4980. Norton & Co. (Lockport, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: December 26, 1896
Location: Lockport, Illinois (41.589, -88.058)

Metadata

Model: gpt-5-mini
Short Digest: c0af2578

Response Measures

None

Description

Multiple newspapers (Dec 26–28, 1896) report Norton & Co., a private firm that also conducted a large private banking business in Lockport, went into receivership with the Chicago Title & Trust Company appointed receiver. No article describes a depositor run or temporary suspension prior to receivership; the firm was placed in receivership (failure). I classify this as suspension_closure (suspension/closure via receivership). Date reported varies by paper; primary reports give Dec 26, 1896.

Events (1)

1. December 26, 1896 Receivership

Newspaper Excerpt: appointment of the Chicago Title and Trust Company as receivers for the various properties of Norton & Co.
Source: newspapers

Newspaper Articles (10)

1. December 27, 1896 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 27, 1896

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A HEAVY FAILURE. RECEIVERSHIP FOR NORTON & CO., OF CHICAGO, LOCKPORT, &c, MANY PEOPLE DIRECTLY AFFECTED. Deposits of Money in the Bank of the Concern-Connection of the Firm with the National Bank of Illinois. CHICAGO, ILL., December 26.-A commercial failure of large proportions was recorded to-day by the appointment of the Chicago Title and Trust Company as receivers for the various properties of Norton & Co., of Chicago, Lockport, and Romeo, III., and Niagara Falls, N. Y. The firm consisted of John L. Norton, who lives in Lockport, and Lemuel D., his brother, whose home is in Evanston. The receivership proceedings, before Judge Hancey, were of the agreed kind, Lemuel, the plaintiff, alleging that the affairs of the partnership were complicated, and the assets in danger of being dissipated; and he petitioned for a dissolution and a receivership, to wind up the business. John L. assented, and joined in a statement that the liabilities do not exceed the assets two to one. The bulk of the firm's business is 10cated at Lockport and the adjoining town of Romeo, near this city. The father of the brothers was a pioneer in Illinois, and really gave Lockport its commercial start in life, by founding the Lockport Milling Company, nearly forty years ago. It was this business which the brothers succeeded to on the death of their father, and the Nortons were the financial mainstay of the city. The property owned there consists of a flourmill, with a capacity of 1,000 barrels daily; machine-shops, an elevator, warehouse, and an electric-light plant for supplying light to the city, The firm has also done a large private banking business, and nearly half the people of Lockport are directly affected by the failure, through deposits of money. John L. Norton is also president of the Northern Milling Company, which operates a large flour-mill at the Madison-street bridge over the Chicago river, in this city, although the brothers do not own a controlling interest in that property now. The company owns a paper-mill at Niagara Falls, and has a large interest in the electric-power enterprise at the Falls. They own a large grocery-store at Romeo, on the Illinois and Michigan canal. The main offices of the company are in Chicago, at No. 169 Jackson street. STATEMENT DECLINED. John L. Norton, when seen at his Lockport home to-night, deglined to make a statement of the assets and liabilities or the firm until it could be done in definite form. It is known that the net earnings of the mill property have been $75,000 a year in recent years. The firm became financially involved through Board of Trade speculations some years ago, one of the brothers speculating without the knowledge of the other; and other serious burdens coming upon the firm in the present hard times, it became impossible to longer carry on the business. Holders of the company's obligations pressed for immediate payment after the collapse of the National Bank of Illinois and kindred concerns. The firm's credit became exhausted, and the receivership became necessary to conserve the interests of the estate. The brothers have been in business over thirty years, and their integrity has never been questioned. The collapse caused general surprise in Lockport, and the has created is only dis-

2. December 27, 1896 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 27, 1896

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MEN OF VARIED ENTERPRISE FAIL Properties of Norton & Co. to Pass Into the Hands of a Receiver. Gambling Speculations Cause the Downfall of the WellKnown Firm. The Father of the Embarrassed Brothers Gave to Lockport Its Commercial Start in Life. CHICAGO, ILL., Dec. 26.-A commercial failure of large proportions was recorded this afternoon by the appointment of the Chicago Title and Trust Company receiver of the various properties of Norton & Co. of Chicago, Lockport and Romeo, III., and Niagara Falls, N. Y. The firm consists of John L. Norton, who lives in Lockport, and Lemuel D., his brother, whose home is in Evanston. The receivership proceedings before Judge Hanecey were of the agreed kind, Lemuel, the plaintiff, alleging that the affairs of the partnership were complicated, the assets in danger of being dissipated, and he petitioned for a dissolution and a receivership to wind up the business. John L. Norton assented and joined in the statement that the liabilities did not exceed the assets two to one. The bulk of the firm's business IS located at Lockport and the adjoining town of Romeo, near this city. The father of the brothers was a pioneer in that part of Illinois, and really gave Lockport its commercial start in life by founding the Lockport Milling Company, nearly forty years ago. It was this business to which the brothers succeeded at the death of their father. The Nortons were the financial stay of the city. The property owned there consists of a flourmill with a capacity of 1000 barrels daily, machine-shops, elevator, warehouse and an electric-light plant for supplying light to the city. The firm has also done a private banking business to a large extent, and nearly half the people of Lockport are directly affected by the failure through deposits of money. John L. Norton is also president of the Northern Milling Company, which operates a large flourmill at the Madisonstreet bridge over the Chicago River in this city, although the brothers do not own a controlling interest in that property now. The company owns a paper-mill at Niagara Falls and has a large interest in the electric-power enterprise at the falls. They own a large grocery-store at Romeo, on the Illinois and Michigan canal. The main office of the company is in Chicago, at 169 Jackson street. John L. Norton when seen at his Lockport home to-night by the United Associated Presses' correspondent, declined to

3. December 27, 1896 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 27, 1896

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Chicago, ure of large proportions was recorded this afternoon by the appointment of the Chicago Title and Trust company receiver of the various properties of Norton & Co. of Chicago, Lockport and Romeo, III., and Niagara Falls, N. Y. The firm consists of John L. Norton, who lives in Lockport, and Lemuel D., his brother, whose home is in Evanston. The receivership proceedings before Judge Hanecey were of the agreed kind, Lemuel, the plaintiff, alleging that the affairs of the partnership were complicated, the assets in danger of being dissipated, and he petitioned for a dissolution and a receivership to wind up the business. John L. Norton assented and joined in the statement that the liabilities did not exceed the assets two to one. The bulk of the firm's business is located at Lockport and the adjoining town of Romeo, near this citv. The father of the brothers was a pioneer in that part of Illinois, and really gave Lockport its commercial start in life by founding the Lockport Milling company nearly 40 years ago. It was this business which the brothers succeeded to on the death of their father, and the Nortons were the financial mainstay of the city. The property owned there consisted of a flour mill with a capacity of 1,000 barrels daily, machine shops, elevator, warehouse and an electric plant for supplying light to the city. The firm has also done a private banking business to a large extent, and nearly half the people of Lockport are directly affected by the failure through deposits of money. A MILLING COMPANY. John L. Norton is also president of the Northern Milling company, which operates a large flour mill at the Madison street bridge over the Chicago river in this city, although the brothers do not own a controlling interest in that property now. The company owns a paper mill at Niagara Falls, and has a large interest in the electric power enterprise at the falls. They own a large grocery store at Romeo, on the Illinois and Michigan canal. The main office of the company is in Chicago, at 169 Jackson street. John L. Norton, when seen at his Lockport home tonight by the United Associated Presses correspondent, declined to make a statement of the assets and liabilities of the firm until it could be done in a definite form. It is known that the net earnings of the milling property have been $75,000 a year in recent years. The firm became financially involved through board of trade speculation some years ago, one of the brothers speculating without the knowledge of the other, and other serious burdens coming upon the firm in the present hard times, it became impossible to longer carry on the business. Holders of the company's obligations pressed for immediate payment, since the collapse of the National Bank of Illinois and similar concerns. The firm's credit became exhausted, and the receivership became necessary to conserve the interests of the estate. The brothers have been in business over 30 years, and their integrity has never been questioned. The collapse caused general surprise in Lockport, and the gloomy outlook it has created is only dispelled by the long-standing faith in the firm, coupled with the prevailing belief that the assets will greatly exceed the liabilities. It is said that the company is a large creditor of the National Bank of Illinois, and inability to meet the demands of depositors in Norton & Co's. bank had much to do with the receivership action. RECEIVERS IN CHARGE. William Miller and A. C. Barnham, representing the receiver, went at once to Lockport and took charge of the property tonight. Noble B. Judah, counsel for John L. Norton, said: "There is a fair show for the creditors. Gambling losses caused the trouble and the firm could not go through these hard times. All the available assets are tied up in the firm, and it is impossible to correctly estimate the assets and liabilities. John Norton made the original straw-board trust and was a millionaire once. His father had a prosperous milling business in Lockport when Chicago was a hamlet." Too Much Real Estate.

4. December 27, 1896 New-York Tribune New York, NY

Article from New-York Tribune, December 27, 1896

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A table showing some of the distances and at what hour made is as follows: Time. Miles. Tithe. Miles. 90 6:39:30 D. m. 10 11:58:56 D. m. 95 8:18:00 D. m. 2:04:37 a. m. 20 98 9:06:48 p. m. 20 4:16:39 a. m. 99 40 9:20:23 p. m. 6:24:22 a. m. 50 9:32:45 p. m. 100 8:36:00 a. m. 101 9:44:15 D. m. to 10:46:48 as m. 102 70 9:56:30 p. m. 12:59:00 D. in. so 3:30:26 p. m. 103 & 2 laps 10:00:00 P. m. A HEAVY FAILURE IN ILLINOIS. THE LARGE COMMERCIAL FIRM OF NORTON & CO., GOES UNDER-SPECULATION AND HARD TIMES THE CAUSES, Chicago, Dec. 26.-A commercial failure of large proportions was recorded this afternoon by the appointment of the Chicago Title and Trust Company receiver for the various properties of Norton & Co., of Chicago, Lockport and Romeo, III., and Niagara Falls, N. Y. The firm consists of John L Norton, who lives in Lockport. and Lemuel D., his brother. whose home is in Evanston. The receivership proceedings before Judge Hancey were of the agreed kind, Lemuel. the plaintiff. alleging that the affairs of the partnership were complicated, the assets in danger of being dissipated, and he petitioned for a dissolution and a receivership to wind up the business. John 1. assented, and joined in the statement that the liabilities did not exceed the assets two to one. The bulk of the firm's business is at Lockport and the adjoining town of Romeo, near this city. The father of the brothers gave Lockport its commercial start in life by founding the Lockport Milling Company nearly forty years ago. To this business the brothers succeeded on the death of their father, and the Nortons were the financial mainstay of the city. The property owned there consists of a flour mill with a capacity of 1,000 barrels daily, machine shops, elevator warehouse and an electric light plant for supplying light to the city. The firm has also done a large private bank. ing business, and nearly half the people of Lockport are directly affected by the failure through deposits of money John L. Norton is also president of the Northern Milling Company, which operates a large flour mill at the Madison-st. bridge over the Chicago River, in this city, although the brothers do not own a controlling interest in that property now The company owns a paper mill at Niagara Falls, and has a large interest in the electric power enterprise at the Falls. They own a large grocery store at Romeo, on the Illinois and Michigan Canal. The main office of the company is in Chicago, at No. 169 Jackson-st. John 1. Norton, when seen at his Lockport home to-night by the United Associated Presses correspondent, declined to make a statement of the assets and liabili ties of the firm until it could be done in definite form. It is known that the net earnings of the milling property have been $75,000 a year in recent years. The firm became financially involved. through Board of Trade speculation some years ago, one of the brothers speculating without the knowledge of the other, and other serious burdens coming upon the firm in the present hard times, it became impossible to longer carry on the business. Holders of the company's obligations pressed for immediate payment since the collapse of the National Bank of Illinois and kindred concerns. The firm's credit became exhausted, and the receivership became necessary to conserve the interests of the estate. The brothers have been in business over thirty years, and their Integrity has never been questioned The collapse caused general surprise in Lockport.

5. December 27, 1896 The Morning News Savannah, GA

Article from The Morning News, December 27, 1896

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BIG FIRM IN TROUBLE. Their Business in Four Cities Int Into a Receivership. Chicago, Dec. 26.-A commercial failire of large proportions was recorded thisafternoon by the appointment of the Chi cago Title and Trust Company, receiv for the various properties of Norton& Co., of Chicago, Lockport and Romeo, 11., and Niagara Falls, N. Y. ,The firm consists of John L. Norton who lives in Lockport, and Lemuel D. Nrton, his brother, whose home is in Evnston. The receivership proceedings befod Judge Hancey were of the agreed kind Lemuel, the plaintiff, alleging that thetffairs of the partnership were complicata, the assets in danger of being dissipsed and he petitioned for a dissolution ana receivership to wind up the business. 5hn L. Norton assented and joined in th statement that the liabilities did not.eceed the assets two to one. The bulk of the firm's hsiness is located at Lockport and the ljoining town of Romeo, near this city, The father of the brothers was a pioneern that part of Illinois, and really gave Lokport its commercial start in life by fouding the Lockport Miliing Company, nerly forty years ago. It was this busiess which the brothers succeeded to on ne death of their father, and the Nortonswere the financial mainstay of the cif. The property owned there consists ofa flour mill, with a capacity of 1,000 barils daily, machine shops, elevator warehose and an electric light plant for supplylight to the city. The firm has also doe a large private banking business, andiearly half the peopie of Lockport are irectly affected by the failure through eposits of money. John L. Norton is Iso president of the Northern Milling Conpany, which operates a large flourinamill at the Madison street bridge, over he Chicago river, in this city, although the brothers do not own a controlling irerest in that property now. The company OWS a paper mill at Niagara Falls, and haa large interest in the electric power entrprise at the falls. They own a lare grocery store at Romeo, on the Illinis and Michigan canal. The main office 0 the company is in Chicago, at 169 Jackon street. John L. Norton when seen at his Lockport home to-nght, declined to make a statement of the assets and liabilities 01 the firm until / can be done in definite form. It is kown the net earnings of the milling prperty have been $75,000 a year in recentiears. The firm beame financially involved through board of trade speculation some years ago, one of the brothers speculating without the knowledge of the other, and other serious burdens coming upon the firm in the resent hard times, it became impossible to longer carry on the business. Holders of the company's obligations have pressed for immediate payment since the colapse of the National Bank of Illinois and kindred concerns. The firm's credit became exhausted, and the receivership became necessary to conserve the interests of the estate. The brothers have been in business over thirty years, and their integrity has never been questioned. The collapse caused general surprise in Lockport, and the gloomy outlook it has created is only dispelled by the long standing faith in the firm, coupled with the prevailing belief that the assets will greatly exceed the liabilities. It is said that the company is a large creditor of the National Bank of Illinois and inability to meet the demands of depositors in Norton & Co's. bank had much to do with the receivership action. William Miller and A. C. Barnham, representing the receiver, went at once to Lockport and took charge of the property to-night. Noble B. B. Judah, counsel for John L. Norton, said: "There is a fair show for the creditors, with good management. Gambling losses caused the trouble, and the firm could not go through these hard times. All the available assets are tied up in the firm and it is impossible to correctly estimate the assets and liabilities. John Norton made the original strawboard trust and was a millionaire once. His father had a prosperous milling business in Lockport when Chicago was a hamlet

6. December 28, 1896 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, December 28, 1896

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pointed receiver for various properties of Norton & Co., of Chicago, Lockport and Romeo, Ills., and Niagara Falls, N. Y. The firm consists of John L. Norton of Lockport and Lemuel D., his brother, of Evanston. The firm did & large private banking business and nearly half the people of Lockport are directly affected by the failure through deposits of money.

7. December 31, 1896 The Oskaloosa Herald Oskaloosa, IA

Article from The Oskaloosa Herald, December 31, 1896

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BIG FIRM FAILS. Norton s Co., Millers and Grain Dealers of Chicago and Lockport, Go Down. Chicago, Dec. 28.-Norton & Co., of Chicago and Lockport, Iil., millers and grain dealers, went into the hands of a receiver late Saturday afternoon. The affairs of the firm were in such shape that it was impossible to learn definitely what the assets and liabilities are. It was represented that the assets might approach $500,000, and it was stated that the liabilities were considerably under that figure. Norton & Co. have been known for 40 years through their operation of the Lockport mills. They added other enterprises to their early business, and in addition to their flouring mill they have grain elevators and an electric light plant at Lockport. They have also a large grocery store at Romeo, on the Illinois & Michigan canal. They have warehouses and grain elevators, and in Chicago a large flouring establishment. The company also owns a paper mill at Niagara Falls and is largely interested in the water and electrie power scheme at the falls. They have done a private banking business of enormous proportions in Lockport, and nearly half of the Lockport populace is directly interested through deposits. The business integrity of the company has never been questioned here, and the failure is a gloomy surprise. However, assurance is given that the embarrassment is only temporary. The company was caught deep by the failure of the National Bank of Illinois, and finding themselves thus unable to continue the operation of their extensive properties and meet the demands of depositors until they could realize from other sources a receiver was applied for as the most safe and equitable mode of adjusting the financial difficulties.

8. December 31, 1896 The Oskaloosa Herald Oskaloosa, IA

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BIG FIRM FAILS. Norton s Co., Millers and Grain Dealers of Chicago and Lockport, Go Down. Chicago, Dec. 28.-Norton & Co., of Chicago and Lockport, III., millers and grain dealers, went into the hands of a receiver late Saturday afternoon. The affairs of the firm were in such shape that it was impossible to learn definitely what the assets and liabilities are. It was represented that the assets might approach $500,000, and it was stated that the liabilities were considerably under that figure. Norton & Co. have been known for 40 years through their operation of the Lockport mills. They added other enterprises to their early business, and in addition to their flouring mill they have grain elevators and an electric light plant at Lockport. They have also a large grocery store at Romeo, on the Illinois & Michigan canal. They have warehouses and grain elevators, and in Chicago a large flouring establishment. The company also owns a paper mill at Niagara Falls and is largely interested in the water and electrie power scheme at the falls. They have done a private banking business of enormous proportions in Lockport, and nearly half of the Lockport populace is directly interested through deposits. The business integrity of the company has never been questioned here, and the failure is a gloomy surprise. However, assurance is given that the embarrassment is only temporary. The company was caught deep by the failure of the National Bank of Illinois, and finding themselves thus unable to continue the operation of their extensive properties and meet the demands of depositors until they could realize from other sources a receiver was applied for as the most safe and equitable mode of adjusting the financial difficulties.

9. January 1, 1897 Essex County Herald Island Pond, Guildhall, VT

Article from Essex County Herald, January 1, 1897

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Private Banking Firm Fails. CHICAGO, III., Dec. 29-The Chicago Title and Trust Company has been appointed receivers for the various properties of Norton & Co., bankers. of Chicago, Lockport and Rome. III., and Niagara Falls. N. Y. The firm consists of John L. Norton of Lockport and Lemuel D., his brother, of Evanston. Nearly half the people of Lockport are directly affected by the failure.

10. January 2, 1897 The Diamond Drill Crystal Falls, MI

Article from The Diamond Drill, January 2, 1897

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RECENT FAILURES. Many Banks and Large Business Concerns Forced to the Wall. Comptroller Eckels Says Suspensions Were Due to Local Causes-Condition of Banks Throughout the Country GoodAn Insolvent County. Washington, Dec. 30.-Comptroller of the Currency Eckels said Tuesday afternoon that he feels no apprehension over the bank failures which have occurred of late. Mr. Eckels, when asked by a representative of the Associated Press as to the general banklog situation, said: "Of course bank failures are more or less disquieting, but those which have occurred have little or no general significance attached to them. They were due largely to local causes wholly unconnected with the general condition of the banks throughout the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation. every depositor being paid in full. The two failures Tuesday are of minor importance, in each case the bank's capital being only $200,000 As against these few failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call, that of December 17. are uniformly favorable and show an average reserve held of considerable above the 25 per cent. required by the law One of the last reports, that of the Brooklyn banks. shows the average reserve to be 34.02 per cent., and most of the reports run five or ten per cent. above the legal requirement. In each case, too, the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole, it is evident that the national banks to-day are as stable as they ever were. and the sporadic failure of a bank here and there through defects peculiar to the failing bank is of small importance, wholly with out general significance. am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned. Voluntary Suspension of the Atlas. Chicago, Dec. 28.-The Atlas national bank of Chicago has decided to retire from business, and the clearing house committee, at a special meeting Sunday night decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is in the neighborhood of $600.000. The bank will not receive any deposits from date. Checks on it will be settled through the clearing house as usual. The meeting was held at the home of Isnae G. Lombard, a member of the committee, about 11 o'clock Sunday night. The officers of the Atlas national are: President. W. C. D. Grannis: vice president, C. B. Farwell; eashier, S. W. Stone: assistant cashier, W. S. Tillotson. Big Millers Assign. Chicago, Dec. 28.-Norton & Co., of Chicago and Lockport, III., millers and grain dealers, went into the hands of a receiver late Saturday afternoon. The affairs of the firm were in such shape that it was impossible to learn definitely what the assets and liabilities are. It was represented that the assets might approach $500,000. and it was stated that the liabilities were considerably under tnat figure. Norton & Co. have been known for 40 years through their operation of the Lockport mills. They added other enterprises to their early business, and in addition to their flouring mill they have grain elevators and an electric light plant at Lockport. They have also a large grocery store at Romeo. on the Illinois & Michigan canal, and in Chicago a large flouring establishment. The company also owns a paper mill at Niagara Falls and is largely interested in the water and clectrie power scheme at the falls. They have done a private banking business of enormous proportions in Lockport, and nearly half of the Lockport populace is directly interested through deposits. The business integrity of the company has never been questioned here. and the failure is a gloomy surprise. However, assurance isgiven that the embarrassment is only temporary. The company was caught deep by the failure of the National Bank of IIIInois, and finding themselves thus unable to continue the operation of their extensive properties and meet the demands of depositors until they could realize from other sources a receiver was applied for as the most safe and equitable mode of adjusting the financial difficulties. Failure of a Dallas (Tex.) Concern. Dallas, Tex., Dec. 28.-The board of directors of the Security Mortgage & Trust company, a local financial concern, has made application to Judge W.J.J. Smith. of the Fourteenth judicial district court. for the appointment of n receiver. The court appointed H. A. Kabler. for four years past the manager of the Security Mortgage & Trust company, as receiver. The liabilities of the company are approximately $2,000,000: assets, nominally the same. but they will not probably realize more than $1,000,000 in the market. The company has been doing business for nine years. The Van Nortwicks Fail. Geneva. III., Dec. -William M. and W. M. Van Nortwick, bankers at Batavia, III., made an assignment in the Kane county court here Monday evening. All their property. both in the Batavia bank and stock in the large corporation in which they are interested were turned over to the Equitable Trust company. of Chicago, There were three assign-