Peoples Savings Bank - Detroit, MI

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: savings bank
Start Date: September 25, 1873
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 9bb399ee

Response Measures

Accommodated withdrawals

Description

Article (Chicago Tribune, Sept 25, 1873) reports a run on the Detroit Savings Bank and that it paid small checks but required thirty days' notice for others (invoking a 30-day restriction). No later article in the set indicates reopening or permanent closure, so outcome is uncertain. The timing coincides with the broader financial disturbance in Sept 1873 (Panic of 1873), so cause is classified as macro_news.

Events (2)

1. September 25, 1873 Run

Cause: Macro News
Cause Details: Part of the broader financial disturbance in late September 1873 (general financial 'flaring' / Panic of 1873).
Measures: Paid all small checks promptly; required thirty days' notice from others; police present to preserve order.
Newspaper Excerpt: There has been a run on the Detroit Savings Bank all day.
Source: newspapers

2. September 25, 1873 Suspension

Cause: Macro News
Cause Details: Bank invoked a 30-day notice requirement for larger withdrawals in response to heavy withdrawals during the financial disturbance; described as a measure taken that day rather than a full failure by government action or voluntary liquidation.
Newspaper Excerpt: It has paid all small checks, and required thirty days' notice from all others.
Source: newspapers

Newspaper Articles (1)

1. September 26, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 26, 1873

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Article Text

DETROIT. Special Dispatch to The Chicago Tribune. DETROIT, Mich., Sept. 25.-We have had quite & financial flaring here to-day. There has been a run on the Detroit Savings Bank all day. It has paid all small checks, aud required thirty daye' notico from all others. A large crowd has been in atteudance and the polico have also been present to preserve or. der. The People's Savings Bank was honored WITH A BLIGHT RUN, also, during the whole morning, but the crowd around and In it was not large at any one time. Small depositore were also paid here as fast as they presented their checks as at the other savings bank. On the Wayne County, Mechanica', German, and American there there was not enough of a run to deserve any special mention. Early in the morning a run was commenced at the private banking-house of David Preston & Co., which has for many years dono a largo savings business, and now has many depositors of this class. The bank was kept open for two hours, during which timo a large amount of money was paid out, in the hope that the run might cease and business resumo its regular channels. The ho use had, howover no such resource to full back upon as the notice whi h (Continued on the Eighth Page.)