; coastwise 2,986; sales 100; stock 8,110. SAVANNAH, September 20.-Cotton quiet-middling 171/; net receipts 119 bales; sales 307; stock 6,127. LONDON, September 20-Noon.-The news from New York causes better feeling in American securities. 5s 911/. LIVERPOOL, September 20-Noon.Cotton dull and unchanged; sales for

6. September 21, 1873 The New York Herald New York, NY
Article from The New York Herald, September 21, 1873

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THE EFFECT THROUGHOUT THE COUNTRY. How Philadelphia Takes the Financial Tidal Wave. PHILADELPHIA, Pa., Sept. 20, 1873. One of the leading morning papers, in reviewing the situation of financial matters, speaks as follows:Business in Philadelphia is conducted upon a. much more solid basis than in any other city of the country. Our regular banking institutions have strength and character, and are generally untainted with the vice of stock gambling. Our merchants are noted for their conservatism, and confine themselves to legitimate trade, leaving the getting up of corners and immense speculative ventures to their faster brethren of New York and Chicago. They may be slower than some of their neighbors, but that they are also a great deal surer is abundantly shown in the present stress of financial difficulties, and has been proved in numerous crises hitherto. By the time the journal was in the hands of its commercial readers a rumor arose that a prominent institution had closed its doors, and right in face of the editorial was announced the failure of the Union Banking Company. This company was a State institution, invested with pretty much the same power as a savings bank, and did a large business in discounting draits and orders. This morning the anxious crowd gathered about the doorway could gain no further explanation of the suspension than that expressed in the following card:Owing to the heavy pressure of demands upon us yesterday we will be compelled to suspend for a few days. Up to the time of the present writing there have been no other failures, though the run upon several institutions has been exceedingly large. At an early hour this morning, in fact the very instant the doors of THE FIDELITY TRUST COMPANY were opened to the public, a stream of people began pouring in and out, but the demands of every one were rully satisfied as they were yesterday. when at three o'clock an officer of the bank appeared at the door and said:I desire to announce that the hour for closing this bank has arrived. There are many depositors inside, all of whom will be paid as rapidly as they present their checks. All persons outside and within the range of mv voice holding paper against us are requested to enter and they will be paid after the doors close. The lact that all checks presented were promotiv

7. September 21, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 21, 1873

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ally dosires 118 a asy that he has not cent thoro, publicly or privately, nor line he any monoy anywhere that dia danger. Gov. Hartrauft arrived to-day, but has no special mission. Thoscono In THE STOCK BOARD to-day WAR very exciting, there being many brokers present, and all were greatly excited. The aceno was almost indescribable, Mon were flying around the room shouting themselves hoarse, throwing their hata up, yelling, thrusting up their hands, bidding, selling, etc., requiring B constant use of the gavel by the President to maintain what did not even approach order. Tho First Board opened with & very buoyant feeling, with largo sales of Reading and Pennsylvania, the latter be ing in great demand. Presently the boars got control and began & heavy movement, which the bulls resiated tenaciously. Thon, however, disastrous news came from Now York of heavy falls in stocks, and the bulls gave way to the bears, allowing the latter full control for a while. When the pressure ceased the bulls went in again and hold the market steadily. The firm of Carlyle, on Third street, small operators, failed early in the day. The Stock Exchange has not closed. Until further orders from the President, all operations in the street are prohibited on a penalty of expulsion. INCIDENTALS OF THE DAY. Yesterday afternoon & rumor obtained currency that the night broker of No. 136 South Third street, and a member of the Board, had been obliged to suspond, and in the hurry and excitoment it obtained a place in somo of the evening papers, Wo are happy to state that there was no foundation whatover for the report. Mr. Knight weathered the atorm of yesterday successfully, and WAS thon, as ho is now, as sound as A week ago. The great house of Drexel & Co., No 36 South Third street, remains as stable as a rock. All the morning their office has been crowded, but the run has been for the purpose of getting rid of monoy, and not to clamor for it. Persons wishing to make an investment of their currency have been obliged to take their places in a long lino and wait their turn for a chance to pass their money over the counter. Pennsylvania appears to have been the favorito stock sought, and the operations of the Drexols in it have been very largo. The Cashier of the Union in Now York gave the fol lowing statement: 'We have a large number of depositors to whom we allow 4 per cent, and, in addition, wo havo n very largo country correspondonce. Universal distrust, which the events of tho past fow days has caused, Beized the holders of our paper in the interior and brought them down upon US. The result was that we were drained. We expected this, but not to the degree that was realized. Wo have a long lino of call loans, and from this wo hoped to realize enough to carry us through. We are now engaged upon a formal statement, but probably will not have it finished before Monday about noon." This statement is all very good, but it is my decided opinion, formed from conversation with somo of the most eminent financiers in this city, that the firm will NEVER RECOVER. At present, I can state on good substantial authority that they cannot pay 40 per cent. AN INTERVIEW WITH A BANK PRESIDENT, Immediately upon the reception of the news of the promised action of the Secretary of the Treasury, a reliable friend of mino called on the President of the Bank of North America, and gleaned the following Mr. F.-The Secretary of the Treasury has announce ed that if the $10,000,000 which he line set afloat will not rollevo the community ho will issuo $40,000,000 of groonbacks, which will be the end of that proceduro. Mr. Smith-That is as you look nt it. If the Secretary of the Treasury intends to place the $10,000,000 in our depositorios for the use of the banks the relief will undoubtedly be foll, and with the anticipated result, but if he morely intends to buy up that amount of five-twenty bonds, it is doubtful whether that result will be achieved. Mr. F.-Why Mr. Smith-Because, in the present distrossed condition of the community the people loze confidence in corporations and securities, and hold on to their bonds as the surest Investment they have. Those it is doubtful they will part with to an amount sufficient to have the offect that is desired, as the Government will only buy these bonds. It will be Been that the Secretary cannot get A large quantity of them. A large amount of greenbacks cannot in this way be released. If he intends to place the money so that the banks can have the ueo of it, then the rellef will certainly come. FEARS. It is feared that the excitement will bengain renowed on Monday. Many of my commercial frieuds in Wilmington and elsewhere havo been in town today. Some drew their funds, and others concluded to wait. I hear that n number are coming here on Monday from Reading, Pottsville, Chester, etc. Restdonta of Camden, N. J., are fearfully excited, and I firmly believo that not twenty of its residents have failed to draw their accounts. [To the Associated Press.] FAILURES. PHILADELPHIA, Sept. 20,-The Union Banking Company has failed. This bank has n State charter, and bore a heavy run yesterday. t Jay Cooke's the clerks are preparing a statement to be laid before the members of the from on the arrival of the Prussia, on board of which are two of the partners.

8. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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PHILADELPHIA, September 20 - The excitement over the failures has abated, and matters are beginning to assume a right shape. Although the stock market was somewhat feverish to-day, yet affairs on the street were more settled, owing no doubt to the promises of the secretary of the treasury to make use of the forty-four million reserve fund If desired. The failure of the Union banking company, of this city, had but little effect on the public mind, as it was a small concern, and its failure cannot possibly affect other institutions. The Fidelity trust and safe company met all its obligations to-day. The run was not as heavy as yesterday, only about four hundredthousand dollars being paid out.

9. September 22, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 22, 1873

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Conference with Bankers Yester day The Treasury to Buy all Bonds Offered The $44,000,000 Reserve to be Drawn on If Needed. Prospect for Improvement To-Day. Saturday's Report. REPORT ON THE WARKHOUSE AND BECURITX COMPANY w-York, Sept. 20-The Examining Committee on the condition of the Ware. house & Security Company, reports the total assets of the loans on stocks, bonds, cash on hands and bonds, stocks and real estate owned by the company at $2,946,421; total liabilities including capital at $2,827,400; excess of assets over liabilities $619,020. Estimating at the minimum value the collateral pledged for loans and property owned by the company, there remains a surplus of $1,124,884. Excluding the capital stock, the company believe this will guarantee the payment of their indebtedness and recommend an extension of twelve months from October first; that the Directors convert the assets into cash as fast as practicable, and declare a dividend when the cash on hands amounts to 10 per cent of the liabilities, and four of the present directors be replaced by four elected by the creditors. HOBOKEN SAVINGS BANK IN ROUBLE. The suspension of Fisk & Hatch is said to make probable the embarassment of the Hoboken Bank for Savings. A defalcation of nearly $70,000 was discovered in the bank lately, securities and the to directors make disposed of some up the deficiency, depositing with Fisk & Hatch $94,000 of the amount realized. The suspension of the firm makes this amount unavailable at present. EFFORT TO RECOVER LETTERS SENT TO JAY COOKE & 00. A number of telegrams were received at the Postoffice yesterday, requesting the postmaster to withhold from delivering letters bearing the stamp of the firms send ing the messages, and which were ad. dressed to Jay Cooke & Co. The postmaster could not comply with the request as the postal regulations provide that after a letter has passed from the mailing office, the delivery of it cannot be prevented or delayed by the alleged writer. The Court of General Sessions adjourned early yesterday to give the jurors and court officers an opportunity to look after their bank accounts and securities. SUSPENSION OF THE UNION TRUST CO. NEW YORK, Sept. 20.-The Union Trust Company suspended at half-past ten. THE TREASURY ROND PURCHASE. NEW YORK, Sept. 20.-The sub-T'reasurer has posted a notice stating that has beer instructed by the Secretary of the Treasury to purchase ten millions dollars of bonds to-day, This prompt response of the government to the request made for relief by brokers yesterday gives apparently additional strength to the strong and encouragement to the weak, and it looks now as though the worst was over. The stock market shows an improvement of five per cent. The Union Trust company announces that it will re's some Monday morning. FAILURE OF PHILADELPHIA UNION BANKING CO. 88 PHILADELPHIA, Sept. 20.-The Union es Banking Company has failed. This bank 10 has a State charter and bore a heavy IND n. yesterday. es STOCKS ON THE SEE-SAW. at st NEW YORK, Sept. 20.-Stocks are going a up and down lively and several sales have been made under rules which would imply that other failures have taken place, ed although the only one made known yet is ay that of the firm of C. G. White & Co. Western Union has touched 60. The susd pension of the Union Trust Company it

10. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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PHILADELPHIA. The Financial Position. PHILADELPHIA, September 20. .-The Fidelity Trust Company, did not close at three o'clock yesterday afternoon. but continued to meet all demands, re= ceiving ohecks as late as five, at which time over nine hundred thousand had been paid out. Mr. Brown, the President, said be would keep open until midnight if it was necessary to show depositors that that institution was in a sound condition, and able to meet all claims. The Union Banking Company was run upon up to the hour of closing, at which time about five hundred thousand dollars had been paid out. There was a run on the First National Bauk, but it did not amount to much. It is said that neither the State nor the city funds are disturbed, the State and City Treasurers having no connection weatever with Jay Cooke & Co., or any of the endangered houses Thurd street is comparatively quiet this morning. The run on the Fidelity Trust Co, has almost entirely subsided. The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon. It sustained a heavy run yesterday, paying out about seven hundred thousand dollars. It is stated that the institution is issuing no notes, and the suspension only affects depositors. At Jay Cooke & Co's the clerks are preparing a statement to be laid before the meeting of the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners.

11. September 22, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 22, 1873

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In General. FAILURE. Philadelphia, 20. The Union Banking Co. has failed. This bank is a State chartered affair, and bore the heavy run yesterday.

12. September 22, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 22, 1873

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Philadelphia Bank Smashed. PHILADELPHIA. Se pt. 20.-The Uvion Banking Company is Lot open to-day. A placard on the door states that owing to the heavy demands a suspension of a few days has been resolved upon. It sustained a heavy run yesterday, paying about $700,000 It states that the institution is issuing no notes, and the suspension only affects the depositors. At Jay Cooke's matters are progressing quietly. The clerks are busy preparing a statem nt to be laid before the meeting of the members of the firm, which cannot take piace until after the arrival of the steamer Russia, as two partners are passengers.

13. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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THE PANIC ELSEWHERE. ITS EFFECTS IN EUROPE. LONDON, Sept. 30.-Dispatches from Frankfort, Hamburg, Bremen, and Vienna, say DO failures have occurred in those cities on account of the NewYork panie, but that much anxiety exists in financial circles. THE SYNDICATE ACCOUNT-QUIET RESTORED IN WASHINGTON. WASHINGTON, Sept. 20.-The following was received from London to-day: Hon. WITHLIAM A. RICHARDSON, Secretary of the Treasury, Washington, D. C.: The Syndicate account is in perfect order. There is universal kind feeling toward Jay Cooke, McCulloch & A. G. CATTEL. Co., who continue business as usual. The members of the firm of Jay Cooke & Co. in this city have prepared a statement of the situation of the Washington branch of the house, and are awaiting a similar statement from the other branches of the firm. The Receiver of the First National Bank took formal possession to-day, and will at once proceed to liquidate its affairs. The run on the savings banks bas spent its force. The Freedman's met everything with great promptness, and by 2:30 they had not a depositor left at the desk. Manv who had came for their money left without taking it. At the Washington Savings Bank the run was over by noon, and the bank sound. SUSPENSION OF THE UNION BANKING COMPANY OF PHILADELPHIA. PHILADELPHIA, Sept. 20.-Third-st. is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company, corner of Fourth and Chestnut-sts., did not open to-day. A placard on the door states that owing to the heavy demande a suspension of a few days had been resolved upon. It sustained a hea vy run yesterday, paying out about $700,000. It is a State institution, issuing DO notes, and the suspension only affects depositors. At Jay Cooke's matters are going on quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the form, which cannot take place until after the arrival of the steamer

14. September 25, 1873 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, September 25, 1873

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Panic in Wall Street. The financial world was shocked last Thursday by the announcement that the heavy firm of Jay Cook & Co,, of New York, had suspended payment This firm, as is well known was one of the heaviest banking houses in the world, having advanced immense sums of money w the gov erument during the war when the national credit was gone, and being now one of the leading members o! the syndicate, besides having advance ed millions of dollars to Railroad companies. Th bank suffere a run on Thursday morning. an was com pelled quate early 1a the day to clust The phuosophy of this future, which led to many other suspensions, must be sought in the fact that, instead of attending to a. legitim t banking bu-mess, speculative enterprises were entered into. Immense loads of railroad bonds, in which capitalists are now slow to invest, were taken and the result we see in a financial crisis, whose extent will never 1, known, because of the heavy loss on tailed upon holders of railroad stock responded of at a she " after 1. panic occurred. Among the new vailures we notice the following: Fish & Hatch, N " Y ik; the Fax National Bank of Washington, the New Your Unen Trust Company; he National Bank of in Common wealth, N.W York the National Trust Company. New York; the Bank of America, Non York; the Union Banking Company. 01 Philadelphia. These froms," of them at least. were intimatey associated with Couke & Co 111 their business trans actions, and the financial distress will be more of less wile-spread in proportion to the permanency of the failures. If the alone soff l' ed from the panic, the financial dis turbance would excite little sympto thy, but as it entailed losses upon many who had their all invested in radroal securities, which they sold at he ay loss, the panic is J. plorable. The effect produced upon the floor 01 the Stock Exchange may be intere red from the fact that last Saturday the extreme factuations on some clocks were as follows: Harlem 30 per cam; Panama, 18; Rook Island 91; Western Union. 9; Hammbal & St. Joseph, 9, with other stocks flue tuating from 2 to 8 points. The government came to the relief of the money market by purchasing U. Bonds. By this meaus, togeth. er with the action of Bank Presi dems, through the Clearing House loan certificates, many millions of greerbacks were released, with III touching any portion of the $44,000. 000 reserve now In the National Treasury.

15. September 26, 1873 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, September 26, 1873

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THE FINANCIAL CRISIS.-The failure of Jay Cooke & Co., which occurred on Thursday of last week, has been followed by some twenty odd others in New York, aud ten or fifteen in Philadelphia, and quite a number in various other parts of the country. The Cookes failed because they were carrying the bonds of the Northever Pacific railroad, which was paying them nothing on the capital invested, and which bonds could not be negotiated. The general business interests of the country will not suffer as in the panic of 1857, when the State banks were in an unsound condition. It is even thought that these failures will result in good to the country, as it will sweep out of existence the leaky and doubtful houses and enterprises, and leave the healthy ones in operation. It is also believed that the crisis has passed, and that the worst has been realized. The following is a full list of reported suspensions as far as can be ascertained: INDIVIDUAL BANKERS AND BROKERS IN NEW YORK. George B. Alley & Co., Beers & Edwards, Brown, Wadsworth & Co., Theodore Berdell, W. E. Connor, Jay Cooke & Co. Day & Morse, Fisk & Hatch, Fitch & Co., Fearing & Dellinger, Greenleaf, Norris & Co., Hay & Warner, Edward Haight & Co., Eugene J. Jackson, Lawrence Joseph, Amos M. Kidder. Kenyon, Cox & Co., Ketchum & Belknap, Jacob Little & Co., W. G. Moorehead & Co., Miller & Walsh, Peter M. Myers & Co., Marvin & Brothers, Thomas Reed & Co., E. D. Randolph & Co., S. H. Smith & Seaver, Saxton & Rogers, Tausig, Fisher & Co., Vernam & Hoyt, W. H. Warren, White, Defreitas & Rathborne, Whittemore & Anderson, Chase G. White & Co., Williams & Bostwick. CORPORATIONS IN NEW YORK. Bank of the Commonwealth, National Trust Company, Union Trust Company. FAILURES IN PHILADELPHIA. Charles P. Bayard, H. H. Bull. E. W. Clark & Co., DeHaven & Bro., Henry M. Douglass, Henry L. Fell, Gelbough, Boud & Co., T. C. Knight, John P. Lloyd, Geo. H. North, J. S. & H. E. Yerkes, Union Banking Co. MISCELLANEOUS. Thomas Squires & Son, Albany, N. Y.; Horace Conn, Woburn, Mass.; Franklin Banking Co., Chicago, Ill.; Taussig, Fisher & Co., St. Louis, Mo.; Powell & Co., Williamsport, Pai; H. J. Morse & Co., Toronto, Canada; City Savings Bank, Burlington, Iowa. -There was a heavy gale in South Carolina and Georgia on the night of the 19th. The storm along the Gulf railroad was fearful. At Thomasville much damage

16. October 1, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 1, 1873

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Halifax, N. S., to send George Brown to Europe to row a match with Sadler for the championship of the world. The bust of John Howard Payne was unveiled at Prospect Park, Brooklyn, on Saturday. The ceremonies closed with "Home Sweet Home," by a grand chorus of school children. The Pennsylvania State Treasury is reported to be a loser by the failure of the Union Banking Company of Philadelphia to the extent of nearly half a million dollars. On July 4, 1872, Mrs. John Ham of Canterbury received a shock during a heavy thunder shower, rendering her speechless above a whisper. A few days since, on the occasion of becoming a mother, her voice was fully restored. In Black Hawk township, Grundy county, Iowa, two prepossessing girl graduates, aged twenty-two and twenty, are practising medicine, and the number of young men on the sick list is really astonishing. President Grant, and Gens. Sherman, Sheridan, and Hooker had a narrow escape from being run over by a coal train at Pittsburgh, week before last. The cow-catcher of the engine grazed the hind wheels of the carriage in which they were crossing the track. One day last week, in the Superior Court, at Newburyport, a member of the bar was surprised at the close of his argument to the jury to find quite a rent in his pantaloons, which interested the spectators more than did the trial. This young lawyer, being a modest gentleman, has not been seen in court since

17. October 8, 1873 Evening Star Washington, DC
Article from Evening Star, October 8, 1873

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FINANCIAL SUSPENSIONS AND SETTLEMENTS. Wylie, Knevals & Co., sugar dealers, New York, have suspended, and have no statement to make. The Union banking company, of Philadelphia, has submitted to its creditors the following proposition, which they say will enable them to resume business at an early day: Creditors shall take fifty per cent. of their claims in the stock of the bank, and that the bank shall then resume business, placing the remainder in cash to their credit. The Exchange bank of J. O. Short & Co., at Danville, Illinois, has asked an extension from its depositors, and if the request is not granted the bank will probably be compelled to suspend. The trustees of the Central Savings bank of Lowell, Mass., assisted by experts, haveexamined the accounts of the treasurer, who was present, and finds them minutely correct and the funds safe.

18. October 8, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 8, 1873

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THE FINANCIAL SITUATION. CHICAGO, October 7.-The exchange bank of J. Q. Short & Co., of Danville, III., has asked an extension from its depositors. If the request is not granted, the bank will be compelled to suspend. NEW YORK, October 7.-Wylie. Knowles & Co., sugar dealers, have suspended. They have no statement to mase. Secretary Richardson, ex-Secretary MeCulloch, and Assistant Treasurer Hillbouse were in close consultation at the sub-treasury this evening. The business of the money-order department of the post-oflice has largely increased. On the 2d of October over $121,000 was received, and over $67,000 disbursed more than the corresponding date of September. THE UNION BANKING COMPANY. PHILADELPHIA, October 7.-The Union Banking Company of this city will re-ume business if its creditors will take fifty per cent. of their claims in stock of the bank, the other to be placed to their credit in cash. THE REDUCTION OF LABOR. CINCINNATI, October 7. -- -The Commercial and the Gazette of this morning publish the results of many interviews with leading manufacturers in the various departments, from which it appears that the number of hands discharged on account of the money stringency has been much over-estimated. Most of the manufacturers and artizans express the hope that they will be able to go through the pressure without further reduction of force or time.

19. October 20, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 20, 1873

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PHILADELPHIA. Special Dispatch to The Chicago Tribune. PHILADELPHIA, Oct. 18.-The money market continues in a dull and unsettled condition. There is sufficient urgency to absorb all the funds available, and the demand remains far in excess of the supply, though remittances and collections from the country are coming in more treely. Rates vary to-day from 10 to 12 per cent for call leans ou the best collaterals, and 15 to 20 for moreautile acceptances linving three to four mouths to mature. GOLD opened at 108% and closed at 103% American silver quoted at 101 to 100. UNION BANKING COMPANY. A meeting of the principal croditors of the Union Banking Company was hold to-day in the parlor of the Continental Hotel. The officors of the Company, and their counsel, Theodore Cuyler, were present. It was proposed that the creditors should agree to take 50 per cent of their claims against Bain in stock of the Bank, the remaining 50 por cont being placed to their credit in cash to be drawn against in their transaction of business. Agreed to, and a resolution adopted directing the Company's Board to vigorously carry out its provisions. The Company also expects to receive numerous now subscriptions to its stock, and the fund derived from this source, carriod with capital rotained by settlement, will placo the corporation on what they call a firm foundation. SUSPENSIONS. Tho suspension of A. & II. Middleton, iron doalers and car-spring manufacturers, has caused much surprise. Jamos B. Jewelt & Co., dealors in grocor's stores, have also suspended. THE MINT. Several millions of bullion have been sent within a few days to the United States Mint hore for coinage. PAY OF WORKMEN. The American Dredging Company have discharged thirty hands through the monetary stringency. Tho employee in the Camdon woolon-mills have had their wages reduced 20 per cent through the samo canso. The Ivanhoe Paper-Mills, in Patterson, closed to-day indofinatoly, from the gamo cause.

20. November 29, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, November 29, 1873

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FINANCIAL An Exciting Day in Wall Street. London Lowers Discounts to Six Per Cent. LONDON, Nov. 28.-The markets here and in Liverpool are unusually strong. NEW YORK, Nov. 28.-The Wall Street markets were excited to-day by the reduction in the Bank of England rate to six per cent, the gain of 1,065,000 pounds bullion by the bank for the week, the advance in securities at London, the decline in money to 41 and 5 per cent. in open market and by the more peaceful reports of the Spanish question. All this causes a buoyant feeling on exchange and prices advanced in leading shares 1/2 to per cent. with large dealings. After the meridian a change was (brought about by the realizations on the stock exchange and vague rumors about Sickles leaving Madrid, the advance in gold and depression in stock late in the day was caused by reports that there was increased activity in the navy yard, and vague rumors of failures which could not be authenticated. Howes & Macy. At a meeting of the creditors of Howes & Macy to-night, it was resolved to accept the proposition of paying 65 per cent. to creditors in the following manner: Forty per cent. on the first of January; 10 per cent on the first of March; remaining 15 per cent. during the remainder of the year, and that the same be accepted by the creditors as full payment of claims, Chamber of Commerce Opposed to Specie Resumption. At a meeting of the Chamber of Commerce to-day, after a long debate, the majority report on specie payment, which calls on the government to resume specie payment, was voted down. The meeting adjourned till next Wednesday without taking a vote on the minority report, which recommends that the National Banks of this city shall have power to establish a uniform rate of discount, and that Congress shall authorize the issue of ten million dollars of United States currency bonds convertible into legal tenders. Register in Bankraptey Appointed for J. Cooke & Co. PHILADELPHIA, Nov. 28.-The Union Banking Company, which suspended during the panic, has resumed business, with the capital increased to seven hundred thousand dollars. James Mason has been appointed register in the Jay Cooke and Co. bankruptcy case. Judge Cadwallader has issued an order giving instructions to the receiver to have bankrupts forthwith to account with him for all and any other of their property, real or personal, monies, rights and effects, the accounts to be taken from the commencement of proceedings on the 25th of September last. and from such earlier period or periods. if any, as may to any item or items be necessary. Over Ten Million Reserves Out. WASHINGTON, Nov. 28.-The outstanding legal tenders are $366,230,018. The Spragne Deed of Trust. PROVIDENCE, R. I. Nov. 28.-The Sprague trust deed was signed late this evening by A. & W. Sprague manufacturing corporation and individual members of the A is family. copy executed withheld by from the the public until it shall be three trustees named in the instrument, which is now expected will be done to morrow. . A New York policeman has got into trou1.1. has netrina leave one night to go to a

21. November 29, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 29, 1873

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Resumed-The Jay Cook Bankruptcy. PHILADELPHIA, Nov. 28.-The Union Banking Co., which suspended during the panic has resumed business. James Mason is appointed receiver in the Jay Cooke bankruptcy case. Judge Callawallader has issued an order giving instructions to the receiver and bankrupts will forthwith account with the firm for all or either of their property real or personal, moneys, rights, credits and effects, the accounts to be taken from the commencement of the proceedings, the 25th of September last.

22. December 1, 1873 Evening Star Washington, DC
Article from Evening Star, December 1, 1873

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Motto for the winter of 1873-4. "I can' afford it." Another Cardiff giant has been discovered This one was in a cave in Montana, and has a copper helmet upon its head. But it is only 9 feet high. The Union Banking Company of Philadelphia, which suspended during the panic, has resumed business with the capital increased to $700,000. couple who registered themselves the other day at a Chicago hotel as "George Lord and lady, Stewartville, New York," left a baby behind them when they paid their bill. The landlord being childless concluded to accept the offering of the Lord, and adopted the foundling.