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
4929. Stone City bank (Joliet, IL)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- November 30, 1892
- Location
- Joliet, Illinois (41.525, -88.082)
Metadata
- Model
- gpt-5-mini
- Short Digest
ff86c240
Response Measures
Full suspension
Other: Assignment/receiver appointed; later court rulings show depositors not made whole.
Description
Multiple contemporary articles (Nov 30–Dec 1, 1892) report a run triggered by the failure/shutdown of the Joliet Enterprise company (operations run by H. Fish & Sons) that led the Stone City bank to suspend. An assignment/receiver was recorded Dec 1, 1892. Later (1894) court reporting indicates depositors never recovered, consistent with permanent failure. One article mislabels it once as National, but most identify it as a private institution; I classify as private.
Events (3)
1.
November 30, 1892
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Run started after the Enterprise company (operated by same parties) shut down and confessed large judgments; depositors (many mill employees) rushed for funds.
- Measures
- Tellers paid out until funds were exhausted ($50,000 paid by 9:35 a.m.), then ordered to pay no more money; doors closed and public dismissed with assurance bank would pay depositors later.
- Newspaper Excerpt
- A run was made yesterday morning on the Stone City bank, a private institution operated by Henry Fish & Sons. By 9:35 a. m. $50,000 had been paid out.
- Source
- newspapers
2.
November 30, 1892
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension was caused by the close ties and entanglement of the bank's affairs with the failed Enterprise company (large judgments and trust deed filings), which crippled the bank's liquidity and operations.
- Newspaper Excerpt
- The Stone City bank suspended today by reason of a run caused by the shutting down of the Enterprise company.
- Source
- newspapers
3.
December 1, 1892
Receivership
- Newspaper Excerpt
- 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.
- Source
- newspapers
Newspaper Articles (13)
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IN BAD SHAPE. One of the Big Banks of Illinois Closes Its Doors. JOLIET, III., Nov. 30.-The Stone City bank suspended to-day by reason of a run caused by the shutting down of the Enterprise company. 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 believed to be a heavy one. The trouble begun with the Enterprise company confessing judgment for $183,175 and filing a trust deed to Mrs. C. A. Miller for $136,313. It is estimated that nothing less than half a million dollars will settle the firm's affairs. The failure of the Enterprise company, it is announced, is due to a dull season. The affairs of the bank were so involved with those of the company that it will take considerable time to unravel the tangle Many business houses of Joliet kept ac counts at the bank. The suspension will result in great embarrassment to them. The greatest sufferers. however, will be the laboring men. as many employes entrusted funds to the bank. and now they are out of employment and their money is involved. It is not believed. however, that the bank's condition is beyond resultcitation. There is every prospect that its affairs will be straightened out speedily. The deposits are from $400,000 to $500,000. As for the mill, it is not believed there is any possibility of its resumption. There was tremendous excitement when the employes found themselves out of employment. and when the news of the bank's suspension reached them, a riot was narrowly averted.
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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.
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JOLIET BANK FAILS. Joliet, III., Nov. 30.-The Stone City bank, a private institution, suspended payment to-day on account of a run; caused by the shutting down of the Enterprize company, one of the departments of the big wire fence industry. The bank isoperated by Fish & Sons and was thought to be one the "soundest financial institutions in the state. The failure is a heav one. The trouble began with the Enterprise company conffessing judgment for 8183,175, and filing a trust deed to Mrs. C. A. Miller for $136,132. Fish brothers, sons of Henry Fish, with F. H. Connell, were proprietors of the Enterpriso company, and the suspension of the bank of which they were in control soon followed. The debt to Mrs. Miller is for money bor-
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A FINANCIAL CRASH. Bank Saspension and Manufacturing Failure at Joliet, III. JOLIET, Ill., Nov. 30.-The Stone City bank suspended today by reason of a run caused by shutting down of the Enterprise company. The bank was operated by H. Fish & Sons, and was thought to be one of the soundest financial institutions in the state. The failure is believed to be a heavy one. The trouble began with the Enterprise company confessing judgment for $183,175 and filing a trust deed to Mrs. C.A. Miller for $136,313. It is estimated that nothing lees than $500,000 will settle the firm's affairs. The failure of the Enterprise company, it is announced, is due to the dull season. The affairs of the bank are so involved with those of the company that it will take considerable time to unravel the Many business houses tangle. of Joliet kept accounts at the bank, and the suspension will result in great embarrassment to them. The greatest sufferers, however, will be laboring men, as many employes of the company entrusted their funds to the bank, and they are now out of employment and their money involved. It is not believed, however, that the bank's condition is beyond resuscitation. There is every prospect that its affairs will be straightened out speedily. The deposits range from $400,000 to $500,000. As for the mill, it is not believed there is any possibility of its resumption. There was tremendous excitement when the employes found themselves out of employment, and when the news of the bank's suspension reached them a riot was narrowly averted.
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INVOLVED THE BANK. Suspension of Payments by a Private Bank in Joliet, III. Failure of a Manufacturing Concern Precipitates the Crash. Half a Million of Depositors' Money in the Bank. Many Business and Laboring Men Will Suffer Great Loss. JOLIET, III., Nov. 30.-The Stone City bank, a private institution, suspended payments today 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 troubie began with the Enterprise company confessing judgments for $183,175, and filing a trust deed to Mrs. C. A. Miller for $134,313. 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 caary on the business. She is the aunt of the Fishes and is related to Mrs. John A. Logan. It is estimated that nothing less than $500,000 will settle the firm's affairs. The bank's affairs are closely identified with those of the enterprise company. The failure of the enterprise is due, it is announced, to the duli season in trade. The company had goods on which it Could Not Reali ze any money, and thus the bank was hampered and crippled. The crowd at the doors of the bank when the Enterprise failure was announced, was a arge one and much excited. The affairs
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Fish Brosed Half a Million. JOLIET. III., Nov. 30.- The Stone City bank. a private institution. suspended payment today 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 judgment for $183,170 and filing trust deed to Mrs. C. A. Miller for a $134,313. The Fish Bros. & 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 d very wealthy woman, is for money borrowed to carry on the business. She is Mrs. an aunt of the Fishes and is related to John A. Logan. It is intimated settle that nothing less than 8500.000 will the tirin's affairs. The bank's affairs are closely identified that of the Enterprise company. it is with failure of the Enterprise is due. trade. announced. The to a duil season in which it company had goods in and the The not realize any money on The could was hampered and crippled. when bank at the doors of the bank crowd Enterprise failure was announced excited. the large one and was much involved was a affairs of :he bank are so take The those of the mil that it will tangle. with considerable time to unravel the instithe bank was it separate While its prosperity was co-existent larger tution that of the wire mill and the in the with of its assets were invested had been mill part business. Large sums other plants for machinery and for the laid out slackening in the demand of and a products entailed the piling up to mill's which it was impossible but not goods on This crippied the bank. obtained realize. suspicion of its condition had I a currency nf before the business last night. houses of and Joliet its Many their account at the bank embarass: kept suspension will result in great ment to them. I . sufferers will be work laboring and E The now greatest that they are out of will result , men. both. great hardship the broken 3 money The president of has three , to them. Henry Fish. and he Fish. I bank Charles, was Henry and George of the mill. * sous, conducted the affairs being one who Sr., had a reputation of west. His , Fish, ablest financiers of the career had . of the gilt edge. and his one. He credit was unusually successful sons as I much been was rated an at $500,000 and his i more. never had been a rumor bank even or ) There the solvency of either at any i affecting last night. and inquiry to this 1 mill agency even up report of a have elicited a believed 1 commercial ing until would nature. it is not resuscitation. morn- the ) Hattering condition is beyond temporarily 8 only that its is every 7 , locked up, will be from that affairs deposits ranged but bank's and there assets straightened are prospect out it : to possibility of l is not believed It employed have speedily. $4000.000 Its $500,000. there is As any for whom the between mill, , its and resumption. 500 people, many There of was ( excitement work for mendous worked 100 in it for years. when these them men tre . out there was no bewildered. , found today. They stood of around the bank's closing t , but when the news riot was imminent reached them prevailed. a however. and after Quiet a counsel time the excited crowd dispersed
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THE LATEST. TESTS made at Chicago show that lumpy jaw is not dangerously contagious and in mild cases is curable. TYPHOID fever in St. Louis. while not increasing in number of cases, is increasing in fatality. THE Mexican ministers have tendered their resignations. EVERYTHING is quiet in Samoa. LAST week's cholera record for the whole of Holland showed sixteen deaths. THE number of blacklisted men at Carnegie's Homestead mills is 1,200. SOLICITOR-GENERAL ALDRICH will resign his position to resume the practice of law in Chicago. SECRETARY NOBLE has approved the roll of the Cheyenne river and the Standing Rock bands Indians in the Dakotas, to whom the $200,000 appropriated by the act of January 19, 1891, is to be paid. OTTO GRAFF, a Swedish immigrant, died at Brookfield, Conn., of sheep rot, contracted in Scotland: OLIVER YANTIS, one of the Spearville bank robbers, was killed in Oklahoma while resisting arrest. THE great convention in the interests of the Nicaraguan canal began its session in New Orleans on the 30th. A LARGE slate-colored meteorite fell a mile northeast of Newcastle, Col., and was found buried in the ground. JAMES KNOTT, of Newcastic-on-Tyne, England, has determined to put on a regular line of steamships between Charleston, S. C., and Mediterranean ports. THE report of the commission appointed by the Ontario government to investigate the subject of dehorning cattle with a view to determining whether the practice is humane, recommends that the practice be permitted. THE reason given for the delay in the Lizzie Borden case is that the court believes her to be insane. IT is authoritatively stated that exSecretary of the Treasury Fairchild will again be tendered that portfolio. THE Stone City bank, of Joliet, Ill, a powerful private institution, suspended, causing much embarrassment to business firms. AN Erie express struck a wagon at a crossing at Elmira, N. Y. Two women and a man were killed and a woman fatally injured. A CABINET crisis is reported in Spain, caused by the resignation of the minister of the interior. A JAPANESE war vessel was sunk by collision with a British steamer. The crew of 275 men were drowned. The passengers of the British steamer were transferred to the Empress of India.
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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.
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potter, aged 30 years, died after hiccoughing continuously for seven days. ONLY brown paper was found in an express package supposed to contain $10,000 when delivered to the Island City savings bank at Galveston, Tex. THE death of Graham N. Fitch, United States senator from Indiana from 1856 to 1861, occurred at his home in Logansport, aged 83 years. CARL BURGHAM killed his wife near Enterprise, Ky.,, by cutting her throat with arazor, and then committedsuicide by shooting himself. THE execution of William Bell, a negro boy 15 years of age, took place at Macon. Ga., for the murder of a deputy sheriff who had him under arrest on a charge of larceny. AT Hiawatha, Kan., a mob lynched Commodore True (colored) for the murder of William Walthall. IN Ohio the official vote of the presidential candidates is as follows: Harrison, 405, Cleveland, 404,115; Bidwell, 26,012; Weaver, 14,852. Harrison's plurality, 1,072. IN Joliet, III., the Stone City bank and the Joliet Enterprise Company, exteusive manufacturers of barb wire, made assignments for the benefit of creditors, the liabilities of the two concerns being nearly $1,000,000. ON the Missouri Pacific road a train jumped the track and went down an embankment,near Arkansas City, Ark., and fifteen passengers were injured, two fatally. A MOB lynched Richard Magee and a man named Carmichael near Benton, La., for shooting Mrs. Ellie Lingle. A LABOR organization to be known as the United Railway-Men of America has been formed with headquarters in Chicago, and it will include members in the United States, Canada and Mexico. FLAMES swept away the business portion of Gowrie, la. A TEN ton stone fell from the sky, striking the earth a mile northeast of Newcastle, Col. It sunk deep into the earth and was in a heated condition when discovered. FIRE destroyed the electric light plant at Des Moines, la., valued at $100,000. IN the zine mining region at Webb City, Mo., a shaft was run into a bed of subterranean fire. NEAR West Berkeley, Cal., several boats were capsized and seven Italian fishermen were drowned. FLAMES in the door and sash factory of the Haynes-Lattmer Company at St. Louis caused a loss of $175,000. AT Wharton, Tex., Jack Fields was hanged for the murder of Henry Kearby and his wife. OFFICIAL returns show that at the late election in Minnesota Harrison received 122,736 votes; Cleveland, 100,579; Harrison's plurality, 22,157. IN Chattanooga. Tenn., anearthquake shock was felt extending to the summit of Missionary Ridge, an area of about 2½ miles square. Two ELDERLY sisters named McDonald were killed by a burglar near Sanford, N. C. IN Milwaukee three new banks with an aggregate capital of $1,400,000 opened their doors. IN Kansas the official canvass for members of the legislature gives the house to the republicans and the senate to the populists. On joint ballot the populists have a majority of one. IN Texas the official count of the presidential vote gives Cleveland 239,148; Harrison, 77,475; Weaver, 99,688; Bidwell, 2,165. TWELVE men perished at the hands of assassins in Chicago during the month of November. IN the Equitable building in Chicago seven safes were blown open by burglars in one night and about $1,500 in cash secured.
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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.
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MISCELLANEOUS. THE great convention in the interests of the Nicaraguan canal bezan its session in New Orleans on the 30th. A LARGE slate-colored meteorite fell a mile northeast of Newcastle, Col., and was found buried in the ground. THE passenger rate from Louisville to Chicago has fallen to $1.50. This means that the fight has reached a point where it must be settled at once. THE reason given for the delay in the Lizzie Borden case is that the court believes her to be insane. THE Stone City bank, of Joliet, III., a powerful private institution, suspended, causing much embarrassment to business firms. JAMES KNOTT, of Newcastle-on-Tyne, England, has determined to put on a regular line of steamships between Charleston, S. C., and Mediterranean ports. AN Erie express struck a wagon at a crossing at Elmira. N. Y. Two women and two men were killed and a woman fatally injured. THE Russian government has declined the offer of a French syndicate to finish the construction of the Siberian railway, as no foreign capital or engineers will be employed on the enterprise. THE orange crop of Florida aggregates five million boxes this year, 70,000 less than last. Higher prices are expected. WRECKAGE floating on the west coast of Scotland indicated the wreck of a large German steamer bound to New York. TYPHOID fever at St. Louis continues to increase in fatality. The sanitary authorities are unable to locate the disease breeding cause. A JAPANESE war vessel was sunk by collision with a British steamer. The crew of 275 men were drowned. The passengers of the British steamer were transferred to the Empress of Japan. ELLSWORTH WYATT, one of the notorious Dalton gang of robbers, was cuptured at the home of his uncle at Cory, Ind., where he was hiding He was not in the Coffeyville raid, but was wanted for many crimes. THE Kansas state board of canvassers ended its count on the 1st. The tie 121 Coffev county went in favor of the Per publican by drawing, the attorney-genarel protesting.
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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.