22872. Manufacturers National Bank (Racine, WI)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1802
Charter Number: 1802
Start Date: September 24, 1915
Location: Racine, Wisconsin (42.726, -87.783)

Metadata

Model: gpt-5-mini
Short Digest: 4070b7e9

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined

Description

Multiple contemporary newspaper reports (late Sept 1915) describe a run on Manufacturers National Bank of Racine caused by false rumors/misunderstanding. Chicago banks shipped large cash consignments ($500,000 reported) and deposits by local firms restored confidence. No suspension, receivership, or permanent closure is reported in the articles.

Events (2)

1. March 16, 1871 Chartered

Source: historical_nic

2. September 24, 1915 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded/false rumors and misunderstandings (including misunderstanding over endorsement of assignee on payroll checks and anti-Anglo-French-loan propaganda) triggered withdrawals.
Measures: Chicago correspondent banks sent large cash consignments (reported $500,000; additional consignments including $150,000 conveyed by detectives); bank issued statement and met every demand; local deposits by manufacturers/merchants bolstered reserves.
Newspaper Excerpt: Prompt action by Chicago banks, which sent $500,000 to meet the run by foreign depositors at noon to-day stopped the run on the Manufacturers National Bank, which started yesterday.
Source: newspapers

Newspaper Articles (7)

1. September 25, 1915 The Sun New York, NY

Article from The Sun, September 25, 1915

Click image to open full size in new tab

Article Text

BANK RUN LAID TO LOAN. Confidence Restored at Racine by $500,000 From Chicago. RACINE. Wis., Sept. 24.-Prompt action by Chicago banks, which sent $500,000 to meet the run by foreign depositors. at noon to-day stopped the run on the Manufacturers National Bank, which started yesterday. The Chicago banks were ready to send another $800,000 if needed. but big deposits by manufacturers and merchants aided in restoring confidence. The run is said to have been in part due to the propaganda of opponents of the Anglo-French loan to discourage banks from participating. by demonstrating what would be done by foreign depositors if the loan were made. The bank issued a statement saying it would not participate in the loan.

2. September 30, 1915 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, September 30, 1915

Click image to open full size in new tab

Article Text

RACINE BANK SOUND. False Rumor Starts Run on Racine Bank But Money Is Stacked for Payment. False rumors started a run on the Manufacturers National Bank in Racine on Thursday afternoon and the run caused something of a flurry in the financial world. It was reported in Kenosha this morning that the bank was in difficulties. There was absolutely no truth to the rumor and when the bank opened this morning it had currency enough in its vaults to meet every demand that could be made by a depositor. The false rumors which started the run were due to a misunderstanding of methods of cashing orders for payment of wagons of men employed in a Racine concern which recently went into liquidation. When the bank officials demanded that the name of the assignee of this company be endorsed on these checks the working men got the idea that there was no money and started withdrawing saving deposits. Every demand was promptly met and this morning the confidence in the bank had been restored. The report of the National Banking examiner was that the bank was in excellent condition from every standpoint.

3. September 30, 1915 Audubon Republican Audubon, IA

Article from Audubon Republican, September 30, 1915

Click image to open full size in new tab

Article Text

Domestic Reports from Philadelphia indicate that W. E. Corey, former president of the United States Steel corporation, Percy Rockefeller, and others, are interested in the purchase of the Midvale Steel company and other independent companies, the object being to form a new steel combination to compete with the United States Steel corporation. It is reported that Corey will head the new company. . * With a loss of more than $1,000,000 the building of the Union Warehouse company at Los Angeles, Cal., was destroyed by fire. The building covered an entire city block. . . . Indictments were returned by the federal grand jury at Chicago against eight men, fixing the responsibility for the Eastland disaster, in which 812 lives were lost. The indicted men include owners and officers of the steamer, and government officials. Six persons were crushed to death when a street car plunged 50 feet into the new subway being constructed in Seventh avenue, New York, as a block and a. half of the street surface collapsed. Two others died of their injuries after a gas explosion. The third and last will claiming to dispose of the $12,000,000 estate of Francis A. Ogden, eccentric recluse, will be withdrawn and the blood heirs of the aged man left to share the estate without further controversy. it was announced at Houston, Tex. ... Unfounded rumors caused a run on the Manufacturers' National bank of Racine, Wis. Big consignments of money, which were conveyed to the bank by detectives, arrived on a train from Chicago. One consignment totoled $150,000

4. October 1, 1915 The Ely Miner Ely, MN

Article from The Ely Miner, October 1, 1915

Click image to open full size in new tab

Article Text

Eighty passengers of a Southern Pacific Mexican train were thrown into a car containing hay and the car set on fire by a band of Yaqui Indians near Torres, Sonora. Only twenty passengers escaped. The Anglo-French financial commission and eastern bankers have reached a virtual agreement on the details of the proposed half-billion dollar credit loan to Great Britain and France. Four members of the commission left New York for Chicago to confer with western bankers over the tentative terms. Herbert Heckler, opera singer, of Chicago, shot and probably mortally wounded Pearl Palmer, twenty-three, also an opera singer, in a conservatory at New York. Heckler then killed himself. With a loss of more than $1,000,000 the building of the Union Warehouse company at Los Angeles, Cal., was destroyed by fire. The building covered an entire city block. ... With dozens of landslides, numerous bridges damaged and five miles of track washed out between Dubuque and Farley, Ia., the Great Western is detouring all trains over the Illinois Central as far as Dyersville. The damage was caused by floods. Grace Episcopal church, one of Chlcago's most venerated landmarks in the southern outskirts of the city when it was built in 1868, was destroyed in one of the most spectacular fires in the city's history. The loss is estimated at $500,000. Charles Adams, thirty-eight years old, unmarried, was fatally shot by Frank Sturgeon when the latter returned unexpectedly to his home five miles east of Franklin. Ind., and discovered Adams leaving his house Adams died. ... Unfounded rumors caused a run on the Manufacturers' National bank of Racine, Wis. Big consignments of money, which were conveyed to the bank by detectives, arrived on a train from Chicago. One consignment totaled $150,000. ... A revision of the complete vote of Massachusetts joint primaries somewhat increased the plurality of the nominees. Governor Waish was renomiated by the Democrats and former Congressman McCall was chosen as his Republican opponent.

5. October 5, 1915 The Watertown Weekly Leader Watertown, WI

Article from The Watertown Weekly Leader, October 5, 1915

Click image to open full size in new tab

Article Text

# BADGER STATE NOTES. Sheboygan. — Earl Stetton, alias William Barber, whose home is in Whitewater and who is in jail awaiting sentence on a charge of burglary, is a problem for the authorities. He was found guilty and undoubtedly would have been sentenced to the reformatory at Oshkosh, being 18 years old. He became a raving maniac and in this condition it is not believed advisable to send him to the northern hospital for the insane at Oshkosh, as no provision is made there for criminal insane. He is too young to be sent to the hospital for criminally insane at Waupun. Beloit. — Paul Howe pleaded guilty to highway robbery in holding up agents of the Northwestern and Milwaukee roads and was sentenced by Judge J. B. Clarke to seven years in the penitentiary. Howe is deemed by District Attorney Dunwiddie a chronic criminal. He has served two terms in Waupun for burglary, besides numerous jail sentences. He told the court that at times when slightly drunk he could not resist robbing people because it was easier to get money that way than to work. Waukesha. — The girl arrested at Milwaukee, giving her name as Bessie Burgman, 21 years old, and alleged to have confessed to setting fires at various places for revenge, was known as "Elsie" at the Waukesha Lime and Stone company where Deputy Fire Marshal William G. End charges that she started fires on June 8, 15 and 26. Kenosha. — Mrs. Inez Rice Keller, former well known Kenosha woman, who went abroad a year ago as one of the representatives to the peace congress at The Hague, has returned to the country. She is now interesting herself in collecting funds for one of the American hospitals on the battle front. Madison. — More than three hundred members of the freshman class at the university have been pledged by Greek fraternities and sororities during the last week. The rushing week for sororities, which lasts a week, has closed. There are practically 1,000 fraternity members at the university. Madison. — Gov. Philipp appointed Frances G. Perkins of Fond du Lac to succeed Elizabeth Waters of the same city, as a member of the board of regents of the state university for a term ending Feb. 1, 1921. Berlin. — Two bronze cannon used in the civil war, and by an act of congress donated to the city of Berlin, arrived here, also forty-two cannon balls, to be used for ornamental purposes in the city park. Kenosha. — Two hundred curious people, many of them women, crowded municipal court here when the hearing of the statutory charges against Mrs. Mae Molter Bull and Frank Hansmann were supposed to come up. The hearing of both the cases was adjourned. Wausau. — The packing plant of the Wausau Co-operative company is nearly completed. It will be in operation by Dec. 1. Beloit. — Miss Jeanette Wade of Wauwatosa has been elected to represent the junior class of Beloit college on the honor committee, which administers the student honor system. Racine — Victor Norwidt, a mechanic, was one of the depositors at the Manufacturers' National bank who withdrew his money when some one started a run on the bank. He is sorry now to the extent of $100, for he went home with a friend after enjoying a taxicab ride around town and woke up without a cent. Racine. — Mrs. William Cramer, 34 years old, whose death was due to diphtheria, was quickly buried under auspices of the board of health. Her daughter died of the same disease a short time ago.

6. October 7, 1915 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, October 7, 1915

Click image to open full size in new tab

Article Text

BADGER STATE NOTES. Sheboygan.-Earl Stetton, alias William Barber, whose home is in Whitewater and who is in jail awaiting sentence on a charge of burglary, is a problem for the authorities. He was found guilty and undoubtedly would have been sentenced to the reformatory at Oshkosh, being 18 years old. He became a raving maniac and in this condition it is not believed advisable to send him to the northern hospital for the insane at Oshkosh, as no provision is made there for criminal insane. He is too young to be sent to the hospital for criminally insane at Waupun. Beloit.-Paul Howe pleaded guilty to highway robbery in holding up agents of the Northwestern and Milwaukee roads and was sentenced by Judge J. B. Clarke to seven years in the penitentiary. Howe is deemed by District Attorney Dunwiddie a chronic criminal. He has served two terms in Waupun for burglary, besides numerous jail sentences. He told the court that at times when slightly drunk he could not resist robbing people because it was easier to get money that way than to work. Waukesha.-The girl arrested at Milwaukee, giving her name as Bessie Burgman, 21 years old, and alleged to have confessed to setting fires at various places for revenge, was known as "Elsie" at the Waukesha Lime and Stone company where Deputy Fire Marshal William G. End charges that she started fires on June 8, 15 and 26. Kenosha.-Mrs. Inez Rice Keller, former well known Kenosha woman, who went abroad a year ago as one of the representatives to the peace congress at The Hague, has returned to the country. She is now interesting herself in collecting funds for one of the American hospitals on the battle front. Madison -More than three hundred members of the freshman class at the university have been pledged by Greek fraternities and sororities during the last week. The rushing week for sororities, which lasts a week, has closed. There are practically 1,000 fraternity members at the university. Madison.Gov. Philipp appointed Frances G. Perkins of Fond du Lac to succeed Elizabeth Waters of the same city, as a member of the board of regents of the state university for a term ending Feb. 1, 1921. Berlin.-Two bronze cannon used in the civil war, and by an act of congress. donated to the city of Berlin, arrived here, also forty-two cannon balls, to be used for ornamental purposes in the city park. Kenosha.-Two hundred curious people, many of them women, crowded municipal court here when the hearing of the statutory charges against Mrs. Mae Molter Bull and Frank Hansmann were supposed to come up. The hearing of both the cases was adjourned. Wausau.-The packing plant of the Wausau Co-operative company is nearly completed. It will be in operation by Dec. 1. Beloit.-Miss Jeanette Wade of Wauwatosa has been elected to represent the junior class of Beloit college on the honor committee, which administers the student honor system. Racine-Victor Norwidt, a mechanic, was one of the depositors at the Manufacturers' National bank who withdrew his money when some one started a run on the bank. He is sorry now to the extent of $100, for he went home with a friend after enjoying a taxicab ride around town and woke up without a cent. Racine.-Mrs. William Cramer, 34 years old, whose death was due to diphtheria, was quickly buried under auspices of the board of health. Her daughter died of the same disease a short time ago.

7. October 12, 1915 Wausau Pilot Wausau, WI

Article from Wausau Pilot, October 12, 1915

Click image to open full size in new tab

Article Text

BADGER STATE NOTES. Sheboygan.-Earl Stetton, alias William Barber, whose home is in Whitewater and who is in jail awaiting sentence on a charge of burglary, is a problem for the authorities. He was found guilty and undoubtedly would have been sentenced to the reformatory at Oshkosh, being 18 years old. He became a raving maniac and in this condition it is not believed advisable to send him to the northern hospital for the insane at Oshkosh, as no provision is made there for criminal insane. He is too young to be sent to the hospital for criminally insane at Waupuh. Beloit.-Paul Howe pleaded guilty to highway robbery in holding up agents of the Northwestern and Milwaukee roads and was sentenced by Judge J. B. Clarke to seven years in the penitentiary. Howe is deemed by District Attorney Dunwiddie a chronic criminal. He has served two terms in Waupun for burglary, besides numerous jail sentences. He told the court that at times when slightly drunk he could not resist robbing people because it was easier to get money that way than to work. Waukesha.-The girl arrested at Milwaukee, giving her name as Bessie Burgman, 21 years old, and alleged to have confessed to setting fires at various places for revenge, was known as "Elsie" at the Waukesha Lime and Stone company where Deputy Fire Marshal William G. End charges that she started fires on June 8, 15 and 26. Kenosha.-Mrs. Inez Rice Keller, former well known Kenosha woman, who went abroad a year ago as one of the representatives to the peace congress at The Hague, has returned to the country. She is now interesting herself in collecting funds for one of the American hospitals on the battle front. Madison.-More than three hundred members of the freshman class at the university have been pledged by Greek fraternities and sororities during the last week. The rushing week for sororities, which lasts a week, has closed. There are practically 1,000 fraternity members at the university. Madison.Gov. Philipp appointed Frances G. Perkins of Fond du Lac to succeed Elizabeth Waters of the same city, as a member of the board of regents of the state university for a term ending Feb. 1, 1921. Berlin.-Two bronze cannon used in the civil war, and by an act of congress donated to the city of Berlin, arrived here, also forty-two cannon balls, to be used for ornamental purposes in the city park. Kenosha.-Two hundred curious people, many of them women, crowded municipal court here when the hearing of the statutory charges against Mrs. Mae Molter Bull and Frank Hansmann were supposed to come up. The hearing of both the cases was adjourned. Wausau.-The packing plant of the Wausau Co-operative company is nearly completed. It will be in operation by Dec. 1. Beloit.-Miss Jeanette Wade of Wauwatosa has been elected to represent the junior class of Beloit college on the honor committee, which administers the student honor system. Racine-Victor Norwidt, a mechanic, was one of the depositors at the Manufacturers' National bank who withdrew his money when some one started a run on the bank. He is sorry now to the extent of $100, for he went home with a friend after enjoying a taxicab ride around town and woke up without a cent. Racine.-Mrs. William Cramer, 34 years old, whose death was due to diphtheria, was quickly buried under ausHer pices of the board of hc th. daughter died of the same lisease a short time ago.