4121. Manufacturers State Bank (East Moline, IL)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
state
Start Date
September 24, 1931
Location
East Moline, Illinois (41.501, -90.444)

Metadata

Model
gpt-5-mini
Short Digest
4538eb693b15357a

Response Measures

None

Description

The Manufacturers State Bank of East Moline closed its doors in late September 1931 (articles give Sept. 23–24, 1931). The institution was placed in receivership (state auditor appointed a receiver) and remained closed; subsequent articles discuss liquidation, distributions to creditors, and receivership actions through 1934. No article explicitly describes a depositor run prior to closure; closure and receivership were effected by state authorities. Dates corrected/standardized from OCRed text (e.g., 'Sept. 24, 1931' as closing date; receivership reported Nov 2, 1931).

Events (5)

1. September 24, 1931 Suspension
Cause
Government Action
Cause Details
Bank was closed and placed under supervision by the state auditor; suspension of operations and access to vaults followed the closing.
Newspaper Excerpt
The local institution closed its doors Sept. 24, 1931.
Source
newspapers
2. October 14, 1931 Other
Newspaper Excerpt
Ray Klingbiel Seeking Of Bank Receiver...asking that be appointed receiver for the Manufacturers' bank, which has been closed since September.
Source
newspapers
3. November 2, 1931 Receivership
Newspaper Excerpt
NAME BANK RECEIVERS...the East Moline Manufacturers' State bank (listed among banks for which receivers had been appointed).
Source
newspapers
4. March 31, 1933 Other
Newspaper Excerpt
Death of Oscar Ohlweiler, receiver for the Manufacturers State bank of East Moline; notice that a new receiver would be appointed.
Source
newspapers
5. August 4, 1933 Other
Newspaper Excerpt
Reference to the Manufacturers' State bank of East Moline having suspended earlier (Sept. 30, 1931 referenced in context) as part of regional banking disturbances; indicates closure and liquidation in the period following suspension.
Source
newspapers

Newspaper Articles (14)

Article from The Dispatch, October 14, 1931

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Ray Klingbiel Seeking Of Bank Receiver East Moline, Oct. asking that be appointed ceiver for the Manufacturers' bank, which has been closed since September being circulated by Ray Klingbiel, East Moline attorney, and as sufficient number of names depositors of the closed institution obtained, the petition will be forwarded Oscar Nelson, state auditor, at Springfield. No announcement has yet been made as to who will be assigned as receiver of the bank and state work the this said they had no knowing when this action will be taken. Selection of receiver, who will take charge of the institution and begin the task of liquidating its sets, be made by the state auditor. hoped that receiver will be appointed within near future as to make possible the opening of the safety deposit vaults which have been closed to patroΓ±s since the day the bank shut its doors.


Article from Waukegan News-Sun, November 2, 1931

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Dividend Payments On Standard Of New Jersey And Indiana Brighten Market. By JOHN COOLEY Press Financial Writer NEW YORK. tinued strength in the oil shares featured curb market today More favorable prices for crude oil together with regular dividend Standard and Standard of Indiana directattention to the petroleum issues Indiana Humble pushed up two points or more, closely followed by Utilities were inclined to improve, 45% but the group on the whole was rathsluggish Most the specialties dealt in higher. strong grain 67's directed speculative Deere equipment issue. which rose couple of Call money renewals began the month per NAME BANK RECEIVERS. SPRINGFIELD. Ill., Nov 2-(AP) were today charge the Citizens State Bank and Trust company Sheldon. Iroquois county. Downers' Grove State bank which were closed Saturday. Announcement was also made that receivers had been appointed and charge the following named which closed several weeks ago Peoples Trust and Savings bank and the Banking and Trust company, both Ottawa. the Utica State bank. the Serena State Bank Troy State and the East Moline Manufacturers' State bank. CLOSE NEW YORK EXCHANGES NEW YORK, Nov. tually all leading and commodity markets will closed tomorrow election day. which legal holiday in most New York stock exchange the York market the New York exchange. the New York produce exchange, closed. Banks will remain closed the important business HAY. ST. LOUIS, Nov firm. No. 13-14: No. 0.50-12.50; Clover mixed. No. No. Clover. No. No. 10-12: 12-12.50: No. alfalfa, choice, 17-18; No. 16-17. MONEY RATES NEW YORK. Nov. money steady 2Β½ per day. Time steady days months per cent. Prime paper bankmos. 5-6 PEORIA LIVESTOCK steady: 200-275 lbs. 150-210 packers stags slow to steady; veals down. METALS NEW YORK. quiet, electrolytic, and future Tin easy. spot and nearby 22.30; future 22.50. Iron barely steady, No. eastern Pennsylvania 14.75@ 16.00; Buffalo Alabama Lead steady, spot New York 4.00; East St. Louis 3.80; zinc steady, East Louis spot and fuAntimony 6.50; quick silver SEIZE BANK BANDIT capture Wockner Fla., custody the suspected


Article from The Daily Times, November 10, 1931

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Depositors Want Harper Named as Bank's Receiver Three hundred depositors of the closed Manufacturers State bank of East Moline have signed petitions asking that Robert M. Harper, East Moline publisher, be appointed receiver of the bank to replace Oscar Ohlweiler of Rock Island, it was announced today. The petitions were circulated by dozen depositors of the bank. It was explained that under the law if two-thirds of the creditors representing of the deposits petition for the of a receiver he is to be named provided he an elector in the county and a person. Mr Harper has been a resident of East Moline 18 years and is a depositor in the bank. Mr Ohlweiler said today that he and his staff been busy since his appointment checking the bank's assets and liabilities and that while the work is taking considerable time it is now nearing completion.


Article from The Rock Island Argus, November 10, 1931

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RECEIVER IN EAST MOLINE Appointment of Osear Ohlweller of Rock Island Is Being Opposed By Depositors. Petitions bearing the names three hundred depositors Manufacturers' State bank of East Moline, which closed doors Sept. asking that Harper, editor and lisher The East Moline appointed received for instibeing circulated today. Oscar Ohlweiler of Rock Island recently appointed received the closed bank by Oscar Nelson, state auditor, Ben Bell, state's attorney for Rock Island county, named attorney for the institution. The petitions asking that Mr. Harper named receiver place Mr. Ohlweiler are being circulated. said. depositors the opinion that East Moline should have charge the affairs the closed institution. Two-thirds the depositors by order the appointment the state auditor. been that least 1,500 names will be required before will be possible Mr. Harper's pointment. Those heading the movement expressed confidence their ability obtain the necesnumber signatures. Under the state law. twothirds of the creditors of bank. least two-thirds the deposits petition the state auditor for the of whom they nominate, he be named, providing he an elector of the which the bank located and reputable person, Mr. Harper today. the closed bank found Rock should the task of the given fairs East Moline bank when an men East Moline do the work and had added of quaintance most the positors, and the problems creditors and debtors added.


Article from The Daily Times, November 13, 1931

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BEN BELL DECLINES POST AS ATTORNEY BANK RECEIVER State's Attorney Ben S. Bell, who was selected State Auditor Oscar Nelson as attorney for the receiver of the Manufacturers State bank of East Moline, has declined acceptance of the position. He was notified of his appointment at the same time Oscar Ohlweller of Rock Island was named receiver. After giving the matter consideration for several days he notified Mr Nelson that he would be unable to serve. The selection of another attorney for the bank has not been announced. Oscar Ohlweiler was in Springfield yesterday and is thought to have had conference with the state auditor regarding the East Moline bank situation. Circulation of petitions to secure signatures of of the for R. M. Harper to replace Mr Ohlweiler as receiver still in East Moline. In response to report that Mr Harper could not qualify for the position as he owed money to the bank, it was declared today by Mr Harper that "did not owe one cent to the Manufacturers bank or any other bank." It said What campaign of charge and counter-charge, statement and refutation. being waged by factions interested.


Article from The Rock Island Argus, November 13, 1931

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JOHNSTON WILL BE COUNSEL FOR BANK RECEIVER Moline City Attorney Designated to Handle Legal Matters of Liquidation. (Special to The Argus.) Springfield, III., Nov. 13.-James M. Johnston, Moline city attorney, is to act as attorney for the receiver of the Manufacturers State bank of East Moline, it was announced today at the office of State Auditor Oscar Nelson. At the time the receivership was established for the bank, it was announced by Mr. Nelson that Ben S. Bell, state's attorney, would be designated as counsel for the receiver, but Mr. Bell has informed the auditor that after consideration the situation he has found it impossible to assume the duties, and today Mr. Johnson was designated. Past relations of East Moline attorneys with persons interested in the affairs of the bank, It is understood, prevent selection of any of them to act as counsel for the receiver.


Article from The Rock Island Argus, June 17, 1932

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CREDITORS GET PART OF CLAIM AGAINST Court Orders Distribution Made Depositors of ManufacturBank. Distribution of money collected Oscar Oblyeller, receiver for the Manufacturers State bank of East Moline, from stockholders under their liability to creditors. has been ordered by Judge Nels Larson the Rock Island county circuit court. The receiver reported to the that he has collected $35.on the capital stock liability. amount sufficient to the bank's liabilities The mitted Judge Larson by Attorney James Johnston for the receiver, and the formal order for distribuentered. From general assets of the bank the receiver has made previous cent creditors bank. Suit has been instituted the circuit court against stockholders who have not paid their capital stock liability, and the evidence the case been presented before James Murphy, His report to court will probably submitted soon and judgments entered against the owners found liable.


Article from The Rock Island Argus, January 16, 1933

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Mayor Thompson Issues Proclamation Following Decision by Sister Cities to Decree Suspension Of Activity for Two Weeks. IS TAKEN TO APPREHENSION ACTION QUIET Means Protection for Individual and Institutions During Period Set Aside to Insure Maintenance Of Economic Structure. Chester Thompson at o'clock this morning, following similar action yesterday afternoon taken of Moline and Mayor jointly by Mayor John Huey Charles Carpentier of East Moline, issued a declaring a two weeks legal or bank holiday in Rock Island. The holiday became effective today, action of directors of both banks of Rock Island being immediately taken to abide by the holiday proclamation. New disturbances in banking which reached climax yesterday with the action of the mayors of Moline and East Moline, were the result of spirit of unrest and apprehension on the part of some depositors, existing since Union Bank & Trust Christmas week when the Savings company in Davenport suspended and three other smaller banks, two in Davenport and one in Bettendorf, went into liquidation. In Rock Island, since the closing of the Union bank in Davenport, the 60-day restriction savings deposit withdrawals been in effect. Apprised of the develophas confered with business ments in Moline, Mayor Thompson leaders of the city, and decided on the extraordinary action of declaring a two-weeks suspension of banking business, and formally issued the proclamation immediately after midnight. Action Protects All Deposits. Rock Island, not an isolated community but immediateadjacent the other cities in the quad-city group which the conditions have been was banking certain to be affected by unrest following extraordinary precautions in the other cities, and no course appeared logical except to take similar action in Rock Island to prodepositors. Today's development in Rock Island is the third instance in the last 18 months in which developments in the quad-cities have forced measures in Rock Island to protect deposits. The first was Sept. 30, 1931, when the closing of the American Savings Bank Trust company in Davenport, coming closely after the suspension of the Commercial Savings bank Moline and the Manufacturers' State bank East Moline, precipitated on the former Central Trust & Savings bank in Rock Island. The Central was closed and other banks of the city invoked immediately the 60-day restriction on This was followed by consolidation of the Central Trust, the Rock Island Savings and the Manufacturers Trust Savings bank to form the Rock Island Bank & Trust comon Jan. 1932. pany, Normal conditions were restored. Then on Christmas the difficulties of the Union bank in Davenport came to climax, and that bank suspended, the three other smaller banks, the Northwest Davenport Savings bank and Home Savings bank of Davenport and the Bettendorf Savings bank of Bettendorf, immediately also going into liquidation. Confronted again by outside conditions which it was feared might precipitate unrest in Rock Island, the banks of Rock Island and the Moline State Trust & Savings bank put the 60-day restriction on in effect Dec. Now for the third time circumstances arising in the quad-cities have necesitated action to protect Rock Island institutions against reflected effect of these conditions. Purpose of Holiday Explained. Mayor Thompson's proclamation explains the purpose of the holiday as a measure to preserve the stability of the financial and business institutions. The city's full text of the mayor's proclamation appears elsewhere. It is not expected that business houses generally will close under the holiday proclamation, though lack of bankfacilities will curtail trade. Banks of Rock Island, following action to abide by the holiday proclamation, issued a statement jointly, appearelsewhere in this issue, stating their efforts to prevent injury to the interests of depositors. The bank holiday plan has been resorted to with beneficial results by various other cities the last 18 during months when public apprehension and uncertainty seemed to call for action to protect the individual citizen and the common welfare.


Article from The Rock Island Argus, February 10, 1933

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Upholds Preference on School District Funds Judge Leonard E. Telleen in the Rock Island county circuit court this morning ruled that claim of Dennhardt, school township treasurer, against the former Manufacturers State bank of East Moline, preferred claim. The treasurer day or two before the bank suspended in September, 1931, withdrew his deposit as treasurer from bank, taking Chicago draft for the amount, $4,653.38. When the bank closed the Chicago bank on which the draft was made refused to honor it, and Mr. Dennhardt contended the circumstances made his claim preferred one. He was represented by Long James M. Johnston appeared for the receiver, Oscar Ohlweiler An appeal may be taken, was understood at the conclusion of the hearing.


Article from The Rock Island Argus, March 31, 1933

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FUNERAL (Continued from First fered breakdown about month ago which confined him his home several weeks, and that he had been very nervous. Several times, she said, he had spoken of intending suicide, the last time few days Yesterday she ago. at his home in the morning, and she talked with him several morning the telephone. He had specially instructed her to an insurance policy yesterday morning. She stated that had complained for some time of overwork. He was worried by in connection with poor in his capacity both supervisor and chairman the county board and ex-officio member the county emergency relief commission. He receiver for the Manufacturers State bank of East line, and head of the insurance real estate Discovered Tragedy. Five employes on the pipe line construction near Andalusia discovered tragedy, inquest evidence revealed. Earl Wolfe, 621 Colorado street. Twelfth street, testified and Ole Island, that they 647 Cedar street. DavenHansen. 110 Fourth street, Davenport. and Roeske. 622 Main street. Mr. car, saw passed body in Webback and went to farm and Roeske ster Mrs. John Woods and asked house sheriff, while the remained at the car. other three the was running. motor car The bullet wound clear Ohlweiler, head from point through of the right ear to above and back higher at edge point little the left sweatband at the the right, hand limply hanging his revolver above big army floor. His hat, the the bullet, which had stopped On the left legs. the lead bullet. shoulder Schlueter and Sheriff Sheriff Ray Hasson told Deputy the the and finding the body as scene Mr. scribed other Hasson had returned from Coroner from Milan, moning those the scene learned before identity the dead man. Jurors the inquest WalJohn Oberstaller, lace Fred Russell. Hodges, John Farrell and Harry Andrews. Board Member Since 1924. Mr. who began his service member of the county board 1924, from the beginning held important assignments affairs, had been chaircounty the board since 1928. Prior that he had been member executive was created develop economy policies order to wipe out the county county and on the sound financial the county He had been aggresbasis. the effectively road program, aid road committee aided the state enlargement of the efforts for system. chairman In his last Ohlweiler had assumed major the sponsibility in poor relief, ficult problems relief ating county working actively committee and with that obtaining group financial aid. supervisor side headed the township organizawhich had for the immediate relief Rock Island and worked tirelessly to maintain relief adequate to the needs of the and the same time keep down the expense. The townrelief an overhead per cent while the average the state has been about Only once after his first election for reelection chairman for his five terms. and the Moline the there should waived Moline's claims to chairmanship to support Mr. tribute his effective handling his ties. Last April the most active he had ever had failed opposition defeat and reelected by defeating SuperWilliam Gerhardt Hampwhose campaign had been led ton, Supervisor George Andrews Andalusia. To New Receiver. Because of Mr. Ohlweller's death office as receiver of the Manu-


Article from The Rock Island Argus, March 31, 1933

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facturers State bank of East Moline until the state audibe closed checked the accounts and has been formally expected that this appointed. be done shortly. Truman assistant to receiver for the bank, as come that would indicate my attention official statement cannot made, course, till the audit is completed. Elmer Gullberg. treasurer of the Union Malleable Iron company chairman of the depositors' committee the bank. said this that he that Ohlweiler's lieves receiver will be found counts entirely order. though this can determined when the audit completed. Mr. Gullberg the opinion matters concerned the bank receivership led death. Mr. Ohlweiler believed. of statements made Ray East Moline city at noon. tending the county and the finance committee of the county board, afternoon. He declined Mr. Klingbiel's to attend the East Moline Rotary club luncheon, he had to be at meeting right after lunch. Klingbiel and associates of Mr. Ohlweiler the East Moline bank receiver's said there was nothing in actions during the when left indicate he contemplated ending life. He had been the bank the whole morning, usual noon.


Article from The Dispatch, August 4, 1933

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League Leaders Have Hard Time Defeating Troy Dispatch Special Service. East Moline, Aug. 4. Softball team of the Troy Laundry nearly upset the leading Herb's Army Store outfit in a league game last night. The Army Store boys came through, however, with a 7 to 6 victory to maintain their place at the top of the league with a perfect record. The State Bank squad turned in its second straight victory in its game last night with the American Legion team, handing the ex-service mens aggregation an 8 to 3 trimming. The victory puts the Bankers in second place. The Rotary club, now tied for second honors, won another league contest last evening at the expense of Stine's Tailors, getting a 5 to 1 decision over the stitchers. The East Moline C. Y. O. won out in the fourth game last night, handing the Silvis Eagles a 9 to 6 set-back. The standings of the various teams in the league after last night's results are as follows: Team W. L. Herb's Army Store 3 0 1.000 State Bank 2 .667 Rotary Club 2 .667 East Moline C. Y. 2 .333 Silvis Eagles 2 .333 Stine's Tailors 2 .333 American Legion 2 .333 Troy Laundry 2 .333 and records of the closed Manufacturers' bank in East Moline will be transferred to the Moline State bank building where all transactions having to do with the receivership of the local bank will be carried on after August 8, it was announced today by Trueman Schafer, assistant to the receiver in charge of the liquidation of the bank. The transfer of Mr. Schafer and his stenographer, Mrs. Tom Bennet, to Moline, is in line with economy measures being fostered by W. L. O'Connell, bank receiver, Mr. Schafer explained. All business in connection with the receivership of the People's and Moline State banks is now being transacted in the State bank building and after August 8 will the Manufacturer's bank. G. H. Pemberton, deputy receiver for this district, supervises the transactions of closed banks in this community and having as many as possible centralized under one roof will facilitate his work in this connection, it was stated. The local institution closed its doors Sept. 24, 1931. Since that time it has paid out to depositors 19 percent of their deposits. Dispatch Want Ads bring results.


Article from The Daily Times, July 25, 1934

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STEPHENSON HEAD OF JUNIOR COMMERCE Wilbert A. Stephenson is the president Moline Junior Association Commerce, his election at monthly dinner meetlast night being unopposed. Mr Stephenson, who lives 2419 Twelfth avenue, was elected for six-months term and succeeds John Martin. The meeting was held in the John Athletic in East Moline. Other officers were electas follows: Executive vice Vice president in charge of comKenneth Rosenberg Vice in charge of proMilford Nelson Donkey Baseball Game Kenneth Rosenberg was named general chairman the baseball game which Moline Junior Association Commerce will promote the purpose of raising funds for the Moline municipal life saving corps The game, which is to be played donkeys, will staged August 12. Arrangements being made to teams from meet in games. Frank named chairticket sales game and Peterson was selected as grounds chairman. Moline deputy receiver has already exchanged over $800,000 worth of these mortgages in liquidation substantial amount remains to be exchanged completed which will permit of futher substantial loan from and permit that much more being available under free positors bank East Moline Bank The Manufacturers State Bank East Moline closed by der state auditor of public During the period liquidation, total ceipts which itemized in the accompanying statement receipts and these ceipts, the has paid preferred claim holders, paid shortly the closing of the this, the has been paid ceiver's legal expense, for attorney's for clerk and hire. the bank closed had bills the has since that time off full, Total the $147. have been paid date and there remains the the receiver sum which available for future diviIn the case of the stockholder's bank, been which been depositors and remains hands Truman Schafer receiver the Fifth Avenue Bank The Fifth Avenue Trust Savings Bank which cently taken over William as receiver from Robert former receiver. resigned closed 23, 1931 and the present time show liquidathe sum $166. Out of has been paid to preferred claim holders in the the banks, was paid shortafter the closing the bank addition this, the sum been ceiver's salary, expense, for attorney's fees for clerk and stenographer At the bank closed, the sum $36. payable bills payable, been paid full during the period of liquiCommon dividends the sum have paid date and has been lected from the former this bank, Robert maining Cole, in the suit as of June 30, liability 1934. Commercial Bank This report made of the Commercial Savthe bank having ings for since the quarterly report made the various banks Mr O'Donnell's charge. Their statement ceipts and disbursements during of the the bank closed on Sept. 23, 1931 in the accompanying state During the period of liquidation, most of which has derived from the sale bonds other securities from which has been the this paid back form and paid on the bills due unpaid time the closing the has clerk stenographer fees and attorney's receiver's salary, pense legal the of the stockholder's In case


Article from The Daily Times, July 25, 1934

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Detailed Closed Banks Report on Fifth Avenue Trust Savings Bank Peoples Savings Bank Trust Co. RECEIPTS RECEIPTS notes notes discounts From additional assets assets covered covered From rents, premiums interest rents and estate receipts loss Total 6,630.75 None expense 70,210.53 3,170.00 clerk settlement with state None expense expense 1,998.33 expense 10,558.42 1,663.19 banking spe23,797.48 450.00 expense payable and redis5,239.17 expense Interest payable 6,142.30 paid etc. 7,614.28 1,803.96 and Total hands 66,066.07 Total dividends Liability None receivership Total from 42,265.55 Other Receiver's Total expense Total Balance in hands receiver Total Commercial Savings Bank RECEIPTS From and $195,919.34 20% dividends from stock assets Manufacturers State Bank of East covered None 52,073.41 and advancefund. receipts loss settlement state 7,055.93 expense expense 3,800.96 expense 2,730.12 spe300.00 and 170,000.00 bank building pense) 10,288.13 Total hands receiver Total Interest account Total collections from Receiver's Accountant' fee expense, in hands Total from bank 15% cent common assessment liability suit, the sum of been from the former this bank and the hands the disbursement at early date. Dividend Payments In the case of the Peoples SavBank Trust per cent has to the general claimants against bank. the Moline State Trust Savings Bank, paid to date. In the case of the State Bank East Moline 15 cent has been paid from the ceipts of assets of from the bank stockholders' Fifth Avenue Trust Savings Bank has paid 20 per in dividends from the stock assessment the cial Bank paid per in the and stock fund. The attorney for Peoples Savings Bank Clyde Walker and the case the Moline State Trust Savings Bank, Sinnett Britton counsel ceiver. James M. Johnston torney Manufacturers State Bank of East Moline, Railsback Fifth Trust Savings Bank Sinnett Britton recently Harper, former attorney for the the SavBank, resigned when William O'Connell took charge this bank. premiums and interest 64,536.92 3,311.48 receipts by 55,612.12 state 10,050.00 salary expense stenographer expense 16,259.96 expense 3,503.87 banking spe960.00 rediscounts 47,288.27 bills payadvancements, Total in hands receiver Total Stockholders' Liability RECEIPTS holders Receiver's and Balance in hands receiver Total paid from bank 16% assessment None Moline State Trust Savings Bank RECEIPTS notes discounts assets covered premiums and 62,557.62 estate and receipts 92,393.68 loss 52,849.68 expense and 34,009.33 expense 7,483.63 expense 1,526.76 2,100.00 and 161,844.66 Interest common None receivership advancements 147.712.94 Total Total Liability from 1,200.00 holders