Article Text
SMALL ILLINOIS BANK SUSPENDS PAYMENT. Chicago, Nov. 12.-The Ravenswood Exchange bank, a small institution in the suburb of Ravenswood closed its doors today. It has no connection with the Chicago clearing house,
Ravenswood Exchange Bank (Ravenswood, IL)
Episode Information
- Episode UID
564743591295- Episode Type
- Run → Suspension → Closure
- Bank Type
- private
- Bank ID
-
56474359hash - Start Date
- November 12, 1907
- Location
- Ravenswood, Illinois (41.966, -87.667)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
b503ad7fee6e8424
Response Measures
None
Description
The bank was a partnership concern, which typically indicates a private bank. The Chicago Title & Trust company was appointed receiver shortly after suspension.
Events (3)
1.
November 12, 1907
Receivership
- Newspaper Excerpt
- The Chicago Title & Trust company was later appointed receiver for the bank.
- Source
- newspapers
2.
November 12, 1907
Run
- Cause
- Macro News
- Cause Details
- Heavy withdrawals occurred during the Panic of 1907, which the bank could not meet due to slow assets.
- Measures
- The bank decided to close and wind up its affairs.
- Newspaper Excerpt
- as withdrawals were heavy, it was considered best to wind up
- Source
- newspapers
3.
November 12, 1907
Suspension
- Cause
- Macro News
- Cause Details
- The bank suspended due to heavy withdrawals and the illiquidity of its assets during the 1907 financial crisis.
- Newspaper Excerpt
- The Ravenswood Exchange bank, a small institution in the suburb of Ravenswood, closed its doors today.
- Source
- newspapers
Newspaper Articles (6)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
New York, Nov. 12.-A brokerage house which made a specialty of buying in small lots standard industrial and railroad shares continues to be swamped with work, and a house with foreign connections reports half of the buying orders come from Europe. Probably the most striking financial feature at present is the big scale which this investment buying is being done by persons of small means. The directors of the Parrol Silver and Copper Company, one of the subsidiary companies of the Amalgamated Copper Company, today voted not to declare the usual quarterly dividend of 25 cents a share. The directors announce that this is due to curtailment of production, depression in the copper industry and the fact that the ores treated are lower grade than formerly. Yesterday's Money Market. New York, Nov. 11.-Money on call, demanded 7@13, ruling rate 12. Prime mercantile paper, nominal, 7@10. Today's Report. New York, Nov. 12.-Prime mercantile paper nominally no market. Money on call in strong demand, 6@12: ruling rate 10. Shipment of Gold Continues. London, Nov. 12.-The movement of gold from the vaults of European banks to the United States, which has been in progress for several weeks, still continues. The total which passed the fifty million mark yesterday, was increased today when the Illinois Trust and Savings Bank completed negotiations for the importation of a million dollars. bringing the total to date to $56,800,000. Chicago Bankers Cheerful. Chicago, Nov. 12.-With the Chicago banks richer by nearly $3,500,000 in gold, it is confidently predicted that the money scarcity will not be prolonged beyond a few weeks. While the banks continue to engage more gold abroad the clearing house is rushed with the work of getting out cashiers' checks in small denominations which will be used locally until the currency stringency is relieved. The Ravenswood Exchange Bank, a small institution in the suburb of Ravenswood, closed its doors today. It had no connection with the Chicago clearing house. Arizona Copper Company Involved. Trenton, N. J., Nov. 12.-Application was made to the U. S .District Court here today for the appointment of a receiver for the Consolidated Arizona Smelter Company and the Arizona Smelting Company. The application was made upon behalf of Frank L. Crocker, of New York, who alleges that the assets of the company are in a chaotic state and charges insolven-
Click image to open full size in new tab
Article Text
RAILROAD STOCKHOLDERS. Nearly Half of New Ones Are Those Who Have Invested Their Savings. Gold Engagements Pass the Fifty-Six Million Dollar Mark and More is Coming. New York, Nov. 12.-Brokerage houses here, which make a specialty of dealing in small lots of standard industrial and reflroad shares, continue to be swamped with work, and houses with foreign connections report a wave of buying orders from Europe, which is unprecedented. Probably the most striking feature of the financial situation at present is the big scale on which this investment buying, by persons with small savings, is going on James L. Carter, in charge of the stock transfer department of J. P Morgan & Co., is authority for the statement that in practically every important railroad stock listed. the new stockholders who have recently invested their savings chiefly in small lots, represent from 25 to 50 per cent of the total number of stockholders enrolled. Mr Carter says that the purchases average not more than 20 or 30 shares to the individual that they appear to be for investment rather than speculative purposes and that the orders come from all parts of the country. The transfer office of the United States Steel corporation is a week behind on its routine work. The Union Pacific and Southern Pacific railroads report an increase in the number of stockholders at the rate, since the first of the month, of 300 a day. The Rock Island road has opened between 500 and 600 new accounts in the last six weeks, mostly in the common stock. The number of stockholders of the Chicago, Milwaukee & St. Paul has increased by 500 in the last two weeks. The activity has in Pennsylvania railroad stock been so great of late that figures of recent date are unobtainable. GOLD IMPORTATIONS. The movement of gold from the vaults of European banks to the United States, which has been in progress for several weeks in which the unprecedented total of nearly $60,000,000 has been engaged abroad for import still continues. The total which passed the $55,000,000 mark yesterday, was increased today when the Illinois Trust & Savings bank of Chicago completed negotiations for the importation of $1,000,000. This engagement makes the total to date $56,080,000. CHICAGO BANKS' RICHES. Chicago, Nov. 12.-With Chicago banks the richer by nearly $3,500,000 in gold, it was confidently stated yester. day that the tension of the money seareity will not be prolonged beyond a few weeks. While the banks continued to engage more gold abroad, the clearing house rushed the work of getting out its "casbless checks" in small denominations which will be used locally in lieu of currency. "It was the general opinion at the meeting of the clearing house today that the tension had been appreciably relieved,' said John a Mitchell, president of the Illinois Trust & Savings bank "All of the gold reserve cities reported the situation much improved. The report from abroad is that London is getting gold plentifully from the continent, thus making it less difficult for American banks to engage gold in Great Britain. I have engaged $500,000 more today, making a total of $2,500,000 for this bank." SMALL BANK FAILS. Chicago, Nov. 12.-The Ravenswood Exchange bank, a small institution in the suburb of Ravenswood, closed its doors today. The bank is small, and has no connection with the Chicago clearing house. The bank was a partnership concern Its suspension created no stir in financial circles. The deposits amount to $350,000. The bank's officers declare it is entirely solvent. and that nobody will lose through the suspension. It is said that some of the assets while good. were of a character which made them slow in realization and as withdrawals were heavy, 10 was considered best to wind up. AMERICA BUYS GOLD. London. Nov. 12-The United States today bought £393,000 in bar gold and £56.000 in American eagles from the Bank of England. S. F. BANKS IMPROVING San Francisco, Nov. 12.-Bankers today report the financial situation in San Francisco to be "Improving steadily and the outlook as "very encouraging Within the last four weeks gold in excess of $7,000.000 has been transferred by the New York subtreasury the major portion of it going to local banks The remainder was distributed among Washington, Oregon Nevada, Utah and California banks outside of San Francisco, having eastern balances due The new clearing house certificates of $20, $10, $5 and $1 denominations are circulating freely and being accepted readily in trade President Homer 8 King of the clearing house association said today that the suspension of the Union National bank of Oakland yesterday in no wise effects the banks of San Francisco CASHIERS' CHECKS REPLACED. Kansas City, Nov. 12.-Cashiers checks. which the banks have been furnishing the business houses for the past week to enable them to meet their payrolls, were replaced today by clearing house checks Additional security of the new medium of exchange is the reason given for Its issuance and for the retirement of the old.
Click image to open full size in new tab
Article Text
DEPOSITS OF $350,000. Small Bank in Ravenswood Suburb of Chicago Closed. Chicago, Nov. 12.-The Ravenswood Exchange bank, a small institution in the suburb of Ravenswood, closed its doors today. The bank is small, and has no connection with the Chicago clearing house. The bank was a partnership concern. Its suspension created no stir in financial circles. The deposits amount to $350,000. The bank's officers declare it is entirely solvent, and that .nobody will lose through the suspension. It is said that some of the assets, while good, were of a character which made them slow in realization and, as withdrawals were heavy, it was considered best to wind up. The Chicago Title & Trust company was later appointed receiver for the bank.
Click image to open full size in new tab
Article Text
SMALL BANK IN SUBURB OF CHICAGO SUSPENDS By Associated Press. CHICAGO, Nov. 12.-The Ravenswood Exchange bank, a small institution in the suburb of Ravenswood, closed its doors today. The bank is small and has no connection with the Chicago clearing house. The bank was a partnership concern: its suspension created no stir in financial circles. The deposits amount to $35,000. The bank's officers declare it is entirely solvent.
Click image to open full size in new tab
Article Text
Missouri, committed Midland hotel in Kansas City, leaving no message to explain his action. There was no evidence that the affairs of the Bank of Albany were involved in the tragedy. Charles Tracy Barney, the deposed president of the Knickerbocker Trust Company of New York, and until recently a power in the financial world, shot and killed himself. The deed was attributed to despondency over the loss of his large fortune and high business standing. Bankers and merchants in session at Sioux City, Ia., adopted a system of grain checks which it was agreed should be accepted as currency. The Merchants National bank of Portland, Ore.; the California bank of Oakland, Cal.; the Farmers and Merchants bank of Sapulpa, I. T., and the Ravenswood Exchange bank in a Chicago suburb suspended. The Royal Motor Car company of Cleveland, O., and the Gary wholesale grocery house of Selma, Ala., went into the hands of receivers. Secretary Cortelyou made the announcement that as a means of affording relief to the financial situation the treasury would issue $50,000,000 of Panama bonds, and $100,000,000 certificates of indebtedness, or SO much thereof as may be necessary. The certificates will run for one year and will bear three per cent. interest. Prince Charles of Bourbon was married to Princess Louise of France at Wood Norton, England, in the presence of about 40 members of royal families. Charles H. Seitz. formerly general manager of the Michigan Telephone company at Detroit, died in Chicago from pneumonia. Mrs. Evelyn Romadka, the Milwaukee woman burglar, was sentenced to the Joliet penitentiary for an indeterminate period of from one to twenty years by Judge Brentano of Chicago on her plea of guilty to the charge of burglary. Louis H. Krehl, a young civil engineer on the Rock Island railroad, shot himself in the head at Topeka, Kan. The $22,000 worth of pay checks for the miners of the Carbon Coal & Coke company, which were lost from the stage that runs between Longsdale and Cokedale, Col., were found by boys and returned to the company. J. Ballin, a stock broker of Hamburg and a brother of Albert Ballin, director general of the Hamburg-American Steamship line, committed suicide. Alexander Fries, head of the firm of Alexander Fries & Bro., New York and Cincinnati, and one of the most eminent chemists of the country, died in Cincinnati. Harry Waters and his son Walter were struck by the fast mail train on the Vandalia and instantly killed at the village of Almeda, Ind. The safe in the post office at Seneca, S. C., was blown open and $800 in stamps and $200 in currency taken. The indorsement of William H. Taft for the presidency, and a demand for home rule were the salient features of the platform reported to the Alaskan Republican convention. William Willcox, former superintendent of the municipal lighting plant of Columbus, O., was found guilty by a jury on the charge of defrauding the city out of $1,170. A fatal wreck occurred on the Missouri River & Northwestern railroad between Mystic, S. D., and Rapid City. An extra engine and three cars, one filled with passengers, plunged into Rapid creek, where a bridge had burned. Fireman Martin was pinned under the engine and died. The fiscal year for the state of Ohio closed with a cash balance in the treasury of $5,081,850.95, an increase of $1,335,817 compared with the previous year, which was a recordbreaker for revenues. While running at the rate of 60 miles an hour, westbound train No. 13 on the Wabash road jumped the track near Dillon, Laporte county, Ind. Four passengers and three trainmen were seriously injured and scores of passengers slightly hurt. Gov. Vardaman of Mississippi was prevailed upon to take a ride in Baldwin's airship at Jackson, Miss. Ten feet above the ground was the limit and the trip was very short. John C. Jeans, a day laborer of Ludington, Mich., has been bequeathed $1,000,000 by his aunt, Anna T. Jeans of Philadelphia. William E. Shiebler, the telegraph operator who received the first message over the Atlantic cable, sent to President Buchanan by Queen Victoria, died in Brooklyn. One man was blown to pieces and property loss of $10,000 resulted when two tons of powder in the grinding and storage room of the plant of the Pittsburg Fulminite company, near Zelienople, Pa., exploded. Eight persons, nearly all trainmen, were killed in a Canadian Pacific wreck at Chalk river, near the Canadian Sault. The board of trustees of the Catholic University of America at a meeting in Washingt placed the