22568. Edgerton bank (Edgerton, WI)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 19, 1897
Location: Edgerton, Wisconsin (42.835, -89.068)

Metadata

Model: gpt-5-mini
Short Digest: 740e3d84

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Oct 19-20, 1897) state the Edgerton bank closed its doors and that papers were being prepared for appointment of a receiver. No article describes a depositor run prior to the closing. Reports state depositors would be paid in full and later items (1897‑1898) reference a receiver and dividends to creditors, consistent with permanent closure and receivership. One article says the assignment was brought about by settling the Hutson estate; cause therefore coded as 'other' rather than rumor or macro shock.

Events (2)

1. October 19, 1897 Suspension

Cause Details: Assignment/forced closing reportedly brought about by settlement of the Hutson estate; bank closed for examination and did not reopen, papers prepared for receiver.
Newspaper Excerpt: The doors of the Edgerton bank were closed on the 19th. Papers are being prepared for the appointment of a receiver.
Source: newspapers

2. October 20, 1897 Receivership

Newspaper Excerpt: Papers were being prepared for the appointment of a receiver and it is thought L. H. Towne... will be made receiver. The announcement is made that the depositors will be paid in full.
Source: newspapers

Newspaper Articles (9)

1. October 20, 1897 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, October 20, 1897

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FAILURES COMING AGAIN. Big Grocery Company, a Jewelers' Firm and a Bank. New York, Oct. 20.-Counsel on behalf of a number of the stockholders in the American Grocery company has made application to Chancellor McGill at Jersey City for a receiver for the company. The bill sets forth that the company was organized in June, 1894, and made money for two years. During the third year Thomas S. Marsalis made changes in the business methods which proved detrimental. Orders were not filled to the satisfaction of customers and salesmen who influenced much of the trade were allowed to leave and take their trade with them. Several articles which had proved profitable were dropped from the stock. The bill also alleges that Mr. Marsalis sought to bring about a dissolution. In answer, Mr. Marsalis makes an affidavit that at the time of the transfer from the old to the new company there were outstanding $1,500,000 of preferred and $1,000,000 of common stock. An assessment of 20 per cent was levied on the preferred and 10 per cent on the common stock of Thurber, White & Co.,predecessor of the American Grocery company. In return they were to receive smuch stock, common and preferred as they held in the old company, and in addition thereto first preferred stock of the new company equal to the assessment paid in. On this agreement $310,000 was paid in and Marsalis and certain friends paid $100,000 additional. When he took charge of the company it owed $250,000, which debt he reduced in three years to $70,000. Chancellor McGill has reserved his decision. Boston, Oct. 20. - Wilson Brothers, wholesale and retail jewelers of this city, have made an assignment. Liabilities are said to be in the neighborhood of 75,000. Edgerton, Wis., Oct. 20.-The doors of the Edgerton bank were closed today. The announcement is made that the depositors will be paid in full. The bank was organized in 1880 and had a capital stock of $50,000. The last statement made to the state bank examiner showed there was due depositors $148,381. Harrisburg, Pa., Oct. 20.-Deputy Attorney General Reeder has applied to the court for a receiver for the Iron City Fire Insurance company of Pittsburg. The application was at once granted and Elmer W. Moore of Pittsburg was appointed receiver. Judgments to the amount of $30,000 have been entered against the company and a number of executions against it have been returned marked "no funds."

2. October 20, 1897 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, October 20, 1897

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Depositors Are All To Be Paid. Edgerton, Wis., Oct. 20.-The doors of the Edgerton bank were closed yesterday soon after opening. A notice was posted on the window that the bank would be closed until 2 o'clock for examination. The doors did not reopen. Papers were being prepared for the appointment of a receiver and it is thought L. H. Towne, son of the president, will be made receiver. The announcement is made that the depositors will be paid in full.

3. October 23, 1897 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, October 23, 1897

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LATER. THE British steamer Clan Gordon has been wrecked off Umlasa, between Natal and Delagoa bay. The passengers and crew were all saved. AT Louisville, Ky., on the 19th K.P. Speedy, the high diver, leaped from the Louisville and Jeffersonville bridge into the Ohio river, a distance of 108 feet. He was not injured in the least and did not go under water more than three feet. THE doors of the Edgerton, Wis., bank were closed on the 19th. Papers are being prepared for the appointment of a receiver. The announcement is made that the depositors will be paid in full. The last statement showed there was due depositors $148,381. AT Harrisburg, Pa., on the 19th Deputy Attorney General Reeder applied to the court for a receiver for the Iron City Fire Insurance Co., of Pittsburg. The application was granted and Elmer W. Moore, of Pittsburg, was appointed receiver. Judgments to the amount of $30,000 have been entered against the company. THREE HUNDRED employes of John & James Dobson's cloth mills at Philadelphia, who have been on strike for several weeks, returned to work on the 19th on receiving a promise from the superin tendent that the 10 per cent. increase in wages asked for would be granted in the near future, probably in December. WESTERN jobbers of window glass at a meeting in Chicago on the 19th ordered an advance in prices of five cents, to take effect at once, and notified the trade of an advance of not less than 5 per cent. to take effect November 1. THE electric plant which furnishes light for the state asylum for the insane on Ward's island, N. Y., was destroyed by fire on the night of the 19th. Loss $25,000. The electric plant is located in the basement and immediately over the flames 100 of the most violent maniacs were con fined. In the other end of the building 250 others were in danger. Fortunately all were removed to a place of safety. WILSON BROS., wholesale and retail jewelers, of Boston, have made an assignment. The liabilities are said to be in the neighborhood of $75,000. AFTER being in session eight hours and balloting five times the special session of the Episcopal convention of the diocese of Rhode Island succeeded on the 19th in electing a bishop coadjutor to Bishop Thomas M. Clark. The choice fell upon Rev. W. N. McVickar, rector of Holy Trinity church, PhilaHelphia.

4. October 23, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, October 23, 1897

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CLOSED ITS DOORS. Bank at Edgerton, Wis., In Forced to Suspend. Edgerton, Wis., Oct. 20.-The doors of the Edgerton bank were closed Tuesday soon after opening. A notice was posted on the window that the bank would be closed until two o'clock for examination. The doors did not reopen. Papers were being prepared for the appointment of a receiver, and it is thought L. H. Towne, son of the president, will be made receiver. The announcement is made that the depositors will be paid in full. The bank was organized in 1880 and had a capital stock of $50,000. The last statement madeto the state bank examiner showed there was due depositors $148,381.86. The assignment is said to have been brought about by the settling of the Hutson estate. The present officers J. l'. Towne, president; R. C. Caneo, vice president; C. L. Burnham, cashier.

5. October 27, 1897 The Representative Saint Paul, Minneapolis, MN

Article from The Representative, October 27, 1897

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"CURING TOMMY MURPHY." Prosperity has "arriv." McKinley has fourteen suits of new clothes, and Rockefeller has bought his wife a new bonnet. And here are some of the proofs that this single gold standard is a good thing: NEW YORK, Oct. 22.-W. G. Hitchcock & Co., dealers in silks, today assigned to W. J. Curtis. The firm was one of the largest in the trade here. The lawyers for the firm said that the liabilities would exceed $1,000,000, but it was hoped that the assets would prove equal to this amount. The only preference is $52,000 to cover claims of employes and money on deposit. No cause was assigned for the failure. STILLWATER, Minn., Oct. 22.-McLaughlin and Kilty today assigned their boot and shoe business. and the Palace dry goods store. H. N. Setzer, was named as assignee. The statement of assets and liabilities is not yet filed. ABERDEEN, S. D., Oct. 22.-The Bank of Verdan, which has been conducted for several years by E. H. Snowden, has been closed permanently. Depositors will be paid in full. Lack of profit is the reason given for discontinuing the banking bustness by Mr. Snowden.-A baby girl a few days old was left on the steps of the presentation academy this morning. The babe was found lying in a grape basket scantily covered and exposed to the chilling frost. A note was found pinned to the child's clothing, commending the little one to the kind care of the sisters, and stating that the mother would call for her in three years. The child has been baptized and very appropriately christened Ursula Frost. ASHEVILLE, N. C., Oct. 22.-The National Bank of Asheville has closed its doors. No statement has yet been made. This leaves but one bank here. As soon as the announcement was circulated a run was made on the Battery Park bank. Up to 1 p. m. more money had been taken in than paid out. The Battery Park had $75.000 cash at the last showing, and will have $100,000 in cash tomorrow. The run on the Battery Park bank stopped about 2 p. m., leaving more money in the bank than when it opened this morning. The statement of the national bank is to the effect that inability to make collections was the cause of the failure, and that it is probable the assets will be sufficient to pay all depositors. Minneapolis Journal, Oct. 23.-The wholesale dealers in meats are up in arms and propose to make it 'warm for the small butchers who, they claim, have been making assignments which are fraudulent. The first evidence of the condition of the minds of the big dealers found expression this morning in the court room of Judge Jamison, where Schwarzchild & Sulzberger made application for a receiver for the Franklin avenue butchers, Charles E. Adler & Bro. EDGERTON, Wis., Oct. 19.-The doors of the Edgerton bank were closed soon after opening. A notice was posted on the window that the bank would be closed until 2 o'clock for examination. The doors did not reopen. The bank was organized in 1880, and had a capital stock of $50,000. The last statement made to the state bank examiner showed there was due depositors $148,381.86. The assignment is said to have been brought about by the settling of the Hutson estate. LONDON. Oct. 17.-Thursday's advance in the bank rate to 3 per cent was not a surprise, since £1,000,000 in gold had been withdrawn within a week, making £5.000.000 since June last. Gold continues in strong demand, but the withdrawal of eagles has been checked by the raising of the price to 76s 11/2d per ounce. Higher rates and dearer money may be looked for. Stocks are inactive, though home railways have improved. American railway securi2 ties have suffered a sharp reaction of from to 41/2 points, owing to liquidation in New York and the tendency to await developments. CHARLESTON, S. C., Oct. 17.-C. C. Pinckney, Jr., manager, and the holder of controlling interests in the Farmers' Mining company, the Wappoo mills, the Horseshoe mills and Magnolia Mining company, suspended payment on Saturday. According to best information obtainable, the liabilities are in the neighborhood of $20,000. Mr. Pinckney has made no statement of assets. He has considerable property. Three banks in a string! God be praised! And all this puts us in mind of the bill which the Irish doctor sent to Mrs. Murphy: "For curing Tommy Murphy-till he died, $10.00." When the great American republic is destroyed Plutocracy can send in a similar bill to the people: "For producing general prosperity till the universal smash-up came-ten billion dollars." D.

6. November 20, 1897 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, November 20, 1897

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Want the Receiver Changed. JANESVILLE, Wis., Nov. 20.-In the circuit court 225 depositors of the defunct Edgerton bank, representing $170,000, petitioned for the removal of L. H. Towne, the present receiver of the bank, and for the appointment of George G. Sutherland of this city Of some other suitable person to fill the place.

7. November 24, 1897 Watertown Republican Watertown, WI

Article from Watertown Republican, November 24, 1897

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IS AFTER BURNHAM. Sheriff Atcheson Goes to Minnesota for the Edgerton Cashier. Janesville, Wis., Nov. 19.-[Special.]Sheriff Atcheson has gone to Lake Benton, Minn., with a warrant for the arrest of Charles L. Burnham, late cashier of the Edgerton bank. It is said that Burnham is working for his brother at that place. The petition of the 225 depositors for a new receiver in place of L. H. Towne was received in the circuit court yesterday. Objection is made to Towne because he is the son of the president of the bank. George Sutherland of this place will probably be appointed.

8. January 19, 1898 Vernon County Censor Viroqua, WI

Article from Vernon County Censor, January 19, 1898

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In a Most Satisfactory Manner. ?illed Peter Steffens of Menasha was cutting down a large tree. Bay while Mrs. Ephie Gilmore of Sturgeon arsenic. is committed suicide by taking Wisconsin The total State 31/2 per debt cent of option bonds $4,500,000 of Bloomer is comflour mill at immepleted The new and will be put in operation diately. Charles Kellett of Neenah in a drop dry ped Mrs. dead while making purchases goods store. Ranum, druggist of The assets Menomonie, o. has K. made an assignment about $2,000. are Judge J. A. Mural recently celebrated County his golden wedding at his home in Stevens Point. at the capitol Madison The improvement during 1897 in in new buildings foot to $450,000. made up Crosse Board of Education women has The La rule not to employ married as teachers in public schools. pioneer residents Mr. and of Mrs. Sheboyga Jerry Gardner, Falls, celebrated their golden wedding recently. at Marihas been formed Chappie A company to improve the power at nette the Menominee river. rapids, on passeuger train struck John A team Northwestern and wagon at Fenwood. was killed. Trask, a one of the occupants, in news wrapped The body found of babe, by party of boys in un- La paper, der the was La Crosse river bridge Crosse. Varino, well-known resident severe in- of Isaac sustained such recovTwo Rivers, by a fall on the ice that his juries is sidered doubtful. of Ra ery The Shaw Hardware Company Hayland eine has made an assignment are about $5,000 The assets known Daymond and the liabilities are not & entered the store of Huetter cutlery Thieves at Appleton and stole of money Peterson $20. A small amount Kamp valued was taken at from the saloon of Mr. same night. be the cutter were run down by A horse and and Randville Mich., a tween Sagola and the driver an unku His Sagola St. Paul train man, narrowly escaped. horse was killed. Elmore of Milwaukee will of R. P his four The an estate of $100,000 to the homeleaves The widow is given securities to children. stead and enough cash and amount to $25,000. a brake Bernard of Necedab and St. William Chicago, Milwaukee instantman on the was run over and the ly killed while Paul Railroad, making a switch at Tomahawk paper mill. with sleighing Charles Oliver was children out near Omro, party of and ran merry team becam frightened to Mr. when the small child belonging instantly away. Oliver was thrown out and of killed. to the lack of the signature Charles Owing to the will of the late Hedgar, one Stolla witness at Milwaukee W. E. was be W. estate of $50,000 difficulty queathed, to whom an will have considerable in securing the fortune. been paid $1, The State Treasury of has the Bank of Ed 300 by the receiver and bonds collected the by gerton bank as for interest the State. The claim of had been the prefe erred creditor officials State recognized by the bank J.J The Patton flour mills, were owned burned by to the Steiger at There Fremont, was an insurance Steiger of $4, ground 500 in Waupacn agencies. Mr year $9,600 for the mills a reduilt. paid will probably not be They lay claim to the smallest Marinette can State Mrs. Fred Carlson, baby in the woodsman the mother, and wife of weighs but two pounds, the tiny infant inches long and its head is could It is about be inclosed six in man's fist. It healthy and well connect Persons who have been closely and Wiscon with the Northern Pacific acquainted sin ed Central litigation which and John are D. Rocke with enterprises concerned in erned, credit that gen Her has been back of the movement tleman secure with control being of the Wisconsin Cen tral properties. which result of a barroom fight Hughs, in an "Bob' As Fitzsimmons, Martin of Judge attorney Charles Seaman, of the United States William H. Seaman and Edwar(d B. McDan Federal Court, in Fitzsimmons theatriiels, comedian Attorney Hughs cal company, engaged, condition at Sheboy lies in a preca rious are some doubts as to his gan, and there The trouble grew out of show crit by recovery icism passed on was Fitzsimmons resented by McDa attorHughs, which alleged, struck the As niels, over who, the eye, rupturing Library vein. ney Traveling for sociation The Marinette has completed arra ngements with books supplying the rural The district books will cabinets, be sent and maga districts zines. in chests No to those containing forty books. each one contain the same finished matter, two chests will shall have one district chest new reading and when the contents of therein the The do matter will be placed matter for these travel lib national of have ding thus far been very and eral. ing libraries Many hundreds contributed of magazines the system periodicals will hav be in been full operation this win for ter. The report of the State amount Treasurer of cash December shows the State the total treasury Dec. 31 to The on hand $189,142.67 in including all funds was $44, be the general fund $40,883.41; balance in The school fund was univer 116.62. fund income, $39 685.81; fund in school 1.144,06; university collection come, income sity fund, $10,360.34 agricultural $245.45; fund, $14,513.09: fund, same, $3,459.07 $3,633.04; same, normal school drainage fund, tax come, $3,218.39; $702.09 delinquent fund, fund, deposit indemnity $257.11; fund, deposit fund, $408.02; $10,617.07 re St. C. & L.S. $151.92 Visconsin R. R F. demption fund, fund, $4,446.64 Co County M. L. Company demnity funds, lumbia and Sauk fund, $916.54. $4,383.40 allotment made in the Montello now The sarcophagus Mrs. U. S. Grant is New quarries for will be shipped to is of completed and The sarcophagus of York City soon and is an exact copy the one polished made marble for Gen. Grant of the same Montello marble. be will Marinette The Chantauqua to at 15. The Marinette associa held from ug. jeined the national concern hax program has been made and tion and The five buildings sitate next summer. contemplate plated will $25,000 neceser improve Aprovements the expenditure of about the first year operations in Sheboygan than dur active Building the year 1897 were more and the numing four or five years past, is 50 per cent in structures erected the sum exgreater ber of than in 1896, exceeds while that the pended previous during twelve the months year by fully 100 per cent. A new swindling scheme smooth is chap now is going sell this State. A corn for so much on in grains of immense ing farmers an ear of size. Four per grain taken cobs from have been joined to

9. October 13, 1898 Eagle River Review Eagle River, WI

Article from Eagle River Review, October 13, 1898

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State Items of Interest. Carl M. Newbury, who was kicked by a horse at Cataract, is dead. Several boys have been arrested at Sparta for smoking cigarettes. Fire destroyed John Kelley's icehouses at Ean Claire. The loss is $6,000. Another dividend of 10 per cent has been paid to the creditors of the defunct Edgerton bank. The 4-year-old son of John Chatell at Abrams was kicked by a colt, breaking the boy's jawbone in two places. C.F. Thomas of West Salem, who was shot by Editor Hall, is improving rapidly and there is no doubt now that he will recover. Lars Grashby, a laborer at Eau Claire, was convicted of arson. He set fire to the stables of a hotel and several horses and cows were cremated. There was great excitement at Barron, but by desperate work of hundreds of men the city was saved. The fire ran with terrible rapidity, at times faster than a horse. The Ladies' Library Association of Ripon has turned over the public library to the city for a term of years, upon conditions of improvement and leaving it for public use. Eugene Haner of Tomahawk, about 14 years old. while out hunting partridges with some companions, was accidentally killed with a 22-rifle in the hands of Johnme McCabe. John T. Kingston of Ashland, private Company L. Second Wisconsin volunteers, who is reported dead in Porto Rico, was an ex-State Senator and one of the best known lawyers in the State. At Milwaukee. Charles Pittelkow, doing real estate, loan and insurance business, has filed a petition in bankruptcy in the United States court. The liabilities are placed at $138,000 and assets at $153,000. Near Ableman, G. W. Gimmell went to the rear of his residence and shot himself, death resulting instantly. He was about 55 years old and leaves a large family. He is supposed to have been temporarily insane, A German family named Keiss, recently from the old country, who live on a small farm one mile from Big Bend, cooked and ate poisoned mushrooms. Their lives were saved by the prompt arrival of a physician. Chauncey Billings, a 13-year-old farmer boy residing near Brownsville, Minn., near La Crosse, was attacked by a wolf in the woods near his father's farm. The boy had a gun with him and shot and killed the wolf instantly. At Marinette, Justice H. M. Bird imposed a fine of $100 and costs, amounting in the convicted to $150. case of Robert McDonald, of running a "blind pig" in the Dunbar logging camp. Joe Richie, his partner, got three months in jail. Mr. and Mrs. John Young, well-known residents of have taken of their annui the marriage Peshtigo, 15-year-old steps to daughter, Minnie, to William a on the that the tice farmer had boy, ground Albrecht, jusno right to marry them, as she was under 18. The Trades and Labor Council of Racine has taken the preliminary steps to create a fund for building a labor temple to cost $10,000. A fair will be given to raise the four miles from J. J. Wilson Aving money. Augusta, hanged himself. About three years ago his wife committed suicide in the same manner. and since then he has been considered insane. Seated on a bench in Lake Park, Mildrew wankee, Gottfried Sindlinger of Chicago a pistol from his pocket and fired a bullet through his brain, death following instantly. He was a contractor.