22682. Manitowoc Savings Bank (Manitowoc, WI)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
June 6, 1893
Location
Manitowoc, Wisconsin (44.089, -87.658)

Metadata

Model
gpt-5-mini
Short Digest
61dfd144

Response Measures

None

Description

Multiple articles (June 6–7, 1893) report a light run on the Manitowoc Savings Bank triggered by the failure/closure of the State Bank of Manitowoc. The savings bank experienced a short-lived/light run that was discontinued by June 7; there is no report that the savings bank suspended or closed. Classified as run_only for the Manitowoc Savings Bank. Corrected OCR minor typos in some articles (e.g., Manitowor -> Manitowoc).

Events (1)
1. June 6, 1893 Run
Cause
Local Banks
Cause Details
Run on the savings bank followed the failure/closure of the State Bank of Manitowoc (reports say run continued all day owing to the failure of the State bank).
Measures
Run discontinued the following day; no suspension reported (The run of the Manitowoc Savings bank ... was discontinued today.)
Newspaper Excerpt
The Manitowoc Savings bank is experiencing a light run.
Source
newspapers

Newspaper Articles (10)
1. June 7, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 7, 1893

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STILL THEY GO. More Banks Obliged to Close Their Doors. A Big Run on Savings Banks and Institutions at Chicago. Western States Severely Shakea by This Great Financial Panic. MANITOWOC, Wis, June 6.-The State Bank of this city has closed. Capital stock, $50,000; surplus: $10,000. The Manitowoc Savings Bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' and National Bank. At Madison the run on the First National Bank has increased in vigor and other banks are having increased demands.

2. June 7, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 7, 1893

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WISCONSIN'SUFFERS. Many Banks in Trouble and Some of Them Closed. MANITOWOC, Wis., June 6.--The state bank of this city is closed. The capital stock is $50,000; surplus $10,000. The Manitowoc savings bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National bank. At Madison, the run on the First National bank has increased in vogor and other banks are having increased demands. The bank of Two Rivers closed the doors this morning. It is capitalized at $10,000 and its resources, according to the last statement, were $40,520. The amount due depositors is $59,314.

3. June 7, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 7, 1893

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almost antirely subsided, but rener came too late for the Citizens' National, which closed its doors at 2 o'clock. Other banks stood the strain with no visible signs of weakening, and since they have been strengthening themselves, the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions. The officers of the Citizens' National are E. B. Hyde, president; B. C. Van Houten, vice president; A. A. Newberry, cashier. Congressman John L. Wilson, was a heavy stockholder. Mr. Hyde said tonlight that this bank would pay every depositor in full, and that enough would remain to hold the stock at a premium. The deposits at the time of suspension were slightly in excess of $200,000. while against this the bank has more than $400,000 in bills receivable. The officers of the Washington National are Henry L. Tilton, president; A. M. Cannon, vice president; F. E. Goodall, cashier. Mr. Goodall said that they would pay everything in full, and that the bank's assets are largely in excess of its liabilities. Deflance, Ohio, June 6.-The doors of the Deflance Savings Bank were closed yesterday afternoon. just before the close of business. Many of the stockholders did not know that such a step was in contemplation. The bank is the youngest in town. The assets net less than $150,000, and the liabilities are stated at $100,000. The failure is attributed to large loans made by the bank, which ties up some $127,000, leaving them too narrow a working capital. Bedford, Ind., June 6.-The community was startled this morning when the Bedford Bank failed to open its : doors. President W. J. Stanley explained that in consequence of the rey cent heavy withdrawals of deposits, $ the bank would be forced to suspend 1 for a few days. It is one of the oldest 5 and most reliable banks in the city. I Manitowoc,* Wis., June 6.-The State S bank in this city has failed. It had a capital of $50,000; surplus, $10,000. The I Manitowoc Savings bank is now experliencing a slight run. Reports from Racine say the run in progress on the Manufacturers' National bank at Madison, and the run on the First National, e have increased. Boston, June 6.-Potter & Potter, t < publishers of the New England Magazine, Yankee Blade, Woman's Home Journal, and other periodicals, have 1 made an assignment. Liabilities, $75,e 000 to $100,000. The firm may resume. S The failure is due to a losing business r e on the New England Magazine. r Spokane, June 6.-At 2 o'clock the I Citizens' National Bank closed its doors. It is impossible to get reliable S information. It is reported here on aph parently reliable authority that the t Palouse City Bank has also suspended. S New York, June 6.-A notice on e the door of the defunct Canal Street bank this morning informed a clamorh ing crowd of depositors that the bank k will go into liquidation, and that the , depositors will be paid in full. t Philadelphia, June 6.-Samuel A. n Prince, owner of the marble works e here and quarries in Ruthland, Vt., failed. Liabilities, $100,000. The noma inal assets are a quarter of a million. e t Portland, June 6.-The Virtue Mino ing Company assigned today Assets r $20,000; liabilities, $16,000.

4. June 7, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 7, 1893

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MANY SMALL BANKS GO DOWN. UNDUE EXPANSION THE CAUSE IN ONE CASERUNS RESPONSIBLE IN OTHERS. Toledo, Ohio, June 6.-A dispatch to "The Blade" from Defiance, Ohio, says that the doors of the Deliance Savings Bank closed yesterday afternoon just before 3 o'clock. This was done by the assignee, Rolla H. Gleason. Many of the stockholders did not know that any such step was in contemplation. The bank is the youngest in the town, and has a paid up capital of $27,000. The assets will reach not less than $150,000, and the liabilities are stated at $100,000. The failure is attributed to large loans made by the bank, which ties up some $127,000, leaving them too narrow a working capital. Andrew Sauer, the cashier, assigned his entire real and personal property amounting to $100,000, Frank S. Smith being his assignee. The enterprises In which Mr. Sauer is Interested. all of which are Included in his assignment, are the Deflance Electric Street Railway, electric light plant and gas works, the Citizens' Opera House, valued at $50,000, besides considerable real estate. The Golden Rule Drygoods House, in which he was Interested with a stock valued at 42,000, was turned over to Henry Smith and Henry Foos, two of his heaviest creditors. Manitowor, Wis., June 6.-The State Bank of ManItowoc did not open for business this morning. There has been a continued run on the Institution for the last three weeks, and the officers have made a fight against the failure which by developments yesterday was made inevitable. C. C. Barnes, the president, It is understood, has turned over all his personal property to cover any possible loss by depositors. The bank's capital stock was $50,000 and the surplus $10,000. The Manitowoe Savings Bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National Bank. At Madison the run on the First National Bank has increased in vigor, while other banks are having Increased demands. Spokane, Wash., June 6.-The Washington National Bank and Its adjunct, the Washington Savings Bank, closed their doors this morning. They were crippled by the quiet run yesterday. Both show strong assets, much in Increase of the liabilities, but could not get money in time for the sudden demand. The other banks are being subjected to a severe run, but seem to be standing the strain well. Two Rivers, Wis., June 6.-The bank of Two Rivers closed its doors this morning. It was capitalized at $10,000. Its resources according to the last state. ment were $70,523, and amount due depositors, $59,314 32. Philadelphia, June 6.-Cornellus & Rowland, dealers in gas fixtures, at No. 1,512 Chestnut-st. have made an assignment. Liabilities are estimated at $50,000, and assets at $75,000.

5. June 7, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 7, 1893

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Rune on " Isconsin Banks. MASTIOWOC, Wis., June 6.-The State bank of this city. failed today. It had a capital of $50,000 and a surplus of $10,000. The Manitowor Savings bank is now experiencing a slight run. Reports from Racine say that a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased, and other banks are having increased demands, (Ca/vin C. Barnes is president an t George B. Burnit cashier of the State bank, of Manitowoc. John Sebutte is president and L. Schutta cashión of the ManitowoeSaviogs bank E. yr. Erskine is president and B. R. Northrys cashiér of the Manufacturers' National bank, of Racirie N. + Van Slyke is president and W. Ramsay cashike of the First National bank, of Madison.]

6. June 7, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 7, 1893

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WISCONSIN BANKS, The State Bank of Manitowoc Succumbs -Runs on Others. MILWAUKEE, Wis., June 6.-The State Bank of Manitowoc has failed. It had a capital of $50,000 and a surplus of $10,000. The Manitowoc Savings bank is now experiencing a slight run. Returns from Racine say a slight run is in progress on the Manufacturers' National. At Madison the run on the First National has increased, and other banks are having increased demands.

7. June 7, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 7, 1893

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CRIPPLED BANKS. Small Country Banks in Wisconsin Suspend Payment. NEW YORK, June 6.-State Examiner Preston took charge of the affairs of the Canal Street bauk, at 206 Canal street, this morning. The bank went into voluntary liquidation yesterday because of the refusal of the Shoe and Leather bank to clear for the Canal Street bank. Two RIVERS, Wis., June 6.-The Bank of Two Rivers failed this morning. A statement from the officials as to the cause and condition of the bank cannot be had, as the cashier and principal owner, David Becker, is not in the city. MILWAUKEE, June 6.-The flurry in financial circles of last week has passed away. This morning there is not a run on a single bank in town. The Commercial, Second Ward and South Side Savings banks present their usual appearance, and confidence seems to have been completely restored. It was thought that the flurry in Chicago would have its effect here, but its influence does not seem to have been felt at all. TOLEDO, O., June 6.-A Blade special says the savings bank of Andrew Sauer, at Defiance, failed. Particulars soon as received. Liabilities, $100,000. TROY, N. Y., June 6.-The affairs of Neher & Carpenter, brokers and private bankers, who failed some time ago, are not in an encouraging condition. The liabilities are about $235,000 and the actual value of the assets $131,000. Neher & Carpenter were the Eastern agents of the North western Guaranty Loan association, of Minneapolis. MILWAUKEE, June 6.-A special from Manitowoc, Wis., says the State bank in that city has closed. Its capital stock was $50.000, and the surplus $10,000. The Manitowoc Savings bank is now experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands. SPOKANE, Wash., Jnne 6.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by the quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.

8. June 8, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 8, 1893

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Stopped the Run. MANITOWOC, Wis., June 7.-The run of the Manitowoc Savings bank which continued ail day yesterday, owing to the failure of the State bank, was discontinued today.

9. June 8, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 8, 1893

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Failing Banks. PALONBE, Wash., June 8.-The First National bank of this city closed its doors yesterday. The suspension is due to the failure of the bank of Spokane. The bank has a capital of $100,000 and deposits of about $30,000. Milwaukee-The State bank at Manitowoo has closed. Its capital stock was $50,000 and the surplus $10,000. The Manitowoc Savings bank is now experiencing a light run. Reports from Racino say a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands.

10. June 8, 1893 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, June 8, 1893

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DEPOSITORS LINE UP. HEAVY RUNS IN PROGRESS ON WESTERN BANKING HOUSES. Illinois Trust and Savings Bank and Other Chicago Institutions Subjected to a Severe Strain-Runs in Progress On Wisconsin and Washington Banks. CHICAGO, June 6.-Between 1200 and 1500 people formed in line to-day at the Illinois Trust and Savings bank to withdraw their deposits, although the bank remained open till 3 o'clock this morning, paying out money on demand. At other savings banks also the run which began yesterday seemed to have increased in proportion to-day. The assets of the bank are $128,114,000. The stockholders are estimated as being worth $150,000,000. L. Z. Leiter, who is one of the beavioststockholders in the bank, said last night: "I have real estate enough to pay all these claims and it is at the service of the bank. Every person who has a dollar here may have it on demand." Runs on Wisconsin Banks. MANITOWOC, Wis., June 6.--The State bank of this city has closed. Its capital stock was $50,000 and the surplus $10,000. The Manitowoc Savings bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' and National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands. D. fiance savings Bank Closed. TOLEDO, Ohio, June 6.-A special from Defiance, Ohio, states that the doors of the Defiance Savings bank closed by the assig1100 yesterday afternoon. The bank has a paid up capital of $27,000. The assets will reach not less than $150,000 and liabilities are stated at $100,000.