Miller & Vaughan (Providence, RI)

Episode Information

Episode UID
8303762991163
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
830376299 hash
Start Date
November 2, 1896
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9a88af95ac45748a

Response Measures

None

Events (2)
1. November 2, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm heavily invested in local securities and could not realize assets before election; substantial liabilities (~$150,000โ€“$200,000) and no assets reported.
Newspaper Excerpt
Formal notice was received yesterday by the Stock Exchange of the failure, November 2, of Miller & Vaughan, bankers and brokers, of Providence, R. I.
Source
newspapers
2. * Receivership
Newspaper Excerpt
Warrants were issued in Providence, R. I., Wednesday, for the arrest of the two partners in the private banking house of Miller & Vaughan, who failed a week ago with about $200,000 liabilities and no assets. Liens have also been placed on the seat in the New York stock exchange which the firm held.
Source
newspapers

Newspaper Articles (5)
1. November 10, 1896 New-York Tribune New York, NY
Article from New-York Tribune, November 10, 1896

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Article Text

The Sub-Treasury gained $600,000 in gold (Assay Office checks) through Clearing-House operations, and $500,000 in gold coin was used in settling bank balances at the Clearing-House. WHY GOLD ISN'T RECEIVED. There has been a general inquiry as to why the United States Treasury has not received the vast amounts of hoarded gold offered to it and given gold certificates in exchange. The offerings of gold have been especially heavy at the NewYork Sub-Treasury. The law says that gold certificates shall not be issued when the gold reserve in the Treasury is below $100,000,000. and the Secretary of the Treasury considers that It is in his discretion to Issue them when the reserve is above that sum. The reserve is not now far enough above $100,000,000 to warrant the issue of gold certificates: and there is another reason for not issuing them. The gold might be turned in for gold certificates, and the Treasury thus converted into a storage warehouse for gold, which is something the Treasury seeks to avoid. What It most desires is to add to its stock of free gold, that is, the gold held by it in excess of $100,000.000. Anyway, should the Treasury at this time issue gold certificates, it might before long be compelled by the operation of the law to stop issuing. which would create an unfavorable impression. How soon the New-York Sub-Treasury will be in readiness to receive gold and give greenbacks for it cannot be told. It has extra work on hand which will take some time to clear up.. In the mean time the Sub-Treasury officials advise hoarders and other possessors of gold to deposit It in the banks. There is an immense volume of gold pouring into the banks. STRONG STERLING EXCHANGE. There are several reasons why sterling exchange is strong. The recent high rates for money here delayed remittances, and the easter money rates now are hurrying them forward. Large blocks of Government and other bonds sold by foreign holders before election are being paid for. Sterling loans are being repaid on an extensive scale. Finally, there has been an increase in imports, as represented by withdrawals of goods from bonded warehouses, and something of a falling off in general exports. Sterling exchange is not likely to go much higher, because Europe has within a few days become a buyer of American stocks. Money is quiet and in abundant supply. Commercial paper is finding a ready sale. The banks are gaining rapidly in deposits, and next Saturday's bank statement will show a heavy increase in this item. Formal notice was received yesterday by the Stock Exchange of the failure, November 2, of Miller & Vaughan, bankers and brokers, of Providence, R. I. W. B. M. Miller had been a member of the Stock Exchange since May 2, 1895. It was said the firm was loaded up with local securities, upon which it could not realize before election. It expected to settle with its creditors and resume. Its liabilities are about $150,000.

2. November 11, 1896 The Ely Miner Ely, MN
Article from The Ely Miner, November 11, 1896

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Article Text

# THE NEWS. Compiled From Late Dispatches. DOMESTIC. The public debt statement issued on the 2d showed that the debt increased 7,195,726 during the month of October. The cash balance in the treasury was $836,676,221. The total debt, less the cash balance in the treasury, amounts to $1,221,071,717. The visible supply of grain in the United States on the 2d was: Wheat, 58,679,000 bushels; corn, 19,340,000 bushels; oats, 11,751,000 bushels; rye, 2,544,000 bushels; barley, 5,907,000 bushels. The annual report of Second Assistant Postmaster-General Charles Neilson shows the annual rate of expenditure for all mail transportation at the close of the fiscal year to be $49,523,932. Matthew A. Grant, 75 years of age, a lifelong resident of Burryville, Conn., and one of the famous Grant triplets, died suddenly of paralysis. Mayor McClelland, of Roanoke, Va., was run down by an electric car and fatally injured. Five inches of snow fell at Huron, S. D., making a foot on the ground. Louis Bulser, proprietor of the American house at Mankato, Minn., shot and killed his wife while intoxicated. Lambuster Anglo was killed and Lincoln Guiseppi fatally injured by being pushed from a trolley car at Newark, N. J., during a panic when an electric fuse blew out. William F. Clemmons, dealer in woolens at New York city, assigned, with liabilities of $100,000. In Portland, Me., Alonzo G. Phillips, a lithographer, shot and killed his wife and then shot himself in a fit of jealousy. James H. Campbell, president of the Stockman's Commission company in Chicago, has found that $24,000 had been abstracted from the funds of the company and that Otis F. Hall, who for three years has been his confidential man, is missing. The coinage executed at the United States mints during the month of October was as follows: Gold, $5,727,500; silver, $2,844,009; minor coins, $66,900; total, $8,638,409. By a fall of coal in a mine at Ashland, Pa., three men were killed and three so badly injured that they will die. Scott Linton shot and fatally wounded William Metzler and Belle Gray and then killed himself at Georgetown, O. Jealousy was the cause. Miller & Vaughan, bankers and brokers at Providence, R. 1., failed for $150.000. Three masked men held up a south-bound passenger train one mile south of Alvarado, Tex., but did not secure any booty. The receipts of the United States for the month of October were $25,282,829 and the expenditures were $38,978,277, showing a deficit for October of $7,655,458. The total deficit since July 1, 1896, is $32,889,577. The wholesale clothing firm of Reis, Coons & Co. in Philadelphia failed for $100.000. About 2,100 employes have been added to the classified service by the issuance of an order by President Cleveland directing that the rules of the navy department regulating the employment of labor at the navy yards shall not be changed without the approval of the civil service commission. The United States Carriage company's works at Columbus, O., were burned. Mrs. Annie Schrieber, aged 28, and her nephew, a lad of 14, eloped from their homes in Chicago and committed suicide in Elgin, III. Three vast waterspouts connecting clouds and sea was the rare phenomena witnessed by residents of Cottage City, Mass. Jeff Jackson, John Adams, William Taylor and Robert Allison, negro laborers, were murdered by white caps near Wild Fork, Ala. The Emerson Piano company that failed recently in Boston has resumed business. At Merlens, Tex., Peter Hansen split his wife's head open with an ax and then committed suicide by shooting himself. He charged his wife with infidelity. A telegram from Lick observatory in California announces the discovery of a faint comet by Perrine, an assistant at Lick. Consul General Fitzhugh Lee arrived in New York from Havana. Half an hour after Harrison Bacon, aged 73, a pioneer of Courtland, O., had cast his vote he dropped dead in the street of heart disease. Capt. Hatfield, of Hatfield-McCoy fame, killed Henderson Chambers and John and Elliott Rutherford at Matewan, W. Va., during a quarrel over politics. Hatfield escaped. Constable Francis De Long, one of the oldest residents of Joliet, Ill., was shot and instantly killed by Lymau Hall, a young man 24 years old, whom De Long was trying to arrest.

3. November 12, 1896 Warren Sheaf Warren, MN
Article from Warren Sheaf, November 12, 1896

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Article Text

THE NEWS. Compiled From Late Dispatches. DOMESTIC. The public debt statement issued on the 2d showed that the debt increased 7,195,726 during the month of October. The cash balance in the treasury was $836,676,221. The total debt, less the cash balance in the treasury, amounts to $1,221,071,717. The visible supply of grain in the United States on the 2d was: Wheat, 58,679,000 bushels; corn, 19,340,000 bushels; oats, 11,751,000 bushels; rye, 2,544,000 bushels; barley, 5,907,000 bushels. The annual report of Second Assistant Postmaster-General Charles Neilson shows the annual rate of expenditure for all mail transportation at the close of the fiscal year to be $49,523,932. Matthew A. Grant, 75 years of age, a lifelong resident of Burryville, Conn., and one of the famous Grant triplets, died suddenly of paralysis. Mayor McClelland, of Roanoke, Va., was run down by an electric car and fatally injured. Five inches of snow fell at Huron. S. D., making a foot on the ground. Louis Bulser, proprietor of the American house at Mankato, Minn., shot and killed his wife while intoxicated. Lambuster Anglo was killed and Lincoln Guiseppi fatally injured by being pushed from a trolley car at Newark, N. J., during a panic when an electric fuse blew out. William F. Clemmons, dealer in woolens at New York city, assigned, with liabilities of $100,000. In Portland, Me., Alonzo G. Phillips, a lithographer, shot and killed his wife and then shot himself in a fit of jealousy. James H. Campbell, president of the Stockman's Commission company in Chicago, has found that $24,000 had been abstracted from the funds of the company and that Otis F. Hall, who for three years has been his confidential man, is missing. The coinage executed at the United States mints during the month of October was as follows: Gold, $5,727,500; silver, $2,844,009; minor coins, $66,900; total, $8,638,409. By a fall of coal in a mine at Ashland, Pa., three men were killed and three so badly injured that they will die. Scott Linton shot and fatally wounded William Metzler and Belle Gray and then killed himself at Georgetown, O. Jealousy was the cause. Miller & Vaughan. bankers and brokers at Providence, R. 1., failed for $150.000. Three masked men held up a southbound passenger train one mile south of Alvarado, Tex., but did not secure any booty. The receipts of the United States for the month of October were $25,282,829 and the expenditures were $38,978,277. showing a deficit for October of $7,655,458. The total deficit since July 1, 1896, is $32,889,577. The wholesale clothing firm of Reis. Coons & Co. in Philadelphia failed for $100.000. About 2,100 employes have been added to the classified service by the issuance of an order by President Cleveland directing that the rules of the navy department regulating the employment of labor at the navy yards shall not be changed without the approval of the civil service commission. The United States Carriage company's works at Columbus, O., were burned. Mrs. Annie Schrieber. aged 28. and her nepbew. a lad of 14, eloped from their homes in Chicago and committed suicide in Elgin, III. Three vast waterspouts connecting clouds and sea was the rare phenomena witnessed by residents of Cottage City, Mass. Jeff Jackson, John Adams, William Taylor and Robert Allison, negro laborers, were murdered by white caps near Wild Fork. Ala. The Emerson Piano company that failed recently in Boston has resumed business. At Merlens, Tex., Peter Hansen split his wife's bead open with an ax and then committed suicide by shooting himself. He charged his wife with infidelity. A telegram from Lick observatory in California announces the discovery of a faint comet by Perrine, an assistant at Lick. Consul General Fitzhugh Lee arrived in New York from Havana. Half an hour after Harrison Bacon, aged 73, a pioneer of Courtland, O., had cast his vote he dropped dead in the street of heart disease. Capt. Hatfield, of Hatfield-MeCoy fame, killed Henderson Chambers and John and Elliott Rutherford at Matewan, W. Va., during a quarrel over politics. Hatfield escaped. Constable Francis De Long, one of

4. November 13, 1896 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, November 13, 1896

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Article Text

The schooner Waukesha was wrecked off Mus. kegon, Mich., Sunday and six lives were lost. Only one man, of a crew of seven, commanded by a drunken captain, reached shore. The second floor of a building on Vesey street, New York city, occupied by the Great Atlantic and Pacific Tea company, collapsed Wednesday morning, causing a panic among the employes in the upper floors. Fortunately, no one was injured. Five masked robbers early Wednesday morning robbed the safe of the Star Brewing company in Cleveland, of $5000 in cash and $1500 worth of rare coins. They overpowered Night Watchman Louis Christiansen, and. after binding and gagging him, blew up the safe with dynamite. Warrants were issued in Providence, R. I., Wednesday. for the arrest of the two partners in the private banking house of Miller & Vaughan, who failed a week ago with about $200,000 liabilities and no assets. Liens have also been placed on the seat in the New York stock exchange which the firm held. Reports from points in South Dakota report a remarkably heavy fallof snow for this season of the year. A Huron despatch says that from 12 to 14 inches of snow covers the ground in that portion of the state, more than fell all last winter. Thousands of acres of corn are covered, and but a small portion of the wheat crop has been threshed. Napoleon Sarony, the veteran photographer, was found dead in his bed in New York Monday. Mr. Sarony had a great reputation as an artist photographer, and in more than 50 years of actual profe sional life he took the portraits of thousands of celebrated men and women, princes, statesmen, actors, actresses and distinguished foreign visitors. Tokio advices dated Oct. 20 say: Terrible accounts come to hand with incidents connected with the Mohammedan rebellion in Kan Su. It is estimated that 10,000 Mohammedans, chiefly women and children and old men, have died of bunger or been frozen to death in the hills and mountains. Those that have submitted number 18,000, women and children for the most part. Thirty or forty thousand remained under arms. The business of beheading the insurgents was conducted with wholesale vigor as soon as their strength had been broken in any district.

5. November 14, 1896 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, November 14, 1896

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Article Text

The News Condensed. Important Intelligence From All Parts. DOMESTIC. The public debt statement issued on the 2d showed that the debt increased 7,195,726 during the month of October. The cash balance in the treasury was $836,676,221. The total debt, less the cash balance in the treasury, amounts to $1,221,071.717. A statement prepared by the comptroller of the currency shows the amount of national bank notes in circulation October 31 was $234,897,657. an increase for the month of $1,345,627, and for the year, $21,099,429. The visible supply of grain in the United States on the 2d was: Wheat, 58,679,000 bushels; corn, 19,340,000 bushels; oats, 11,751,000 bushels; rye, 2,544,000 bushels; barley, 5,907,000 bushels. Wes Arnold and Charles James were fatally stabbed by unknown parties in a fight over politics at Portsmouth. O. The annual report of Second Assistant Postmaster-General Charles Neilson shows the annual rate of expenditure for all mail transportation at the close of the fiscal year to be $49,523,932. Matthew A. Grant, 75 years of age, a lifelong resident of Burryville, Conn., and one of the famous Grant triplets, died suddenly of paralysis. Mayor McClelland, of Roanoke, Va., was run down by an electric car and fatally injured. Five inches of snow fell at Huron, S. D., making a foot on the ground. Louis Bulser. proprietor of the American house at Mankato, Minn., shot and killed his wife while intoxicated. Lambuster Anglo was killed and Lincoln Guiseppi fatally injured by being pushed from a trolley car at Newark, electric ue when pante U Supinp "I N fuse blew out. William F. Clemmons, dealer in woolens at New York city, assigned, with liabilities of $100,000. In Portland, Me., Alonzo G. Phillips, a lithographer, shot and killed his wife and then shot himself in a fit of jealAsno James H. Campbell, president of the Stockman's Commission company in Chicago, has found that $24,000 had been abstracted from the funds of the company and that Otis F. Hall, who for three years has been his confidential man, is missing. The coinage executed at the United States mints during the month of October was as follows: Gold, $5,727,500; silver, $2,844,009; minor coins, $66,900; total, $8,638,409. By a fall of coal in a mine at Ashland, Pa., three men were killed and three so badly injured that they will die. Scott Linton shot and fatally wounded William Metzler and Belle Gray and then killed himself at Georgetown, O. Jealousy was the cause. Miller & Vaughan. bankers and brokers at Providence, R. 1., failed for $155000.00 Three masked men held up a southbound passenger train one mile south of Alvarado, Tex., but did not secure any booty. The receipts of the United States for the month of October were $25,282,829 and the expenditures were $38,978,277, showing a deficit for October of $7,655,458. The total deficit since July 1, 1896, is $32,889,577. The wholesale clothing firm of Reis. Coons & Co. in Philadelphia failed for 0000001$ About 2,100 employes have been added to the classified service by the issuance of an order by President Cleveland directing that the rules of the navy department regulating the employment of labor at the navy yards shall not be changed without the approval of the civil