The Providence news. (Providence [R.I.]) 1891-1906, 1893-10-12
Wilbour. Jackson & Co. and Sheldon 4
Binnoy Closed Doors Yesterday.
MAY BE ONLY TEMPORARY.
Both Banks Had Endorsed Denver Street
Railway Notes-Msturing Of Notes
Forced Hanks to s~uspsnd-Ths Fall
ures . Great Surprise to Business Men.

AUD o'cioc yesterdfy afternoon the
banking firms OF Wilbur. Jackson
81 Co., and Sheldon g. Ri ney
closed their doors. The suspen-
sion was a great surprise to the business
men OF the city. No intimaiion had been
given that the firms were embarrassed
previous to the closing oil the doors yes
terday afternoon.
The two firms were considered among
the strongest and stfest banks In Rhode
Island. Wilbour. Jackson & Co. il a very
Old firm. 1t was founded H. 1850 by
Be ,min jackson and George Butts.
Dwight Brown was one Of the charter
me nbers aud the firm OF Dwight Brown
a. Co.. eventually succeeded Jacks n g.
ID light.
The house of Sheldon & Binney is Sven
Years cid. The firm consists f Charles
II. Sheldon, jr.. and William b nney, jr.
Both members Of the firm were at one
time identified with Wilbour. Jackso g.
Co.
News Of the Failure.
1t was late In the afternoon when q de-
position gave out that tho doors would be
closed to the public The report
was soon verified. 18th banks
are closed today. The officials
decline 20 make any statement beyond
tina they are te rari y e nbarrassed. 1t
Is said by good authority that deposit RS
have no occasion to fear as their inter-
ests will be carefully projected.
why They Suspended.
The reason fol- the suspension Of two of
the strongest banks ia the state has
caused q good deal of speculation
among business men. According
TO the best OF information
the banks emb ,rrassment arises from
their endorsement Of Denver Street r,il.
way notes. The road has been wading
knee deep in the mire Of financial distress
for some time. This week the OBJ igations
came due. a d as a result the two
Providence banks were forced 60 the
wall. Senator Wilbour Is president of
the Highland road of Denver, and 1t il
said that he is Interested in The Denver
Street Railway company.
Suspension Perhaps Temporary.
The hope is expressed that the sus-
pension Is only temporary and that both
banks will soon be able e.
resume business. Depositors will
be protecte at any sacrifice. The effeci
OF he failure upon the other local BUSH
ness houses C IN OF yet he for told.
MR.. vernon's Views
Mr. John w. Vernon of the clearing
house said he saw no reason nv a,
Pr y dence housess should be involved by
lspensions. p ssiblv a N W York
b. ) Mig be aft ted. Wilbo ir, JAG son
a. Co.. will maxi an authentic stat /.
ment Of their liabilities some time today.
Mr.. Vernon said he dii not Fee " II
enough in'or ned to nake any extensive
statement upon the further eff CT o. these
failures.
Mr.. Rockers Statement
Villa G. Rocker, Eeq.. counsel for
ilbour, j C son g. Co. an Sheldon e.
Binn.y, ma es tte followin sta 9 ent:
"Messr-. Wilbur, Jackson e. Co, ana
Sheldon & Binney. private ba kers here.
have suspen ed, and made him d. m
and / dividual assignment for
tie benefit # their credi-
ors, { Cornelius S. Sweetland.
president of the jackson Bank of this
city. THIS action was %precipitate by
che refusal OF their clearing house banks
to further Gle ,r for them.
"The cause OF the embarr assent Is
Understood To be the %stringency OF the
times ard the depression T. Colo RADIO
sec irities, in which 9th firms are he vii,
Interested. Their H. blliti y are largely
To banks, nd secured ~ coltat raj: L.
is hoped that with the re urn If bet err
feelings a resumDtion may be brought
about. No atement OF the assets or
liabilities C ul b, nbtained today.n