Run described as light and was reported stopped the following day.
Events (1)
1.June 6, 1893Run
Cause
Local Banks
Cause Details
Run triggered by failure/closure of the State Bank of Manitowoc.
Measures
Distributed circulars and published monthly statement to reassure depositors.
Newspaper Excerpt
The Manitowoc Savings Bank is experiencing a light run.
Source
newspapers
Newspaper Articles (10)
1.June 7, 1893Daily Kennebec JournalAugusta, ME
Click image to open full size in new tab
Article Text
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, 1893The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
A Wisconsin Bank Suspends
MANITOWOC, Wis., June 6.-The State Bank of this city has closed. The capital stock was $50,000 and the surplus $10,000. The Manitowoo Savings Bank is experienceing 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.
3.June 7, 1893The Portland Daily PressPortland, ME
Click image to open full size in new tab
Article Text
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.
4.June 7, 1893The Anaconda StandardAnaconda, MT
Click image to open full size in new tab
Article Text
Wisconsin Hanks
MANTTOWOC, Wis.. June 6.-The State bank of this city failed. It had a capital of $50,000. surplus $10,000. Manitowoe savings bank is now experiencing a slight run. At Madison the run on the First national has increased. and other banks are having increased demands.
5.June 7, 1893The Yellowstone JournalMiles City, MT
Click image to open full size in new tab
Article Text
The Wisconsin Banks
MILWAUKEE. Wis.. June 6. The State Bank of this city has failed. It had a capital of 850,000 and a surplus of 810,000. The Manitowoc Savings Bank now is experiencing a slight run. Reports from Racine say a run is in progress on the Manufacturers National and at Madison the run on the First National has increased.
6.June 7, 1893The HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
Rons ou Wisconsin Banks
MATITOWOC, Wis., June 6.-The State bank of this city has failed. It had a capital of $50,000; surplus, $10,000. The Manitowoc Savings bank is now experiencing a slight run. Reports from Racine say a run is in progress on the Manufacturera' National bank. At Madison the run on the First National has increased. Other banks are having increased demands.
7.June 7, 1893The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
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.
8.June 8, 1893St. Paul Daily GlobeSaint Paul, MN
Click image to open full size in new tab
Article Text
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, 1893Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
Click image to open full size in new tab
Article Text
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, 1893The Manitowoc PilotManitowoc, WI
Click image to open full size in new tab
Article Text
THE failure of the State Bank made the Savings Bank prepare for a run. The following circulars were distributed on Tuesday morning just before the bank opened. TO THE DEPOSITORS AND THE PUBLIC GENERALLY. In times.like these when confidence is sbaken to the utmost by the frequent failures, it must be expected that there will be some who doubt the soundness of the best of banks. Therefore we give the following monthly statement up to June 1st 1893: The Manitowoc Savings Bank owns County. City and School Bonds
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
