Hay & Webb (Carmi, IL)

Episode Information

Episode UID
2528811891123
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
252881189 hash
Start Date
July 15, 1893
Location
Carmi, Illinois (38.091, -88.159)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
45942fff3c90673d

Response Measures

None

Description

Bank made a general assignment (insolvent) and an assignee was named; failure tied to 1893 money-stringency.

Events (2)
1. July 15, 1893 Suspension
Cause
Macro News
Cause Details
Stringency of the money market / nationwide financial panic precipitated general assignment; large long-term loans and real-estate investments worsened position.
Newspaper Excerpt
The private bank of Hay & Webb, of this place, has made an assignment.
Source
newspapers
2. July 17, 1893 Receivership
Newspaper Excerpt
The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce.
Source
newspapers

Newspaper Articles (7)
1. July 16, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 16, 1893

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The Daily Record or nanea Failures. LONDON, July 15.-The failure is announced today of Ernest M. E. Fresson, stock and share broker of No. 2 Austin Friars. KANSAS CITY, July 15.-There was a quiet run on the National Bank of Commerce as soon as that concern opened for business this morning. In a statement made yesterday the condition of the bank was shown to be good, and the officers assert they will be able to withstand a long run, which, however, they think will not be necessary. Their statement sh JWS cash on hand $1,141.655, with deposits of $2,977,327, showing more than the 25 per cent reserve law. are talized required at by $2,000,000. They But thought little excite- capi- the ment and it is bank as the bank with the will ranks prevails, pull through strongest. all right, a The directors of the bank held meeting to consider the financial situation yesterday. After very carefully examining into the condition of the bank the members of the directorate signed an agreement individually pledging their entire estates for the security of depositors. There was not a member of who that made him enpaper the board hesitated liable held to for sign by the the the tire amount of deposits bank, SO great was their confidence in its stability. The directorate represents a combined wealth of 82,000,000. KANSAS CITY, July 15.--Bank ExG. W. Galbreath took of the aminer charge suspended which this suspended morning Kansas City National bank, yesterday. CARMI. III., July 15.-The private bank of Hay & Webb, of this place, has made an assignment. The assets are about $215,000 and liabilities about $180,000. At the meeting of the creditors of the insolvent bank held last night, a series of resolutions was adopted, placing the affairs of the bank in the hands of J. R. Webb and a committee of three creditors, Leonard Pyle, James MeClintock and George Clark, to wind up the business. The general opinion is that the creditors will be paid in full. NEW YORK, July 15.-Two hundred thousand ounces of silver were shipped to Europe today on the New York. KANSAS CITY, July 5.-The NorthBanking company closed its doors rup this morning and voluntarily placed itself in charge of State Bank Commissioner Breidenthal. J.S. Chick, president of the National Bank of Kansas City. which suspended yesterday, is also of the Northrup Banking and that fact a on bank this company. president the latter morning. caused run While the of the bank seems fairly officers of the not their assets good, condition to the jeopardize bank by did meetand at 10 The bank has a care ing bank's the doors. run, o'clock surplus closed paid-up the capital of $100,000, with a of Its assets are its liabilities $315,000. It is de$50,000. will $475,000 ultimately believed and be positors and creditors paid in full. The Armourdale (Kan.) bank at No. avenue. susat 3 416 pended Kansas payment Armourdale, o'clock the this hands of afternoon and was placed in Bank Commissioner Breidenthal, of Kansas. The liabilities are $35,000, and the about double consist largely of They assets Seneca, that real amount. estate Kan., security. J. E. Taylor, of was president. The bank had a capital stock of $30,000, and a surplus of $4,500. Thirty days ago it had $55,000 of deposits, but that amount ha4 been reduced one-half. The officers believe the depositors will be paid in full. CINCINNATI, July 15.-Two receivers were appointed for the John Kauffman brewery Saturday morning. The application was made by Mrs. Mary Kauffman, widow of the late John Kauffman, to Judge Wilson. She owned 16,000 shares of the stock. Notes amounting to $60,000 will fall due in August. Owing to the stringency of the money market the company could not realize money to meet them. They claim the assets amount to $600,000, and liabilities to $150,000. Attorney Frank Sheffer and Brewery Manager Emile Schmitt were appoiuted receivers. An effort will be made to effect a settlement, and continue business. CHICAGO, July 15. -The Ladlow Shoe company made an assignment this afternoon. CHICAGO, July 15.-The Boston Foundry company assigned today. Assets $175,000, liabilities $200,000. NEW YORK, July 15.-Will Abeles, manufacturing furrier, made an assignent-today to George Fragner without preference. PEORIA, III., July 15.-The private house of at 1 closed banking its doors William o'clock Oberhouser this afternoon. It was one of the oldest estab-

2. July 16, 1893 The Times Richmond, VA
Article from The Times, July 16, 1893

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RUN ON KANSAS CITY BANKS. The Failure of One Institution Precipitates a General Storm-Bank Failures. KANSAS CITY, MO., July 15.-The failure of the Bank of Kansas City yesterday précipitated runs on three-fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets, were thronged as they have not been In years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri National Banks. The New York Life building, In which they are located, was thronged. The Metropolitan had two paying tellers at work and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before the door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid-up capital of $2,000,000. for some time, and last night the stockholders, realizing that the institution was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. About noon confidence had been in a large measure restored, and the runs were stopped. except on the Missouri National, which continued slowly. Unless some bank falls the crisis for the Immediate present is passed. STARKVILLE, MISS., July 15.-The First National Bank closed its doors yesterday, as a result of the financial stringency. It is believed that depositors will be paid in full. The bank has a paid up capital of $50,000. CARMI, ILL., July 15.-The old banking-house of Hay & Webb made a general assignment yesterday. The assets are $216,267. and liabilities $180,000. Hay & Webb have been In business for thirtyfive years. The stringency of the money market is the chief cause of the failure. KANSAS CITY, MO., July 15.-The Northrup Bank, of Kansas City, Kansas, of which J. S. Chick, of the National Bank of Kansas City, which failed yesterday, was also president, closed its doors this morning. Bank Examiner C. W. Galbreath took charge of the suspended Kansas City National Bank this morning. There was a run on the National Bank of Commerce as soon as that concern opened for business this morning. In the statement made yesterday the condition of the bank was shown to be good, and the officials assert that they will be able to stand a long run, which, however, they think will not be necessary. But little excitement prevails, and it is thought the bank will pull through all right. as it ranks with the strongest in the city.

3. July 19, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, July 19, 1893

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MISCELLANEOUS NEWS ITEMS. War is imminent in Samoa. The Ludlow shoe company of Chicago made an assignment. The Bon Ton foundry company, Chicago, assigned. Assets, $175,000; liabilities, $200,000. Receivers were appointed for the John Kauffman brewery at Cincinnati. Assets, $600,000; liabilties, $150,000. Emil Ables, manufacturing furrier, New York, made an assignment to George Fragner without preferences. Chancellor Von Caprivi is confined to his residence by inflamed veins. He hopes to appear in the reichstag today. The Uruguay congress has made an appropriation of an additional $10,000 for the exhibit of Uruguay at the world's fair. Eighty-five cases of cholera are reported in the hospital at Alexandria, Egypt. Forty deaths from the disease have occurred. The private bank of Hay & Webb of Carmi, III., has made an assignment. The assets are about $215,000; liabilities about $180,000. At London Mrs. Bancroft, the wellknown actress, was thrown from a cab and run over. She received injuries that necessitated her removal to a hospital. Lord Coleridge, lord chief justice of England, whose sudden illness at the Newcastle assizes necessitated the adjournment of the court, has entirely recovered. The court martial that will try the officers of the British Mediterranean squadron on the charge of partial responsibility for the Victoria disaster will open in Valetta, Malta, July 17. The report from Caddo, I. T., published to the effect that Governor Jones had stated that Choctaws under sentence of death for murder would surely be shot is discredited at the interior department. The comptroller of the currency authorized the First national bank of Los Angeles, Cal., the National bank of commerce of Provo, Utah, and the Second national bank of Ashland, Ky., to resume business. There will be no more ship building at the yard of Samuel L. Moores' Sons at Elizabeth, N. J. The firm began business three years ago. Their most notable achievement was the building of the cruiser Bancroft. The Hon. Thomas F. Bayard, American ambassador to Great Britain, and Mrs. Bayard will attend the closing state ball. This function was to have been held some time ago, but was postponed in consequence of the disaster to the battleship Victoria. Col. W. L. Washington of Nashville, Tenn., called at New York police headquarters and reported that he had been robbed of a valuable gold watch and chain by a plausible, smooth faced young man to whom he had taken a liking the preceding night. M. Loze, ex-prefect of police, who tendered his resignation on the ground that the government intended to make a scapegoat of him in connection with the rioting at Paris, has received a semiofficial notification that he is to be appointed French ambassador to Austria. The dead body of Deputy Sheriff John W. Thomas of Mobile county was found yesterday in the village of Whistler, Ala. He had four bullet wounds on his body and his skull was crushed. The crime was traced to Gilbert J. Deace and John Ryan, two engineers whom Thomas had arrested.

4. July 20, 1893 Warren Sheaf Warren, MN
Article from Warren Sheaf, July 20, 1893

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BORELY TRIED. Tansas City Banks Forced to Stand Heavy Run-All Demanda Promptly However-Business Troubles at Other Points. KANSAS CITY, Mo., July 16 -Saturday was trying day for the banks of Kansas City but they weathered the storm admirably The failure of the National bank of Kansas City five minutes before closing time Friday created a very panicky feeling and all the bankers opened their doors Sat urday morning expecting 'runs' of more or less consequence. The publication of the statements of all the banks in the morning papers was calcu lated to restore confidence. The banks were prepared as well as could be to withstand any attack and as soon as the doors of the Bank of Commerce the Missouri national. the Metropolitan, the Union national and the Midland were thrown open the people began to collect about them and many drew out their deposits. Only however, in the Bank of Commerce. the Missouri and the Metropolitan were there any well-defined runs, and these banks withstood them successfully A run by heavy depositors caused the suspension of the Northrup bank. the oldest financial institution in Kansas City, Kan The assets are placed at $475,000, with liabilities amounting to $315,000. The Armourdale bank at 415 Kansas avenue, Armourdale, suspended pay. exent at 3 o'clock in the afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. The liabilities are $35,000 and the assets about double that amount A number of the Karsas City banks kept openuntil 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND O. July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisinger, one of the organizers of the syndicate, says the output was reduced 25 per cent. some time ago All the mines are in Michigan and the central of fice is in Milwaukee. The plants owned by the syndicate are: The Chapin Mining company, the Buffalo Mining company, York Mining company, Arogan Mining company, Claire Mining company and Sunday Lode Mining company. These individ ual companies, all owning mines. were consolidated four years ago by Schleisinger Brothers, and, it is said. on insufficient capital. It is also said the syndicate went too deeply into railroad building Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA. Ill., July 19.-William Oberhauser's private bank failed Saturday much to the surprise of the community The liabilities are $60,422 against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at Kansas City, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmann is assignee. CARMI, III. July 17 The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000 Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community Large loans on long time. large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest wholesale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 last and since that time has conducted its business in the latter city, No financial statement has been made. NEW YORK, July 7.-Chancellor McGill at Jersey City has appointed John C. Paul, of Plainfield, N.J., receiver of the Garwood steel works. The company was originally a Boston concern The works are at Garwood, N. Y and $300.00 has been lost in following à new process in making steel car wheels CHICAGO, July The Bouton Foun dry company, located at Thirty-ninth street and Evans avenue, made an as signment in the county Saturday in favor of the Equitable Trust company. The assets are figured at 8175,000; liabilities at $200,000. CINCINNATI, July 17. The John Kauffman Brewing company went into the hands of a receiver Saturday Pressing claims and inability to obtain ready_cash caused the action. The assets are given at $600,000 and the liabilities only $150,000. WAYLAID THE SHERIFF. An Arkansas Officer Shot and Robbed of $12,000 Near Memphis. MEMPHIS,Tenn.,July 17.-Friday night heriffWerner.of_Crittenden county

5. July 20, 1893 The Worthington Advance Worthington, MN
Article from The Worthington Advance, July 20, 1893

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A number of the Kansas City banks kept open until 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND, O., July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisi one of the organizers of the syódicate, says the output was reduced 25 per cent. some time ago. All the mines are in Michigan and the central of fice is in Milwaukee. The plants owned by the syndicate are: The Chapin Mining company, the Buffalo Mining company, York Mining company, Arogan Mining company, Claire Mining company and Sunday Lode Mining company. These individual companies, all owning mines, were consolidated four years by Schleisinger Brothers, and, it is said, on insufficient capital. It is also said the syndicate went too deeply into railroad building. Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out. Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA, III., July 19.-William Ober hauser's private bank failed Saturday, much to the surprise of the community. The liabilities are $60,422. against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at KanCity, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmann is assignee. CARMI, Ill., July 17.-The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000. Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community. Large loans on long time, large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest whole sale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 lust and since that time has conducted its business in the latter city. No financial statement has been made. NEW YORK, July 17.-Chancellor McGill at Jersey City has appointed John C. Paul, of Plainfield, N. J., receiver of the Garwood steel works. The company was originally a Boston concern. The works are at Garwood, N. Y., and $300,000 has been lost in following a new process in making steel car wheels. CHICAGO, July 17.-The Bouton Foundry company, located at Thirty-ninth street and Evans avenue, made an assignment in the county court Saturday in favor of the Equitable Trust compa: ny. The assets are figured at $175,000; liabilities at $200,000. CINCINNATI, July 17. - The John Kauffman Brewing company went into the hands of a receiver Saturday. Pressing claims and inability to obtain ready cash caused the action. The as: sets are given at $600,000 and the liabilities only $150,000. WAYLAID THE SHERISE

6. July 21, 1893 Griggs Courier Cooperstown, ND
Article from Griggs Courier, July 21, 1893

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SORELY TRIED. Kansas City Banks Forced to Stand Heavy Run-All Demands Promptly However-Business Troubles at Other Points. KANSAS CITY, Mo., July 16.-Saturday was a of the storm the Kansas admirably. City trying but day they The for weathered failure the banks of rive minutes created a and the National very before panicky bank closing of feeling Kansas time Friday City all bankers opened their doors Saturday morning expecting "runs" of more or less consequence. The publication of the statements of all the banks in the morning papers was calculated to restore confidence. The banks were prepared as well as could be to withstand any attack and as soon as the doors of the Bank of Commerce, the Missouri national, the Metropolitan, the Union national and the Midland were thrown open the people began to collect about them and many drew out their deposits. Only, however, in the Bank of Commerce, the Missouri and the Metropolitan were there any well-defined runs, and these banks withstood them successfully. A run by heavy depositors caused the suspension of the Northrup bank, the oldest financial institution in Kansas City, Kan. The assets are placed at $475,000, with liabilities amounting to $315,000. The Armourdale bank at 415 Kansas avenue, Armourdale, suspended payment at 3 o'clock in the afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. The liabilities are $35,000 and the assets about double that amount. A number of the Kansas City banks kept open until' 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND, o., July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisinger, one of the organizers of the syndicate, says the output was reduced 25 per cent. some time ago. All the mines are and central owned fice in is Michigan by in the Milwaukee. syndicate the The are: plants The ofBuffalo pany, Mining Chapin Mining Arogan company, company, York Mining Mining the company, comand were Claire ual Lode companies, Mining Mining company. all company owning These mines, Sunday individconsolidated four years ago by Schleisinger Brothers, and. it is said, on insufficient capital. It is also said the syndicate went too deeply into railroad building. Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out. Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA. Ill., July 19.-William Oberhauser's private bank failed Saturday, much to the surprise of the community. The liabilities are $60,422. against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at Kansas City, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmaun is assignee. CARMI, Ili., July 17.-The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000. Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community. Large loans on long time, large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest wholeale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 last and since that time has conducted its business in the latter city. No financial statement has been made. NEW YORK, July 17.-Chancellor MeGill at Jersey City has appointed John Paul, of Plainfield, N. J., receiver of the Garwood steel works. The company was originally a Boston concern. The works are at Garwood, N. Y., and $300,000 has been lost in following a new process in making steel car wheels CHICAGO, July 7.-The Bouton Foundry company, located at Thirty-ninth street and Evans avenue, made an ascourt in signment favor of in the the Equitable county Trust Saturday company. The assets are figured at $175,000; went into liabilities Kauffman CINCINNATI, at Brewing $200,000. July company 17. The John the hands of a receiver Saturday.

7. July 21, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, July 21, 1893

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The Chicago theatres will give benefits for the cold storage tire sufferers. The first clause of the German army bill passed by a majority of eleven and is equivalent to the passage of the whole bill. The French chamber of deputies will probably be dissolved on Thursday. Half a million in gold reached New York from Havana. Capt. Oscar Lenge, the first Swede settler in Chicago, died of pneumonia. Gen. W. H. Enochs, an Ohio congressman. is dead. Active hostilities have broken out in Samoa. Bar silver. 72@73. The Stallion, Rolla W, valued at ten thousand dollars, dropped deat at Saginaw, Mich. At Waltham, Mass., Henry White, town treasurer. and his son were dangerously injured and White's wife killed by a train striking the carriage in which they were riding on a crossing. The demand for American hay in Europe continues. The chamber of deputies voted confidence in the Brazilian cabinet. A storm at the Wisconsin National guard camp at Camp Douglass killed George Clary of Darlington and injured several others. A quiet run on Kansas City banks ended at noon. San Francisco will send delegates to the Chicago silver convention. The private bank of Hay & Webb. Carmi. Ills., failed with assets of 8215,000: liabilities. $170,000. The government bought 100,000 ounces of silver yesterday at 721 §C. The Sangerfest at Cleveland has ended. The German army bill passed the second reading. The New York financial situation continues to improve. The Idaho State Silver convention will meet at Ketchum Aug. 12. The French at the world's fair celebrated the Fall of the Bastile informally. The Buckeye Cycle company, of Cincinnati. failed for 850,000; assets. 881, 000. The Critish brig Derma. arrived off Hampton roads with yellow fever on board. Eight unidentified world's fair fire dead were buried with appropriate ceremonies. Twenty Siamese were killed in a fight with French gunboats in the river below Bangkok. Banker S. T. Dick suicided at Mead ville, Pa., because of a run on his bank last Thursday. The Cook & Smith Manufacturing company at Cedar Rapids. was damaged 840,000 by fire. William Cook. of Pemberton, Ohio. thrashed his children SO badly that two of them may die. President Carnot celebrated the 104th anniversary of the Fall of the Bastile by pardoning 319 political prisoners. The National bank of Kansas City, with a capital of one million dollars, has been placed in the hands of a receiver. The NortLern Pacific won t pay for the Seattle and Lake Shore road be cause the contract has been declared illegal. The United States grand jury, at Tacoma. ind eted President Van Horne of the Canadian Pacific and local agents for secret rate cutting. Julia Mitchell. of Brooklyn. and Chas. F. Sistare, of New London, Conn., died from injuries received in the West Shore accident at Newburg, N.Y. The New York Herald says the Irish democrats are seriously disaffected be cause President Gannon of the National league received no appointment. The German army bill passed its third reading by a vote of 201 to 185 and the reichstag was declared closed. The Northup Banking company of Kansas City failed, with assets of 8475,000; liabilities, $315,000. Depositors will be paid in full. Six Pleasant Hill (Mo.) business houses burned, causing a loss aggregat-