National C. Thompson (Rockford, IL)

Episode Information

Episode UID
6461538391017
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
646153839 hash
Start Date
September 16, 1884
Location
Rockford, Illinois (42.271, -89.094)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
103ec75619f8a832

Response Measures

None

Description

Articles describe N. C. Thompson (an individual banker) suspending payment; provided bank name likely conflates a personal name with a bank title.

Events (1)
1. September 16, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Thompson suspended payment due to insolvency/overwhelming liabilities (estimated $600,000–$750,000) and turned assets over for creditors.
Newspaper Excerpt
The suspension of Mr. N. C. Thompson, the banker and manufacturer, has caused less excitement...
Source
newspapers

Newspaper Articles (4)
1. September 17, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 17, 1884

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Article Text

THOMPSON'S TROUBLE. The Rockford, Ills., Failure Thompson's Proposition. Liabilities Now Stated to be Not Over $600,000-Some Further Details of the Unfortunate Smash. ROCKFORD, Ills., Sept. 17-The suspension of Mr. N. C. Thompson, the banker and manufacturer, has caused less excitement and disturbance of business than could have been anticipated. Mr. Thompson's proposition to pay his unsecured creditors 50 per cent. of their claims in the stock of the N. C. Thomp son Manufacturing company seems to meet with general favor, and is regarded as the best course to pursue. By so doing the assets will be saved from the waste and loss of legal proceedings. The list of liabilities is not yet complete, but it is certain they are materially less than was at first expected The amount of the total debts will not exceed $600,000. Mr. Thompson has turned everything over for the benefit of his creditors-even his real estate and personal property-and it. is said that at a fair value they considerably ex need the debts. It is learned that Mr. Thompson owes John P. Manny, a leading citizen, $24,000, who indorsed paper for him. He also owes Singer, Nimick & Co., of Pittsburg, a large sum, and the Rockford Bolt Works company, $16,000 The Rockford creditors are taking the 50 per cent. of stock and Mr. Thompson's notes for the balance of their claims. Messrs. S. H. Wood & Co., bankers, of Chicago and Minneapolis, old friends of Mr. Thompson, tender any financial aid he may registry, and write him a good letter. it IS the general opinion of the public that Mr in wapson's action in the matter is entirely humorable, and there is no cause for alain it the settlement is allowed to go on. The inpostion of the heaviest creditors is to 80 ed. to the Terms of settlement Vsn Brunt, Thompson & Co., of Council Eight arenit affected by the failure. it G. Dan & Co have a mercantile agency here, and it is understood from a reliable authority that the representative will make a report substantially as above stated. No statement will be made public for a few days yo it has been known for some time past that Thompso. line been borrowing money of the other banks in order to tide over the finanCialganie, On Friday the bankers held a meeting and discussed the question whether 'key would advance him more money or not. On Saturday another meeting was held, and it was then decided not to render him any more financial aid. Failing to secure this, there was no other alternative but e to close his doors, The bank was started twenty-four years ago. t The farmers, and especially those in the l' Scotch settlement, had large sums deposited with him, which were drawing 6 and 8 per r cent. interest. The depositors in this city include a large number of laboring people, though it is said that a number of well-to-do people had sums drawing interest with him. There are probably 2,000 depositors with Mr. Thompson in his bank. The Swedish people also had large sums in the bank. An Argyle farmer deposited $3,000 with the bank on Saturday. He now wishes that he had waited at least a day or two. James Rutledge fears that he will be barred from a winter's schooling, as the money to pay for the winter term at the Rush Medical college, Chicago, was on deposit in Thompson's bank, and he intended drawing it out Monday morning but found the doors closed.

2. September 17, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, September 17, 1884

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Article Text

Healey reports that the villages at St. Lawrence were with one exception found uninhabited, the decaying bodies of the former residents lying on the ground and in the huts. The cause of depopulation continues a mystery. At the one village still inhabited the natives seemed prosperous and happy; the abolition of the liquor traffic being assigned as the cause of their well being. The Failure of Banker Th ompson. ROCKFORD, III., Sept. 16.-The suspension of Mr. N. C. Thompson, the banker and manufacturer, which was announced in yesterday's dispatches, has caused less excitement and disturbance of business than could have been anticipated. Mr. Thompson's proposition to pay his unsecured creditors fifty per cent. of their claims in the stock of the N. C. Thompson Manufacturing company seems to meet with general favor and is regarded as the best course to pursue. By so doing the assets will be saved from the waste and loss of legal proceedings. The list of liabilities is not yet complete, but it is certain they are matérially less than at first expected. The amount of the total debts will not exceed $600,000. Mr. Thompson has turned everything over for the benefit of his creditors-even his real estate and personal property-and it is said that at a fair valuation they considerably exceed the debts. It is learned that Mr. Thompson owes Singer, Nimick & Co., of Pittsburg, a large sum. The preferred creditors are taking the fifty per cent. of stock and Mr. Thompson's notes for the balance of their claims. It is said there was close to £150,000 deposited by farmers in the Scotch settlements alone. As yet the farmers have not ascertained the fact of the failure. When they do a lively time will follow. The other banks are not affected. Only a few persons have withdrawn their deposits. It is the general opinion of the public that Mr. Thompson's action in the matter is entirely honorable and there is no cause for alarm if the settlement is allowed to go on. The disposition of the heaviest creditors is to accede to the terms of settlement.

3. September 19, 1884 The Times Owosso, MI
Article from The Times, September 19, 1884

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taxes, fixed and sinking-fund charges, the amount due the government, and a 7 per cent dividend. requires from the Union Pacific Railroad $950,000 net per month. Upto Jan. 1, this year, the road sold 2,425,098 acres of land, equal to $7,421,928. The legislature of Iowa last winter appropriated $50,000 toward the erection of a soldiers' home in that state by the general government. Ex-Governor Gear and a party of twenty-four representative citizens have gone to lay their claims before the locating board at Dayton, Ohio. Thomas Thurman Sr., a reputable minister of the gospel in jail at Bardstown, Ky., for a murderous assault on a colored man named Rogers, brained a fellow prisoner named Frank Feuster, who interfered to stop Thurman's torture of a boy in the same cell with him. Feuster will die. William Johnson, a colored fugitive from justice, entered the house where his wife resided at Wallingford, Conn., Friday night, first crushed the skull of another negro who was sleeping in a front room, and then entered his wife's room and killed her with an ax, after which he made his escape. It was reported in New York Thursday that Mr. McCullough, the tragedian, was found in a demented condition at Manhattan Beach Wednesday. Mr. McCullough's friends say there is no truth in the report, and that he will be able to fulfill his engagement at Milwaukee Thursday. A lad named Montgomery went hunting with a friend at Salineville, Ohio. Getting some distance away, he covered himself with leaves, to have a joke. The sportsman heard the rustling, supposed it was caused by a pheasant, and emptied his shot-gun into the cunning fellow. Mary Cassady, an insane woman, boarded a train at Muncie, Indiana, Friday, desiring to go to Indianapolis. At Yorktown the conductor put her off. not having money enough to pay her fare. Then she wandered along the track, and was soon killed, three trains passing over her body. Mrs. Ann Rutter, of Paradise, Pa., a religious maniac, confined in the county hospital, deliberately set fire to her clothing and burned herself to death. She beat off those who attempted to save her. Portions of her body were burned to a crisp. She imagined she was offering herself as a sacrifice to the Lord. Negotiations have been closed for the purchase of the Minneapolis Daily Tribune from Gen. A. B. Nettleton by A. J. Blethen, late business manager of the Kansas City Journal and William E. Haskell, son of E. B. Haskell, editor of the Boston Herald. The consideration is understood to be approximately $200,000. Three fatal accidents occurred at Logansport, Ind., Sunday. Harry Chaffin, a brakeman, was crushed beneath the cars and instantly killed. Barney Dean, a 14-year-old boy, was kicked by a horse and instantly killed. Tim Flynn was struck by a Panhandle engine and injured so badly that he died soon after. Menzo Dunlap's gas-well, developed near Tolono, Ill., a few days ago, continues to supply a great deal more gas than can be utilized in running two steam-engines. No fuel whatever is used, and only a small quantity of the gas is required to heat the boilers. The volume and pressure of gas show no signs of decreasing. Dr. Felix O'Hare was arrested at New York Saturday for causing the death of Michael Lacy by giving him a poisonous prescription, which he made up in his office Wednesday night by the light of a match. The evidence at the inquest went to show that the Doctor evidently mistook the bottles from which he compounded the medicine. Two masked men entered the house of Miss Mary Gilfeller, near Mansfield, Ohio, Saturday night, and demanded her money. She gave them $150, claiming that was all she had. The robbers then bound her and applied a burning lamp to her feet, endeavoring to extort more money, but the young woman persisting she had given it all up, the villains left the premises. Five of the Cleveland (O.) Judges met Tuesday to hear arguments in the case brought by the Cleveland liquordealers to prevent the County Treasurer from collecting the liquor tax under the Scott law until its constitutionality had been passed upon by the State Supreme Court. The Judges failed to agree. The liquor-dealers' attorney then took a non-suit and immediately appealed to the Supreme Court. An old man who reached Cleveland, Ohio, on Monday, 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 station. N. C. Thompson, who for twentyfive years has been one of the leaders in business circles at Rockford, III., suspended payment at his bankinghouse Monday, but claims that the manufacturing company bearing his name will be in no way involved. His liabilities are said to be fully $650,000. He holds large amounts of notes given by farmers for agricultural implements, his assets being estimated at $815,000. In the United States Circuit Court at Hartford, Conn., Saturday, a decision was rendered by Judge Shipman in the suit involving the validity of the tubular lantern patents. The Indgein

4. September 26, 1884 Washington Standard Olympia, WA
Article from Washington Standard, September 26, 1884

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$0,000. Latu Hurst the "Georgia wonner." is in San Francisco. The this year is estimated at 00,000,000.bshels. 1 IT Hart has been missing from Butte, M some time. The report that President Arthur is seriously in is unfounded. Weather in New York is favorable to Hudson river vineyards, Failures during the last seven days are 220, against last week. Afire in Baltimore recently. destroyed $200.000 worth of property. grand trans continentalexcursion left Philadelphia last week for the West. New York Hebrews will celebrate Sir Monteflore's 100th birthday October 25th. John Weissner, a banker of Corpus Christi, Texas, committed suicide last week G P. Williams of Ozden. U. T., committed suicide in New York city last week. Owing to the depression in the iron trade, Pittsburg, Pa., is expecting hard times. The Dalrymple farm. in Dakota. produced this season about 600,000 bushels of wheat. San Francisco merchants are now carrying smaller stor ks than last year, in consequence of a loss of trade in Oregon and Arizona. Carlos Roermane, a New York laborer, is the heir to three titles and a large fortune in Spain. Peter Dempsey and Thomas Wallace accidentally killed at San Francisco the other day. N. C. Thompson. a banker of Rockford. III., has suspended. Liabilities, $750,000: assets not stated. Clarence Whistler and Pietro Delmas, have made a match to wrestle for $1,000 a side at Sacramento. Arthur W. Fox, of New York, has sued C. J. Hamlin, of the suffaio Grape Sugar Company, for $200,000. The Bourbon County Fair Association will hold its fourth annual fair in Fort Scott, Kan., in October. Robert Hoe, the well known printing press manufacturer. died at Tarrytown, N. Y., last week, aged 70. William Sherman. ex United Statessubtreasurer at San Francisce, died at his Oakland residence list week. The Porte has sent a circular letter to the powers, on the sanitary condition of the Suez canal and cholera in India. Jan Warsielewsky, a Polish wife murderer. has been sentenced to be hanged at San Frincisco on the 24th of October. Frank Marcella, who stabbed a man during a quarrel in Astoria. Or., last July, was captured in San Francisco last week. The international survey party has locate the boundary between Mexico and the United States 600 yards north of the old line. The stage running between Oroville and Forbeste Cal. was stopped by road agents last week, and the mail and passengers robbed. The ecokers at the Enterprise distillery in Peoria. III., exploded recently. making a total wreck of the building and killing three men. Loss, $200,000. The earnings of the Union Pacific Rail road for July are $2,888,343; operating ex penses, $1,063 603, which is a gain of $98,000 in the net result for the month. Twenty-eight pauper immigrants who were re urned to Hamburg several weeks ago. have again started for this country and will probably land at Philadelphia. Jacob Steen, postmaster of Reno, Iowa, a small town eighteen mile- from Atlantic. killed his wife and then shot himself last week. Insanity was the probable cause. The town of Clear Lake, in northern Wisconsin, a small place off the railroad. was almost completely wiped out by a for. nado last week. Theee persons were killed. Patrick Ryan, aged 13 years and a New York street arab, was sentenced last week by Jad e Gildersleeve to two years in the penitentiary for the lareeny of ten cents. Under the COJE the offense is grand larceny. The following is the New York weekly bank statement: Loans increase. $1,526,800; specie decrease, $1,605.9 0; reserve decrease, $1,231,525. Banks hold $27,304,375 in excess of legal requirements. The Iowa fish commissioner has been looking the state over, and finds the most mischievous disregard of the law. In some places the farmers ac ully use seines and eatch fish by the cart load to use as a fertilizer. A big salary does not always restrain thieving instincts. Henry C. Pedder, the chief buyer of Arnold, Constable & Co., New York. who is short in his accounts between $400,000 and $500,000, received $25,000 a year. The factory of the Eagle Furniture Works, D. Wilson & Son, proprietorSouth Baltimore, Md., burned last week. The walls of the factory fel. making its destruction complete. Loss $200,000; partially Insured. Last week Claude Thaver attacked with a cowhide Benjamin O'Neill, connected with the New Orleans Mascot a local weekly illustrated paper. 0 Neill drew a revolver and fired five times at Thayer, but without effect. The regular army team at Creedmoor la week won from the Michigan militia team the Hilt in trophy, valued at $10.000. The score of the regulars was 1,018; Michigan, 94 The Pennsy Ivania team contesting made 985 points. J. E. Shepard, for many years Oregon's immigrant agent at San Francisco, has been displac sd R4 the actual wave of immigration is flowing toward Oregon so strongly that there is no more need of a directing agency there. In the criminal prosecution of men at Philadelphia last week for cutting the Baxter telegraph and telephone wires, the Judge held that the occupants of a house had the right to cut wires if stretched without permission of the occupant. At thequarterly meeting of the Western Union Telegraph Company, held in New York last week. George G uld was elected vice president in the place of Augustus