5153. Teis Smith & Co. (Pekin, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
April 2, 1906
Location
Pekin, Illinois (40.568, -89.641)

Metadata

Model
gpt-5-mini
Short Digest
ee376800

Response Measures

None

Description

Multiple contemporary newspaper reports (April 2–6, 1906) state the private bank 'failed to open for business' and 'assigned to U. J. Albertsen/Albertson as trustee.' This indicates a suspension and assignment to a trustee (receivership) and not a depositor run. Cause: heavy loans to affiliated Smith Wagon Works and Smith Plow Shops (bank-specific adverse info). OCR variants: county spelled 'Tazwell' (should be Tazewell); trustee name appears as Albertsen/Albertson in different papers. The bank did not reopen in the articles; treated as permanent closure with trustee/receiver.

Events (2)

1. April 2, 1906 Receivership
Newspaper Excerpt
having assigned to U. J. Albertsen as trustee. Trustee Albertson issued a statement ... urged the creditors of the bank to avoid useless litigation, as it would only prolong a settlement of the bank's affairs.
Source
newspapers
2. April 2, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure due to large sums advanced to Smith Wagon Works and Smith Plow Shops, leaving liabilities in excess of assets.
Newspaper Excerpt
The private bank of Teis Smith & Co., at Pekin, ... failed to open for business today, having assigned to U. J. Albertsen as trustee.
Source
newspapers

Newspaper Articles (7)

Article from Evening Times-Republican, April 2, 1906

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Article Text

PRIVATE BANK CLOSED. Concern at Pekin, Near Peoria, III., Assigns to Trustee Today. Peoria, Ill., April 2. - The private bank of Teis Smith & Co., Pekin, Tazewell county, failed to open for business today, having assigned to U. K. Albertsen. as trustee. No official statement of the assets and liabilities are made. The liabilities due depositors and other banks are said to exceed $400,000, against which there are assets of a quarter of a million, a portion of which is worthless. The failure is due to large sums of money advanced to the Smith wagon works and Smith plowshops at Pekin. Neither institution has been affected by the failure.


Article from Los Angeles Herald, April 3, 1906

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Article Text

PRIVATE BANK SUCCUMBS AND IS SHORT $150,000 ILLINOIS INSTITUTION TOO KIND TO FEW Liabilities $400,000 With Assets of $250,000, Some of Which Are Worthless-Teis, Smith & Co. of Pekin, III., Make Assignment By Associated Press. PEORIA, Ill., April 2.-The private bank of Teis Smith & Co. at Pekin failed to open for business today, having assigned to U. J. Albertson as trustee. Trustee Albertson issued a statement today in which he urged the creditors of the bank to avoid useless litigation, as it would only prolong a settlement of the bank's affairs. No official statement of assets and liabilities has yet been made. The liabilities due to depositors and other banks are said to be in excess of $500,000, against which there are assets of about $250,000, a portion of which is worthless. The failure is due to the large sums of money advanced to the Smith Wagon works and the Smith Plow shops at Pekin, two large industries. These had been carried to such an extent that the bank could no longer continue in business. Neither as yet has been affected by the failure. The bank was founded by Teis Smith in 1866 and had continued since as a private bank, with D. C. Smith as president and Conrad Luphen as treasurer.


Article from The San Francisco Call, April 3, 1906

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Article Text

LONG ESTABLISHED BANK CLOSES DOORS IN ILLINOIS Tels Smith & Co. Forced to the Wall as the Result of Heavy Loans. PEORIA, April 2.-The private bank of Teis Smith & Co. at Pekin, Tazwell County, failed to open for business today, having assigned to U. J. Albertsen as trustee. Albertsen issued a statement today in which he urged the creditors of the bank to avoid useless litigation, as it would only prolong a settlement of the bank's affairs. No official statement of assets and liabilities has yet been made. The liabilities, due to depositors and other banks, are said to be in excess of $400,000, against which there are assets of about $250,000, a portion of which are worthless. The failure is due to the large sums of money advanced to the Smith Wagon Works and the Smith Plow Shops at Pekin, two large industries. These had been carried to such an extent that the bank could no longer continue in business. Neither of the Smith concerns has yet been affected by the failure. The bank was founded by Teis Smith in 1866 and had continued since as a private bank, with D. C. Smith as president and Conrad Luppen as treasurer.


Article from The Salt Lake Herald, April 3, 1906

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Article Text

PRIVATE BANK FAILS. Assets Fall Far Short of the Known Liabilities. Peoria. Ills., April 2.-The bank of Teis Smith & Co. at Pekin, Tazwell county, failed to open for business today, having assigned to U. J. Albertsen, as trustee. Trustee Albertsen issued a statement today in which he urged the creditors of the bank to avoid useless litigation, as it would only prolong a settlement of the bank's affairs. No official statement of assets and liabilities has yet been made. The liabilities, due to depositors, and other banks are said to be in excess of $400,000, against which there are assets of about $250,000, a portion of which is worthless. The failure is due to large sums of money advanced to the Smith Wagon works and the Smith Plow shops at Pekin, two large industries. These had been carried to such an extent that the bank could no longer continue in business. Neither has yet been affected by the failure. The bank was founded by Teis Smith in 1866 and had continued since as a private bank. with D. C. Smith as president and Conrad Luppen as treasurer.


Article from The Butler Weekly Times, April 5, 1906

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Article Text

Illinois Bank Failure. Peoria, Ill. April 2.-The private bank of Teis Smith & Co., at Pekin, Tazwell county, failed to open for business Monday, having assigned to U. J. Albertson as trustee.


Article from The Farmington Times, April 6, 1906

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Article Text

THE BANK FAILED TO OPEN The Private Bank of Tels, Smith & Co., At Pekin, III., Has Assigned -No Official Statement. Pekin, III.-The two-score-year old private bank of Teis Smith & Co., in this city, failed to open for business, Monday, having assigned to State Senator U. J. Albertson as trustee. The trustee's bond is $50,000. Trustee Albertsen issued a statement in which he urged the creditors of the bank to avoid useless litigation, as it would only prolong a settlement of the bank's affairs. No official statement of the assets and liabilities has yet been made. The liabilities, due to depositors and other banks, are said to be in excess of $400,000. against which there are assets of about $250,000. a portion of which are believed to be worthless. The failure is due to large sums of money advanced to the Smith wagon works and the Smith plow shops at Pekin, two large industries.


Article from Custer County Republican, April 19, 1906

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Article Text

General News Judge John I. Redick, a prominent lawyer of Omaha, died last week. Chicago authorities want $70,000,000 with which to take over the street railways. At Vossevangen J. W. C. Steen, former Norwegian premier, died Sunday of heart disease. Maxim Garky, the author will shortly start for America. He is at present in Switzerland. Senator Tillman of South Carolina is engaged in writing "A Defense of the Senate" for publication. Brigadier General J. Franklin Bell will assume the duties of chief of staff of the army on April 9. Congressman P. P. Campbell of Kansas is regarded as one of the best dressed men in Washington. William H. MacDonald, the famous tenor, and one of the founders of the well known Bostonians. is dead. Fire almost destroyed the National Sweeper Works at Marion, Ind. Loss about $100,000; insurance, $50,000. A post-mortem on the remains of the political bank at Allegheny, Pa., shows about 30 cents on the dollar in sight. Licensiado Cleto Gonzales Viquez, formerly minister of finance, was elected president of the republic of Costa Rica. Twenty-three out of forty-two New York state senators have put themselves on record as wanting to ride on free railroad passes. One hundred and eighteen military prisoners, mostly deserters, the worst men in the army, left New York Monday for the new prison at Fort Leavenworth. The revolutionists at Warsaw have nnounced their intention to declare a general strike in order to prevent the Russian government frou contracting a nw loan. The elections in the Moscow distriet outside of the city resulted in a complete victory for the constitutional democrats, who polled twice as many votes as their opponents. Baron Hosen, the Russian ambassaa dor at Washington, has received message from St. Petersburg announcing that rumors of probable antiJewish uprisings are unfounded. Senator Foraker reported from the committee on military a for a cable senate providing from affairs Key as to via West bill Panama, Guantanamo, of war. advocated by the secretary The state department has no disto make any issue with the government over Australian position the the status new of Mr. Storer. Mr. Francis, ambassador, will sail on the 22nd inst. John Alexander Dowie, who is in Mexico City, says that he has secured to purchase 2,000,000 acres in northern of an land option Mexico, upon Zion which he intends to locate his new City. The private bank of Teis Smith & Co., Pekin, Tazewell county. III., failed to open for business the other day, having assigned to U. J. Albertsen as trustee. Liabilities, $400,000; assets, $250, 000, partly worthless. Father Capon, in a letter to the procurator, says he is only living in St. Petersburg by tolerance and demands to be put on trial in order to defend his uonor and legalize his status, or, if guilty. be condemned. The plant of the Falls River and Machine company of Cuyahoga Falls, O., was almost totally destroyed by fire, throwing 200 people out of employment. Loss estimated at $100,000, nearly covered by insurance. Governor Folk, who arrived in Des Ia., to be present at banquet, dictated an Moines, son day the interview Jefferfor publication in which he declared that every state in the union should enact anti-pass and state wide primary laws. At St. Petersburg Father Gapon, in a letter to the procurator, says he is only living in St. Petersburg by tolerance and demands to be put on trial in order to defend his honor and legalize his status, or if guilty, to be condemned. It is announced, officially, that J. D. Farrell has been appointed to represent the interests of the Union Pacific organization in the development of the lines of the Washington Northern Railway Company, incorporated for the purpose of constructing a railroad between the Columbia river and Puget Sound points. Mr. Mann (III.), in sppporting the personal liability bill, said that 981 railroad employes were killed and 13, 350 were injured last year. The rail way employes were in favor of the bill he said, and the best way to protect the public is to make the railroads pay for the sleepy engineer who has worked twenty hours and wherefrom accidents arise. The gunboat Pinzon is cruising of Barcelona in order to prevent arms and ammunition reaching the Carlists. Brigadier General Francis Harring ton of the United States marine corps died while on a visit to his son-in-law Captain Hall, at the Algiers naval sta tion at New Orleans Sunday. The painters and paperhangers o Denver to the number of 30 voted t strike for an increase of wages.