16132. Manufacturers National Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1443
Charter Number
1443
Start Date
November 21, 1867
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
06a3a0f6

Response Measures

None

Other: Bank replaced its redeeming agent with Fourth National Bank; president resigned and was replaced.

Description

Newspapers (Nov 21–22, 1867) report a run on Manufacturers' National Bank in New York. Cause cited: the Bank of the Republic stopped acting as its redeeming agent and the failure of J.K. Place & Co. (a firm tied to the bank's president) led to suspicion. The bank did not suspend; the president resigned and arrangements were made with the Fourth National Bank to act as its agent.

Events (3)

1. July 15, 1865 Chartered
Source
historical_nic
2. November 21, 1867 Run
Cause
Correspondent
Cause Details
Immediate trigger: Bank of the Republic gave notice it would no longer act as the Manufacturers' redeeming agent; additionally suspicion due to failure of J.K. Place & Co., a firm in which the bank's president was involved.
Measures
President J.D. Sparkman resigned; Mr. Furman elected president; Fourth National Bank arranged to act as its agent at the Clearing House.
Newspaper Excerpt
There was a run upon the Manufacturers' National Bank in Wall street this morning, in consequence of the Bank of the Republic havint given notice that it would no longer act as its redeeming agent ... and also because of the failure of Messrs. J. K. Place & Co.
Source
newspapers
3. August 12, 1914 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Daily Gate City, November 22, 1867

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Article Text

FROM NEW YORK. NEW YORK, Nov. 21. About two hundred officers and men, who served in the tieets of Admirals Farragut and Porter at the fall of New Orleans, met last evening for the purpose of devising measares to recover $8,000,000 of prise money to which they conceive that they and their comrades are entitled. An organization was completed and contributions made to a fund to carry out their object. T. E. Moore, the newly appointed Collecfor of the Third Internal Revenue District, took possionion of his office Tuesday after noon, and made a clean sweep of depaties and clerks. He appointed as his deprty a lawyer, who has defended many parties hose stills have been seized for being run in violstion of the revenue laws. There was considerable entitional battle street this morning by the announcement that the Manufacturers National Bank failed, which was without the of Mr. Sparkler, Place President the but bank, and


Article from The New York Herald, November 22, 1867

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Article Text

The extent to which the Treasury has sold gold in the meantime may be interred from the specie returns of the associated banks for the last four weeks. On the 26th of October they held, according to the bank statement for the week ending on that date, $6,161,104 on November 2 they held $8,974,535; on the 9th, $12,816,984, and on the 16th, $13,734.961. Here is an increase of more than seven millions and a half during the month. For what purpose the Treasury has been selling coin is not known, but it does not appear to have been in need of the currency it received in exchange for it. There was a run upon the Manufacturers' National Bank in Wall street this morning, in consequence of the Bank of the Republic havint given notice that it would no longer act as its redeeming agent at the Clearing House, and also because of the failure of Messrs. J. K. Place & Co., wholesale grocers and sugar refiners, in which the then President of the Manufacturers' Bank, Mr. J. D. Sparkman, is a special part. mer, while Mr. Place MI a director in the same institution. The bank was therefore suspected of having held the paper of the suspended firm. Since the failure of bis Grm, however, Mr. Sparkman has resigned his position at the head of the bank and Mr. Furman has been elected in his place, while arrangements have been made with the Fourth National Bank to act as its agent at the Clearing House in future insuead of the Bank of the Republic. The capital of the Manufacturers' Bank is only $252,000. The net deposits are about $320,000; the circulation is $84,000 and the available cash means are computed to be about $150,000. st the commencement of business the railway share market was dull and slightly lower than at the close last ovening. except for Northwestern common. At the early session of the open board the transactions in Erie aggregated 6,700 shares, but there was otherwise little doing. New York Central sold at 113%; Erie, 71 a 71%; Hudson River, 124 : Reading, 96% a 96%; Michigan Southern, 79% a 80; Illinois Central, 129 1/2; Cleveland and Pittsburg. 83% a 83 1/2; Rock Island, 95% a 95%; Northwestern, 57 a 57%; do. preferred, 64% a MX; Western Union Telegraph, 31%; Pacific Mail, 13216. At the first regular board there was a moderately large and well distributed volume of business, and railway shares were steady. New York Central advanced to 114, while Northwestern was quiet at 57 a 57½. Paeife Mail was active and declined to 1311/2 New York Central sold at 1141/2 a 114%; Erie, 71%; Reading, 96% a 96%; Hudson River, 124%; Michigan Central, 110%; Michigan Southern, 80%; Cleveland and Pittsburg. 83½; Rock Island, 9536 a 9536; Northwestern, 87% a 5736; do. preferred, 64 1/2; Pacific Mail, 133 a 188%. At the second regular board It was inactive and rather heavy, especially for Erie. New York Central closed % higher than at the same time yesterday, Erie 1/8, Reading 1/2, Cleveland and Pitisburg ½, Northwestern 3, do. preferred %. Milwaukee and St. Paul preferred 1/2, Ohio and Mississippi certificates 1/2. Western Union Telegraph % Hudson River was % lower, Cleveland and Totedo 3/2, Rock Island 3/6, Milwaukee and St. Paul 1/2, Pacific Mail 2½. Government securities were dull; new Issue of 1867 closed 3/2 higher. Coupon ten-forties were ½ lower; soven-thirties, second series, 1/2. Tennessee sizes declined 1, new issue ½. Missouri sixes ½