Manitowoc Savings Bank (Manitowoc, WI)

Episode Information

Episode UID
79011271122
Episode Type
Run Only
Bank Type
savings
Bank ID
7901127 routing
Routing Number
79-0112
Start Date
June 6, 1893
Location
Manitowoc, Wisconsin (44.089, -87.658)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0782bbdfed2fcb15

Response Measures

None

Events (1)
1. June 6, 1893 Run
Cause
Local Banks
Cause Details
Run began after failure/closure of the State Bank of Manitowoc and wider regional banking panic; panic spread from other Wisconsin banks.
Measures
Cashed certificates due, offered bonds and mortgages as security to depositors; provided collateral to those requesting security.
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 Yellowstone Journal Miles City, MT
Article from The Yellowstone Journal, June 7, 1893

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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.

4. 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.

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 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.

7. 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.

8. 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.

9. 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.

10. June 8, 1893 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, June 8, 1893

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SO that we feel and consider them as investments. We have our Bank reserves in the strongest considered Banks, and distributed in such a manner so that even by the failure of a few banks, could not sustain any perceptible loss. We have as yet not sustained a single loss in any Bank. JOHN SCHUETTE, Pres. LOUIS SCHUETTE, Cashier. In addition to the Bank assets the depositors have the double liability of the Stockholders. That is:-I own $42,000 Stock in the Manitowoc Savings Bank so that my other property is liable to the depositors for $42,000 more in case of necessity. My other property consists of the Oriental Mills plant which does not owe a cent to the Bank nor anyone else, but has besides $19,000 of working capital. Although the value of the mill plant may at present be nominal yet the working capital of $19,000 can be turned into cash at a moments notice. The Electric Light Plant owes nothing to the Bank, is free from debt, and has a balance due in its favor. The Bank and adjoining building owned by me are also free from debt. Besides, I own lots, good stocks, etc. all unincumbered. All my above mentioLed individual properties outside of Bank Interests are practicably liable to all the depositors of the Manitowoc Savings Bank, in the amount of $42,000. The balance of the stock is owned by Henry Schuette, $7,000. and Louis Schuette, $1,000, for which they are doubly liable and adequately responsible. It may not be necessary to state that Schuette Bros. owe nothing to the Bank, but have a credit there. Any one scrutinizing the above statement and having faith in their truthfulness. which I certify to be correct, must feel that all depositors are abundantly secured. JOHN SCHUETTE. On the advice of business men who who were perfectly satisfied the bank could meet its obligations at once unless subjected to a mad rush, Mr. Schuettede cided to cash only such certificates as were due. All who desired were given security, the bonds of which there are over $83,000 worth in bank and the real estate mortgages of which the bank holds over $114,000 being used for this purpose. The city bonds were bought by the bank at 103 per cent. and before the run, would have sold at a higher figure. A large majority took the security. The certificates due and the smaller certificates were cashed. The rush in the morning was caused by the feverish anxiety of the preceding night when the news of the failure of the State Bank spread. By o'clock there was no one in the bank to withdraw his money. had down stampede seeking ten quieted for the time. The The abundance of security which the bank had to offerseemed to have a soothing effect. I While Mr. Schuette stated openly that he blamed no one because of the panic that he it to was utterly is everywhere, impossible for insisted the bank that fail so that it could not pay dollar for dollar. It was difficult to raise money on the splendid securities he had to offer because every bank in the country either had a run or feared one and would not part with any considerable portion of their currency on the very best collateral. The bonds held by the bank are county bonds, Manitowoc city bonds and school bonds on the north side district of this city and of the 3rd ward. These n bonds can not be purchased for less than 104 per cent. The mortgages are on Manitowoc county real estate and would of sell at a premium. The bank has always in turned in its surplus as its officers have an income more than sufficient to meet all their wants without drawing one cent h from the earnings of the bank. Outside of thebank John Schuette is worth about $100,000 and the property is wholly unencumbered. Schuette Bros. offer their guaranty that depositors shall be paid. The credit of their store is at the disposal of the bank should it be needed. The business men of the city are acting very fairly with the bank, so that take it all in all the cause for alarm seems to be utterly groundless. The only trouble is difficulty to get money a difficulty which a few days will remedy as the fever has practically died down in Milwaukee. People have come to their senses there and in a day or two the banks of that city will feel safe in giving money for good secur ities. The bank expected a heavy run yesterday but was quite well prepared. The excitement 10 Milwaukee had died out and banks are willing to make advances on securities. Offers of assistance came for 20 times the amount that was asked and refused the day preceding. The farmers were on hand early in the morning but only a few drew their money out Many of these returned it before 12 At half ten run come totally o'clock, collapsed. past Farmers the who had had with their certificates talked among