June 1893: runs by small/savings depositors triggered by the Plankinton Bank failure. The Commercial Bank posted a suspension/assignment on 1893-07-21 citing inability to make collections and losses on Douglass Furnace/related paper. The bank reorganized and reopened in March 1894. Later (1895) shareholders opted for voluntary liquidation after business conditions; the bank paid depositors in full. Article 11 explicitly identifies the institution as a state bank. Dates derived from newspaper dates.
Events (5)
1.June 3, 1893Run
Cause
Local Banks
Cause Details
Small savings depositors panicked by the failure/suspension of the Plankinton Bank (spillover runs on Milwaukee banks).
Measures
Depositors in savings departments giving notice to withdraw at the end of the 30 or 60 day period; bank officials publicly reassured depositors.
Newspaper Excerpt
The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days ... they will withdraw their savings.
Source
newspapers
2.July 21, 1893Other
Newspaper Excerpt
The Commercial Bank has failed. The bank assigned to A. B. Gellfuss, the cashier, who filed a bond of $1,650,000 (assignment/assignee reported).
Source
newspapers
3.July 21, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Direct losses/illiquid assets tied to certificates of stored pig iron and paper of Douglass Furnace Company/Corrigan, Ives & Co.; sheriff allegedly attached iron contrary to bank's warrants, producing inability to meet withdrawals.
Newspaper Excerpt
Owing to heavy withdrawals by depositors and inability to make immediate collections, this bank is compelled temporarily to suspend payment. Assignment filed and bank assigned to A. B. Geilfuss (cashier).
Source
newspapers
4.March 1, 1894Reopening
Newspaper Excerpt
There is considerable rejoicing over the reopening today of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar.
Source
newspapers
5.August 15, 1895Other
Newspaper Excerpt
The bank closed its doors during the panic of 1893, but reorganized ... The bank paid all its debts but now has about decided to go into voluntary liquidation ... The bank will be able to pay all depositors in full at once.
Source
newspapers
Newspaper Articles (24)
1.June 3, 1893Evening StarWashington, DC
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RUNS ON MILWAUKEE BANKS. The Bankers See No Cause for Any Alarm. MILWAUKEE, WIS., June 3.-Runs are being made today as yesterday on all the banks in the city, practically, in a greater or lesser degree. The small savings depositors, always timid and easily alarmed. have taken fright at the Plankinton bank failure and have disregarded the causes of that failure, which the business men represent only the careless and foolhardy speculations of one man represented. The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days, which ever it is, according to the law in their case, they will withdraw their savings. The officials of both institutions, however, feel no alarm. President Geilfuss stated at noon to the United Press representative that none of the mercantile fraternity had withdrawn any deposits, and that the run differed in no wise from the movement yesterday. The bankers of the city see no cause for alarm. and feel that the temporary fears with which the small depositors are at present possessed will soon pass away. There is no general alarm or misgivings. and it may be said that beyond its undoubted effect on small business concerns the Plankington Bank failure will have no serious results. No statement of the affairs of that institution has as yet been prepared.
2.June 4, 1893Richmond DispatchRichmond, VA
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MILWAUKEE BANK RUNS. Small Depositors Give Notice of Withdrawal of Their Savings. (By tolograph to the Dispatch.) MILWAUKEE. WIS, June 3.-Runs were made to-day as yesterday on practically all the banks in the city to a greater or lesser degree. The small savings depositors, always timid and easily alarmed, have taken fright at the Plankinton Bank failure and have disregarded the causes of that failure, which the business-men represent to be only the careless and foolhardy speculations of one man. The Commercial and the Second Ward banks were crowded to. day with depositors in their savings departments who are giving notice in order that at the end of the thirty or sixty days, whichever it 18 according to the law in their case, they will withdraw their savings, The officials of both institutions, however, feel no alarm.
3.June 6, 1893New-York TribuneNew York, NY
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NERVOUS DEPOSITORS IN MILWAUKEE. Milwaukee, June 5.-A run was in progress to-day on the South Side Savings Bank. Some 200 or 300 people block the sidewalk in front of the bank, but everything is quiet and orderly. There is A slight run on the Second Ward Bank, but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The fatlare of F. T. Day. late on Saturday. seems to have increased the nervous fears of small depositors. Business men are not In the least alarmed at the situation and predict that the Hurry will end in a day or two. unless It is aggravated by more failures.
4.July 21, 1893The Jersey City NewsJersey City, NJ
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BAD MILWAUKEE SMASH. The Commercial Bank Makes a Sensational Assignment. MILWAUKEE, July 21, 1893.-The people about the Court House were thrown into a state of consternation about half past ten o'clock this morning when an attorney jumper up the stairs, two steps at a time, leading to the Clerk of Court's office and filed a voluntary assignment of the Commercial Bank. This haste was owing to a number ot creditors hard on his heels who had attachments and executions to file. The assignee appointed in the assignment filed is A. B. Geilfuss, the cashier of the bank and his bond 18 placed at $1,200,000 The bondsmen are Albert Conro, Charles F. Pfister and E, Mariner, The entire fund of Milwaukee County am ounting to $310,624, was deposited in the Commercial Bank. The newly organized Milwaukee Electric Railway Company was also a depositor to the extent of $200,000. The last statement of the bank showed the demand deposits amounting to $557,748.22, and time deposits $528,913.22, The bank had a capital of $250,000. The following are the principal stock holders; A. B. Geilruss, $22,000; E. R. Palue, $20,000: J. F. Pierce, $14,000; R, G. Flint, $11,000; H. M. Beujamin, $11,000: W. H. Timkins, $10,000; John Kremer, $10,000;A. L. Kane, $10,000; F. Schlesinger. $10,000; Harry Reubens, $10,000; A. H. Waguer, $7,500. During the financial hurry a month ago caused by the Lappen failure, and which resulted in the suspension of the Plankinton Bank, there was quite a run on the Commercial, but it has been generally believed that the institution would weather the storm. As there has been no trouble here for some time the assignment this morning was a great surprise.
5.July 21, 1893Deseret Evening NewsSalt Lake City, UT
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A Milwaukee Bank Fails. MILWAUKEE, July 21.-The Commercial Bank has failed. The bank assigned to A. B. Gellfuss, the cashier, who filed a bond of & milllon six hundred and fifty thousand. The troubles of the bank are said to result from the acceptance of a large amount of paper of Corrigan, Ives & Co. The following notice was pasted on the door: "Owing to heavy withdrawals by depositors and inability to make immediate collections, this bank is compelled temporarily to suspend payment." The bank has a capital of a quarter of a million. The July statement gave the liabilities as $1,656,850, of which $557,748 are due depositors on demand and $528,915 OR time, The direct cause of the suspension was the failure of the Douglass Furnace company of Sharpsville, Pa., of whose certificates of pig iron the commercial had about $130,000. It is claimed the sheriff attached the iron, ignoring the certificates. The deals with the Furnace company were through the Schlessinger syndicate. The legal representative of the bank says if the bank can get pig iron, which the warrants call for, and to which it is legally entitled, it will be all right. Depositors have been withdrawing money for some time and when closed it had only $80,000 demand certificates on hand.
CONDENSED TELEGRAMS. An Italian family sick with small pox was discovered in Now York. The Commercial Bank at Milwaukee has suspended. Total liabilities $1,656,- . 807. The Japan section in the art building at the World's Fair was opened youterday. The British miners refuse to arbitrate or to accept the 25 per cent reduction and n prolonged strike ie inevitable. The total number of fourth-class postmasters appointed yesterday was 120, of which 49 were to fill vacancies caused by resignations and deaths. An Ashland, Ky., special says that n report has just reached there from Wise county, Vn., that a fight took place Wednesday in that county between state troops and outlaws and that four soldiers were killed and six outlaws mortally wounded.
7.July 22, 1893The TimesRichmond, VA
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BANK FAILURE IN MILWAUKEE. Assignment of the Commercial Bank. Other Failures Reported. MILWAUKEE, WIS., July 21.-The people about the court-house were thrown into a state of consternation about 10:30 o'clock this morning, when an attorney jumped up the stairs, two steps at a time, leading to the clerk's office and filed a voluntary assignment of the Commercial Bank. This haste was owing to a number of creditors hard on his heels who had attachments and executions to file. The assignee appointed in the papers filed is A. B. Geilfuss, the cashier of the bank, and his bond is placed at $1,200,000. The bondsmen are Albert Conro, Charles F. Pfister and E. Mariner. The entire fund of Mllwaukee county, amounting to $310,624 vas deposited in the Commercial Bank. The newly-organized Milwaukee Electric Rallway Company was also a depositor to the extent of $200,000. During the financial flurry a month ago, caused by the Lappen failure and which resulted in the suspension of the Plankinton Bank, there was quite a run on the Commercial, but it has been generally believed that the institution would weather the storm. As there has been no trouble here for some time the assignment this morning was a great surprise. WARRENSBURG, MO., July 21 The Johnson County Savings Bank suppended yesterday. TACOMA, WASH.. July 21.-The Traders' Bank of Tacoma failed to open for business this morning. The bank's suspension is due to its inability to procure ready money. Its securities are sufficient to pay all obligations and leave a large surplus. Without any run or excitement the deposits of the bank have by a steady drain been reduced since October over 80 per cent.
8.July 22, 1893Wheeling RegisterWheeling, WV
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CONCERNING BUSINESS AND FINANCE. MILWAUKEE, WIS., July 21.-The Commercial Bank assigned to A. B. Geilfuss, the cashier, who filed a bond of $1,650,000. The troubles of the bank are said to result from its acceptance of a large amount of paper of Corrigan, Ives & Co. A few minutes after 10 o'clock the following notice was posted on the door of the bank: "Owing to heavy withdrawals by depositors and inability to make immediate collections this bank is obliged to temporarily suspend payment." The capital stock of the bank was $250,000. The July statement gave the total liabilities at $1,656,807, of which $65,674.48 was due depositors on demand and $528,915.22 due depositors on time. The direct cause of the suspension of the bank is attributable to the failure of the Douglass Furnace Company, of Sharpsville, Pa., of which certificates of stored pig iron, the Commercial had about $130,000. Itis claimed that somebody ignoring those certificates, had the sheriff attach the iron. W. H. Timlin, attorney for the Commercial, when asked about the situation, said: "If those certificates are genuine, as they are supposed to be, we shall be all right. If we can get the pig iron the warrants call for and to which we are legally entitled, we shall come out O. K. The deals with the Pennsylvania concern have been through the Schlesinger people. NEW YORK, July 21.-The New York Board of Underwriters to-day adoped resolutions in favor of & repeal of the silver purchase law. NEW YORK, July 21.-There arrived by steamers to-day from Europe $218,000 in gold and $815,000 more will be started from the other side to-morrow. Milwaukee, WIS., July 21.-N. H. M, Benjamin, coal dealer, to-day confessed judgment in the sum of $78,000. The judgment is on & note dated to-day without grace and in favor of his wife, Matilda Benjamin. CALCUTTA, July 21.-The exchange banks have for the present refused that offer of the Indian Government to purchase the silver tendered after the closure of the mints to free coinage. It is understood that the banks in question will dispatch a delegate to Simia to represent their case to the government, and that they ask that the offer be left open in the meantime. The Pioneer, & paper that has always been a steady supporter of the government, commenting upon the financial policy of the advisers of the government regarding the sale of council drafts, says that if it was not imbecility or the purpose of concealing & motive that cannot be confessed. WASHINGTON, D.C., July 21.-The Treasury Department to-day was offered 670,090 ounces of silver at prices ranging from 70 to 713/20. Of this amount 30,000 ounces were purchased at 70 cents. the balance being declined and the same,rate teadered.
9.July 22, 1893The Seattle Post-IntelligencerSeattle, WA
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A Milwankee Bank Suspends. MILWAUKEE, July 21.-The Commercial bank has assigned to Cashier A. B. Gilfuss. The direct cause of the suspension was the failure of the Douglass Furnace Company, of Sharpeville, Pa., of whose certificates of stored pig iron the Commercial bank had about $130,000. It is claimed the sheriff attached the iron, ignoring the certificates. The deals with the furnace company were through the Schlesinger syndicate. The legal representative of the bank says if the bank can get the pig iron which the warrants call for, and to which it is legally entitled, it will be all right.
10.July 22, 1893The HeraldLos Angeles, CA
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CAUGHT IN THE SLUMP. The Commercial Bank of Milwaukee Forced to Close Doors. MILWAUKEE, July 21. - The Commercial bank of this city assigned today to A. B. Geilfnes, cashier, whose bond is fixed at $1,650,000. The troubles of the bank are said to have resulted from the acceptance of a large amount of paper of Corrigan, Ives & Co. The following notice was posted on the door: "Owing to heavy withdrawals by depositors and inability to make immediate collections, this bank is compelled temporarily to suspend payment." The bank has a capital of $250,000. The July statement gave the liabilities at $1,656,850, of which $557,743 was due depositors on demand and $528,915 on time. The direct cause of the suspension was the failure of the Douglass Furnace company of Sharpville, Pa., of whose certificates of stored pig iron the bank had about $130,000. It is claimed that the sheriff attached the iron, ignoring the certificates. Its deals with the Furnace company were through the Schlesinger syndicate. The legal representative of the bank says if the bank can get the pig iron which the warrants call for, and to which it is legally entitled, it will be all right. The depositors had been witho'rawing money for some time, and when st closed only $30,000 demand certificate's were on hand.
11.July 22, 1893Rock Island Daily ArgusRock Island, IL
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MILWAUKEE BANK SUSPENDS. The Commercial Closes to Avoid Criminal Prosecution. MILWAUKEE, July 22.-"The bank closed its doors," said Mr. Timlin, "with $80,000 in cash in its vaults for the reason that we did not want to take any chances of criminal prosecution. Deposi ors will be paid in full without doubt. The demand deposits have been reduced to about $30,000 since July 1, and about $150,006.has been withdrawn on open accounts. As near as I remember the savings deposits at the present time amount to $383,000." Mr. Timlin is a director of the Commercial bank, a state institution which has succumbed to the prevailing depression. He also str ted that several of the best business men in the city owe the bank $409,000 which cannot now be collected. The bank held over $300,000 of the county funds. As a' result of the closing H. M. Benjamin, a director who is security in $100,000 for the county money, is in trouble and the sheriff has charge of his property.
12.July 22, 1893The Salt Lake HeraldSalt Lake City, UT
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HEAVY FAILURE AT MILWAUKEE. The Commercial Bank Makes an Assignment-Will Resume Soon. MILLWAUKEE, July 21.-The Commercial bank has failed. The bank assigned to A. B. Geilfuss, cashier, who filed a bond of $1,650,000. The troubles of the bank are said to result from the acceptance of a large amount of paper of Corrigan, Ives & Company. The following notice was posted on the door: "Owing to heavy withdrawals by depositors and inability to make immediate collections, this bank is compelled temporarily to suspend payment.' This bank has a capital of $250,000. The July statement gave liabilities of $1,656,000, of which $557,743 was due depositors on demand and $528,915 on time. The direct cause of the suspension was the failure of the Douglass Furnace company of Sharpsville, Pa., of whose certificates of pig iron the Commercial had about $130,000. It is claimed the sheriff attached the iron, ignoring the certificates. Deals with the furnace company were through the Schlessinger syndicate. A legal representative of the bank says if the bank can get the pig iron, which the warrants [call for and to which it is legally entitled, it will be all right. Depositors have been withdrawing money
13.July 23, 1893The SunNew York, NY
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MORE BIG BANKS CLOSED. THE MILWAUXEE AND KENTUCKY NATIONAL BANKS QUIT. Runs Throughout the Day In MilwankeeThe South Side Savings Also Goes Us der-Both Milwaukee Banks Were Com sidered Sound-The Kentucky National Has Been in Straits Two Years-0 her Suspensions In the South and Went MILWAUKEE. July 22.-Two more banks failed to-day. and there were runs on the leading banks of the city. especially the German-American and Merchants' Exchange. The Milwaukee National Bank did not open its doors this morning. and the South Side Savings Bank suspended at 101/2. The Milwaukee National. of which C. J. Bradley is President had A capital of $250.000, and was considered one of the soundest instie tutions in the city. Its failure created much surprise. The July 12 report of the condition of the bank showed total resources. including loans. discounts. overdrafts, and unsecured accounts. bonds to secure circulation due from other banks. etc., of $1,965,385.76. Liabilities were placed at the same figures, including Individual deposits subject to check. $413,836: demand certificates of deposits. $310.161: due other national banks and bankers. $198,890. George H. Noves was President, G. McClure. oashier. and George H. Noyes and J. H. and J. D. Imbusch. directors. The officers of the South Side Savings Bank are President G. A. Trumpff and Cashier J. B. Koetting. each of whom holds $50,000 of stock in the bank and are the only stockholders. The semi-annual statement made July 1 placed the liabilities at $1,158,955.17. Of this $286,012. 48 was due to depositors on demand and $735,452.71 on time. President G. C. Trumpff in referring to the trouble said: "Since the Plankinton Bank closed we paid out in savings and certificates over $350,000 besides large drafts made on us by commercial customers. We have since July 15 paid out in savings over $120,000 besides other certificates. When the Commercial Bank closed we had a hiu run here and paid out every cent We had in the house yesterday. The savings depositors and the commercial depositors commended to check against us heavily. and in addition to the money we had on hand we were compelled to raise $6,000 to satisfy the demands of the day. We made very good connections during June and July. and our coinmercial creditors did everything to give us hearty support. We could not collect money enough. however. to pay all demands which were made on us. and therefore were compelled to suspend. I shall move for the appointment of a receiver as soon as possible. and then shall he able to make n statement for our creditors. In sofar as I am able to say at this time the condition of the bank is good." The Milwaukee National acted as the clearing house. and the Wisconsin National was promptly named to take its place in this eapacity. The news of the trouble in these two institue tions. together with the failure of the Commercial Bank and H. IM. Beniam yesterday. started runs on A number of the other banks. Crowds gathered in front of the GermanAmerican. Merchants' Exchange. and Second Ward banks. but by noon the excitement had in a measure subsided. and A general feeling of confidence in the security of these places of deposit prevailed. A notice was posted on the doors of the Merchants'Exchange Bank which said the undersigned, directors of the bank. were personally responsible for moneys UAposited. The notice was signed by five die rectors. This had a quieting effect. and by means of a few policemen the erowd was considerably lessened. The depositors in the Second Ward Bank are mainly German working people. who seemed to have become pania-stricken. despite the fact that the bank is backed by Milwaukse's wealthy brewers. who have given n personal guarantee for everything in the bank. The closing of the Milwaukee National was a surprise, even to some of the stockholders
14.July 24, 1893The Madison Daily LeaderMadison, SD
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SHUT THE BANKS. Milwaukee National and South Side Savings Banks Close Their Doors. Withdrawal of Deposits and Inability to Realize on Securities the Cause. First National Bank of Louisville, With $1,000,000 Capital, Also Assigns. MILWAUKEE, July 24.-The Milwankee National and the South Side Savings banks have closed their doors. The Milwaukee National acted as the clearing house and the Wisconsin National was promptly named to take its place in this capacity. The news of the trouble to these two institutions, together with the failure of the Commercial bank and William H. M. Benjamin Friday, threw the city into a small panic and runs were at once started on a number of the other banks. Crowds soon gathered in front of the German-American, Merchants Exchange and Second ward banks, but at noon the excitement had in a measure subsided and a general feeling of confilence in the security of those places of deposit prevailed. The city, however, was full of wild rumors, impossible to verify, and probably for the most part without foundation. Responsible For Deposits. At 11 o'clock notice was posted on the doors of the Merchants Exchange, on which there had been a heavy run: "The undersigned directors of the Merchants Exchange bank are personally responsible for moneys deposited in this bank." Signed by Rudolph Nunnemacher, Reid Vogel, Jr., Julius Golt, Charles F. Pfister, Frank J. Kipp. This had a quieting effect and by means of a few policemen the crowd was considerably lessened. The statement on the doors of the Milwaukee National was simply: "By order of the board of directors this bank is closed." The statement o the condition of this bank on July 12 last gave the liabilities as $1,965,383.76 Of this the capital amounted to $200.000, the surplus fund $250,000, undivided profits $99,439.32 national bank notes outstanding $89. 250; deposits $1,045,898.33; notes and bills discounte.1 $230,798.11. Statement of President Noves. George H. Noyes is president of the bank, and J. McClure cashier. President Noyes, in referring to the condition of the Milwaukee National bank, said: "This bank I consider perfectly sound. It has $500,000 in assets above the liabilities. In ordinary times it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among its stockholders. The reason for the closing is the one that has been so much repeated in the last 60 days, that the public know it without being told. The shrinkage and withdrawals of deposits and the inability of customers to meet their obligations to the bank have
15.September 21, 1893Grant County HeraldLancaster, WI
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J. W. Bates and Joseph Goss, of Beloit, claim certain streets in Janesville on deeds from Rock county given years ago. The establishment of several logging camps in Marinette county has been abandoned on account of the hard times. P. M. Steginga, one of the most prominent and early settlers in New Holland, died at the age of 94. He came' there from the Netherlands in 1847. The report of the state salt inspector shows that since the inspection year which began December 1 the total quantity inspected to date is 2,332,646 barrels. The local board of underwriters in Milwaukee has decided to increase insuranc e rates from 10 to 20 per cent. because of the numerous big fires. Milwaukee county has $800,000 locked in the failed Commercial bank and is in a financial strait. To rid Rev. Mr. Johnson of a devil they thought he possessed Free Methodists near Shullsburg pounded him badly. Gustav Cohn, the Milwaukee real-estate agent who disappeared after fleecing a large number of customers, was arrested in New York. At least half a dozen insurance companies were contemplating withdrawing from Milwaukee because the losses have been much heavier than the premiums. Guy Fairbanks, 8 years old, son of George Fairbanks, was accidentally drowned at Cumberland. A fire at West Bend, which at one time threatened to wipe out the entire city, was extinguishea only after it had destroyed property valued at nearly $30,000. Gov. Peck seems opposed to an extra session of the legislature, and intimates that Milwaukee should adjust its finances without resorting to this measure. George Morris, aged 21, son of Justice Samuel Morris, of the town of Maxville, suicided by taking paris green. The cause was unknown. Mrs. Melvina Wilcox, of Janesville, was terribly burned by the explosion of a lamp she was lighting.
16.October 10, 1893Rock Island Daily ArgusRock Island, IL
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ABBREVIATED TELEGRAMS. Franklin Simmons, the American sculptor, has about completed two statues in his studio at Rome. One is the model for John A. Logan's equestrian statue and the other a marble statue of General Grant. This latter will be placed in statuai hall in the Capitol. When William Hammer, of Peru, Ind., was assaulted by footpads at Galena, Ills., he drew a revolver, but failed in quickness; his gun was taken from him and he was seriously shot. Near Potter, Neb., Andrew Anderson attempted to reason with a man who made a practice of whipping his wife and was shot dead. The murderer, whose name is Miklund, is in jail. Robbers near Mascoutah, Ills., not only took all the money-a small amount-a farmer named Amos Carlin had about him, but deprived him entirely of sight by knocking out his single eye with a club. A British secret service officer has informed the government that the Clan-naGael has reorganized under Patrick Egan (late United States minister to Chili), as a result of the rejection of the home rule bill by the lords. The employe S of the Chesapeake, Ohio and Southwestern railway have accepted the 10 per cent. reduction in wages, and the men who went out when the reduction went into effect Oct. 1 have returned to work. Postmaster General Bissell, family and party are en route for Chicago and the World's fair. A dispatch from Rio Janeiro says the panic has subsided completely. Business is transacted freely and all the banks are open. The Cunard Steamship company will lay up the steamship Campania for a month this winter and have her altered in harmony with the plans of the Lucania. The South Baltimore works, car works company has been placed in the hands of receivers with assets of $617,000. The liabilities are said to be only $294,600. The Northwestern Miller reports the stock of wheat in private elevators of Minneapolis at 377,000 bushels, a gain over Oct. 2 of 160,000 bushels. A westbound train on the P., C., C. & St. Louis railroad struck and killed two men near South Charleston, O. One is about 55 years old and the other 27. The Huss Bros.' Manufacturing company, Cincinnati, have assigned to George Storey. Liabilities, $31,000; assets, $40,000. At Milwaukee the expectation now is that a dividend of the Plankinton bank assets will be declared by Assignee Plankington early in December. Judge Johnson has decided that the city of Milwaukee is a preferred creditor of the Marine bank, and that the county of Milwaukee is a preferred creditor of the Commercial bank. An order to that effect will be entered at once.
17.December 4, 1893Rock Island ArgusRock Island, IL
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Status of Milwankee Suspended Banks. MILWAUKEE, Dec. 4.-In a circular issued by Washington Backer, receiver of the Mitchell bank, the following terms are proposed: Ten per cent. in cash on demand after the bank opens, 10 per cent. in six months from Jan. i. 1894, and the balance in four equal payments in ten. eighteen, twenty-four, and thirty months from Jan. 1, with interest at the rate of 3 per cent. from July 25. 1893. Under the proposition for the reopening of the Piankinton bank, each depositor is guaranteed his money within two years, with interest at 3 per cent. Judge Johnson, of the circuit court, who is familiar with the affairs of all the suspended banks, says the Plankinton bank could be opened immediately with safety to the creditors, the Mitchell next, and the Commercial within six months.
18.December 28, 1893River Falls JournalRiver Falls, WI
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WISCONSIN STATE NEWS. Bank's Proposition Accepted. The Milwaukee county board accepted the proposition of the Commercial bank for the payment of the $816,000 of county-money which was tied up in the bank when it suspended. The proposition provides for the payment of $50,000 to the county when the bank resumes and $15,000 a month thereafter. The rate of interest is to be 3 per cent. It is stipulated that 85 per cent. of the creditors shall accept similar terms and the bank shall resume by January 15.
19.March 1, 1894The Waco Evening NewsWaco, TX
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Bank Reopened. MILWAUKEE, Wis., March 1 There is considerable rejoicing over the reopening today of the Commer. cial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar. With few exceptions all the depositors have agreed to let their deposits remain intact for a specified period.
20.March 2, 1894Rock Island ArgusRock Island, IL
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Milwaukee Bank Resumes. Milwuakee, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million of new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar. With few exceptions all the depositors have agreed to let their deposits remain intact for alspecified period.
21.March 2, 1894The Madison Daily LeaderMadison, SD
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Milwaukee Bank Reopens. MILWAUKEE, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. With few exceptions, all the depositors have agreed to let their deposits remain intact for a specified period.
22.August 15, 1895The Manitowoc PilotManitowoc, WI
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THE difficulty experienced in running any institution having a multitude of stockholders is well exemplified by the present status of the Commercial Bank of Milwaukee. That bank closed its doors during the panic of 1893, but reorganized, many of the depositor taking the amount of their claims in stock. The bank paid all its debts but now has about decided to go into voluntary liquidation as the business was not satisfactory, owing to the large number of stockholders whose action dipreciated the value of the stock. The bank will be able to pay all depositors in full at once. The balance will be divided among the stockholders.
23.August 22, 1895Marshall County IndependentPlymouth, IN
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NEWS NUGGETS. The stockholders of the Commercial Bank at Milwaukee have decided to close the institution and go into liquidation. An attempt of a faction opposed to the priest of SS. Peter and Paul's Church at St. Joseph, Mo., to break up the services resulted in a riot. One man was fatally and six others seriously injured. The Chinese officials at Ku Cheng have positively refused to allow the American Consul, J. C. Hixson, and the British Consul, R. W. Mansfield, opportunity to investigate the massacre of missionaries there. The Otis Elevator Company of Cleveland, dealers in horse feed, has closed its elevator, the reason assigned being the changed conditions by the use of bicycles and electricity instead of horses, which make it impossible to do business at a profit. Hamburg dispatch: A boat containing twenty-five passengers was run down and sunk by the steamer Concordia, from Stade. Seventeen persons were drowned. Forest fires are raging in Southern New Jersey. Hundreds of miles have already been burned over, houses and live stock consumed, and it is feared there has been considerable loss of life. A bad wreck is said to have occurred on the Baltimore and Ohio Southwestern Road, about sixty miles from Jeffersonville, Ind., Monday morning. Four passengers and the engineer are reported killed.
Several bank failures are reported in the West, among them the First National, Franklin, Ohio, capital $100,000; Commerclal bank, Milwaukee, capital 834,600, voluntary Rquidation: Bowling Green bank, Bowling Green, Mo., capital $25,000; Bank of Dawn, Mo., Habilities $36,000; Dan. Head & Co., private bankers, Kenosha, Wis., capital $100,000. The Farmers and Mechanics' Insurance company, Alexandria. Va., has been placed in the hands of a receiver. Spelman Bros., fancy Goods, New York, have assigned. liabilities $250,000, and receiver applied for Hughes Steam Pump company, Cleveland, Ohio.
