Wilbour, Jackson & Company (Providence, RI)

Episode Information

Episode UID
9558313991126
Episode Type
Suspension β†’ Reopening
Bank Type
private
Bank ID
955831399 hash
Start Date
October 12, 1893
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
be85eaac9f1d065c

Response Measures

None

Description

Suspension in Oct 1893 due to heavy losses on Denver Street Railway endorsements; firms later turned back to management by receiver with creditor agreement.

Events (2)

1. October 12, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses and large liabilities from carrying and endorsing Denver Street Railway stock and notes.
Newspaper Excerpt
PROVIDENCE, R. I., Oct. 12.-A great sensation has been created in. banking circles by the announcement of the suspension of the banking firms of Wilbour. Jackson & Co.
Source
newspapers
2. December 27, 1893 Reopening
Newspaper Excerpt
The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney resumed business this morning.
Source
newspapers

Newspaper Articles (12)

Article from Evening Star, October 12, 1893

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Article Text

PROVIDENCE BANKS SUSPEND. Wilbour, Jackson & Co. and Sheldon & Binney Go Under. PROVIDENCE, R. I., Oct. 12.-A great sensation has been created in. banking circles by the announcement of the suspension of the banking firms of Wilbour. Jackson & Co. and Sheldon & Binney. These concerns were classed among the strongest in New England, the banking house of Wilbour, Jackson & Co. having been in existence a score of years, and their standing has been A No. 1. The house of Sheldon & Binney has been in existence about seven years. The firm consists of Charles H. Sheldon. jr., and Wm. Binney, jr. Both members of this firm were at one time junior members of Wilbour, Jackson & Co., from which house they withdrew and started a banking and brokerage headquarters of their own. At both houses the greatest secrecy is maintained regarding the liabilities or the condition of the firms. Both houses, it is stated, have heavily backed the street railroad companies of Denver.


Article from Santa Fe Daily New Mexican, October 12, 1893

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Article Text

A BIG FAILURE. Two of the Strongest of New England's Banks Go to the Wall. Providence, R. I., Oct. 12.- great sensation in the banking circle was caused to-day by the suspension of the banking concerns of Wilbour, Jackson & Co., and Sheldon & Burney. These had been long closed among the strongest institutions in New England. The greatest secrecy is maintained regarding the liabilities. It is believed they are very large. It is said the crash was caused through endorsing notes for the Denver Street Railway company. Senator Wilbour is president of the, Highland road in that city and is said to be interested in the Denver Street railway. It is predicted that this failure will seriously affect the leading houses of Providence.


Article from Evening Journal, October 12, 1893

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Article Text

SENSATION IN BUSINESS CIRCLES. Caused By the Suspension of Two WellKnown Banking Firms-Carried Denver Street Railway Stock. PROVIDENCE. R I., Oct. 12 - A great sensation has been created in the business community by the suspension of the banking firms of Wilbour, Jackson & Co., and Sheldon & Binney. These concerns were c'assed among the most substantial in New England. The house of Wilbour, Jackson & Co., has been in existence twenty years. Senator Joshua H. Wilbour, of Bristol, chairman of the finance committee of the Legisiature is the senior member. The greatest secrecy is maintained as to the causes of the failures, but it is said that both houses were heavy losers in carrying stock of the Denver Street Railway Company, which has greatly depreciated. The notes of the street car company were also endorsed by both houses and falling due it was impossible to pay them or secure extensions, Similar western enter prises in which losses were sustained were backed by both houses. It is said a New York banking house'is involved. Assets and liabilities will probably reach the million mark but no definite statement is obtainable.


Article from The Providence News, October 12, 1893

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Article Text

YESTERDAY'S SUSPENSIONS. The suspension of the banking firms of Wilbour, Jackson & Co. and Sheldon & Binney, it must be admitted was wholly unexpected and came with startling suddenness on the community. Both firms have enjoyed the highest confidence of business men and were regarded as among the soundest, safest and most conservative in New England. It is understood, and it is sincerely hoped, that the suspension will prove only temporary. Certainly it will be a great relief to know that neither concern is so deeply involved as to be unable to resume business. Much as the trouble which has overtaken the firms is to be regretted it is comforting to know that no other local institutions are affected. The difficulty seems to be the result entirely of an unsuccessful endcavor to put the Denver Street Railway company on sound financial basis. It is perhaps needles to say that fear or distrust are uncalled for. The banking and business interests of Providence and indeed of the state are in competent hands and there is no danger that either will in any degree be injured by the suspensions. Throughout the period of depression and uncertainty, which is now happily fast passing away, our banking and saving institutions are sound and unshaken, and so they will continue in spite of an occasional failure or sporadic suspension.


Article from Pawtucket Tribune, October 12, 1893

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Article Text

A PROVIDENCE SENSATION. PROVIDENCE, Oct. 12. - A tremenaous sensation was created in banking and business circles yesterday afternoon over the announcement of the suspension of the banking firms of Wilbour, Jackson & Co. and Sheldon & Binney. These two banking concerns were slassed among the strongest in New England. The liabilities are not yet known


Article from The Morning News, October 13, 1893

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Article Text

TWO BANKS CLOSE. They Are Located at Providence and Were Considered Very Strong. Providence, R. I., Oct. 12.-A great sensation was created in banking circles this morning by the suspension of Wilbour, Jackson & Co., and Sheldon & Binney, These concerns were classed as among the strongest in New England, the house of Wilbour, Jack having been in existence and standing a No. 1.


Article from The Madison Daily Leader, October 13, 1893

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Article Text

Caused a Sensation. PROVIDENCE, R. I, Oct. 13.-A great sensation has been caused in banking and business circles by the announcement of the suspension of the banking firms of Wilbour, Jackson & Co., and Sheldon & Binney. These concerns were classed among the strongest in New England, the banking house of Wilbour, Jackson & Co. having been in existence a score of years and their standing has been A No. 1.


Article from Richmond Dispatch, October 13, 1893

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Article Text

Providential Bank Failures. (By telegraph to the Dispatch.) PROVIDENCE, R. I., October 12-A great sensation has been created in banking circles here by the suspension of Wilbour Jackson & Co., and Sheldon & Binney. These concerns were among the strongest in New England, the house of Wilbour Jackson & Company having been in existence a score of years and standing A. No. 1.


Article from The Enterprise, October 18, 1893

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Article Text

HEAVY FAILURE. Two of the Strongest Financial Institutions In New England Are Forced to the Wall. PROVIDENCE, R. I., Oct. 13.-A great sensation has been created in banking and business circles by the announcement of the suspension of the banking firms of Wilbour, Jackson & Co. and Sheldon & Binney. These concerns were classed among the strongest in New England, the banking house of Wilbour, Jackson & Co. having been in existence a score of years and their standing has been A No. 1. They have in the past negotiated heavily in municipal bonds, among others those of the cities of Providence and Boston and western cities. They have also largely handled railroad bonds, it being through this house that the recent big deal in the stock of the Union Railroad Company was made, whereby the Metropolitan Traction Company came into the control of the company. The house of Sheldon & Binney has been in existence about seven years. At both houses the greatest secrecy is maintained regarding the liabilities or the condition of the firms. Both houses, it is stated, have heavily backed the street railway company of Denver. Senator Wilbour is president of the Highland road in that city and it is stated he is also interested in the Denver Street Railway Company.


Article from The State Republican, October 19, 1893

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Article Text

THE EAST. IN the third of the international yacht races the Vigilant and Valkyrie were towed in after sailing six hours. The Vigilant was in the lead. AN investigation into Bank Cashier Arnold's affairs shows he systematically robbed the Merchants' bank at Lockport, N. Y., of $100,000. THE firms of Wilbour, Jackson & Co., and Sheldon & Binney, bankers at Providence, R. I., suspended with heavy liabilities. These concerns were classed among the strongest in New England. THE American sloop Vigilant won the third successive race for the Ainerica's cup, defeating the English sloop Valkyrie. The time of the winner in the 80-mile race was 3 hours 53 minutes and 52 seconds. This ends the contest. EDWARD SLOAN beat John Schrecker to death with a large wrench during a quarrel in a Pittsburgh (Pa.) livery barn. COCHRAN HAMMOND, a resident of Pittsburgh, Pa., was burned to death by the explosion of a lamp. EIGHTEEN lives are believed to have been lost by the sinking of the steamer Dean Richmond near Dunkirk, N. Y. H. F. WINN. of Springfield, Mass., crazed by separation from his wife, cut the throat of his baby boy, then killed himself. THE entire chain of lakes was swept by a fearful gale whose severity has not been excelled for the last ten years. Many vessels were reported wrecked and a number of lives were said to have been lost.


Article from The Evening World, December 27, 1893

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Article Text

PROVIDENCE BANKERS RESUME. (By Associated Press.) PROVIDENCE, Dec. 27.-The banking firms of Wilbour, Jackson & Co. and Sheldon & Binney, which went into the hands of a receiver sometime ago, were once more turned over to the firms today by the receiver, an agreement having been mad with their creditors. They have given three years in which to meet their obligations.


Article from The Providence News, December 27, 1893

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Article Text

And returns. like the echo, sweet at last. For Time with its kind and pitying heart Doth play in truth a healing part. 'H 'f T The time to " resolve to keep a diary su The grand jury of the United States ourt has been excused until February 13. There is no improvement in the condition of Policeman Whidden. He is critTII itally The banking firms of Wilbour,Jackson & Co. and Sheldon & Binney resumed business this morning. The regular meeting of the school committee will be held in the high school building next Friday, Dec. 29, at So'elock. The alarm from box 276 last night was Branch 416 doqs tallor B up are B JOJ nue. A stove fell over causing nearly $200 damage. The total registration up to 3 o'clock this afternoon was more than 14,500, nearly 1400 more than at the same time last year. More than 3300 families, representing about fifteen thousand persons, were supplied with Christmas dinners by Overseer of the Poor Cummings. Councilman-elect J. F. Freeman of the Sixth ward is the only new member of that branch of the city government ho was born in this state. The officers of St. Michael's Temperince cadets were publicly installed last evening. The ceremony was followed by . supper, entertainment and social. "As the days begin to lengthen, the cold begins to strengthen," says the old adage, and the shortest day of the year, the 22d, is with the past; soon with furs and fires! The Wanskuck mills are now running nt half capacity, which is a gratifying condition of affairs for residents in that village. These mills have been wholly shut down for some time. The penny-in-the-slot mΓ‘chines about the city are looked at covetously by thieves just at present. A few have been broken open and their contents removed, an indication of stringency in the money market. And talking of foreign dishes, have you caught on, old chappie, to the new French name for our old nerve restorer-clam broth. They call it "Essence de Mollusque en Tasse!" How's that foran eye-opener? Mayor-elect Oney and his party of 20 left the city this morning on the 9:20 train en route for the state institutions. They will visit the several departments, enjoy a lunch and return to the city on the 5 o'clock train. Those who have business on South Main street and those who have trudged over the mud of that throughfare for the past few weeks will be glad to know that the sewer will be finished this exening or tomorrow morning. The annual meeting of the Builders' and Traders' exchange will be held this evening, and Inspector of Buildings Hopkins will give some statistics showing the building operations of the city during the of signatures Surressins puu rear ised the law. The common council will meet in special session tomorrow at 12 o'clock to consider the compromise resolution giving discretionary power to the park commissioners to fix the rate of compensation for the laborers on the Roger Williams park extension. A boxing exhibition will begiven in the Metropole club, Aborn street, next Friday evening for the benefit of the Olneyville strikers All the local favorites will appear and several athletes from Boston, New York and the west will be present to assist in the benefit. Robert Louis Stevenson's talk is as brilliant as can be heard anywhere. His humor isso spontansous, so perfectly natural and free from affectation that you forget how brilliant it is. Asked one day what he thought was the matter with him, he replied that, "Seemingly his system had a passionate avidity for taking cold." The following officers were elected at the annual meeting of the Veteran Firemen's association last evening: President, Edward W. Hall; vice-president, Samuel R. Cornell, Edward P. Havens, Lewis E. Davis, Oscar Bender; secretary, Josiah Hill; treasurer, Washington J. Williams. A fireman's chowder was served before the meeting. The comedy "The Prodigal Father" is still at the Boston Museum, and is crowding the handsome theater nightly. The merry play and the famous Maggie Cline come direct from the Boston Museum to the Providence Opera House, opening with matinee New Year's day, and continuing till Wednesday evening with regular Wednesday matinee. A potition is being signed in Burrillville and Pascoag by Miss Bertha Sibley of