Manistee National Bank - Manistee, MI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2606
Charter Number: 2606
Start Date: October 17, 1890
Location: Manistee, Michigan (44.244, -86.324)

Metadata

Model: gpt-5-mini
Short Digest: 037228a1

Response Measures

Accommodated withdrawals

Description

Multiple newspapers (Oct 17-18, 1890) report a run on Manistee National Bank precipitated by the failure of R. G. Peters; the run was promptly met and the bank remained open with ample funds. No suspension, closure, or receivership is reported.

Events (3)

1. December 31, 1881 Chartered

Source: historical_nic

2. October 17, 1890 Run

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by failure of R. G. Peters (principal local firm) and its fallout; depositors withdrew funds amid concern over Peters' failure.
Measures: Bank met the run from its own resources (reported nearly $100,000 in currency in vaults) and was prepared for the emergency.
Newspaper Excerpt: There was a run on the Manistee National bank this morning, which was promptly met.
Source: newspapers

3. December 3, 1901 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (6)

1. October 18, 1890 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, October 18, 1890

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Article Text

THE GREAT PETERS FAILURE. Religious Endowments Worthless-Run on a Bank-The Firms Involved. CHICAGO, Oct. 17.-The Union National bank began an attachment suit today against the Peters Salt and Lumber Company of Manistee, Mich., which failed yesterday. Attachment is levled on surplus securities held by the Commercial National and American Exchange banks of this cily. All these have been amply secured. The Continental National bank holds $25,000 of the failed firm's paper, perfectly secured by indorsements. In addition there are large quantities of Peters' paper afloat in private hands in this city. MONTGOMERY, Ala., Oct. 7.-Information has been received here of the assignment of the Peters Lumber Company, at Alco. The failure was caused by the failure of Peters, of Manistee, Mich. MANISTEE, Mich., Oct. 17. - Two or three public institutions will find themselves very directly interested in the failure of R. G. Peters. Several years ago it was announced that Peters had given $50,000 each to Oberlin college, Olivet college and the Congregational Theological seminary at Chicago. Oberlin has since built a large and elegant building and christened it Peters hall. It is now learned that these gifts are only on paper, Peters having given his notes for the sums named. There was a run on the Manistee National bank this morning, which was promptly met. The institution was prepared for the emergency, and is amply able to meet the run without going outside of its own resources. The excitement here has subsided. Peters, this afternoon, in speaking of the condition of the various firms in which he is interested, said the only ones likely to be seriously affected are Peters & Morrison, of Menominee; Arthur Meigs & Co., lumber and real estate; Peters & Dunham, of Grand Rapids. and one or two Southern firms. These are likely to go under.

2. October 18, 1890 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, October 18, 1890

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Article Text

THE PETERS FAILURE. It Involves a Number of Public Institutions. MANISHEE, Mich., Oct. 17. -Two or three public institutions will find themselves very directly interested in the failure of R. G. Peters. Several years ago it was announced that Peters had given $50,000 each to Oberlin college, Oliver college and the congregation at a theological seminary at Chicago. The Oberlin has since built a large and elegant building and christained it "Peters hall." It now turns out that these gifts are only on paper, Peters having given his notes for the sums named. There was a run on the Manistee National bank this morning, which was promptly met. The institution was prepared for this emergency and is amply able to meet the run without going ouside of its own resources. The excitement here has subsided. Peters this afternoon, in speaking of the condition of the various businesses in which he is interested, said the only ones likely to be seriously affected are Peters & Morrison of Menominee; Arthur Meigs & Co., lumber and real estate, and Peters & Dunham of Grand Rapids, and one or two southern firms. These are likely to go under. MONTGOMERY, Ala., Oct. 7.-Information has been received here of the assignment of the Peters' Lumber company at Alco. The failure was caused by the failure of Peters of Manistee, Mich. The Peters Lumber company was the largest lumber manufacturing company in the state of Alabama, if not in the yellow pine territory.

3. October 18, 1890 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, October 18, 1890

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Article Text

GIFTS ONLY ON PAPER Public Find Institutions Themselves Interested in the Peters Failure. Endowments Take the Form of Notes Which Are Practically Valueless. Condition of the Numerous Business Interests of the Insolvent. Commercial Paper for Large Amounts Scattered All Over the Country. MANISTEE, Mich., Oct. 17.-Two or three public institutions will find themselves very directly interested in the failure of R. G. Peters. Several years ago it was announced that Mr. Peters had given $50,000 each to Oberlin college, Olivet college and the Congregational theological seminary at Chicago. Oberlin has since built a large and elegant building and christened it "Peter's Hall." It now turns out that these gifts are only on paper. Mr. Peters having given his notes for the sums named on which he agreed to pay interest-and presumably has-until such time as he should choose to pay them. There was a run on the Manistee National bank this morning, which was promptly met. The institution was prepared for such an emergency, and is amply able to meet the run without going outside its own resources. It has at present nearly $100,000 in currency in its vaults. Theexcitement here has subsided. Mr. Peters was interviewed this afternoon, and, in of the condition varispeaking interested, of the ous firms in which he is he says Butters & Peters, of Ludington and North Carolina, are in good shape. Peters & Morrison, of Menominee. were on a good deal of accommodation paper and would probably go to the wall, he said. The Interior Lumber company, of Interior, Mich., was in good shape, and not in any danger, and the Peters Lumber company, of Brewton, Ala., owed not over $500,000 or $60,000 to outsiders in addition to what is owed him. The Peters Trust Land Company, of Alabama, has its lands all paid for. The Fifth National Bank of Grand Rapids has almost nothing of his paper, and he owned 85,000 of its stock. Arthur Meigs & Co., lumber, planing mill and real estate, and Peters & Dunham, both of Grand Rapids, were heavily involved and would likely go under. Hedisof his interest in Higbee & of Chicago, posed Peters, recently, and his good that firm is all right and has will. Lemon & Peters. wholesale grocers of Grand Rapids, are in good shape. Marthurson & White, who uperated lumbering extensively in Canada and Wisconsin and were backed by Peters, are considerably involved. The R. G. Peters Salt and Lumber company, of this city always made money and is in a prosperous condition, if considered alone. Bickford & Knox, lumber commission firm. Chicago, are on a large amount of his paper. James Kneeland, of Milwaukee, holds about $160,000 of his paper, and considerable contingent given to the Canadian concern. T. R. Lyon, of Ludington, is the largest individual creditor, but is amply secured. Something like $350,000 of Peters' paper is held in Detroit, and the contingent liabilities are about $600,000.

4. October 18, 1890 The Morning Call San Francisco, CA

Article from The Morning Call, October 18, 1890

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Article Text

PETERS' Attachment Begun by a Chicago Bank-Collegas Affected. CHICAGO, Oct. 17. - The Union National Bank began an attachment to-day against the Peters Salt and Lumber Company at Manistee, Mich., which failed yesterday. The attachments are levied on the surplus securities held by the Commercial, National and American Exchange banks in this city. All these have been amply secured. The Continental Bank holds $25,000 of the failed firm's paper, perfectly secured by indorsement. In addition there are large qantities of Peters' paper afloat in private hands in this city. MANISTEE (Mich.), Oct. 17.-Two or three public institutions will find themse Ives very directly interested in the failure of Peters. Several years ago it was announced that Peters had given $50,000 each to the Oberlin College, Olivet College and the Congregational Theological Seminary in Chicago. Oberlin has since built a large and elegant building, and christened it "Peters Hall." It now turns Get that these gifts are only on paper, Peters having given his notes for the sums named. The re was a run on the Manistee National Bank this morning which was promptly met. The institution was prepared for the emergency, and is amply able to meet the run without going outside of its resources. The excitement here has subsided. Peters this afternoon, in speaking of the condition of the various firms in which he is interested, said the only ones likely to be seriously affected are Peters & Morrison of Menominee, Arthur Meigs & Co., lumber and real estate, and Peters & Dunham of Grand Rapids, and one or two Southern firms. These are likely to go under.

5. October 18, 1890 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, October 18, 1890

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Article Text

The R. G. Peters Failure. MANISTEE, Mich., Oct. 17.-Two or three public institutions will make themselves very directly interested in the failure of R. G. Peters. Several years ago it was announced that Peters had given $50,000 each to Oberlin college, Olivet college and the Congregational theological seminary at Chicago. Oberlin has since built a large and elegant building, christened Peters hall, and it now turns out that these gifts are only on paper, Peters having given his notes for the sums named. There was a run on the Manistee National bank this morning which was promptly met. The institution was prepared for the emergency and it is amply able it meet the run without going outside of its own resources. Excitement here has subsided. Peters this afternoon in speaking of the condition of the various firms in which he is interested said the only ones likely to be seriously affected are Peters & Morrison, of Menominee; Arthur Meigs & Co., lumber and real estate, and Peters & Dunham, of Grand Rapids, and one or two southern firms. These are likely to go under.

6. October 22, 1890 The Semi-Weekly Tribune Great Falls, MT

Article from The Semi-Weekly Tribune, October 22, 1890

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Article Text

THE GREAT PETERS FAILURE. Peters and Assignee Henry Make Statements-Many Firms Involved. R. G. DUN & CO.' S COMMERCIAL REPORT. The Business Interests of the Country are in Good Shape. h Men Injured in the N. P. Wreck out of Danger-Stevensville on Fire. n DETROIT, Oct. 17.--A. M. Henry, assignee of R. G. Peters of Manistee, was seen here this afternoon before he left for Manistee. He said that at this time it was impossible to make any statement as to the failure. At a rough estimate, however, he thought the liabilities were S about $2,000,000 and the assets in the g neighborhood of $8,000,000, although at ). forced sale they woule be apt to shrin's e considerably. It will be impossible to S make a statement for some time, as the d operations of the firm were SO extensive and complex. n MANISTEE, Mich., Oct. 17.-Two or y three public institutions will find themselves very directly interested in the failure of R. G. Peters. Some time ago it was announced that Peters had given $50,000 n each to Oberlin college, Olivet college : and the Congregational Theological Semy inary at Chicago. Oberlin college has t, since built a large and elegant building e and christened it "Peters Hall." It now SS turns out that the gitts are only on paper. n Peters having given his notes for the ot sums named, on which he agreed to pay e interest-and presumably has-until such t time as he should choose to pay them. S There was a run on the Manistee st National bank this morning, which was is promptly met. The institution was prepared for such an emergency and is amply able to meet the run without going outside of its own resources. It has is nearly $100,000 in currency in its vaults. d The excitement here has subsided. e Peters was interviewed this afternoon g and in speaking of the condition of the is various firms in which he is interested of he says Butters & Peters of Ludington, n North Carolina, are in good shape. 70 Peters & Morrison of Monominee, Wis., Kwere on a good deal of accommodation paper aud would probably go to the wali. He said that the Interior Lumber s, Co. of Interior, Mich., were in good shape e and not in any danger, and the Peters' e, Lumber Co. of Brewton, Ala., owed not e over $50,000 or $60,000 to outsiders in addition to what it owed him. Peters 00 Trust Land Co. of Alabama, has its lands 5. all paid for. The Fifth National bank of Grand Rapids, has almost nothing of his paper and he owned $5,000 of its stock. Arthur s. & lumber, and real and Peters both A. of are Meigo Grand estate, Co., Rapids, planing & heavily Dunham, mill involved tand would likely go under. He disposed he of his interests in Higbee & Peters of and w has his & wholesale grocers right Chicago Peters, and recently, good that will. firm of Lemon Grand is all in & who Rapids, White, are good operated shape. lumbering Marthurson exin Canada 1 are G. Peters Salt tensively were backed R. by Peters, and Wisconsin and considerably Lumber and ng this always money is involved. Co., in of a prosperous city, condition, made if considered and r Bickford & comde firm of Chicago, are on a icof his of alone, amount mission paper. Knox, Jas. lumber Kneeland large Milwaukee, holds *160,000 of his paper be and a considerable contingent given to on the of IS the largest in is itor, Ludington, Canadian but amply concern. secured. individual T. R. Something Lyon credlike $350,000 of his paper is held in Deth troit and the contingent liabilities are en about $600,000.