Union National Bank (Rochester, MN)

Episode Information

Episode UID
208801124
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
20880 national
Charter Number
2088
Start Date
August 9, 1893
Location
Rochester, Minnesota (44.022, -92.470)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8f8b05b3c9e7771d

Response Measures

Public signal of financial health, Capital injected, Full suspension, Books examined

Events (4)

1. March 5, 1873 Chartered
Source
historical_nic
2. August 9, 1893 Run
Cause
Macro News
Cause Details
Slow but substantial withdrawals driven by the broader money stringency and depreciation of commercial paper during the 1893 financial crisis.
Measures
Directors posted notice of suspension and appealed for time to collect assets; citizens solicited to accept certificates of deposit.
Newspaper Excerpt
Owing to a rapid and continued withdrawal of deposits...the directors have resolved to suspend payment.
Source
newspapers
3. August 9, 1893 Suspension
Cause
Macro News
Cause Details
Suspension due to rapid withdrawals and inability to realize commercial paper quickly amid the wider financial stringency.
Newspaper Excerpt
the directors have resolved to suspend payment...The bank has sufficient assets...and no depositor will lose a dollar.
Source
newspapers
4. October 2, 1893 Reopening
Newspaper Excerpt
the Union National Bank of Rochester, Minn. ... have been permitted to reopen for business; The Union National Bank of Rochester, Minn. will resume without the appointment of a receiver.
Source
newspapers

Newspaper Articles (20)

Article from St. Paul Daily Globe, August 10, 1893

Click image to open full size in new tab

Article Text

ROCHESTER BANK CLOSES Because Withdrawals Considerably Exceed Deposits. Special to the Globe. ROCHESTER, Minn., April 9.-Shortly before noon today the following notice was posted on the entrance to the Union National bank in this city: "Owing to a rapid and continued withdrawal of deposits, and the impossibility of collecting paper at this season of the year fast enough to meet demands upon us, the directors have resolved to suspend payment. The bank has sufficient assets, mainly in notes given by farmers and business men in the county, to pay all it owes. and no depositor will lose a dollar." The above notice is briefly all that needs to be said. The scare on the part of depositors has caused a gradual withdrawal, and the bank was simply unable to collect as fast as it paid out. The bank has sustained no loss, has no bad debts outstanding, and the payment of every depositor in full is only a question of time. Business will be resumed as soon as sufficient time has elapsed for collections to be made. The posting of the notice created no excite ment further than conversation about the street, and the other banks kept open during the noon hour, when ordinarily they would be closed.


Article from New-York Tribune, August 10, 1893

Click image to open full size in new tab

Article Text

MANY BANKS FORCED TO CLOSE. SUSPENSIONS CAUSED BY FINANCIAL DEPRESSION AND INABILITY TO REALIZE ON SECURITIES. Perry, Iowa, Aug. 9.-The Commercial Bank. a private institution of this city, made an assignment yesterday, caused by stringency in the money market and inability to realize on securities. Depositors will be paid in full. Assets are placed at $69,340; liabilities at $40,050. The Exchange Bank at Angus, another private concern, has also assigned to H. A. Rouse, of this city. Minneapolis, Aug. 9.-The Commercial Bank, a small local institution, closed its doors this morning. Its capital is $200,000; deposits, $400,000, and time deposits, $222,000. The loans and discounts at the last statement amounted to $642,000. The bank's officers state that depositors will be paid in full. Rochester, Minn., Aug. 9.-The Union National Bank closed this morning. There was no stampede, but slow withdrawals of deposits have reduced the bank's resources materially, and the depreciation of commercial paper had some effect in closing. The bank is solvent and will resume without the appointment of a receiver. The other banks are all considered solid. Waseca, Minn., Aug. 9.-The People's Bank of this city failed to open yesterday. The suspension was caused by a heavy run on the bank on Saturday and Monday. The assets are $135,000; liabilities, $67,000. Colfax, Wash., Aug. 9.-The Bank of Colfax, an old and reliable private institution, temporarily closed its doors yesterday on account of the general financial depression and inability to realize on securities. The bank's capital Is $100,000, and the assets exceed liabilities two for one. No runs have been made on other banks. Martinsville, Ind., Aug. 9.-Mitchell's Bank has published notice that it will go into voluntary liquidation on October 1, and that no more deposits or collections will be received. The bank has on hand twice as much cash as deposits. A stock bank will be organized to succeed this one. Nashville, Tenn., Aug. 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out.


Article from The Herald, August 10, 1893

Click image to open full size in new tab

Article Text

P Closed Temporarily. ROCHESTER, Minn., Aug. 9. -The Union National bank closed temporarily this morning. It will resume without the appointment of a receiver.


Article from St. Paul Daily Globe, August 10, 1893

Click image to open full size in new tab

Article Text

ROCHESTER BANK CLOSES Because Withdrawals Considerably Exceed Deposits. Special to the Globe. ROCHESTER, Minn., April 9.-Shortly before noon today the following notice was posted on the entrance to the Union National bank in this city: "Owing to a rapid and continued withdrawal of deposits, and the impossibility of collecting paper at this season of the year fast enough to meet demands upon us, the directors have resolved to suspend payment. The bank has sufficient assets, mainly in notes given by farmers and business men in the county, to pay all it owes. and no depositor will lose a dollar." The above notice is briefly all that needs to be said. The scare on the part of depositors has caused a gradual withdrawal, and the bank was simply unable to collect as fast as it paid out. The bank has sustained no loss, has no bad debts outstanding, and the payment of every depositor in full is only a question of time. Business will be resumed as soon as sufficient time has elapsed for collections to be made. The posting of the notice created no excitement further than conversation about the street, and the other banks kept open during the noon hour, when ordinarily they would be closed.


Article from Morning Journal and Courier, August 10, 1893

Click image to open full size in new tab

Article Text

Two Banks Close. ROCHESTER, Minn., Aug. 8.-The Union National bank closed this morning. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid. COLFAX, Waeh, Aug. 9.-The Bank of Colfax has closed. Capital $100,000. Assets exceed liabilities two to one.


Article from Richmond Dispatch, August 10, 1893

Click image to open full size in new tab

Article Text

Telegraphicalities. The Union National Bank, Rochester. Minn, closed temporarily yesterday. The Commercial Bank of Minneapolis closed its doors yesterday morning. The Commercial Bank of Minneapolis, Minn., closed its doors yesterday. It is a small institution. Fuller Brothers, nail commission merchants, Greenwich street, New York, assigned yesterday. The First National Bank of Nashville, Tenn., suspended after banking hours yesterday afternoon. The Bank of Colfax, Washington, has closed. Capital, $100,000. Assets exceeds liabilities two to one. The men who are charged with wrecking the Indianapolis (Ind.) National Bank are to be prosecuted. C. W. Wickstone, of Bridges, Ga., was shot and killed Tuesday morning by the accidental firing of a gun he had set in his store for burglars. A heavy earthquake shock was felt in San Francisco shortly after 1 o'clock yesterday morning. Two shocks were experienced at San Diego Tuesday. The Linden Steel Company, Pittsburg, Pa., has suspended operations on account of the stringency of the times, the difficulty in procuring discounts, and inability to make collections. The extensive harness-factory of E. A. Ringrose & Co., Fuller's Lane and Trenton avenue, Philadelphia, was totally destroyed by fire Tuesday night. Loss, $75,000; insurance partial. Origin of the fire unknown. Surgeon-General Wyman, of the Marine-Hospital Service, Washington, returned from New York and says the examination of Lorenzo Moracao shows that he has cholera, but is recovering, and that another passenger of the Karamania is thought to have the disease. Robert H. Coleman, the iron millionaire, of Lebanon, Pa., has made an assignment. His liabilities. will approximate three and one-half millions, and it is asserted that they exceed the assets. Coleman's interest in the Jacksonville, Tampa and Key West railway, it is said, brought him into trouble.


Article from The Salt Lake Herald, August 10, 1893

Click image to open full size in new tab

Article Text

TELEGRAPHIC BREVITIES. The gold in the treasury yesterday was $3,157,354 above the $100,000,000 gold reserve. Fuller Bros. & Co., commission merchants, of New York, have assigned to C. B. Mulligan. The bank of Colfax, Wash., has closed. Capital, $100,000. Assets exceed liabilities two to one. During the twenty-four hours ended at noon yesterday there were nine deaths from cholera in Naples. It has been decided to institute legal proceedings against the men charged with wrecking the Indianapolis National bank. Comptroller Eckels has appointed E. W. Knight, jr., receiver of the Stockgrowers'. National bank of Miles City, Mont. The Union National bank, of Rochester, Minn., has closed temporarily. It will resume without the appointment of a receiver. At Marshall, Tex., yesterday, by the explosion of a boiler, Tommy Hill, Henry Smalley and Gus Saunders were killed, and Joe Bright and Joe Walman badly scalded. A cloudburst in Gratz, capital of Styria, swelled the mountain streams to torrents which swept down the valleys, doing great damage. A large number of persons were drowned. At Wheeling, W. Va., A. W. Paul has been appointed receiver for the Nail City Stamping company. No statement beyond one, that the assets are three to one greater than the liabilities. Investigation thus far into the condition of Lazarus Silverman's Bank of Chicago shows total liabilities of $1,691,079; assets $2,521,244. Nothing of a suspicious nature is yet discovered. A London dispatch from Berlin says: The United States, Great Britain and Germany have resolved on decisive combined action to end the Samoan trouble. It is said that Mataafa will be exiled.


Article from The Times, August 11, 1893

Click image to open full size in new tab

Article Text

A NUMBER OF ADDITIONAL ASSIGN. MENTS DURING THE DAY. Banksand Other Business Houses Continue to Close Their Doors and Several Mills Shut Down- Others Resume Work. NASHVILLE, TENN., August -The suspension of the First National Bank last evening was followed to-day by the suspension of payment by the American National Bank, one of the largest and strongest in the city, The bank has a capital stock of $1,000,000 and a surplus of $116,000. When the bank opened for bus iness at the usual hour there were many depositors about its doors, and soon a run was made. The crowd was very orderly. and were paid as rapidly as possible. Meanwhile a run began on the Fourth National Bank, which has a capital stock of $1,000,000, and a surplus fund of $200,000. and is regarded by business men as perfectly solvent. The directors of both the American and Fourth National Banks published cards this morning to the effect that their banks were perfectly solvent, and also pledging their personal estates to the payment of depositors. The run on the American National Bank was stopped at 9:30 o'clock by the announcement of the fact that they would suspend payment. The directors of the Safe Deposit, Trust and Banking Company met at an early hour and decided, in view of the excitement prevailing, to take advantage of the clause in their charter requiring depositors to give sixty days' notice of withdrawal of deposits The board posted a notice stating that the depositors are absolutely safe for every dollar they have in the bank. There was no run on this bank, and but few depositors presented checks for payment. WASHINGTON, D. C., August 10.Comptroller Eckels has ordered Bank Eaxaminer Plumbly to take charge of the failed First National Bank of Nashville, Tenn., and Examiner Provoost, of of the failed Union National Bank, Rochester, Minn. KINGSTON, MO., August 10. The Caldwell County Bank, at this place, and the Excange Bank, of Polo, closed their doors yesterday morning. Both banks were owned by John D. Cox. There is no run on the other banks. EBENSBURG, PA., August 10. The banking firm of Johnston Buck & Co., of this place, conducting banks at Ebensburg. Carrollton and Hastings, closed their doors at noon to-day, and placed the following notice at the entrance: "We have assets in excess of our liabilities, but, owing to the constant demand for currency in the last twenty-four hours, we consider it to the best interest of the all concerned to suspend payments for present." The bank will resume business as soon as the financial panic subsides. INDIANAPOLIS IND., August 10.-J. M. Rider, wholesale cigar and liquor dealers. assigned yesterday with assets and llablities in the neighborhood of $10,000. He has been dealing in non-union cigars, and four years ago the Cigarmakers' Union began a systematic boycott upon him, which has been vigorously prosecuted ever since. To this he ascribed his failure. LAFAYETTE, IND., A'ugust 10.- The Bryan Wagon Works this morning went into the hands of a receiver. Jacob M. Marks was appointed. Liabilities of the company are placed at $100,000 The assets, it is claimed, will much more than pay out, if they can be realized on. WABASH, IND., August 10.-John E. Figert, manufacturer of wagons and carriages at Disko, this county, and an extensive land owner in the same neighborhood. made an assignment for the benefit of his creditors. No statement of his liabilities and assets has been made, but, it is asserted, all claims will be paid in full. LAFAYETTE, IND., August 10.-The Physicians' Electrical Supply Company assigned yesterday to Isaac Russell. The concern has been a prosperous one, but inability to collect money due forced the assignment. No statement as to liabilities and assets. It is thought the company can pay dollar for dollar on the indebtedness. MITCHELL IND., August 10.-Many quarries in this county have shut down stone indefinitely on account of the lack of demand for stone. Hundred of lahorers are out of employment and without means of support. CINCINNATI, OHIO, August 10 ).-The distilleries belonging to the Whiskey Trust will be shut down as a result of the government order requiring payment of taxes in currency. W. N. Hobart, of the trust, has returned from Peoria, treasurer where be has been in consultation with President Greenhut. As the result of the conference the order to shut down will go forth. PUEBLO, COL., August 10.-The steel plant of the Colorado Fael and Iron Com- Monpany here will resume operations with a full force of 1,600 men, after day a shut down for three weeks for repairs. The company has large orders ahead, and will run for a year, it is.said, without a cessation of operations. PHILADELPHIA, PA., August 10.Bromley & Sons' extensive carpet mills in Kensington, the manufacturing cuburb Philadelphia, whose mills shut Town last week, of temporarily hands have rearnoed operations. About 3,000 are employed. PROVIDENCE, R. I., August a-The B. B. and R Knight mills, which have been idle the past week, will start up Monday next. The firm operates mills in Portiac, Natick, River Point, Arctic, Fisheville, Arkwright, White Rock and this city in this State, and in Hebronville, Dodgeville, Manchaug and Readville in Massachusetts, employing between 7,000 and 9,000 hands. NEW HAVEN, CONN., August 10.The North and South foundries of the big Sargent Company's works were shut down last night and will run only three days a week, beginning on Monday next 200 men are are manuand that the say factured About they goods, overstocked affected. with The demands firm are very light.


Article from St. Paul Daily Globe, August 11, 1893

Click image to open full size in new tab

Article Text

LEVEL-HEADED ROCHESTER. Citizens Stand by the Banks of the Town. Special to the Globe. ROCHESTER, Minn., Aug. 10.-A meeting of the board of trade and citizens generally was held last night and largely attended, to take some action in regard to the financial welfare of the city, and to try and check depositors from withdrawing their money from the two remaining banks. Stirring speeches were made by C. C. Willson, Judge C. M. Start, Mayor Withersline, W. L. Brackenridge and others, showing the solid condition of the Rochester banks and the disasters which result from depositors becoming frightened and withdrawing their money. T.H. Titus, cashier of the Union National bank, which suspended yesterday, was present and made a clear statement of the bank's affairs, and stated that the bank had over $260,000 in deposits, which would be paid in full. The business men of the city have signified their faith in the banks by the following, which was readily signed by every business house in the city: "We, the undersigned business men of Rochester, Minn., hereby declare our confidence in the three national banks of our city. We know that these banks are solvent and can pay every dollar that is deposited with them. The stringency in the money market has made it impossible for some of these banks to realize on their securities as fast as demands have been made by depositors. We hereby signify our willingness to accept certificates of deposit on any of the Rochester banks in payment for goods at our respective places of business, feeling sure that there is no cause for alarm, and knowing that the men who are at the head of these institutions are reliable, straightforward, honest business men, and will, if time is given them, pay every depositor 'in full."


Article from The Herald, August 12, 1893

Click image to open full size in new tab

Article Text

Closed Temporarily. ROCHESTER, Minn., Aug. 9.-The Union National bank closed temporarily this morning. It will resume without the appointment of a receiver.


Article from The Iola Register, August 18, 1893

Click image to open full size in new tab

Article Text

maar DATE So A SEVERE earthquake was felt at Santa Rosa, Cal., on the morning of the 9th. THE men who robbed the United States express wagon at Wichita, Kan., have been caught. COLORADO has determined to at once start the building of a great canal, and thus provide work for thousands of the unemployed. AN operation has been performed on John W. Mackay, the millionaire Californian, for the removal of the Vermiform appendix. FLORISTS of America met in convention at St. Louis on the 9th. THORPE, Wis., has been badly damaged by fire. DURING a fire at Lima, O., a child was burned to death. The mother was fatally burned in attempting to rescue her child. THERE is great apprehension at Omaha lest the foundation of the new federal building is not on ground stable enough to support it. THE Union national bank at Rochester. Minn., closed temporarily. Slow withdrawals of deposits reduced the bank's resources materially. The bank solvent S ITALIAN, Austrian and Hungarian laborers are leaving Pueblo, Col., for their old homes in Europe at the rate of 200 or 300 a week. THE committee trying to adjust the discriminations in rates between Omaha and Council Bluffs has abandomed its effort. LAFAYETTE YOUNG, of Des Moines, editor of the Iowa Capitol, has announced himself a candidate for governor of Iowa. A POPULIST national convention has been called to meet in Indianapolis in conjunction with the G. A. R. encampnent. OHIO democrats nominated Lawrence ฮ“. Neal for governor and William A. Taylor for lieutenant-governor; for judge of supreme court, John W. Sater; for state treasurer, B. C. Blackburn; ittorney-general, John P. Bailey; member of board of public works, Lewis B. Welhelm: food and dairy commissioner, P. H. McKeon.* PETTIT'S salt warehouse near Milwaukee burned recently. Loss, $100,*000 THEODORE THOMAS, musical director it the world's fair, has resigned. The directors will run a number of small bands instead of a large one. THE result of the Cherokee election was a great surprise, the national party sweeping everything and completely routing the Downings. JAMES L. FLOOD denies the statement to the effect that the Southern Pacific Co. has borrowed $800,000 from him. IN the statehood convention at El Reno it was resolved to appeal to congress to make Oklahoma and Indian territory one state. Two more bodies have been found under the railway wreck at Danville, III OFFICERS of the Denver Investment Bond Co. have been arrested on a charge of violating the postal laws and the laws relating to lotteries. FATHER O'LEARY denies that his dispute with Bishop Matz, of Denver, is at all of the sensational nature ascribed to it. He says it is a piece of silly exaggeration. "MR. RODNEY," of Galveston, who, with his wife, walked to the world's


Article from St. Paul Daily Globe, September 13, 1893

Click image to open full size in new tab

Article Text

WILL REOPEN. Rochester Union National Bank Backed by Citizens Special to the Globe. ROCHESTER, Minn., Sept. 12.- - The Union National bank, which suspended here Aug. 9, addressed today a circular letter, acting under directions of the comptroller of the currency, to each of its depositors, asking their co-operation and aid in reopening the bank. The bank has also filed in the office of the clerk of court an agreement of guaranty to the sum total of $303,000, signed by thirty-three of the solid business men of the city, each pledging his credit for it in sums varrying from $1,000 to $25,000. The affairs of the bank now are in suck shape that a reopening may be looked for in the immediate future. Public opinion, backed by public action, still stands unflinchingly by it.


Article from Evening Star, October 3, 1893

Click image to open full size in new tab

Article Text

Banks Reopened. The following national banks, which recently suspended payment, having fully complied with the conditions imposed by the controller of the currency and their capital stock being unimpaired, have been permitted to reopen their doors for business: The Kentucky National Bank of Louisville, Ky.; the Farmers' National Bank of Findlay, Ohio; the Union National Bank of Rochester, Minn.


Article from The Sun, October 3, 1893

Click image to open full size in new tab

Article Text

National Banks Reopen. WASHINGTON. Oct. 2.-The following national banks, which recently suspended payment. have been permitted to reopen for business: The Kentucky National Bank of Louisville, Ky.: the Farmers' National Bank of Findlay, O., and the Union National Bank of Rochester. Minn.


Article from The Providence News, October 3, 1893

Click image to open full size in new tab

Article Text

Banks to Resume. WASHINGTON, Oct. 8. - The following national banks which recently suspended payment have been permitted to open for business: The Kentucky National bank of Louisville, Ky.; the Farmers' National bank of Findlay, O., and the Union National bank of Rochester, Minn.


Article from Red Lodge Picket, October 7, 1893

Click image to open full size in new tab

Article Text

Permission to Resume. WASHINGTON, Oct. 4.-The - following national banks which recently suspended payment, have been permitted to reopen for business: The Kentucky National bank of Louisville, the Farmers' National bank of Findlay, O., and the Union National bank of Rochester, Minn.


Article from Chicago Eagle, October 7, 1893

Click image to open full size in new tab

Article Text

National Banks to Reopen. The following national banks which recently suspended payment have been nermitted to reopen for business: The Kintucky National Bank of Louisville, Ky.; the Farmers' National Bank of Findiay, Ohio: and the Union National Bank of Rochester, Minn.


Article from The Irish Standard, October 7, 1893

Click image to open full size in new tab

Article Text

National Banks to Resume. WASHINGTON, Oct. 3.-The following national banks, which recently suspended payment, have been permitted to reopen for business: The Kentucky national bank of Louisville, Ky.; the Farmers' National bank, of Findlay. O., and the Union national bank of Rochester, Minn.


Article from Grant County Herald, October 12, 1893

Click image to open full size in new tab

Article Text

National Banks to Resume. Washington, Oct. 3.-The following national banks, which recently suspended payment, have been permitted to reopen for businessa The Kentucky national bank of Louisville, Ky.; the Farmers' National bank, of Findlay, O., and the Union national bank of Rochester, Minn.


Article from Grant County Herald, October 19, 1893

Click image to open full size in new tab

Article Text

National Banks to Resume. WASHINGTON, Oct. 3.-The following national banks, which recently suspended payment, have been permitted to reopen for businessa The Kentucky national bank of Louisville, Ky.; the Farmers' National bank, of Findlay, O., and the Union national bank of Rochester, Minn.