Manufacturers Bank (Milwaukee, WI)

Episode Information

Episode UID
5480326991014
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
548032699 hash
Start Date
June 16, 1884
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
176dce7527756580

Response Measures

None

Description

President offered personal security; receiver appointed and bank appears permanently closed.

Events (3)
1. June 16, 1884 Run
Cause
Macro News
Cause Details
Continuous withdrawals triggered by contagion from banking troubles in New York; rumors amplified withdrawals.
Measures
President Conro offered to furnish security and see that every debt is paid; heavy payouts (four-fifths of deposits) reported in response to rumors.
Newspaper Excerpt
Cashier Candee says the trouble is owing to a continuous run on the bank ever since the trouble in New York.
Source
newspapers
2. June 17, 1884 Receivership
Newspaper Excerpt
George P. Sanborn has been appointed receiver and has taken charge of the institution. Liabilities about $400,000; assets nominally $500,000 but cannot be realized on.
Source
newspapers
3. June 17, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on assets and liabilities in excess of available cash following heavy withdrawals.
Newspaper Excerpt
The Manufacturers' bank has suspended...the board of directors has decided to suspend payment and place the assets in the hands of a reliable receiver.
Source
newspapers

Newspaper Articles (22)
1. June 17, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 17, 1884

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A Milwaukee Bank in Trouble. MILWAUKEE, June 16.-It is rumored that the Manufacturers' Bank is in trouble. It is a small concern, not a member of the clearing-house, and has been regarded with distrust in financial circles for some time. Mr. Conro, president, has offered to furnish security and see that every debt is paid. The depositors will lose nothing. Cashier Candee says the trouble is owing to a continuous run on the bank ever since the trouble in New York. To-day a rumor was current that they had sold out, and they were forced to pay four-fifths of their deposits out. The rumor was false. The bank is likely to close out its business.

2. June 17, 1884 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 17, 1884

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BUSINESS TROUBLES. Will Close out Its Business. MILWALT'RE, June 16.-It is rumored that the Manufacturers' Bank is in trouble. It is a small concern, not a member of the Clearinghouse, and has been regarded with distrust in financial circles for some time. Mr. Conro, the president, has offered to furnish security and see that every debt is paid, SO the depositors lose nothing. Cashier Candee says the trouble is owing to a continuous run on the bank ever since the trouble in New York. To day the rumor was current that they had sold out, and they were forced to pay fourfifths of their deposits out. The rumor was false. The bank is likely to close out its business.

3. June 17, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 17, 1884

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A Crippled Bank. MILWAUKEE, June 16 -It in rumored that the Manufacturera' Bank is in trouble. It is a small concern and not a member of the Clearing House, and has been regarded with dietrust in financial circles for some time. Mr. Conro, President, heg of fered to furniah security and 600 that every debt is paid, so the depositors lose nothing. Cashier Candee says the trouble is owing to & continuous run on the bank ever since the trouble in New York. Today a rumor WAB current that they had sold out and they were forced to pay fonrfiftha of their deposits out. Therumor was false. The bank is likely to close out its businee3.

4. June 17, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, June 17, 1884

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Small Bank Goes Under. MILWAUKEE, Sune 14.-The Manufacturers' Bank is in trouble. It is a small concern and not a member of the clearing house, and has been regarded with distrust in financial circles for some time. Mr. Conro, the president, has offered to furnish security and offered to see that every debt is paid, so depositors will lose nothing. Cashier Candee says thetrouble is owing to a continuous run on the bank ever since the trouble in New York.

5. June 17, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 17, 1884

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THE WEST. Ohio. I Getting a Jury Under Difficulties. CIN CINNATI, June 16.-The attempt to secure a jury for the trial of Joseph Palmer, the accomplice of William Berner in the murder of William Kirk, was resumed before Judge Avery this morning. Another venire of two hundred names was returned and the court room was densely crowded. Of twenty-six men examined before noon as to their qualifications as jurors not one was accepted. An Old Man's Murderous Shot. STEUBENVILLE, June 16.-Last evening Samuel McDonald and Hiram Wier, an aged gentleman, became involved in a dispute. McDonald threw some heavy stones against Wier's residence, which so enraged Wier that he shot McDonald in the breast fatally. Found Dead at His Home. CIRCLEVILLE, June 16.-W. R. Simmonds, a prominent landowner of New Holland, was found dead at his home Saturday. He had been living with Mrs. Rush, suspected of poisoning her husband four years ago. Simmonds went home sick Saturday morning and was dying in the evening. Four physicians were called and treated him for morphine poisoning without effect. There were fears of a mob against Mrs. Rush yesterday, but all is quiet to-day. Wisconsin. A Trades Council Treasurer Runs Away. MILWAUKEE, June 16.-Anten Haitig, treasurer of the Milwaukee trades åssembly, has suddenly left the city, taking about $15,000 belonging to the association. To Suspend This Morning-A Milwaukee Bank Forced to Give Up Business. MILWAUKEE, June 16.-The Manuf oturers' bank has suspended, but the fact will not be known until to-morrow morning. A meeting of the board of directors held till a late hour to night decided upon this course. Steps will be taken to have a receiver appointed. One of the officers seen at a late hour to-night said in relation to the causes leading to the suspension: "It was a continued demand from the depositors in excess of our ability to connect our assets." A bill will be posted upon the door in the morning announcing that the bank has been placed in the hands of a receiver for liquidation.

6. June 18, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 18, 1884

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Milwaukee's Broken Bank. MILWAUKEE, June 17.-George P. Sanborn, receiver of the Manufacturer's Bank. reports the liabilities as about $400,000; the assets are nominally $500,000, but he cannot realize on them. Outsiders say they will searcely pay 50 cents on the dollar unless president Conero holds to his promise to see that all debts are paid. No other banks are affected. and no business houses are troubled. The only heavy depositors were fortunate in having drawn out their funds, rumors having been rife for some time that the bank was shaky. The Lake Shore & Western Railroad Company had just withdrawn $700,000 in securities.

7. June 18, 1884 New-York Tribune New York, NY
Article from New-York Tribune, June 18, 1884

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THE BROKEN MIL WAUKEE BANK. MILWAUKEE, Wis., June 17.-George P. Sanborn, who has been appointed receiver of the Manufacturers' Bank, finds the liabilities about $400,000 and the assets nominally $500,000; but he cannot realize on them. Outsiders say that the bank will actually pay 50 cents on the dollar unless President Conro holds to his promise to see all the debts paid. No other banks are affected and no business houses troubled. The only heavy depositors had drawn out their funds, the rumor having been rife that the bank was shaky. The Lake Shore and Western Railroad Company hadjust withdrawn $700,000 in securities.

8. June 18, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, June 18, 1884

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Bank Suspension. M ILWAUKEE, WIS., June 17.-The sus. pension of the Manufacturers' Bank causes great uneasiness. Assets, half a million; liabilities somewhat less. The Lake Shore & Western Railroad Company say that their balance of $100,000 was reduced to $20,000, and the road is not affected.

9. June 18, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, June 18, 1884

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Heavy Liabilities : ; Small Assets. MILWAUKEE, June 17.-George P. Sanborn, receiver of the Manufacturers' bank, finds the liabilities about $400,000; assets, nominally, $500,000, but cannot realize on them. Outsiders say it will scarcely pay 50 cents on the dollar. No other banks are affected and no business houses troubled.

10. June 18, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, June 18, 1884

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FINANCIAL DIFFICULTIES. Failure of a Milwaukee BankAssets and Liabilities. MILWAUKEE, June 17.-As foreshadowed in these disp atches, the Manufactures' bank has closed its doors. The suspension created considerable excitement. A notice on the bank door says: "Owing to its inability to realize on assets the board of directors has decided to suspend payment and place the assets in the hands of a reliable receiver." George P. Sanborn has been appointed receiver. and has taken charge of the institution. The liabilities are given at $400,000 and the nominal assets at $500,000. It is the general belief that the firm will pay dollar for dollar. The assets, of course, are in general banking paper, a great deal of which will not amount to much. Albert Conro, the president of the bank, said that he would make good every dollar of the indebtedness if given time. Whether he will stand up to this assurance cannot be ascertained. Alexander Mitchell was asked about the effect of the failure, and said it might hurt some individual firois, but in a general way it would have no effect. The bank was not a member of the clearing house. and had no

11. June 18, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 18, 1884

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THE WEST. Wisconsin. A Milwaukee Bank Stops Business. MILWAUKEE, June 17.-As foreshadowed in these despatches yesterday, the Manufaoturers' bank closed its doors at 10 o'clock this morning. The suspension created considerable excitement. George P. Sanborn has been appointed receiver and has taken charge of the institution. The liabilities are given at $400,000, the nominal assets $500,000. It is the general belief that dollar for dollar will be paid. The assets of course are.in general banking paper, a great deal of which will not amount to much. Alexander Mitchell was asked about the effect of the failure and said it might hurt some individual firms, but in a general way it would have no effect. The bank was not a member of the clearing house and had no rigid financial backing. There is still talk of one or two houses going to the wall, but the firms referred to are meeting with assistance and may pull through.

12. June 18, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, June 18, 1884

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A Bad Break, MILWAUKEE, June 17.-George P. Sanborn, receiver of the Manufacturers' Bank, finds the liabilities about $400,000; assets nominally $50,000, but cannot realize on them. Outsiders say they will surely pay 50 cents on the dollar. No other banks are affected. No bosiness houses are troubled.

13. June 18, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, June 18, 1884

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Pledged His Personal Fortune. MILWAUKEE, WIS., June 17.-Albert Conroe, President of the suspended Manufacturers' Bank has just announced that he will pledge a quarter of a million dollars of his personal funds in order that depositors may be paid dollar for dollar.

14. June 18, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 18, 1884

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Bad Break. Milwaukee, 17.-George P. Sanborn, receiver of the Manufacturers' Bank. finds the liabilities are about $400,000; assets nominally $500,000, but he cannotrealize on them. Outsiders say they will scarcely pay 50 cents on the dollar. No other banks are affected. No other business houses are troubled.

15. June 19, 1884 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, June 19, 1884

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The Milwaukee Failure. MILWAUKEE, WIS., June 17.-Geo. R. Sanborn, receiver of the manufecturers' bank, has failed. Liabilities, about $400,000; assets, nominally $500,000, but can not be realized on Outsiders say they will scarcely pay fifty cents on the dollar, unless President Conro holds to his promise to see all debts paid. No other banks are affected, and no business houses are troubled. Only heavy depositors were fortunate in having drawn out their funds, rumors having been rife for some time that the bank was shaky. The Lakeshore and Western railroad company had just withdrawn $70,000 in securities.

16. June 24, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, June 24, 1884

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About 80 per cent. were those of small traders whose capital was less than $5,000. Among the suspensions announced were Carhart, Whitford & Co., wholesale clothing, Best & Co., children's clothing, Pearce & Hall, hat manufacturers, Fernandez & Costillo, shipping and commission, and Cornelius K. Garrison, capitalist, New York city; William H. Cooper, banker, Montrose, Pa.; Manufacturer's Bank, Milwaukee; Gidiere. Day & Co., Gardner & Copp, and Hunt, Stewart & Co., cotton commission, New Orleans; John Callaghan & Co., wholesale liquors, Louisville, Ky.; R. W. Emerson & Co., shoe manufacturers, Boston. In the principal trades they were as follows: General stores 26, grocers 22, clothing and cloth 13, shoes 9, dry goods 9, liquors 9, manufacturers 9, jewelry 7, produce, provisions, etc., 6, lumber and materials 6, hardware and agricultural implements 6. carpenters and builders 5, tobacco 5, cigars 5, milinery 5, paper, books, etc., 4, hotels and restaurants 4, fancy goods 4. carriages 4, drugs 4. cotton 3, grain and flour 3, hats 3, banks 2. bakers and confectioners 2, coal 2, furniture 2, shipping and commission 2. FLORIDA. Jacksonville.-H. Weiskopf, paints, offers to compromise. GEORGIA. Atlanta.-Pillsbury & Morgan, bottlers, receiver appointed. Marietta.-J. H. Barnes. shoes, closed by Sheriff. Liabilities $7,700; assets $5,000. Whitefield & Myers, groceries and hardware, failed. Liabilities about $1,200; assets $900. Rising Faren.-W. W. Gilbert, general store, closed by Sheriff. Savannah.-I. L. Dekle, general store, assigned to George J. Baldwin. Liabilities $7,700; nominal assets $8,400; actual assets about $4,000; preferences $3,750. S.J. Miller, grocer, assigned. SOUTH CAROLINA Columbia.-J. Wiley & Co., clothing, offer 50 cents. George's Station.-Abbott & Bro., general store, assigned to W H Rumpl. Liabilities, $486; nominal assets, $192. TENNESSEE. Bethel.-R. J. Hardy, general store. reported failed. Liabilities $2,500; nominal assets, $1,000; actual assets, $750. Memphis.-S. A. Bovle & Co., dry goods, failed. Liabilities $5,000; assets $2,500. C. (Mrs. L.) Loeb, general store, reported failed.

17. June 25, 1884 The River Press Fort Benton, MT
Article from The River Press, June 25, 1884

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The Manufacturers Bank. MILWAUKEE, June 17.-Geo. H. Sanborne, receiver of the Manufacturers' bank, finds that the liabilities amount to $400,000, and the assets nominally $500,000, but that it cannot realize on them. Outsiders say they will scarcely pay 55 cents on the dollar. No other banks are affected and no business houses are troubled.

18. June 27, 1884 Washington Standard Olympia, WA
Article from Washington Standard, June 27, 1884

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was considered, was held in New Yor last week The extremely low price of oil has con pelied the oil producers of Pennsylvani to make vigorous attempts to decreas the production. Washington county, Pa., comes to th front with a new gas well, which is r ported to excel anything of thelkind her tofore developed. The annual session of homeopothists : Deer Park, Md., has drawn together very large number of the most disti guished physicians of that school. The case of T. Campbell, attorney in the noted Berner trial. charged with attemp ing to bribe jurors, went to the jury las week. The jury disagreed and were di charged. The bank statement at New York la week was as follows: Deposits, decreas $2,211,600; reserve. increase, $5,645,00 Banks hold 6,984,500 in excess of legal r quirements. Isaac Langdon, wholately took a secon wife without the knowledge of his firs brought the former to Salt Lake a fe days ago. The first was so shocked tha she became insane. From reports from over seventy-fi counties in the state of Texas, is show that the wheat and corn crops bid fair surpass the yield of 1882, the heaviest the history of the state. A New York dispatch says: C. P. Hun ington has purchased Havemyer's estat 200 acres, at Fhrogg's Neck. West Cheste for $100,000, including the homestead. I will occupy it this season. The Woodvale woolen mills of John town, Pa., have suspended operations f an indefinite period. on account of tl lack of orders. Three hundred employe are idle in consequence of the suspensio George H. Place, formerly a street e conductor committed suicide last we at 1214 McAllister street, San Francisc Deceased lost his situation a few weel ago, and has been despondent ever sine Bridge, Beach & Co., stove manufactu ers in St. Louis, recently notified the employees that they would be obliged reduce wages 15 per cent. Three hundre refused to accept the reduction and qui work. It is rumored that the Manufacturer Bank of Milwaukee, Wis., is in troubl It is a small firm. not a member of tl clearing house, and has been regarde with distrust in financial circles for son time. Caution appears to characterize the a tions of all New York business men nov Few ventures are being made other tha legitimate, and the general merchandi markets therefore present rather a qui appearance. Steps are being taken by German clair ants to try the title of an immense boe of land in Oconee county, South Carolin Parties claim to own the disputed ter tory by right of original grants datir back to 1790. A suit in admiarity has been begun New York in the United States Distri Court, involving $450,000, by the owne of the steamship Lepanto, who seek to I cover damages for a collision with t steamer Edam. The Troy and Boston road has wit drawn from the Hoosaic Tunnel line. TI latter will be opened in the interest of t Wabash, West Shore, Grand Trunk, t Boston, Hoosaic Tunnel and Western a the Fitchburg roads. The Bunker Hill celebration opened Charleston, Mass., last week with a grai torchlight procession, under the auspic of the Mystic Order of Owls. All t public and nearly all the private hous were decorated and illuminated. Gidier, Day & Co., cotton factors at Ne Orleans, have suspended. They ha asked an extension. Their assets a stated to be $380,000; liabilities, $200,00 In addition to the assets of the fir Gidier has $130,000 invested in real estat Judgments to the amount of $125,0 were entered up last week against O. I Bozart & Co., bankers and brokers of Ne York, who recently failed. Among tl largest creditors are Mary S. Stockwe for $42,000, and Mary H. Burnham f $50,000. The first car load of California fruit the season arrived at Chicago last wee and consisted of peaches, apricots ai cherries, which were of fine quality ai sold readily at 83 to $3.50 per box for apr cots, $3.50 to 84 for peaches, and 83 $3.50 for cherries. Rev. Alexander Baird, D. D., of Nas ville, Tenn., one of the most promine preachers in the Cumberland Presbyteria Church, died suddenly last week in t. Park Avenue Hotel. He was on his w to attend a meeting of the Presbyteria alliance at Belfast, Ireland. The depression in the iron trade caus a falling off of orders for ore from t mines. In Williams' township. Nort ampton county, Pa., which supplies tl Glendon iron furnaces, six or seven min shut down last week. A large number

19. July 3, 1884 Grant County Herald Lancaster, WI
Article from Grant County Herald, July 3, 1884

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Milwaukee's Defunct Bank. MILWAUKEE, June 27.-The belief gains strength that the defunct Manufacturers' Bank will not pay more than 50 cents on the dollar. A meeting of the creditors is called for next week, at which the receiver is expeted to furnish them with a statement as to the condition of the bank.

20. July 17, 1884 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, July 17, 1884

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# That Milwaukee Failure. Special Dispatch to THE BEE. MILWAUKEE, July 16.- Considerable excitement was caused to-day by a rumor that the receiver of the collapsed Manufacturers' bank was ready to make a report, and that the showing was bad. The report was finished last night, but it will not be made public until next Monday. It is asserted it will show that the bank was most woefully managed, and that the assets are $200,000 or $300,- short of the liabilities. The bank, it will be remembered, failed some weeks ago for nearly half a million, while the report will show that the failure was not brought about by frauds of any kind. It asserted the mismanagement of the bank's affairs amounted almost to criminal carelessness. It seems to be the opinion that the assetts will not pay the depositors fifty cents on the dollar. Creditors generally believe that the president, Albert Conro, will make good all the deficiencies, and out of his private fortune pay dollar for dollar.

21. August 1, 1884 The Kimball Graphic Kimball, SD
Article from The Kimball Graphic, August 1, 1884

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Miscellaneous News Notes. Mayor Edson of Now York decline a re-election. Rutland, Vt., is bankrupt. Police and streetlighters have been discharged. The Manufacturer's bank of Milwaukee will pay 60 cents on the dollar. The Minnesota supreme court follows that of Wisconsin in sustaining the Washburn will. The Richmond, Ind., National bank has suspended. It claims $200,000 assets above liabilites. C. P. Huntington has conveyed his New York house to his new wife, formerly Mrs. Worsham. St. Paul's assessed valuation is nearly $70,000,000, an increase of nearly $20,000,000 within the last year. The mayor and city attorney of Monroe, La., confuse everybody by covering their salaries back into the treasury. Tucker, Hantmond & Co., jobbers of small

22. August 6, 1884 The Home Journal Winchester, TN
Article from The Home Journal, August 6, 1884

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- Mayor Smith. of Philadelphia, has asked the Councils for $10,000 to enable the Quaker City to make a good showing at the New Orleans Exposition. --The defunct Manufacturers' Bank, of Milwaukee, offers twenty-five cents cash, and seventy-five cents in equal payments at one, two and three years. -The Grand Jury of Petersburg, Va., have I not concluded their inquiry into the failure of the Planters' and Mechanics' Bank. -Green's Bank, at Jackson, Miss., makes an excellent showing by the receiver's report,