Exchange Bank (Earlville, IL)

Episode Information

Episode UID
7118491591020
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
711849159 hash
Start Date
December 1, 1884*
Location
Earlville, Illinois (41.589, -88.922)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bd3b80fcd9ab752b

Response Measures

None

Description

Assignee (C. M. Smith) appointed; proprietor Wm. Wilson left town.

Events (2)
1. December 1, 1884* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insolvency tied to the failure of William Wilson & Co.; very little ready money on hand, heavy liabilities (over $100,000) and multiple judgments.
Newspaper Excerpt
The affairs of the Exchange Bank, at Earlville, which suspended payment a week ago, are worse than at first expected.
Source
newspapers
2. December 20, 1884 Receivership
Newspaper Excerpt
On Saturday C. M. Smith was appointed assignee.
Source
newspapers

Newspaper Articles (2)
1. December 27, 1884 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, December 27, 1884

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Article Text

The Earlville Failure. The excitement over the failure of the two firms of William Wilson & Co., of the Earlville Exchange Bank, and the agricultural firm of O.J. Wilson & Co., of Earlville, is still at fever heat in Earlville, and is by many not soon to be forgotten. One week ago the news reached here of the heavy failure of Wm. Wilson & Co., bankers. The Exchange bank was established in 1876, by Mr. C.S. Munson, who sold it to W. R. Haight, Esq., who in turn sold it to A. J. Grover. From Mr. Grover it passed into the hands of Wm. Wilson & Co., and under their management, until a short time since, was supposed to be upon a solid footing. In the last three years the deposits have run very low, and at the time of the crash but very lit. tle ready money was on hand. It is Said the farmers in the vicinity of Earlville are the heaviest losers, some having made their deposits only a day or two before the failure, while many cases with aggravated circum. stances are reported where poor men are interested, having in the bank, at the closing of its doors, the savings of years. Mr. Wilson claims he will be able to pay dollar for dollar, if given a little time. Judgments were rendered against the Earlville bank late on Friday afternoon, Dec. 19, in the Circuit in favor of the following: H. C. Doane, $1,000; Na. tional City Bank of Ottawa, $9,115; C. M. Smith, $2,000. Wm. Wilson filed a chattel mortgage in favor of C. M. Smith for $3,500. O.J. Wilson also filed a chattel mortgage for $4,200 in favor of R. and I. T. Wilson and H. Hapely. Besides which there are large liabili. ties in Chicago, &c. Other judgments were rendered, aggregating in all about $50,000. The liabilities of the defunct bank are some. what over $100,000. On Saturday C. M. Smith was appointed assignee. The assets claimed foot up $167,000, from which the members of the firms claim homestead and other legal ex. emptions. The bank's failure will be particularly de. pressing on Earlville and the surrounding country for some time to come on all classes.

2. December 31, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 31, 1884

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Article Text

Brief Mention. At La Salle, Mrs. Franklin Corwin, wife of the late Congressman Corwin, and mother of the editor of the Peru Herald, died on Christmas, and was buried on last Saturday. A mail car of the Indiana, Illinois & Iowa railroad caught fire from the stove on Sunday night, when the train was near North Judson, and the car and its contents were completely destroyed. The State Teachers' Association met at Springfield on Monday. Prof. Henry Raab, Superintendent of Public Instruction, made the address of welcome. Prof. Andrews, of Galesburg, responded. The attendance is fair. The wife of Zachariah Lawrence, one of Bloomington's oldest citizens, died on Monday, aged seventy-two years. About five years ago Mrs. Lawrence fell on the ice, and received injuries which resulted in her death. The affairs of the Exchange Bank, at Earlville, which suspended payment a week ago, are worse than at first expected. Claims can now be bought at less than twenty-five cents on the dollar. The proprietor, William Wilson, has left the place. Mrs. Ann Milburn died at Jacksonville, on Monday, aged eighty-seven years. She had resided there fifty years, and was the mother of the noted "blind preacher," Wm. H. Milburn, whose eloquence has made the name famous in Europe and America. At Rockford, a five-year-old boy, named Frank Gruninger, was attacked by a companion considerably older, while they were playing together, and the latter, Oscar Ring, struck the other & severe blow between the eyes, with a pair of bone clappers. The little fellow died. W. L. Mitchell, until last week manager of the "Famous" shoe store, at Paris, has been arrested on the charge of obtaining goods under false pretenses, preferred by Farnham & Co., of Chicago. Last July he bought $800 worth of shoes, representing himself worth $3,200, clear of debt. Last week he failed, and Eastern creditors took his stock. At the time he bought in Chicago he had a note out for $1,700 A case of glanders in a human subject has been reported to the State Board of Health. The board dispatched Dr. J. H. Uttley, of Springfield, to investigate it, and he reports to-day that he found the patient, Abram R. Rearick, twentytwo years old, suffering from a disease contracted about Oct. 17. Rearick had been attending horses suffering with glanders, and the examination leaves no doubt that the young man has the same disease.