6161. First National Bank (North Manchester, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2903
Charter Number
2903
Start Date
October 4, 1893
Location
North Manchester, Indiana (41.001, -85.769)

Metadata

Model
gpt-5-mini
Short Digest
e820954f

Response Measures

None

Receivership Details

Depositor recovery rate
87.5%
Date receivership started
1893-10-16
Date receivership terminated
1902-01-09
OCC cause of failure
Excessive lending
Share of assets assessed as good
55.8%
Share of assets assessed as doubtful
44.0%
Share of assets assessed as worthless
0.2%

Description

The First National Bank of North Manchester suspended payments on Oct. 4, 1893 and a federal receiver was appointed mid-October 1893. The bank did not resume; receiver liquidated assets over subsequent years. Causes are attributed to the Panic of 1893 in the coverage.

Events (5)

1. March 17, 1883 Chartered
Source
historical_nic
2. October 4, 1893 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the Panic of 1893; contemporaneous reports link the failure to the wider panic and local business strain.
Newspaper Excerpt
the First National Bank, which suspended Oct. 4.
Source
newspapers
3. October 16, 1893 Receivership
Source
historical_nic
4. October 17, 1893 Receivership
Newspaper Excerpt
The controller of the currency has appointed Daniel W. Krisher of North Manchester receiver of the First National Bank of North Manchester, Ind.
Source
newspapers
5. September 17, 1896 Other
Newspaper Excerpt
Receiver Daniel Krisher to-day disposed of all the land which the bank had taken for debt, together with the banking house. ... Seventy-five per cent. of all depositors' claims have been adjusted and the remainder will be paid.
Source
newspapers

Newspaper Articles (14)

Article from The Indianapolis Journal, October 10, 1893

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Two Assignments. Special to the Indianapolis Journal. NORTH MANCHESTER, Ind., Oct. 9.Quincy Ridgley & Co., leading dry-goods dealers of this place, assigned to W. H. Ridgley on Saturday for the protection of creditors. Their failure was caused by overstocking, and, indirectly, through the closing of the First National Bank, from which they were receiving help. Liabilities, $20,000; assets, $29,000. On the same date the North Manchester Planing Mill Company assigned to Henry Mills. The liabilities are estimated at $40,000, with assets estimated at $50,000. This firm had also been receiving favors from the First National Bank, and, being cut off from this, they were forced to assign.


Article from The Indiana State Sentinel, October 11, 1893

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No Run on the Lawrence Bank. NORTH MANCHESTER, Oct. 6.-Special.-The Sentinel's correspondent asks attention to a. special in Thursday's Sentinel concerning affairs in this city. The report was sent from Wabash. There was no run on the Lawrence national bank, nor was such a thing even talked of, as everybody feels that that institution is all right and no uneasiness whatever is felt about it, and since the closing of the First national they have been very busy receiving deposits.


Article from Evening Star, October 17, 1893

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P<< Receiver Appointed. The controller of the currency has appointed Daniel W. Krisher of North Manchester receiver of the First National Bank of North Manchester, Ind. -


Article from The Indianapolis Journal, October 17, 1893

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General Notes. Special to the Indianapolis Journal. WASHINGTON, Oct. 16.-William Chandler was to-day appointed postmaster at New Marion, Ripley county, vice Theodore Brown, resigned, and J. M. Smelzer,at Ohio Falls, Clark county, Indiana, vice William Reynolds, removed. The Controller of the Currency to-day appointed Daniel W. Krisher, of North Manchester, receiver of the First National Bank of North Manchester. The First National Bank of Normal, Ill., with a capital of $50,000, has been authorized to begin business. John W. Aldrich is president and Charles C. Schneider cashier. Miss Cannon, of Danville, III., has arrived in this city, and is with her father at the Normandie. Ephraim Marsh, a well-known attorney, of Greencastle, was admitted, to-day, to practice before the Supreme Court of the United States upon the motion of Representative Bynum.


Article from The Indianapolis Journal, October 17, 1893

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Business Embarrassments. NORTH MANCHESTER, Ind., Oct. 16.Controller Eckels to-day appointed Daniel W. Krisper, of this place, as receiver for the First National Bank, which suspended Oct. 4. State Examiner Packard, of Plymouth, has been here during the past two weeks, and it is now known that the bank cannot resume until it has been thoroughly reorganized. Steps will be taken at once toward a reorganization, which, it is believed, will be accomplished within & few weeks. MILWAUKEE, Wis., Oct. 16.-Jacob E. Singer & Co., woolens and tailor trimmings, assigned to-day to Adolph Segnitz, whose bond was fixed at $100,000. No statement of assets or liabilities was given. GOSHEN, Ind. Oct. 16.-F. B. Defreese, flour miller, assigned to-day. Liabilities, about $8,000; assets considerably in excess.


Article from The Indiana State Sentinel, October 18, 1893

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A Receiver Appointed. NORTH MANCHESTER, Oct. 16Special.-A dispatch received here today from James H. Eckels, comptroller of the currency at Washington, D. C., announces the appointment of Daniel W. Krisher receiver for the First national bank in this city. He will at once familiarzie himself with the business, file his bond and take charge.


Article from The Indiana State Sentinel, January 31, 1894

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# L. S. Ayres & Co. effected him keenly. Mr. Arnold, it seems, gave Mr. Boos notes for $3,000, money borrowed, and it is on these obligations the plaintiff seeks to recover. The defendant gave his evidence unhesitatingly and impressed all with his truthfulness. He said that of his 200 shares of stock in the First national bank forty of them, par value $100, had been transfered to Romeo L. DePuy of Indianapolis to satisfy a claim for $4,500 borrowed money. The other shares had been assigned to North Manchester parties from whom he had obtained loans. His real estate and every dollar's worth of personal he had in the world had been turned over to the broken bank or his creditors. When asked if he retained nothing, Mr. Arnold sadly replied, "I have nothing left whatever but the few household goods I had. Everything else is gone." Previous to the bank failure Mr. Arnold was worth from $50,000 to $60,000, half of which was in bank stock, that is not now worth 25 cents on the dollar. Though fate has been unkind to him, and some of his creditors may lose, there is no one in North Manchester who questions his integrity. He was more sinned against than sinning.-Wabash Plain Dealer. Manager Heagany was pleased to say to a Telegram man Tuesday that the glass trade is improving every day and that the number of increased orders made the outlook encouraging. This fire the Hartford City glass company has made a better quality of glass than at any time since its inception. Monday a full settlement was made with ali its employes, something like $30,000 being paid. This establishes the solidity of our glass company, which in times like these can pay dollar for dollar, when other like concerns over the belt are not even paying market money in full. Regardless of tariff regulations, Mr. Heagany states that the factory would run right along, if the orders come in as they have within the past two weeks. All the other industries in Hartford City are grinding along with as much hum and vim as ever. The paper mills find it difficult to fill orders and ship on time contracted for. Their product is as good as any mills of the country afford and the demand for it seems steadily increasing. Hubbard's spoke factory, though running but five days in a week now, will soon run full time. The stave factory of Meredith, Damon & Croninger, the plant of the National hoop company, Mercer & Brannum and other concerns are all operating and in excellent condition.-Hartford City Telegram. Everybody in Rochester, says the Sentinel of that city, knows Tommy Garrett, and nearly everybody knows that Tommy was in the matrimonial market with both feet, always insisting that the wife for him must be "intelligent and a good talker." Tommy always had a grin with him for a pretty girl like a 'possum has for a paw-paw, but that is all over with him now. Tommy is married. The Wabash Times announces the event in a column article in which it tells how his friends "chipped in" for the wedding expenses and how he is delighted with his new wife. The next morning after the wedding Tommy stepped into a Wabash lawyer's office, Nels Hunter's for instance, and was greeted with: "Well, Tommy, what can I do for you?" "Why, I came to congratulate you." "Came to congratulate me? What for?" "Why," exclaimed Tommy in surprise, "didn't you know I was married yesterday?" "O, were you?" was the reply. "Then you want me to congratulate you, don't you?" "Maybe that would be more like it," was Mr. Garrett's answer. "Well, I hope you will get along better with your present wife than you did with the other one," was the attorney's remarks of congratulation, "I believe I will," was Mr. Garrett's pleasant reply, "as I have begun to like her pretty well already," and he walked away with a smile on his countenance that was as childlike and bland as that of the famous heathen Chinese. A pretty good story is told on Hosea Torrence. For some time Hosea has been keeping company with a young lady in this city who had a solid fellow in a neighboring town, and when the Wabash girl and her solid fellow in a neighboring town became engaged to be married Hosea congratulated the to-be bride and begged the poor privilege of calling on her occasionally when her prospective husband was out of town. The privilege was freely granted and on a number of occasions since he would call on Sunday evening when he knew the coast was clear, and spend an hour or two in the young lady's company. Last Sunday evening Hosea dressed himself in his best Sunday suit, gave his flowing moustache a dainty curling, and with the gracefulness and exquisiteness of a French dancing master he wended his way to the home of the other fellow's lady love. He knocked confidently upon the front door, and when an elderly lady appeared the following conversation took place: "Excuse me, I thought it was H—!" "No, sir;" replied the elderly lady, "it is not H—." "Please excuse me again, but can I see H—?" "It is impossible to see her just now, as —," and before the lady could finish the sentence Hosea broke in with: "Well, is H— at home?" "No, H— is not at home, my dear boy," was the lady's reply. "She was married at 5:30 o'clock and took the 5:52 east-bound train for Huntington with her husband." "Well, that beats h—, don't it?" was Hosea's rejoinder as he pulled his neck down within the massive collar of his big ulster and beat a hasty retreat. The question that is agitating the mind of the elderly lady who came to the door is whether it is H— or Hosea that was beaten the worst.-Wabash Times. The best medical authorities say the proper way to treat catarrh is to take


Article from The Jasper Weekly Courier, April 6, 1894

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POSTMASTER A. WEINBERS, of Boone Grove, Porter county. put a charge of buckshot into one of four burglars who entered his store, adjoining his home, early the other morning. The burglars got away, but a pool of blood showed that the postinaster's aim had been true. They fired two shots at him, but both missed. He found that they had rifled his cash drawer of small change. A fuse and a hole that had been drilled into the door of the safe, in which were $500, showed that they had but just begun their work when he interrupted them. THE works of the Diamond Plate Glass Co., at Kokomo, resumed operations a few days ago, after a shut-down of several months. A cast was made the other morning. SPECIAL OFFICER L H. BAKER made an important arrest on a Big Four train, near Thorntown, a few days since, in the arrest of "Jap" Hill, a noted Frankfort thief, who escaped jail there in January disguised as a tramp. On the morning of his escape Hill was to have been taken to the Northern prison to serve a sentence of eight years for highway robbery. The sheriff has spent a good deal of money to effect his eapture. He is the fifthef his family to do time in the pen. A CHAIR of English literature has been established at the college at Franklin AT Morristown the child of John Huffman was dangerously scalded by an upsetting coffee pot. ENGLISH is experiencing a well-defined boom. A CHAIR factory is to be started at Goshen. A BIG box factory is on the tapis for Muncie. AT Bloomington, James R. Hicks was indicted for murder in the first degree for killing his 10-year-old child. The crime was revealed by its mother. THE free lodging house at Elkhart has closed. During the three months of its existence it cared for 1,135 unfortunates THE cold wave which swept over the country has probably cut the chances for a fruit crop in this state down to a very low degree. Cherries, plums and apples are almost totally destroyed in the central and northern part of the state, but it is hoped that the hills in the southern part, the great apple section. have saved the staple fruit. PETER VIETEGE, of Valparaiso, received a telegram from Germany announcing the death of his millionaire uncle, who owns vast estates in Germany, and is one of the nitrate kings of Chili, and that a commissioner is now in Chili settling up the estate there. Vietege is a tailor by trade, and will receive one-fourteenth of the estate. FRED SHEEHAN, 13, fell into a vat at the Bluffton hoop works, and was scalded to death. THE Madison County Fair association has organized, with $25,000 capital stock. J. D. BERGER, one of the wealthy merchants of Albion. was sandbagged the other evening about 8 o'clock while on his way home. The robbery occurred on one of the principal streets, which at the time was thronged with pedestrians Mr. Berger is a hardware dealer and as a general rule carries considerable money with him, but on this occasion the robbers only secured a few dollars. A DESPERATE attempt was made by the prisoners in the county jail at Vincennes to escape by murdering Deputy Sheriff Lou Hahn at an early hour the other morning. As Mr. Hahn entered on his nsual visit of inspection John Hill, a desperate prisoner, by preconcerted arrangement. sprang up from behind the jail door. where he had been crouched awaiting the opportunity, and dealt the officer a desperate blow with a club, knocking him down. It happened that Mr. Hahn fell against the door and slammed it to, thus shutting off all the prisoners, who were in a position to make a dash for liberty. Mr. Hahn was crrried out and two physicians called to attend him. He is in a critical condition. AN organized gang of house-breakers has been committing many burglaries near Manilla. BRAZIL has a tramp who cries for a living. FT. WAYNE alive with tramps. THE proposed canning factory at Noblesville is practically assured. A ROADHOUSE will be built near Richmond. ROBERT WISEMAN. a pioneer of Corydon, dropped dead AT Hartford City Charles Mack lost his left arm in the rollers at the paper mill. THE people of Columbia City are still clamoring for water works. THE proposed electric light system of Danville has been contracted for. THE county commissioners of Wayne county have decided to tax circuses 825 for each performance. THE Steece architectural iron works will be located at Anderson, giving 100 men employment to start. MANFRED ELLERS, of Miami, was struck with a flying board in a sawmill the other day and probably fatally hurt. RECEIVER KRISHER, of the First National bank, of North Manchester. has announced his second dividen 1 of 20 per cent


Article from The Indianapolis Journal, April 17, 1894

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Compromise with the Tryons. Judge Woods yesterday in the federal court directed receiver Daniel W. Krisher, of the First National Bank of North Manchester, to compromise with Elizabeth Tryon, Leonidas Tryon and Edward T. Green, whose promissory notes the bank holds for $6,614.70, for $2,000, of which amount $1,200 is to be paid in cash and $800 by a well-secured note. The parties are insolvent. The receiver was also ordered to sell eighteen acres of land in Wabash county to John Cable for $630. The sale of 101 acres in Wabash county to Winton L. Richards and wife at $55 an acre, or $5,572.60 in all, was approved.


Article from The Indianapolis Journal, October 8, 1894

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New Bank at North Manchester. Special to the Indianapolis Journal. NORTH MANCHESTER, Ind., Oct. 7.A new bank was organized in this city, Saturday, by local capitalists. The institution will be known as the North Manchester Bank, and will occupy the rooms recently vacated by the First National Bank. It will open Nov. 1 with a capital stock of $25,000, which will be increased to $50,000 in the near future. D. W. Krisher, receiver for the First National, was elected president of the new organization, and Dayton C. Harter, ex-cashier of the Lawrence National, was elected cashier. George W. Baird, grocer and baker, made an assignment to W. H. Webber, of this city, Suturday. Liabilities, $1,000; assets same.


Article from The Indianapolis Journal, October 19, 1894

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Converse has voted for water works. Champion James J. Corbett passed through Oakland City last evening, and was met by a larger and more enthusiastic crowd than met Governor Matthews at the same place. Cambridge City, which already has two weekly papers, is to have another under the management of Edward and Asher Murray, late of Muncie. They expect eventually to also start a daily. On Wednesday evening,at the home of John Cunningham, four miles south of South Whitley, the little child of Mr. Cunningham, aged eighteen months, pulled a lighted lamp from a table over on it and the infant, covered with blazing oil, was burned so badly that death resulted in a few hours. Daniel W. Krisher, receiver, will, on Nov. 1. begin the payment of a 15 per cent. dividend on the approved claims of the broken First National Bank of North Manchester, amounting to $125,000. About $16,000 will be disbursed, making 60 per cent. in all paid depositors. The bank will pay in full.


Article from The Indianapolis Journal, April 7, 1895

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Thompson Arnold a Free Man. Special to the Indianapolis Journal. WABASH, Ind., April 6.-Thompson Arnold, one of the proprietors of the South Whitley Bank, which went to the wall during the panic of 1893, and who was arrested for receiving money after the bank was known to be insolvent, is a free man again. In the Whitley Circuit Court, last December, he was sentenced to one year in the penitentiary and to pay a fine of $25. As the minimum penalty for the offense of which he was convicted is two years, the attorneys for the defense asked that the verdict be set aside, and Judge Penfield last evening sustained the motion, declaring void that part of the verdict relating to imprisonment. Arnold's friends paid the $25 fine and he was discharged. Although there are a number of other counts in the indictments against him and his father, Jesse Arnold, president of the defunct First National Bank of North Manchester, it is understood there will be no prosecution.


Article from The Indianapolis Journal, April 8, 1895

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Thompson Arnold a Free Man. WABASH, Ind., April 6.-Thompson Arnold, one of the proprietors of the South Whitley Bank, which went to the wall during the panic of 1893, and who was arrested for receiving money after the bank was known to be insolvent, is a free man again. In the Whitley Circuit Court, last December, he was sentenced to one year in the penitentiary and to pay a fine of $25. As the minimum penalty for the offense of which he was convicted is two years, the attorneys for the defense asked that the verdict be set aside, and Judge Penfield last evening sustained the motion, declaring void that part of the verdict relating to imprisonment. Arnold's friends paid the $25 fine and he was discharged. Although there are a number of other counts in the indictments against him and his father, Jesse Arnold, president of the defunct First National Bank 'of North Manchester, it is understood there will be no prosecution.


Article from The Indianapolis Journal, September 18, 1896

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Bank's Assets Disposed Of. Special to the Indianapolis Journal. WABASH, Ind., Sept. 17.-The last chapter is written in the history of the First National Bank of North Manchester, which succumbed to the panic of 1893. Receiver Daniel Krisher to-day disposed of all the land which the bank had taken for debt, together with the banking house. The latter brought $4,800. The total amount of the sales of property was $11,500. Twenty-three thousand dollars' worth of notes brought only $248. Seventy-five per cent. of all depositors' claims have been adjusted and the remainder will be paid. The deposits of the bank when it closed were over $120,000. Its capital was $50,000 and its surplus $10,000.