Manhattan Company - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 16, 1871
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c587db2d

Response Measures

None

Description

Article (NY dispatch dated Oct 16, 1871) states the Manhattan Company has announced suspension of business and that it expects to meet all losses. The suspension appears connected to losses from the Chicago fire (a local shock to insurers/banks). No run is mentioned and no definitive reopening date is given; wording suggests management expected to resume, so classified as suspension_reopening.

Events (1)

1. October 16, 1871 Suspension

Cause: Local Shock
Cause Details: Suspension linked to losses from the Chicago fire affecting the company's condition; article groups it with insurance/company troubles after the Chicago fire disaster.
Newspaper Excerpt: The Manhattan Company. which has announced suspension of business, expects to meet all losses.
Source: newspapers

Newspaper Articles (1)

1. October 18, 1871 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, October 18, 1871

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Article Text

not see the British gun-boats. American Intelligence. NOON DESPATCHES. INSURANCECOMPANYTROUBLES-EPISCOPAL CONVENTION- ANOTHER RADICAL DEFAULTER-MARINE DISASTERS-TROUBLE IN CANADIAN WATERS-CHIOAGO REVIVING-TERRIBLE FIRES, &0., &C. NEW YORK, October 16.-A receiver has been appointed for the Fulton Fire Insurance Company of Brooklyn, which, a stockholder swore, became insolvent owing to the Ohioago fire. The Phoenix Insurance Company, of Brooklyn, adjusted its loss by the Chicago fire by a draft sent to Hart, Aster & Co. The Board of Directors of the Home Insurance Company, to-day, unanimously adopted a resolution to fill up its capital stock to $2,500,000 at the earliest practical moment. This will restore the Home's assets to nearly, if not quite, $4,000,000, after every cent of Chicago losses have been paid. The Manhattan Company. which has announced suspen sion of business, expects to meet all losses. The Continental lost about $1,000,000, being much less than their immense surplus, and doubled its capital, and after paying losses will have assets of $2,000,000 for new business. Superintendent Miller will issue, tomorrow, a circular calling upon all New York fire insurance companies to report, under oath, their losses at Chicago, and also their present standing. This will be followed by an examination of the separate companies. The Union Fire Insurance Company, of San Francisco, telegraphs to its agency to pay Chicago losses and continue business. Potter Palmer telegraphs that all fire insurance companies in which he is interested, as special or general partner, will pay in full at maturity. Counsel for Gen. Jordan, indicted for violation of the neutrality laws, moves to-morrow for the discharge of his client, as no effort is being made by the Government for a speedy trial. Rumor of a negotiation for a mortgage loan in Europe by the Western Union Telegraph is unfounded. CHICAGO, October 16.-There is won derful activity in the South division. 1,000 men are at work removing debris, erecting temporary buildings, &0. Every laboring man willing to work can find plenty to do; wages are liberal. The action of the banks in resolving to resume immediately inspires confidence. Stories about wooden pavements burning up are exaggerations. The number of dead bodies discovered is less than 125. A large mass of persons supposed to be lost are alive and well. BALTIMORE, October 16.-The House of Deputies of the Episcopal Convention adopted a report relative to the admission of a new diocese within the limits of the Diocese of Pennsylvania. Its union of the now diocese with the General Convention takes effect from the 8th proximo. It also adopted the Hymnal reported by the joint committee of the General Convention, with an amendment that this Hymnal, when finally corrected by the committee thereon, shall be free to be printed and published under sale by conditions which now apply to the printing and publishing of the prayer book. ATLANTA, GA., October 17.-The fair opened yesterday, and was a greater auccess than the first day last year. Crowde are pouring in. MAGON, GA., October 17.-The buildings were opened yesterday, for the reception of articles for exhibition. Entries unusually large. NEW ORLEANS, October 17.-Governor Warmouth writes to Parish juries that he is convinced the Louisiana Levee Company is unable to meet the expectations of the public by preparing for the fall and spring rise. It now rests with the Parish authorities to take measures to protect themselves. SAN FRANCISCO, Oct ber 17.-A public meeting decided to send $100,000 of the fund subscribed to Chicago and the balance to the Wisconsin and Michigan sufferers, A Chinese restaurant-keeper was killed by his Chinese waiters. Long John, a saloon-keeper, was killed in cold blood by a customer. The murderer was arrested. The weather continues dry and hot. MILWAUKIE, Ootober 17.-The schooner Levant 1148 been wrecked. The captain, mate, a passenger and two of the crew were lost. The dead were clinging to the ri gging. PHILADELPHIA, Outober 17.-Butler, in a lecture at the Academy of Music, on the trealy of Washington, held that the made h