Manufacturers Bank (New York, NY)

Episode Information

Episode UID
4660139890815
Episode Type
Run Only
Bank Type
state
Bank ID
466013989 hash
Start Date
November 21, 1867
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d8cc3043f4d06075

Response Measures

None

Events (1)
1. November 21, 1867 Run
Cause
Bank Specific Adverse Info
Cause Details
Failure/suspension of J. K. Place & Co.; bank's president was a special partner and bank held large amounts of the firm's paper
Measures
Bank met all demands promptly; president J.D. Sparkman resigned and Mr. Furman elected; Fourth National Bank acted as redeeming agent in clearing house
Newspaper Excerpt
The failure of J K. Place & Co. led yesterday to a run upon the Manufacturers' Bank... the bank, however, met all demands promptly
Source
newspapers

Newspaper Articles (3)
1. November 22, 1867 Evening Star Washington, DC
Article from Evening Star, November 22, 1867

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Article Text

FINANCIAL In New York yesterday, the pressure for money was rather less severe th a on Monday, though the market continues very stringent. There is less calling in of loans, and rather more more money offering Offers are made for round lets of Governmental nments, on cash terms, at slight concession from currentrities; which is construed as implying that money recently taken out of the market IS about to be exchanged for boi ds. The anticipations that the Treasury would come to the rellef of the mar. ket by the purchase of Seven thirties, are not realized. Call loans are firm at 7 per cent. but there appears to be a cessation of the spec al rates of the last two days. Discounts are, If possible. more stringent than at the wors periods of October The failure of J K. Place & Co., wholesale grocers and sugar refluers. led yesterday to a run upon the Manufacturers' Bank. apparently from the circamstance that a. the Presidentof the Bank. Mr J D. Spark: 18 special partner in the suspended firm, and the bank was supposed to hold is pap r. The bank, however, met all demands promptly and the President saving resigned, Mr. Furman has been elected in his place.

2. November 23, 1867 Evening Star Washington, DC
Article from Evening Star, November 23, 1867

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Article Text

RUN ON A BANK.-The New York corres. pondent of the Philadelphia Ledger writes on Thursday as follows: There was arun on the Manufacturers' Bank for an hour or two this morning. growing out of the fact that the president, J. D. Sparkman, Esq is a special partner in the firm of J. R. Place & Co., which suspended yesterday, and the bank was understood to be a large holder of its paper. Under the excitement Mr. Spark. man resigned, and a Mr. Furman thereupon was elected in his place. The bank. up to this time, has promptly met all demands upon it. The Bank of the Republic declining to act as its redeeming agent, the Fourth National Bank volunteers to act for it in the clearing house.

3. December 11, 1867 The Fairfield Herald Winnsboro, SC
Article from The Fairfield Herald, December 11, 1867

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Article Text

RUN ON A BANK.-The New York correspondent of the Philadelphia Ledger writes on Thursday as follows : There was a run on the Manufacturers' Bank for an hour or two this morn. ing, growing out of the fact that the president, J. D. Sparkman. Esq., is a special partner in the firm of J. K. Place & Co., which suspended yesterday, and the bank was understood to be a large holder of its paper. Under the excitement Mr. Sparks resigned, and a Mr. Furman thereupon was elected in his place. The bank, up to this time, has promptly met all demand upon it. The Bank of the Republic declining to act as its redeoming agent, the Fourth National Bank volunteers to act for it in the clearinghouse.