Article Text
Stoughton, Wis., June 10.-The Dane County Bank, doing a general banking business, suspended today.
19873. Dane County Bank (Stoughton, WI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 10, 1899
- Location
- Stoughton, Wisconsin (42.917, -89.218)
Metadata
- Model
- gpt-5-mini
- Short Digest
804cd0cbb71e4405
Response Measures
None
Description
The papers report the Dane County Bank of Stoughton suspended June 10, 1899 and a receiver (G. E. Roe) was appointed shortly after. Reports attribute the failure to speculative loans/land speculation in Texas and Mexico. No contemporaneous run is described in the articles; the bank closed and entered receivership.
Events (2)
1.
June 10, 1899
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension alleged to have been brought about by speculation in Texas and Mexico lands (large loans to individuals and irrigation company).
- Newspaper Excerpt
- Stoughton, Wis., June 10.-The Dane County Bank, doing a general banking business, suspended today.
- Source
- newspapers
2.
June 12, 1899
Receivership
- Newspaper Excerpt
- Attorney G. E. Roe, of Madison, was appointed receiver.
- Source
- newspapers
Newspaper Articles (17)
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Article Text
Wisconsin State Bank Failure. Milwaukee, June 12.-A Sentinel speclal from Stoughton, Wis., says the assets of the Dane County bank which closed its doors on Saturday are $223,000 and liabilities as $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver.
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Assets Ample. STOUGHTON, Wis., June 11.-The assets of the Dane county bank which closed its doors on Saturday are $223,000 and liabilities $173,000. The amount due depositors is said to be $155,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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BRIEF BITS OF NEWS. I The Sfax, with Dreyfus on board, has left Cayenne, French Guiana, for France. The Dane County (Wis.) state bank, doing a general banking business at The bank Stoughton, has suspended. was capitalized at $60,000. Director of Census Merriam has completed his official technical staff by the appointment of S. N. North of Boston chief statistician in charge of the division of manufacturing and mechanical industries. A telegram received at the navy department from Admiral Kautz, at Honolulu, via San Francisco, states that he arrived at Honolulu June 1. He was to leave on June 10 and arrive at San Francisco on the 22d. John J. Lalor, the well known writer on politcal economy, formerly of Milwaukee, who fell from the steps of the treasury department at Washington Thursday, died from his injuries and shock, at the Emergency hospital.
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Wisconsin Bank Closed. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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Wisconsin Bank Closed. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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FAILURE OF STOUGHTON BANK. It Is Caused by Speculation in Texas and Mexico Land. Stoughton, Wis., June 13.-The assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and the liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe of Madison was appointed receiver. The sus-
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Wisconsin StateBank Failure. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane County bank which closed its doors on Saturday are $223,000 and liabilities as $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver.
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Monday, June 12. The sugar war is reported over. The Sfax, with Dreyfus on board, has left Cayenne, French Guiana, for France. Cleveland street car employes are on a strike. They have a number of grievances they wish redressed. The Afro-American council hasissued an appeal to Southern governors, legislators and judges to prevent lawlessness and lynching. The government report shows a reduction of 2.5 per cent in spring wheat acreage. The condition is 91.4, against 100.9 last year. The Dane County (Wis.) state bank, doing a general banking business at Stoughton, has suspended. The bank was capitalized at $60,000. Major Sears of the corps of engineers, U. S. A., now stationed at Duluth, has been detailed to establish harbor lines in the harbors of Porto Rico. A telegram received at the navy department from Admiral Kautz, at Honolulu, via San Francisco, states that he arrived at Honolulu June 1. He was to leave on June 10 and arrive at San Francisco on the 22d.
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Sues I. O. Brictson for $42,000 Papers were filed in the circuit court Monday afternoon in the suit of G. E. Roe, as receiver of the Dane County Bank, of Stoughton, against I.O. Brictson, of Deerfield, to recover judgment for $42,000, the aggregate of seven notes given by Brictson to J. H. Joice, who was cashier of the bank before its failure and which it is alleged in the complaint were endorsed by him and delivered to the bank and became part of its property. In his answer to the complaint Mr. Brictson states that there had been negotiations between himself and Joice as to the latter acquiring an interest in the "Hacienda de San Goes de las Rusias," in Mexico, in which Brictson had invested $120,000, and that it was agreed that Joice should invest at least $50,000 therein. That Brictson signed the notes; as a convenient mode of showing the amount to be SO invested, with the express agreement that they were not to be paid by him, and he alleges that the officers of the bank had full knowledge of these facts.-Madison Journal.
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FILES HIS REPORT. Receiver Roe of the Dane County Bank at Stoughton Tells What Become of the Assets. Gilbert E. Roe, receiver of the Dane County bank of Stoughton, late Friday filed his report of the assets and liabilities of the concern in the circuit court. He shows that the nominal assets, without interest, including all accounts good and bad, amount to $220,644.69, including $114,648.77 in certificates of deposit. An examination shows that the larger part of the funds of the bank were loaned to a few individuals-to I. O. Brictson about $42,000; to O. M. Turner, president of the bank, about $31,000; and between $80,000 and $100,000 to Jacobson, Jernburg, Ottis, W. F. Olson of the Grand Falls (Texas) Irrigation company, and the bank's cashier, J. H. Joice. "As far as I am able to learn," says Mr. Roe, "this money was used for the purpose of speculation in Texas and Mexico, and the amount which it will be possible to realize therefrom is, as yet, wholly problematical. Mr. Turner's indebtedness on his notes has been paid and I believe the Brictson notes will be paid." Mr. Roe states that he holds $100,000 of the bonds of the Grand Falls company, which owns valuable property in Texas, and that he hopes to secure a considerable sum from their sale in the near future. The liability of the stockholders, officers and directors to the amount of double the value of their stock will, he says, be enforced. The attorney's fees, receiver's charges and expenses up to date have been about $2,400. The report will come before Judge Siebecker for hearing on January 3d.
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CREDITORS GET 30 PER CENT. First Dividend in Dane County Bank. B. E. Wait, Receiver. In the circuit court at Madison on Wednesday, Judge Siebecker passed upon the report of Receiver G. E. Roe, of the defunct Dane County Bank, Stoughton. The court ordered a first dividend of 30 per cent for undisputed claims, which will be paid in about a week, as soon as the interest can be computed. Receiver Roe announced his resignation, owing to the fact that he is about to remove to New York, and the court announced that Ben E. Wait of Stoughton, would be appointed to succeed him, his appointment having been requested. Mr. Roe reported his expenses as receceiver to be $584.05, this including sheriff's fees, clerk of court fees, traveling expenses, etc. His own charge for services was $750, being $10 per day for actual time spent. Also the bill of Ben E. Wait, one of his attorneys, $549. All were allowed. There remains the bill of R. M. LaFollette, who is also attorney for the receiver, and which Judge Fish of Racine, will be called in to audit, the statue disqualifying Judge Siebecker from passing on it, be being a relative of Mr. LaFollette.
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Stoughton. N Gerard left Wednesday for Mobile, Ala, to spend the winter. On the first Monday of next January Mayor Roe goes to Madison to take his seat in the legislature but before resigning the office which he has held for the past five years with eminent credit to himself and to Stonghton he will make our city a present of a fine clock for the tower in the new city hall. In the circuit court John J Hyland of the town of Rutland sought to establish a claim as a preferred creditor against the defunct Dane County bank of this city for $1,000 which he deposited with the bank after it was really insolvent. The court decided that the same was true as to other creditors and that he must share equally with the rest in the assests. Ben E Wait receiver of the Dane County Bank has received from the stockholders the following amounts: E H Gerard $1,500.00 O M Isham 1,500.00 2,040.65 Henry Beattie The liability of each stockholder is one and one-half times the amount of the stock held by him, and it is expected that enough will soon be collected from the stockholders to declare quite a substantial dividend. Fire broke out in J C Johnson's building just west of the bridge at about half past six Thursday morning and before the arrival of the fire department had spread to the adjoining building doing considerable damage in both places, The saloon on the ground floor of the Johnson building is run by W. McCord who lives in the apartments in the second story. The flames apparently originated in a room back of a saloon where a gasoline lamp hung dangerously near the ceiling presumably melted the solder by which the lamp was joined to its feed pipe. The explosion of a kerosene lamp in one of the rooms up stairs also gave headway to the fiames. The firemen were handicapped by the bursting of several lengths of hose which at times gave them the use of only one stream. Mr McCord lost some of his furniture upon. which there was some insurance and Frank Huntley who lives on the second floor of the adjoining building, had some of his household goods spoiled by fire and water but had no insurance. The whole upper story of the Johnson building is badly wrecked. O, beauty! what a powerful weapon thou art. The bravest men fall at thy feet. No wonder women take Rocky Mountain Tea to prolong that joyous spell. Perry & Dotv.
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Porter. Mr M Hefferman is visiting his sister, Mrs J Murphy. A Happy New Year to all our readers. Ye editor included. Mr and Mrs Fred Boss of Leyden were visitors on Thursday. Mr Daniel McCarthy spent Sunday with Mr P Murphy near Union. Miss Nellie Kennedy is up from Chicago to spend the holidays at her parental home. Mr Bert Hadley has a milk route to Eagle creamery now, began work New Year's day. Mrs N Dicks has returned to her home in Richland Center after two weeks visit with her parents. The teacher and pupils of Eagle Dist have been enjoying a week's vacation. School began again Wednesday morning. Stoughton. At an ideal home wedding at the residence of Mrs Lena Gjestson, was solemnized Wednesday evening, Dec 26th, the marriage of Miss Ida H Gjestson to Mr Matthew Rasmussen of Beloit, the ceremony being performed by Rev T H Dahl in the presence of about one hundred relatives and friends. Frank Usher of this city, was married Christmas day to Miss Emma Davis at the home of the bride's parents, Mr and Mrs Wm Davis, in the town of Blooming Grove, about flve miles southeast of Madison. The ceremony was performed at half past twelve o'clock in the afternoon in the presence only of relatives of the contracting parties. After having suffered for about three years with lingering consumption, Miss Lizzie Huber passed away Tuesday afternoon at her home in this city. She was the first to pass away of a family of nine children, her death being mourned by a mother, two sisters and six brothers. The deceased was born in Pitts. burg, Pa, and was only 27 years old at the time of her death. Funeral services were held at the residence Friday afternoon at 1:30 o'clock, Rev Krostu officiating. The committee appointed last year by the depositors in the defunct Dane Co Bank held a meeting last Tuesday evening at which they instructed their receiver to apply to the court for a dividend of 10 per cent. As Mr LaFollette has signified his intention of withdrawing as attorney from the suit, Receiver Wait was also instructed to employ Olin & Butler to prosecute any matters that need attention. If Judge Siebeker, who just now is sick, is able to hold court next Monday the receiver will be ready to pay the dividend on the 2nd of January. Miss Annie Thompson, living on the east side, was run over last Saturday evening by a couple of intoxicated farmers driving recklessly in a single buggy across the track by the depot. Miss Thompson was quite severely bruised but escaped without any more serious injuries. Marshal Erdahl drove into the country Thursday morning and arrested Martin Troness and John Jacobson as being the offending parties. Both pleaded guilty and paid fines of five dollars and costs.
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Stoughton. P N Johnson has paid to the receiver of the Dane County Bank $1000 upon his liability as stockholder. The 10th annual Ski Tournament took place here on Thursday afternoon and was witnessed by a large and enthusiastic crowd. The procession headed by the Stoughton Cornet Band was formed at the Armory about forty contestants in uniform with Skis, forming a part of the parade which marched to Wettleson's hill where the performance took place. It is reported a deal is being consummated whereby Carl Ellingson will retire as proprietor of the Grand Hotel. H T Hanson has made a verbal agreement with Messrs Marshall & Bissell of Lake Geneva two old hotel men, to take charge of the "Grand" on Mar 15. Mrs O C Gray of Belleville met with a painful accident Monday which caused her to lose one of her fingers by amputation. She caught a ring on her middle finger in a door latch and slipped and fell, the ring cutting the flesh at the second joint and severing the member at the first joint.
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Porter. Mr J Shaw is drilling a new well at S Dooley's. Miss Mamie Kealy is home from Edgerton. Miss Leo Cheesbro of Edgerton was a visitor on Sunday. Chas and Judd McCarthy have commenced assorting their tobacco at home. Mr and Mrs Carl Minch are happy over the safe arrival of theirfirst borna girl. Mrs Maggie Mooney of Janesville spent Sunday with her sister Mrs G W Nichols. Mr Thos Hefferman was up from Geneva shaking hands with old friends the first of the week. Mr Beenauch Sr has moved hisffamily to the J Cullen farmiin Center which he will work this summer. Miss Ella McCarthy and Miss Hannah Boyle of Dane Co, visited Mrs Frank Boss on Friday. Mr and Mrs John Condon are rejoicling over the arrival of their second born-a girl. All doing finely. Mr Chas O'Neil will make his home with his mother here. He found it rather hard work baching and working a farm. Green county's famous auctioneer, D F Finnane. was here Tuesday and Wednesday and cried sales at Clifton's and Douglas. Stoughton. O M Turner has paid to the receiver of the Dane county Bank $6,200. This makes a total of $12,000 paid by Mr Turner upon his liability as stockholder in said bank. Mrs J S Hutson entertained about twenty of her lady friends at whist on Tuesday evening. Ice cream and light refreshments were served and a pleasant time was had by all present. The farm house of Mons Monson in Dunn, occupied by Andrew Hvam, was entirely destroyed by fire on Friday last. The loss on the house will amount to about $500 with insurance of $300. The house will be rebuilt at once. Mrs. J S Hutson leaves next Tuesday on an extended pleasure trip to Havana, Cuba, on which she will be absent for about six or seven weeks. She will first visit friends in Cincinnati and on the way home will srop for a time in New York. The farm house of Erick Lewis sonth of Dunkirk, occupied by John Lynch, was destroyed by fire on Tuesday forenoon. Mr. Lynch lost the most of his furniture and a large amount of tobacco which was being stripped in a back room was also destroyed. Mr Lewis' loss was $400. Insured for $500. George D. Ensinger, a telephone line man, whose home is in Chicago, met a violent death down by the depot Monay evening by being crushed under the No. 62 freight coming in from the west at 7:15. The train had stopped at the tank for water and the suposition is that the unfortunate man who had beaten his way on it from Madison. was getting off near the rear end when it started again causing him to be thrown under one of the cars. The body was held fast partly under one of the wheels and was dragged past the depot until the train was stopped by the scales. The left side was badly crushed but otherwise the body was not greatly disfigured. The opening of the City Hall Auditorium on Friday and Saturday evenings of last week proved a howling success both socially and financially. The play, "The Doctor's Warm Reception," was a pleasing farce and highly enjoyed by all present, each member taking the assigned part most admirably. The re-
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Earnest Yager removed from the old homestead last week to John Roum's farm a few miles west of here. Andrew Severson removed his family and household goods:to the Yager farm where he will stay during the coming season. Milton. James G Bond started Monday for Hinton, W. Va, to resume his work on the C & 0 railroad. He has spent some time with his family here. The burning out of a chimney on the residence of W W Clarke Tuesday noon caused a little commotion among the usually peaceful villagers. No damage. Mrs James Pierce who suffered a stroke of paralysis last Friday, died at an early hour Thursday morning. Mrs Pierce was 81 years old. She has been a resident of Wisconsin for more than 60 years and was the first school teacher in the town of Milton. The funeral was held at the S D B church, Milton Junetion on Sunday at 11 o'elock and the interment was at Rock River. A meeting of the friends of Milton college was held in the SD B ehurch on Wednesday night to consider the financial condition of the institution and plans for its improvement. The unanimous opinion was that the first thing to do is to pay its debt of about $4,700. The spirit of the meeting was very earnest and determined, and promising for the interests of the school. Prof N W Williams of the University of Chicago was present and among others made some pertinent suggestions. Puny children with weak constitutions can attain an unusual degree of bodily and mental vigor by taking Rocky Mountain Tea this month made by the Madison Medicine Co. 35c. Perry & Doty, Stoughton. Miss Madge White of Fulton has been spending the week with Mr and Mrs Will Schrode, T S Knight has bought of John Walters his hotel business in Oregon and took possession Monday. A A Knight and family will also move over to Oregon in the near future, Aanund Olson Grytebeck an old pioneer who has lived the past thirty-five years on his farm near Albion, died Wednesday, March 6, aged eighty years. Deceased was born in Norway and came to this country in 1866. Funeral services were held at the home at 1 o'clock Saturday. Our newly appointed county superintendent, Sylvanus Ames, was completely surprised at his home on Madison street Saturday afternoon by the teaching force of the city who were pleased in this way to indorse the appointment of Superintendent Harvey. A royal welcome was accorded to all; a bountiful repast which was soon in readiness was thoroughly enjoyed by the company. The T G Mandt Vehicle Co's annual meeting of stockholders was held at the company's offices March 6, and was largely attended by home stockholders as well as from abroad. The company's affairs were reported as being in the most prosperous condition, notwithstanding that the past year has been a very disastrous one for most manufacturing firms as far as making money or even holding their own is concerned, owing to the decline during the year in prices of iron and steel as well as from the usual interruption of business in presidential election years. The Co. shows earnings for the past year of 30 per cent on the capital paid in. A 7 per cent cash dividend was declared and the remainder of the earnings was added to the Co's surplus, making the surplus account from earnings since the Co's organization $65,000 after having deducted dividends paid. My heart and hand another claimed, His plea had come too late. It's ever thus with people without pluck and vim, Take Rocky Mountain Tea, don't get left again. Perry & Doty. Deerfield. S E Simonsen had the misfortune to break his arm last Sunday. He slipped on the sidewalk near his residence and placed his arm on the ground to support him when it broke. Suit has been brought in the circuit court by B E Wait of Stoughton as receiver of the Dane County bank against