Miners National Bank - Ishpeming, MI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 5668
Charter Number: 5668
Start Date: October 23, 1903
Location: Ishpeming, Michigan (46.489, -87.668)

Metadata

Model: gpt-5-mini
Short Digest: 43de6a01

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1934-01-17
Date receivership terminated: 1937-08-26
Share of assets assessed as good: 41.3%
Share of assets assessed as doubtful: 58.7%
Share of assets assessed as worthless: 0.0%

Description

Newspaper (Oct 23, 1903) reports an ongoing run on Miners' National Bank in Ishpeming driven by rumors; bank remained open and was paying depositors. No suspension or closure mentioned.

Events (3)

1. January 5, 1901 Chartered

Source: historical_nic

2. October 23, 1903 Run

Cause: Rumor Or Misinformation
Cause Details: An unspecified rumor (origins unknown; enemies of the bank are suspected) prompted the withdrawals.
Measures: Bank prepared to meet all demands and paid depositors as accounts were balanced.
Newspaper Excerpt: Run Still Continues. The run on the Miners' National bank continues to-day. The institution is prepared to meet all demands and all depositors are getting their money as fast as their accounts are balanced.
Source: newspapers

3. January 17, 1934 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 23, 1903 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, October 23, 1903

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Article Text

cer Patrick Collins being in charge of a squad at the front. The burglars were on the alert and two of them began firing on the officers at the rear end of the car as soon as they entered. Meanwhile Collins and his assistants had entered the front of the car. All were driven back by two of the desperadoes who threatened to shoot if they advanced another foot. Collins and his men retreated. Finding the rear door of the car blocked the robbers ran to the front end, where they again met Collins. One of them raised his revolver to shoot Collins, but the officer fired first, sending a bullet thru his hand. The wounded man then threw up his hands, pleading to the officer not to kill him. Second Man Wounded. While this was going on, shots were being exchanged between Fandrem and the other fellow. Finally a bullet from the marshal's revolver lodged in his back. Seeing that the game was up, the fellow surrendered. The third suspect got away, going to Negaunee, three miles distant. This morning at 9 o'clock the fellow boarded a train coming towards Ishpeming, but, thinking that the conductor suspected him, he jumped off about midway between the two stations and started for the woods. Officers are now after him. The man is armed and it is expected that he will make a fight if surrounded. The prisoners' wounds were dressed by a local surgeon, who reports that neither is serious. About $100 was found in the pockets of the two men. Much of this was small change. The conductor reports that the man who boarded the train at Negaunee flashed a big roll of bills when he paid his fare. The man wounded in the back is 53 years old, weighs about 155 pounds, has a mustache and hair partially gray. The other is 23 years old, smooth face, tall and weighs about 180 pounds. They deny knowing each other and both refuse to give their names or other information. Run Still Continues. The run on the Miners' National bank continues to-day. The institution is prepared to meet all demands and all depositors are getting their money as fast as their accounts are balanced. The scare has not affected the business men of the city, and many of them deposited thousands of dollars yesterday, following the pay at the mines. It is not known what started the rumor, tho enemies of the bank are suspected.