5250. N. C. Thompson's bank (Rockford, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 15, 1884
Location
Rockford, Illinois (42.271, -89.094)

Metadata

Model
gpt-5-mini
Short Digest
7a52bef0

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated 1884-09-15/16) state N. C. Thompson's bank in Rockford, Ill., posted a notice that it had suspended owing to the stringency of the money market. The institution is repeatedly described as a private bank owned by Thompson. No run is mentioned, and articles describe an intention to apply assets to creditors and to consult creditors — suggesting a temporary/voluntary suspension rather than an immediate receivership. No definitive information about permanent closure or receivership was reported in these items, so I classify this as a suspension with likely reopening/settlement.

Events (1)

1. September 15, 1884 Suspension
Cause
Macro News
Cause Details
Notice on door cited the 'stringency of the money market' as reason for suspension; owner framed it as inability to meet obligations as they mature and intention to apply assets to creditors.
Newspaper Excerpt
Owing to the stringency of the money market, I am unable to meet my obligations as they mature, and am compelled to suspend.
Source
newspapers

Newspaper Articles (10)

Article from Press and Daily Dakotaian, September 15, 1884

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Article Text

Business Troubles. Chicago, Sept. 15-A special to the Journal from Rockford, Ill., says N.C. Thompson's bank closed this morning. A notice posted on the door of the bank and signed by N. C. Thompson, president,stated that owing to the "stringency of the money market, I am unable to meet my obligations as they mature and am compelled to suspend."


Article from Sacramento Daily Record-Union, September 16, 1884

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A Bank Closes Down. ROCKFORD (III.), September 15th.-N. C. Thompson's bank closed this mording. A notice posted on the door of the bank. and signed by N. C. Thompson, President, stated: "Owing to the stringency of the money market I am unable to meet my obligations as they mature. and am compelled to suspend. My assets belong to my creditors until their nemands are satisfied. Believing from common experience that an assignment would result in unnecessary loss to my creditors, I have determined to apply my assets directly to satisfy my liabilities." His assets are stated to be about $500,000, and include stock in the W. Thompson Manufacturing Company. and are believed to be sufficient to cover all liabilities.


Article from The Wheeling Daily Intelligencer, September 16, 1884

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Another Bank Goos Up. CHICAGO, September 15.-The Journal's Rockford, Ills., special says: N. C. Thompson's bank closed this morning. A notice was posted on the door of the bank and signed by N: C. Thompson, president, which stated that "owing to the strong economy of the market I am unable to meet my obligations as they mature. I am compelled to suspend, My assets be. long to my creditors until the demands are satisfied, Belleying from common ex-


Article from The Democratic Leader, September 16, 1884

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WIRE WHISPERS. Corn crop prospects in Indiana are -) proving. Mr. Biaine attends the agricultural fair in Worcester, Mass., Thursday. The Árizona Republicans nominated C. C. Bean for delegate to Congress. The Canadian Voyageurs, intended for the Nile expedition, have reached Quebec. John Hailey was nominated by the Democrats of Idaho as Delegate to Congress. General Logan spoke, as usual, at Grand Rapids, Mich., yesterday. He goes to Kalamazoo to-day. Charles S. Osborne has been appointed permanent receiver of the Wall Street bank. Bond $100,000. Two great concerts are being organized I in New York for the benefit of cholera t sufferers in France and Italy. o During a ball at a theater in Cohars, a France, the floor of the foyer gave way, P injuring twenty-five actor and actresses. t The Austrian Emperor arrived at N Skierneviece yesterday. He was received b by the Czar and a staff in brilliant n uniform. a The Captain, two engineers, one deck N hand and a cook were lost by the sinking tl of the Mexican steamer Don Hermanos a at Smithville, N. C. di Fifteen thousand persons attended the n funeral of the Fenian Duggan at Dublin, th Sunday afternoon. Among the throng di were O'Brien and Davitt. eo The Chinese officials explain that they h first fired over the British gunboat S Zephyr, and fired directly at her because da she refused to stop at the first shot. h S Blair, who is training Maud S. at Charth ter Oak park, Hartford, for her effort to M break her 2:09 record, to-day drove her an easy mile in 2:13 without urging. ex W The Democratic State campaign in Caln ifornia formally opened last night. Importtant meetings were held in all the P principal cities and towns in the State. ru N. C. Thompson's bank, at Rockford, sa Ill., closed yesterday. Stringency of the di money market is the alleged cause. Liart bilities about half a million, with assets ca much larger. W Joseph Kluber was found lying asleep av on the dead body of his brother John in th the streets of New York. Both arrived from Alsace nine weeks ago and had been to very drunk the previous night. The roads embraced in Trans-continental M Railway associations held a short session Chicago yesterday, and adjourned till 11 hi to-day to enable the general committee pa appointed to consider the affairs of the ro tripartite pool to hold a session. cl Charles Rarmon, a Spaniard, nearly 40 ne years of age, employed in the Evans H House, Springfield, Mass., is in New W York consulting with the Spanish Consul m M regarding an inheritance of several millions by the expected death of an uncle in ez th Spain. Three titles go with the fortune. Rarmon has lately been in ill health and ec has been doing chores about an hotel. W "Little Joker" is the best smoking tobi bacco.


Article from The Indianapolis Journal, September 16, 1884

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A Rockford Bank Suspends. ROCKFORD, Sept. 15.-N. C. Thompson's bank closed this morning. A notice was posted on the door of the bank, signed "N. C. Thompson, president,¹ reading as follows: "Owing to the stringency of the money market, I am unable to meet my obligations as they mature, and am compelled to suspend. Believing from common experience that an assignment would result in unnecessary losses to creditors, I have determined to apply my asset directly to satisfy the debts. If such course shall not meet creditors, approval, as soon as accurate lists of the property and liabilities can be made, I shall be glad to meet my creditors in consultation as to how their interests can best be subserved." The líabilities are stated to be half a million, the assets include stock in the N. C. Thompson Manufacturing Company, and are believed sufficient to cover all liabilities.


Article from Morning Journal and Courier, September 16, 1884

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ANOTHER BANK GOES DOWN. The Note Found Posted On the Door of a Private Institution. ROCKFORD, Ill., Sept. 15.-This community was startled this morning by the announcement that N. C. Thompson's bank was closed and that it had suspended payment. A reporter on visiting the institution found the following notice posted on the door: To my creditors: Owing to the stringency of the money market I am unable to meet my obligations as they mature and am compelled to suspend. My assets belong to my creditors until their demands are satisfied. Believing from common experience that an assignment would result in unnecessary loss to the creditors I have determined to apply my assets directly to satsify the debts if such a course shall meet the creditors' approval. As soon as an accurate list of property and liabilities can be made I shall be glad to meet my creditors in consultation as to how their interests can be subserved. This suspension will in no way affect the assets of the corporation known as the N. C. Thompson Manufacturing company. It is the advice of some of the leading business men of the city as well as of my own judgment that no assignment should be made. To the utmost of my ability I shall endeavor to save my creditors from loss and in this endeavor I hope to receive their aid and assistance. My assets at a fair valuation I believe largely exceed all my liabilities. Please call at the office of the N. C. Thompson Manufacturing company, 642 South Main street, West Rockford. N. C. THOMPSON. It is impossible to ascertain the amount of the assets or liabilities, but it is stated on good authority that he has failed for $750,000. The assets include stock in the N. C. Thompson Manufacturing company, which was recently organized and in which Mr. Thompson has $200,000 of the $250,000 stock, and notes against farmers for agricultural implements. Mr. Thompson has been in business since 1855 and has done much to build up the city, being largely interested in Rockford's welfare. The depositors are farmers and laboring people on whom the loss falls heavily. The bank was his private institution where he borrowed money to carry on his manufacturing business. By paying a larger rate of interest than the other banks he secured quite large sums. A statement will be given to the public soon.


Article from St. Paul Daily Globe, September 16, 1884

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Another Bank Gone Under. ROCKFORD, Ill., Sept. 15.-N. C. Thompson's bank closed this morning. A notice was posted on the door of the bank, and signed by N. C. Thompson, president, stating that: "Owing to the stringency of the money market I am unable to meet my obligations as they mature, and am compelled to suspend. My assets belong to my creditors until their demands are satisfied. Believing from common experience that an assignment would result in unnecessary loss to creditors, I have determined to apply my assets directly to satisfy my debts. If such course sbali not meet my creditors' approval as soon as accurate lists of property and liabilities can be made, I shall be glad to meet my creditors in consultation as to how their interests can best be subserved." The liabilities are stated to be half a million. The assets include stock in the N. C. Thompson Manufacturing company. Ii is believed there are sufficient to cover all liabilities,


Article from Phillipsburg Herald, September 25, 1884

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NEWS SUMMARY. MISCELLANEOUS. Pleuro-pneumonia among Jersey cattle in Illinois is reported as spreading. The school census of Dubuque, Ia., is the basis for a claim of 32,000 population. The Tri-State Fair at Wheeling, Wes Virginia, reports a net profit of $25,000. Miss Smulzey, of Ft. Plain, N. Y., has passed 180 days without food. Dr. Ayer has certified to the fact. Owing to the stringency of the money market, N. C. Thompson's bank at Rockford, Ill., closed its doors. Prohibitionists of Maryland determined to place a State ticket in the field, and nominated candidates for Congress. The Garfield Committee for the State of New York reports having collected $9,629.22 for the monument at Cleveland. It is proposed to build a new line between Boston and New York, by which the 190 miles can be traveled in three hours. Two of the railroad companies at Minneapolis, Minn., caused a wild uproar in a fight for tracks leading to an elevator. President Seelye, of Amherst College declined the Prohibition nomination as a candidate for Governor of Massachusetts. General passenger agents of the various lines held a meeting at Indianapolis with a view to settling the disturbances in rates at competing points. In consequence of the rumors of pleuropneumonia, the directors of the St. Louis Fair have decided to exclude Jersey cattle from the coming exhibition. In a breach of promise suit at Milwaukee, Miss Elizabeth Phillips was awarded a judgment for $3,000 against Ernst Meincke, son of a leading manufacturer. A strike of several hundred cigar rollers at Binghampton, Alabama, for an advance of five cents per hundred on two classes of work, throws over 3,000 people out of employment. The war between union and non-union men in Cincinnati has grown more serious. The mayor is unable to furnish police to protect the men at work, for the regular force has not been paid since June. The discovery has been made that the families of some unemployed Germans, living southwest of the Chicago stock yards, have been suffering for food and fuel, and steps have been taken for their relief. The State Constitutional Campaign Committee, of the State of Maine, decided to organize at once in every county, city and town in the State leagues for the enforcement of the Constitutional Prohibitory Law. Excitement among the rival coal miners in Pennsylvania has been revived on account of the arrest of one of the strikers by officers in the employ of the operators. It is feared this will precipitate a difficulty, as the strikers are much angered. It is estimated that of 8,000 men usually employed when the mines are in operation in the Pennsylvania pools not more than 1,000 are now at work, owing to the strike. The strikers have a "tin-pan brigade," which was organized to serenade the nonunion men. Carlos Rarmon, employed in a hotel at Springfield, Massachusetts, who lost a fortune by the Chicago fire, is about to receive several million dollars by the death of an uncle in Spain. He speaks six languages, and was once an instructor in a Pennsylvania college. Assignments have been made by D. Linn, Gooch & Co., grocers, of Ironton, Ohio, who owe $25,000, and A. M. & C. M. Clements, of Fort Edward, N.Y., whose liabilities are $40,000. An application will soon be made for a receiver for the Bankers' & Merchants Telegraph Company. The Commissioners of Cook county, Illinois, have passed a resolution to investigate she report that people in the settlement outhwest of the stockyards are in a starving condition. The health officer of the town of Lake states that since last March he has had no applications for relief in the district mentioned. An old man whoreached Cleveland drove at once to the residence of Mrs. Garfield, on Prospect street, and twice endeavored to secure admission by inquiring for Mrs. Fifer For hours afterward he kept a close watch on the house, and when this grew tiresome Mrs. Garfield caused his arrest. A revolver was found on his person, and he was sent to jail for contempt in refusing to answer questions in the police court.


Article from The Middlebury Register and Addison County Journal, September 26, 1884

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South and West. N. C. THOMPSON'S bank at Rockford, Ill., has suspended with liabilities of $500,000. A BOILER explosion in a steam flouring mill at Morton, Ill., killed the engineer and two or three other men, who were buried in the ruins, and fatally injured three more men. THE boiler of the Central Railroad compress at Eufaula, Ala., exploded, killing four men and injuring several others. About 400 bales of cotton were burned. The total loss is estimated at $100,000. THE total losses by the recent floods in Wisronsin reach $2,000,000. THOMAS THURMAN, son of a reputable minister of the gospel, in jail at Bardstown, Ky., for a murderous assault on a colored man. brained a fellow prisoner named Frank Feustez, who interfered to stop his torture of a boy confined in the same cell with him. A MASKED man entered the house of William Jennison, school treasurer of Washington township, Iowa, and demanded of Mrs. Jennison the school money. She replied that it was in the bank, whereupon the intruder drew his revolver, shot her dead and fled. JOHN G. CARLISLE, late Speaker of the House. has been re-nominated for Congress in Kentucky. THE sessions of the American Forestry congress at Saratoga. N. Y., were well attended. Animated discussions took place on the best means of preserving the forests of the country. A PASSENGER train was thrown from the track near Farmer City, III., at 5 o'clock, A. M., by a broken rail. Attached to the train was a private car containing the Hon. Thomas A. Hendricks and party en route to Peoria. Ill. This car rolled down an embankment fifteen feet and turned bottom side up. It was with much difficulty that the occupants got out. The entire party were pretty severely shaken up. Governor Hendricks was slightly bruised, but not SO as to interfere with his engagents at Peoria. Fifteen to twenty persons in all were more or less seriously injured. BECAUSE he had been rejected by Mrs. Penrose Garmon, a widow living near Homer Centre, Ohio, Lehon Fry drew a pistol and shot her, inflicting a severe wound. Supposing he had killed Mrs. Garmon, Fry blew his brains out. EDWARD REDDEN, a horse thief, was sentenced at Wilmington, Del., to pay the costs of his prosecution, $100 restitution money, $200 fine, one hour in the pillory, twenty lashes, and to undergo eighteen months' imprisonment. AN earthquake shock, not SO severe as that which visited the Atlantic coast some weeks ago, has been paying its compliments to sections of the West, including Ohio, Indiana, Michigan, West Virginia, Kentucky and Iowa. A shock was also felt in Ontario. People were alarmed more or less, according to the strength of the shock and of their nerves, but no material damage was reported. GENERAL ALFRED SCALES, Democratic candidate for governor of North Carolina, had a narrow escape from a terrible death while riding in a buggy with a friend on the Cowee mountain, in Jackson county. His horse ran away and dashed over a precipice. The friend jumped out, but General Scales went rolling down the mountain side, and was only saved from death by lodging in a tree. He escaped with a dislocated ankle and some bruises. ISAAC JACOBSON was hanged in the county jail at Chicago. He murdered his employer because the latter, to punish him for absence on a drunken spree, deducted one day's pay.


Article from The Home Journal, October 1, 1884

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South and West. N. C. THOMPSON'S bank at Rockford, III., has suspended with liabilities of $500,000. A BOILER explosion in a steam flouring mill at Morton, III., killed the engineer and two or three other men, who were buried in the ruins, and Itatally injured three more men. THE boiler of the Central Railroad compress at Eufaula, Ala., exploded, killing four men and injuring several others. About 400 bales of cotton were burned. The total loss is estimated at $100,000. THE total losses by the recent floods in Wisconsin reach 2,000,000. THOMAS THURMAN, son of a reputable minister of the gospel, in jail at Bardstown, Ky., for a murderous assault on a colored man, brained a fellow prisoner named Frank Feustez, who interfered to stop his forture of n boy confined in the same cell with him. A MASKED man entered the house of William Jennison, school treasurer of Washington township, Iowa, and demanded of Mrs. Jennison the school money. She replied that it was in the bank, whereupon the intruder drew his revolver, shot her dead and fled. JOHN G. CARLISLE, late Speaker of the House. has been re-nominated for Congress in Kentucky. THE sessions of the American Forestry congress at Saratoga. N. Y., were well attended. Animated discussions took place on the best means of preserving the forests of the country. A PASSENGER train was thrown from the track near Farmer City, III., at 5 o'clock, A. by a broken rail. Attached to the train was a private car containing the Hon. Thomas A. Hendricks and party en route to Peoria. III This car rolled down an embankment fifteen feet and turned bottom side up. It was with much difficulty that the occupants got out. The entire party were pretty severely shaken up. Governor Hendricks was slightly bruised, but not so as to interfere with his engagements at Peoria. Fifteen to twenty persons in all were more or less seriously injured. BECAUSE he had been rejected by Mrs. Penrose Garmon, a widow living near Homer Centre, Ohio, Lehon Fry drew a pistol and shot ber, inflicting a severe wound. Supposing he had killed Mrs. Garmon, Fry blew his brains out. EDWARD REDDEN, a horse thief, was sentenced at Wilmington, Del., to pay the costs of his prosecution, $100 restitution money, $200 fine, one hour in the pillory, twenty lashes, and to undergo eighteen months imprisonment. AN earthquake shock, not so severe as that which visited the Atlantic coast some weeks has been paying its compliments to secthe West, ago, tions of including Kentucky Ohio, Indiana, and Michigan, West Virginia, Iowa. A shock was also felt in Ontario. People were alarmed more or less, according to the strength of the shock and of their nerves, but no materialdamage was reported. GENERAL ALFRED SCALES, Democratic for of a candidate had a narrow governor escape from North terrible Carolina, death while riding in a buggy with a friend on the Cowee mountain, in Jackson county. His horse ran away and dashed over a precipice. The friend jumped out, but General Scales went rolling down the mountain side, and was only saved from death by lodging in a I tree. He escaped with a dislocated ankle and some bruises. ISAAC JACOBSON was hanged in the county 1 jail at Chicago. He murdered his employer because the latter, to punish him for absence ou a drunken spree, deducted one day's pay.