4535. Lazarus Silverman (banker) (Chicago, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
August 1, 1893*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
38e1c326

Response Measures

None

Description

The articles report that Lazarus Silverman suspended payments in August (liabilities $1,500,000) due to lack of ready money (not insolvency) and then resumed business March 26, 1894, paying creditors in full. No run is described in the articles — sequence is suspension then reopening.

Events (2)
1. August 1, 1893* Suspension
Cause Details
Suspension attributed to lack of ready money while traveling, not lack of assets; liquidity shortage rather than insolvency.
Newspaper Excerpt
who suspended payments last August, with liabilities of $1,500,000
Source
newspapers
2. March 26, 1894 Reopening
Newspaper Excerpt
resumed business to-day... has liquidated his entire indebtedness by paying in full, with interest, to everybody. all of his assets being taken by him out of the hands of the assignee to-day in open court. resumption was accomplished chiefly by reliance upon collections, with assistance from the First National Bank of Chicago.
Source
newspapers

Newspaper Articles (6)
1. March 27, 1894 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 27, 1894

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Article Text

RESUMED BUSINESS. Banker Lazarus Silverman's Creditors Given No Reason to Complain. CHICAGO, March 26.-Lazarus Silverman, the well-known banker of this city, who suspended payments last August, with liabilities of $1,500,000, resumed business to-day, all of his assets being taken by him out of the hands of the assignee to-day in open court. Mr. Silverman has liquidated his entire indebtedness by paying in full, with interest, to everybody. The suspension was made while Mr. Silverman was on the train on his way from New York to Chicago, and was not due to lack of assets, but to lack of ready money, he having at the time of the failure, according to the report of the assignee, $1,400,000 surplus over and above all liabilities. The suspension caused a sensation at the time, which to-day's resumption will, in a measure, parallel. It appears that none of the property was sacrificed, and that resumption was accomplished chiefly by reliance upon collections, with assistance from the First National Bank of Chicago.

2. March 27, 1894 The Times Richmond, VA
Article from The Times, March 27, 1894

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Article Text

Telegraphic Brevities. Ex-State's Attorney M. L. Keedy (Rep.) has been elected Mayor of Hagerstown, Md., over Reinhold J. Halm (Dem.), the present incumbent, by 16 majority. Charles M. Flutterer and Thomas Nock (Dem.) were elected councilmen in wards two and four. William N. Billing, of Atlanta, Ga., was found at the Erie depot, in Buffalo, yesterday morning, throwing his money away and acting like a madman. He was taken into custody, and upon being searched, enough morphine and cocaine was found on him to kill a regiment; also a pair of hypodermic syringes. The strawberry crop in Tennessee was entirely killed by Sunday night's frost. Considerable attention is devoted to the culture of small fruits and early vegetables in certain parts of the State, and the loss will be very great. The peach crop will also be a total failure. The plant of the Memphis Lumber Company was burned yesterday morning. The loss is estimated at $100,000; partly insured. Lazarus Silverman, the well-known banker of Chicago, who suspended payments last August, with liabilities of $1,500,000, resumed business yesterday. William T. Zell, of New York, the former treasurer of the Lehigh and Wilkesbarre Coal Company and the New York Athletic Club, an embezzler from the former corporation to the extent of nearly one hundred thousand dollars, who has been a fugitive from justice since January 19th last, surrendered himself to Superintendent Byrnes yesterday, Henry S. Loucheim & Co., bankers and brokers, of Philadelphia, with a large business and reputed to be very wealthy, assigned to Louts Wagner, president of the Third National Bank yesterday. No figures can be obtained, the doors of the banking-house being closed and admittance thereto refused.

3. March 27, 1894 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, March 27, 1894

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Article Text

Lazarus Silverman Resumes. CHICAGO, March 27.-Lazarus Silverman, the well-known banker of this city, who suspended payments last August with liabilities of $1,500,000, resumed business yesterday, all of his assets being taken by him out of the hands of the assignee in open court. Mr. Silverman has liquidated his entire indebtedness by paying in full, with interest to everybody.

4. March 28, 1894 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, March 28, 1894

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Article Text

RESUMED Paid all His Debis to Full and Starts Again. CHICAGO, March 26.-Lazarus Silverman, the well known banker of this city, who suspended business last August with liabilities of $1,500,000, resumed business today. He has liquidated his entire indebtedness by paying in full, with interest to everybody. The suspension was made while Mr. Silverm in was on the train on his way from New York to Chicago, and was due not to lack of assets, but to lack of ready money. The suspension caused a world-wide sensation at the time, which today's resumption will, in a measure, parallel.

5. March 29, 1894 The Comet Johnson City, TN
Article from The Comet, March 29, 1894

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Article Text

In Full, With Interest. CHICAGO March 26.-Lazarus Silverman, the well known banker of this city, who suspended payments last August with liabilities of $1,500,000, re. sumed business today. All of his assets were taken by him out of the hands of the assignee today in open court He has liquidated his entire indebtedness by paying in full, with interest, to everybody. The suspension was made while Mr Silverman was on the train on his way from New York to Chicago and was due not to a lack of assets, but to ready money. The suspension cau-ed H world wide sensation at the time which today's resumption will in a measure parallel. It appears that none of the property was sacrificed and that the resumption WRS accomplished chiefly by reliance upon collecting with assist. ance from the First National bank of Chicago,

6. April 7, 1894 The Meridional Abbeville, LA
Article from The Meridional, April 7, 1894

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Article Text

Valley, W. Va., who recently indalged in such lawless proceedings, returned to work on Monday. Fruit and grain have been greatly damaged by the extremely cold wave that extended all over the country east of the Rocky Mountains early last week. The last of the Gravesend election conspirators were arraigned in court on Monday; sixteen pleaded guilty; one not guilty, and one was discharged. On Saturday the Iowa house of representatives passed the Dairymen's bill, prohibiting the coloring of imitation butter or cheese with yellow coloring. The sub-committee of the house judiciary committee, charged with the investigation of Judge Jenkins, will leave Washington for Milwau kee on Saturday next. The women of Troy, N. Y., held a mass meeting, organized the Robt. Ross Memorial association and raised over $5,000 for a monument to the murdered man. Lazarus Silverman, a banker of Chicago, who suspended last August with liabilities of $1,500,000, has just resumed business, and is paying all claims with interest. James Gilday, a plumber, insulted two women on Monday On Market street, San Francisco. and their escort hit him with his fist, killing him with a single blow. Two young society men of Omaha -one the son of Dean Gardoer, of Trinity Cathedral, fought twenty rounds to a knockout on Sunday evening for the smiles of a schoolgirl. A distriet court of Denver has decided in favor of Gov. Waite, of Colorado, in his case against the Denver Fire and Police Boards, but the supplanted officials still refuse to yield. The New York World says that Ambassador Panncefote has informed Secretary Gresham that the British government is prepared to negotiate a new modus virendi with reference to seal poaching. It is said that, although the bill for the repeal of the ten per cent state bank tax has been killed in the house committee on banking and currency, it is intended to bring it before the house for action. Prince Bismarck has recovered his health so completely that Dr. Schweninger has withdrawn all limitations upon bis smoking and drinking. He walks daily in the Eried. richsruh Park. and hopes soon to re. sume his rides. One furnace of the Diamond Glass Works at Kokomo, Ind., was started on Monday, and the entire concern will soon be in operation with 800 hands. The American Straw Board company, at the same place, will resume on April 15. Economical Spring Gowns For