Jb Wheeler Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 3, 1897
Location: Aspen, Colorado (39.191, -106.818)

Metadata

Model: gpt-5-mini
Short Digest: c9245e9b

Response Measures

None

Description

Articles report a deed of assignment filed May 3, 1897 and that the bank was closed and an assignee (Herbert L. McNair) appointed. Closure was described as a decision to liquidate after sustained losses since 1893; no run is mentioned. The Manitou affiliate also closed. Classified as suspension leading to permanent closure (assignment/liquidation).

Events (2)

1. May 3, 1897 Receivership

Newspaper Excerpt: filed with the clerk and recorder of Pitkin county a deed of assignment from the J. B. Wheeler Banking Company to Herbert L. McNair as assignee.
Source: newspapers

2. May 3, 1897 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank had sustained losses since reopening after the Panic of 1893 and it was deemed best for all interested to close the institution and liquidate.
Newspaper Excerpt: there was filed with the clerk and recorder of Pitkin county a deed of assignment from the J. B. Wheeler Banking Company to Herbert L. McNair as assignee.
Source: newspapers

Newspaper Articles (4)

1. May 6, 1897 Rocky Ford Enterprise Rocky Ford, CO

Article from Rocky Ford Enterprise, May 6, 1897

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Article Text

BANKS OF J. B. WHEELER CLOSE Assignments Have Been Made by Both the Manitou and Aspen Concerns. Aspen. Colo., May 3.-At 9:30 o'clock this morning there was filed with the clerk and reportler of Pitkin county a deed of assignment from the J. B. Wheeler Banking Company to Herbert L. McNair as assignee. Mr. Benjamin Ferris, the cashier of the bank. was seen by your correspondent. to whom he stated that the total liabilities of the suspended bank would not exceed $45,000, of which amount all. with the exception of about $17,000, is due to Mr. J. B. Wheeler or the companies or accounts which he controls. Mr. Ferris stated that the assets of the Institution at the face value would exceed $160,000, and that. eliminating from consideration all doubtful assets and placing the lowest value upon the rest. there is still more than $100,000 of assets. The bank has not been successful since its reopening after the panic of 1893 and has lost money steadily. Under the circumstances It was deemed best for all interested to close the Institution and liquidate. Manitou. Colo. May 3.-The banking house of J. B. Wheeler &.Co. of this city was closed this morning by order of Mr. Wheeler. who is now in New York. It Is said the bank is solvent. but owing to the failure of Mr. Wheeler's Aspen bank. the bank here was also compelled to close. M. A. Leddy is made the assignee. What the liabilities are cannot at present be obtained as the bank officials refuse to talk, but It is thought the Institution will in time pay Its depositors in full.

2. May 7, 1897 The State Herald Holyoke, CO

Article from The State Herald, May 7, 1897

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Article Text

BANKS OF J. B. WHEELER CLOSE Assignments Have Been Made by Both the Maniton and Aspen Concerns. Aspen, Colo., May 3.-At 9:30 o'clock this morning there was filed with the clerk and recorder of Pitkin county a deed of assignment from the J. B. Wheeler Banking Company to Herbert L. McNair as assignee. Mr. Benjamin Ferris. the cashier of the bank, was seen by your correspondent, to whom he stated that the total liabilities of the suspended bank would not exceed $45,000, of which amount all. with the exception of about $17,000. is due to Mr. J. B. Wheeler or the companies or accounts which he controls. Mr. Ferris stated that the assets of the institution at the face value would exceed $160,000, and that. eliminating from consideration all doubtful assets and placing the lowest value upon the rest. there is still more than $100,000 of assets. The bank has not been successful since its reopening after the panic of 1893 and has lost money steadily. Under the circumstances it was deemed best for all interested to close the institution and liquidate. Manitou, Colo. May 3.-The banking house of J. B. Wheeler & Co. of this city was closed this morning by order of Mr. Wheeler, who is now in New York. It is said the bank is solvent, but owing to the failure of Mr. Wheeler's Aspen bank. the bank here was also compelled to close. M. A. Leddy is made the assignee. What the liabilities are cannot at present be obtained as the bank officials refuse to talk, but it is thought the Institution will in time pay Its depositors in full.

3. May 8, 1897 The Indicator Pueblo, CO

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Article Text

BANKS OF J. B. WHEELER CLOSE Assignments Have Been Made by Both the Manitou and Aspen Concerns. Aspen. Colo., May 3.-At 9:30 o'clock this morning there was filed with the clerk and recorder of Pitkin county a deed of assignment from the J. B. Wheeler Banking Company to Herbert L. McNair as assignee. Mr. Benjamin Ferris, the cashier of the bank. was seen by your correspondent. to whom he stated that the total liabilities of the suspended bank would not exceed $45,000, of which amount all. with the exception of about $17,000. is due to Mr. J. B. Wheeler or the companies or accounts which he controls. Mr. Ferris stated that the assets of the institution at the face value would exceed $160,000. and that. eliminating from consideration all doubtful assets and placing the lowest value upon the rest. there is still more than $100,000 of assets. The bank has not been successful since its reopening after the panic of 1893 and has lost money steadily Under the circumstances it was deemed best for all interested to close the institution and liquidate. Manitou, Colo. May 3.-The banking house of J. B. Wheeler & Co. of this city was closed this morning by order of Mr. Wheeler, who is now in New York. It is said the bank is solvent, but owing to the failure of Mr. Wheeler's Aspen bank. the bank here was also compelled to close. M. A. Leddy is made the assignee. What the liabilities are cannot at present be obtained as the bank officials refuse to talk. but it is thought the institution will in time pay its depositors in full.

4. May 9, 1897 The Sun New York, NY

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Article Text

WHEELER BANK FAILURE. The President of the Company Says All Depositors will Be Paid in Full. COLORADO SPRINGS, Col., May 8.-Jerome B. Wheeler, President of the J.B. Wheeler Banking Company, which until recently did business both in Aspen and Manitou, Col., arrived at Manitou yesterday from New York and discussed his financial downfall. "Both banks," he said. "will pay all depositors in full." He denies having said that he would leave Colorado, as was reported from New York, but admits that he has suffered great loss lately in business deals. "Since 1893," said Mr. Wheeler, "I have been running the Manitou and Aspen banks a: a very material loss, but I have been holding on hoping for better times." Mr. Wheeler had amassed a fortune which had run up in the millions, and in his prosperity built a mountain home near Manitou at a cost of $300,000.