4441. Garfield Park bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 16, 1906
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
03062133

Response Measures

Full suspension

Description

Contemporary reports state the bank was placed in the hands of a receiver (Henry/ Harry Hiestand/Fetzer variants) on Aug 16–17, 1906. Multiple articles tie the failure to the collapse of the Milwaukee Avenue State Bank and note a two-day run prior to closing. Bank described as private property of Ellis E. Drake in one article, so classified as private.

Events (3)
1. August 16, 1906 Receivership
Newspaper Excerpt
The Garfield Park bank ... was placed in the hands of a receiver late this afternoon by Judge Bethea ... The court appointed Henry I. Stand (Hiestand) receiver, fixing his bond at $10,000. The collapse of the Milwaukee Avenue State bank is said to have caused the doors of the smaller institution to be closed.
Source
newspapers
2. August 16, 1906 Run
Cause
Local Banks
Cause Details
Run attributed to the collapse/failure of the Milwaukee Avenue State Bank (contagion from local bank failure).
Newspaper Excerpt
There was a run of two days.
Source
newspapers
3. August 16, 1906 Suspension
Cause
Local Banks
Cause Details
Placed in receivership following run and said to be caused by collapse of the Milwaukee Avenue State Bank; petition filed by creditors asking bank and president declared insolvent.
Newspaper Excerpt
was placed in the hands of a receiver late this afternoon by Judge Bethea in the United States district court.
Source
newspapers

Newspaper Articles (19)
1. August 17, 1906 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 17, 1906

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Article Text

ANOTHER BANK CLOSED. Garfield Park Bank of Chicago In the Hands of a Receiver. Chicago, August 16.-The Garfield Park bank, a small institution located at 2024 West Madison street, was placed in the hands of a receiver late this afternoon by Judge Bethea in the United States district court. Three creditors with claims amounting to several thousand dollars filed the petition in court asking that Ellis E. Drake, president of the institution, as well as the bank, be declared insolvent. The assets of the bank are not given in the petition of the creditors. The court appointed Henry I. Stand receiver, fixing his bond at $10,000. The collapse of the Milwaukee Avenue State bank is said to have caused the doors of the smaller institution to be closed.

2. August 17, 1906 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, August 17, 1906

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Article Text

ANOTHER BANK CLOSED. Milwaukee Avenue (Chicago) Bank Failure Takes Another With It. Chicago, Aug. 17-The Garfield Park bank, a small institution located at 2024 West Madison street, was placed in the hands of a receiver late yesterday afternoon by Judge Bethea in the district court. The creditors, with claims amounting to several thousand dollars, filed the petition in court asking that Ellis E. Drake, president of the institution, as well as the bank, be declared insolvent. The assets of the bank are not given in the petition of the creditors. The court appointed Henry Hiestand receiver, fixing his bond at $10,000. The collapse of the Milwaukee Avenue State bank is said to have caused the doors of the smaller institution to be closed. President Drake declared last night that he was solvent and if given time to dispose of certain securities he would be able to pay all of the creditors in full.

3. August 17, 1906 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 17, 1906

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Article Text

Another Chicago Bank Fails. Chicago, Aug. 17.-The Garfield Park bank, an institution on West Madison street, was placed in the hands of a receiver late Thursday afternoon by Judge Bethea in the United States district court. Three creditors filed the petition and also asked that Ellis E. Drake, president of the bank, be declared insolvent. The collapse of the Mllwaukee Avenue State bank is said to have caused the closing of the smaller institution. No statement of assets or liabilities were presented in court.

4. August 17, 1906 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 17, 1906

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Article Text

GARFIELD PARK BANK AFFAIRS. Chicago, Aug. 17.-Ellis E. Drake, who was in control of the Garfield Park bank for which a receiver was appointed yesterday. gave notice today that he would ask that the receivership be set aside. Drake insisted that he had ample funds to pay obligations of the bank which he says amount to $40,000.

5. August 17, 1906 The Lake County Times Hammond, IN
Article from The Lake County Times, August 17, 1906

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Article Text

Small Bank Closed. Chicago, Aug. 17.-The Garfield Park bank, a small instituiton located at 2024 West Madison street, has been placed in the hands of a receiver. The action was a result of the failure of the Stensland bank. The president insists that the bank is solvent-only wants time.

6. August 17, 1906 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, August 17, 1906

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Article Text

Another Chicago Bank Fails. CHICAGO, Aug. 17. - The Garfield Park bank, a small institution at 2024 West Madison street, was placed in the hands of a receiver, Henry Hiestand, by Judge Bethea in the United States district court. Three creditors with claims amounting to several thousand dollars filed the petition in court asking that Ellis E. Drake, president of the institution, as well as the bank, be declared insolvent. The assets of the bank are not given in the petition of the creditors. The collapse of the Milwaukee Avenue State bank Is said to have caused the doors of the smaller bank to be closed.

7. August 18, 1906 Daily Press Newport News, VA
Article from Daily Press, August 18, 1906

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Article Text

ANOTHER BANK CLOSES DOORS IN CHICAGO Only a Small Affair But Deposits Amount to $100,000-Stensland Held Responsible. DETECTIVES AFTER THE PRESIDENT Chief of Police Hot After the Rascal Who Wrecked Institution That Had 22,000 Depositors-Boston Institu. tion Closes Its Doors-Million Dol. lars Involved. (By Associated Press.) CHICAGO, ILL., Aug. 17.-As an echo of the crash of the Milwaukee Avenue State bank. the Garfield Park bank has closed its doors. Deposits approximating $100,000 indicate the extent of the failure to the community on the West Side. The bank, private property of Ellis E. Drake, is in the hands of Receiver Henry Hiestand, apponted by the Federal court. There was a run of two days.

8. August 18, 1906 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, August 18, 1906

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Article Text

CLAIMS BANK IS SOLVENT. Official Will Ask to Have Receivership Set Aside. Chicago, Aug. 18.-Ellis E. Drake, who was in control of the Garfield Park bank, for which a receiver was appointed by Federal Judge Bethea, has given notice that he will ask that the receivership be set aside. Drake declared that he can show ample securities to the court which will demonstrate the needlessness of a receiver. Receiver Heistand has appointed Drake custodian of the property until such time as he (Heistand) can take formal charge. Notice was given that the bank would take advantage of the law requiring depositors to give thirty days' notice before the withdrawal of funds. Drake insisted that he had ample funds with which to pay off the obligations of the bank, which, he says, amount to $40,000. He says he has real estate valued at $89,000. It is declared, however, that much of this property is encumbered with mortgages.

9. August 18, 1906 The Richmond Palladium Richmond, IN
Article from The Richmond Palladium, August 18, 1906

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Article Text

FAILURE OF SMALL BANK Garfield Park Bank at Chicago Goes Up, Partially Due to Other Big Failure. [Publishers' Press] Chicago, Aug. 17.-The Garfield Park bank at 2024 West Madison street was placed in the hands of a receiver by Judge Bethea in the United States district court. Three creditors with claims amounting to eral thousand dollars filed the petition in court, asking that Ellis E. Drake, president of the institution, as well as the bank, be declared insolvent. The assets of the bank are not given in the petition. The court appointed Harry Hiestand receiver, fixing bond at $10,000. The Milwaukee Avenue bank failure is said to have caused the smaller institution to close.

10. August 18, 1906 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 18, 1906

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Article Text

Chicago, Aug. 17.-Ellis E. Drake, who was in control of the Garfield Park bank for which a receiver was appointed yesterday, gave notice today that he would ask that the receivership be set aside. Drake insisted that he had ample funds to pay obligations of the bank, which he says amount to $40,000.

11. August 22, 1906 The Evening Times Grand Forks, ND
Article from The Evening Times, August 22, 1906

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Article Text

DEPOSITORS ARE TO GET 20 PER CENT. Of Their Money in Chicago Bank-Payment Begun. Associated Press to The Evening Times. Chicago, Aug. 22.-Judge Brentano issued an order permitting Receiver Fetzer to pay a dividend of 20 per cent to all depositors in the Milwaukee Avenue State Bank. Payments began Saturday. The Polish National Alliance of the United States of North America has filed a bill in the superior court here asking that another receiver for the Milwaukee Avenue State Bank be appointed. John C. Fetzer, present receiver of the bank, who was appointed by Judge Brentano recently, is made a party to the suit. The bill asks that Judge Brentano set aside a judgment entered in the circuit court by Judge Gibbons, in favor of T. T. Eide, against the bank. The bill is based on the allegation that the alliance has $48,000 deposited in the bank, that under the insurance act to 1893 these are exempt funds, being death benefits, and should be separated from other funds in the bank. The bill also lleges that the alliance represents the majority of the creditors of the bank, and that its interest should be protected by the courts. Ellis E. Drake, who was in control of the Garfield Park bank, for which a receiver was appointed by Federal Judge Bethea yesterday, gave notice today that he would ask that the receivership be set aside. Drake declared that he can show/ample securities and can prove the needlessness of a receiver. Receiver Heistand today appointed Drake custodian of the property until such time as the receiver himself can take formal charge. Notice was given today that the bank would take advantage of the law give. requiring thirty days' savings notice depositors before the to withdrawal of funds. Drake today said that the obligations of the bank amount to $40,000. He says he has real estate valued at $89,000. It IS declared, however, that much of the property is incumbered with mortgages. East Liverpool, Ohio, Aug. 22.-The police force are searching for Paul O. Stensland, who, it is thought, came to this city some time yesterday. Detectives from Pittsburg also are here looking for the banker. He is said to have left Pittsburg Wednesday, and is said to have been traced to East Liverpool.

12. January 2, 1907 The Lamar Register Lamar, CO
Article from The Lamar Register, January 2, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago: liabilities, $400.000. Feb. 8.-Boliver County Bank. Cleveland, Miss.: liabilities, $110,000; assets, $130,000. 15-Bank of America. Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Osakosh, Wis.: liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, III., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.: liabilities, $100,000. 24-First National bank, Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed: liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities. $4,000,000. S-F. E. Coyne, ex-postmaster. Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport. O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.

13. January 3, 1907 The Mena Weekly Star Mena, AR
Article from The Mena Weekly Star, January 3, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; llabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland. Miss.: liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed life receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Waish, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, III., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Tels, Smith & Co., bankers, Pekin, III.: liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 9-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three, banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12- Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. -Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

14. January 3, 1907 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, January 3, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; 'assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, III., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business: liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 1

15. January 4, 1907 The Tupelo Journal Tupelo, MS
Article from The Tupelo Journal, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110.000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. 24-First National bank, Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., Crosea NJ comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.

16. January 4, 1907 The Ordway New Era Ordway, CO
Article from The Ordway New Era, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.: liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago: llabilities. $400.000, Feb. 8.-Boliver County Bank, Cleveland, Miss.: liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union. Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.: llabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunet Chicago National bank. arrested on charge of falsifying reports. 27-National Business College. Quincy, III., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Tels, Smith & Co., bankers, Pekin, III.: liabilities, $100,000. May 2-Delmont national bank. Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis. appointed. Jun. 18-Farmers' State bank of Clearfield. Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank. Chicago, closed by state bank examiner; liabilities. $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, falled in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business: liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston. Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb. Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Klowa. I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg. Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, falls.

17. January 4, 1907 The Ely Miner Ely, MN
Article from The Ely Miner, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

18. January 5, 1907 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 5, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands, 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. -Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets.

19. January 10, 1907 Custer County Republican Broken Bow, NE
Article from Custer County Republican, January 10, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400,000. Feb. 8.-Boliver County Bank, Cleveland, Miss.: liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. ug. 6-Milwaukee Ave. State bank. Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.