Union National Bank (Racine, WI)

Episode Information

Episode UID
255701124
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
25570 national
Charter Number
2557
Start Date
August 16, 1893
Location
Racine, Wisconsin (42.726, -87.783)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
20f02656c3d8a2cb

Response Measures

None

Description

Bank suspended for inability to realize on securities, directors voted liquidation but later reorganized with increased capital and resumed.

Events (6)

1. September 1, 1881 Chartered
Source
historical_nic
2. August 16, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on securities necessitated suspension of business.
Newspaper Excerpt
The Union National Bank closed its doors this morning.
Source
newspapers
3. August 20, 1893 Other
Newspaper Excerpt
Liquidation for a Racine Bank. ... the directors ... have voted to go into liquidation. All depositors will be paid in full.
Source
newspapers
4. August 23, 1893 Other
Newspaper Excerpt
The directors ... have decided to go into liquidation and appoint a receiver to wind up the affairs of the bank.
Source
newspapers
5. October 23, 1893 Reopening
Newspaper Excerpt
The Union National Bank ... after a suspension of ten weeks, resumed business today with its capital stock increased to $225,000.
Source
newspapers
6. September 1, 1900 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (16)

Article from The Sun, August 17, 1893

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TROUBLES OF THE BANKS. The Money Stringency Still Causing Suspensions and Starting Runs. RACINE. Aug. 16.-The Union National Bank closed its doors this morning. The capital is $150,000,and the total resources $892,000. The individual deposits are $243,000. INDIANAPOLIS, Aug.10.-The banks of this city are still refusing to take bills of exchange on New York and other Eastern cities, and business between this city and such places is almost at H. standstill. The high price of Eastern exchange is having its effect on all kinds of business. including the shipment of grain and live stock as well as of flour and other manufactured articles. JACKSONVILLE, Fla. Aug. 16.-The Volusia County Bank at Deland closed its doors this morning. being unable to meet its obligations by reason of delays in realizing on its papers. mortgages. &c. Its liabilities are $136,000 and its assets $190,000. It is a State bank. H. H. Clough President. J. B. Clough cashier.


Article from The Sun, August 20, 1893

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Liquidation for a Racine Bank. RACINE, Wis., Aug. 10.-The directors of the Union National Bank. which suspended on Wednesday. have voted to go into liquidation. All deposite will be paid in full, as there is $1.75 of assets for every doll ir of deposits. The run on the other banks has entirely ceased.


Article from Watertown Republican, August 23, 1893

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WISCONSIN NEWS. RICHARD HANTZCH, a lineman in the employ of the Telephone and Lighting Company at Eau Claire, while at the top of a pole received the full incandescent current. With a cry of pain he fell and hung by one foot to the wires, apparently a corpse. Two fellow workmen ran up the polesand tried to lower him with a rope, but he fell, striking on the curbstone. Life was extinct. There is considerable agitation over the affair and the City Council has appointed a committee to investigate the street railroad and electric light svstem in relation to public safety. Hantzch is the second victim of the deadly'current at Eau Claire within a week. J. S. BROWN, charged with illegally marrying William Wallace to Mrs. Ida A. Clark, had a preliminary examination at Racine. From the testimony it appeared that the ceremony used was similar to that of all ministers. Mrs. Clark thought it was all in fun and Brown was of the same opinion. He was held to the circuit court for trial. A LIVE white sturgeon has been added to the attractions at Washington Park, Green Bay. The rare one is forty inches in length, pure white in color, and with eyes of deep indigo blue. Fishermen who have been in the business forty years say it is the first time a fish of that kind has been taken from the Waters of Lake Superior. THE directors of the Union National Bank at Racine, which suspended a few days ago, have decided togo into liquidation and appoint a receiver to wind up the affairs of the bank. The bank has a sufficient amount of securities to pay depositors dollar for dollar. CHARLES SPLITBERGER, of Cottage Grove, Dane County, pleaded guilty to the charge of assault with intent to do great bodily harm to John Allerton, of Deerfield, at a country dance, and was sentenced to eight months' imprisonment. FRED. J. SOMERFIELD, of Iron River, has commenced suit against the Western Union Telegraph Company for $1,000 damages for the non-delivery of message e THE ex-convict impersonating the Rev. T. J. Brown, of Waupaun, when arrested for burglary at St. Joseph, Mo., is Frank Bender, as surmised by Mr. Brown when he read the report of the arrest. In response to Mr. Brown's telegram the chief of pelice of St. Joseph had Bender's photograph taken and it was forwarded to Mr. Brown, who recognized it at a glance. THE Commercial Bank, of Eau Claire, which closed recently, will be reorganized and reopened. The schedule, which is nearly completed, will show diabilities about $154,000, with assets about $50,000 more than that. While the assets comprise not over $40,000 cash, Receiver Buffing believes all liabilities will be paid in full. STATE VETERINARIAN F. J. TOUSSAINT made a trip through the Northwestern counties recently finding many horses suffering with glanders. Horses belonging to Frank Bodwar, of Somerset, St. Croix County; Arthur Wilson, of Canton, Barron County, and Sam Wright, of Flambeau, Chippewa County, were ordered killed. Mr. Wright lost a horse with the same disease last winter. WILLIAM WALLACE SACKET, who participated in an illegal marriage with Sarah A. Clark, at Racine, and whois in jail, is desirous of pleading guilty, but Judge Fish is absent from the city, and he must wait until September 15. HERMAN POEHLING was arrested at La Crosse on a charge of grand larceny. He was bound over to the next term of the circuit court. IT is now certain that Mrs. Charles Urwin, of Chicago, who was supposed to have been drowned in Lake Mendota at Madison, committed suicide. A letter addressed to her husband was found on the table in her room at the hotel where she was stopping stating that she was tired of life and that when he received it she would be at the bottom of the lake. The police have not yet succeeded in finding the body All the claims against the Wisconsin Marine and Fire Insurance Company Bank and against its stockholders upon their individual liability are to be adjusted in one equity suit. Actions at law will not hold and all those who have already begun such suits will have to discontinue them. COMPTROLLER ECKELS has appointed W. F. Filter, general book-keeper of the Milwaukee National Bank, a bank examiner, and instructed him to go to Racine and take charge of the Union National Bank, under the direction of Bank Examiner Lynch. THE Wisconsin conference trustees of the Methodist Church have opposed the admission to probate of the will of the late Maj. E. H. Paine, of Oshkosh. The objection is that the testament bearing the date of May 3, 1892, is not the last will of the deceased. ELI DANKS, an old resident of the town of Dale, Outagamie County, died at the age of 70 years. MRS. KANDY, formerly a resident of Neosho, died at her home in Colby, aged years. 69 Gov. PECK has granted pardons to Daniel Hanley, who was sentenced by the circuit court ol Green Lake County, June, 1886, for a term of fifteen years, and John W. Hart, sentenced on February 26, 1886, for fifteen years for murder in the second degree. Hanley has always been a faithful worker and had an excellent record for good behavior. Recently he saved the life of a prison official, who had been attacked by one of the convicts with a large knife In referring to Hart's behavior Gov. Peck said: "For the past five years he has filled the position of engineer and fireman. As such he has faithfully cared for the machinerv and property of the


Article from Watertown Republican, August 23, 1893

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FAILED TO OPEN ITS DOORS. The Union National Bank of Racine, Posts 3 Notice of Suspension. RACINE, Wis., Aug. 16.-Much suprise was occasioned here this morning when the Union National Bank failed to open its doors. A notice was posted stating that inability to realize on securities necessitated a suspension of business. The bank has a capital of $150,000, with a reserve fund of $60,000. A statement made on July 12 showed the resources to be $893,000, with the liabilities the same. The individual deposits amounted to $243,000. The officers of the bank are as follows: President O. R. Johnson; vice-president, H. E. Smieding; cashier, E. C. Deane. The Commercial and Savings Bank to-day posted a notlce taking advantage of the sixty-day clause. There was a slight run onthe other banks, but it is thought that the worst is past. E. C. Deane, cashier of the Union National Bank,'is vice-president of the Commercial and Savings Bank.


Article from Eagle River Review, August 24, 1893

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FAILED TO OPEN ITS DOORS. The Union National Bank of Racine, Posts Notice of Suspension. RACINE, Wis., Aug. 16.-Much suprise was occasioned here this morning when the Union National Bank failed to ope its doors. A notice was posted stating that inability to realize on securitie necessitated a suspension of business The bank has a capital of $150,000, with reserve fund of $60,000. A statements made on July 12 showed the resource to be $893,000, with the liabilities the same. The individual deposits amount ed to $243,000. The officers of the bank are as follows: President O. R. John son; vice-president, H. E. Smieding cashier, E. C. Deane. The Commercial and Savings Bank to-day posted a notlce taking advant age of the sixty-day clause. There was a slight run onthe other banks, butitis thought that the worst is past. E.C. Deane, cashier of the Union National Bank,;is vice-president of the Commercial and Savings Bank.


Article from The Progressive Farmer, August 29, 1893

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RACINE, Wis. Aug. 19.-The Union National Bank, of this city, will go into liquidation. All depositors will be paid in full. The run on the other banks has ceased. BRADDOCK, Pa, Aug. 22 -Carnegie's Edgar Thompson steel works at this place have been shut down, owing to the lack of orders. Two thousand men are thrown out of employment. NEW YORK, Aug. 22.-Sykes & Co., wholesale clothiers, have assigned; liabilities, $100,000.


Article from Morris Tribune, August 30, 1893

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The Union National Bank of Racine, Wis., suspended on the 16th. Depositors will be paid dollar for dollar, and it is expected that the bank will reopen its doors.


Article from Mineral Point Tribune, September 2, 1893

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A. A. Stratton, of Plainfield, had his hand partly amputated by con with a circular saw. Peter Peterson, a Bayfield young fell off the dock at that place and rowned. His body was recovered. Joseph Durkie pleaded guilty at Ash nd to the charge of forgery. He will sentenced at the next term of court Herman Wagner, a teamster at Me ominee, Mich.. was nearly trample death by a horse. His recovery is oubtful. Pete B. Jessey was granted a divorce his wife. Mary Jane Jessey, a ausau. The parties formerly lived Antigo. Jame Cheney, who shot and killed obert Murphy Friday night near Bis was taken to Grand Rapids be Judge Webb, where it is expected will waive examination and give for his appearance at the circui The County National bank bas re pened its doors for business at Waupa after a suspension of less than : onth. George Comstock, who eloped with Cleary, has been caught at Chica by Sheriff Murphy and brought bael Marinette. Willie Kranchus of Appleton while laying in a barn at Seymour fel feet and received injuries tha be fatal. The position of station agent of the Shore road will be discontinues Appleton, the Northwestern and Shore depots being managed by agent. Albert Goertz, of Watertown, has appointed to the secretaryship o ongressman Barwig's committee in house of representatives. Henry Meincke, of Tomah. has con to furnish the 18,000 pounds o eef the Indian school at that place wil during the ensuing year. Thomas Mack, a West Superior resi nt, was arrested and bound over to circuit court for trial on a charge assaulting a httle girl. Two barn belonging to John Var yke, of the town of Freedom, Outa county, were destroyed by fire $2,000. young man named Blink was se ously stabbed during a row at Com onwealth. He is in a critical con Bank Examiner Lynch, who is in of the Union National bank a pending its opening. has made statement. It says that the bills re eivable are $655,000 and the liabilitie $470,000. The examiner urges the sumption and says that it will be to cerdit of the bank and the interes the depositers and a great advan to the business public of Racine a prompt and generous response il to the proposition as represented the committee of the stockholders the bank. H. Wheeler. a farmer residing Lake Geneva. sustained a heavy by fire. Three barns and a shed hich contained a quantity of hay and and all his carriages, harness sleighs, eight blooded horses and cords of wood were destroyed origin of the fire is unknown. The is not less than $12,000, partially An action for $5,000 damages for per injuries sustained on a defective has been against


Article from Courier Democrat, September 28, 1893

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WILL RESUME. Racine, Wis., Sept. 23.-The officers of the Union National bank, suspended Aug. 16, have given notice that they will resume on Oct. 3. They have advertised for a stockholders' meeting Oct. 7, at which time the capital stock will be increased to $225,000. In the meantime the stock has been nearly all subscribed for, and an extension of time has been secured on a large part of the deposits.


Article from River Falls Journal, October 5, 1893

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ing 2 miles from Beloit, was chloroformed and robbed at his home. The sum taken was not large. John Frazer, aged 65, was killed by the bursting of a circular saw in a mill at La Crosse. He leaves a family of grown children. George J. Beebe was put in jail at Hudson for attempting to kill John Dorsey. The trouble grew out of Dor sey's attentions to Beebe's young wife. Dorsey is 43 years old. The roof of the new electric power house at West Superior fell in and two of the men working on it were seriously injured. Two men. a Swede and a German. employed at O. K. Fryklund's mill at Mellen, were killed by tipping a load of slabs on themselves. The $5,000 race from Chicago to Milwaukee between the whaleback steamer Christopher Columbus, of Chi cago, and the Goodrich line steamer Virginia, was won by the Columbus. The First national bank of Ashland, which closed its doors July S1, is again open for business. The vote on the license question at Cumberland resulted in a victory for high license at $500. Workmen while digging a cellar or the Schushardt farm on Pine lake found the skeletons of a woman and a child Mr. and Mrs. J. W. Cahoon, of Apple. ton, celebrated their golden wedding. The normal school at Superior is to be on a five-acre tract at the corner a Hill avenue and Belknap street. Schools at Stanley were closed on ae count of diphtheria. There were over twenty cases and eight deaths had oc curred. Wright Brothers, of Iron Mountain. have contracted to get out 600,000 ties 5,000,000 feet of logs, 5,000 cords 0) spruce and 500,000 posts. Iron Mountain will be their base of supplies for fifty different contracts. Beloit is forming an association for the protection of fish and game. The late Abner Kirby, of Milwaukee left his entire estate, valued at $85,000 to his widow, Mrs. Letity B. Kirby. Or the death of the widow the estate is to be divided evenly among the five sun viving children. George A. Buffington, of Eau Claire left an estate valued at $500,000. Eighteen orphans from New York found homes around Green Bay and Fort Howard. Among the nominations of President Cleveland is that of Joseph H. Wood north to be pension agent at Milwau kee. Fire in P. O. Herdes' clothing store a Brodhead did damage to the extent 0 $3,000. The Cody-Powell Coffee company with W. T. Cody (Buffalo Bill) president, was organized at La Crosse. The officers of the Union national bank of Racine, which suspended Au gust 16, have given notice that the bank will resume business October 23. Headquarters of each traffic and oper ating official of the Wisconsin Central road were ordered removed to Milwaukee at once. Rev. W. D. Thomas was indicted at La Crosse for writing an uncompli mentary postal card to a fellow preacher. Earl Shaddock, a lad 12 years of age, had a hearing at Marshfield on a charge of horse-stealing and was bound over to await the circuit court. Resolutions favoring prohibition and opposing all forms of license were adopted by the Wisconsin Methodist conference. A long-talked-of bicycle road race of 15 miles between Clarence Taylor and Charlie Taylor, local riders of some note, was run at Barron and was won by Clarence Taylor. The saloonkeepers at Fort Atkinson called a special election on the question of the price of liquor licenses for the ensuing three years, which resulted as follows: $500 received 293 votes, $350 received 11. $200 received 135. Black diphtheria has reached an epilemic in Racine and thirty houses were nder quarantine. In many cases the persons attacked die within forty-eight hours. William Schutt, a coal-heaver at Marine City, while wheeling coal onto a steamer stubbed his toe and fell into the water and was drowned. His brother lost his life in the same way a year ago. The soldiers and sailors of Macomb county held their annual reunion at the Armada fair. August Sauer, of Onalaska, wa burned to death by setting his clothes on fire with a match. Graham L. Rice, formerly postmaster of West Superior, has been appointed deputy sheriff to succeed Henry Ber


Article from St. Paul Daily Globe, October 24, 1893

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Racine Bank Resumes. RACINE, W18., Oct. 23.-The Union National Bank, of this city, after a suspension of ten week, resumed business today with its capital stock increased to $225,000.


Article from Morris Tribune, October 25, 1893

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Tuesday, Oct. 24. The reports of impending changes in the Prussian ministry are denied upon authority. St. Louis brewers have locked out their union drivers and are hiring nonunion men. The Union National bank of Racine, Wis, after a suspension of 10 weeks, resumed business Monday with capital stock increased to $225,000. At Detroit Judge Swain, by consent of all parties concerned, appointed Don M. Dickinson receiver of the Detroit, Bay City and Alpena railway. Mr. Crain of Texas has introduced a bill in the house providing that the District of Columbia be represented in the house by a delegate as territories are now represented. The ministers of Kausas City have joined in a crusade against the Sunday opening of saloons, grocery stores, meat markets, barber shops and all other places which are required to be kept closed on the Sabbath by the state law.


Article from The Redwood Gazette, October 26, 1893

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Tuesday, Oct. 24. The reports of impending changes in the Prussian ministry are denied upon authority. St. Louis brewers have locked out their union drivers and are hiring nonunion men. The Union National bank of Racine, Wis, after a suspension of 10 weeks, resumed business Monday with capital stock increased to $225,000. At Detroit Judge Swain, by consent of all parties concerned, appointed Don M. Dickinson receiver of the Detroit, Bay City and Alpena railway. Mr. Crain of Texas has introduced a bill in the house providing that the District of Columbia be represented in the house by a delegate as territories are now represented. The ministers of Kausas City have joined in a crusade against the Sunday opening of saloons, grocery stores, meat markets. barber shops and all other places which are required to be kept closed on the Sabbath by the state law.


Article from The Irish Standard, October 28, 1893

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Business Resumed. RACINE, Wis., Oct. 24.-The Union national bank of this city resun.ed business Monday after a suspension of a little over two months, The capital stock has been increased from $150,000 to $225,000.


Article from Grant County Herald, November 2, 1893

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Business Resumed. RACINE, Wis., Oct. 24.-The Union national bank of this city resumed business Monday after a suspension of a little over two months, The capital stock has been increased from $150,000 to $225,000.


Article from Grant County Herald, November 9, 1893

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The News Condensed. The seniority of the Wisconsin G. A. R. posts is again being discussed. Col. Gray is accused of perverting the records. Mrs. Peter Johnson and Richard Ooghe were taken to Milwaukee from San Francisco on the charge of a conspiracy to kill the woman's husband When arrested they both confessed. Herman Cheeseboro, for many years superintendent of hotels in the Santa Fe system, died at Milwaukee at the age of 65 years. Frank Pomainville, one of the party of Wisconsin visitors at the Paris exposition of 1889, died at Grand Haven. The big boot and shoe factory of At. kins, West & Co. was closed by the sheriff on judgments aggregating $30,000. A portion of the Lehigh company's dock at West Superior gave way and 3,000 tons of coal went to the bottom of the bay. Henry Mitchell, the pioneer wagon manufacturer of the west, died at his home in Racine, aged 84 years. Heirs of George A. Porter have begun suit to recover possession of 160 acres of land within the limits of Superior. The wife of Rhoda Whalen, the notorious criminal of Beloit, committed suicide at Rockford, III. The Union national bank of Racine resumed business after a suspension of a little over two months. The capital stock has been increased from $150,000 to $225,000. Street Commissioner Hedegan and A. P. McDonald have been acquitted at Ashland of the charge of conspiracy against the United States in obtaining government lands. Myron Turner, a farmer, and his son were thrown from a wagon by a runaway near Eau Claire, and the father was so badly injured that he would probably not recover. Sneak thieves raided the town of Brule and used a hand car to carry away their plunder. E. W. Judson, an insurance agent at Marshfield, left his home for Chicago September 9, telling his wife at parting he should be gone only a few days, and since then no trace of him has been found. W. E. Elliott and wife, of Milwaukee, returned from the world's fair to find their daughter Alma, aged 21, hanging to a rafter. No cause was known. The contract for building and completing the Rice Lake, Dallas & Menomince Railway company's first section between Rice Lake and the Minneapolis, St. Paul, & Sault Ste. Marie railway has been let and the work commenced.