9261. Manistique Bank (Manistique, MI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
April 19, 1932
Location
Manistique, Michigan (45.958, -86.246)

Metadata

Model
gpt-5-mini
Short Digest
c7f46a35

Response Measures

Full suspension, Books examined

Other: Mayor declared a municipal banking holiday to halt panic.

Description

Multiple contemporary reports (Apr 20–21, 1932) state a run forced the Manistique Bank to close; the mayor declared a multi-day banking holiday (suspension) to prevent wider panic. Articles report the Manistique Bank planned to reorganize and 'probably would reopen some time next week without loss to depositors.' Reopening was reported as planned but no firm reopening date given in these articles.

Events (3)
1. April 19, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that the Manistique Bank was insolvent/difficulties, aggravated by appearance of state bank examiners, precipitated heavy withdrawals.
Measures
Bank officers closed doors; State Savings and First National suspended fearing similar runs; mayor later declared banking holiday to halt panic.
Newspaper Excerpt
The run, started purely by unfounded rumor, forced closing of the Manistique bank, oldest in the city, an hour after it had opened for business yesterday.
Source
newspapers
2. April 20, 1932 Suspension
Cause Details
Mayor proclaimed a multi-day banking holiday (temporary suspension of operations) to prevent contagion after the run; action taken by municipal authority rather than formal state receiver/government closure.
Newspaper Excerpt
A banking holiday to last the remainder of the week went into effect in Manistique today as the result of a proclamation issued by Mayor Harry Eriksen.
Source
newspapers
3. * Other
Newspaper Excerpt
Officers of the bank said they would reorganize and probably would reopen some time next week without loss to depositors. The other two banks announced they would reopen Monday.
Source
newspapers

Newspaper Articles (5)
1. April 20, 1932 The Waukesha County Freeman Waukesha, WI
Article from The Waukesha County Freeman, April 20, 1932

Click image to open full size in new tab

Article Text

HOLIDAY HALTS SERIOUS PANIC Run Bank Forces on Closing MANISTIQUE nancial panic in Manistique was lieved averted today through the action of Mayor Harry Eriksen in legal four-day holiday for the city's three banks. run, starte purely by unfound rumor, forced closing of the Manistique bank, oldest in the city, an hour after had opened for business yesterday. At noon, officers closed the First National and State Savings banks, fearing similar run. Rumors that the Manistique bank was insolvent were aggravated by visit of state bank examiners. The examiners explained, however, that they were making regular inspection. Late yesterday, the examiners completed their checkup and reported that the books showed the bank in good condition. With the three banks closed, Mayor Eriksen took steeps to vent what he termed "situation that might seriously affect the cial and economic welfare of the "It has come to my attention." he said, "that there is unrest among our citizens, due to vicious and insidious propaganda. Manistique business and society rest upon firm foundation. declare legal holiday for all the city's banks until Monday. Business will go on as usual, the mayor explained. and merchants will accept small checks and keep their cash in the safest places available. The State Savings bank and First National they will reopen Monday, while officers plan to make hurried the Manistique bank and open some time next week without loss to depositors. handled at the Sussex postoffice, Postmaster Peter F. Piasecki announced today.

2. April 20, 1932 The Merrill Daily Herald Merrill, WI
Article from The Merrill Daily Herald, April 20, 1932

Click image to open full size in new tab

Article Text

Bank Holiday Is Declared In MANISTIQUE Mich Apr 20 banking holiday to last the remainder of the week went into effect in Manistique today as the result of a proclamation issu2-4c ed by Mayor Harry Eriksen. The mayor's order was issued after a run which forced the Manistique Bank. oldest in the city to close its doors. Officers of the State Savings Bank and the National Bank fearing similar runs, suspended business at noon yesterday. three hours after the Manistique Bank closed. Professing confidence in the stability of the city's financial in stitutions, Mayor Eriksen declared some action was necessary at once to prevent a situation that might "seriously affect the social and economic welfare of the city? Rumors that the Manistique Bank was in and the pearance state examiners at the bank Monday. precipitated the run. Officers of the bank, however, said they would reorganize and probably would reopen some time next week without loss to deposttors. The other two banks announced they would reopen Monday. Stores and other business places of the city continued trading as usual. Failing Sight at 40 When person passes forty he enters period of falling sight, ac cording to the better vision Insti tute. Forty the average age at which eyes begin to lose their ability to adjust to vary ing focal ranges Up to that age must with of without The aid of them to in of that such are cult to make.

3. April 21, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, April 21, 1932

Click image to open full size in new tab

Article Text

MANISTIQUE, MICH., BANKING HOLIDAY ORDERED BY MAYOR City Executive Moves to Curb Uneasiness In Financial Circles. MANISTIQUE Mich. (AP) - A nking holiday to last the remainder of the week went into effect in Manistique Wednesday as the result of proclamation issued by Mayor Harry The mayor's order was issued after a run which forced the Manistique bank. oldest in the city, to close its doors. Officers of the State Savings bank and the First National bank, fearing similar runs, suspended business at noon yesterday. three hours after the Manistique bank closed Professing confidence in the stability of the city's financial institutions, Mayor Eriksen declared some action was necessary at once to prevent a situation that might "seriously affect the social and economic welfare of the city Rumors that the Manistique bank was in difficulty and the appearance of state examiners at the bank Monday precipitated the run. Officers of the bank, however. said they would reorganize and probably would reopen time next week without loss to depositors. The other two banks announced they would reopen Monday Stores and other business places of the city continued trading as usual.

4. April 21, 1932 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, April 21, 1932

Click image to open full size in new tab

Article Text

BANKING HOLIDAY FOR MANISTIQUE, MICHIGAN ing holiday of the week went Manistique the sult of proclamation issued by Mayor Harry Eriksen The mayor's order was issued after run which forced the Manistique oldest the city to close its doors Officers of the State Savings bank and First tional fearing similar runs suspended business at noon yesterday. three hours after the Manistique bank closed Professing confidence in the bility of the city's financial institutions. Mayor Eriksen declared some action was necessary at once to prevent situation that might riously affect the social and economic welfare of the city Rumors that the Manistique bank was in difficulty and the appearance of examiners at the

5. March 21, 1933 The Ann Arbor News Ann Arbor, MI
Article from The Ann Arbor News, March 21, 1933

Click image to open full size in new tab

Article Text

has been the choice of individ. uals given conduct of emergency the meas- Reichert Given Power The provisions of bill the the governor's approval the right fix their appoint lay down the rules for operation of the various Immediate application of the banks ready The state admin istration also plans pointment of conservators desirable plans soon has pressure Detroit banks placed there by other banks Under depositing banks regarded to withdraw deposits basis individuals Outbank Detroit banks estimated $20 representing serious restriction among many on the resump. normal transactions Plans New Proclamation Gov modified making banking to conferred upon Reichert began checking "border banks determine those that need the protection additional banks in resumed from Reichert state the Federal Reserve sixth trust company The additions increased the of ber state opened within the last eight days to The additions Depositors Trust Clemens: State, Grass East State Savings, Manistique, Jipson Carter State, Blissfield The Federal Reserve bank of Chicago announced Isabella County bank at Pleasant also been granted permission to reopen. Conservator Resigns Detroit March First tional bank bank -resigned today, immediately Acting Comptroller of the Currency Ewald wired his resignation He be Thomas, the ceiver for Pittsburgh banks, cluding Bank of Pittsburgh tional Keyes said he was leaving troit because "has got things started Keyes made clear resignation had on his status agent of the ury he has worked for the past years.