19803. Wilbour, Jackson & Co. (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
ca9a298a

Response Measures

None

Description

The firm suspended on Oct 12, 1893 after endorsing Denver Street Railway notes; went into the hands of an assignee/receiver and then resumed business Dec 27, 1893 under an agreement with creditors. No run is described in the articles.

Events (3)

1. October 12, 1893 Other
Newspaper Excerpt
made him firm and individual assignment for the benefit of their creditors, 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 further clear for them.
Source
newspapers
2. October 12, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension was caused by heavy endorsements of Denver Street Railway/Denver City Cable Street railroad notes that matured and could not be extended; liabilities large and secured by collateral; clearing house banks refused further clearings prompting suspension/assignment to an assignee/receiver (Cornelius S. Sweetland).
Newspaper Excerpt
the suspension of the banking firms of Wilbour, Jackson & Co.
Source
newspapers
3. December 27, 1893 Reopening
Newspaper Excerpt
The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney resumed business this morning. ... 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 (13)

Article from The Evening World, October 12, 1893

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Article Text

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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Article Text

PROVIDENCE BANKERS FAIL. Wilbour, Jackson & Co. and Sheldon & 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 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 brokerige 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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Article Text

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 Santa Fe Daily New Mexican, October 12, 1893

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A BIG FAILURE. Two of the Strongest of New England's Banks Go to the Wall. Providence, R. I., Oct. 12.- great sensation in the banking circle was caused to-day by the suspension of the banking concerns of Wilbour, Jackson & Co., and Sheldon & Burney. These had been long closed among the strongest institutions in New England. The greatest secrecy is maintained regarding the liabilities. It is believed they are very large. It is said the crash was caused through endorsing notes for the Denver Street Railway company. Senator Wilbour is president of the, Highland road in that city and is said to be interested in the Denver Street railway. It is predicted that this failure will seriously affect the leading houses of Providence.


Article from The Providence News, October 12, 1893

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Article Text

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 Evening Star, October 12, 1893

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IN WALL. STREET. Awaiting Advices From Washington With Eagerness. Special Dispatch to The Evening Star. NEW YORK, Oct. 12.-The prices recorded at the opening of today's stock market reflected an improvement over night, ranging from 1-4 to 1 per cent. London quotations had improved to the same extent and foreign houses bought stocks on this side. The Bank of England left its discount rate unchanged at 3 per cent. Traders were inclined to bid up prices on advices from Washington, which were construed to be favorable to the passage of the silver repeal bill. This sentiment prevalled in the room throughout the morning, but shrewd traders, who have temporarily withdrawn from the street, have long since given up all hope of unconditional repeal. A compromise measure will probably be agreed upon eventually, but there is no hope in such a prospect for bull traders. Advices from Providence this morning announced the suspension of the banking firms of Wilbour, Jackson & Co. and Shelden & Binney, two of the strongest concerns in New England. The first named firm were members of the New York stock exchange. The cause of the suspension is ascribed to the indorsement of notes by Company. both firms for the Denver Street Railway The Chicago and Alton announced today that they would extend the 1 cent a mile rate to all classes of trains, and if fined for the offense will withdraw from the Western Passenger Association. This may lead to a general rate war throughout the west. The market was more active than at any other time during the week. The covering orts was responsible both for the acivity and the better prices of the first two h urs. Burlington advanced 1 1-4 per cent to 82. Missouri Pacific gained one to 23 1-2. Louisville and Nashville advanced to 46 3-8, a gain of 1 1-4 per cent, and Western Union gained one to 82 5-8. In the industrial list sugar and Chicago Gas profited most with a gain of 1 3-8 per cent for each. Distillers was again active within narrow limits, selling up to 34 5-8, a gain of 7-8 per cent. Sterling was quoted at 4.84 and 4.86 and without special demand. Money rates continue at 2 and 21-2 for call and 5 and 6 per cent for time loans. The clearing house statement shows: Exchanges, $86,382,568; balances, $5,954,161. and the sub-treasurer's debit balance, $1,720,995. The loan committee canceled $1,250,000 additional certificates and called $1,200,000 for cancellation tomorrow. The market is controlled solely by Washington advices and has no other feature. Ordinary conditions have lost their effect and prices move up and down the speculative gamut according to the tenor of the latest dispatches from the capital. Prices during the last hour held well on a decreased volume of business.


Article from The Madison Daily Leader, October 13, 1893

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Caused a Sensation. PROVIDENCE, R. I, Oct. 13.-A great sensation has been caused 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.


Article from The State Republican, October 19, 1893

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THE EAST. 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 80-mile race was 3 hours 53 minutes and 52 seconds. This ends the contest. EDWARD SLOAN beat John Schrecker to death with a large wrench during a quarrel in a Pittsburgh (Pa.) livery barn. COCHRAN HAMMOND, a resident of Pittsburgh, Pa., was burned to death by the explosion of a lamp. EIGHTEEN lives are believed to have been lost by the sinking of the steamer Dean Richmond near Dunkirk, N. Y. H. F. WINN. of Springfield, Mass., crazed by separation from his wife, cut the throat of his baby boy, then killed himself. THE entire chain of lakes was swept by a fearful gale whose severity has not been excelled for the last ten years. Many vessels were reported wrecked and a number of lives were said to have been lost.


Article from River Falls Journal, October 19, 1893

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THE EAST. 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. 1., 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. EDWARD SLOAN beat John Schrecker to death with a large wrench during a quarrel in a Pittsburgh (Pa.) livery barn. COCHRAN HAMMOND, a resident of Pittsburgh, Pa., was burned to death by the explosion of a lamp. EIGHTEEN lives are believed to have been lost by the sinking of the steamer Dean Richmond near Dunkirk, N. Y. H. F. WINN, of Springfield, Mass., crazed by separation from his wife, cut the throat of his baby boy, then killed himself. THE entire chain of lakes was swept by a fearful gale whose severity has not been excelled for the last ten years. Many vessels were reported wrecked and a number of lives were said to have been lost.


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 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