4239. Central Manufacturing District Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 25, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
96f3e85b

Response Measures

None

Description

Newspapers state the Central Manufacturing District Bank (Chicago) close doors in June 1932 and is later referred to as the closed Central Manufacturing District bank with a receiver mentioned. No article describes a depositor run; events indicate suspension and eventual receivership/closure. No clear cause given in articles.

Events (2)

1. June 25, 1932 Suspension
Cause Details
Article simply reports the bank closed doors; no explicit cause given.
Newspaper Excerpt
Kaspar-American State Bank and Central Manufacturing District Bank, both of Chicago, close doors; aggregate deposits were $7,400,000.
Source
newspapers
2. November 2, 1932 Receivership
Newspaper Excerpt
the closed Central Manufacturing District bank has Senator Courtney's signature on notes ... which have not been paid. He attacked his opponent for not paying the money to the bank receiver for the benefit of the depositors.
Source
newspapers

Newspaper Articles (2)

Article from The Cleveland Press, June 25, 1932

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Article Text

INVESTORS' SUMMARY BANK AND INSURANCE Kaspar-American State Bank and Central Manufacturing District Bank, both of Chicago, close doors; aggregate deposits were $7,400,000. Midland National Bank, Chicago, with $600,000 deposits, closes doors. FOOD Stockholders of U. S. Dairy Products Corporation approve plan to acquire assets of Dairy Operators Co. *Snider Packing Corporation reorganization plan declared opeΓative. IRON AND STEEL Inland Steel Co. gets $480,087 tax refund from Bureau of Internal Revenue. RAILROAD St. Louis-San Francisco Railroad to get $2,014,000 mortgage bonds back from Railroad Credit Corporation and pledge same as collateral for loan of $2,805,175 from Reconstruction Finance Corporation. Great Northern Railroad omits dividend on preferred stock. Pensylvania Railroad net operating income five months ended May was $16,415,029 vs. $19,073,121 in like 1931 period. Lehigh Valley Railroad net operating income in five months to May was $1 475,222 vs. $2,416,089 in like 1931 New York, Ontario & Western Railroad net operating income in five months to May 31 was $816,810 vs. $539,568 in like 1931 period. Maine Central Railroad net income in May was $23,966 vs, $13,017 in 1931. Canadian Pacific Railroad gross income third week in June was $2,581,000 vs. $2,866,000 in like 1931 week. St. Louis Southwestern Railroad gross income second week in June was $243,200 VS. $403.837 in like 1931 UTILITY People's Gas, Light & Coke Co. places stock on $5 annual basis vs. dividend of $1.25 recand payment Public Service Co. of Northern Illi nois by executive committees. Consolidated Gas Utilities balance available for taxes and dividends year ended May 31 was $261,633 vs. $626,944 preceding fiscal year. Montreal Light, Heat & Power Co. net profit four months ended April 30 was $4,493. 487 vs. $4,304,232 in like 1931 period. Consolidated Gas Co. of N. Y. net income year ended March 31 was $65,416,614 vs. $69,667,373 in preceding fiscal year.


Article from Chicago Tribune, November 2, 1932

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Article Text

COURTNEY AND SWANSON CLASH OVER CHARGES PayRoll Statement Issued by State's Attorney. The race for state's attorney produced charges yesterday from State's Attorney Swanson's camp that State Senator Thomas J. Courtney, his Democratic opponent, had been on several public payrolls at the same time. The charges brought a prompt denial and defense of his actions from Senator Courtney. He pointed out that full information regarding his public jobs was furnished the Chicago Bar association, which recommended his nomination in the April primary and stated, He has had a commendable public career. The Swanson camp charged that Senator Courtney, from Aug. 4, 1927, to Dec. 31, 1928, received pay for two city hall jobs, one as sergeant-a arms of the council, at $1,500 a year, the other as attorney for the council com mittee on building and zoning, at $4,000 a year. That statement was true, Senator Courtney sald. Neither of these was full time place," he explained. The duties of the consists principally of sending out notices of council and committee meetings. It has been the practice for years to combine It with another place. For years, while was principal clerk of the council was also sergeant-at Helps Draft Zoning Code. "I was secretary of the committee on buildings and zoning for eleven years, and helped draft the zoning code. When was admitted to practice law, obtained the appointment as attorney for the committee. I did all the legal work for the committee as part of my regular law practice, just as the attorneys for numerous public officials and public bodies represent them as part of their general practice. Another charge of the Swanson sup porters was that during part of the period in which he was employed by the city, Senator Courtney also recelved $500 a month as an attorney for the sanitary district. His name appeared on the sanitary district legal payroll for the last five months of 1927, for the first half of January 1928, and from March to April 15, 1928. Names Law Partner. The Swanson supporters further that when Senator Courtney's name was removed from the payroll on Jan. 15, 1928, when he went to Springfield in his capacity of state senator to attend special session of the legislature, that of Michael F. Ryan, whom they charged was law partner of Senator Courtney, was placed on the roll for six weeks at the same salary of $500 a month. Attorney Ryan was also an attorney for the sanitary district from April 15 to Dec. 31, 1928. The Swanson supporters likewise produced photographs of two checks for $250 each, issued to Attorney Ryan by the sanitary district on Feb. 15 and March 1928, which bore the sig. natures of Attorney Ryan and Senator Courtney. On these photographs they based charge that Attorney Ryan had turned his pay over to Senator Courtney for the period during which the latter was attending the legislative session. Senator Courtney replied at some length to this series charges. When State's Attorney Swanson first started his investigation of the senitary district in 1929," he said, went to his office voluntarily, without a subpoena, and offered to go before the grand jury. went before the grand jury. I told its members what had done to earn the money which the district paid me for legal services, and the members of the jury said that they were satisfied with my explanation. Later the bar association made a full investigation of my connection with the sanitary district, as they did with those of all other lawyers who were paid by the district. and the bar assoclation was satisfied that I had earned the money. "Mr. Ryan also appeared before the bar association committee, and satis fled its members that he had performed adequate legal services for the money which he had received. If he had been placed on the payroll to draw money for me, how could he have done that? Furthermore, Mr. Ryan was never my law partner. We occupied offices in the same suite, but practiced independently. Occasionally he would appear in one of my cases, or I would appear in one of his, because of our specialized knowledge of the particu lar points of law involved. In such cases, however, paid him, or he paid me, for the services rendered. "I am positive he never turned over any of his sanitary district pay checks to me. had nothing to do with his appointment. If my indorsement is on the checks, got them as payment for appearing in one of Mr. Ryan's cases, or as part of his share of the general office expenses. am not sure, even, that those are really my signatures on the Later in the day State's Attorney made another charge, to the effect that the closed Central Manufacturing District bank has Senator Courtney's signature on notes aggre gating $10,553. which fell due April 18, but which have not been paid. He attacked his opponent for not paying the money to the bank receiver for the benefit of the depositors. One of Three Signers. "I can't see that it's any crime to money at bank, was Sen ator Courtney's reply. "As a matter of fact, am one of three signers on that note. County Treasurer McDon ough and Margaret Carr. daughter of the late Patrick Carr, are the others. Miss Carr's father, Mr. McDonough and myself gave our notes for the purchase of lot on Ashland avenue in 1926, shortly before Mr Carr's death The note has been reduced and renewed since.