22653. First National Bank (La Crosse, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1313
Charter Number
1313
Start Date
April 1, 1876
Location
La Crosse, Wisconsin (43.801, -91.240)

Metadata

Model
gpt-5-mini
Short Digest
f3a06892

Response Measures

Full suspension, Books examined

Other: Receiver appointed; proposal by former presidents to secure 50% payment to creditors; dividends later paid by receiver.

Description

Multiple contemporary reports describe a run triggered by a Chicago paper notice that the bank was thrown out of the Clearing House, followed by suspension and appointment of a receiver (Judge Burton). Assets/liabilities and receiver actions reported later; no evidence of reopening.

Events (3)

1. April 1, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Notice in Chicago papers reported the bank had been thrown out of the Clearing House and had no funds; that report precipitated heavy withdrawals.
Measures
Bank suspended operations later that day; bank examiner called in and books examined.
Newspaper Excerpt
A run was commenced on the bank early Saturday on account of a notice in the Chicago papers to the effect that the bank had been thrown out of the ClearingHouse with the report of no funds.
Source
newspapers
2. April 1, 1876 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed the run provoked by reports in Chicago papers and clearing-house notice alleging no funds; examiner was overhauling affairs thereafter.
Newspaper Excerpt
The First National Bank, of this place, closed up Saturday afternoon. ... The First National Bank at La Crosse, Wis., suspended Saturday.
Source
newspapers
3. April 27, 1876 Receivership
Newspaper Excerpt
Hon. S. S. Burton, formerly of this place, has been appointed receiver of the First National Bank, of La Crosse, Wis. ... The receiver of the First National Bank of La Crosse is prepared to pay a dividend of 20 per cent to depositors. (Apr. 27 and Oct. 4 reports). The assets of the suspended First National Bank are $46,000, liabilities $124,000. (Apr. 10). The proposition to pay security for fifty percent was made to Judge Burton, Receiver of the First National Bank of La Crosse. (Jun. 14).
Source
newspapers

Newspaper Articles (9)

Article from The Cheyenne Daily Leader, April 4, 1876

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WISCONSIN. Bank Failure. La Crosse, April 3.-The First National Bank, of this place, closed up Saturday afternoon. A run was commenced on the bank early Saturday on account of a notice in the Chicago papers to the effect that the bank had been thrown out of the ClearingHouse with the report of no funds. It is stated that the bank examiner was there a weekago examining into its affairs.


Article from The St. Cloud Journal, April 6, 1876

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LATE NEWS ITEMS. -Prince Bismarck celebrated his 62d birthday Saturday. -The First National Bank at La Crosse, Wis., suspended Saturday. -Dolan the New York murderer, must hang. The courts all say so. -The bill for taxation of church property was rejected in the Massachusetts House by a large majority. -Fifty thousand dollars was recovered Friday from the wreck of the German steamer Schiller. -Alexander H. Stephens is rapidly convalescing. He sat up last week for the first time this year. -The 100th performance of "Julius Csesar" took place at Booth's Theatre in New York Thursday night last. -The steamer Agrigenti was run into by the English steamer Hilton Castle, off Cape Molra, and immedi ately sank. Twenty-nine lives lost. -Daniel W. Munn, ex-supervisor, and E.F. Bridges, ex-collector of internal revenue, were indicted by the U.S. grand jury at Chicago. Crooked whisky. -Elizabeth T. Greenfield, a colored singer, famous throughout the country some years ago under the name of Black Swan, died at Philadelphia Friday at the age of 68. -The grand jury at Washington City returned a true bill against Wm. D. Kettle, for altering, publishing and presenting a false proposal in the name of John J. Reynolds, for carrying mails. -Four of the sixteen boilers of the Fletcher mill, at Providence, R.I., exploded Friday morning, killing two men and wounding more or less seriously a number of others. Loss to the mill owners, $25,000. -The United States express office at Albion, Ohio, was robbed of $25,000 to $30,000 Saturday night, the robbers having entered the safe with the key taken from the pocket of the clerk, who slept in a room over the office. -A Cheyenne special says General Crook will court-martial General J.J. Reynolds, who commanded the cavalry on the recent Big Horn expedition, for disobedience. It seems that General Reynolds, contrary to orders, turned loose 700 ponies that had been captured.


Article from Wilmington Journal, April 7, 1876

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Specie shipments from New York Wednesday $30,000. The First National Bank of La Crossee, Wis, has suspended. The upper part of the New York club house was burned Sunday. Loss $30,000. Theodore Cryler, a prominent member of the Philadelphia bar, died yesterday. Postmaster Jewell is at Albany on a tour of inspection regarding the fast mail system. A $55,000 fire occurred at Great F ills, N. H., Tuesday. A woman was also burned to death. The republicans have carried the south and west towns of Illinois. The north towns are very close. Snow to the depth of one foot is reported at Worcester, Mass. - the heaviest storm for twenty-five years. Poker Bob, our late Minister to England, has submitted his defense. He makes himself out so childlike and ariless that nobody can deny that he and Mary's little lamb ought to have been born twins.


Article from The Cincinnati Daily Star, April 10, 1876

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An Unhealthy Showing. By American Press Association to the STAR. LA CROSSE, WIS., April 10.-The assets of the suspended First National Bank are $46,000, liabilities $124,000.


Article from Mineral Point Tribune, April 12, 1876

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Industrial School, Edward e Solwaukee, William Blair, of Waukesha; of diers' Orphans, Gen. James Bentliff, du Janesville, and Col. C. K. Pier, of Fond AtHospital for the Insane, David wood, Lar: of Madison. Though the Soldiers' has the Orphans' Home is closed, the Board responsibility of distributing a considerable The amount of money to soldiers' orphans. has reappointed Messrs. of Alfred Palmer, Governor Welch, Madison, appointed William of Boscobel, R. B. Hoy, of Racine, and H. F. Dousman, of Waukesha, Commission- coners of Fish and Fisheries, and they of are site sulting in regard to the selection a and the erection of a State hatching-house Lumfish. J. L. Coley, of Grand Rapids, been for ber Inspector for the First District. has reappointed. THE first National Bank of La Crosse after- suspayment at two o'clock attributed on the to pended of the 1st. The cause is acnoon which was made by depositors in on the a an article which Inter-Ocean of March drawing out their and ors bank opened in the soon Chicago count run commenced as of the appeared closed. 31. morning funds Deposit- Various as until the doors of are afloat relative to the since Mr. Wheeler 1875. The general will be made rumors the trol continued that bank in December, everything assumed operating day. clear opinion con- The and business is be resumed at an early and a Bank Examiner is overhauling things, statement is looked for at an early day. BURGLARS entered the house of Moses about city engineer, of Milwaukee, 30th at ult. Lane, o'clock on the morning of the bedroom, four Lane heard footsteps in the awakMrs. without raising an alarm quietly and Mr. Lane He immediately compre- and ened hended the situation, sprang from bed, He doing struck against a man. with him. and held to called out to the two of them in the room, Shoot him! shoot him!" ing, there grappled in The so burglar were him The partner, missed the partner shout- floor. for its but luckily the ball and as the room was of although within a few had to aim by sound more a as the shot was fired he As object, the Lane, did fellow, shoot, perfectly made seized than feet dark, sight. dash him Mr. soon murderous wretch, and for the throat. The other chap immediately Mr. Lane by the through the open window. had in fied with the desperado he for struggled but the man proved too strong the winhand, and succeeded in getting to Mr. Lane him, out of which he sprang. as far dow, after him, and pursued him in his as sprang front of the house, but, being no the clothes and barefoot, could Attempts go night and the rascals escaped. houses of further, were also made on the Frank Boyd. at burglary L. Kane, E. Boondman and in None A. of the desperadoes were captured. the evening of the 1st, the Chicago 8:30 & ON passenger train of the man near Northwestern bound Railway ran Milwaukee over a County, St. and Francis instantly Station, killed in him. His name was Heury Osterbrink. man named Welsh, a school- since, A YOUNG came to Monroe, a few whisky days durteacher, drank a good deal of his home. and having day, at night set out for lost and ing became the bewildered and finally culvert near He found next morning in 2 smothwas that place, lying on his face, dead, ered by the mud. GILBERT was fatallv the injured St. Paul tha WILLIE day at Arena Station on his other Railway. A number of card ran over legs. charter election in Raciae elected on the AT the entire Democratic ticket was 413. at 4th by majorities the ranging from 137 to THE Republican ticket was successful recent town election in Omro. the local election at Prairie du Chien, held on in THE was the most exciting ever cen the 4th, The greatest interest was that city. the election of mayor, the Williams, question tered in of popularity. J. F. mayor, being reform one candidate and present over B. the re-elected by a majority of 136 The rewas the Republican nominee. assessor, formers F. Fay, also elected their treasurer, and majority in the city council. a election in Milwaukee, on the 4th, THE quietly. The entire Democratic passed ticket off was elected, there being no opposition except as to Treasurer. the municipal election in Oshkosh, the Mayor on AT the Democrats elected and the 4th, the Republicans the Treasurer. Kenosha city election passed closest off THE although the contest was The the Repubquietly, has taken place for years. for Mayor, that elected their candidates majority of Treasurer cans and Clerk by an average forty. election in Madison resulted Democratic in the THE of John F. Jones, the McConsuccess for Mayor, and Robert J. for Treas. nominee the Republican candidate Common urer. nell, The Democrats secured the Council. difficulty has arisen in Green A SERIOUS between the County Superintendent forty who County the school-marms." About failed at and previously received certificates districts prohad recent examination. Some though withthe hire favorite teachers, The new lent has pose out certificates, to in defiance raised the of law. standard of


Article from Chicago Daily Tribune, April 25, 1876

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LIABILITIES. Capital stock paid in. $ 250,000 Surplus fund 130,000 Other undivided pronte 20,010 National Bank notes 40,504) Individual deposits 405,538 Demand certificates 20,617 Certified chocks 7,704 Due to banks 621,031 $1,511,629 The fact that the bank has been paying 6 aud C per cent interest on deposits, while the strong-est banks in the city pay no more than 3 per cent, has lately excited auspicions of its management. # THE IMMEDIATE CAUSE OF THE SUSPENSION is said to have been a loss of deposits, and the maturing of homo $200,000 of paper rediscounted in New York. The country business was large, and country customers have been drawing down their balances, as in the case of other banks. The presont deposits of the bank are stated on the authority of an attorney who oxamined the books in behalf of some of the depositors to be about $500,000; The assets comprise $200,000 of good bills receivable, duo in May; $150,000 of similar paper due in Juno; and of similar paper falling duo this month and in July, about $100,000. In addition is the three-fourths interest in the building and lot occupied in part by the bauk; the building is worth about 250,000, and the 60 foot of land aro worth about $72,000. This makos the bank's interest about $90,000, clear of all in-oumbrance. The bank has on hand $110,000 cash. There will be a margin of about $15,000 on its bonds securing circulation. In addition, the depositors have the double liability of the stockholders. # THE CAPITAL STOCK is $250,000, with a surplus of $130,000, and is said, in the last statement, to have boon all paid in. How this is could not be ascertained, but it 14 stated that, whon Huriburd was Comptroller of the Currency, he throntoned to close up the bank bocause the capital stock had not been -paid in. Among the principat stockholders are E. Gammon, of Gammon & Deering, who holds about $32,000; W. Bushnell has $70,000; A. D. Reed's ostato, $50,000; Willisın A. Sutor, 225,-000. About four out of five of the stockholdora are believed to be good for their double liability. The bank holde bad paper to the amount of $150,000, most of it made by Sam Walker and his real-estato set, and carried by the bank since the panic. The fact that Wm. A. Butor, once Casbier of the City National, was President till recently of the LaCrosse First National Bank, just collapsed, gave rise to the rumor that the one fall-uro bad caused the other, but no evidenco can be discovered to that effect. # THE RECENT ACTION OF THE CLEARING-HOUSE in adopting a rule for the examination of dubious bauks is believed to have brought the bank to a stop. Its certificates of deposit, bearing 6 per cent interest, were notice to all interested that something was the matter, and an anticipation that the Olearing-House Committee might


Article from The Manchester Journal, April 27, 1876

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Telegraph Office Open from 8 A. x.108F.M. MANCHESTER. -Mrs. A. J. Griffin, daughter of the late E. L. Way, died very suddenly of paralysis, this, Wednesday, afternoon. -Farmers can bardly compain if they much sugar, don't make when thirty-five good butter brings from thirty to cents. -There will be 8 meeting of the vestry of St. John's church, on Thursday eve., at the house of A. L. Miner. All interested are requested to be present. Burton & Co's. new -Read good advertise- stock ments. always keep a of of the latest styles goods They and best quality, and sell cheap. Bissell held service in St. fine discourse. John's church -Bishop Tuesday evening, Five and persons also the rite of received gave a very confirmation. After the services a good number of the people of the place paid their respects to the Bishop at the residence of Hon. A. L. Miner. -Hubbard & Hopkins, our enterprishave engaged of to run one ing Factory butchers, Point, Mr. of Spring, busi- their carts. Mr. Spring understands the ness thoroughly. -Dr. Swift has Acted up dental rooms in his old quarters over Perkins' and store. take nice and cosy a off balf the They are very unpleasantness of visit for professional purposes. devote considerable space this Fast Day sermon, week -We which will be found excellent reading. -Our local correspondents, in some of the towns, are getting sleepy again. We to the would like go rounds stick. and Send stir in them up with a sharp locals. -The frogs were out in full force for the first time Monday night. They seem be as merry as ever. Inflation always well with them. -C.B. Munson and James Lampson, highway surveyors, have been putting from this the road, village and in Factory good Point to the railroad station, condition. These roads are the most traveled of any in town and should always be kept in the best possible order, and, while this is true, we hope those having other portions of the highway in charge will not neglect their duty. Good roads are the very best kind of investment. -If G. W. Robinson has invented a of planting corn, seeds which savas method pumpkin one-half beans don't and the labor and does the work well, why he deserve the thanks of farmers? See his advertisement. -Richard Cook and Joseph McBride, who are doing the carpenter work on new residence, for plasterers, a Kellogg's the pretty have good it ready six months' work. If finished well on the inside, it will be the best house between Beunington and Rutland. -Hon. 8. 8. Burton, formerly of this place, has been appointed receiver of the First National Bank, of La Crosse, Wis The bank recently lost nearly one hunderd thousand dollars by the defalcation of its officers who ran away, the President having since been captured in ChiBurton cago. Judge is spoken the of La in high terms for the position, by Crosse papers. -L. C. Orvis and family are expected about the first of out his interest in last fall sold town May. in the L.C. basiness in which be has been engaged durresidence in ing his Chicago, Produce Commis- and became interested in the sion House of H. C. Whitney & Co., of 138, Reade street, New York city. His will board in and remove summer, family probably where Manchester his to father- Peeks- this kill, N.Y., in the fall, in-law, Mr. Samuel C. Wise, resides. FACTORY POINT. force of men are ing of the dam -A that large part of Messrs. busy repair- J. T. Carney & Co., which was washed away during the late freshet. -Joseph Lugene is raising the roof 10 his blacksmith shop, and otherwise improving it, to make room for s carriage shop which will be rua in connection with his blacksmithing business. Mr. Estes has resigned the office of -The of Superintendent Rev. public schools and the Rev. Mr. Eastman has been sp. poleted in his place. -General Addison Grant is visiting relatives and friends in this place at present.


Article from Mineral Point Tribune, June 14, 1876

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991.469 Green 10,320,008 Taylor 2,743,279 Green Lake 5,428,817 Trempealeau Iowa 5,849,509 14,690,899 Jackson 2.199.8%7 Walworth 7.003.897 Jefferson 11.515.766 Washington 15.181.918 Juneau 2.22.164,Waukesha 4.160.993 Keno-ha 6,827,319 Waupaca 2,128,000 Kewaunee 943,157 Waushara 15.410.248 La Crosse 6,847,676 Winnebago La Fayette 8,136,293 Wood 1.852.316 MICHAEL NICHOLS attempted to pass between the cars in the yard of the St. Paul Railway at Milwaukee, on the 3d, and was so badly crushed that he died two hours after. MRS. CHRISTIAN HANSEN, living two miles south of Fond du Lac, fell into a mill-pond on the evening of the 3d and was drowned. A PROPOSITION has been made to Judge Burton, Receiver of the First National Bank of La Crosse, by Messrs. Wheeler and Sutler, the former Presidents of the bank, to pay or furnish security for the payment of fifty percent. of the amount due to creditors. the Mr. Burton claims to have control of real estate assets of the defendants, and estimates $20,000 more would pay the fifty per cent. which he decided to accept if put fur- in proper form and satisfactory security nished. A CIRCUMSTANCE showing an almost unparalleled degree of depravity and heartlessness transpired in Brown County, a few days It seems that a woman, with a babe two weeks old, got off the and, after going some ago. Wrightstown, about distance train child at into the woods, deliberately placed the in an empty band-box, and left it to die the of starvation and exposure. This was in forenoon. At nighta farmer in the vicinity, while searching the woods for his cows, and heard the child crying, and found it took it to his house, where it was well cared for. G. L ARNDT, ex-Sheriff of Washington County recently committed suicide by hang- He ing himself in his barn at Richfield. had lately had financial troubles and been and compelled to mortgage his farm. This have his intemperate habits are supposed to induced the act. RICHARD SAENGER bookkeeper for Messrs. Trostel & Gallun, Milwaukee tanners, has been locked up in the County Jail on his a charge of embezzlement preferred by employers. His embezzlements are said lived to reach the sum of $2,500. Saenger too fast for his means, and is said to have and fell. "gamboled on the green" till he stumbled GROUND was broken a few days ago for railroad extension from Appleton work to the New London. It is estimated that the will be completed in about ninety days. THE potato-bug has made its appearance are in Green County, and numerous groups heads watching for the plants to show their above ground. C. W. BOWRON, of the Oshkosh Northwesthaving recently criticised the cowardly aseri, conduct of a police officer, was violently saulted by that functionary the following dav. Bids have been opened by the Milwaukee conSt. Paul Railroad Company for the the struction of the railroad bridge across from Mississippi at La Crosse. They ranged con$91,549 to $137,500. The bridge is to sist of five spans of 148 feet each, two spans and 164 feet each, one span of 250 feet, en- a of draw of 360 feet, making 1,678 feet as its tire length. THE Democratic State Convention met 7th. at Opera-House in Milwaukee on the the Mose M. Strong was chosen tempoHou. Chairman and afterward made permarary The usual committees were appoint- After nent and the Convention took a recess. ed. the following were elected delegates dinner National Convention. First District, to the Fratt, F. W. Lyman; Second District, J. N.D. W.F. Vilas, W. D. Bird; Third District, A. Ernest, J. T. Carr; Fourth District, JoH. Albert Semier; Fifth District. Hinsey, Rankin, E. C. Lewis; Sixth District, Disseph Robinson, Myron Reed; Seventh James H. H. Hoyden, S. M. Dickinson; John trict, District, Wm. Wilson. Jas. C. Clark. Eighth At Large, Theodore Rudolf, Alexander Doolittle, Geo. B. Smith, as R. Mitchell. The following were Second chosen DisFirst District, W. E. Electors: W. W. Corning; Third District, Fifth District, John Conrad Krez; Sixth trict, District, Rowe: Fourth Moses District, Black: Ander- Sam Seventh District, Naher, At Appleton: Eighth District, Herman A son: John Lawler, Edward S Bragg- as res- a Large, to instruct the delegates to vote voted elution lost. The Convention then the reunit was sine die with waiting for and port to adjourn of the Committee on Resolutions, it was so latest ordered. reports from Milwaukee lead- give THE following as the current prices for Extras, 85. 25: ing staples: Choice Spring. 84 the Flour-Choice Winter 87/05 95.


Article from Watertown Republican, October 4, 1876

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Edwin Clifford and the Wallage sisters play at Osbkosh during the Fair. -Pleasant and convenient rooms to rent on North Washington street. For particulars inquire at this office --"Tom" Johnson, a fo rmer Green Bay boy. is Roman Catholic Bishop of Texas. --The receiver of the First National Bank of La Crosse is prepared to pay a dividence of 20 per cent to depositors. -There are 262 inmates of the Waupun prison at present, of which 13 are females. -The farmers about Beaver Dam are raising wheat from seed procured in Maine. It yields from 20 to 33 bushels per acre. -Will the Union, Enterprise and Journal please spell the name of the Republican candidate for County Treasurer, Racek and or not Raacek? -The Ladies Aid Society of St. Paul's Church will meet Thursday evening of this week at the residence of Dr. Wigginton. -The Wisconsin Convention of Congretional Churches is in session at Oshkosh, and about 100 ministers and delegates are present. -Mr. Wm, McMahon is on a short stay in town, visiting his relatives and friends. Mr. McMahon is at present mak. ing his home in New York city -One of the audience near us at the threatre one night last week suggested that there was no need of gas--the house was light enough without it. r -Mr. Peter McGovern, who began. the practice of law in this city, and is at present State Senator from Wauseca county, Minn., is in town spending a few days pleasure among his old friends. -Mr. J. Bursinger is cutting a large amount of peat on his marsh in the 7th ward for the use of his brewery The peat is of excellent quality, and the supply seems to be inexhaustible. -Robert Bonner, of the New York Ledger, has made a present to his brother, William Bonner, of Trenton, Dodge county, of a brown yearling colt, valued at over $4,000. It is a halt brother of Bonner's Dexter. -The Registry law requires that the electors of incorporated villages and cities and towns in which is located an incorporated village or city, shall be registered. This is to be done on Tuesday, three weeks previous to the election. It will be the duty of each elector to know that his name is registered. -An important change has been made in the arrangement for carrying the mails between Chicago and St. Paul, which went effect last Monday. Postal cars will be run from Chicago via Milwaukee to Portage twice a day; from Portage to St. Paul once a day, with the common postoffice cars. This, it is supposed, will distribute the labor of the postoffice employes more evenly. -The Centennial Commission, after considerable discussion, has voted to modify the rule made by the Board of Finance which requires each visitor to furnish a 50-cent note or piece in paying entrance fee to the Great Exhibition. After Oct. 1 $1 note will pay for the admission of two persons on 50-cent days, and of four persons on 25-cent days. It is believed this change is a wise one and much annoyance be prevented. The Commission has also decided to continue Saturday as a 25-cent day. Political Meeting at Lake Mills.