19804. Wilbur, Jackson & Co. (Providence, RI)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
c9e93a66

Response Measures

None

Description

Multiple contemporary reports state Wilbur, Jackson & Co. suspended on Oct. 12, 1893 due to heavy endorsement of Denver street/railroad bonds. By Oct. 31 an assignee (C. J. Sweetland) was handling the affairs and seeking an extension for creditors—indicating assignment/receivership and permanent closure rather than a temporary suspension with reopening.

Events (2)
1. October 12, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to heavy endorsement of Denver (Denver & Colorado) street railway / railroad bonds which depreciated, indebting the firms.
Newspaper Excerpt
Wilbur, Jackson & Co., and Sheldon, Binney & Co., the largest banking and brokerage firms in the state, and among the strongest in New England, have suspended.
Source
newspapers
2. November 1, 1893 Receivership
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (11)
1. October 13, 1893 The Herald Los Angeles, CA
Article from The Herald, October 13, 1893

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Article Text

GONE TO THE WALL. Two Big Banking Firms of Providence, R. I., Suspended. PROVIDENCE, R. I., Oct. 12.-Wilbur, Jackson & Co., and Sheldon, Binney & Co., the largest banking and brokerage firms in the state, and among the strongeat in New England, have suspended. The cause is said to be that the firma endoreed a considerable amount of Denver street railroad bonds. The west is said to be deeply involved in the suepensione. The failure caused a great sensation, as their standing is very high. They are said to have dealt heavily in western municipal bonds and bonds of railroads. Each house did a large business, both domestic and foreign. No statement is given out by either house, but they expect to be able to resume business in a short time. DENVER, Oct. -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 banker and broker firms of Wilbur, Jackson & Co. and Sheldon & Binney. Randolph said they handled nearly all his company's bonds, but he 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 suepended firme negotiated loans, giving bonds as security, and the present financial depression caused the holders to call in their money. The Denver City railway is not in default.

2. October 13, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, October 13, 1893

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Article Text

BROKERS SUSPEND PAYMENT Prividence, R. I., Oct. 12.-Wilbur, Jackson & Co., and Shelmot, Binney & Co., the largest banking and brokerage firms in the state, and among the strongest in New England, have suspended. The cause is said to be that the firms endorsed a considerable amount of Denver street bonds. They are said to have dealt heavily in Western municipal bonds and bonds of railroads.

3. October 13, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, October 13, 1893

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Article Text

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,

4. October 13, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 13, 1893

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CONDENSED DISPATCHES. A receiver has been asked at St. Paul for the Duluth & Mesaba railway. The Manchester Cotton Mills, at Fort Worth, Tex, were burned early Thursday morning. Loss, $100,000. The great wholesale house of Huntington, Hopkins & Co., San Francisco, is about to pass out of existence. The city of Oakland, Cal., has removed all the piles driven along the water front by the Southern Pacific company. The Amalgamated Association of Street Railway Employes has decided to join the American Federation of Labor. Car Inspector George Johnson was fatally crushed between two cars in the Southern Pacific yards at San Francisco Wednesday afternoon. In a free for all running race at Santa Ana, Cal, Wednesday, Wood beat Silkwood, the pride of Orange county, easily in 2:0836, 2:14½ and 2:11. The families of William Fassett and Ed Vedeau, of Twin Island, Wis., eleven persons in all, were poisoned at dinner Monday, and some may die. All ate corument cake in which tartar emetic was used by mistake for saleratus. Wilbur, Jackson & Co. and Shelmot, Burney & Co., of Providence, R. L, have suspended. The firms are the largest banking and brokerage concerns in New England. They were heavy dealers in Denver street bonds, also in Southwestern municipal bonds. The electric power house of the Atlantic Railroad Company, at Third avenue and Third street, Brooklyn, was completely wrecked Wednesday evening by the bursting of the flywheel of an engine. Heavy pleces of the wheel flow long distances, wrecking houses and injuring several persons. Loss, $30,000. At the annual meeting of the Western Union To egraph Company is New York Wednesday the old board of directors was elected with the exception of those who died during the year, Erastus Wiman, who declined re-election, and Sidney Shepard, who resigned in favor of his $03, Their places were filled by the election of John Jacob Astor, Oliver Ames, George Bilss, Louis Fitzgerald, C. Sidney Shepard and J. B. Van Every. Sixteen street car lines in San Francisco, including every line in the city but six and controiling most of the ferry and park travel, have been consolidated. the capital stock being more than $18,000,000 Of this the Southern Pacific controls 26 per cent. and the remainder is divided between the Ferries & Cliff House, Omalbus & North Beach and Mission roads. A system of transfers to all parts of the city will be arranged and many employes discharged.

5. October 13, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, October 13, 1893

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Article Text

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.

6. October 14, 1893 The Dalles Times-Mountaineer Dalles, OR
Article from The Dalles Times-Mountaineer, October 14, 1893

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Article Text

A Heavy Failure. PROVIDENCE, R I, Oct. 12-Wilbur, Jackson & Co., and Shelmot, Binny and Co. the largest banking and brokerage firms in the state, and among the strongest in New England, have suspended. The cause is said to be the tirms have in dorsed a considerable amount of Denver streets bonds. The West is said to be deeply involved in the suspensions* The failure has caused a great sensation, as their standing was very high. They. are said to have dealt heavily in Western municipal bonds and bonds of railroads.

7. October 19, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, October 19, 1893

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TIRED OF WAITING For the United States Senate to do Something. PROVIDENCE, R. I. Oct. 12.-The banking firms of Wilbur, Jackson & Co. and Heldon & Burney, have suspended. They were classed as among the strongest banking houses in New England. Their liabilities are believed to be very heavy, and there is great uneasiness here as other houses will probably be affected also,

8. October 19, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, October 19, 1893

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Article Text

Financial and Commercial. The First National Bank, of Birmingham, Ala., which suspended payment August 2, 1893, has been permitted to open its doors for business. The People's National Bank and the Citizens National Bank of Pulaski. Tenn., resumed full payment of depositors. The Commercial Bank and Trust Company of Pulaski has also resumed full payment. Wilbur, Jackson & Co., and Sheldon & Binney, banking firms of Providence, R. I., suspended. The failures were caused by the depreciation in the stock of the Denver Street Railway Company for which both banks are heavy endorsers.

9. October 19, 1893 The Coconino Weekly Sun Flagstaff, AZ
Article from The Coconino Weekly Sun, October 19, 1893

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MISCELLANEOUS. THE financial status of Union Pacific is causing much speculation among financiers interested in railroads, particularly Union Pacific. THE gross receipts of the Illinois Central in July and August were $3,698,592, an increase of $658,009 over the same months in 1892. THE treasurer of Audubon county, Ia., has gone to parts unknown, as have some of the county's funds. BOTH the Rio Grande and Colorado Midland will build extensions to their lines into the Cripple creek country. WILBUR, JACKSON & Co. and Sheldon & Binney, of Providence, R. I., the largest banking and brokerage firms in the state, have suspended. The west is said to be deeply involved in the failure. ITALIAN and Spanish societies celebrated the 401st anniversary of the discovery of America by a celebration at the world's fair on the 12th. NEARLY 600 horses were burned to death by a fire at the Wallace street barns of the Chicago City Railway Co. JUDGES WOOD and Jenkins, the senior members of the bench in the United States court at Chicago, have decided that it is unsafe longer to hold court in the building. October 20 is the last day in which the court will occupy its room in the Chicago ruin. THE Southern Inter-State Immigration association will soon announce a convention in the interest of the south. CASSIUS BELDEN, who caused a furor by shooting into the wheat pit on the board of trade, Chicago, wounding three people, has been consigned to the Kankakee insane asylum. THE Western Union Telegraph Co. made net profits in the year ended June 30 last of over $7,000,000. THE cricket match between the Australians and eighteen of the All Massachusetts ended at Boston in favor of the visitors, who made without trouble their fifty-one runs. THE holders of bonds of the Kentucky & Indiana Bridge Co. met. at Louisville and decided that they would not oppose a suit for the appointment of a receiver for the property. The company defaulted interest on its fixed charges October 1. DEPUTY United States marshals and the Woodard gang of outlaws had a fight near Fifty-two Spring, I. T., and one outlaw was killed. A BIG combination of San Francisco street railways is completed with a capital stock of a little over $18,000,000, of which the Southern Pacific Co. controls 76 per cent. The combination includes sixteen street lines and controls nearly all the travel of the city. Only six lines remain out of the combination. A HOUSE in Dusseldorf. Prussia, was practically wrecked by the explosion of a dynamite bomb. There is no clew to the person responsible for the crime

10. October 19, 1893 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, October 19, 1893

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STRONG BANKS IN TROUBLE. Endorsing Denver Railway Bonds Leads to Failure. Providence, R. 1., Oct. 12.-Wilbur, Jackson & Co., and Sheldon, Binney & Co., largest banking and brokerage firms in the state, and among the strongest in New England, have suspended. The cause is said to be that the firms have endorsed a considerable amount of Denver railroad bonds. The failures have caused a great sensation, as their standing was very high. They are said to have dealt heavily in western municipal bonds and bonds of railroads.

11. November 1, 1893 New-York Tribune New York, NY
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.