Union County Bank (Rahway, NJ)

Episode Information

Episode UID
2609827691201
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
260982769 hash
Start Date
January 5, 1900
Location
Rahway, New Jersey (40.608, -74.278)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
022ba8fe21fc25a2

Response Measures

None

Description

Examiners later reported sufficient assets to pay depositors, but no clear reopening date is reported here.

Events (2)
1. January 5, 1900 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by investigation of the bank's accounts and connection of its president with the Middlesex County Bank scandal/arrest
Measures
Money was sent from New York to assist the bank; directors met and decided to close
Newspaper Excerpt
it was known for several days that the bank accounts were under investigation, and this led to a run on the bank during Thursday and Friday
Source
newspapers
2. January 6, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after heavy withdrawals following the investigation and related scandal involving Middlesex County Bank connections
Newspaper Excerpt
The Union County Bank has been compelled to suspend, owing to the unusual demand made upon it by depositors.
Source
newspapers

Newspaper Articles (23)
1. January 6, 1900 Evening Star Washington, DC
Article from Evening Star, January 6, 1900

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Article Text

RAHWAY, N. J., BANK FAILS. Caused by a Run on Institution by Depositors. Rahway, N. J., Bank Suspends. NEW YORK, January 6.-The-Union County Bank of Rahway, N. J., has suspended. The following notice was placed on the front door of the bank building today RAHWAY, N. J., January 6. 1900. The Union County Bank has been compeiled to suspend, owing to the unusual demand made upon it by depositors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that depositors will be paid in full as soon as the bank can realize on its investments. THOMAS K. JOHNSTON. Deputy Commissioner of Banking and Insurance. It was known for several days that the bank accounts were under investigation, and this led to a run on the bank during Thursday and Friday, and it is said that about $30,000 was paid out yesterday, and there were still many depositors awaiting to draw out money when the bank closed for the day. After this the directors held a meeting and discussed the situation. and as an outcome it was decided not to open the bank this morning for the reason given in the notice issued by Deputy Commissioner Johnson. To all inquiries today the officers of the Rahway Bank stated that the notice issued by Deputy Commissioner Johnson contained about all the information that at present could be made public regarding the suspension of the bank.

2. January 6, 1900 The Evening Times Washington, DC
Article from The Evening Times, January 6, 1900

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Article Text

A Bank Suspends Business. ELIZABETH, N. J., Jan. 6.-The depositors of the Union County Bank, of Rahway, were intensely excited this morning when the bank finally closed its doors and tacked the following notice on the door: "The Union County Bank has been compelled to suspend, business owing to the unusual demand made upon it by its depositors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that the depositors will be paid in full as soon as they can realize on its investments." The notice is signed by Thomas K. Johnson, deputy commissioner, and banking inspector.

3. January 6, 1900 The Evening Times Washington, DC
Article from The Evening Times, January 6, 1900

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Article Text

RUN ON A RAHWAY BANK. The Institution Aided by Money Obtained in New York. RAHWAY. N. J., Jan. 6.-A run on the Union County Bank lasted until the closing hour yesterday afternoon. Money was sent from New York to help the bank, and it is believed it will stand the strain. State bank examiners have been going over the books since last Saturday. The latest report shows deposits of $225,000. The feeling of insecurity which caused the run is due to the recent arrest of E. S. Savage, in connection with the affairs of the Middlesex Banking Company. for which he is attorney. Mr. Savage is president of the Union County Bank.

4. January 6, 1900 Daily Inter Mountain Butte, MT
Article from Daily Inter Mountain, January 6, 1900

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Article Text

Run Caused Failure. New York, Jan. 6.-The Union county bank of Rahway, N. J., suspended today. It is a state institution and has a surplus of $25,000. The knowledge that the bank's accounts were under investigation brought on a run, over $30,000, it is said, being withurawn by depositors yesterday.

5. January 6, 1900 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, January 6, 1900

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BANKS FAILED. Caused By a Run That Has Been Going on for Several Days. New York, Jan. 6.-The Union County bank of Rahway, N. J., on which there has been a run for two days, suspended today on account of lack of funds.

6. January 6, 1900 The Evening Times Washington, DC
Article from The Evening Times, January 6, 1900

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Article Text

A Bank Suspends Business. ELIZABETH, N. J., Jan. 6.-The depositors of the Union County Bank, of Rahway, were intensely excited this morning when the bank finally closed its doors and tacked the following notice on the door: "The Union County Bank has been compelled to suspend business owing to the unusual demand made upon it by its depositors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that the depositors will be paid in full as soon as they can realize on its investments." The notice is signed by Thomas K. Johnson, deputy commissioner, and banking inspector.

7. January 6, 1900 The Providence News Providence, RI
Article from The Providence News, January 6, 1900

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Article Text

CLOSED ITS DOORS. Union Bank of Rahway, N. J.; Forced to Suspend Business by a Run. Bank Commissioner Says Depositors Will Probably Be Paid in Full. New York, Jan. 6.-The Union Bank of Rahway, N. J., on which there had been a run for two days suspended today. The following notice was posted: The Union County Bank has been compelled to suspend owing to the unusual demand made upon it by depositors. So far as the official examination has progressed there does not seem tc be any sufficient reason to doubt tha depositors will be paid in full as soon as the bank can realize on its invest menits. (Sgd.) THOMAS K. JOHNSON, Deputy Commissioner of Banking and Insurance. The Union County Bank has bee paying eight per cent. dividend on a capital of $50,000. The bank, which is i state institution had a surplus of $25,000. After the difficulties of the Middle sex County Bank of Perth Amboy, N J., which was robbed by its cashier George M. Valentine, there was som evidence of timidity on the part of the Union County's depositors, as the pres ident of the United County Bank, Ed ward Savage had been Valentine's lawyer and the vice-president of the Union County Bank. Melford D. Valentine was an uncle of the defaulting cashier of the Middlesex County bank.

8. January 6, 1900 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 6, 1900

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Article Text

ANOTHER BANK SUSPENDS. Union Bank of Rahway, N.J., Closes, but Has Plenty of Assets. New York, Jan. 6.-The Union County Bank of Rahway, N. J., today placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand made upon it by depositors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments." The bank has been paying 8 per cent dividends on a capital of $40,000. It is a State institution and has a surplus of $25,000. After the difficulties of the Middlesex county bank of Perth Amboy, N. J., which was robbed by its cashier, Geo. M. Vallentine, there was some evidence of timidity on the part of the depositors of the Union County bank, as President Edward F. Savage had been Vallentine's lawyer, and the vice president of the Union County bank. Milford D. Vallentine was an uncle of the defaulting cashier of the Middlesex County bank. It was known for several days that the bank accounts were under investigation and this brought on a run. It is said about $30,000 was paid out yesterday and there were still many depositors awaiting to draw out money when the bank closed for the day. The directors had a meeting late yesterday and as an outcome it was decided not to open the bank today. To all inquiries the officers of the bank stated that the notice issued by Deputy Commissioner Johnson contained about all the information that at present could be made public regarding the suspension.

9. January 7, 1900 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 7, 1900

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Article Text

NEW JERSEY BANK FAILS. Run Causes a Small Concern to Close Its Doors. NEW YORK, Jan. 6.-The Union County bank, of Rahway, N. J., today placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand made upon it by depositors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments." The bank has been paying S per cent. dividends on a capital of $40,000. It is a state institution and has a surplus of $25,000. After the difficulties of the Middlesex County bank, of Perth Amboy, N. J., which was robbed by its cashier, George M. Vallentine, there was some evidence of timidity on the part of the depositors of the Union County bank, as President Edward F. Savage had been Vallentine's lawyer, and the vice president of the Union County bank. Mulford D. Vallentine. was an uncle of the defaulting cashier of the Middlesex County bank. It was known for several days that the bank accounts were under investigation and this brought on a run. It is said about $30,000 were paid out yesterday and there were still many depositors awaiting to draw out money when the bank closed for the day. The directors had a meeting late yesterday and as an outcome it was decided not to open the bank today. To all inquiries the officers of the bank stated that the notice issued by Deputy Commissioner Johnson contained about all the information that at present could be made public regarding the suspension.

10. January 8, 1900 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 8, 1900

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Article Text

VALENTINE AGAIN. I His Wrong Doing Indirectly the Cause of Another Bank's Suspension. New York, January 6-The Union County bank of Rahway, N.J., on which there has been a run for two days, suspended today. The following notice was posted: "The Union County bank has been compelled to suspendlowing to the unusual demand made upon it by deposiors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that depositors will be paid in full as soon as the bank can realize on its investments. (Signed) "Thomas K. Johnson, "Deputy Commissioner of Banking and Insurance." The Union County bank has been paying 8 per cent dividends on a capital of $50,000. The bank, which is a state institution, had a surplus of $25,000. After the difficulties of the Middlesex County bank of Perth Amboy, N. J., which was robbed by its cashier, Geo. M. Valentine, there was some evidence of timidity on the part of the Union County's depositors, as the president of the Union County bank, Edward F. Sav age, had been Valentine's lawyer and the vice-president of the Union County bank, Melford D. Valentine, was an uncle of the detaulting cashier of the Middlesex County bank.

11. January 9, 1900 New-York Tribune New York, NY
Article from New-York Tribune, January 9, 1900

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ALL WILL BE PAID IN FULL. THE UNION COUNTY BANK FOUND TO HAVE SUFFICIENT ASSETS TO PAY DEPOSITORS AND STOCKHOLDERS. Rahway. Jan. 8 (Special).-The bank examiners who have been busy on the books of the Union County Bank, of this city, which suspended payment on Saturday, completed their labors this afternoon and made the following statement to the Board of Directors:

12. January 9, 1900 Watertown Republican Watertown, WI
Article from Watertown Republican, January 9, 1900

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DEPOSITORS MADE A RAID. Union County Bank of Rahway, N. J., Forced to Suspend. New York, Jan. 6.-The Union County bank of Rahway. N. J., has suspended. The following notice was placed on the front door of the bank building today: Rahway, N. J., Jan. 6, 1900.-The Union County bank has been compelled to suspend, owing to the unusual demand made upon it by depositors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that depositors will be paid in full as soon as the bank can realize on its investments. THOMAS K. JOHNSTON, (Signed) Deputy Commissioner of Banking and Insurånce. The Union County bank has been paying 8 per cent. dividends on a capital of $40,000. The bank, which is a state institution, had a surplus of $25,000.

13. January 9, 1900 The Washington Weekly Post Washington, DC
Article from The Washington Weekly Post, January 9, 1900

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TWO-DAYS' RUN CLOSES BANK. Rahway Institution Suspends After Paying $30,000 to Depositors. New York, Jan. 6-The Union County Bank, of Rahway, N. J., has suspended. It was known for several days that the bank accounts were under investigation, and this led to a run on the bank during Thursday and Friday, and it is said that about $30,000 was paid out yesterday and there were still many depositors awaiting to draw out money when the bank closed for the day. After this the directors held a meeting and discussed the situation, and as an outcome it was decided not to open the bank this morning, for the reason giv. en in a notice issued by Deputy Commissiener Johnson, to the effect that the bank has been compelled to suspend owing to the unusual demand made upon It by depositors. So far as the official examination has progressed, there does not seem to be any sufficient reason to doubt that deposftors will be paid in full as soon as the bank can realize on its investments. The Union County Bank has been paying 8 per cent. dividends on a capital of $40,000. The bank, which is a state institution, had a surplus of $25,000.

14. January 10, 1900 The Washburn Times Washburn, WI
Article from The Washburn Times, January 10, 1900

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DEPOSITORS MADE A RAID. Union County Bank of Rahway, N. J., Forced to Suspend. New York, Jan. 6.-The Únion County bank of Rahway, N. J., has suspended. The following notice was placed on the front door of the bank building today: Rahway, N. J., Jan. 6, 1900.-The Union County bank has been compelled to suspend, owing to the unusual demand made upon it by depositors. So far as the official examination has progressed there does not seem to be any sufficient reason to doubt that depositors will be paid in full as soon as the bank can realize on its investments. THOMAS K. JOHNSTON, (Signed) Deputy Commissioner of Banking and Insurance. The Union County bank has been. paying 8 per cent. dividends on a capital of $40,000. The bank, which is a state institution, had a surplus of $25,000.

15. January 12, 1900 Kootenai County Republican Sandpoint, Rathdrum, ID
Article from Kootenai County Republican, January 12, 1900

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New Jersey Bank Failed. New York, Jan. 8.-The Union County bank of Rahway, N. J., has placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand made upon it by de. positors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments."

16. January 12, 1900 The Billings Gazette Billings, MT
Article from The Billings Gazette, January 12, 1900

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FINANCE AND TRADE. The Union County bank of Rahway, N. J., has suspended. St. Paul is to have a new evening paper, the first issue to appear Jan. 29. Gold to the amount of $4,250,000 was engaged during the day for export to Europe. An order has heen placed with a Pittsburg firm for 500 steel cars for a French railway. Colored business men of Chicago are about to incorporate an insurance company exclusively for colored people. The People's bank of Wabasha, Minn., organized in 1886 with a capital of $50,000, has been closed by the bank examiner. The Norwegian steamer Ansgar has cleared from New Orleans for Kobe, Japan, with a cargo of 12,000 bales of cotton. This is the third steamer this season for Japan direct.

17. January 13, 1900 Pullman Herald Pullman, WA
Article from Pullman Herald, January 13, 1900

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New Jersey Bank Failed. New York, Jan. 8.-The Union County bank of Rahway, N. J., has placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand made upon it by depositors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments."

18. January 13, 1900 Morris Tribune Morris, MN
Article from Morris Tribune, January 13, 1900

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FINANCE AND TRADE. The Union County bank of Rahway, N. J., has suspended. St. Paul is to have a new evening paper, the first issue to appear Jan. 29. Gold to the amount of $4,250,000 was engaged during the day for export to Europe. An order has heen placed with a Pittsburg firm for 500 steel cars for a French railway. Colored business men of Chicago are about to incorporate an insurance company exclusively for colored people. The People's bank of Wabasha, Minn., organized in 1886 with a capital of $50,000, has been closed by the bank examiner. The Norwegian steamer Ansgar has cleared from New Orleans for Kobe, Japan, with a cargo of 12,000 bales of cotton. This is the third steamer this season for Japan direct.

19. January 13, 1900 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, January 13, 1900

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New Jersey Bank Failed. New York, Jan. 8.-The Union County bank of Rahway, N. J., has placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand made upon it by depositors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments."

20. January 17, 1900 Evening Bulletin Honolulu, HI
Article from Evening Bulletin, January 17, 1900

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New York Bank Failure. New York, Jan. 6.-The Union County bank, of Rahway, N. J., today placed a notice on its door announcing that it had been compelled to suspend owing to the unusual demand upon it by depositors, "but that there is good reason to believe that depositors will be paid in full as soon as the bank can realize on its investments." The bank has been paying 8 per cent dividends upon a capital of $40,000. It is a State institution and had a surplus of $25,000. After the difficulties of the Middlesex County bank, of Perth Amboy, N. J., which was robbed by its cashier, George M. Valentine, there was some evidence of timidty on the part of the depositors of the Union County bank, as President Edward F. Savage had been Valentine's lawyer and the vice president of the Union County bank. Mulford D. Valentine was an uncle of the defaulting cashier of the Middlesex County bank.

21. January 3, 1901 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, January 3, 1901

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BUSINESS FAILURES, Jan. 3-Wabasha, Minn., People's bank. 6-Rahway, N. J., Union county bank.... New York, Hulbert H. Warner, patent medicine manf.; $2,319,027. Plankington, S. D., State bank. 17-Chicago, Francis P. Owings, rent estate; $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust); $15,000,000. Mar. 3-Port Jarvis (N. Y.) Nat. bank resumes; had suspended payment in December. 5-J. F. Seiberling, formerly manufacturer at Akron, O., files bankruptcy petition; $800,000, assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition; $1,520,085; no assets. 22-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank.... Keene, N. H., Five Cent savings bank for $1,449,05S; and Guarantee savings bank for $718,873. Apr. 3-Cambridge (Neb.) State bank; $40.000. 10-Columbus, O., Reinhard & Co.'s bank; $140,000. 12-Yates Center, Kan., Citizens' state bank. 27-Adolph Landauer, dry goods dealer of Milwaukee: $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, Ill. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. 13-Henry J. Neill, the "barley king." files petition in bankruptey: $500,000.... Kingfisher (Col.) bank; $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (I11.) state bank; $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch & Foote, New York brokers; $2,000.000. 19-South Danvers Nat. bank, at Peabody, Mass. Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion. Wis. 13-Order of Chosen Friends, Jarge fraternal insurance association.

22. January 4, 1901 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, January 4, 1901

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BUSINESS FAILURES. Jan. 3-Wabasha. Minn., People's bank. 6-Rahway. N. J., Union county bank.... New York, Hulbert H. Warner, patent medicine mant.: $2,319,027. Piankington. S. D., State bank. 17-Chiengo, Francis P. Owings, real estate: $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb. mant: $1,361,438.... Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust); $15,000,000. Mar. 3-Port Jarvis (N. Y.) Nat. bank resumes; had suspended payment in December. 6-J. F. Seiberling. formerly manufacturer at Akron, O., files bankruptcy petition; $800,000. assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition: $1,520,085; no assets. 22-D. Appleton & Co., New York, publishCTS: $3,000,000. 26-Rutland, Vt., Merchanis' Nat. bank.... Keene, N. H., Five Cent savings bank for $1.449,058; and Guarantee savings bank for $718,873. Apr. 3-Cambridge (Neb.) State bank; $40,000. 10-Columbus, O., Reinhard & Co.'s bank; $140,000. 12-Yates Center. Kan., Citizens' state bank. 27-Anolph Landauer, dry goods dealer of Milwaukee: $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, III. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. 13-Henry J. Neill. the "barley king," files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank: $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (III.) state bank; $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch & Foote, New York brokers: $2,000,000. 19-South Danvers Nat. bank, at Peabody, Mass. Nov. 17-German Nat. bank. at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association.

23. January 5, 1901 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 5, 1901

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BUSINESS FAILURES. Jan. 3-Wabasha, Minn., People's bank 6-Rahway, N. J., Union county bank New York, Hulbert H. Warner, patent medicine manf.: $2,319,027. Plankinton. S. D., State bank. 17-Chicago, Francis P. Owings, real estate: $5,364,977. Feb. 7--New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust): $15,000,000. Mar. 3-Port Jervis (N. Y.) Nat. bank resumes; had suspended payment in Decem. ber. 5-J. F. Selberling, formerly manufacturer at Akron, O., files bankruptcy petition; $800,000, assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition; $1,520,085; no assets. 22-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank Keene, N. H., Five Cent savings bank for $1,449,058; and Guarantee savings bank for $718,873. Apr. 3-Cambridge (Neb.) State bank: $40,000. 10-Columbus, O., Reinhard & Co.'s bank; $140,000. -Yates Center, Kan., Citizens' state bank. 27-Adolph Landauer, dry goods dealer of Milwaukee: $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York: $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, Ill. 15-McNair & Alexander, cattlemen at Ashland. Kan.: $542,000. Aug. 13-Henry J.O'Nelll, the "barley king, files petition in bankruptcy; $500,000 Kingfisher (Col.) bank; $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (III.) state bank: $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.: $500,000. 18-Hatch & Foote, New York brokers; $2.000,000. 19-South Danvers Nat. bank, at Peabody, Mass. Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association. 21-American nat. bank of Baltimore, Md. 1 25-Isaac Robinson. at Baltimore, Md., manufacturer: $800,000.