Article Text
Bank Fails to Open. Peoria, Ill., April 2.-The private bank of Teis, Smith & Co., at Pekin, Tasewell county, failed to open for business today, having assigned to U. J. Albertsen as trustee.
5154. 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
e5babb8f
Response Measures
None
Description
Multiple contemporaneous newspaper reports (Apr 2–4, 1906) state the private bank Teis, Smith & Co. of Pekin failed to open and assigned a trustee (U. J. Albertsen / Albertson). Cause repeatedly given as imprudent/unwise loans to Smith Wagon Works and Smith Plow Shops. No article describes a depositor run or later reopening; assignment to a trustee indicates permanent failure/closure.
Events (1)
1.
April 2, 1906
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Failure attributed to large sums advanced (unwise loans) to the Smith Wagon Works and the Smith Plow Shops, rendering assets insufficient to cover liabilities; liabilities ~ $400,000 against assets ~$250,000, some worthless.
- Newspaper Excerpt
- The private bank of Teis, Smith & Co., at Pekin, Tazewell county, failed to open for business today, having assigned to U. J. Albertsen as trustee.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
PEKIN BANK FAILS Liabilities of Tazewell Institution Largely Exceed the Assets. Peoria, III., April 2.-The private bank of Teis, Smith & Co., of Pekin. Tazewell county, failed to open for business today, having assigned to U. K. Albertson as trustee. No official statement of assets and liabilities was made. The liabilities due depositors and other banks is 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 the Smith Plow shops at Pekin. Neither institution will be affected by the failure.
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UNWISE LOANS PEKIN, ILL., BANK CLOSES BECAUSE OF UNBUSINESSLIKE METHODS Peoria, Ill., April 2.- The private bank Teis, Smith & Co., of Pekin, Tazewell county, failed to open for business today, having assigned to U. K. Albertson as trustee. No official statement of the assets and liabilities has been made. The liabilities, due depositors and other banks, are said to exceed $400,000 against which there are assets of $250,000, al portion of which is worthless. The failure is due to the large sums of money advanced to the Smith Wagon V urks and the Smith Plow shops at ekin. Neither institution has been 1 ffected by the failure of owever. the bank
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Failed to Open. Peoria, Ill., April 4.-The private bank of Teis, Smith & Co., at Pekin failed to open for business Monday, having assigned to U. J. Albertson as trustee.
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THE BANK FAILED TO OPEN The Private Bank of Teis, Smith & Co., At Pekin, III., Has Assigned -No Official Statement. Ill.-The Pekin, 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 trus. tee. 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.
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Article Text
Illinois Bank Shuts Doors. Peoria. April 3.-The private bank of Teis, Smith & Co., Pekin, failed to open for business, having assigned to U. J. Albertsen as trustee. Liabilities, $400,000; assets, $250,000, partly worthless.
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Illinois Bank Shuts Doors. Peoria, April 3.-The private bank of Teis, Smith & Co., Pekin, failed to open for business, having assigned to U. J. Albertsen as trustee. Liabilities, $400,000; assets, $250,000, partly worthless.
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Article Text
THE BANK FAILED TO OPEN The Private Bank of Teis, Smith & Co., At Pekin, III., Has Assigned -No Official Statement. III.-The Pekin, 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 state ment 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.
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Article Text
AN ILLINOIS BANK FAILS. Liabilities Placed at Four Hundred Thousand Dollars. The private bank or Teis, Smith & Co., of Pekin, Tagewell County, Illinois, failed to open for business Monday, having assigned to U. K. Albertson as trustee. No official statement of assets and liabilities was made. The liabilities due depositors and other banks are said to exceed $400,000, against which there are assets of $250,000, a portion of which are worthless. The failure was due to large sums of money advanced to the Smith wagon works and the Smith plow shops at Pekin. Neither institution has been affected by the failure.
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Article Text
THE BANK FAILED TO OPEN The Private Bank of Teis, Smith & Co., At Pekin, III., Has Assigned -No Official Statement. Ill.-The two-score-year Pekin, 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.