19623. Hudson Savings Bank (Hudson, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
June 7, 1893
Location
Hudson, Wisconsin (44.975, -92.757)

Metadata

Model
gpt-5-mini
Short Digest
d7b43ee913722253

Response Measures

None

Description

Multiple articles (June 9, 1893) report a three-day run on Hudson Savings Bank culminating in the bank closing/suspending on June 9, 1893 with notice blaming the money-market stringency. Subsequent reporting (June 14 and Sept. 4) documents committee appraisal, assignment/assignee handling, and legal proceedings seeking appointment of a receiver, indicating the bank did not resume normal operations and moved toward closure/receivership. OCR errors in some articles (e.g., 'Audson' for 'Hudson') were corrected.

Events (3)
1. June 7, 1893 Run
Cause
Macro News
Cause Details
Run occurred over three days precipitated by the general stringency of the money market.
Measures
Paid out deposits during run; bank posted notice of temporary suspension citing money-market stringency.
Newspaper Excerpt
After a Three Days' Run. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days. closed its doors today.
Source
newspapers
2. June 9, 1893 Suspension
Cause
Macro News
Cause Details
Bank closed its doors and posted notice attributing suspension to the stringency of the money market; nearly $700,000 on deposit.
Newspaper Excerpt
Closed owing to the stringency of the money market. We deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits.
Source
newspapers
3. * Receivership
Newspaper Excerpt
The statement of the committee on the affairs... With careful handling by the assignee the loss will be comparatively small. (and) petition of Emmet Rice for the appointment of a receiver for the Minneapolis property... preliminary examination of Alfred J. Goss, cashier ... Sept. 4 testimony indicates fraud and petition to set aside assignment and appoint receiver is pending/seeking relief.)
Source
newspapers

Newspaper Articles (13)
1. June 9, 1893 Evening Capital Journal Salem, OR
Article from Evening Capital Journal, June 9, 1893

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Bank Failures. HUDSON, Wis., June 9.-The Hudson Savings bank closed Its doors today. The bank had nearly $700,000 on deposit. Farmers and laboring men will suffer severely. The city funds are deposited in the bank. There is a general belief that the bank will find it difficult to resume. CHICAGO, June 9.-Joseph Higgins, a private banker with branch banks in Illinois, failed this morning. Assets, $50,00. Liabilities not given. ELLENSBURG, Wn., June 9.-The banking house of Ben E. Snipes & Co., temporarily suspended this morning. Trouble is caused by a run on the Roslyn branch yesterday. Suspension is due to heavy withdrawal of deposits and inability to realize on securities.

2. June 10, 1893 The Herald Los Angeles, CA
Article from The Herald, June 10, 1893

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EMBARRASSED BANKS. MANY PRIVATE INSTITUTIONS SUSPEND PAYMENT. A Big Montana Banking House in Dimculties-A Failure at Ellensburg, Wash.-Several Chicago Concorns Close Doors. MISSOULA, Mont., June 9.-C.P.Higgins' Western bank closed its doors at noor today, displaying a formal notice of suspension. This is a private concern and no statement has been obtained at present. Stringency in the money market and threatened litigation precipitated the collapse. It was the depository for county and city funds to the extent of about $80,000, the bank owns large land intereste. Its Encorporators From these lands and improvements they expect to realize more than double the amount required for liquidation when business will be resumed. Several emali business firms are affected by the failure. ELLENSBURG, Wash., June 9.-A notice was posted on the doors of the banking house of Ben E. Snipes & Co. this morning that the bank had temporarily suepended, owing to heavy withdrawals of deposite and inability to realize on securities amply sufficient to pay five dollars for one of indebtedness. A run on the branch bank at Roslyn yesterday precipitated the closing of the parent bank in this city. There is no excitement over the suspension. ALTON, Ill., June 9.-The bank of J. E. Hyattat Gillespie failed today. From information received here it seem a run has been in progress for several days, and this caused the failare. Details have not been learned. CHICAGO, June 9.-Jernberg, Griffin & Co., private bankers, have failed. Liabilities, $20,000; assets, $24,000. Jernberg, as real estate dealer, has also failed, with assets of $200,000; liabilities, $150,000. HUDSON, Wis., June 9.-The Hudson Savings bank closed its doors today. A note on the door saye the closing is temporary, owing to the monetary stringency, and that the bank has enough assets to cover all deposits. The bank had nearly $700,000 on deposit, and the failure created great commotion among business men. Farmers and laboring men will suffer severely. The city: funds are deposited in the bank. The general belief is the bank will find it difficult to resume. CHICAGO, June 9.-Joseph Higgins, a private banker, with branch banks in Illinois, failed this morning; assets, $50,000; liabilities not given. He has branches at Mascoutah, Serento, Gillespie and St. Ann. The assignment covers all. FLORENCE, Ala., June 9.-The Triscumbia Banking company closed its doors this morning. No statement was made. NEW ORLEANS, June9.-The Louisiana Cypress Lumber company is in the hands of a receiver, the result of the depression in the money market. A euit was filed by William S. Hopetra of Muskegon, Mich., to recover $311,431 due on notes. The assets of the company are nominally $300,000; indebtedness probably $200,000. GALVESTON, Tex., June 9.-The Texas Trading company, a wholesale and retail establishment, has made an assignment to W. H. Dorland; assets $163,000, liabilities $180,800. NEW YORK, June 9.-E.1 F. Sanford & Co., jewelers, assigned; liabilities $150,000, assets $100,000. New YORK, June 9.-Judge McAdam has appointed Fabiua M. Clark and Dr. Henry T. Cutter receivers of the Casino.

3. June 10, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 10, 1893

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After a Three Days' Run. Special to the Globe. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days. closed its doors today. The liabilities are large, but it is believed they will be fully met.

4. June 10, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 10, 1893

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Hudson (Wis.) Savings Bank. HUDSON. Wis., June 9.-The Hudson Savings Bank closed its doors to-day with the following notice: "Closed owing to the stringency of the money market. We deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits." Farmers and laboring men, as well as business houses. are interested to amounts aggregating a large sum. The general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank. Alfred Goss is president of the bank. and A. J. Goss is cashier. The last statement of the condition of the bank, issued Jan. 2, last, shows the following: Resources-Loans and discounts. $614,008; due from directors or stockholders, $120,000; due from brokers or call loans. $11,500; overdrafts, $5,816; bonds, $15,000; office fixtures, $8,000; real estate, $7,000; due from banks and bankers, $72,704; cash items, $6,285; specie, $12,485; United States and national bank notes, $17,213. Total resources, $782,012. Liabilities-Capital, $25,000; surplus, $61,843; due depositors on demand. $456,160; due depositors on time, $239,008. Total liabilities, $782,012.

5. June 10, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 10, 1893

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BUSINESS TROUBLES, The Hudson, Wix. Savings bank closed its doors ou June 9. owing to the minutary stripgeney. The bank bad $700,000 on deposit, including the city funds, Farmers and laboring men will suffer severely. Alfred Goss is president and A. J. Goss cashier. J. N. Hagins, a private banker of Chicago, failed on June 3. He had branch banks at Maxcoutah, Gillespie, Sereps and Star Jeruberg, Griffin & Co., private bankers of ChiCaga failed June 2 Liabilities, $31,000 assets, $24,000 Jernberg, as real estate dea or. has also failed, with assets of $200,000 and liabilities of $35,200. The Louisiana Cypress Lumber Company is in the hands of & receiver at New Orleans, due to a suit by William S. Hopetra, of Muskegon, Mich. to recover $11,000 due on notes, The assets of the company are nominally $200,000 and the indebted aces $230,000.

6. June 10, 1893 The Times Richmond, VA
Article from The Times, June 10, 1893

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MORE BANK FAILURES. The Hudson Savings Bank Forced to Suspend-other Small Failures. HUDSON, WIS., June 9.-The Hudson Savings Bank closed its doors to-day, with the following notice: "Closed. Owing to stringency of the money market, we deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits." Nearly $700,000 was on deposit. The general belief is that the bank will find It difficult to renew business. The city funds were deposited in the bank. National Bank Closed. HILLBORO, O., June 9.-The Citizens' National Bank, of this place, has been closed by order of the Comptroller, and is now in the hands of the bank examiner. Other Business Failures. NEW ORLEANS, June 9.-The Louisiana Cypress Lumber Company went into the hands of a receiver yesterday, the cause being the depression of the money market. The assets are $300,000, and the indebtedness probably $200,000. Judge Billings appointed as receiver Pearl Willet, placing his bond at $50,000. An Alabama Bank Failure. FLORENCE, ALA., June 9.-The Tuscumbia (Ala.) Bank Company closed its doors this morning. The president is absent from the city. No statement will be given out until he returns. Refused to Reduce Assessment. WASHINGTON D. C., June 9.-A committee consisting of S. J. Keith, Hermann Justis, J. H. Thompson, J. H. File and J. B. Richardson, representing the Commercial National Bank of Nashville, Tenn., had a conference with Comptrolier Eckels to-day. He refused to reduce his assessment upon the stockholders of 100 per cent., but agreed to distribute its collection over a longer period than two weeks.

7. June 10, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 10, 1893

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CONCERNING BUSINESS AND FINANCE. CHICAGO, June ).-August Jernberg and William Griffin, composing the banking firm of Jernberg, Griffin & Co., made a voluntary assignment to-day. Liabilities of the firm are $20,000 and assets $24,000. Jernberg also conducted a real estate business and at the same time assigned, placing his assets at $200 and his liabilities at $151,000. CHICAGO, June 9.-Joseph Higgins, owning a private bank at 84 Washington street and three corresponding institutions in Illinois towns, made an assignment to George W. Dixon. Assets are scheduled at $50,000; liabilities not estimated. The assignment covers all. HUDSON, WIS., June 9.-The Audson Savings Bank closed its doors to-day with the following notice: "Closed owing to the stringency of the money market. We deem it in the best justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion. Nearly 700,000 dollars were on deposit. Farmers and laboring men are interested to amounts aggregating a large sum. The general belief is that the band will find it difficult to renew business. The city funds were deposited in the bank.

8. June 10, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 10, 1893

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Telegraphicalities. The Tuscumbia (Ala.) Banking Company closed its doorsyesterday morning. The Hudson (Wis.) Savings Bank closed it doors yesterday owing to the stringency of the money market. The Manitoba and Northwest railway has been placed in the hands of a receiver on judgments aggregating $8,000,000. The Citizens' National Bank, of Hills. boro', O., has been closed by order of the Comptroller and is now in the hands of a bank examiner. New York Port-Appraiser Manville W. Cooper yesterday evening sent to Presi. dent Cleveland a letter resigning his office and asking that his resignation take effect at once. The Lehigh-Valley trestle and coal storage warehouses, containing 60,000 tons of anthracite coal, at Buffalo, N. Y., were destroyed by fire last evening. Loss about $500,000. Insurance unknown. Francis P. King, of Johns Hopkins University, and S. W. McCallie, of the University of Tennessee, were yesterday appointed Assistant State Geologists of Georgia under Professor Yeates. The Louisiana Cypress Lumber Com. pany, New Orleans, went into the hands of a receiver Thursday, the cause being the depression in the money market. Assets nominally $300,000; indebtedness probably $200,000. Six masked men held up the New Orleans express on the Mobile and Ohio railroad at Forest Lawn, eight miles north of Columbia, III.. Thursday night. robbed the express car of $10,000 in cash and valuables worth a large amount. A fire at Fayetteville, Ga. yesterday evening destroyed the drugstore of N. Grizzard, the stores of C. P. Yates, containing the post-office: also the stores of R. G. Kitchens & Co. and S. A. Burks. Loss about $10,000. Insurance small. The Infanta Eulalie yesterday spent some hours sightseeing in the fair upon her own account unannounced and in company with only three or four persons Last evening she met Chicago's Four Hundred" at Potter Palmer's residence. Ira Dumas, a young colored man, was lynched Wednesday night at Gleason, a railway station nine miles east of Dresden. Tenn., for feloniously assaulting the daughter of a farmer living two miles from Dresden. He made a full confession. Messrs. Drexel, Morgan & Co. state that large deposits have already been made and are still being made of securities of the Richmond Terminal properties under the reorganization plan. This is the last day on which securities will be received subject to the agreement. A special from Greenville, S. C., savs two white men in Pickens county who had been in the habit of visiting a colored woman were waylaid by White Caps. who were white women in disguise, and were terribly flogged. They were warned to desist from their habits or worse would fol. low. Lieutenant William P. Rav. United States Navy, commanding the United States Coast-Survey steatner Arthur, committed suicide at the Mare-Island Naval Hospital, California, yesterday by cutting throat. He was suffering from nervous prostration. He was a native of Indiana, and leaves a family. A committee representing the Commercia! National Bank. of Nashville, Tenn., had a conference with Comptroller Eckels yesterday, but he refused to reduce his assessment upon the stockholders of 100 per cent.. though he agreed to distribute its collection over a longer period than two weeks. The fire in the ruins of the Ville Marie Convent. near Montreal. Can., is still smouldering. Nothing is left but bare walls. It IS now estimated that the loss will amount to about $1,500,000. to meet which there is an insurance of only $100,000. The convent is, however, to be re. built at once.

9. June 10, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 10, 1893

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WILL PAY DEPOSITORS Failure of the Hudson, Wis., Savings Bank. HUDSON, WIH., June 9.-The Hudson savings bank closed its doors today with the following notice: "Closed owing to the stringency of the money market. We dee m it in the best justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion. Nearly $700,000 were on deposit. Farmers and laboring men are interested to amounts aggregating a large sum. The general belief is that the bank will find it. difficult to renew business. The city funds were deposited in the bank.

10. June 15, 1893 The Herald Los Angeles, CA
Article from The Herald, June 15, 1893

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EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8

11. June 15, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 15, 1893

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sand dollars. It was considered a sound institution. INDIANAPOLIS, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000, assets $191,000, liabilities $130,000 to $150,000. HUDSON, Wis., June 14.-A statement of the committee on the affairs of the Hudson Savings Bank will show the asssets, according to the bank statement, are $736,127; the assets, according to the committee's appraisement, are $596,276 and liabilities $844,493. With careful handling by the assignee the loss will be comparatively small. CLEVELAND, Ohio. June 14. - The Baackes Wire Nail Company, one of the largest concerns of the kind in the country. has assigned. The inability to raise money to meet maturing paper is the sole cause of failure. The liabilities are only $225,000, while the assets will reach $900,000. The company is one of the largest manufacturers of wire nails in the United States and is backed by capitalists of Cleveland worth millions of dollars. Baackes, the vice-president and founder of the concern, is one of the pioneers of the wire-nail business in the country. President Lock wood of the concern said: "We simply got under cover to keep our creditors from slaughtering us with attachments. We can pay $3 for every $1 we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off, but the tightness of the money market caught us. The principal creditor is Nailor & Co. of New York and Philadelphia, from whom we have bought millions of dollars, worth of steel and always paid them up. They refused to grant us an extension and insisted on the individual security of the stockholders." The Baackes Company has a capital of $543,000. OMAHA, June 14. - The runs on the Omaba savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without drawing their monew. There are no new developments regarding the suspended banks. TOLEDO, Ohio, June 14.-The Exchange Banking Company of Weston County, a concern capitalized at $50,000, closed its doors this morning. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities.

12. June 20, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, June 20, 1893

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FAILURES IN OTHER CITIES. Several Banks and Business Houses Suspend Owing to the Stringent Market, The Hudson Savings Bank, of Hudson, Wis, closed its doors today with the following notice: "Closed. Owing to the stringency of the money market we deem it best in justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion among business men. Nearly $700,000 was on deposit. The general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank. Alfred Goss is president of the bank, and A. J. Goss cashier. The last statement of the condition of the bank, issued January 20th, last, shows the following to be the condition of the bank's affairs: Total resources, $782,012. Liabilities-capital, $25,000; surplus, $61,843; due depositors on demand, $456,160; due depositors on time, $239,008; total liabilities, $782,012. Sheriff Barton has attached three elevators of the Red River Valley Compary, of Devil's Lake, N. D., for $100,000 each in the Bank of Toronto and Canadian Bank of Commerce. A committee consisting of S. J. Keith, Hermann Justi, J. H. Thompson, J. H. Fite and J. B. Richardson, representing the Commercial National Bank, of Nashville, Tenn., had a conference with Comptroller Eckles in Washington yesterday. He refused to reduce his assessment upon the stockholders of 100 per cent., but agreed to distribute its collection over a longer period than two weeks. The shortage of J. A. Jenkins, the defaulting ex County Treasurer of Jeffersonville, Ind., will, it is claimed, exceed $40,000. Jenkins is critically ill. Reaves, Baugh & Co., of Brownwood, Texas, failed yesterday. L. P. Baugh is appointed receiver. Liabilities, $35,000; assets, $40,000. The Citizens' National Bank of Hills boro, Ohio, has been closed by order of the Comptroller, and is now in the hands of the bank examiner.

13. September 8, 1893 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, September 8, 1893

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Hudson. Wis., Sept. 4.-The preliminary examination of Alfred J. Goss, cashier of the Hudson Savings bank. with a view to setting aside the assignment occupied Court Commissioner Anderson's time for some time. This forenoon the attorneys adjourned to St. Paul to argue before Judge Kelly the petition of Emmet Rice for the appointment of a receiver for the Minneapolis property valued at $100,000. An adjournment was taken in this to permit the lawyers to prepare printed briefs. Judge Humphrey, the assignee, was examined briefly last evening and Mr. Goss has held the stand the remainder of the time in the preliminary investigation. No new developments have been made thus far and an adjournment was taken until Sept. 20. The evidence thus far shows the Hudson Savings bank to have been a mere shadow, of which Mr. Goss was the sole substance. There never was such a thing as a stock company. The president for the past twenty years was the cashier. It was developed that Goss carried debit and credit accounts upon the books of the bank with his deceased father and mother up to the day the doors of the institution were closed. Other like singular freaks were brought out. The attorney for the plaintiff sought to make much of the fact that Goss had loaned $47,000 to his son to conduct the milling business at River Falls. This business was run for many years by John Putman & Co., Mr. Goss being the "Co." The concern became stranded and Mr. Goss took the property to prevent a run upon his own bank. The mill was deeded to his son, who operated it for two years under the style of "J. B. Goss & Co.," when it went down shortly after the bank closed its doors. The principal point the plaintiff's attorneys appear to be seeking is to establish that there was a discrepancy of $80,000 or $90,000 between an official statement of the bank's condition made to the secretary of state Jan. 1. 1893, and that made to the depositors five months after, when Mr. Goss failed and filed his list of assets. This established as a fact, they think. will be conclusive evidence of fraud and enable them to set side the assignmnt and permit their clients to realize on their attachments.