Merchants & Manufacturers National Bank (Detroit, MI)

Episode Information

Episode UID
236500931
Episode Type
Run Only
Bank Type
national
Bank ID
23650 national
Charter Number
2365
Start Date
July 13, 1877
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
46bd1f40658b840b

Response Measures

Partial suspension

Events (4)

1. July 13, 1877 Chartered
Source
historical_nic
2. July 13, 1877 Other
Newspaper Excerpt
Merchants' & Manufacturers' National Bank of Detroit... Authorized to commence business July 13, 1877.
Source
newspapers
3. June 14, 1893 Run
Cause
Local Banks
Cause Details
City-wide savings bank run threatened in Detroit, part of an epidemic of runs sparked by failures elsewhere (e.g., Omaha); threat mitigated by banks requiring legal notice.
Measures
Officers of all banks required depositors to give legal/time notice (enforced time limits) to meet withdrawals.
Newspaper Excerpt
At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored.
Source
newspapers
4. April 14, 1894 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Chicago Daily Tribune, July 24, 1877

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Article Text

Total $1,062,243,828 Total eleven citics $1,030,550,397 $981,028,500 CONDITION OF THE CURRENCY. The Secretary of the Treasury had on hand Jnly 14 $104,221,925 In legal-tendera, besides the amounts due to disbursing agents. This sum Is composed an follows: The amount of legal-tenders on deposit for redemption of bank circulation has increased to $14,630,902. the ordinary balance is $6,772 307, the fund for redemption of fractional notes in $7. 963, 212, the deposit for redemption of certificates $30. OR5, 000, and the 5 per cent redemption fund in $15, 7144, 334. THE EFFECT OF THE WAR ON MANCHESTER. The Manchester Examiner says that, while the trade of Manchester le in a Bounder condition than for almost twenty years, the return of prosperity is hindered by the war. The effects of the war are becoming every week more actious, and the importance to Manchester of Its Levant trade was never more manifest than now that It is suspended, and perhaps permanently Injured. STATE BANKS OF NEW YORK. The official exhibit of the condition of the State banks of New York City, excepting the savings banks, nt the end of June shows that their capital to be $11,783,200; circulation, $30, 020; deposits, $10,401. 730; loans and discounts, $38,174, 025; legal-tenders and cash, $17,000,000. NEW NATIONAL DANES. The following new bank organized and authorized to commence business is officially reported to the Comptroller of the Currency: 2,385, Merchants' & Manufacturers' National Bank of Detruit, Mich Authorized capital, $300,000 paid. in capital. $240,000. T. 11. Minclinian, President: Frederick W. Payes Cashier. Authorized to commence business July 13, 1877. RAILROAD BONDS. The following quotations were made on the New York Stock Exchange for railroad bonds on Saturday: Clar H'at'n


Article from Rock Island Daily Argus, June 14, 1893

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Article Text

MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.