Everett, Weddell & Company (Cleveland, OH)

Episode Information

Episode UID
2848494791015
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
private
Bank ID
284849479 hash
Start Date
July 11, 1884
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c84f1a5ba5204c6f

Response Measures

None

Description

Assignment for benefit of creditors reported later in November; closure reported July 11, 1884.

Events (3)

1. July 11, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Sustained heavy deposit withdrawals over months amid apparent losses and capital injections by partners to prop up the bank.
Measures
Weddell placed $250,000 in hard cash and Everett sunk large sums to keep the bank up.
Newspaper Excerpt
For months past the bank has held up under a run. Some months the deposits run off $100,000.
Source
newspapers
2. July 11, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed its doors after sustained runs and inability of partners' infusions to restore stability.
Newspaper Excerpt
Considerable surprise was occasioned this morning by the report that the banking house of Everett, Weddell & Co., had closed its doors.
Source
newspapers
3. * Receivership
Newspaper Excerpt
the latter made an assignment for the benefit of its creditors.
Source
newspapers

Newspaper Articles (2)

Article from Democratic Northwest, July 17, 1884

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Article Text

Everett, Weddell & Co., of Cleveland Close their Doors. CLEVELAND, July 11.-[Special.]Considerable surprise was occasioned this morning by the report that the banking house of Everett, Weddell & Co., had closed its doors. It is hard to get at the assets of the bank, such is the confusion. In January last the surplus was $60,000 and in April $55,000. The owners of the concern are individually liable to the last penny. Weddell alone is worth $3,000,000 and owns the Weddell House. For months past the bank has held up under a run. Some months the deposits run off $100,000. Weddell placed $250,000 in hard cash in the bank to keep it up, but it could stand no longer. Everett also sunk a large sum to keep the bank up. There is no doubt but all will come out right. There is much excitement in the city. The Depositors are very blue, although the bank officials say every dollar of claims will be paid. The bank is surrounded by a big crowd, swearing and weeping.


Article from Richmond Dispatch, November 13, 1884

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Article Text

A FIGHT WITH AN INSANE MAN. # Banker Everett's Narrow Escape from Banker Wendelt's Pistol. A Cleveland, Ohio, special says: S. T. Everett, vice-president and manager of the Union National Bank, was a member of the banking firm of Everett, Weddeil & Co., but left it some years ago to assume the presidency of the National Bank of Commerce. Subsequently he sold his interest in the Everett & Weddell Bank, and some months ago the latter made an assignment for the benefit of its creditors. Dr. A. Everett had the management of the bank while the other partner was not actively connected with it. He was Horace P. Weddell, owner of the Weddell House and much other property which had been left him by his father, who was one of the pioneer business-men of the city. Last night at 9 o'clock there was a ring at the door of S. T. Everett's residence, on Prospect street. A young man was there, and said that Mr. Everett was wanted, at the door by J. H. Wade, the millionaire, who is a grand-father of Mrs.. Everett. Mr. Everett went to the door, and, seeing a single carriage at the gate, went down to it and said, "Is that you, Mr. Wade?" Just then the man in the buggy, who was H. P. Wed-beil, pulled a pistol from his pocket and said, Now, - you, I've got you where I want you." Quick as a flash Mr. Everett, who is a tall and strong man, threw his arms around his assailant and held him so he couldn't shoot. Wed-deil's son, who had rung the door bell, at this time stood in the street on the other side of the buggy, and Everett called on him for help. He gave his assistance and the two held Weddell, but were unable to get the weapon away from him. A desperate struggle ensued and continued for some time. Einally Everett said: "There comes a street-car; if you give up that pistol I will let you go; if you don't I shall cry out for help and you will be exposed." "Let go of me," said Weddell, "and I will give it to you." "I shall not let go," was the response, "until you give it to me." Mr. Weddell would not give up, and Everett hailed the car. Only the driver and conductor were aboard, but they came to the rescue, and Weddell was disarmed; but as soon as they let go of him he drew another weapon from his overcoat pocket. Mr. Everett had by this time started to the house, and when he had gone in Weddell drove away. On reaching home he was in such mental condition that his son and daughter concluded that he must be put under some restraint. Word was sent to Everett asking him to make a charge, but he declined to do it. A physician was sent for and the police called in. Dr. Weber has since made an examination, and says that Weddell is undoubtedly insane. He is still at home, but under close guard. Mr. Everett says that his relations with Weddell have always been cordial. There are some who think Everett's speculations and heavy losses, that resulted in his resignation of the presidency of the National Bank of Commerce, may have led to the failure of Everett, Weddell & Co. But Mr. Everett says that this is not so, and Weddell has never intimated to him that he thought so. Mr. Weddell had an attack of a similar nature some years ago. He was separated for many years from his wife, who lived in Europe, and recently died. He met with a severe loss in the bank failure, but is said to be a rich man despite the failure.