Crumb & Baslington (Cleveland, OH)

Episode Information

Episode UID
5513079191050
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
551307919 hash
Start Date
June 24, 1887
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
713035b133d4c44b

Response Measures

None

Description

The firm made an assignment for the benefit of creditors (voluntary assignment) and is treated as closed.

Events (1)

1. June 24, 1887 Suspension
Cause
Voluntary Liquidation
Cause Details
Assigned for the benefit of creditors after losses tied to the Chicago wheat panic and clients' failures to meet obligations.
Newspaper Excerpt
Messrs. E. A. Crumb and George O. Baslington, bankers and brokers, assigned this morning for the benefit of creditors.
Source
newspapers

Newspaper Articles (3)

Article from The Indianapolis Journal, June 26, 1887

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Article Text

Failure at Cleveland. CLEVELAND, O., June24.-Messrs. E. A. Crumb and George O. Baslington, bankers and brokers, assigned this morning for the benefit of creditors. The failure grows out of the wheat panic in Chicago. Persons for whom Messrs. Crumb & Baslington were doing business failed to meet the claims on them, and the present action is taken to protect creditors. The firm take a cheerful view of the situation, however, and they hope to adjust matters and resume usiness soon. The firm began banking and brokerage business some fifteen years ago. Neither Crumb nor Baslington is to be found, and It is impossible tostate the amount involved in the failure.


Article from Morris Tribune, June 29, 1887

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Article Text

FAILURE IN CLEVELAND Caused by the Recent Panic on the Chicago Board of Trade. CLEVELAND, Ohio, June 27.-Crumb - & Baslington, bankers and brokers made an assignment to J. H. Rhodes Saturday morning Mr. Rhodes, when seen by a reporter, said: "The failure was caused by the recent Chicags wheat panic. Cleveland parties, for whom the firm did business, failed to put up the money necessary to make good their deals. The ordinary deposits of the firm will not exceed $20,000, and perhaps $15,000 will cover them. This money is gone but the special deposits and trusts of which the firm had a great many are all intact and will be returned to their respective owners. A large amount of the firm's indebtedness will be to Chicago parties, several drafts hauing come in since the property passed into my hands. It was from the pressure of the Chicago dealers that the assignment was made necessary." Mr. G. H. Crumb, senior partner of the wrecked firm, said their liabilities were fully covered by assets. Declared War Against the Bucket Shops. MONTREAL, June 27.-War has been deelared here by a large grain and stock operator against bucket shops and an attempt will be made to close them up. This has been brought about by alleged dishonest dealings by one of the largest shops, which refuses to pay the profits, amount to $17,000 in one case, and in another to $5,000, in a pork deal. An indictment was laid before grand jury on a charge of gambling, but it was thrown out. Now civil proceedings will be instituted. The prime mover against the bucket shops is A. Kiroak, leather merchant, and is he backed up by others who claim to have been swindled. The shop in question has forty-two branches in Canada and has coined money every where. It has ruined several parties here. Heavy Failure of a Wine Maker. ST. HELENA Cal, June 27.-William Scheffler, wine maker, has failed. His liabilities are upward of $187,000. The principal creditor is George W. Phillips of Brooklyn who is secured.


Article from Belmont Chronicle, June 30, 1887

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Article Text

THE NEWS. The production of coal for the year 1886i an increase of 1,785,381 tons over that of 1885. F. W. Bipper, meat contractor under the Chicago boodlers, has turned state's evidence. August Berning, of Louisville, shot his wife and then blew his own brains out. Cause jealousy. A fifteen million cubic-foot gas well, the fifth in number, has been opened in South Marion, Ind. The business portion of Pullman, Washington territory, was destroyed by fire, Monday; loss, $80,000. Ex-Governor Morrill, of Maine, is suffering from partial stroke of paralysis; he is eightyfour years old. The family of H. C. Skilton, of Galion, O., was badly poisoned by eating dried beef. None of them will die. J. C. Anderson was arrested at Newark, O., on the charge of using the mails to promote scheme of chance. At the commencement exercises of Harvard Annex, the degree of A. B. was conferred on five lady graduates. Ten thousand people were in attendance at the annual meeting of the Quakers of northern Indiana at Amboy, Sunday. The Union Labor Club, of Canton, Ohio, is composed chiefly of Democrats disgusted with the Cleveland administration. Crumb & Baslington, bankers and brokers, of Cleveland, O., assigned Saturday, with liabilities aggregating $60,000. The Democratic convention of Clarke county indorsed the Cleveland administration, without excepting the rebel flag order. Mrs. Noah Ham, of Anderson, Ind., for three years a cripple, is alleged to have been cured by the faith process, at the "Woodworth revival." The peach crop of Delaware is now reported to be almost failure. There will not be over 1,500,000 baskets, where 8,000,000 were at first expected. The B. & O. railroad company has been perpetually enjoined in the court of Newark, N. J., from prosecuting its work on the Statan Island bridge. General James Speed, Attorney General under President Lincoln, died Saturday at his home near Crescent Hills, a few miles from Louisville, Ky. Prof. Chas. S. C. Leon, a St. Louis corndoctor, was bitten by large rattlesnake from which he was trying to extract the fangs. Doctors say he will die. The Toledo, St. Louis and Kansas City railway, between Toledo, O., and Frankfort, Ind., a distance of 206 miles,was changed from narrow to standard gauge Sunday. A clique of railway ticket forgers has been discovered in Chicago, and two have confessed. Their scheme was to take old tickets and work them over by means of acids and colored pencils. John Thomas Rose, colored, convicted in Baltimore of the murder of Emily Brown,white, whose body was sold by him to the Medical University, was sentenced Saturday to be hanged. Now that E. L. Harper, late of the Fidelity National Bank, is known by the public to have been polished rascal, numerous small swindles in which he has had a hand are being brought to light. A dynamite bomb was placed at the basement doorway of the residence of Dr. T. E. Buck, in St. Louis, and exploded. The house was very much shaken, but no one injured. The reason for the act is unknown. Noah Parker has been arrested in Morgan county, Tenn., charged with the murder of his wife by throwing her in a well. He was arrested upon the confession of a woman with whom he was intimate that he had said he would it. There was a serious break in the New York stock market, Friday, the result of a raid, apparently based on the stringent money market. It was serious enough to demand the attention of the secretary of the U. S. treasury to measures of relief to avoid a panic. President Cleveland has about given up the I idea of visiting St. Louis during the encampment of the Grand Army of the Republic,giving as reason the hot weather there during September. He may visit the city in October, when the exposition is in operation. There is strong evidence of the existence of of an organized gang of Anarchists at Columbus, Ohio. i Yellow fever record at Key West: Total cases, 42; total deaths, 18; now sick, 14; discharged cured, 10. Alfred Blunt, the hunchback negro who, in a D fit of jealously murdered his wife, was hanged at St. Louis Friday. The safe in the Willoughby (0.) post-office was blown open Sunday night, and between $500 and $600 taken. The Civil Service Commissioners have advanced the per cent. average for passing examinations from 65 to 75. The immense buildings of the Chicago Packing and Provision Company were destroyed by fire Sunday; loss $1,250,000. 8 President Cleveland will be the guest of c) George W. Childs during his visit to the Constitutional Celebration in Philadelphia. Hon. Freeman Clark, appointed comptroller of the currency by Lincoln in 1865, died Friday, in Rochester, N.Y., at the age of 78. David Armstrong, of Jackson, O., has been appointed by Comptroller Trenholm, receiver of the Fidelity National Bank, of Cincinnati. Professors of the Ohio State University are E charged with bulldozing students in order to tl reduce the attendance and lessen their labors. c Organized efforts are being made to secure d an attendance of all colored posts of the G. A.