22684. Tc Shove Banking Company (Manitowoc, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 14, 1892
Location
Manitowoc, Wisconsin (44.089, -87.658)

Metadata

Model
gpt-5-mini
Short Digest
be4bdd47

Response Measures

None

Description

The bank made a voluntary assignment following the Manitowoc Manufacturing Co. fire (April 1892). Articles describe the bank closing and an assignee/receiver being appointed; no contemporaneous run is described. The assignment indicates suspension leading to receivership/closure. OCR corrected minor spacing/typos in bank name (T. C. Shove Banking Company).

Events (2)
1. April 14, 1892 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank made a voluntary assignment after heavy losses from the Manitowoc Manufacturing Company fire; assignee (Piening) appointed to handle claims and realize securities.
Newspaper Excerpt
The T. C. Shove Banking company assigned because of losses susteined through the fire.
Source
newspapers
2. May 26, 1892 Other
Newspaper Excerpt
the assignee of the T.C. Shove Banking company, of Manitowoc, was authorized to compromise the account of A. Lindreth and the Albert Lindreth Seed company.
Source
newspapers

Newspaper Articles (5)
1. April 14, 1892 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, April 14, 1892

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Article Text

Furniture Factory Burned. MANITOWOC, Wis., April 14. - The Manitowoc Manufacturing company's plant was consumed by fire early Tuesday morning. The institution was the life of the city, and the loss will be severely felt. The business of the works was that of manufacturing opera chairs, church and school furniture. The loss on building, machinery and stock is fully $100,000; insurance, $80,000. Over 225 hands are thrown out of employ. ment. The T. C. Shove Banking company assigned because of losses susteined through the fire. All obligations will be paid in full.

2. April 14, 1892 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, April 14, 1892

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Article Text

ONE of the results of the fire of Monday night was the closing of the bank of T. C. Shove Banking Co. on Tuesday morning. Mr. Shove had carried the Manitowoc Manufacturing Co. for a large amount and when it went up in smoke his loss was such that he decided upon making an assignment. The factory may be said to have been his creation and his present embarrassment IS due to the public spirit he has shown in aiding the enterprises from which the city was reaping its prosperity. Every one expressed the sincerest sympathy for him as it was evident to all that his loss was due to the loss the public sustained in the destruction of the factory. There was but little excitement nothwithstanding that the doors of the bank were closed but there was a decidedly panikly feeling as the suspension of a bank owing to its business ramifications is a very serious matter. Mr. Shove was utterly prostrated by the blow but was less concerned about his own loss than the fear that the people would bestow censure on him. He has included all his property in the assignment. It is thought that the bank will pay fully 80 per cent of its liabilities, possibly more. It had a large amount of deposits but there has been no great degree of anxiety shown by depositors. Quite a number of farmers who were depositors came to the city yesterday but satified themselves with making inquiries. The bank was the depository of the county funds and had in its vaults a part of the city funds. The amount of the county money deposited there is $51,000. This amount being locked up the treasurer is unable to pay orders and will be unable to do so for some time, as it will take the assignee some time to determine what per cent of the liabilities the bank can pay. It is said thecity treasurer has $10,000 on deposit. As he has an equal sum in each of the other banks no difficulty is experienced in cashing city orders. Mr. Piening has been appointed assignee and was required to furnish a bond of $400,000. This he secured by Tuesday evening and at once entered into the discharge of the duties of his position. The liabilities are not far from $500,000, the deposits alone nearly foot up $400,000. These are from all classes of people, many being farmers and workmen. This bank paid the highest rate on deposits and thus secured a large number. If time were allowed so that securities might be realized upon, the bank would be perfectly solvent, but much of the paper held is not readily convertible and much, if forced, will shrink considerably. Still there is no cause for serious alarm as depositors at the worst will lose only a portion.

3. May 26, 1892 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, May 26, 1892

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WISCONSIN NEWS. Mrs. Jennie W. Hobart was granted a divorce from her husband, Charles S. Hobert, of Janesville. She was given the custody of the threee children and allowed $30 a month alimony. The American Library associatian has elected Melville Dewey. of Albany, N. Y., president in K. A. Kindrfelt, of Milwau kee. In the circuit court this morning the assignee of the T.C. Shove Banking company, of Manitowoc, was authorized to compromise the account of A. Lindreth and the Albert Lindreth Seed company. In Judge Austin's court, in Milwaukee, S. J. Dearholt has obtained judgment against Joseph Benedict for $3,700. The defendant filed no answer to the complaint. The receiver's sale of the Fond du Lac street railway to Charles D. Haines was set aside in the circuit court today.

4. June 2, 1892 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, June 2, 1892

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COUNTY FUNDS. ON Saturday May 31, 1890, the county board unanimously adopted the resolution of Supervisor J. P. Nolan which called for the appointment of a committee by the chairman to ascertain the average monthly balances that usually remained in the hands of the county treasurer, at what rate of interest such funds could be loaned, and what the approximate income derived from such funds would be. The chairman appointed J. P. Nolan, M. Kirwan and Chas. Steinbrecher as such committee who were to report at the November meeting of the board. Tuesday Nov. 25, 1890, this committee reported that the average amount of money in the county treasury for each of the months in the year ending Nov. 1, 1890 was about $32,000, that the interest on this sum would be about $960, that the average amount in the hands of the treasurer during the year ending Nov. 1, 1891 would probably be $30,000 and that the T. C. Shove Banking Company was willing to act as depository for the funds. This report was ordered filed, and on the sime day a resolution of Chas. Steinbrecher which provided for the deposition of the county funds was presented and adopted by a unanimous vote. According to that resolution which was based upon section 893 of the revised statutes as amended by chapter 87 of the laws of 1885, the T. C. Shove Banking Company was designated as the depository of the funds then in the treasury and all to be received thereafter, until the further order of the board. But before such funds were to be deposited the banking company was to give security for their safe keeping, and a contract was to be drawn up in writing by the bank with the board for the payment of the interest on the monthly balances at the rate of 3 per cent. per annum, and on all sums as by special agreement were not to be withdrawn until the expiration of a year at th rate of 4 per cent. per annum. The resolution further provided for the appointment of a committee of three members empowered to contract with the T. C. Shove Banking Co., and to take and approve of the security furnished by the bank On motion of M. Kirwan the chairman, H. Goedjen, was appointed a member of the committee. Supervisors Gelbke and Cahill were appointed by the chairman to act with him in carrying out the expressed wishes of the board. December 30, 1890, this committee made the contract with the bank, and on Jan. 2, 1891, the bond to secure these deposits called for by the resolution was approved by the committee, whereupon the bank became the depository for the Manitowoc county funds. Neither in the contract nor in the bond was the time specified that each was to run. At the meeting of the county board May 18, 1991, on motion of Mr. Fliegler the rules were changed SO as to include a standing committee on county funds, and on the following day the chairman announced as such a committee, Chas. Gustaveson, Jonas Gagon and Henry Vits. The committee reported Nov. 24, 1891 that the county funds had been deposited with the bank in accordance with the agreement made between the former committee and the banking company and that the total amount of interest on monthly balances from Jan. 1, 1891 to Nov. 1, 1891, was $418.24 which amount was credited to the county. The committee reported further that the T. C. B'k'g. Co. agreed to continue the agreement in regard to the interests on monthly balances as decided upon the previous year and that the $11,128.09 court house fund was deposited with the banking company March 3, 1891, which sum ,was to bear interest at the rate of 4 per cent It appears that this report was also unanimously adopted. April 12, 1892, the bank made a voluntary assignment, and on Wednesday May 18, A. J. Sebmitz and J. D. Markham addressed the board as to the proper method to pursue to recover the county funds on deposit in the bank. In the opinion of these lawyers the men who signed and executed the security bond were responsible for the full amount, and steps should be taken to recover it from them. On resolution of the county board the committee on county funds were instructed to make a formal demand for the money on T.C. Shove, President of the bank, F. H.Earis, cashier, assignee Piening and upon each of the bondsmen. This was done and the committee reported that each and all had refused to pay the called for

5. April 12, 1917 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, April 12, 1917

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TWENTY-FIVE YEARS AGO. DISASTROUS FIRE-On Monday night about 10:45 a boy in the rattling room of the factory of the Manitowoe Manufacturing Co. discovered a small flame near the finishing department. ran to turn, an He at once in alarm and was soon startled by a sound like an explosion. Flames soon leaped forth and it was soon apparent that the factory in which the city took SO mhch pride was doomed. Although the fire department was promptly on hand there was not the least possible chance for its checking the progress of the flames. The streams of water turned to steam before reaching the seat of the tire and made no impression whatever. Soon thousands of people had assembled but all were powerless to stay the destructive flame which leaped toward theskies. The employees were heart broken at the sight and every one felt that the city in the destruction of this factory was receiving a blow from which it could recover only by united and earnest effort. The buildings burned until 3 o'clock in the morning and firemen were playing on the smoldering ruins as late as 9 o'clock on Tuesday. The intensity of the heat was such that the hose caught fire and several lengths of it were burned. The loss is esteemed at $175,000. There is an insurance of $60,000. The Company made an assignment on Tuesday. W. D. Richards was made the assignee, giving bonds in the amount of $75,000. He is already at work making an inventory and preparing to wind up the affairs of the concern. The blow LO Manitowoc will be by no means as severe as appearances would indicate. The movement already afoot if properly supported will restore things in as good shape as they were. But confidence and co-operation are necessary to effect this and every one should feel like extending both and thus save the city from disaster. One of the results of the fire of Monday night was the closing of the bank of T.C. Shove Banking Co. on Tuesday morning. Mr. Shove had carried the Manitowoc Manufacturing Co. for a large amount and when it went up in smoke his loss was such that he decided upon making an assignment. The factory may be said to have been his creation and his present embarassment is due to the public spirit he has shown in aiding the enterprises from which the city was reaping its prosperity. Every one expressed the sincerest sympathy for him as it was evident to all that his loss was due to the loss the public sustained in the destruction of the factory. There was but little excitement nothwithstanding that the doors of the back were closed but there was a decidedly panicky feeling as the suspension of a bank owing to its business ramifications is a very serious matter. The bank was the depositary of the county funds and had in its vault a part of the city funds. The amount of the county money deposited there is $51,000. Mr. Piening has been appointed as signee and was required to furnish a bond of $400,000 This he secured by Tuesday evening and at once entered into the discharge of the duties of his position.