8347. Clabaugh, Nelson & Co. (Baltimore, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
October 23, 1878
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
71ca036d

Response Measures

None

Description

Multiple contemporary newspaper dispatches report the banking house suspended and made an assignment to J. Alex. Preston for the benefit of their creditors on Oct 23, 1878. Cause cited is losses of senior partner in hotel, real-estate shrinkage and general dry rot in the bank's business (bank-specific adverse information). The assignment indicates permanent closure/receivership rather than a temporary suspension.

Events (2)

1. October 23, 1878 Receivership
Newspaper Excerpt
made an assignment to J. Alex. Preston for the benefit of their creditors.
Source
newspapers
2. October 23, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses of senior partner W. H. Clabaugh in the St. Clair Hotel, shrinkage in real estate values, and general 'dry rot' in the banking house's business.
Newspaper Excerpt
The banking house of Clabaugh, Nelson & Co. have suspended and made an assignment to J. Alex. Preston for the benefit of their creditors.
Source
newspapers

Newspaper Articles (10)

Article from Alexandria Gazette, October 23, 1878

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Article Text

Suspension. BALTIMORE, Oct. 23.-The banking house of Clabaugh, Nelson & Co. have suspended and made an assignment to J. Alex. Preston for the benefit of their creditors. The cause of the failure is attributed to losses of the senior partner, Mr. W. H. Clabaugh, in the St. Clair Hotel, of which be was proprietor, shrinkage in real estate, and a general dry rot in the business of the banking house. Liabilities of hotel and banking house about $100,000, of which $50,000 sre secured. Assests consist mostly of real estate and book accounts.


Article from The Cheyenne Daily Leader, October 24, 1878

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MARYLAND. Another Big Failure. Baltimore, Oct. 23.-The banking house of Clabaugh, Nelson & Co. suspended and made an assignment to J. Alex. Preston for the benefit of their creditors. The cause of their failure is attributed to the losses of their senior parner, Mr. W. H. Clabaugii, in the St. Clair hotel, of which he was proprietor, shrinkage in real estate and a general dry rot in the business of the banking house. Liabilities of the hotel and banking house about $100,000, of which $50,000 are secured; assets consist mostly of real estate and bank accounts.


Article from The Wheeling Daily Intelligencer, October 24, 1878

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BUSINESS EMBARRASSMENTS. A BANK SUSPENDED. BALTIMORE, October 23.-The bank of Clabaugh, Nelson & Co. suspended. They made an assignment to J. Alex. Preston for the benefit of their creditors. The cause of the failure is attributed to the losses of the senior partner, Mr. W. H. Clabaugh, in the St. Clair Hotel, of which he is proprietor. Liabilities of the hotel and banking house are about $100,000, of which $50,000 is secured. The assets consist mostly of real estateand book accounts.


Article from Knoxville Daily Chronicle, October 24, 1878

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MARYLAND. BALTIMORE, Oct. 23.-The races at Pimlico were postponed to-day on account of the flooding of the track by a storm of wind and rain last night. The banking house of Clabaugh, Nelson & Co., has suspended and made an assignment to J. Alex. Preston for the benefit of their creditors. The cause of the failure is attributed to losses of the senior partner, W. H. Clabaugh, in the St. Clair Hotel, of which he was proprietor, shrinkage of real estate and the general dry rot in the business of banking houses. The liabilities of the hotel and banking house are about $100,000, of which $50,000 is secured. The assets consist mostly of real estate and book accounts.


Article from Daily Los Angeles Herald, October 24, 1878

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Ore and Wool Shipmens. YUMA, Oct. 23 I.-The steamer Mobave arrived from Ehrenberg this morning at 11 o'clock, bringing ten tons of copper ore and six tons of wool tor San Francisco, and twenty-eight tons of Castle Dome ore for Oakland All went forward by Southern Pacific Railroad to. night. Latest Eastern News. Treasury Department News. WASHINGTON, Oct. 23d. - The heavy gale of last night having interrupted telegraphic communication between Washington and most points north and west, the time for receiving proposals for the sale of silver to the government has been extended to next Friday noon, the 25th inst. Attorney General Devens has re. versed his former opinion that National Banks, in making up capital subject to duty, should be permitted to deduct United States bonds at their face value only, and now decides that they may deduct the total amount invested in such bonds; that is to say, not only their value but the premium added It is said by Treasury officials that this decision will re-open some fifty thousand assessments made by the Treasury Department since the passage of the National Bank ing act, and that a large amount of money will be required to refund dutles erroneously collected from banks under the previous rulings. Senator Sargent and Representative Page arrived here to-day in good health. Severe Sigres. NEW YORK, Oct, 231.-The storm here is very severe. The telegraph wires are down In all directions. The bay is very rough and the damage to shipping Is probably heavy. It is blowing directly on shore. Effects or the Storm. SCRANTON, Pa, Oct. 23d.-In the terrible storm of this morning buildings were dismantled, trees uprooted and roofs blown off. Ad. vices from surrounding towns report great damage to property. Bank suspension. BALTIMORE, Oct. 23 - -The banking house of Clabaugh, Nelson & Co. has suspended and made an assignment to J. Alexander Preston for the benefit of their creditors. The cause of the failure is attributed to the losses of the senior part. ner, Mr. W. H. Ciabaugh, in the St. Clair Hotel, of which he was proprietor, shrinkage in value of real estate and general dry rot in the business of the banking house. The liabilities of hotel and banking house are about $100 000. of which $50,000 are secured. The assets consist mostly of real estate and book accounts.


Article from The Democratic Advocate, October 26, 1878

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The banking house of Clabaugh, Nelson & Co., Baltimore, suspended Wednesday. Liabilities supposed to be about $100,000. The firm was well-known in this county.


Article from The Eaton Democrat, October 31, 1878

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News of the Week, Failure in Baltimore. The banking house of Clabaugh, Nelson & Co., Baltimore, suspended on the 23d. Liabilities about $100,000, of which $50,000 are secured.


Article from Perrysburg Journal, November 1, 1878

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WEST AND SOUTH. At Cincinnati on the morning of the 22d, the dwelling of Michael Reuter was burned. Reuter upon awakening ran up stairs to rescue his little daughter: in doing 80 he was obliged to pass directly through the flames. He found the child with her night clothes burning and seizing her rushed back through the flames, reaching the ground in safety, but he was so badly burned that it is doubtful whether he will recover His arms were burned almost to the bone, and the flesh was scorched off his back. The child was severely burned about the face and arms. In consequence of heavy losses through an absconding Treasurer, the First National Bank of Auburn, Ind., has been compelled to close its doors and go into liquidation. Destructive prairie fires were raging in Polk County and other portions of Nebraska on the 22d. Several persons were burned to death and a number of others severely burned. The loss to property is very great. The failure of Dodd, Brown & Co., of St. Louis, one of the largest wholesale dry goods firms in the West, was announced on the 22d Cause of suspension, inability to make collections from country customers. Liabilities estimated at $1,500,000, principally due in New York. A Narrow Guage Railway Convention assembled at Cincinnati on the 23d. In an address delivered by the President of the Convention that gentlemen stated that there were nearly 3,100 miles of narrow guage railways in the United States, the greater portion of which had been built in the last five years, and as many more are now projected. The committee's report claimed that a narrow guage engine of the same capacity as the standard engine can take up the same grade more tons of paying freight because it has less dead weight of cars, and that in the transportation of passengers the same rule would prevail. Clabaugh, Nelson & Co., bankers of Baltimore. Md. suspended on the 23d. Liabilities about $100,000; assets mostly real estate and book accounts. The Socialists of St. Louis have a full ticket in the field, made up of candidates on other tickets and endorsed by them Decatur and Edwards Counties in Sappa Valley, Kan., recently raided by the Chey ennes, have been devastated by prairie fires, and nearly everything not destroyed by the Indians consumed. Several persons, it is reported, perished in the flames. Dan Dement, the wounded train robber who escaped when the leader of the gang was captured a few days ago, was overtaken on the night of the 22d by Detective Light, fifteen miles from Ellsworth, Kan., and in the struggle which ensued, was shot and killed by Light. Hon. John S. Carlisle, formerly United States Senator from West Virginia, and who took an active part in the formation of that State, died at his residence in Clarksburg on the 24th. A Commercial Congress will be held at Chicago on the 12th of November. The object of the convention is to devise means for the extension of our trade and commerce across the continent and with foreign countries. The President, Governors of States, members of Congress and Ministers from South Ainer can States, Mexico, China and Japan have been invited A special dispatch from Vincennes, Ind., to the Indianapolis Journal, on the 24th, gives an account of the murder of John D. Vacelet, wife and two sons, who resided about two miles south of that city. Pierre Provost. farm hand who lived with them, gave the alarm On going to the house the neighbors found the two sons, aged fourteen and six teen, in bed, the father lying in the doorway to adjoining room, and in the next room the mother in bed, all dead and cold. The deed had evidently been done with an axe. the heads and throats of the victims being gashed and cut by such weapon. Two or three bloody axes were found Provost could give no satisfactory account of the affair and he was placed under arrest. The circumstances entirely against him. At Harrisonville, Mo., on the 25th, Richard T. Isaac was hanged for the murder of Henderson B. Clark. Over 5,000 people witnessed the execution. An Associated Press dispatch says James E Anderson, who was in Indianapolis the 25th, was interviewed by a reporter the Herald, and made confession which, true, clears up the mystery surrounding the Sherman letter, and exonerates Secretary Sherman from all complicity in the matter. He says the authorship of the letter lies between Senator Kellogg and Conquest Clark, who was his private secretary at the time d that Mrs. Jenks never saw it, and that the original letter is now in the possession of gentleman of Philadelphia and can be produced at any time. Anderson says he was made the dupe of Sypher, his cousin, and of compelled to go before the Potter Committee. Official returns from all but four counties in Iowa on the vote for Secretary of State the recent election, give Hull, Republican. 6,989 majority. Unofficial returns from the four counties increase the majority to 8,862. The funeral of Bishop Rosecrans was held at St. Joseph Cathedral in Columbus on the 24th in the presence of an immense crowd. The last sad rites of the church were celebrated by Archbishop Purcell, assisted by Bishops Foley, Burgiss, Gilmore, Chetard, Kaine and Toebbe, Chief Dull Knife and his band, who captured in the South Hills on the 22d b were detachment of the Third Cavalry, and after n ward escaped and fortified themselve under ed the bank of Chardon Creek, came out of their works at noon on the 27th, Carlton, manding the troops, having received artillery com and sent them word previously by his er that if they did not come out and surrende guide he would blow them from the face of of earth. After being disarmed they wer th ad marched to Camp Robinson. Neb. where the arrived about midnight of the 27th. ed The official vote Indiana at the late elec tion gives John H. Shanklin, Democratic rn18e didate for Secretary of State, 13,736 plurality lan As compared with the vote of 1876 the Demo crats the lost 18,673, the Republicans 27,325 age Nationals gained 26,235. rk, Senator Kellogg, -on the 26th, denied stistatement of Anderson so far it relates Th the him and the so-called Sherman letter. Senator stated that there is no such ent tic his knowledge, and that the whole statement letter is the task of a man in his cups. on, een Provost, the suspected murderer of t) rs. Vacelet family, hung himself on the 28th his cell in the jail at Vincennes, Ind. ing Ka our The State Normal School building of T sas, at Emporia, burned on the 26th. on building cost $85,000 and was not insured and Charles Etheridge, St. Paul, Minn. set $35,000 surance agent, absconded on the 26th, of funds belonging to other ork The Cincinnati Enquirer, on the 28th, parties. lished the statistics and approximate estimates the crop for 1878 in three States The an increase over lows: bushels, Fifty-one counties in Ohio, last being me 1,500,000 bushels. Forty-eight The


Article from West Virginia Argus, November 9, 1878

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NEWS. From the Capital. A special to the Cincinnati Gasette of Oct. 24,says: Some Baltimore tea merchants to. day called upon the Chinese Embassador, and discussed the question of commercial relations with China with special relation to the tea trade. This is the first reception given by the Chinese to civilians. The tea merchants requested the Chinese Embassador to discourage the exportation of teas which were artificially colored, and to send teas only in natural condition, as they are used in China. The Minister showed his shrewdnessby informing the delegation that Chinese merchants would be glad to export teas in the natural conditon, as it cost them much less, and that artificially colored teas would not be exported a day longer than there was a demand for them. A sample of tea brought from China by the embassy for its own use was brought in. The Minister said that the various brands of tea sold in America and Europe were unknown to snd unused by the tea consumer in China. They were es. pecially prepared by Chinese tea exporters for the foreign markets, were colored by chemicals. and this process, together with the peculiarmethods of putting up teas for foreign markets, not only rendered it less palatable and beneficial, but more expensive He expressed the opinion that if boards of trade in New York and China were to make known the fact that pure teas were not only more palatable, but less expensive, it would be a benefit to both the producer and consumer. There is, said he, real V but one kind of tea plant, and from this both green and black teas are produced. The equivalents for the two terms green and black," do not signify to Chinese the color of tea, but have reference to the period of gathering Green indicating, not green color, but unripeness. Yung Wing, in the course of his speech, made the important admission that he was confident that tea could be successfully cultivated in certain portions of the United States, but that Chinese labor would be necessary to successfully do this, and he added that Chinamen are not disposed to emigrate in great numbers to this country in view of pending prejudice and agita ion against them in California. Information has been received to the effect that General Trevino, commanding Mexican forces on the Rio Grende, has already dispersed several bands of marauders and Indians found on the Mexican side. The Indian Bureau denies the truth of the recent statement that the Spotted Tail Indians are in danger of starvation by neglect to provide supplies. On the contrary, it is stated that there is an abundant supply of beef, flour and pork Information has been received at the War Department to the effect that the Mexican General, Trevino, commander of the troops on the Rio Grande, has arrived at Piedras, where Gen. Ord, who commmands the United States forces on the Rio Grande frontier, has gone to meet him for the purpose of consultation as to plans to be pursued to maintain order and prevent cattle side. stealing raids into Texas from the Mexican Items in General. The banking house of Clabaugh, Nelson & Co., Baltimore, suspended on the 23d. Liabilities about $100,000, of which $50,000 aresecured The National Narrow Guage Railroad Convention, opened in Cincinnati on the 23d instant with an attendance of roads. delegates representing about sixty railJohn D. Vacelit,s farmer, fifty-three years of age, his wife, and two young sons, were murdered at their home, near Vincennes, Ind., on the night of October 23d, by having eir heads crushed in with an ax. Pierre ) evost, their farm hand, was arrested on suspicion of having committed the murder. Richard P. Isaacs was executed at Harrison, Mo., on the 25th of October, for the killing of Henderson R. Clarke. He died penitent terrible domestic tragedy took place near Marietta, Ohio, on the night of the 25th of October. Henry Tyler went to the residence of his wife's father. where his wife was staying, absenting herself from his bed and board, and fired hree shots of a revolver at her. Supposing he had killed her, he left, and when the officers attempted to arrest him, shot himself, and lived but few hours after. It was thought, at latest accounts the wife would recover. Between two and six o'clock in the morning, recently, burglars entered the Man. hatten Savings Bank building, in New York City, seized and handcuffed the janitor, and forced him to reveal the lock combination. $2,757,700 in bonds and cash were stolen, $83,000 of which were available. The janitor is suspected of collusion Richard Kramer, a saloon-keeper of New port, Ky., was shot by his son on Sunday with probably fatal results. The quarrel began by the father's objecting to the son indulging excessively in whisky-drinking. As the shot was fired in a scuffle, the son claims was accidental. Joseph Brown, the Wilkesbarre banker who suspende Blast May, has given bail to answer the charge of defrauding depositors John Whitby, a half breed, has been sentenced to be hanged at Welland, Ont, Nov. 25, for the murder of a felvtramp named Allen, on April last The Taylor Manufacturing Company at Westminster Carroll County, Md., which made an assignment, estimate their liabilities at $100,000, chiefly local, with some at Pittsburg and Boston. The assets and amount due the company, it is said, whil foot up $25,000 above the liabilities. Two brokers, Louis A. Brown and Horace E. Brown, were arrested Saturday, in New York, for forgery, in connection with the $64 000 check forgery on the Union Trust Company They were committed to the Tombswithout bail. The bottom of this my sterions forgery has now been reached. J.P. McDonnell, editor of the Lubor Stand ard. of Paterson, New Jersey, convicted of libel in calling non-striking operators of the Adams Mills scabs, was sentenced to pay a fine of $500, It was at once paid by the workingmen and women of the city, and at night they were drawing McDonnell around town in an open barouche Anna Young, the wife of John Young, janitor of the building No. 117 Nassau-street, N. Y., got on the elevator Saturday morning. and attempted unassisted to ascend to be top floor, On reaching the fifth floor she started to get out of the door without stop. ping the elevator and was almost instantly killed, her head being frightfully mashed between the car and door of the casework The accident is to be attributed to the woman's reckless carelessness Saturday, at Vincennes, Indiana, Pierre Provost, the murderer of the Vacelet fam. ily, comm tted suicide in the jail. In the evening he sent for a priest, who was with him for some time, and to whom it is supposed he made a full confession, which may hereafter become public. In the night Provost tied a towel around his neck, and fastening 8 coat sleeve to the towel. and the other sleeve to the upper berth in his cell, knelt down and choked himself


Article from The Red Cloud Chief, November 21, 1878

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LATE NEWS. General. Bishop Rosecrans died at Columbus. Ohio, Oct. 23d. A plaining mill in Cincinnati burned Oct. 22ed. Loss $12,000. Detroit Planing Mills were partially burned, Oct 25. Loss, $25,000. The box factory of Rafferty & Collins, at Milford, Mass., hurned October 25th. Loss, $50,000. A cotton factory at Chattanooga was burned Oct. 17th. Lone, $35,000: insurance, $25,000. The banking house of Clabaugh. Nelson & Co., Baltimore, has suspended, and made an assignment for the benefit of its creditors. Snow to the depth of nine inches fell In the northwestero part of Ontario on the night of Oct. 27th, doing great damage to fruit and other trees. Snow fell in Western Missouri, Iowa. and in different places in Kansas, Oct. 20th, said to be the earliest fall In Missouri and Kansas In sixteen years. The first through sleeper from St. Louis for New Orleans, since the yellow fever was declared epidemic, left the former city on the night of October 28th. B. Goldman & Co.'s slipper factory at Milwaukee was destroyed by fire the morning of Oct. 20th. Loss, $7,000. There were 75 men and women employed in the factory. Sylvester P. Smith has given an indemnifying bond for A quarter of million dollare as receiver of the Kansas Pacific railroad, and will take charge of the road November 1st. Rev. N. W. Gallagher, of St. Patrick's Church, Columbus, Ohio, has been appointed by Archbishop Purcell, Administrator of the Diocese of Columbus, vice Rosecrans, deceased. The schooner Daniel Lyon, valued at $15,000, with a cargo of wheat, was sunk in Lake Michigan, by a collision with the schooner Katie Gillett. October 18th. The cargo was valued at $10,000. The Toleac Manufacturing Company. at Westminster, Carroll county, Md., which made AD assignment, estimates the Habilities at $100,000. The assets will foot np $25,000 above the Habilities. The boiler of the Otsego fork-hancle works. at Rome, Ashtabula county, Ohio, exploded Oct. 25, instantly killing the engineer, and seriously injuring two other men. The factory was totally destroyed. United States troops captured 150 of the runaway Cheyennes and 150 head of stock in the Sand Hills, about 70 miles from Cheyenne, a few days ago. The Indians were dismounted and taken to Camp Robinson under guard. The sash and blind factory and lumber yard of the Sterra Flume Co, at Chico, California, burned Oct. 28th. The fire caught from sparks from the engine. The loss Is variously estimated from . quarter to half a million dollars. Dan Demend. one of the gang of train robbers who escaped with Mike Rourke, few days ago, was overtaken on the night of Oct. 22d, by Detective Light, on the Kansas Paeifle road, 15 miles from Ellsworth, Kaneas, and in the struggle which ensued Light shot and killed the robber. Attorney General Devens has overruled the former opinion of the Department of Justice to the effect that a national bank in making capital subject to duty, may be permitted to deduct United States bonds at their face value, and now decides that they may deduct the amount invested in such bonds- not only their face value, but the premium added. It in said by some of the Treasury officials that these decisions may reopen some 50,000 assess ments made by the Treasurer since the passage of the National Bank act, and considerable money will be required to refund erroneous