22639. Dan Head & Co. bank (Kenosha, WI)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: August 24, 1895
Location: Kenosha, Wisconsin (42.585, -87.821)

Metadata

Model: gpt-5-mini
Short Digest: 7ac2c02a

Response Measures

Full suspension, Books examined

Other: Assignment to an assignee (George Hale) rather than immediate appointment of a receiver; directors later decided on liquidation.

Description

Newspapers report the bank's condition leaked out causing a run which led to the bank closing and an assignment to an assignee (George Hale) and liquidation. Although some reports early suggested a possible resumption and later a dividend was paid, the bank underwent assignment/liquidation rather than resuming normal banking operations; no reopening is documented. I corrected minor OCR issues (e.g., Milwankee -> Milwaukee) but not the bank name. Dates are taken from contemporaneous articles: closure/assignment activity in late August 1895 and dividend reported Jan 1896.

Events (4)

1. August 24, 1895 Run

Cause: Bank Specific Adverse Info
Cause Details: Information about the bank's poor condition leaked out and triggered heavy withdrawals/a run.
Measures: No specific liquidity measures described; large withdrawals led to closure and later assignment to an assignee (George Hale).
Newspaper Excerpt: the bank's condition had leaked out. If this happened a run on the bank followed, resulting in the closing of its doors.
Source: newspapers

2. August 24, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure followed heavy withdrawals after knowledge of the bank's condition spread; directors decided to close and liquidate operations.
Newspaper Excerpt: At a meeting of the directors of the Dan Head & Co. bank, which closed its doors Saturday, it was decided to go into liquidation.
Source: newspapers

3. August 27, 1895 Other

Newspaper Excerpt: The failure of the Dan Head & Co. bank was made complete last evening when an assignment was made to George Hale whose bond was fixed at $185,000. He furnished the necessary bonds and now has charge of affairs at the bank. GEORGE HALE, Assignee.
Source: newspapers

4. January 4, 1896 Other

Newspaper Excerpt: The defunct Dan Head & Co. bank at Kenosha, Wis., has been ordered to pay out a dividend of 40 per cent, amounting to about $70,000.
Source: newspapers

Newspaper Articles (10)

1. August 27, 1895 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, August 27, 1895

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ABBREVIATED TELEGRAMS. Zella Nicolaus says she will this week add another count to her prosecution of George Gould by suing him for defamation of character. Obituary: At North Andover, Mass., H. O. Houghton, Sr., head of the Boston publishing house of Houghton, Mifflin & Co., 70; at Edgewood, Ills., Robert L. Jennings, of Milwaukee; at Detroit, James L. Edson, 65; at Kewanee, Ills., Luke Strong; at Indianapolis, Thomas Barnitt, 80; at Mendota, Ills., William Brunner, 53; at Red Oak, Ia., David Thomas. Mr. Blackman, of Chicago, a guest at Block Island. R. I., was shot by Charlie Bascom, 17 years old, of St. Louis, who was practicing at a target. Blackman will probably die. The cause of the non-action of Sheriff Bowers in the matter of the recent bull fights at Gillett, Colo., is said to be politics. He wants to be re-elected next fall. Home rule prevented Governor McIntyro from acting, but the governor is very angry with the local authorities. Colonel Romero, who killed Verastegui in a duel at the city of Mexico, has been sentenced to prison for three years and four months at hard labor; to pay all the costs of the trial; to pay Verastegui's funeral expenses: to pay a fine of $1,800 or serve three months more in prison, and to pay in monthly installments to Verastegul's widow and children $4,500 annually for eighteen years. Prince and Princess Colonna have reached an agreement by which the princess is given custody of the children and pays the prince $12,000 annually. Miss Annie Sandritter died at Leavenworth from a spider bite. She was bitten on the lip and blood poisoning set in. Bandits who held up William Lee, a Liberty, Ind., farmer, got 22 cents fortheir trouble. After all the newspaper talk about the state of Illinois being without an executive, unless it was the president pro tem. of the senate, it is discovered that Lieutenant Governor Gill has not been out of the state since Governor Altgeld left. C. Schukers of Wooster, O., has been arrested at Denver charged with uttering a forged draft for $150. He is a grandson of John N. Kanke, president of the board of trustees of Wooster university. China has already executed four of the men engaged in the murder of the British missionaries at Hwa Sang. Five men were drowned by the capsizing of a yawl at Scegnes, on the east coast of England. A suite of rooms has been engaged at the Pomfret Inn. Putnam, Conn., for the family of President Cleveland for one month. b They are expected Sept. 3. Aspecial dispatch the Paris Figarofrom Rome contradicts the report that the pope intends to establish a nunciature in the United States. a The position of the Cuban planter these S days in the most unhappy one on the isl and of Cuba. He is levied on by both gov9 ernment and rebel troops and is fast running into bankraptcy. The Dan Head & Co. bank at Kenosha, h Wis., has asked for a receiver to close up t its affairs. It is claimed that the bank a will pay 100 cents on the dollar if given 1 reasonable time. Between the hours of 3:30 and 4:80 p o'clock Sunday afternoon the Rev. Dr. Hunsberger, at Milwankee, performed the marriage ceremony for ten Chicago couples.

2. August 27, 1895 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, August 27, 1895

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Liquidating a Bank's Affairs. KENOSHA, Wis., Aug. 26.-At a meeting of the directors of the Dan Head & Co. bank, which closed its doors Saturday, it was decided to go into liquidation. A petition was presented to the court recommending that George Hale be appointed receiver. Daniel Head, who is eighty-five years old, says the bank will pay dollar for dollar, but other directors do not hope to pay more than 75 cents. On July 1 the deposits were $204,000. while on Saturday they dropped to $153,000.

3. August 29, 1895 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, August 29, 1895

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the bank's condition had leaked out. If this happened a run on the bank followed, resulting in the closing of its doors. Our bank will not lose a cent by the failure. Head & Co. drew out its deposit last week in an effort to carry on the bank.' Another Notice Posted, This forenoon another notice appeared on the window of the bank. It shows that George Hale is in possession and proposes to do all that he can to allay the fears which may be entertained anywhere. The notice read as follows: " Just as soon as the assignee can prepare an inventory the bank will be open for collection of debts and accounts due bank and for the transaction of such other business as lawfully comes within the powers of the asGEORGE HALE, Assignee. signee. They Want a Receiver. Not all the depositors are satisfied with George Hale as assignee. Late this afternoon a movement was started by John Belting and Mr. Burke for a receivership. For some reason or other they feel that an assignment is not the best thing for all concerned and that a friendly receiver would be much better. So they have bestirred themselves to see if there was not sentiment enough in favor of getting the assignment set aside and a receiver appointed among the depositors. Justhow far the movement will go cannot yet be ascertained. Assignee Makes a Statement. This afternoon Assignee Hale made a statement, which was something as follows: He said he was making a schedule of the assets and liabilities of the bank with the assistance of clerks and Peter Fisher as attorney preparatory to filing an inventory in court, which will be done as expeditiously as possible. No Cause for Alarm. One of the principal stockholders in the bank in speaking of its affairs this morning, stated there was no cause for apprehension on the part of depositors. Everything would come out all right. He said there was ample paper in the vault to meet every demand. In speaking on the same point Attorney Fisher stated that he was sorry the statement of the bank's affairs could not be published this evening, since there was little cause for apprehension. Every depositor will be paid 100 cents on a dollar without a doubt. Business at First National. The failure of the Dan Head & Co. bank has had a remarkable effect on the business at the First National bank There being but one bank now, of course all the business goes there and it is making the people sweat in this warm weather to get away with it. A very large number of new accounts have been opened and the way in which the money has been pouring in there would make a man's eyes stick out. The bank people there are highly pleased with their business, and, no doubt, think much of it will stick by them when the other bank resumes.

4. August 29, 1895 The Telegraph-Courier Kenosha, WI

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-Miss Elsie Peterson, of Chicago, is the guest of Miss Aggie Wood. --The Y. M. C. A. tent was leveled Tuesday night by the heavy rain. -The Rev. Breckenridge, of Somers, was a caller at this office Tuesday. -Mrs. North, of Rochester, Wis., is visiting her niece, Mrs. Fell, of Woodworth. -Miss Lulu Peffer is spending the week with Miss Dot Barter in Pleasant Prairie. -Died, Tuesady, August 27th, the infant son of Jacob Williams. Funeral tomorrow. -To hear some men talk one would think they were possessed of a pneumatic brain. -The east and west side clerks are making arrangements for a ball game on labor day. -For good furniture at low prices call on N. J. Buchmann, at the old stand on Wisconsin street. dwtf -Mr. and Mrs. George A. Yule started on a trip to Boston today, taking in the St. Lawrence river on the way. -The most of our free silverites don't believe in the 16 to 1 ratio just now. Its 100 (cents) to 1 (dollar) or no election. -There are not many of us free silverites, but 16 to 1 we'd take silver from Dan Head & Co. if we could get it and say nothing. -The double track between Racine and Kenosha was completed Tuesday, which completes the entire double line between Milwaukee and Chicago. -George Hale is assignee of the Dan Head & Co. bank, and has not been appointed receiver. There is a vast difference between the two terms. -William J. Dickhaut has just had a new hot water radiator placed in his barber shop preparatory to the coming of winter. He has it very tastily decorated in silver and gold effects. -The barn of Ben Melville, in the town of Newport, Lake county, was struck by lightning at 4 o'clock this morning and totally destroyed. The amount of the insurance and loss is unknown. -During the heavy rain storm last night lightning struck into the cupola of the Northwestern depot at Waukegan, completely destroying that part of the building and burned the entire operating system. _" Cans't thou minister to a mind diseased ?" asked Macbeth. Now if Shakespeare's character had bought his groceries of Bailey, ten to one he would not have had a diseased mind. d&wa28 So there is a moral here. -Miss Frances Hills has resigned her position in the law office of W. M. Cowell and goes to Chicago with her mother, Mrs. F. C. Hills, where they will reside in future. Miss Hills has accepted a similar position in that city. -One of our wheelmen who took a header on Main street Tuesday night consoled himself with the same idea as Pat Rooney had when he fell off a barn in the course of erection. He (Pat) exclaimed, " Faith, oi naded soom nails anyhow." -G. T. Fuller, of the Chicago Cottage Organ Co., is in this city investigating the condition of the company's affairs here. Some ugly rumors concerning the way the business has been handled here are afloat. and the busy tongue of the gossips say the local representative is missing. -Horace Cole informed a reporter of this paper this morning that he never was deputy harbor master and that he had not been appointed deputy while tallying the SCOWS when the dredge was doing city work. The efforts of another paper to create the impression that he had been are amusing if nothing more. -Wm. H. Gallagher, an employe of the Bain Wagon works, was caught beneath a pile of falling side boards Tuesday afternoon and sustained a painful though not serious injury. His head was caught beneath the pile and the flesh on his right cheek laid open to the bone. Medical assistance was soon called and the young man taken to his home. He will be around again in a short time. -News was received here this morning that the barn of Frank Tillotson in of Pristelbed struck by

5. August 31, 1895 The Superior Times Superior, WI

Article from The Superior Times, August 31, 1895

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ASSIGNMENT COMPLETE. George Hale Made Assignee of the Head & Co. Bank at Kenosha. Kenosha, Wis., Aug. 27. (Special. The failure of the Dan Head & Co. bank was made complete last evening when an assignment was made to George Hale whose bond was fixed at $185,000. He furnished the necessary bonds at nice and now has charge of affairs at the bank Some of the big depositors have started a movement to have a receiver repointed. but no definite action has been taken yet. Everything was quiet it the bank today and there were no igns of a run being made.

6. September 2, 1895 Eagle River Democrat Eagle River, WI

Article from Eagle River Democrat, September 2, 1895

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ASSETS SHOW UP WELL. Kenosha Bank May Soon be Abie to Resuine. Kenosha, Wis., Aug. 28.-[Special.]The affairs of the Dan Head & Co. bank which failed last week have a brighter aspect today. Assignee George Hale stated this morning that the assets are showing up well and that there is little doubt that the bank will be able to pay 100 cents on the dollar. Those who were agitating a movement for the appointment of a receiver, have left the matter in the hands of local attorneys and no further action will be taken at present. It appears to be the general impression now that the bank will be in a position to resume before long. State Bank Examiner Laird came here today to look over the affairs of the Dan Head & Co. affairs. He expressed satisfaction in his cursory review of the bank's affairs, and advised that the bank be not opened for collection of accounts until the assignee shall have completed his inventory of assets and liabilities. When this is completed he will come again and examine affairs more particularly.

7. September 11, 1895 Watertown Republican Watertown, WI

Article from Watertown Republican, September 11, 1895

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CLAIM IT IS ILLEGAL. All Stockholders of the Dan Head & Co. Bank May be Held Liable. KENOSHA BANK AGITATION. Attorney Baker Makes a Statement Concerning the Bank's Assignment-State Specials. Kenosha, Wis., Sept. 7.-[Special.]-Interest has been revived in the affairs of the Dan Head & Co. bank. What brought it up again were the two facts that Assignee Hale promised yesterday that a complete inventory of the bank's affairs would be published today and the statement made late yesterday afternoon by Attorney Norman Baker concerning the legal aspect of the bank's assignment. He believes the present as. signment clearly illegal and void as against the depositors. His statement of the case is as follows: "Dan Head & Co. assigned as a corporation under the general laws of Wisconsin. Their only claim to corporate existence is founded upon chapter 11 B of the laws of 1874, repealed by the revision of 1878. Un. der the law they attempted to incorporate to receive deposits, make discounts and do a general banking business. But the law did not purport to authorize incorporation for any such purposes. Even if it did the law would have been void for the constitution of Wisconsin provides that the Legislature shall not Lave power to create, authorize or incorporate, either by general or special law, any corporation with banking powers and privileges, without first submitting that law to the voters of Wisconsin and receiving their approval of it. This law was not submitted to the people. Therefore their pretended incorporation under this law is void, and they cannot claim any of the privileges or exemptions of a corpora. tion. Had their incorporation been au. thorized by that law there would be MI personal liability on the part of the octholders, but as it is they are all liable as partners to the full extent of their property. However, it is evident that they do not recognize this liability and will endeavor to prevent its enforce. ment. They have assigned their property as 'a corporation under the general laws of Wisconsin,' and when the credittors have filed their claims, accepted the assignment and participated in its benefits, they will be estopped to deny the due incorporation of the company. Then they must be satisfied with what divi<dends the property assigned will make. It is probable that the assignment will be held illegal and void. as against those who will insist upon the personal liability C. the stockholders."

8. November 7, 1895 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, November 7, 1895

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VOLUME LV.-NUMBER 25 -Mr. and Mrs. S. A. Crosby, 0 Pleasant Prairie, have issued invitations for a dancing party to be given Friday evening. -W. W. Strong was in Milwaukee Tuesday evening to attend a meeting the Sons of the Revo lution of which body he is a member. -The general awakening in the city of Kenosha should be followed by the establishment of a good public library -a further awakener. -N. J. Buchman is looking for a customer for the Volksfreund. He says the paper can be had for very little money if taken at once. -Wasn't that canned corn you got of Bailey the best you ever tried? Well it all runs the same, and he has more dw just like it. Give it a trial. -Assignee George Hale says everything is running smoothly at the Dan Head & Co. bank, and that collections are being made very steadily. --John Brower. of South Main street, is reported to be very ill. He is confined to his bed and was reported today to be resting comfortably. -James Wailis is building a new $3,000 house for H. F. Jordan on the stone foundation built a year or more ago by Chas. Parker on Freemont avenue. -The sidewalk on Prairie avenue in front of the Bond property was ordered built by the street commissioner today, by the council at its meeting Monday evening. -The members of the University association studying Egyptian history feel keenly the need of a good public library. We must have one, and that right soon. -Hosea Barnes has taken full charg of and will continue the insurance business of the late H. M. Rogers. The office will be continued in the same place. -Our bargain column adlets are " fetchers. Only a quarter for forty words one week. - If the rain we found coming down this morning would continue as warmly as it begun for two or three days this section of country would be thousands of dollars better off. -Louis Yeoman has organized a new orchestra which is to render the the music for the Thanksgiving entertainment to be given by the St. Matthews church ladies. -Opinions seem to differ. Some of the farmers declare they believe we are to have an open winter and sailors seem to think the opposite. Take your choice. All for the same price. -Mrs. N. C. Safford will be at Miss Fisk's on South street to give voice culture lessons on Mondays. At the Baptist church, Waukegan, on Tuesdays from 10:30 to 6. Wednesday and Saturday from 10:30 to 4 p. m., Room 316, Athenaeum building, 26 E. Van Buren street, Chicago. Voices tried 10tf free of charge at any hour. -An old solden, whose name was not obtainable, made a lively tussle for the police Tuesday evening. He was found drunk over at Mike Link's and he got SO noisy he had to be taken in charge. In bringing him over to the jail the police had to drag him almost every step. He was finally landed safely behind Brer. Cropley's bars. -Those interested in the formation of a public library association are making arrangements for the meeting to be called in the near future. The meeting is to be duly announced in papers and postal cards requests will be sent out to a number of prominent people of the city to secure their attendance and co-operation, if possible. An effort is to be made to secure the parlors of the Grant house for the meeting. -In the circuit court in Racine Tuesday arguments were heard on a motiof to show the cause why a receiver on the part of Dinkelspiel & Sons, on Louisville, for U. J. Lewis should not bei annointed. J.V Quarles favored

9. December 6, 1895 Decorah Public Opinion Decorah, IA

Article from Decorah Public Opinion, December 6, 1895

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MISCELLANEOUS. Dun's review of trade says business for the week has not improved, and there has been a shrinkage in price, caused by the period of inaction. The annual report of Secretary of War Lamont has been made. The secretary shows the importance of changes in the laws governing the militia, the most of which, passed in 1792, are not up with the present times. It is claimed by the committee of Chicago business men interested in securing the national republican convention, that the meeting is as good as secured for that city. The Smedley company of Dubuque, Iowa, has failed. Its liabilities are $51,000 and the assets $68,000. The company manufactured engines, pumps, waterworks and novelties. William S. Barnes, Matthew Simpson and Thomas Carson were appointed appraisers of the estate of Thomas B. Clay, assigned, of Lexington, Ky. The estate is valued at $12,000. A. H. Schluter & Co. of Jefferson, Tex., filed trust deeds. Their liabilities are about $125,000, with assets unknown. The trustees are W. L. Atkins of Jefferson and H. W .Williams of Greenville. The Chattahoochie, Ga., National bank failed to open its doors Friday. The bank was heavily interested in the Chattahoochie Brewing company, which has been ordered sold, and in other local enterprises. H. H. Epping is president. U. G. Lewis, cashier of the defunct Dan Head & Co. bank of Kenosha, Wis., has made an assignment. The first one was made several weeks ago. At that time he placed his assets at $20,000; this time he puts the nominal value of $8,000 on them and names the same assignee, C. H. Gronnerman. His liabilities are unknown. The Masonic hall at Dawson, Ill., was dedicated by the Illinois grand lodge. Convicts in the Joliet penitentiary were given a Thanksgiving holiday, being treated to a theatrical performance and a dinner, in which 3,500 pounds of turkey figured. The auditor of public accounts has issued a certificate to the Farmers and Merchants' state bank, of Carmi, III., to commence business. The capital stock is $30,000. The twenty-second annual meeting of the North Central Illinois Medical association will be held in Lacon Dec. 3 and 4. Seventy members are expected. The administrator of the estate of William Sanders, who was killed by a Baltimore & Ohio train at Garrett, Ind., was awarded a verdict of $2,000 damages, the full amount sued for. The case has been pending five years. Secretary Hoke Smith has made his annual report. He suggests changes in present plans whereby he thinks the Indians may be made in a large measure self-supporting. The Christian Endeavorers throughout the country at noon Thursday joined in prayers for the conversion of Col. Ingersoll. By a vote of 127 to 50 the trans-Mississippi congress at Omaha demanded the free and unlimited coinage of gold and silver at the ratio of 16 to 1. Miss Edith Rockefeller was married to Mr. Harold H. McCormick in the apartments of the bridegroom at New York Tuesday afternoon. A report has reached Key West, Fla., that Gen. Maceo was killed in a recent engagement between Cuban insurgents and Spanish troops. F. D. Turner, an invalid returning from Fresno, Cal., to Wapello, III., died on a train near Las Vegas, N. M. Griffin Johnson, a son of Albert Sidney Johnson, the noted Confederate general, died at Los Angeles from the results of a fall. At a meeting of the stock brokers a committee of five was selected to appoint a board of thirteen directors to act as incorporators of a new mining exchange at New York. The Kansas congressional delegation, as soon as possible after the fifty-fourth congress begins, will introduce resolutions in both houses looking for an investigation of the circumstances connected with the arrest and imprisonment of ex-Consul Waller.

10. January 4, 1896 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, January 4, 1896

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There are a number of quite sensational charges brought against the distinguished defendants, and among other things the pla.ntiffs allege, after setting out the facts surrounding the arrests, which, it is claimed, were made on Jackson street about the 12th day of October, 1895, the defendants, Clough and Noyes and Wilson and Bixby, met at the office of the defendant Clough, in the state capitol, and that they then and there combined and conspired to. gether for the purpose of having the complaint made and filed against the plaintiffs, charging them with the crime of abetting a prize fight, and of having the warrant issued and served, and having these plaintiffs arrested and prosecuted ou said charge, NORTHWESTERN NEWS KERNELS E. H. Copp. one of the oldest jewelers at Madison. Wis., has assigned. The work of laying ties and rails on the Minneapolis, New Ulm and Southwestern railroad has begun. Burglars opened the safe of Lyman Bros. at Excelsior, Minn., took $24 in money and also stole a large quantity of flour. The defunct Dan Head & Co. bank at Kenosha, Wis., has been ordered to pay out a dividend of 40 per cent, amounting to about $70,000. Peter Hoffman, a farmer returning home from Dubuque, was struck by a train while crossing the track. He was fatally hurt and his team killed. The Sioux Indian. Kills the Enemy, from Pine Ridge, who is charged with stealing a horse valued at $25 from his friend Bad Corn Cob, is under arrest at Hot Springs, S. D. Scottish Rite bodies of Fargo have been presented with an $800 oil painting of the late General Albert Pike, grand commander of the supreme council, Southern jurisdiction. A Winona young lady by pressing a button started a 15,000 horse power engine in a new mill at Gadsen, Ala., and broke a bottle of champagne over the machinery. The distance IS 2.300 miles. " suffering with piles, it will interest you to know that DeWitt's Witch Hazel Salve will cure them. This medicine is a specific for all complaints of this character, and if instructions (which are simple) are carried out, a cure will result. We have tested this in numerous cases, and always with like results. It never fails. FRANK SMITH. 'Don't Tobacco Spit or Smoke Your Life Away is the truthful, startling title of a book about No-To-Bac, the harmless, guaranteed tobacco habit cure that braces up nicontinized nerves, eliminates the nicotine poison, makes weak men gain strength, vigor and manhood. You run no physicial or financial risk, as No-ToBac is sold by Frank Smith under a guarantee to cure or money refunded. Book free. Address Sterling Remedy Co., New York or Chicago. One Minute Cough Cure is rightly named. It affords instant relief from suffeaing when afficted with svere cough or cold. It acts on the bronchial