New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-13
PROVIDENCE BANKERS FAIL.
CARRIED DOWN By MUNICIPAL INVEST
MENTS
wlLBOCR jackson & co ANn SHELDON Hl.'
NEY MAZE ASSIGNMENTS-TIplf liza


NEY MAZE ASSIGNMENTS UpIE liza
BILITIBs THOUGHT TO BE LARGE.
Providence. r. L.. oct PA sensation was Gre
ated in business circles by the announcement To-
day of the suspension OF the banking hri's vi
Wilbour jackson q Co and Sheldon " bi'"rH
These concerns classed among the strongest
I'm New England the banking house OF WITHOUT
Jackson e. Co having been In existence score o'
wears They have In the past negotiated heaNllN III
municipal bonds. among others those OF the cIies
az Providence and Boston and western citles' lheE
have also handled heavily railroad Dohus II peihs
through this house that the recent big deal in the
stock OF the Union Railroad Company WdS H"uo
whereby the Metropolitan Traction Company GAM
in,o the control Of the company. The present
members of the house are Senator Joshua II VIZ
hour of Bristol. chairman OF the FINANCE 'o'''''
tee of the Legislature. and Il ;. Jackson II was
through Senator Wibour's endeavor that the twenty
Years Franchise act worked through the Legs
I.,ur. Tho house did an immense business. both
local and foreign
The house of sheldon & Binn-y has been In ex-
istence about seven years The firm CONSISTS o'
Charles H. Sheldon. jr.. and William Binney' j.
Both members Of this firm were at one time Junior
members of Wilbour. Jackson Co., from WHICH
house they withdrew and started a banking ana
brokerage business of their own
At both houses the greatest secrecy Is n'aih'aNe"
regarding the liabilities or the conoluoh vi inv
firms Senator Wilbour stated that ne mas mum
ing to make public regarding the suspension AT
present and that statement regarding 'he
liabilities of the house could be given out Tor "A
day or more. The members of the firm OF Sheiuoh
& Bnney have no information 10 au'@"Ce o''e'
than they have been forced TO suspend business
through the fact that they had indorsrd Western
paper to IA large extent.
From one of the officers of the firm or NllDoui
Jackson a. Co il was learned that the liabilities
are large. but the exact figures or even an est-
mate cannot be learned except through senator
-Wilbour. The trouble the result OF the hrin :
Endorsing the notes of the Denver street halfway
Company, stock of which was greatly depreci-
ated These notes have now fallen due, and II
was found impossible TO secure an eN'ensioh VI
time from the banks which held them. both
houses it is stated have heavily backed me Stree
railroad companies Of Denver senator WiiDour II
president of the Highlands Road in that city ana
il is stated is also Interested IN the Denver street
II is 'expected that the creditors will grant an
extension as with better business prospects in Den
Yer il IL believed that the paper Of the Denver
Street Railway Company will be taken care OF ana
I made firm and Individual assignments today to
cornelius s Sw .etland. president OF the jackson
Bank.
The news Of the banking suspensions in Provi-
dence excited considerable interest in Wall street
owing to the prominence of the bankrupt firms ana
the high credit they have alv avs enjoyed II Is
. not believed. however, that the failures VIII nave
t, a serious effect here. Joshua Wilbour OF Nhoo"'
Jack son q Co., il member OF the NeW-N oik STUN
I'D Kx change but simply held the seat. as dozens OF
out of town members do Neither firm had New
York branch office. Tantor & Holt, at NO il wall
ST. were the correspondents here OF sheldon d
Binnev but Mr. Taintor after expressing regret Tor
the failure. said he could throw no light upon H.
At the Office of Spencer, rrask & Co 1t was stated
that they had made inquiries by telegraph Of their
branch house in Providence but were Informed that
il was impossible TO obtain particulars OF the IAN
ur., The general impression in Wall street was
that the liabilities large and the firms sank
beneath the weight of municipal bonds th-y were
carving which were difficult to market at present
besides commitments in the street railway com
panies of Denver Col. which have suffered from
the depression of the summers panic.
The Sheriff yesterday received two attachments
against Wilbour jackson K CO. one is for $4,000
in favor of the Metropolitan Trust Company on
. Joint note made by thai firm, Sheldon d BinneN
of Providence and Taintor Il Holt of this city.
dated March %. payable six months after date
which was not paid The other is for $4,000 III
favor of the Globe National Bank. OF Providence
on a demand note dated september Is The attach
ment served on Sweet & CO. bankers. at NO
&C Broad-st who Were supposed TO mold some Sc
curties of Wilbour. jackson u 60