22574. Elkhorn Bank (Elkhorn, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 28, 1865
Location
Elkhorn, Wisconsin (42.673, -88.545)

Metadata

Model
gpt-5-mini
Short Digest
f98673e1

Response Measures

None

Other: Event sequence: state seizure/winding up (Comptroller) leading to permanent closure; no depositor run described in the articles.

Description

April 28, 1865 article reports Milwaukee refusing to redeem Elkhorn Bank notes (sign of depositor/correspondent pressure). By June 7, 1865 Elkhorn Bank is listed among banks that have assigned their securities to the State, and are now being wound up by the Comptroller — indicating formal suspension and winding up (closure). Classified as run leading to suspension and closure (run_suspension_closure).

Events (3)

1. April 28, 1865 Run
Cause
Correspondent
Cause Details
Redemption agents in Milwaukee refused to redeem Elkhorn Bank notes that had previously been paid at par, indicating loss of correspondent support/liquidity pressure.
Newspaper Excerpt
The notes of the Elkhorn Bank (Wisconsin) hitherto redeemed at par in Milwankee, are now refused.
Source
newspapers
2. June 7, 1865 Suspension
Cause
Government Action
Cause Details
Bank assigned its securities to the state and was being wound up by the State Comptroller (official intervention leading to closure).
Newspaper Excerpt
The following is a list of the Banks which have assigned their securities to the State, and are now being wound up by the Comptroller: ... Elkhorn Bank.
Source
newspapers
3. * Other
Newspaper Excerpt
The Banks that have voluntarily closed business under their charters, by redeeming their circulation, are 18 follows: ... (context shows currency withdrawals and banks winding up).
Source
newspapers

Newspaper Articles (2)

Article from Chicago Tribune, April 28, 1865

Click image to open full size in new tab

Article Text

firm, with liberal sales at M@H for new, and 96 for old. Our readers will bear in mind that on Monday and Tuesday next, owing to the arrival of the remains of President Lincoln, business in the city will be entirely suspended. The banks and public offices will all be closed, and notes falling due on those days will have to be paid on Saturday. It would be well for business men to recollect this. - The First National Bank of Galva, Henry county, Illinois, commenced business on the 17th inst., with a capital of $50,000, and the privilege of increasing It to $100,000. Wm. L. Wiley is President, and L. W. Beck, Cashier. - The First National Bank of Cincinnati, on Tuesday last threw out the notes of all Ohio Banks. Bankable funds are now nirrowed down to Greenbacks and National Bank currency. The transactions in Petroleum Stocks at Pittsburgh, continue light. The sales on Wednesday last were at the following quotations: Federal Oil $1.00 75 Torr, Story and Cherry Run 1.50 Whitley -During the two weeks ending April 22d, the amount of national currency issued was $5,837,800, making the total issue to date $119,961,800. -The New York money market is easy "at 4@5 per cent on call. Prime endorsed bills, 60 days, 6@7 per cent; three to four months, 7@8 per cent; and other good bills, 9@10 per cent. -Ircluded in the foreign exports from New York last week were 13,556 bushels wheat, 15, 790 barrels flour, 4,825 bushels corn, 1,028 barrels pork, 779 barrels and 715 tierces beef, 1,969,706 pounds cut meats, 79,254 pounds butter, and 367,890 pounds lard. - The total value of the foreign exports at Portland during the week ending April 22d, smounts to $224,998.39. Included in the shipments were 1,454 barrels flour, 412,400 pounds cnt ments, and 41,400 pounds lard. - Eastern Exchange in Louisville is steady at par buying and 104 premium selling. State Bank of Indiana 1 discount. - The money market in Milwaukee is quiet and the rates of discount nominal at 10 per cent. Exchange easy at par to + premium. - The, notes of the Elkhorn Bank (Wisconsin) hitherto redeemed at par in Milwankee, are now refused. - In Cincinnati money continues to accumu. late, and the market is easy at 8@12 per centThere is a large amount of unemployed capital afloat. Eastern exchange Is steady at 50@75 prem. buying and 1-10 prem. selling. -Immediately after the assassination of President Lincoln, a prominent British firm in New York city issued a circular to its European correspondents, in which is the following strong recommendation of our Government bonds as a first class investment: " The war is virtually closed. The farewell address of Gen. R. E. Lee to the 64 army of Northern Virginia," admitting the impossibility of further contending against the overwhelming numbers and resources" of the Federal Government on the one hand, and the order of Mr. Secretary Stanton annulling the draft, suspending recruiting, and announcing an immediate reduction of the staff of the army. on the other hand, are as conclusive as If the result had been arrived at by a treaty of peace. The wise and moderate measures of President Lincoln in contemplation, and in sequence of this result, had given universal satisfaction. Last Friday morning his popularity was at its height, and none, even of those who had been previously opposed to his policy, but spoke in his proise. and In hopeful terms of the healing influence of the beneficent policy which he was inauguriting. Before that day bad closed he was a corp-e, the victim of a bloody, brutal. cowardly murder. This astounding and distressing calamity, into the details of which it is not our province to enter. has interrupied all branches of business, of which, under the contemplated arrangements embracing two close bolidays-Wedncsday and Thursday-there con be no general resumption till toward the end of the week. " With the return of peace, comes the assured ability of the government to fund the whole or the national indebtedness, and, as a necessary consequence, to resume specie payments. If there be any government. stocks in Europe or elsewhere, equal in point of security to the bonds of the United States, paying an interest of siz per cent per annum, we have yet townake the discovery."


Article from Chicago Tribune, June 7, 1865

Click image to open full size in new tab

Article Text

The stock at the commencement of the current month thus showed an increase of 172,780 bales as compared with May, 1861, and of 180,400 bales as compared with May, 1563. Although the fature is not yet quite free from anxieties. the " cotton famine," which has 80 long depressed the Industry of Lancaster, may be clearly regarded as at an end. -The condition ot the Wisconsin Banks is given in on artic'e in the Madison Capitol of the 3d inst, from which we glean the following: The following is a list of the Banks which have assigned their securities to the State, and are now being V ound up by the Comptroller: Bank of Manitowoc. Shawato Bank. Wisconsin B'k of Madi- Bank of Moneka. Bank of the Interior. FOD. Bank of Green Bav. Elkhorn Bank. Bink of Beloit. Rockwell & Co.'s Bank. Sauk Co. Bank. Frontl-r Bank. Bank of Jeff-rson. Walworth Co. Bank. Bank or Sparts. Monice Co Back. Nortbern Bink. Bank of Whitewater. The Banks that have voluntarily closed business under their charters, by redeeming their circulation, an: withdrawing their stocks, are 18 follows: Batk of Prime du Chien. Bank of Monroe. City Bank of Green Bay. Sank City Bink. Waukesha Co. B.nk. Wheat Growers' Bank. These banks have withdrawn the following s'ocks after redeeming their circulation: Wisconein stocks $406.100 Other stocks 80,300 Total stocks withdrawn $193.4 0 The amount of currency withdriwn during the past three mon'hs Is about three-fifths of all there was in circulation, and 18 as follows: Amount withdrawn in M.rch $1,559,576 435,916 Amount withdra wa in April 421,111 Amount withdrawn in May Total amount since March 1st $2,483,001 The amount of currency now in circulation 18: Par Banks $578,427 131,083 Barks winding up Total $702,510 The bills of the banks winding up are worth from about 55 Cen 6 to 90 ceuts on the notlar. A ama 1 abount is redeemab e in gold, bit by far t in Isrger proportion in in treasury net-a. The currency outstanding La secured by the following stocks: Wisconsin 6's $501,200 United States C'e 41,300 Indianal 7,000 do, 2½'s 15,000 Tennes+e 6's 10,000 I line 8 6's 5,001 193.533 Treasury Notes Coin 8,313 783,090 Total security