4534. Lazarus Silverman (Chicago, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
August 3, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
afd21760

Response Measures

None

Description

Lazarus Silverman was a private banker who suspended payment in early August 1893 (several articles dated Aug 3–4 report the suspension). The reports attribute the suspension to troubles related to Schlesinger iron property interests (bank-specific adverse information). In March 1894 he resumed business, having paid creditors in full. No article describes a depositor run; sequence is a suspension followed by successful resumption.

Events (2)
1. August 3, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension linked to large liabilities and losses tied to northwestern iron properties and involvement with the Schlessinger syndicate; assets reported nominal and low cash on hand.
Newspaper Excerpt
Lazarus Silverman, a well known private banker, has suspended. His liabilities are half a million. The assets are said to be greater. Cash on hand, $6,000.
Source
newspapers
2. March 27, 1894 Reopening
Newspaper Excerpt
Lazarus Silverman ... who suspended last August with liabilities of $1,500,000, resumed business yesterday. He has liquidated his entire indebtedness by paying in full, with interest, to everybody.
Source
newspapers

Newspaper Articles (18)
1. August 3, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 3, 1893

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Article Text

The List of Failures. CHICAGO, Aug. 3.-Lazarus Silverman, a well known private banker, has suspended. His liabilities are half & million. The assets are said to be greater. Cash on hand, $6,000. Silverman W AH one of the largest operators in northwestern iron properties and interested to a considerable extent with the Schlessinger syndicate. In the absence of Silverman, a representative of the house claimed that the embarrassment was only temporary. The deposits are estimated at $50,000, mostly by Hebrews engaged in small business. The other liabilities are estimated at from $100,000 to $200,000, The assets, however, have a nominal value of $2,000,000, of which $70,000 is in realestate.

2. August 3, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, August 3, 1893

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The Chicago Market. By Associated Press to The News CHICAGO, August -Exactly one cent a bushel WAR temporarily knocked off the price of wheat today by the announcement that the well known banker, Lazarus Silverman, had suspended. The wheat market here, like the stock market of New York. had before that event opened at some recession from the very sharp advance of last night. The cables did not show any such advance as was scored here and a spurt of 4 cents here yesterday took the market out of line. Liverpool was up 1/2 d equal to only 40 a bushel. September wheat started 1 c down, to 6180, and on the news of the Silverman affair becoming public, Tell to 60%0, but reacted, later to 61%. Pork also slumped badly. Corn was kept firm on the drought, which shows no prospect of a break up The recovery continued beyond the opening futures, and finally reached last night's closing. Quotations 621, an advance of 10 from the bottom prices being reached. An absence of selling pressure was one explanation of the rally. Another story was that it was due to the encouragement derived from the reports that the Silverman failure indicated no new weakness, but was really only an echo of the Schlesinger troubles at Milwaukee. 12:15 p. m.-Wheat, August, 591: September, 611; December, 91. Corn-September, 393; October, 40 : May, 40g. Oats-September, 241; May, 291; Pork-September, 12.60. Lard-September, 7.50; October, 45;. Ribs-September, 7:15; October, 7.20.

3. August 4, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 4, 1893

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Lazarus Silverman Fails. CHICAGO, August 8.-Lazarus Silverman, a well known private banker, suspended to-day. His liabilities are $500,000 with assets in excess of that amount and $6,000 cash on hand. Silverman, besides being a private banker, was one of the largest operators in northwestern property in Chicago. He was interested to a consider: able extent in the Schlesinger iron mine system, the recent embarassment of which, it was reported to-day contributed to his suspension. Silverman has popularly ranked as a millionaire.

4. August 4, 1893 The Herald Los Angeles, CA
Article from The Herald, August 4, 1893

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SILVERMAN SUSPENDS. A Prominent Chicago Banker Goes to the Wall. CHICAGO, Aug. 3.-Lazarus Silverman, a well-known private banker, has suspended. Liabilities, $500,000; assets said to be greater. Cash on hand, $6000. Silverman was one of the largest operators in the northwestern iron properties, and interested to a considerable extent with the Schlesinger syndicate. In the absence of Silverman, a representative of the house claimed that the embarrassment was only temporary. The deposits are estimated at $600,000, mostly by Hebrews engaged in small business. Other liabilities are estimated at $100,000 to $200,000. The assets have the nominal value of $2,000,000, of which $700,000 is real estate.

5. August 4, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 4, 1893

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BIG LIABILITIES, LITTLE CASH. Chicago, August 3.-Lazarus Silverman, a well-known private banker has suspended. Liabilities half a million; assets said to be greater. Cash on hand $6,000.

6. August 4, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, August 4, 1893

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Assets Exceed Liabilities. CHICAGO, Aug. 4.-Lazarus Silverman, a well known private banker, has suspended. His liabilities are $500,000, with assets in excess of that amount, and $6,000 cash on hand.

7. August 4, 1893 The Times Richmond, VA
Article from The Times, August 4, 1893

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CHICAGO AGAIN QUIET. CONCERTED ACTION BY THE BANKS GREATLY HELPS THE MARKET. Confidence is Gradually Restored by the Expected Imports of Gold, Good Exports and Large Sales in Provisions. CHICAGO, August 3.-Talk of concerted action by the tanks to get out the wheat from here tended to help the market. The expected arrival of six million dollars In gold at New York this week was another strengthening factor. Good exports again to-day was another. Armour, Poole, Linn, Orr, Severne, all big men, were buyers. The small crowd got short on the Silverman failure, but were quickly scared out by the heavyweights. A disagreeable setback was given the market by the suspension of Lazarus Silverman, a leading private banker. The effects of this blow were more than overcome, but in the last hour the market slumped again on ugly rumors about mercantile concerns, the failure to work round lots of cash wheat for shipment and the light export business reported from the seaboard. Corn was strengthened by discouraging crop news and provisions on good support. To-night compared with last night, September wheat is off 1c., corn is 1-4 to 5-8c. higher, oats are unchanged, lard is 5c. higher and ribs 65c. higher. Wheat started weak and lower, and during the first half hour sold off 11-2c. from last night's close. Besides the Silverman failure the decline was due to lower stocks in Wall street and to some disappointment in the cables, which did not advance as much as many expected they would, in view of the sharp rally here yesterday. After the decline the market dragged along for a time, gradually recovering its tone, but marked no material advance. Toward noon Logan, Schwarts, Dupee and some other leading houses got a good string of buying orders, and, as there was little wheat for sale, the effort to fill them resulted in sharp competition, September selling up 1 3-4c. from the early decline. The crowd became nervously bullish, and when the leaders were observed to be buying vigorously everybody seemed to be seized with the desire to follow suit. It was prominent gossip that Schwarts' and Dupee's buying orders were largely from L. E. Ream. At this point unfavorable rumors commenced circulating and a fresh decline began. The market closed easy at about 1-2c. from the bottom figures of the day. Corn opened 1-4c. advance, and, after selling up 1-4c. more, reacted 5-8c. on the Silverman failure. The depression was of short duration, as the demand soon improved on increased buying orders coming in, and the price reacted 3-4@7-8c., declined 5-8c., ruled steady, and the closing was 11-4@1 1-2c. from the top. The weather conditions caused alarm among shorts, and a good many came in on to-day's upturn. The situation in the interior is said to be really serious, reports being that the crop has been permanently injured by the severe drought. Oats were a little higher early, but eased off. Business was most in September. The provision market was very quiet, compared with its condition for three weeks past. Lard was taken to the extent of 4,000 tierces for shipment abroad. Norton and Worthington were active buyers to-day, as they were yesterday also, presumably covering short sales for customers. Lard was the most actively traded in of the specialties. Cash Quotations-Flour dull and feeling in buyers' favor; No. 2 spring wheat, 59c.; No. 3 spring wheat, t3@54c.; No. 2 red, 59c.: No. 2 corn, 381/4c.; No. 2 oats, 23%c.; No. 2 white, f. 0, b., 26@27c.: No. 2 rye, 431/2c.; No. 1 flaxseed, 95c.; mess pork, $12.55@12.60; lard, $7.45@7.50; short rib sides, $7.15@7.35; dry salted shoulders, $7,00@7.25; short clear sides (boxed), $6.72%@6,87%; whisky, $1.12.

8. August 5, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 5, 1893

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TROUBLES OF BUSINESS MEN. Boston, Aug. 4.-C. A. E. Ewing and Hugh U. Ewing, of Boston, doing business under the firm name of Ewing Bros. & Co., at Holliston under the firm name of C. A. E. Ewing & Co., and at Byfield under the firm name of Hugh U. Ewing & Co., assigned yesterday. The assignment is to Henry A. Cowing, of Weston, for the benefit of the creditors. Chicago, Aug. 4.-Lazarus Silverman, the private banker, who suspended yesterday, made an assignment in the County Court this afternoon to the Title Guarantee and Trust Company. No schedule of assets and liabilities has been filed. The Chicago Title and Trust Company has been appointed receiver for the Nacirema Hotel, a World's Fair enterprise at Grand Crossing. The company was organized with $20,000 capital, but has not enjoyed a lucrative patronage, and has no funds now with which to pay its debts. The court is asked to dissolve the company and wind up the business. Nelson, Morris & Co., sued out an attachment in the Superior Court yesterday against the North Amerlean Provision Company for $17,400. The same firm also entered suit in Cincinnati yesterday for a garnishee on the Cincinnati Abattoir Company for $20,472. Cudahy is mentioned as being largely interested in the abattoir, and that company is accordingly made a party to the suit. Emporia, Kan., Aug. 4.-The Emporia National Bank yesterday took possession of the entire stock and fixtures of the Emporia Hardware Company, one of the largest and oldest business firms of Lyon County. A chattel mortgage for $15,000 was overdue, and other creditors were on the ground looking after their interests, and the bank foreclosed. Ligonier, Ind., Aug. 4.-This morning the announcement was made that Yaeger Bros., of Cromwell, had failed. They controlled large sawmills at Wolcottville and Cromwell, and were interested in several stores. They claim that the assignee will be able to pay dollar for dollar. Most of the money Is Hed up in lumber and timber.

9. August 5, 1893 The Sun New York, NY
Article from The Sun, August 5, 1893

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Article Text

Banker Silverman Makes an Assignment. CHICAGO. Aug. 4.-Lazarus Silverman. the private banker who suspended business yesterday. made an assignment in the County Court this afternoon to the Title Guarantee and Trust Company. No schedule of assets and liabilities has been filed.

10. August 11, 1893 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, August 11, 1893

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South and West. A HEAVY rain and lightning storm visited Denver. Col., and vicinity, doing vast damage. Near Cotipaxi it washed out a part of the Denver and Rio Grande track and 00casioned the wrecking of the eastbound California express. The engineer, "Tom" Andrews, was killed. ON "Engineers' Day" at the World's Fair several thousand mechanical engineers took part in the celebration. They went out in a body on the whaleback steamer Christopher Columbus, and under an escort of Exposition officials were shown the wonders in the way of engineering skill in the White City. THE World's Fair is now half over, and the total paid attendance for the first three months numbers 7,000,000 persons. WILL THOMPSON, Tom Preston and Handy Keigler, all colored, have been lynched in Lexington County, South Carolina, for assaulting Mrs. Siglilter, the wife of a farmer. NEAR Montgomery, Texas, three colored men attacked the house of M. Marsh, killed him, assaulted his wife, murdered his infant and cut out the tongue of his seven-year-old child. One colored man was caught and lynched. THE Chicago provision deal collapsed John Cudahy and several commission houses failed there was wild excitement on the Board of Trade: Charles Wright and N. K. Fairbank lost heavily. IT was practically settled that the gates of the World's Fair would be opened on Sunday during the rest of the Exposition. LAZARUS SILVERMAN, a well-known Chicago banker, suspended. Liabilities, $1,000,000. THE people from the frozen land of the Czar of all the Russias celebrated at the World's Fair their special day. A reception was held throughout the day in the Russian pavilion in Manufactures Hall. A concert of Russian music was given in Festival Hall. FELIX POOLE,8 notorious character of Ohio County, Kentucky, was lynched there for assaulting a young woman.

11. August 18, 1893 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, August 18, 1893

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South and West. IT was practically settled that the gates of the World's Fair would be opened on Sunday during the rest of the Exposition. LAZARUS SILVERMAN. a well-known Chicago banker, suspended. Liabilities, $1,000,000. THE people from the frozen land of the Czar of all the Russias celebrated at the World's Fair their special day. A reception was held throughout the day in the Russian pavilion in Manufactures Hall. A concert of Russian music was given in Festival Hall. FELIX POOLE, a notorious character of Ohio County, Kentucky, was lynched there for assaulting a young woman. THE exodus of Colorado miners continues through Kansas, and is proving a heavy burden to the Western farmers and a source of great annoyance to the railroads. VAN LOON. bank robber and murderer, was hanged a few nights ago in the Columbus (Ohio) Prison. WALTER F. SHAW, the murderer of his mother and aunt, was hanged in the court yard at Houston, Texas. Joseph A. Howell was hanged at Benton, Mo., for the murder of Mrs. Nettie Hall and four children near Brookfield, Mo. THE Executive Committee of the Board of World's Fair Directors ordered a payment of ten per cent. on the entire bonded indebtedness of the corporation. NELSON VAN KIRK, a Board of Trade operator, shot himself to death in his office in Chicago. He was seventy-five years old, and was a member of the firm of Van Kirk & Osten, which went bankrupt about a month ago. RECEIVERS were appointed for the James H. Walker Company, wholesale and retail dry goods dealers in Chicago. The liabilities are reported to be $2,400,000, of which about $2,000,000 is due to New York firms. PECULATIONS amounting to $800,000 from the Pacific Bank of San Francisco by the sons of Doctor McDonald have been discovered. THE World's Fair gates were opened for another Sunday, but the attendance was small. THREE train hands were killed and many passengers injured in a wreck of a Lake Shore Railroad train near Lindsay, Ohio. DIRECTOR HOLDEN, of the Lick Observatory, California, telegraphed that photographs were taken showing objects like a comet on the sun's face.

12. March 27, 1894 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, March 27, 1894

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Paid His Entire Indebtedness. CHICAGO, March 27.--Lazarus Silverman, he well known banker of this city, who suspended last August with liabilities of $1,500,000, resumed business yesterday. He has liquidated bis entire indebtedness by paying in full, with interest, to everybody.

13. March 27, 1894 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, March 27, 1894

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Banker Silverman Resumes. CHICAGO, March 27.-Lazarus Silverman, the well known banker of this Qty who suspended payments last August, with liabilities of $1,500,000, has resumed business. He has liquidated his entire indebtedness by paying everybody in full, with interest.

14. March 27, 1894 The Evening Herald Shenandoah, PA
Article from The Evening Herald, March 27, 1894

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Paid His Entire Indebtedness. CHICAGO, March 97.-Lazarus Silverman, the well known banker of this city, who suspended last August with liabilities of $1,500,000, resumed business yesterday. He has liquidated his entire indebtedness by paying in full, with interest, to everybody.

15. March 28, 1894 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, March 28, 1894

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Resumption of a Chicago Banker. CHICAGO, March 28.-Lazarus Silverman, the well-known banker of this city who suspended payment last August with lia bilities of $1,500,000, has resumed business. Silverman liquidated his entire indebted ness by paying in full with interest.

16. March 28, 1894 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, March 28, 1894

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NEWS CONDENSATIONS. A lawsuit over the ownership of a hog has cost a Mercer county, Mo., man $700. Dick O'Brien of Lewiston, Me., defeated Billy Hennessy of Clinton, Ia., at Boston in 11 rounds. The Harvard foot ball grounds are being cut up into tennis courts. There will be no more foot ball played. The grand council of the royal arcanum of the State of Minnesota is in session at the Hotel Ryan, St. Paul. Thirty tons of ore have been taken from the Smuggler mine at Aspen, Colo., that runs 90 per cent pure silver. The cash balance in the treasury at the close of business Monday was $134,288,003 and the net gold $105,988,492. Lazarus Silverman, the well known Chicago banker who failed some time ago, has resumed. He paid all creditors in full. The Minnesota Sheriffs' association will hold its annual meeting at the office of Sheriff Ege of Minneapolis at 1 p. m. this Wednesday. The archbishop of Kingston, Ont., has cabled to the Hon. Edward Blake, M. P., the sum of £300, being the first installment of subscriptions to the cause of home rule. Commander Verney Lovett Cameron, the distinguished African traveler, while hunting with Baron Rothschilds' hounds in Redfordshire, was thrown from his horse and died four hours later. The sum to pay the coupons of the Uruguayan debt on May 1 will be ready on Saturday. The customs receipts for the month of March are estimated at $1,000,000. Trade is reviving. An inspection of the dairies about St. Paul by Inspectors Williams and Boliver shows most of them are in good condition. The inspectors went over 172 dairies, and report them to be well kept and "fairly" clean.

17. March 30, 1894 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, March 30, 1894

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NEWS CONDENSATIONS. A lawsuit over the ownership of a hog has cost a Mercer county, Mo., man $700. Dick O'Brien of Lewiston, Me., defeated Billy Hennessy of Clinton, a at Boston in 11 rounds. The Harvard foot ball grounds are being cut up into tennis courts. There will be no more foot ball played. The grand council of the royal arcanum of the State of Minnesota is in session at the Hotel Ryan, St. Paul. Thirty tons of ore have been taken from the Smuggler mine at Colo., that runs 90 per cent pure silver. The cash balance in the treasury at the close of business Monday was $134,288,006 and the net gold $105,988,492. Lazarus Silverman, the well known Chicago banker who failed some time ago, has resumed. He paid all creditors in full. The Minnesota Sheriffs' association will hold its annual meeting at the office of Sheriff Ege of Minneapolis at 1 p. m. this Wednesday. The archbishop of Kingston, Ont., has cabled to the Hon. Edward Blake, M. P., the sum of £300, being the first installment of subscriptions to the cause of home rule. Commander Verney Lovett Cameron, the distinguished African traveler, while hunting with Baron Rothschilds' hounds in Redfordshire, was thrown from his horse and died four hours later. The sum to pay the coupons of the Uruguayan debt on May 1 will be ready on Saturday. The customs receipts for the month of March are estimated at $1,000,000. Trade is reviving. An inspection of the dairies about St. Paul by Inspectors Williams and Boliver shows most of them are in good condition. The inspectors went over 172 dairies, and report them to be well kept and "fairly" clean.

18. March 31, 1894 The Weekly Intelligencer Lexington, MO
Article from The Weekly Intelligencer, March 31, 1894

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Settled Enormous Liabilities. CHICAGO, March 28.-Lazarus Silverman, the well known banker, who suspended payment last August with liabilities of $1,500,000, resumed business yesterday, paying his indebtedness in full, even including interest.