19784. Sheldon & Binney (Providence, RI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
October 12, 1893
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
333a1948

Response Measures

None

Description

Sheldon & Binney (a private banking/brokerage firm) suspended on Oct 12, 1893 after heavy losses from endorsing Denver/Colorado street railway paper. They made firm and individual assignments to C. S. Sweetland and creditors later accepted extensions; the firm resumed business Dec 27, 1893.

Events (3)

1. October 12, 1893 Other
Newspaper Excerpt
made firm and individual assignment for the benefit of their creditors, to Cornelius S. Sweetland, president of the Jackson Bank of this city.
Source
newspapers
2. October 12, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Forced to suspend after endorsing Denver Street Railway (Denver/Colorado street railway) notes and heavy losses on that paper; obligations came due and extensions could not be secured.
Newspaper Excerpt
The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney ... have suspended.
Source
newspapers
3. December 27, 1893 Reopening
Newspaper Excerpt
The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney ... were once more turned over to the firms today by the receiver, an agreement having been made with their creditors. They have given three years in which to meet their obligations.
Source
newspapers

Newspaper Articles (15)

Article from The Evening World, October 12, 1893

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PROVIDENCE BANKERS FAIL. Wilbour, Jackson & Co. and Sheldon & Binney Suspend. They Were Classed Among the Strongest of New England Firms. PROVIDENCE, R. T., Oct. 12.-A great sensation has been created in banking and business circles by the announcement of the suspension of the banking firms of Wilbour, Jackson & Co. and Sheldon & Binney. These concerns were classed among the strongest in New England, the banking house of Wilbour, Jackson & Co. having been in existence a score of years, and their standing has been A No. 1. They have in the past negotiated heavily in municipal bonds, among others those of the cities of Providence and Boston and Western cities. They have also handled heavily railroad bonds, it being through this house that the recent big deal in the stock of the Union Railroad Company was made whereby the Metropolitan Traction Company came into the control of the company. The present members of the House are Senator Johsua R. Wilbour, of Bristol, Chairman of the Finance Committee of the Legislature, and B. B. Jackson. It was through Senator Wilbour's endeavors that the twenty years' franchise act was worked through the Legislature. The house did an Immense business, both local and foreign. The house of Sheldon & Binney has been in existence about seven years. The firm consists of Charles H. Sheldon, jr., and William Binney, jr Both members of this firm were at one time junior members of Wilbour, Jackson & Co., from which house they withdrew and started a banking and brokerage headquarters of their own. At both houses the greatest secrecy is maintained regarding the troubles.


Article from The Evening World, October 12, 1893

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PROVIDENCE BANKERS FAIL. Wilbour, Jackson & Co. and She!don & Binney Suspend. They Were Classed Among the Strongest of New England Firms. PROVIDENCE, R. I., Oct. 12.-A great sensation has been created in banking and business circles by the announcement of the suspension of the banking firms of Wilbour, Jackson & Co. and Sheldon & Binney. These concerns were classed among the strongest in New England, the banking house of Wilbour. Jackson & Co. having been in existence a score of years, and their standing has been A No. 1. They have in the past negotiated heavily in municipal bonds, among others those of the cities of Providence and Boston and Western cities. They have also handled heavily railroad bonds, it being through this house that the recent big deal in the stock of the Union Railroad Company was made whereby the Metropolitan Traction Company came into the control of the company. The present members of the House are Senator Johsua R. Wilbour. of Bristol, Chairman of the Finance Committee of the Legislature, and B. B. Jackson. It was through Senator Wilbour's endeavors that the twenty years' franchise act was worked through the egislature. The house did an immense business, both local and foreign. The house of Sheldon & Binney has been in existence about seven years. The firm consists of Charles H. Sheldon, jr., and William Binney, jr Both members of this firm were at one time junior members of Wilbour. Jackson & Co., from which house they withdrew and started a banking and brokerige headquarters of their own. At both houses the greatest secrecy is maintained regarding the troubles. From one of the officers of the firm of Wilbour, Jackson & Co. it was learned that the liabilities are very large, but the exact figures, or even an estimate, cannot be learned except through Senator Wilbour. The trouble was the result of the firms of Wilbour, Jackson & Co. and Sheldon & Binney indorsing the notes of the Denver Street Railway Company, the stock of which has greatly depreciated. These notes have now fallen due, and it was found impossible to secure an extension of time from the banks which held them. Both houses, it is stated, have heavily backed the stret railroad companies of Denver. Senator Wilbour is President of the Highland road in that city, and It is stated, is also interested in the Denver Street Railway Company. Business men display decided uneasiness over the suspension and predict that it will seriously affect some leading houses.


Article from Evening Journal, October 12, 1893

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SENSATION IN BUSINESS CIRCLES. Caused By the Suspension of Two WellKnown Banking Firms-Carried Denver Street Railway Stock. PROVIDENCE. R I., Oct. 12 - A great sensation has been created in the business community by the suspension of the banking firms of Wilbour, Jackson & Co., and Sheldon & Binney. These concerns were c'assed among the most substantial in New England. The house of Wilbour, Jackson & Co., has been in existence twenty years. Senator Joshua H. Wilbour, of Bristol, chairman of the finance committee of the Legisiature is the senior member. The greatest secrecy is maintained as to the causes of the failures, but it is said that both houses were heavy losers in carrying stock of the Denver Street Railway Company, which has greatly depreciated. The notes of the street car company were also endorsed by both houses and falling due it was impossible to pay them or secure extensions, Similar western enter prises in which losses were sustained were backed by both houses. It is said a New York banking house'is involved. Assets and liabilities will probably reach the million mark but no definite statement is obtainable.


Article from The Providence News, October 12, 1893

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Wilbour, Jackson & Co. and Sheldon & Binney Closed Doors Yesterday. MAY BE ONLY TEMPORARY. Both Banks Had Endorsed Denver Street Railway Notes-Maturing of Notes Forced Banks to Suspend-The Failures a Great Surprise to Business Men. At 3 o'clock yesterday afternoon the banking firms of Wilbur, Jackson & Co., and Sheldon & Bi ney closed their doors. The suspension was a great surprise to the business men of the city. No intimation had been given that the firms were embarassed previous to the closing of the doors yesterday afternoon. The two firms were considered among the strongest and safest banks in Rhode Island. Wilbour, Jackson & Co. is a very old firm. It was founded in 1856 by jumin Jackson and George Butts. Dwight Brown was one of the charter me obers and the firm of Dwight Brown & Co. eventually succeeded Jacks n & D ight. The house of Sheldon & Binney is seven years old. The firm consists of Charles H. Sheldon, jr., and William B aney, jr. Both members of the firm were at one time identified with Wilbour, Jackso & Co. News of the Failure. It was late in the afternoon when a depositor gave out that the doors would be closed to the public The report was soon verified. Both banks are closed today. The officials decline 'o make any statement beyond that they aretemp rar1 y e abarrassed. It is said by good authority that deposit rs have no occassion to fear as their interests will be carefully protected. Why They Suspended. Thereason for the suspension of two of the strongest banks in the state has caused a good deal of speculation among business men. According to the best of information the bank's embirrassment arises from their endorsement of Denver Street rail. way notes. The road has been wading knee deep in the mire of financial distress for some time. This week the ob igations came due, a d as a result the two Providence banks were forced to the wall. Senator Wilbour is president of the Highland road of Denver, and it is said that he is interested in the Denver Street Railway company. Suspension Perhaps Temporary. The hope is expressed that the suspension is only temporary and that both banks will soon be able to resume business. Depositors will be protecte at any sacrifice. The effect of he failure upon the other local business houses can ot yet be for toid. Mr. Vernon's Views. Mr John W. Vernon of the clearing house said be saw no reason hy a Pr dence houses should be involved by ispensions. P ssible a N W York be , nig beaffe ted. Wilho Jac son & Co. will make an authentic statement of their liabilities some time today, Mr. Vernon said he did not feel W 11 enough infor ned to take any extensive statement upon the further eff ct of these failures. Mr. Roelker's Statement, Willia G. Roelker, E-q., counsel for ilbour, J e son & Co. an Sheldon & Binney, mai es the followin Sta e ent: "Messr". Walbur, Jackson & Co., and Sheldon & Binney. private ba kers here, have suspen ed, and made him firm and i dividual assignment for the benefit of their crediors, to Cornelius S. Sweetland, president of the Jackson Bank of this city. This action was precipitate by the refusal of their clearing house banks to furtoer cle for them. "The cause of the embarrassent is understood to be the stringency of the times a d the depression 1. Colorado securities, in which both firms are heavils interested. Their liabiliti are largely to banks, nd secured by coltat ral: It is hoped that with the re urn of bet er feelings a resumption may be brought about. No S atement of the assets or liabilities ulibe-obrained today."


Article from The Times, October 13, 1893

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Two Suspensions in Providence. PROVIDENCE, R. I., Oct. 12.-A great sensation was created in banking circles by the suspension of Wilbur Jackson & Co. and Sheldon & Binney. These concerns were among the strongest in New England, the house of Wilbur Jackson & Co. having been in existence a score of years, with a standing A1.


Article from The Morning News, October 13, 1893

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TWO BANKS CLOSE. They Are Located at Providence and Were Considered Very Strong. Providence, R. I., Oct. 12.-A great sensation was created in banking circles this morning by the suspension of Wilbour, Jackson & Co., and Sheldon & Binney, These concerns were classed as among the strongest in New England, the house of Wilbour, Jack having been in existence and standing a No. 1.


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

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LARGE FIRM GOES DOWN. BIGGEST BANKING AND BROKERAGE FIRM IN RHODE ISLAND SUSPENDS. THE WEST HEAVILY INVOLVED. Wilbur, Jackson & Co. and Sheldon & Binney Are the Two Concerns Which Have Classed Among the Strongest in New England-Municipal and Railroad Bonds Their Specialty. PROVIDENCE, R. I., Oct. 12.-Wilbur, Jackson & Co. and Sheldon & Binney, the largest banking and brokerage firms in the state, have suspended. The cause of their suspension is said to be the fact that the two firms are supposed to have indorsed a considerable amount of Denver & Colorado street railroad bonds. The West is said to be deeply involved in the suspensions. The suspension of the two firms has caused a great sensation here; they have been in existence for about a score of years, and their standing in the business and financial community has been very high indeed. The present members of the firm of Wilbur, Jackson & Co. are Senator Joshua R. Wilbur, of Bristol, chairman of the finance committee of the state legislature, and B. S. Jackson. The firm of Sheldon & Binney consists of Charles H. Sheldon Jr, and William Binney Jr. Both members of the firm were at one time junior members of Wilbur, Jackson & Co. The two concerns mentioned were classed among the strongest in New England, and have in the past negotiated heavily in municipal bonds in the cities of Providence and Boston and in Western cities. They have also handled heavily railroad bonds,


Article from Fort Worth Gazette, October 13, 1893

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BUSINESS. RHODE ISLAND BANKS FAIL. PROVIDENCE, R. 1., Oct. 12.-Wilbur, Jackson & Co. and Sheldon & Binney, the largest banking and brokerage firms in the state have suspended. The cause is said to be that the two firms indorsed a considerable amount of Denver and other Colorado street railroad bonds. The present members of the firm of Wilbur, Jackson & Co. are Joshua Wilbur, Bristol: and B. S. Jackson. The firm of Sheldon & Binney consists of Charles H. Sheldon, Jr., and Wm. Binney, Jr. The two concerns were classed among the strongest in New England.


Article from New-York Tribune, October 13, 1893

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PROVIDENCE BANKERS FAIL CARRIED DOWN BY MUNICIPAL INVEST MENTS. WILBOUR, JACKSON & CO. AND SHELDON & BIN NEY MAKE ASSIGNMENTS-THEIP LIA BILITIES THOUGHT TO BE LARGE. Providence, R. I., Oct. 12.-A sensation was cre ated in business circles by the announcement to day of the suspension of the banking firms o Wilbour, Jackson & Co. and Sheldon & Binney These concerns were classed among the stronges in New-England, the banking house of Wilbour Jackson & Co. having been in existence a score o years. They have in the past negotiated heavily il municipal bonds, among others those of the citie of Providence and Boston and Western cities. The have also handled heavily railroad bonds. It bein through this house that the recent big deal in th stock of the Union Railroad Company was made whereby the Metropolitan Traction Company çam into the control of the company. The presen members of the house are Senator Joshua H. Will bour, of Bristol, chairman of the Finance Commit tee of the Legislature, and B. S. Jackson. It wa through Senator Wilbour's endeavor that the Twent Years' Franchise act was worked through the Legis lature. The house did an immense business, bot local and foreign. The house of Sheldon & Binney has been in ex istence about seven years. The firm consists o Charles H. Sheldon, jr., and William Binney, jr Both members of this firm were at one time junio members of Wilbour. Jackson & Co., from which house they withdrew and started a banking and brokerage business of their own. At both houses the greatest secrecy is maintaine regarding the liabilities or the condition of th firms. Senator Wilbour stated that he has noth ing to make public regarding the suspension a present, and that no statement regarding th liabilities of the house could be given out for day or more. The members of the firm of Sheldo & Binney have no information to advance othe than they have been forced to suspend busines through the fact that they had indorsed Wester paper to a large extent. From one of the officers of the firm of Wilbour Jackson & Co. It was learned that the liabilitie are large, but the exact figures, or even an esti mate, cannot be learned except through Senato Wilbour. The trouble was the result of the firm' indorsing the notes of the Denver Street Railwa Company, the stock of which was greatly depreci ated. These notes have now fallen due, and i was found impossible to secure an extension o time from the banks which held them. Botl houses. it is stated, have heavily backed the stree railroad companies of Denver. Senator Wilbour i president of the Highlands Road in that city, and it is stated, is also interested in the Denver Stree Railway Company. It is expected that the creditors will grant ai extension, as with better business prospects in Den ver it is believed that the paper of the Denve Street Railway Company will be taken care of and all liabilities of the firm paid in full. Both concerns made firm and individual assignments to-day to Cornelius S. Sweetland, president of the Jackson Bank. The news of the banking suspensions in Provi dence excited considerable interest in Wall Stree firms and


Article from The Anaconda Standard, October 14, 1893

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About the Providence Failure. DENVER. Oct. 13. General Manager Randolph, of the Denver City Cable company, was seen this evening in regard to the failure at Providence, R. I., of the large banking and brokerage firm of Wilbur Jackson & Company and Sheldon & Binney. Randolph said he handled nearly all of his company's bonds, but could not understand why this should cause their failure as they had not guaranteed the bonds. He could give no explanation of the matter unless it was that the suspended firms negotiated loans giving the bonds as security and the prese ent financial depression caused the hold. ers to call in the money. The men of the Denver city railway are not in fault.


Article from Warren Sheaf, October 19, 1893

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THE EAST. THE second race in the international series for America's cup was won by the Vigilant, beating the Valkyrie, the English yacht, over ten and a half minutes and making the 30 miles in 3 hours and 25 minutes. AT Auburn, N. Y., the works of the Birdsall company, manufacturers of traction engines, grain thrashers and portable sawmills, were closed with liabilities of $165,000. AT Apollo, Pa., the Iron & Steel company. one of the largest mills in the country, started up in nearly all departments with non-union workmen. BINGHAMTON, N. Y., has been selected as a site for a home to be built by the Commercial Travelers' association. FLAMES at Meshopper, Pa., destroyed fourteen buildings, the loss being $100,000. IN the third of the international yacht races the Vigilant and Valkyrie were towed in after sailing six hours. The Vigilant was in the lead. AN investigation into Bank Cashier Arnold's affairs shows he systematically robbed the Merchants' bank at Lockport, N. Y., of $100,000. THE firms of Wilbour, Jackson & Co., and Sheldon & Binney, bankers at Providence, R. I., suspended with heavy liabilities. These concerns were classed among the strongest in New England. THE American sloop Vigilant won the third successive race for the Ainerica's cup, defeating the English sloop Valkyrie. The time of the winner in the 30-mile race was 3 hours 53 minutes and 52 seconds. This ends the contest.


Article from New-York Tribune, November 1, 1893

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TROUBLES OF BUSINESS MEN. San Francisco, Oct. 31.-Schacht, Lemcke & Steiner, one of the largest firms dealing in dried fruits, nuts and other California products, having been unable to make collections, yesterday called a meeting of their creditors. The liabilities are about $80,000, and the assets $110,000. Duluth. Minn., Oct. 31.-J. B. Sutphin, who for years has been prominent here as a business man and in local and State politics, made an assignment yesterday to John Flynn, for the benefit of his creditors. Providence, R. I., Oct. 31.-C. J. Sweetland. who as assignee is endeavoring to straighten out the affairs of Wilbur. Jackson & Co. and Sheldon & Binney, banking-houses which assigned recently, will ask the creditors to agree to an extension. The tabulated liabilities and assets are figuring up much more favorably than had been expected. Five of the banks in this city, which are the largest of the many creditors, have already consented to sign the extension agreement. Milwaukee, Oct. 31.-Willam Plankinton said yesterday that early in December he would pay, as assignee for the Plankinton Bank, a dividend of 15 or 20 per cent, and that that would be the only dividend paid this year. He added that he still regarded with favor the efforts to re-establish the bank on a new basis.


Article from The Providence News, December 19, 1893

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GOOD NEWS. Suspended Banking Firms to Resume Business Shortly. The creditors of Wilbour, Jackson & Co. and Sheldon & Binney have decided to allow these firms to resume business at once by accepting the terms offered by Assignee C. T. Sweetland. The two firms have been given three years to straighten out their affairs and their creditors are to surrender the notes of the Denver City Cable Street railroad, upon certain conditions that will be satisfactory to nearly all concerned. The keynote of the situation is probably the Denver business, but on the lapse of the time allowance it is thought that these securities will be more valuable. The suspended firms have kept their offices opened, but no business has been transacted in them and they are now purposed to go right on without serious inconvenience.


Article from The Evening World, December 27, 1893

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PROVIDENCE BANKERS RESUME. (By Associated Press.) PROVIDENCE, Dec. 27.-The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney, which went into the hands of a receiver sometime ago, were once more turned over to the firms today by the receiver, an agreement having been mad with their creditors. They have given three years in which to meet their obligations.


Article from The Providence News, December 27, 1893

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And returns. like the echo, sweet at last. For Time with its kind and pitying heart Doth play in truth a healing part. 'H 'f T The time to " resolve to keep a diary su The grand jury of the United States ourt has been excused until February 13. There is no improvement in the condition of Policeman Whidden. He is critTII itally The banking firms of Wilbour,Jackson & Co. and Sheldon & Binney resumed business this morning. The regular meeting of the school committee will be held in the high school building next Friday, Dec. 29, at So'elock. The alarm from box 276 last night was Branch 416 doqs tallor B up are B JOJ nue. A stove fell over causing nearly $200 damage. The total registration up to 3 o'clock this afternoon was more than 14,500, nearly 1400 more than at the same time last year. More than 3300 families, representing about fifteen thousand persons, were supplied with Christmas dinners by Overseer of the Poor Cummings. Councilman-elect J. F. Freeman of the Sixth ward is the only new member of that branch of the city government ho was born in this state. The officers of St. Michael's Temperince cadets were publicly installed last evening. The ceremony was followed by . supper, entertainment and social. "As the days begin to lengthen, the cold begins to strengthen," says the old adage, and the shortest day of the year, the 22d, is with the past; soon with furs and fires! The Wanskuck mills are now running nt half capacity, which is a gratifying condition of affairs for residents in that village. These mills have been wholly shut down for some time. The penny-in-the-slot máchines about the city are looked at covetously by thieves just at present. A few have been broken open and their contents removed, an indication of stringency in the money market. And talking of foreign dishes, have you caught on, old chappie, to the new French name for our old nerve restorer-clam broth. They call it "Essence de Mollusque en Tasse!" How's that foran eye-opener? Mayor-elect Oney and his party of 20 left the city this morning on the 9:20 train en route for the state institutions. They will visit the several departments, enjoy a lunch and return to the city on the 5 o'clock train. Those who have business on South Main street and those who have trudged over the mud of that throughfare for the past few weeks will be glad to know that the sewer will be finished this exening or tomorrow morning. The annual meeting of the Builders' and Traders' exchange will be held this evening, and Inspector of Buildings Hopkins will give some statistics showing the building operations of the city during the of signatures Surressins puu rear ised the law. The common council will meet in special session tomorrow at 12 o'clock to consider the compromise resolution giving discretionary power to the park commissioners to fix the rate of compensation for the laborers on the Roger Williams park extension. A boxing exhibition will begiven in the Metropole club, Aborn street, next Friday evening for the benefit of the Olneyville strikers All the local favorites will appear and several athletes from Boston, New York and the west will be present to assist in the benefit. Robert Louis Stevenson's talk is as brilliant as can be heard anywhere. His humor isso spontansous, so perfectly natural and free from affectation that you forget how brilliant it is. Asked one day what he thought was the matter with him, he replied that, "Seemingly his system had a passionate avidity for taking cold." The following officers were elected at the annual meeting of the Veteran Firemen's association last evening: President, Edward W. Hall; vice-president, Samuel R. Cornell, Edward P. Havens, Lewis E. Davis, Oscar Bender; secretary, Josiah Hill; treasurer, Washington J. Williams. A fireman's chowder was served before the meeting. The comedy "The Prodigal Father" is still at the Boston Museum, and is crowding the handsome theater nightly. The merry play and the famous Maggie Cline come direct from the Boston Museum to the Providence Opera House, opening with matinee New Year's day, and continuing till Wednesday evening with regular Wednesday matinee. A potition is being signed in Burrillville and Pascoag by Miss Bertha Sibley of