Security Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 31, 1893
Location: Ashland, Wisconsin (46.592, -90.884)

Metadata

Model: gpt-5-mini
Short Digest: 8f33b4e0

Response Measures

Partial suspension

Description

First National Bank suspended on July 31, 1893, triggering runs on other Ashland banks. Security Savings Bank experienced a crowd of depositors but did not suspend; officials invoked a 60-day notice on savings and refused payouts rather than close.

Events (1)

1. July 31, 1893 Run

Cause: Local Banks
Cause Details: Run was precipitated by the suspension/closure of the First National Bank and heavy withdrawals at other local banks.
Measures: Officials invoked the bank's 60-day notice requirement on savings deposits and refused to pay out savings withdrawals.
Newspaper Excerpt: At the Security Savings bank quite a scene was enacted. ... scores of them congregated in the bank and in front of the building waiting their turn at the cashier's window.
Source: newspapers

Newspaper Articles (1)

1. August 4, 1893 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, August 4, 1893

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Article Text

ASHLAND BANK SUSPENDS. Heavy Withdrawals of Deposits Causes the First National Trouble. Ashland, Wis., July 31.-The First National bank of this city closed its doors this morning. There has been a steady run on the bank during the last month. The resources, according to its last report, aggregate $496,488. Runs are in progress on the other banks of this city. At 10 o'clock this morning it looked as if all of Ashland's banking institutions were going under, but at noon the situation wore a more cheerful aspect and no further trouble is anticipated. Saturday afternoon the First National bank closed its doors one hour earlier than usual. No reasonable excuse was given for such action and its depositors became greatly alarmed. This morning instead of opening its doors a notice was posted that owing to heavy withdrawals by depositors during the past few weeks the bank was forced to suspend payment. This, of course, precipitated a heavy run on the other three banks, but business men manfully came to the front with deposits and their action /did much to restore confidence. At the Security Savings bank quite a scene was enacted. This bank is used largely by laboring men as a savings depository, and at 10 o'clock scores of them congregated in the bank and in front of the building waiting their turn at the cashier's window. On all savings deposits the bank requires a notice of sixty days before the deposit can be withdrawn. The officials took advantage of this rule and refused to pay out any of the savings deposits. This action provoked indignation on the part of the men depositors and tears on the part of the women, but the bank officials were impassive to threats and entreaties alike.