Stone City Bank (Joliet, IL)

Article Text

Run on the Bank

JOLIET, III., Nov. 30.-The Stone City bank, a private institution, suspended payments today on account of a run caused by shutting down one of the departments of the big wire fence industry. The bank is operated by H. Fish & Sons and was thought to be one of the soundest financial institutions in the state. The run was causeless. The Fishes are relatives of Mrs. John A. Logan and have more wealth than would be needed to start half a dozen banks like the one they own.

Article Text

An Illinois Bank Suspends

JOLIET, III., Nov. 30.-The Stone City bank has suspended. It had a capital stock of $100,000. The failure was caused by the collapse of the Enterprise company. run by the same parties who owned the bank. The

Article Text

Failure of a Bank

JOLIET, ILL., Nov. 30.-The Stone City Bank, with a capital stock of $100,000, and controlled by the Fish brothers, suspended payments to-day. The failure was precipitated by the confession. cf judgments aggregating $183,175 by the Joliet Enterprise Wire Mill Company, also controlled by the Fish brothers, this morning. It is estimated that the liabilities of the two concerns are $500,000, but nothing definite about the Habilities or assets is obtainable. While the bank was a separate institution, its prosperity was coexistent with that of the wire mill, and the larger part of the assets were invested in the mill. The failure is attributed to dullness of trade.

Article Text

A Bank Suspends.

JOLIET, ILL., Nov. 30.—The Stone City Bank, with a capital stock of $100,000 and controlled by the Fish Bros., suspended payment to-day.

Article Text

RAN THE BANK INTO ASSIGNMENT

The Stone City Concern at Joliet Called on for More Than It Had. JOLIET, Ills. Dec. 1.-A run was made yesterday morning on the Stone City bank, a private institution operated by Henry Fish & Sons. The fact that all comers got their money without a murmur did not deter the others in the crowd, who stood stolidly awaiting their turn. By 9:35 a. m. $50,000 had been paid out. It was evident that the payment could not last much longer, so orders were issued to the teller to pay out no more money. The crowd was dismissed with the assurance that the bank would pay depositors every dollar and the doers were closed to the public. Started by Idle Workingmen. The run was started by the workingmen of the Enterprise mill. Those who were discharged when the mill was closed were paid in time checks. They expected to get the money at the bank. but it being after hours and the doors closed they started rumors of insolvency, which precipitated the run. The liabilities of the Stone City bank are about $175,000, due depositors. The firm claims to have given security of $250,000 worth of property. The Bank Makes an Assignment. Just before 6 o'clock last night in the county court an assignment of the Stone City National bank was recorded by the attorneys for the firm. The assignment was in favor of J. L. O'Donnell. George H. Monroe was appointed receiver of the Joliet Enterprise company. The citizens were greatly excited yesterday. The business houses in all part of the city did but little business and men left their work in the mills, factories and stores to inquire about the deposits they had left at the Stone City bank.

Article Text

THE "RUN" DID IT

A Private Banking Institution Susports Payment-Depositors Excited. NOB JOLIET, III., Dec. 1.-The Stone City Bank, a private institution, has suspended payment on account of a run, caused by the shutting down of the Enterprise Company, one of the departments of the big wire fence industry. The bank is operated by H. Fish & Sons, and was thought to be one of the soundest institutions in the state. The crowd at the doors of the bank when the failure was announced, was a large one and much excited. It is not believed that the bank's condition is beyond resuscitation, but only that its assets are temporarily locked up. Its deposits range from $400,000 to $500,000. It is not now thought that the mill will resume. It employed between 400 and 500 people.

Article Text

IN HOPELESS RUIN

Little Will Be Saved From the Financial Crash in Joliet, Ill. Liabilities Aggregate Nearly $1,000,000, With Only One-Third That Much Assets. JOLIET, III., Dec. 1.-The condition of the collapsed Stone City bank and the Enterprise company looks more serious today. Everything in sight has been attached. The transfer of the property of the Fishes subjects them to bitter reproach. All the transfers will be contested in the court. The fast horses and blooded stock of George Fish were attached last night. The assignee of the bank, James L. O'Donnell, is the attorney of the Fishes. The excitement today is more intense than yesterday. The many small depositors who responded to the advertisement of the band for long-time deposits on interest are breathing all sorts of threats. The bitter feeling grows with the idea that "Napoleon" methods have been resorted to by the principal owners of the embarrassed concerns. The creditors are beginning to believe that both the institutions are involved in hopeless ruin. The Illinois Steel company, it is said, will push its claim of $150,000. The claim will be set up, according to current report, that the Fishes were trying to defraud their creditors. The Fishes insist thet they paid out $50,000 during the run on the bank, but the depositors say that no such amount was paid out. Theodore Fish, father of the Fish Bros., is almost crazed with the crash. He placed every confidence in his son George as a financier. George's ambition was to own and operate the biggest wire plant in the world. He kept blooded horses and followed metropolitan fashions, always taking a colored footman along on the back of his turnout. Depositors are frantic over their loss, and it would surprise nobody if mob violence ensued. Additional claims were filed today, bringing the aggregate liabilities of both concerns to nearly $1,000,000, with-probably onethird of that amount in assets.

Article Text

THE JOLIET FAILURES

Liabilities of the Stone City Bank and Enterprise Company May Reach a Million. JOLIET, III., Dec. 1.-The condition of the collapsed Stone City Bank and the Enterprise Company looks more serious to-day. Everything in sight has been attached. The transfer of the property of the Fishes subjects them to bitter reproach. All the transfers will be contested in the courts. The fast horses and blooded stock of George Marsh were attached last night. The assignee of the bank, James L. D'Donnell, is the attorney of the Fishes. The excitement to-day A is more intense than yesterday. The many small depositors who responded to the advertisement of the bank for leng time deposits on interest are breathing all sorts of threats. The bitter feeling grows with the idea that "Napoleon" methods had been resorted to by the principal owners of the embarrassed concerns. The creditors are beginning to believe that both the institutions are involved in hopeless ruin. The Illinois Steel Company, it is said, will push its claims of $150,000. The claim will be set up, according to current report, that the Fishes were trying to defraud their ereditors. The Fishes insist that they paid out $50,000 during the run on the bank, but the depositors say that no such amount was paid. The senior Fish, father of the Fish brothers, is almost crazed with the crash. He placed every confidence in his son George as a financier. George's ambition was to own and operate the biggest wire plant in the world. He kept blooded horses and followed metropolitan fashions, always taking a colored footman along on the back offhis turnont. The many depositors are frantic over their loss. and it would surprise nobody if mob violence ensued. Additional claims were filed to day. bringing the aggregate liabilities of both concerns to nearly one million, with probably one-third of that amount in assets.

Article Text

A BAD BANK FAILURE

Startling Revelations About the Collapsed Stone City Bank. JOLIET. III., Dec. 1.-The condition of the collapsed Stone City Bank and the Enterprise Company looked more serious to-day. Everything in sight has been attached. The many small depositors who responded to the advertisement of the bank for long-time deposits on interest are breathing all sorts of threats. The father of the Fish brothers is almost crazed by the crash. He placed every confldence in his son George as a financier. George's ambition was to own and operate the biggest wire plant in the world. All the deposits of the bank wentto build and operate the big wire works. which cost $300,000. He advertised for deposits on long time. at first offering four per cent. and then six. and did 16 fine business. receiving long-time deposits. All the money went into the Enterprise works. George Fish,the cashier. kept blooded horses. and always had a colored footman on his turnout. It is intimated that he accepted deposits when he knew the bank was insolvent. The fact that the transfers of property occurred about the time that the run commenced is cited against him. To-day the elder Fish deeded all his Chicago property and his Van Buren street property in this city to Assignee O'Donnell for the benefit of the depositors. He assigned sufficient property to the First National Bank as trustee to secure their loan of $100,000. Additional claims were filed to-day. bringing the aggregate liabilities to nearly $1,000,000, with probably one-third of that amount in assets.

Article Text

JOLIET, III., Dec. 1.-The Stone City bank, a private institution, suspended payment yesterday on account of a run, caused by the shutting down of the Enterprise company, one of the departments of the big wire fence industry. The bank is operated by H. Fish & Sons and was thought to be one of the soundest financial institutions in the state. The failure is a heavy one. The trouble began with the Enterprise company confessing judgments for $183,175, and filing a trust deed to Mrs. C. A. Miller for $139,318. The Fish brothers, sons of Henry Fish, with F. H. Connell, were the proprietors of the Enterprise company, and the suspension of the bank of which they were in control soon followed. The deed to Mrs. Miller, who is a very wealthy woman, is for money borrowed to carry on the business. She is an aunt of the Fish's who are also related to Mrs. John A. Logan. It is estimated that nothing less than $500,000 will settle the firm's affairs. The failure of the Enterprise is due, it is announced, to the dull season in trade. Many of the business houses of Joliet kept their accounts at the bank, and its suspension will result in great embarrassment to them. The greatest sufferers however, will be the laboring men. The bank paid interest on deposits and a large number of the mill employes entrusted it with their savings. Now that they are out of work and money both, great hardships will result to them. It is not believed that the bank's condition is beyond resuscitation, but only that its assests are temporarily locked up, and there is every prospect that its affairs will be straightened out speedily. Its deposits ranged from $400,000 to $500,000.

Article Text

Financial and Commercial

At Joliet, III., the Stone City bank, a private institution, suspended payments on account of a run caused by the shutting down of the Enterprise Company, one of the departments of the big wire fence industry. The bank is operated by H. Fish & Sons. The failure is a heavy one. It is estimated that nothing less than $500,000 will settle the firm's affairs. The failure is due to the dull BOSSON in trade.

Article Text

Financial and Commercial

At Joliet, Ill., the Stone City bank, a prt vate institution, suspended payments on account of a run caused by the shutting down of the Enterprise Company, one of the departments of the big wire fence industry. The bank is operated by H. Fish & Sons. The failure is a heavy one. It is estimated that nothing less than $500,000 will settle the firm's affairs. The failure is due to the dull season in trade.

Article Text

The Stone City bank has suspended in Joliet, III., and many poor people will be the losers. It will take half a million to settle the accounts.

Article Text

A GLANCE BACKWARD Review of the Many important Happenings of 1892 BUSINESS FAILURES. The More Disastrous Ones Noted-Banks Generally. Jan. 11. First national bank, of Muncie, Pa. Jan. 23. First national bank of Downs, Kan.;$100,000 Jan. 25. Bank of Jefferson at Shepherdstown, W. Va. Jan. 29. Fall River coun-y bank at Oelricks, S. D.; $30,000. Butler county bank at Chicora, Pa: $60,000. Feb.2. Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3. National bank of Silver City, and First national bank of Deming, N.M. Feb. 6. Western Farm Mortgage Company at Denver; $1,000, 000. Feb. 8. Merchants' bank of Moorhead, Minn.: $175,000. Feb. 26. Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1. Lima (O.) national bank. Mar. 21. Painesville (O.) Savings and Loan Association bank. Mar. 24. American national bank of Birmingham, Ala. Apr. 15. Interstate national bank of New York. Apr. 27. Commercial bank of St. Paul, Minn; $1,000,000. May 25. People's bank of Sea Isle City, N.J. June 4. Platte Vally bank at Central City, Neb. June 25. First national bank at Erie, Kan., Nesha county; losses, $30,000. Sept. 2. Nebraska State bank at Creta. Sept. 23. Richmond (Me.) savings bank. Sept. People's bank at Hope, Ark. Oct. 17. Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27. Hot Springs (Ark.) Valley bank (private); $80,000. Nov 5. Continental bank at Kansas City, Mo. Nov. 30. Stone City bank, of Joliet, III., and Joliet Enterprise Co. (bark wire manufacturers); $1,000,000. Dec.6. Wholesole mercantile firm of Wilezinski & Nelson at Greenville, Miss; $400,000. Dec. 13. Black Hills national bank at Rapid City, S. D. Dec. 13. Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15. National bank of Newton, Kan. Dec. 18. Wholesale grocery in Brooklyn, N. Y.; $400,000. CASUALITIES.

Article Text

THE MORE DISASTROUS ONES NOTED—BANKS GENERALLY

Jan. 11—First national bank, of Muncie, Pa. Jan. 20—First national bank of Downs, Kan.; $100,000. Jan. 25—Bank of Jefferson at Shepherdstown, W. Va. Jan. 29—Fall River county bank at Oelrichs, S. D.; $30,000 ... Butler county bank at Chicora, Pa.; $60,000. Feb. 2—Commercial loan and savings bank at Kearney, Neb.; $150,000. Feb. 3—National bank of Silver City, and Feb. 4—Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6—Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8—Merchants' bank of Moorehead, Minn.; $175,000. Feb. 26—Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1—Lima (O.) national bank. Mar. 21—Painesville (O.) Savings and Loan Association bank. Mar. 24—American national bank of Birmingham, Ala. Apr. 15—Interstate national bank of New York. Apr. 27—Commercial bank of St. Paul, Minn.; $1,000,000. May 25—People's bank of Sea Isle City, N. J. June 4—Platte Valley bank at Central City, Neb. June 25—First national bank at Erie, Kan., Nesha county; losses, $30,000. Sep. 2—Nebraska State bank, at Crete. Sep. 23—Richmond (Me.) savings bank. Sep. 24—People's bank at Hope, Ark. Oct. 17—Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27—Hot Springs (Ark.) Valley bank (private); $80,000. Nov. 5—Continental bank at Kansas City, Mo. Nov. 30—Stone City bank, of Joliet, Ill., and Joliet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6—Wholesale mercantile firm of Wilczinski & Nelson at Greenville, Miss.; $100,000. Dec. 13—Black Hills national bank at Rapid City, S. D. Dec. 13—Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15—National bank of Newton, Kan. Dec. 18—Wholesale grocery in Brooklyn, N. Y.; $400,000.

Article Text

BUSINESS FAILURES. THE MORE DISASTROUS ONES NOTED—BANKS GENERALLY.

Jan. 11—First national bank, of Muncie, Pa. Jan. 23—First national bank of Downs, Kan.; $100,000. Jan. 25—Bank of Jefferson at Shepherdstown, W. Va. Jan. 29—Fall River county bank at Oelricks, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2—Commercial loan and savings bank at Kearney, Neb.; $150,000. Feb. 3—National bank of Silver City, and Feb. 4—Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6—Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8—Merchants' bank of Moorehead, Minn.; $175,000. Feb. 26—Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1—Lima (O.) national bank. Mar. 21—Painesville (O.) Savings and Loan Association bank. Mar. 24—American national bank of Birmingham, Ala. Apr. 15—Interstate national bank of New York. Apr. 27—Commercial bank of St. Paul, Minn.; $1,000,000. May 25—People's bank of Sea Isle City, N. J. June 4—Platte Valley bank at Central City, Neb. June 25—First national bank at Erie, Kan., Nesha county; losses, $30,000. Sep. 2—Nebraska State bank, at Crete. Sep. 23—Richmond (Me.) savings bank. Sep. 24—People's bank at Hope, Ark. Oct. 17—Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27—Hot Springs (Ark.) Valley bank (private); $80,000. Nov. 5—Continental bank at Kansas City, Mo. Nov. 30—Stone City bank, of Joliet, Ill., and Joliet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6—Wholesale mercantile firm of Wilczinski & Nelson at Greenville, Miss.; $100,000. Dec. 13—Black Hills national bank at Rapid City, S. D. Dec. 13—Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15—National bank of Newton, Kan. Dec. 18—Wholesale grocery in Brooklyn, N. Y.; $400,000. Dec. 26—E. S. Corser, Minneapolis, real estate dealer; $1,000,000.

Article Text

BUSINESS FAILURES. THE MORE DISASTROUS ONES NOTED—BANKS GENERALLY.

Jan. 11—First national bank, of Muncie, Pa. Jan. 23—First national bank of Downs, Kan.; $100,000. Jan. 25—Bank of Jefferson at Shepherdstown, W. Va. Jan. 29—Fall River county bank at Oelrichs, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2—Commercial loan and savings bank at Kearney, Neb.; $150,000. Feb. 3—National bank of Silver City, and Feb. 4—Marcy, Geer & McCann's bank at Raton, N. M.; $800,000. First national bank of Deming, N. M. Feb. 6—Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8—Merchants' bank of Moorehead, Minn.; $175,000. Feb. 26—Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1—Lima (O.) national bank. Mar. 21—Painesville (O.) Savings and Loan Association bank. Mar. 24—American national bank of Birmingham, Ala. Apr. 15—Interstate national bank of New York. Apr. 27—Commercial bank of St. Paul, Minn.; $1,000,000. May 25—People's bank of Sea Isle City, N. J. June 4—Platte Valley bank at Central City, Neb. June 25—First national bank at Erie, Kan., Neosho county; losses, $30,000. Sep. 2—Nebraska State bank, at Crete. Sep. 23—Richmond (Me.) savings bank. Sep. 24—People's bank at Hope, Ark. Oct. 17—Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27—Hot Springs (Ark.) Valley bank (private); $80,000. Nov. 5—Continental bank at Kansas City, Mo. Nov. 30—Stone City bank, of Joliet, Ill., and Joliet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6—Wholesale mercantile firm of Wilczinski & Nelson at Greenville, Miss.; $100,000. Dec. 13—Black Hills national bank at Rapid City, S. D. Dec. 15—National bank of Newton, Kan. Dec. 18—Wholesale grocery in Brooklyn, N. Y.; $400,000. Dec. 26—E. S. Corser, Minneapolis, real estate dealer; $1,000,000.

Article Text

Depositors Get Justice

JOLIET, III., Nov. 13.-Judge Lynn, of the circuit court, has rendered decisions favorable to depositors in the Stone City bank case, which involve several hundred thousand dollars. Two years ago the Joliet Enterprise wire company failed and pulled the Stone City bank down with it. Both of these firms were run by Henry Fish & Sons, and the failure was $500,000. The case was carried into the courts, but every decision was against the depositors of the Stone City bank and they never received a cent. The Joliet Enterprise wire company gave notes for $196,000 to purchase wire. These notes were indorsed by Henry Fish & Sons as the Stone City bank and as It was decided that the Stone City bank was a saving institution depositors pushed their case to have the Joliet Enterprise notes set aside but Judge Lynn's decision allowed the endorsement to stand and the Joliet Enterprise Company creditors and depositors of the Stone City bank will come out on an even basis.

Article Text

ON AN EVEN BASIS

Joliet Enterprise Company Forced to Divide With Bank Depositors. JOLIET, Ills., Nov. 14. -Judge Lynn of the circuit court has rendered a decision favorable to the depositors in the Stone City bank case which involves several hundred thousand dollars. Two years ago the Joliet Enterprise Wire company failed and pulled th Stone City bank down with it. Both of these firms were run by Henry Fish & Sons, and the failure was for $500,000. The case was carried into the courts, but every decision was against the depositors of the Stone City bank and they have never received a cent. The Joliet Enterprise Wire company gave notes for $196,000 to purchase wire. These notes were in lorsed by Henry Fish & Sons as the Stone City bank and when it was decided that the Stone City bank was a savings institution the depositors pushed their case to have the Juliet Enterprise notes set aside, but Judge Lynn's decision allowed the endorsem nt to stand and the Joliet Enterprise company creditors and depositors of the Stone City bank will come in on an even basis.