19733. Plankinton Bank (Milwaukee, WI)

Bank Information

Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
state
Start Date
May 13, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
962cabf28c2c1cc1

Response Measures

None

Description

Contemporary newspapers report a large one-day run on May 13, 1893 tied to the failure of F. A. Lappen & Co. leading to heavy withdrawals; the bank then closed/assigned on June 1, 1893 (voluntary assignment/closing due to losses on Lappen paper). The institution later resumed business in early 1894. Article OCR contained variant spellings (Plankinton sometimes rendered Plankingun/Piankinton), corrected here.

Events (4)
1. May 13, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by reports that the bank had large loans and paper of F. A. Lappen & Co., whose failure on May 12 produced rumors and depositor panic.
Measures
Paid depositors throughout the day and for two hours after closing; teller paid out $100,000–$200,000; officials sought cash help from Chicago and had an iron box of funds escorted to the bank; arranged support from other institutions and prepared vault cash to meet demands.
Newspaper Excerpt
The teller kept his post steadily until four o'clock ... meeting every demand, a total of $100,000 in small sums.
Source
newspapers
2. June 1, 1893 Other
Newspaper Excerpt
Frederick T. Day ... made a voluntary assignment to William H. Momsen, cashier of the bank, who furnished bonds in the sum of $800,000. ... Day's failure ... Reckless banking methods were the cause of Day's failure.
Source
newspapers
3. June 1, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure/assignment due to heavy losses on Lappen & Co. paper (claims reported in the hundreds of thousands) and alleged reckless/bad banking practices; continual withdrawals and inability to reorganize forced closing.
Newspaper Excerpt
The Plankinton Bank ... closed its doors this morning. The failure was owing solely to bad banking. ... the bank made an assignment, the court appointing William Plankinton assignee.
Source
newspapers
4. February 18, 1894 Reopening
Newspaper Excerpt
The resumption of the Plankinton bank at Milwaukee, with an unimpaired capital, is one of the encouraging signs of the times. It is the last of the large financial concerns that recently suspended to resume business.
Source
newspapers

Newspaper Articles (24)
1. May 13, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, May 13, 1893

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MILWAUKEE FAILURE The Plankingun Hank is Prepared the a Hig Run Today. MILWAUKER. May 12 The large dry goods and house furnishing store of Frank A. Lappen & Co., on Grand ave Due, w in the hands of the sheriff. It was known when business opened at the banks this morning that the firm was financially em barraned but a partial settlement de layed the suspension until accumulated demands forced an assignment, The Lappen Furniture company is also involved. The ezecutions aggregate $65, 000. No statement has yet been made as to the tirm's assets and liabilities. The large amount of the Lappen's paper held by the Plankington bank led during the day to al sorts of rumors regarding the soundness of that institu tion. President Day was not to be seen, but Cashier Mommasen said that the bank would have $200,000 in its vaults. and would be prepared to pay dollor for dollar to depositors and others. The officials. it will be seen from this state ment which Mr. Mommasen asked the newspapers to publish. expect a run on the bank due to the excited condition of the public mind. and have wisely provided for it.

2. May 14, 1893 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, May 14, 1893

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THEY COULDN'T BREAK IT. LO The Teller Paid Out as Long as the Dea Lasted-Stayed Two Hours Over e. CWAUKEE, WIS., May 13.-The fact th the Plankinton Bank bad loaned $2 000 to the firm of rank A. Lappen & Co., which broke do D Friday, had a decidedly panicky effect on the smaller depositors of that institution. This morning, soon as the doors opened, there was a long line of men and women in front of the window, and the teller kept his post steadily ntil four o'clock this afternoon, meeting every demand, a total of $100 000 in small sums. They paid to depositors every demand made during regular banking hours and for two hours following. The threatened panic is over, and a feeling of confidence prevails in commercial circles. The committee of creditors in charge of the aflairs of F. A. Lappen & Co. has given out the statement that the liabilities and assets are represented by the same figures, $ 430,000.

3. May 15, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, May 15, 1893

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The Plankinton Bank. MILWAUKEE, May 15.-The Plank. inton bank opened an hour earlier than usual this morning. There was no renewal of Saturday's run and the flurry seems to have entirely subsided. The deposits far exceed the withdrawals this morning.

4. May 15, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, May 15, 1893

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FINANCIAL PERILS Safely Weathered by a Bank at Milwaukee. THAT BIG RUN ON THE PLANKINTON And How It Proved Its Soundness by Doing Two Hours' Extra Business-Every Demand Promptly Met-An Episode of the Day-Help from Chicago Carried to Milwaukee at Lightning Speed and With Pinkertons on Guard. MILWAUKEE, May 15.-Never in the his tory of the city was there more excitement in the commercial world than when the rumor got abroad that the Plankinton bank was heavily involved in the failure of the Lappen concerns. The immediate effect was a rush of depositors and a run on the bank that will be an epoch in its history. During the whole time of banking hours and for two hours later the paying teller faced a line of men with their certificates of deposit ready, and as fast as they could be presented shoved across the counter the amount each called for. It was 4 p. m. before the window was closed, and then there were but about a hundred in line of the many hundreds who had besieged the bank all day. Losses Made Half Good. The withdrawals for the day footed up less than $200,000, while depositors, who had confidence in the bank, made half of this good. Many were the rumors that flew about as to the help the bank was receiving from Chicago, one of them being that Phil Armour had sent $1,000,000 from Chicago, and when a file of armed men were seen escorting an iron box into the bank this rumor was considered a fact. But it was not. There was money in the box, but it did not come from Armour. He had not been asked for anything. And Thereby Hangs a Tale. Anyhow, the arrival of the box increased the excitement to fever heat and set the whole town wild. The story of the box is worth telling for it is a very interesting incident of the day. This is what took place at Chicago: During the night before the run on the bank it was known that it was inevitable. Consequently Joseph Moody, assistant cashier, was sent to Chicago to get money, accompanied by a powerful employe of the same institution who is hired for his muscle and grit.

5. May 16, 1893 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1893

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The three Australian bank failures just announced are the latest of a long series that have occurred within the last few weeks. The heaviest disaster was the downfall of the Australian Joint Stock Bank, on April 20, with liabilities of Β£13,000,000. its de posits aggregating Β£11,000,000. on April 30. came the suspension of the National Bank of Australia, the liabilities of which in the Colonies alone were Β£7,500,000. The suspension of the Bank of Victoria (limited) was announced on May 9. Its liabilities were about Β£2,500,000, its subscribed capital was Β£1,200,000, and its deposits, according to the balonce-sheet of list December, amounted to more than Β£7,000,000. Perhaps the chief of the minor failures was that of the Colontal Bank of Australia, on May 5. Each of the institutions named had many branches throughout the Colonies. as well as offices In London. In almost every case the suspension was due to heavy withdrawals of deposits. THE PLANKINTON BANK ALL RIGHT. Milwaukee, May 15.-The Planktaton Bank, upon which there was a run Saturday. opened its doors at 9 a. m. to-day, one hour earlier than usual. There was only a small crowd waiting and no excitement. The flurry seemed to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals. The affairs of the suspended Lappen companies are in statu quo. An effort is being made by creditors to reorganize the business into a stock company.

6. May 16, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 16, 1893

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Piankinton Bank All Right. MILWAUKEE. May 16.-The Plankinton bank, upon which there was a run Saturday, opened its doors at 9 a. m., one hour earlier than usual. There was only a small crowd waiting and no exeitement. The flurry seemed to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals.

7. June 2, 1893 The Times Richmond, VA
Article from The Times, June 2, 1893

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MORE BANK FAILURES. The Oldest Institution in Tacoma Goes Under Milwaukee Failure. TACOMA, June 1.-The merchants National Bank, the oldest banking institution in the city, suspended payment temporarily this morning. A notice on the door stated that this action was taken on account of stringency of the money market, and inability to make .collections. The bank will probably resume operations in a few days. The institution has a paid-up capital of $250,000. W. J. Thompson is president. Figures given out at this time, said to be approximately correct, show the total liabilities to be $600,000. and assets $1,000,000. MILWAUKEE, WIS., June 1.-The Plankington Bank, which was involved in the F. A. Tappan failure, closed its doors this morning. The failure was owing solely to bad banking. Cashier Momsen promises'to give out a statement at noon. A large crowd of depositors surround the bank, but everything is orderly. Late this afternoon the bank made an assignment, the court appointing William Plankington assignee. His bond was fixed at $1,600,000, which was immediately furnished. The sureties are Congressman John Mitchell, David Ferguson, vice-president of the Wisconsin Fire and Marine Insurance Bank, and Charles Ray, president of the National Exchange Bank. About the same time Fred. T. Day, president of the Plankinton Bank, made a personal assignment. George N. Wiswell, United States Marshal, is named as assignee. His bond is $900,000.

8. June 2, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 2, 1893

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The Bottom Drops Out of the Market on Chicago 'Change. Everybody Wanted to Sell, While No One Desired to Buy. Clique Plays Horse With Provisions, and the Close Was Higher. Wall Street Bears Make a Successful Attack on Values. CHICAGO, June 1.-There was a howl- moin the wheat pit today. For a ing ment at the opening the trade thought hands, they had a bull market on their but within an hour the bottom dropped 3c. There was a break of nearly out. The next thing to a panic ensued among wheat the longs, who could not get the The their hands fast enough. market off started with a bulge of 7136c July, and 743/c September. to When the floor gave way and dropped the bulls into the basement it left July The at 683/c, and September at 72%c. Liverstrong opening was on higher pool cables and some bull enthusiasm defrom last night. The like a toboggan cline left over was great trip, slow at first, but with a slide dash before the end of the reached. New York reported was business. The Price-Current no that farmers were had wheat freely because stocks their wired foreign old selling they out discouraged. Liverpool of as nearly the grown cabled double started those were ago. This blue news July a trade to selling. of to the extreme low whole year got When the point it price morning the bulls gave could up. all the brokers go. into the pit to let command Cudahy yesterday put sold wheat he when a great quantity He Pardridge fol- to and the market Wright the had and lead, undertook went is to low a minute. Mitchell, who the 70c in the trade to run, bu of wheat, last fully in bull 500,000 and down the dumped com- in house brokers dug mission their pockets for cards containing of them stoporders. There were a host started loss to sell at 70c, and this sold, a placed chase. Wheat could not be and merry the price went to 6914c. Then came a breathing spell and news 1/2 followed by the sensational Milwaukee that rally, the Plankinton bank at fresh This brought on a the price went to a storm, had failed. and 688/c lighter in minute. Better export news, a receipts promised for the near bank future, had statement that the Milwaukee but had gone into liquidation the not pay dollar for the and a rally of the market failed, would got dollar. Then and of quieted down. The failure known bank was genin advance trade Plankinton John Cudahy probably of his the brokers eral to crowd. At any rate, which had the first heavy selling orders, resulted in the break from 713/c hour near to 6914c about an was not until after later. the opening It the recovery break referred to and a subsequent crowd from 6914c to 698/c that the The became aware of the failure. than was a trifle stronger first opening closing figures of yesterday, but sales the being about 1/6@14c higher, fluctuadeclined, with some quickly 2%C for July and 214c for Septem- easier tions, ber, then reacted 8/@ //c, ruled 21/cc and the closing was about for and 17/c lower than the closing tember lower again July figures that for of parties Sep- yesterday. It was rumored wheat have been carrying cash the here who are finding it difficult to secure advances to carry it beyond July. Corn and oats compared with the weakness in wheat were steady. losing reabout 1/4c each. Bullish crop the only ports and covering by shorts were chief sources of strength. The provision bulls had it all their and bid the market up, espeown way, for lard for September delivery, adwhich cially scored a greater proportional than either of the other products. durvance Trades were few and far between the balance of the session. wanted 'It was the ing old, old story. If any one if buy the market went up, and any to wanted to sell the course of things one was suddenly reversed and it wentdown At the with a run, especially for pork. Pork, close the market ruled steady. closed 60c compared with yesterday, lard higher for September. September ribs is 171/2 higher, and September show Freights an advance were steady, of 171/cc. with a fair deat 1% for wheat and 13/c for corn mand Buffalo, and 3c for corn to Kingston. to receipts for tomorrow: 305 120 cars; corn, 785 cars; cars; hogs, Wheat, Estimated 13,000. oats, The leading futures ranged as follows:

9. June 2, 1893 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, June 2, 1893

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Look at the record of suspended banks and manufactories as they come to us through this morning's papers: From Milwaukee, Wisconsin, comes the news of the assignment of the hitherto strong Plankinton Bank. From Tacoma, Washington, comes the news of the closing of the Merchants, National Bank. From Washington, D. C., comes the news that there is only $92,000,000 of gold in the Treasury, and exports of gold are still expected to increase. From Newark, N. J., comes the news of the crash of the Domestic Sewing Machine Company. From Canton, Ohio, comes the news of the assignment of the J. H. McLain Machine Works. From Texas comes the news of the failure of the First National Bank of Brady. From Cincinnati. Ohio, comes the news of the failure of a big cordage manufactory and from St. Joseph. Missouri, comes the news of the failure of the lumber firm of Muthleisen & Company. Amongst the confusion of all this crashing of banks and suspension of manufacturing firms, news comes from Hogg Island that President Cleveland had a eplendid time yesterday killing birds.

10. June 2, 1893 The Sun New York, NY
Article from The Sun, June 2, 1893

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THE PLANKINTON BANK FAILS. Dragged Down by n Concern Whose Paper It Was Carrying. MILWAUKEE. June 1.-The Plankinton Bank. which was involved in the T. F. Lappen failure. closed its doors this morning. The failure was a foregone conclusion the moment the fact was made public that it was involved to the extent of $274,000 in Lappen's collapse. It was certain the bank must cease to do business or face the alternative of reorganizing and with new officers try to live down its bad reputation. The failure was not caused by a tight money market or by a run or any other cause which might make it affect legitimately the banking business. The failure was due solely to bad banking. The opinion that depositors will be paid in full by the bank is based on the honorable character of the men who are stockholders in the institution. It cannot be concealed that there is criticism of the directors of the bank. because they have failed to keep the President. Fred T. Day. in the lines of sound banking. One fact that causes universal regret is that the name of old John Plankinton should be connected with such a case. There is no alarm in financial circles in Milwaukee. and the failure is simply an incident of the Lappen plunge. President Day is at his home ill. He refuses to make a statement. and all access to him is denied. The failure can be easily traced back to the run of May 13. when it was only by the sturdieat exertions of the bank officials and the support of other institutions here and in Chicago that it was saved from disaster. When Lappen & Co. failed on May 12 it became known that n large amount of worthless paper of that house was held by the Plankinton. Rumors affecting the bank's solidity had been com mon on the street. and when the plain fact that the Plankinton had been carrying Lappen & Co. became known. and was now involved to the extent of many thousands of dollars. a scare among the depositors ensued. It was freely predicted on the morning of May 13 that the bank was going to smash. and when the doors were opened a great crowd rushed in to draw out their money. The panic lasted only for the day. The Plankinton made an assignment this afternoon. William Plankinton is assignee. and Judge Johnson fixed the amount of his bond at $1,600,000. which he immediately furnished. with Senator John Mitchell. David Ferguson. and Charles Ray as sureties. The question of reorganizing the bank had been practically settled in favor of that step. The New York correspondent of the Plankinton Bank is the National Bank of the Republic. and Vice-President Pullen of that institution said yesterday that the Plankinton Bank had drawn out its balance several days ago. The accounts were therefore now square.

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

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Che crald FRIDAY, JUNE 2, 1893. AN INDEX TO YESTERDAY. BY TELEGRAPH.-Prof. Briggs suspended from the Presbyterian ministry The general assembly adjourns to meet next year at Saratoga Ex-Minister Stevens addresses the San Francisco chamber of commerce on the Hawaiian question The Pegleg minerediscovered Bad weather makes slim attendance at the world's fair A reception in the California Opening of the electric departbuilding Princers Eulalia takes in the Morris ment park races Failure of the Plankinton bank of Milwaukee.

12. June 2, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 2, 1893

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A MILWAUKEE BANK FAILS. The Plankinton Is Compelled to Close Its Doors. CAUSE OF THE FAILURE. It Is Largely Due to the Lappen Assignment. The Merchants' National Bank of Tacoma Suspends Payment-It Was the Oldest Bank in That City-Cause, Stringency of the Money Market. MILWAUKEE, June 1.-The Plankinton bank has failed. The bank opened at the usual hour, but five minutes later William Plankinton, the vice-president, appeared and at once the following notice was posted and the doors closed: "Owing to the failure of our efforts to reorganize the bank and the continual withdrawal of deposits we have thought it best for the interest of all depositors and stockholders to close the bank." There was no regular run on the bank of late. Since the scare two weeks ago, however, the large depositors who did not take part in the run at that time have been steadily withdrawing their accounts, and transferring them to other banks. The suspension is largely due to the failure of F. A. Lappen & Co., and the Lappen Furniture company, two weeks ago, with liabilities that will probably amount to three quarters of a million. The Lappen firms, as far as claims are received, owe the Plankinton bank $219,000 in Lappen personal notes, which are considered practically worthless. How Lappen succeeded in placing the bank in the position it finds itself is a mystery. He secured loan after loan of $10,000 each even after common rumor said that Lappen was not wholly sound. Many sensational rumors are in circulation regardS ing the matter. The capital stock of the bank is $200,000. Lappin's inventory was finished yesterday evening, and the poor showing of assets made by it settled the bank. laskinton's recorded claims against the Lappen business aggregated $219,000, and the claims which take precedence of Plankinton's are $55,000. The inventory of Lappen's stock shows 1 a total of only $208,000, allowing for satisfaction of claims but $153,000 toward making good the Plankinton claim. Piankinton's principal correspondents abroad are with the the National Bank of S the Republic and United States National bank of New York, and Continental Nat tional of Chicago. The condition of its businese with these concerns is said to be bad. t An assignment}w made to William d Plankinton this afternoon. He was e placed under bonds to the amount of $1,600,000. Bondsmen are John L. Mitchell, Charles Ray and David Ferguson. According to the bond the bank assets are $1,600,000. With the failure of the Plankinton bank the chances for reorganization of the Lappen business has fell flat. Sheriff Dun has in his hands e more than $450,000 of claims against the e Lappens.

13. June 3, 1893 Evening Star Washington, DC
Article from Evening Star, June 3, 1893

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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.

14. June 4, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 4, 1893

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LESSER CONCERNS. Surely There Must Be Some Steps to Relieve the Stringency. CHICAGO, June 3.-The great Grant Locomotive Works, which moved here from New Jersey a couple of years ago, is being pressed by some of its creditore, and in order to provide ready cash has called a meeting of the stockholders. The recent strike preventing the filling of contracts is the cause of the trouble. The company is solvent. the assets greatly exceeding the liabilities. WASHINGTON, June 3.-Comptroller Eckels has instructed Bank Examiner Cleary to take charge of the failed Mercha ts Bank at Tacoma, Wash. MILWAUKEE, Wis., June 3.-Frederick T. Day, president of the Plankington Bank, this afternoon made a voluntary assignment to William H. Momsen, cashier of the bank, who furnished bonds in the sum of $800,000. Day's nominal assets were placed at $600,000 and his liabilities at $500,000. So far the examination of his assets has only been cursory. but it is believed enough can be realized to meet all debts. In doing this, however, his large private fortune will be utterly wrecked. Reckless banking methods were the cause of Day's f ilure. GLADSTONE, Mich., June 3.-The Exchange National Bank has closed its doors and make an assignment for the benefit of its creditors. The suspension is caused by the failure of the Plankinton Bank of Milwaukee, and the outcome depends entirely upon that institution. No statement has yet been made. INDIANAPOLIS, June 3-Receiver Johnson of the defunct Greenwood Bank has instituted suit in the Johnson Circuit Court against L. M. Starbuck, ex-Governor Chase and all others connected with the management of the bank. He has also advertised the furniture of the bank for sale, and with the proceeds, together with the cash on hand, the receiver expects to declare the first dividend of 25 per cent early in July. KOKOMO, Ind., June -The Grand Jury investigating the Greentown Bank failure will not report before Tuesday morning, but the evening paper here announces with much positiveness that indictments have been found against ex-Governor Chase, John W. Paris and Cashier Wa!den. It is said that an indictment was also found against Zimri D. Wiggins of Columbian National Bank fame. PHILADELPHIA, June 3.-Executions were issued this afternoon from the Common Pleas Court in the judgments entered against Clark, Thomas & Co., furnituredealers, on judgment notes aggregating upward of $100,000. Five executions were issued from the same tribunal against Philip C. Shaffer, a furniture-dealer, on judgments aggregating $25,000. Shaffer indorsed paper for Clark.

15. June 4, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 4, 1893

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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.

16. June 5, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 5, 1893

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On Account of the Plankinton. GLADSTONE, Mich., June 5.-The Exchange bank has closed its doors. The suspension was caused by the failure of the Plankinton bank of Milwaukee, and he outcome depends entirely on the latter institution. No statement of the bank's condition has yet been made.

17. June 6, 1893 The Sun New York, NY
Article from The Sun, June 6, 1893

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OTHER FAILURES. 1 1 Troubles in Kansas City, Milwankee, and ( Other Parts of the Country. KANSAS CITY. June 5.-The Kansas Grain Company. which was said to be the greatest / buyer of grain from producers in the world. 1 has failed. H. M. Kirkpatrick. Secretary and ) : Treasurer of the company. notified the Secretary of the Board at 101/2 this morning that the company was unable to meet its contracts. 7 When the announcement of the suspension was made on the Board it caused great ex: citement. , The main offices of the company are in this city and at Hutchinson. Kan.. and the Presi3 dent of the concern. T.J. Templer. is in charge . of the Hutchinson offices. and the officers here decline to make any statement of the financial condition of the company until authorized to do so by Mr. Templer. It is presumed, however. that the assets and liabilities will each be large. The company has elevators in 106 towns and cities in Kansas. representing an investment of $150,000. All of these elevators contain more or less grain. The company was incorporated five years ago with a capital stock of $50,000. The cause of the failure. as announced by the officers here. is the tight money market. Mr. Kirkpatrick says the stringency in money prevented the company from realizing on its warehouse receipts, which were depended upon to meet maturing obligations. MILWAUKEE June 5.-A run is now in progress on the South Side Savings Banks. 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 failure of F. T. Day on Saturday last 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 flurry will end in a day or two unless it is aggravated by more failures. The failures of Frank A. Lappen and the Plankinton Bank will be investigated by the Grand Jury. The Grand Jury called to investigate the matter convened late this afternoon and Judge Wallber delivered his charge. He spoke about the failures and read sections of the statutes referring to the obtaining of credit by false statements and to the acceptance of deposits when bank officials know that the bank 18 not in a sound condition. The first section. the Court intimated. referred to the Lappen matter. and the other to the Plankinton Bank. The action of Judge Wallber has created a sensation. A despatch from Hutchinson. Kan., says the suspension was due to the inability of the comiany to extend its paper in Kansas City. President Templer of the company says the assets are fully sufficient to meet the liabilities. and that they will pay out dollar for dollar. The assets of the company are placed at $150,000. with liabilities as follows: To Hutchinson creditors. $20,000; to Hazard. of Kansas City, $25,000; to sellers of grain. $12.000: to American National Bank of Kansas City. $45,000. All the indebtedness is well secured. MADISON. Wis.. June 5.-There was a small run on the First National Bank to-day. but not enough to cause any great excitement. The bank's balance at the close of business on Saturday showed $259.000 on hand to meet demands. and the officers of the bank are not at all alarmed. PHILADELPHIA, June 5.-Washington ButchF er's Sons. provision dealers, to day filed an assignment. with George W. Lex as the assignee. No statement of assets or liabilities can be obtained. Tightness of the money o market is the announced cause of the embarI rassment. a SANDUSKY. O., June 5.-The doors of the Sandusky Savings Bank Company. which b closed on Saturday night upon what WAS genM erally supposed to be one of the soundest and h safest institutions of the city, were not opened this morning. but displayed the following anD nouncement: t Owing to inability to realize upon assets at M this time. this bank has been compelled to assign. All depositors will be paid in full. fl SPOKANE. Wash.. June 5.-The Bank of Spo11 kane Falls temporarily closed its doors this o morning. The suspension caused no excite5 ment. The bank is the oldest in the city, and has paid capital of $150,000 and a purplus of a $125,000. n The embarrassment is due to the tightness 1 of the money market. The bank has always been considered the strongest in Eastern fa Washington. A. M. Cannon. President of the bank. has many large interests in this city, and is reputed to be a millionaire several B times over. $

18. June 27, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 27, 1893

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# F. T. DAY'S WHEREABOUTS. He Is at One of the Mineral Springs in the Vicinity of the City. F. T. Day, of Milwaukee, the ex-president of the Plankinton Bank, which suspended some time ago, is not in Indianapolis, although he was here last week. His friends say that he left Milwaukee only at the urgent insistance of his medical advisers. The complications arising at the time of the closing of the bank and the chagrin at the failure so disturbed Day's mind that his nervousness made his condition dangerous. He first went to West Baden, Ind., and afterwards came here. Dr. W. N. Wishard was called to attend him and after the sensational dispatch was sent out from Milwaukee, Day authorized his physician to send out a denial from Indianapolis. Mr. Day wanted to return to Milwaukee at once, but his physician insisted that he remain away until his condition improved or until his presence at Milwaukee was imperative. His brother, T. C. Day, lives in this city, and gave his brother care and attention while he was here. Mr. T. C. Day left the city yesterday, and it is believed he has accompanied his brother to some of the mineral springs near here, presumably Martinsville. One of the ex-president's friends, in speaking about the sensational reports, said yesterday: "Mr. Day has been grossly misrepresented. He is worth between $500,000 and $600,000, having valuable interests in Wisconsin and some of the adjoining States. He was forced out of the bank by a combination which wanted to put in another man as president. Any examination of his methods will show that they are perfectly honest and legitimate. He was so worried by the efforts to bring disaster upon him that he became very nervous. He was in a bad condition when he came here, and these reports, that he fled from Milwaukee for fear of an investigation of his affairs by the grand jury, greatly distressed him. The grand jury has not indicted him, and I do not think they will. Mr. Day comes from an old English family. I have known his brother in this city for a long time, and he is a man who prides himself on his integrity. The ex-president's father was a Methodist minister and a man who was greatly beloved. I believe Mr. Day, of Milwaukee, is an honest man. He will return to Milwaukee at once if he is notified that he is wanted. I think there will be a number of people who will have to take back a great deal of what they have said about him in his absence." A. R. Flanders, a Milwaukee newspaper man, is here in an effort to see Mr. Day. He says that Frank A. Lappen, Day's companion, and the man to whom Day loaned $290,000 of the bank's money without any security, has also left Milwaukee. Dr. Wishard declines to give ex-President Day's present address. Mr. Flanders does not say that banker Day left Milwaukee about the time that the call for the grand jury was issued, in order to escape the subpΕ“na to appear as a witness, but he says the departure was simultaneous with that event. From a telegram received from Milwaukee last night, Mr. Flanders came to the conclusion that something had been heard from Mr. Day. It read as follows: Have requested Day, through proper channel, to respond to subpΕ“na. Advise me of any charge. LEOPOLD HAMMEL, District Attorney. What these proper channels are and where they lead to Mr. Flanders was not informed. It is presumed that the banker concluded to end suspense by letting the State's counsel know where he is. It is said that the grand jury has not been called together before in Milwaukee but once in twenty years, and that time was about ten years ago. The jury has been in session for about three weeks, and there is no telling whether an indictment is to be found until the jury adjourns. The bank had a capital stock of $200,000, but, according to the statements filed by the assignee for Mr. Day, he was himself a borrower to the amount of $300,000, and he in turn, loaned to Frank A. Lappen $290,000. The bank was a State bank, but if it had followed the conservative rules governing a national bank, no one person could have borrowed more than $20,000. Had it done so there would have been no failure.

19. August 3, 1893 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, August 3, 1893

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# THE TARIFF AND THE PANIC ple incensed now that the search light has revealed the rottenness of the commercial system we had built up. They prefer to live in fancied security and to postpone the evil day. The extravagance of the last few years encouraged by outrageous tariff laws has brought us ruin, but like children we can see no cause unless it lies close to the injury we have received. Milwaukee was a most conservative city and while it remained so it could defy panics. The mad desire for sudden accumulation of wealth swept over it and produced the Lappens the Days, the speculators in mining stocks and numerous operators on a smaller scale. Was the failure of the Plankinton Bank due to a change in the national administration? Was "the loss of confidence" which followed due to the fear that the splendid system of tariff laws built up by the republican party would be touched by profane hands? Or was it want of confidence in business methods of banks and the wild cat character of the securities they were carrying? Is the lack of confidence in Milwaukee to-day due to fear of change in tariff laws or to the fact that there is $2,500,000 of paper held as security by banks which have gone under, on which a cent cannot be realized? And what of the laws that make it possible for a man comparatively poor a few years ago, entering into speculation whereby he puts upon the market such an enormous quantity of paper? Our tariff has given us John Laws innumerable and we are now suffering the consequence.

20. December 14, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 14, 1893

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ALL ALL who have a personal or professional acquaintance with Judge James G. Jenkins, of Milwaukee, will be gratified at learning that the indictment found against him in connection with the suspension of the Plankinton bank has been dismissed. Judge Jenkins has borne an exceptionally high character all his life, and is incapable of a dishonest or dishonorable act. He was unfortunate in becoming connected as a director with the bankrupt bank, but had no part in its management, nor had he any responsibility for its condition.

21. February 18, 1894 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, February 18, 1894

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THE resumption of the Plankinton bank at Milwaukee, with an unimpaired capital, is one of the encouraging signs of the times. It is the last of the large financial concerns that recently suspended to resume business, and but two small savings banks have gone out of business permanently. The banks reorganized since the panic have been placed on a better footing than they previously enjoyed.

22. March 1, 1894 Evening Star Washington, DC
Article from Evening Star, March 1, 1894

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BANKS RUNNING AGAIN. Better State of Affairs in Milwaukee Business Circles. MILWAUKEE, Wis., March 1.-With the reopening of the Commercial Bank today and the resumption of the Plankinton Bank within a few days, all of the Milwaukee banks which suspended during the panic last summer, with the exception of the South Side Savings Bank, will again be in operation. The creditors of all the banks are to be paid in full, under a system of time extensions for a period of two years. In the case of the South Side Bank the unpreferred creditors will receive little or nothing.

23. September 14, 1894 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, September 14, 1894

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TELEGRAPHIC BREVITIES. News of Minor Importance In Condensed Form. Testimony in the Plankinton bank case at Milwaukee shows the failed concern was rotten to the core. A movement to run Senator Don Cameron for president as the Camidate of a free silver party is said to be under way. A pitched battle took place between union. and non-union longshoremen in Savannah, Ga. One man was fatally shot. Two persons were killed and three seriously injured by a collision on the Fitchburg road near North Adams, Mass. Professor Hermann von Helmhaltz, the distinguished German physiologist and scientist, died at Berlin, aged 74 years. A severe electric storm swept Northern Illinois. Many buildings were blown down and horses and cattle were killed. The receiverships of the 24 branch lines of the Northern Pacific are to be terminated, effecting a saving of $60,000 a year. Merley Mohammed, the eldest son of the late sultan of Morocco, has been proclaimed emperor by the rebel tribes of the South. A shortage has been discovered in the accounts of the commandant of the Iowa soldiers' home. The commandant and adjutant are suspended. Sergeant Whitehead of the Butte (Mon.) police force, in charge of the silver statue now on exhibition in Minneapolis, was drowned in Lake Minnetonka Sunday.

24. April 13, 1895 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, April 13, 1895

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First Dividend. Milwaukee, April 11.-The payment of the first dividend by the receiver for the stockholders of the Plankinton bank, and. the third dividend by the bank will be made to-morrow.