Manufacturers Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 1, 1884*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 282536ab

Response Measures

None

Description

Article (St. Paul Daily Globe, 1884-08-11) reports a settlement under a receiver for Manufacturers' Bank in Chicago: creditors offered split-payment plan, receiver to pay 25% on Oct 1 and balance later. No run or depositor panic is described; the bank is in receivership, i.e., closed. OCR corrected bank name to include apostrophe. No precise appointment date for the receiver given in the clipping.

Events (2)

1. August 1, 1884* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank insolvency/financial failure leading to arrangement under a receiver and pro rata payment plan to creditors.
Newspaper Excerpt: Those who do not sign the agreement will get 25 per cent. from the receiver on the 1st of October, and the balance of the 60 per cent. when collections are made.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Those who do not sign the agreement will get 25 per cent. from the receiver on the 1st of October, and the balance of the 60 per cent. when collections are made.; ...they have shut up. Messrs. Hasbrouck and Conro have withdrawn the provision ... and now those who prefer to wait three years for their pay in full can get it, and those who do not sign the agreement will get 25 per cent. from the receiver ... Vice-President Haskins hovers around the bank like a restless spirit, and his smooth shaven countenance bears an additional shade of meekness. (St. Paul Daily Globe, 1884-08-11).
Source: newspapers

Newspaper Articles (1)

1. August 11, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, August 11, 1884

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Article Text

Chicago News. The name of the paper has been changed to the Post, and it is said it will be made a first-class Republican newspaper. Mr. Stickney, who is a young journalist of more than average brightness, came to this city last fall from Philadelphia, where he had a position as editorial writer, and endeavored to suit himself to the revolving and hair trigger management of the Sentinel. He had not been here long before he found out his mistake, and in a short time thereafter he resigned in disgust. For a while after his retirement he cast longing eyes at the Daily Journal, Milwaukee's two-cent evening paper, and it is alleged he offered $15000 for the concern, but he failed to get and in order to keep busy accepted the position of local correspondent of the Chicago Daily News. While serving in this capacity it is further alleged that he got his fingers somewhat scorched in a wheat deal on the chamber of commerce. The Detroit purchase, however, is evidence that Mr. Stickney was not "skinned," and his friends will look for a wondrous transformation of the old Detroit Post and Tribune. THE BANK SETTLEMENT. There is very little gossip afloat about the Manufacturers' bank. Those who were talking loud several weeks ago are whispering now, or are not talking at all. Whether their silence has been purchased, or is the result of sober second thought is a matter for conjecture; the one sure thing about it all is that they have shut up. Messrs. Hasbrouck and Conro have withdrawn the provision that their offer to pay accounts in full must be signed by all the creditors, and now those who prefer to wait three years for their pay in full can get it, and those who do not sign the agreementwill get 25 per cent. from the receiver on the 1st of October, and the balance of the 60 per cent. when collections are made. Vice-President Haskins hovers around the bank like a restless spirit, and his smooth shaven countenance bears an additional shade of meekness. WELLS AND M'GEOCH. The litigation between these two speculators drags on. The attorneys are preparing to argue a motion to limit the subject of Wells' examination before a court commissioner. Commissioner Bloodgood has made his return in the matter of the examination of McGeoch, and the attorneys for Wells will soon obtain an order to show cause why McGeoch should not be compelled to answer the questions he refused to answer on his recent examination. SHORT NOTES. Capt. James F. Trowell has been appointed harbor master by the board of public works. Capt. Trowell for many years commanded the side wheel steamship Milwaukee on the Milwaukee and Grand Haven route. The Milwaukee was totally wrecked on Grand Haven bar, and with her loss Capt. Trowell's connection with the line ceased. The engagement is announced of Josephine Taylor, of Washington, D. C., ,daughter of Jonathan Taylor, formerly a well known Wisconsin politician, to Harvey D. Pheatt, agent of the Merchants Dispatch freight line in this city. Mr. Pheatt is an old Toledo boy. William Lehman, who was a resident of this city until last fall, died recently at Kansas City, Mo., whither he removed for the benefit of his health. He was the inventor of Lehman's millstone staff and method, of a disk machine, On Wednesday, September 3, Miss Josie Luther will be married to Samuel J. Decker at the residence of her mother, Mrs. Caroline Luther, 90 Oneida street. J. F. Cochrane has been appointed car accountant of the Chicago, Milwaukee & St. Paul railway, vice W. A. Givin, resigned. Mrs. Benjamin Barrett, an old resident of Waunatosa, died Wednesday morning after a lingering illness, aged sixty-six years. Col. H. H. Markham, of Los Angeles, Cal., is the nominee of the Republicans of his district for congress. He is a brother of G. C. Markham of this city, and was himself a Milwaukeean for many years. Maro L. Sanderson, aged seventeen, eldest daughter of Howard and Louise J. Sanderson, died Wednesday morning of consumption. On Tuesday a receiver was appointed for the firm of E. D. Davis & Co., dealers in fruits and fancy groceries on Wisconsin street. The liabilities are $31,000; nominal assets, $15,000; book accounts, $17,000. A row between the partners precipitated the failure. C.ESAR.