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.
Teis Smith & Company (Pekin, IL)
Episode Information
- Episode UID
5224064791276- Episode Type
- Suspension → Closure
- Bank Type
- private
- Bank ID
-
522406479hash - Start Date
- April 2, 1906
- Location
- Pekin, Illinois (40.568, -89.641)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
22d43a0b5fc0fe4c
Response Measures
None
Events (1)
1.
April 2, 1906
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large, imprudent loans/advances to affiliated Smith Wagon Works and Smith Plow Shops left assets insufficient to cover liabilities; trustee assigned.
- 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 (13)
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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.
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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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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.
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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.
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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.
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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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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.
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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 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.
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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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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.
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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.