8388. J. J. Nicholson & Sons (Baltimore, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
January 14, 1892
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
bc4f0841

Response Measures

None

Description

The firm (bankers) J. J. Nicholson & Sons closed its doors mid-January 1892 and trustees/assignment proceedings followed. Articles describe insolvency/embarrassment (death of Andrew Nicholson and ensuing mental collapse of the surviving partner), assignment to trustees and petitions for receivers — indicating permanent failure rather than a temporary run-and-resume. No discrete depositor run is described in the sources provided.

Events (3)
1. January 14, 1892 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent/embarrassed; head Andrew Nicholson died suddenly and the firm's bad condition could no longer be concealed; loose conduct of business and heavy liabilities reported.
Newspaper Excerpt
BALTIMORE, Md.. Jan. 14.-J. J. Nicholson & Sons, bankers. closed their doors to-day.
Source
newspapers
2. January 15, 1892 Other
Newspaper Excerpt
The failure of the old banking firm of J. J. Nicholson & Sons, preceded by the sudden death by apoplexy of one of the members of the firm, and followed immediately by the insanity of the surviving member, has caused a flurry in business circles here. ... A petition has also been filed in the circuit court for a receiver for the Baltimore Publishing company by the attorneys for the trustees of Nicholson & Sons. (Articles note assignments and petitions.)
Source
newspapers
3. January 16, 1892 Receivership
Newspaper Excerpt
The assignment was directed by Bishop Isaac L. Nicholson ... The City Circuit Court assumed jurisdiction in the trust estate of J. J. Nicholson & Sons.
Source
newspapers

Newspaper Articles (8)
1. January 15, 1892 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 15, 1892

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Article Text

Business Embarrassments. BALTIMORE, Md.. Jan. 14.-J. J. Nicholson & Sons, bankers. closed their doors to-day. Some of the smaller savings banks of Maryland and West Virginia kept accounts with the firm. No business nor bank here will be affected. Andrew Nicholson. one of the sons, dropped dead in the bank the other day. PHILADELPHIA, Pa., Jan. 14.-The embarrassed cotton and wool commission firm of Joseph H. Coates & Co., of this city, made an assignment to-day to Horace H. Fritz. BIRMINGHAM, Ala., Jan. 14.-H. Hersog, the leading merchant of Gadsden, Ala., failed with liabilities $150,000 and assets $125,000. NEW YORK, Jan. 14.-Ezenberg & Knapp umbrella manufacturers, assigned to-day to Chas. Myers, without preferences.

2. January 15, 1892 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, January 15, 1892

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TELEGRAPHIC BREVITIES. There are more floods in Spain. The German landtag has opened. There are seven hundred cases of grip at Ottawa. There was a terrific gas explosion at Anderson, Ind. Tennessee mountain railroads were damaged by storm. Monarchical institutions were attacked in the Spanish chamber of deputies. The German Presbyterian church, New York city, was burned. Loss $75,000. The Lake Superior, which grounded near Nix's Mate, pulled off without injury. Kilbourn J. Brown of Malden Mass., was acquitted of the charge of smuggling. Heavy floods prevail in the province of Huelva. The damage done is already enormous. A Manchester (N. H.) woman attempted suicide on account of troubles with her husband. A woman in London, crazed by influenza, attempted to murder her children and kill herself. The express messengers on the Rich mond and Danville railroad went on a strike yester lay. William F. Sanders has been appointed keeper of the life-saving station at Quonocontaug, R. I. David Sanborn, a well-known citizen of Salisbury, Mass., shot and seriously wounded at his own door. The Teutonic made the passage across in 5 days, 20 hours and 42 minutes, through a continuously heavy sea. General James S. Robinson, formerly secretary of state of Ohio, died at noon yesterday of heart failure. The United States cruiser Baltimore, which grounded, was floated yesterday. The vessel was not injured. John Ritchie, boot and shoe manufacturer, of Quebec, has assigned. Liabilities, $67,000; assets not known. Henry Corbin, the negro who murdered Mrs. Horner at Oxford, O., Tuesday night, was captured and lynched by a mob. Thomas W. Allison & Bros., convey. ancers at Manaunk, Pa., have assigned. Liabilities, $40,000 to $75,000. Assets unknown. The barge Owen McCaffrey, with 400 tons of coal, consigned to B. Konold & Son of Fairhaven, Conn., sank off Bridgeport in deep water. Ex-President Porter of New Haven was not as well yesterday. Early yesterday morning there was a slight change for the worse. At. midnight he rested quietly. J. J. Nicholson & Sons, bankers of Bal timore, closed their doors. Some of the smaller savings banks of Maryland and West Virginia kept accounts with the firm. The Imperial Arms company at Spandu is being enlarged to fit it for the turning out of a sufficient number of carbines so supply the entire foot artillery with that weapon t the

3. January 16, 1892 Evening Journal Wilmington, DE
Article from Evening Journal, January 16, 1892

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Article Text

MORE FAILURES IN BALTIMORE. Two Firms Stop -Death and Insanity Follow Nicholson's Failure. BALTIMORE, Jan. 16.-The failure of the old banking firm of J. J. Nicholson & Sons, preceded by the sudden death by apoplexy of one of the members of the firm, and followed immediately by the insanity of the surviving member, has caused a flurry in business circles hore. Two well known business houses have gone down, and it is expected that at least one other will follow. The wholesale boot and shoe firm of Allnut, Nixon & Goldsborough have made an assignment for the benefit of their creditors to Henry C. Kennard, trustee, who filed a bond for $250,000, indicating assets of half that amount. The firm was a heavy depositor with the Nicholson bank, and was otherwise involved. A petition has also been filed in the circuit court for a receiver for the Baltimore Publishing company by the attorneys for the trustees of Nicholson & Sons. The Nicholsons were holders of stock in the company to the amount of $75,000 and were the bank custodians for the company's deposits. The bank's embarrassment had a terrible effect upon the members of the firm. As the difficulties neared a crisis the strain became 80 great upon Andrew Nicholson that he dropped dead while talking to a customer. Yesterday evening the mind of Nicholson gave way under his burden. The assignment was directed by Bishop Isaac L. Nicholson, who had come here to attend his brother's funeral. A

4. January 16, 1892 New-York Tribune New York, NY
Article from New-York Tribune, January 16, 1892

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Article Text

THE NICHOLSON BANK FAILURE. Baltimore, Jan. 15 (Special).-The results of the failare of J. J. Nicholson & Sons, the bankers, are even worse than at first reported., His financial troubles and the recent death of his brother have completely shattered the mind of John H. R. Nicholson, and his physicians are of the opinion that he will have to be sent to an Insane asylum. Allmitt, Nixon & Goldsborough, large wholesale boot and shoe dealers, made an assignment to-day with liabilities of about $80,000. The assets are believed to be sufficient to cover them. The direct cause of the firm's trouble was the Nicholson failure, they having large deposits in that bank. The principal creditors are New-England manufacturers. A petition for a receiver of the Baltimore Publishing Company was filed in court to-day by the attorney for the trustees of the Nicholsons, who had $75,000 Comworth of stock in the company. The Publishing did a large business in Catholic publications. seripany deposited with the Nicholsens and is no doubt ously It affected by the collapse. Replevins were pouring the Nicholsons all day and two other business Baltiin houses on are likely to join in the crash. Four bankers are losers for small amounts. The Nicholsons more did a large collection business and Western and Southern banks will be the largest ciaimants. This afternoon a deputy sheriff appeared at the house and demanded twenty-two checks given to the Nicholson house yesterday by the Citizens' National Bank of Baltimore, aggregating $1,749 30. They had been turned into the bank by the Citizens' Bank runner. The trustees decided to give up the checks and trust to litigation for their return. The Citizens' Bank filed a bond for twice the amount of the checks before the writ was issued. The City Circuit Court assumed jurisdiction in the trust estate of J. J. Nicholson & Sons. Mr. Nicholson's condition Is pitiful. He continually calls for his dead brother to come and help him out of his troubles. His brother, Bishop Nicholson, of Milwaukee, remains with him, but the sick man does not even know him. An intimate friend of the family said to-day that Mr. Nicholson had been insane since last Monday. He was not able to make an entry in the books and imagined that money had been paid out and large transactions taken place, when nothing of the sort had occurred. Bishop Micholson advised the making of an assignment, but his brother, not appearing to understand the proceedings, protested against the closing of the bank's doors, and declared that he intended to continue business. The trustees are not yet prepared to make a statement.

5. January 21, 1892 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 21, 1892

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A HACK containing John Stanko and Miss Kobash, just married, was run into by an engine at Pueblo, Col., and both bride and groom were fatally hurt. THE grip caused the death of Mr. and Mrs. Alonzo Brooks, of North Lockport, Ill., who died within a few hours of each other. AT Aunapolis Frank Brown was inthe presence augurated of governor the general of Maryland assembly. in FIRE destroyed the prosperous town of Bolton, Miss. FROSTS in southern California have played havoc with the fruit-growing industry, the losses being estimated at $1,000,000. IN Montana the products of ranges and mines for 1891 were said to be worth over $55,000,000. THE will of Senator Plumb was filed for at of poses probate property Emporia, valued at Kan. $5,000,000. It disROBERT L. CHESTER, the oldest mason in the United States and a veteran of the war of 1812, died at Jackson, Tenn., aged 98 years. ON the Pennsylvania road an engine of a fast train struck a street car in Chicago, killing one woman and injur? ing twenty-three other persons, some fatally. THE firm of J. J. Nicholson & Sons. leading bankers in Baltimore, failed for $300,000; assets, $250,000. THE execution of Ming How, the Chinaman who murdered a fellow countryman in Baker City last September, took place at Canyon City, Ore. AN earthquake shocked the city of Jackson, Tenn. No damage was done. ILLINOIS republicans will meet in state convention at Springfield May 4 to elect delegates to the national convention and nominate state officers. JAMES S. ROBINSON, formerly secretary of state of Ohio and twice a member of congress, died at Kenton, O. A MOB at Oxford, O., hanged Henry Corbin. the colored coachman who so brutally murdered Mrs. Horner, a wealthy widow. RANGERS and Mexican ore thieves fought in Shafter county, Tex., and three of the latter were shot dead. AT Tacoma, Wash., John L. Sullivan signed the pledge and made a speech from the stage with Francis Murphy, the temperance orator. THE two children of William Allen, Jr., of Millbrook, Mich., tipped a lamp over and were burned to death. THE deadlock in the Iowa senate was broken by the election of J. W. Cliff (rep.) as secretary. The rest of the officials chosen were democrats. FOREIGN INTELLIGENCE. THE revolutionists were said to have captured Casas Grande, Mex., a town south of Ascension, after a hard fight, in which several persons were killed. FIRE in the Benedictine Abbey at Freamp, department of the Seine, France, destroyed the building, the loss being $400,000. THE Italian government has given strict orders for the inspection of all meats imported from America. IN an interview President Diaz said that the Garza movement was a scheme of speculators and that revolution in Mexico was impossible. IN a speech at Kingston Mr. Laurier, leader of the Canadian liberals, spoke in favor of unrestricted reciprocity with the United States. OFF Cuphi Point, China, the steamer Namhow foundered and 414 persons were drowned. THE death of Albert Victor, theduke of Clarence and Avondale, eldest son of the prince of Wales, and therefore heirpresumptive to the throne of England, occurred in London of congestion of the lungs. IN London Cardinal Manning died at the age of 84 years from an attack of influenza from which he had been suffering for a week. THE death of Cardinal Giovanni Simeoni occurred at Rome of influenza, aged 76 years. FLAMES in the village of Chepugana. Darien, destroyed 130 houses. GEN. KENT, a noted officer in the Crimean war, committed suicide at Exeter, Eng. AT Sofia fifty army officers were arrested for plotting against the life of Prince Ferdinand, the ruler of Bulgaria.

6. January 22, 1892 Shepherdstown Register Shepherdstown, WV
Article from Shepherdstown Register, January 22, 1892

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Jefferson Savings Bank Closed. When the daily papers arrived in Shepherdstown last Friday morning, and the failure of the old banking firm of J. J Nicholson & Sons, of Baltimore, was revealed, considerable excitement was created here, for it was known that the Jefferson Savings Bank was a heavy depositor with that institution. A meeting of the directors of the Jefferson Savings Bank was immediately called, and after a conference it was decided to close the bank temporarily to avoid a run upon its funds that might prove disastrous. The doors were thereupon locked and a notice posted up announcing temporary suspension, with the statement that no loss to depositors was anticipated. Jefferson Savings Bank had $15,000 on deposit with the Nicholson Bank. The loss of this sum of itself would not have prevented a continuance of business, but of course the bank was not in a position to stand a heavy run upon its funds, which would in all probability have resulted had it remained open. The directors have been using every endeavor to make arrangements for resuming business at as early a date as possible, but at this writing we can give noassurance of when that will be. A paper has been signed by most of the depositors agreeing not to withdraw more than ten per cent of their deposits in any one month, and when a sufficient amount shall have been signed, in all probability the bank will resume business. The creditors of the bank have shown every disposition to help it out of its present difficulty, and the directors assure the depositors that no loss will besustained by them. The failure of the Nicholson bank was a great surprise, not only to the people of the South and West, where they had extensive connections, but to Baltimoreans also. It was established in 1828, and has always done a large business. A few weeks ago its head, Mr. Andrew J. Nicholson, died very suddenly, and its rotten condition could no longer be successfully concealed. It now transpires that for some time past it has been in a shaky condition and its business conducted in a very loose way. After the death of Andrew Nicholson, Mr. J. H. R. Nicholson had practical charge of the bank, but in a couple of weeks he gave way under the strain and he is now reported to be a men tal and physical wreck. The Nicholson bank was the correspondent of a number of banks in West Virginia and in the Valley of Virginia, several of which are report. d to be heavy losers by it. Its failure has also resulted in the assignment of three Baltimore firms: the Baltimore Publishing Company, the building supplies firm of George O. Stevens, and the boot and shoe house of Allnutt, Nixon and Goldsborough. Trustees of the defunct bank have not yet prepared a statement of its assets and liabilities, but it is generally believed that it is a complete smash. The liabilities may run up to a million dollars, while the assets will scarcely be a couple of hundred thousand.

7. January 29, 1892 The World Martinsburg, WV
Article from The World, January 29, 1892

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JEFFERSON SAVINGS BANK CLOSED. Shepherdstown Register. When the daily papers arrived in Shepherdstown last Friday morning, and the failure of the old banking firm of J. J. Nicholson & Sons, of Baltimore, was revealed, considerable excitement was created here, for it was known that ths Jefferson Savings Bank was a heavy depositor with that institution. A meeting of the directors of the Jefferson Savings Bank was immediately called, and after a conference it was decided to close the bank temporarily to avoid a run upon its funds that might prove disastrous. The doors were thereupon locked and a notice posted up announcing temporary suspension, with the statement that no loss to depositors was anticipated. Jefferson Savings Bank had $15,000 on deposit with the Nicholson Bank. The loss of this sum of itself would not have prevented a continuance of business, but of course the bank was not in a position to stand a heavy run upon its funds, which would in all probability have resulted had it remained open. The directors have been using every endeavor to make arrangements for resuming businessat as early a date as possible, but at this writing we can give no assurance of when that will be. A paper has been signed by most of the depositors agreeing not to withdraw more than ten per cent. of their deposits in any one month, and when a sufficient amount shall have been signed, in all probability the bank will resume business. The creditors of the bank have shown every disposition to help it out of its present difflculty, and the directors assure the depositors that no loss will be sustained by them. The failure of the Nicholson Bank was a great surprise, not only to the people of the South and West, where they had extensive connections, but to Baltimoreans also. It was established in 1828, and has always done a large business. A few weeks ago its head, Mr. Andrew J. Nicholson, died very suddenly, and its rotten condition could no longer be successfully concealed. It now transpires that for some time past it has been in a shaky condition and its business conducted in a very loose way. After the death of Andrew Nicholson, Mr. J. H. R. Nicholson had practical charge of the bank, but in a couple of weeks he gave way under the strain and he is now reported to be a mental and physical wreck. The Nicholson Bank was the correspondent of a number of banks in West Virginia and in the Valley of Virginia, several of which are reported to be heavy losers by it. Its failure has also resulted in the assignment of three Baltimore firms the Baltimore Publishing Company, the building supplies firm of Geo. O. Stephens, and the boot and shoe house or Allnutt, Nixon and Goldsborough. Trustees of the defunct bank have not yet prepared a statement of its assets and liabilities, but it is generally believed that it is a complete smash. The liabilities may run up to a million dollars, while the assets will scarcely be a couple of hundred thousand.

8. February 12, 1892 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, February 12, 1892

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The Nichelson Bank Failure. (By telegraph to the Dispatch.] BALTIMORE, MD., February 11.-The trustees of the suspended banking-firm of J. J. Nicholson & Sons are still working on the state. ment. It is rumored that the liabilities of the firm will amount to over a million dollars. The assets are also said to consist mainly of paper, the value of which is problematical. The bank lent large sums to the firms which were forced to suspend by the bank's failure, and also to a large number of others, and the value of the assets will depend largely upon what can be realized from these loans. There are some thousands of dollars cash in the hands of the trustees, but this money, it is said, is to a great extent in the nature of a trust fund, and is tied up by litigation to determine whether most of it should not be paid to those who deposited notes with the Nicholsons for collection.