17347. Everett & Weddell (Cleveland, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
July 11, 1884
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
b59525d8

Response Measures

Full suspension

Other: Assignment to an assignee (J. H. Webster) and posting notice of suspension; crowds gathered at the door indicating depositor agitation.

Description

Everett & Weddell (private bankers) posted a suspension/assignment on 1884-07-11. A crowd gathered at the doorway (heavy withdrawals/concern), an assignee (J. H. Webster) was appointed and bond fixed, indicating an assignment/closure rather than a temporary suspension. Cause of the initial agitation is attributed to tight money market/illiquidity (assets not immediately realizable).

Events (3)

1. July 11, 1884 Receivership
Newspaper Excerpt
Attorney J. H. Webster was appointed assignee, and his bond fixed at $100,000.
Source
newspapers
2. July 11, 1884 Run
Cause
Macro News
Cause Details
Tightness of the money market and a strong drain upon deposits; securities not immediately realizable led depositors to demand funds.
Newspaper Excerpt
Immediately a crowd gathered about the doorway. The sidewalk was blocked, and a policeman found it impossible to keep the thoroughfare clear.
Source
newspapers
3. July 11, 1884 Suspension
Cause Details
Firm assigned for lack of ready cash to meet pressing demands — illiquidity / inability to realize assets immediately (assignment filed).
Newspaper Excerpt
We regret to say that because of our inability to realize upon securities we are compelled to suspend payment. Our property is ample to satisfy all claims against us.
Source
newspapers

Newspaper Articles (13)

Article from Savannah Morning News, July 12, 1884

Click image to open full size in new tab

Article Text

CLEVELAND, O., July 11.-Everett - & Weddell, private bankers, in business together for 30 years, assigned this morning for lack of being ready to meet pressing demands. Their liabilities are $1,000,000 and their assets several times greater, but the amount is not immediately available. An announcement posted at the bank door says: "We regret to say that because of our inability to realize upon securities we are compelled to suspend payment. Our property is ample to satisfy all claims against us. All creditors will be paid in full, with interest, as soon as we can realize upon our property. "EVERETT & WEDDELL." [Signed]


Article from New-York Tribune, July 12, 1884

Click image to open full size in new tab

Article Text

A WESTERN BANKING HOUSE FAILS. EVERETT AND WEDDELL EMBARRASSED - THEY WILL PROBABLY PAY IN FULL. |BY TELEGRAPH TO THE TRIBUNE.1 CLEVELAND, July 11.-Business circles were shocked to-day by the followig notice, posted in the windows of the banking house of Everett & Weddell: To our creditors: We regret to say that because 'of our inability to realize on our securities immediately we are obliged to suspend payment. "Onr: property is ample to satisfy all claims against us, and all creditors will be paid in full, with interest, as soon as we are able to convert EVERETT & WEDDELL, our assets into money, Immediately a crowd gathered about the doorway. The sidewalk was blocked, and a policeman found it impossible to keep the thoroughfare clear. Attorney J. H. Websterwas appointed assignee, and his bond fixed at $100,000. The firm has been expecting a crisis. which would make to-day's action necessary. Strenuous eflorts have been made to get matters into the shape most favorable to the firm's creditors, as well as the members. The cause of the suspension is attributed to a shrinkage in legitimate values. the tightness of the money market and a strong drain upon deposits. Securities of $2 for $1 have been offered for loans, and while the firm has assets representing in actual value an amount hundreds of thousands of dollars in excess of its actual indebtedness, they were not available in a sudden crash. A rough estimate places the firm's liabilities at $400,000. The assets are said to be in the neighborhood of $3,500,000. The firm of Everett & Weddell is composed of Dr. A. Everett. president of the East Cleveland Railroad Company, and Horace P. Weddell: and it Is one of the best known private banking houses in the West, having been engaged in business in Cleveland for more than thirty years. It has always been noted among banking houses for its honorable dealing and the reliability of its managers. It did business quietly upon business principles, and was locally celebrated for its liberality to patrons. It is said that as soon as the present difficulty is straightened out, 1' will resume business. The Weddell House, one of the principal hotels of the city, is among the firm's property, and is valued at $1,000,000, with slight incumbrances.


Article from Eureka Daily Sentinel, July 12, 1884

Click image to open full size in new tab

Article Text

A Politician's Trick. CHICAGO, July 11.-The following telegram was sent to the Democracy of Cuyahoga county: We, the undersigned, Democratic representatives in the National Convention, familiar with the entire situation, are satisfied that neither Judge Thurman nor Mr. Hoadley can be nominated, and that Thurman's name is suggested simply by Tammany and other interests opposed to Cleveland, and we believe Cleveland will most probably be nominated. Signed: W. W. Armstrong, Jacob Miller, J. H. Farley. Liabilities, 81,000,000. CLEVELAND, July 11.-Everett & Weddell, private bankers, who have been in business together for 30 years, assigned this morning for lack of ready cash to meet pressing demands. Their liabilities are $1,000,000. Their assets are several times greater, but are not immediately available.


Article from The Indianapolis Journal, July 12, 1884

Click image to open full size in new tab

Article Text

Assignment of Cleveland Bankers. CELVELAND, July 11-Everett & Weddell, private bankers, in business together for thirty years, assigned this morning for lack of ready cash to meet pressing demands. Their liabilities are one million; assets several times greater, but not immediately available. The announcement posted at the bank door says: "We regret to say that, because of our inability to realize immediately upon our securities, we are com-


Article from Seattle Daily Post-Intelligencer, July 12, 1884

Click image to open full size in new tab

Article Text

EASTERN NEWS. ASSOCIATED PRESS DISPATCHES. Assignment of a Cleveland Bank. CLEVELAND, 0., July 11.-Everett & Weddell, private bankers, in business together thirty years, assigned this morning for lack of ready cash to meet pressing demands. The liabilities are one million; the assets are several times greater, but are not immediately available. An announcement posted at the bank door states that all creditors will be paid in full with the interest, "as soon as we can convert our assets into money." Triple Execution. FORT SMITH, July 11.-Three United States prisoners were executed here to day for murders committed in Indian Territory. They were Thos. L. Thompson, 8 white man, John Davis, a full blooded Choctaw Indian, and Jack Woman Killer, alias Ballcatcher, a full blooded Cherokee. The drop fell at 12 o'clock. All died without a struggle. Two Brothers Hanged. WARRENSBURY, July 10.-Billy and Charley Hamilton, who murdered a young German for his money, were hanged here this morning: Ten thousand people were present. On the scaffold both declared themselves innocent and accused each other of the crime. Prayer was ffered and the murderers faced each other, shook hands, forgave each other and after the caps were adjusted each said be was not guilty. Charley's neck was broken and Billy was strangled. The Turf. CHICAGO, July 11.-At the trotting races at the Driving Park today, a prominent feature was an attempt to beat Mand S's tretting record of 2:10½, and of Johnson to beat bis own pioing record of 2:10. On Wall Street. NEW York, July 11.-Governments firm ; railways firm. Compared with closing prices last night, nearly all stocks closed higher this evening, Burlington being 2½, Canada Southern 1, Central Pacific 2½, Erie preferred 2, Illinois Central 3, Lake Shore Lonisville & Nashville 2½, New York Central 1%. Northwestern 2½, Northern Pacific % Ontario & Western 1½, Pacific Mail 2, Rock Island 1½, St. Paul 2%, Omaha 1, Union Pacific 1½, Western Union 1, Reading 116.


Article from St. Paul Daily Globe, July 12, 1884

Click image to open full size in new tab

Article Text

Another Bank Failure. CLEVELAND, 0., July 11.-Everett & Weddell, private bankers in business together thirty years, assigned this morning for lack of ready cash to meet pressing demands. Liabilities one million, assets several times greater but not immediately available. The announcement was posted at the bank door. Itstates: "We regret to say that because of our inability to realize immediately upon our security we are compelled to suspend payment. Our property is ample to satisfy all claims against us. All creditors will be paid in full, with the interest, as soon as we can convert our assets into money. [Signed], EVERETT & WEDELL."


Article from The Salt Lake Herald, July 12, 1884

Click image to open full size in new tab

Article Text

Bank Failure. Cleveland, O., 11.-Everett & Weddell, private bankers. n busine's toge ther thirty years, assigned this morning for lack of ready cash to meet pressing demands. Liabilities, $1,000 000; assets several times greater. but not immediately available. The announcement nosted at the bank door sta'es: "All creditors will be paid in full with the interest as soon as we can convert our assets into money.


Article from St. Paul Daily Globe, July 12, 1884

Click image to open full size in new tab

Article Text

Another Bank Failure. CLEVELAND, o., July 11.-Everett & Weddell, private bankers in business together thirty years, assigned this morning for lack of ready cash to meet pressing demands. Liabilities one million, assets several times greater but not immediately available. The announcement was posted at the bank door. Itstates: "We regret to say that because of our inability to realize immediately upon our security we are compelled to suspend payment. Our property is ample to satisfy all claims against us. All creditors will be paid in full, with the interest, as soon as we can convert our assets into money. [Signed], EVERETT & WEDELL."


Article from Fort Worth Daily Gazette, July 12, 1884

Click image to open full size in new tab

Article Text

Bankers Assigned. CLEVELAND, OHIO, July 11.-Everett & Weddell, private bankers in business together, assigned this morning for lack of ready cash to meet pressing demands. Liabilities, $1,000,000; assets several times greater, but not immediately available.


Article from The Worthington Advance, July 17, 1884

Click image to open full size in new tab

Article Text

General News Items. Hugh Murray of Hamilton, Ont., was elected grand master of the Masons of Canada. The Montana Lumber company's assets are lished. $115,000 instead of $150,000, as at first pubA Pittsburg man who has accumulated $6,000 by quiet industry has gone to an insane asylum because both of his babies are girls. He wanted a boy. The labor unions of the country are sending resolutions of thanks to the President for the appointment of John Jarrett as labor commissioner. Charles A. Dana has agreed to prepare a paper to be read before the First regiment, Union veteran army, at Boston. It will contain the secret history of Dana's visit to Gen. Sheridan at the front during the last campaign in the Shenandoah valley. At Cleveland, O., Everett & Weddell, private bankers, in business together thirty years, assigned from lack of ready cash to meet pressing demands. Liabilities, $1,000,000; assets available. several times greater, but not immediately The Kansas City Evening Star published an interview with Mrs. W. B. Mumford, widow of Acting Mayor W. B. Mumford, of Ne w Orleans, hanged by Ben Butler in 1862, and a statement from his son, who swears he will kill Ben Butler if he runs for president.


Article from The Iowa Plain Dealer, July 17, 1884

Click image to open full size in new tab

Article Text

WESTERN. A new counterfeit $10 silver certificate has made its appearance in the West. On the back of the note where it should read "And all public dues, and when so received," the word "all" is entirely omited. There are thirteen cases of small-pox at Leroy, Mich. The stockholders of the Central Pacific Road re-elected Stanford, Hopkins, the Huntingtons, and the Crockers as Directors. Maud S made a mile for exercise at Cleveland in 2:1216. In an affray in a Keokuk, Iowa, hotel, B. D. Courts, of Dean, shot R. Spence dead. The murdered man accused Courts of stealing money from him, and followed upby an assault, when Courts used his revolver, firing fonr shots. W. L. Lamb, a Toledo (Ohio) tobac00 merchrnt. was fatally shot by a burglar. Lamb tried to overpower the robber, whom be caught in the hallway, but after the shoot. ing he escaped. At Denison, Tex., Joe Kuntz shot his divorced wife, and, walking several blocks to where be lodged, entered his room and shot himself dead. A number of hogs at Rockford, Ill., which had been bitten by a mad dog, are dying with hydrophobia. The net earnings of the St. Paul Road for the first half of the year are fully upto those of the preceding period, owing to a diminution of expenditures, although the receipts fell off nearly $1,000,000. It is alleged that the late President W. R. MoGill, of the Cincinnati and Eastern Road, who was killed by falling from a car, procured about $80,000 on si urious notes, and that his victims were friends. These developments give rise to the belief that he committed suicide. At the Chicago Driving Park a wonderful performance was witnessed by 10,000 persons. The pacer Westmont and running mate, har: essed to a light road wagon, made a quarter of a mile in thirty seconds, à half mile in one minute, three-quar ers in ninety seconds, and the full mile in 2:01%. But for a break by Westmont on the last eighth of a mile, the record would have been two minutes. The estimated yield of wheat in Michigan this year is 21,965,391 bushels1,512,841 bushels less than the crop of 1883. St. Louis is arranging for an international convention of veterans of the Mexican war, in October. It is claimed that President Diaz has promised to send fifty prominent participants to the gathering. Everett & Weddell, who for thirty years have conducted a private bankinghouse in Cleveland, made an assignment liabilities at $1,000,000, They statethat their assets are ample to pay all claims in full, with interest.


Article from Little Falls Transcript, July 18, 1884

Click image to open full size in new tab

Article Text

General News Items. Hugh Murray of Hamilton, Ont., was elected grand master of the Masons of Canada. The Montana Lumber company's assets are $115,000 instead of $150,000, as at first published. A Pittsburg man who has accumulated $6,000 by quiet industry has gone to an insane asylum because both of his babies are girls. He wanted a boy. The labor unions of the country are sending resolutions of thanks to the President for the appointment of John Jarrett as labor commissioner. Charles A. Dana has agreed to prepare a paper to be read before the First regiment, Union veteran army, at Boston. It will contain the secret history of Dana's visit to Gen. Sheridan at the front during the last campaign in the Shenandoah valley. At Cleveland, O., Everett & Weddell, private bankers, in business together thirty years, assigned from lack of ready cash to meet pressing demands. Liabilities, $1,000,000; assets several times greater, but not immediately available. The Kansas City Evening Star published an interview with Mrs. W. B. Mumford, widow of Acting Mayor W. B. Mumford, of New Orleans, hanged by Ben Butler in 1862, and a statement from his son, who swears he will kill Ben Butber if he runs for president. An order was granted to the New York supreme court directing & summons to be served upon John C. Eno, by publication, in a suit against him by the Second National bank to recover $3,185,000. The sheriff is unable to serve this summons, because Eno has fied to Canada. The Pawnee Indian of Buffale Bill's troupe who died Tuesday was the first patient to die in the Garfield memorial hospital. He was buried in the Congregational cemetery aiter the customs of his tribe, a gentleman who formerly lived among the Pawnees superintending the interment. Senstor Logan conceals his intentions and plans very carefully, but it understood that he will go to New York as soon as the nominations and plalforms are announced, to meet Mr. Blaine there, and that both will submit their letters of acceptance to the secretary of the Republican executive committee.


Article from Wessington Springs Herald, August 1, 1884

Click image to open full size in new tab

Article Text

THE Comptroller of the Currency on the 10th ordered an assessment of one hundred per cent. on the stockholders of the Marino National Bank of New York. THE Louisiana Board of Health on the 10th instructed quarantine officers to detain all vessels coming from Toulon, Marseilles or other cholera-infected ports. Two CHILDREN of David Rollands, a boy of seven and a girl of five, were killed on the 10th at their homea few miles northwest of Victor, Ia. A derrick had been made to stack hay, which fell, killing the boy instantly. The girl died two hours after. A FIRE which broke out in Mrs. Charles Reibly's bakery at Bradford, Pa., early on the morning of the 11th, destroyed ten structures. Two children of Mrs. Reibly and a domestic perished in the flames, and the frenzied mother received such burns in attempts to rescue her babe that she died in a short time. Four other persons were injured, two being girls who jumped from upper stories, one receiving a fatal hurt. Charles Reibly, the husband and father of the victims, was drowned two weeks ago, and now the entire family has perished. THE following executions took place on the 11th: Charles and William Hamilton, brothers, at Warrensburg, Mo., for the murder of Carl Steidle: "Shine" Forrest, at Paris, Tenn, for killing his mother and grandmother, and Thomas L. Thompson, a white man, John Davis, a full-blooded Choctaw Indian, and Jack Womankiller, a Cherokee, at Fort Smith, Ark., for murders committed in Indian Territory. A RAIN and thunder-storm prevailed at Baltimore for two hours on the 11th, the water falling in sheets, flooding the cellars and first floors of business and dwelling houses, and doing $100,000 damage. The removal of furniture and merchandise to upper floors was a necessity in some cases. During the storm an infant child of Mrs. Williams was killed by lightning while lying in bed. A SANITARY circular, urging that precautions be taken to prevent and counteract the inroads of cholera, and suggesting the cleansing of streets, alleys, etc., has been issued by the Illinois State Board of Health to cities, towns and villages. A RECENT fire among the oil tanks of the Cleveland (0.) Refining Company destroyed six hundred barrels of oil and other property. WHILE the three-year-old daughter of Cornelius Hudson, of Saratoga, N. Y., was playing with a small boy the other afternoon, he poured a shovel-full of hot coals down her back. Her clothing caught fire and she was fatally burned. WILLIAM HART, the only person indicted for the burning of the Cincinnati Courthouse during the late riot, was acquitted on the 11th. SECRETARY FRELINGHUYSEN states that no reciprocity treaty with Canada has recently been negotiated. IN a saloon quarrel at Baltimore early the other morning George W. Sanner, Jr., a gambler, shot and killed William J. Crump, son of a deceased Virginia Judge. THE estimated yield of wheat in Michican this year is 21,965,391 bushels-1,512,841 bushels less than the crop of 1883. EVERETT & WEDDELL, private bankers at Cleveland, O., made an assignment on the 11th for $1,000,000. It was thought the suspension would only be temporary. IN the United States and Canada there were 209 business failures during the seven days ended on the 11th, against 173 the previous seven days. The distribution was as follows: Middle States, 38; New England States, 31; Western, 59; Southern, 33; Pacific States and Territories, 33;