Manhattan Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 1, 1893*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 43dd7386

Response Measures

None

Description

Article (Dec 31, 1895) recounts an incident during the panic of 1893 in which the Manhattan Bank had suspended payment. The account is anecdotal and gives no follow-up on permanent closure; given lack of evidence of failure, classified as a suspension (during a systemic panic) with implied later resumption. Date given as 1893 (panic of 1893); no exact day in article.

Events (1)

1. January 1, 1893* Suspension

Cause: Macro News
Cause Details: Occurred during the panic of 1893 (systemic financial panic); reported refusal to deliver $50,000 in greenbacks on a check is mentioned in context but the suspension is attributed to the 1893 panic.
Newspaper Excerpt: During the panic of 1893 he stated on the floor of the Exchange that the Manhattan Bank had suspended payment.
Source: newspapers

Newspaper Articles (1)

1. December 31, 1895 New-York Tribune New York, NY

Article from New-York Tribune, December 31, 1895

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Article Text

A. J. WEIL TO RETIRE. THE BIG BEAR IN WALL STREET GOING BACK TO ST. LOUIS. Augustus J. Weil will retire from Wall Street and his firm, A. J. Well & Co., will dissolve to-day. Mr. Well has been for the last two years the largest single operator in the Street. He has been called "the plunger." It has been nothing unusual for him to carry 200,000 shares of stock at one time. He was generally found on the short side of the market. Addison Cammack, the recognized bear leader, has not been a more consistent and persistent bear than Mr. Weil. The great break in Sugar last summer was brought about by Mr. Weil. The more recent slump in Tobacco occurred when he was heavily short of the stock and it was said that he profited to the extent of $250,000 by it. There has been no downward movement in stocks since he became a leading figure in the Street that he has not helped along by his enormous dealings, He and his younger brother, Henry G. Weil, came from St. Louis seven years ago and started the firm of A. J. Weil & Co. Latterly their offices have been on the top floor of No. 71 Broadway. A. J. Weil is not a member of the Stock Exchange. Henry G. Well is, having joined July 31, 1890. During the panic of 1893 he stated on the floor of the Exchange that the Manhattan Bank had suspended payment. The reason for his assertion was that the bank had decline to deliver $50,000 in greenbacks on his check. The bank suspected that he wanted the, bills to use in drawing gold from the Sub-Treasury. He was told by the bank to take his account away and he was suspended for six months from the Stock Exchange for "conduct detrimental to the best Interests of the Exchange." The father of the Weils was a drygoods merchant in St. Louis and they inherited $5,000,000 from him. A. J. Well will return to St. Louis. Henry G. Weil will continue in business in Wall Street on his own account. A. J. Weil is a large man with a leonine head and blond hair and mustache. Henry G. Well is a spare man, with black hair and mustache.