First National Bank - Milwaukee, WI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 64
Charter Number: 2715
Start Date: July 25, 1893
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: 791ee4a1

Response Measures

Accommodated withdrawals

Description

Multiple articles (late July 1893) report crowds and heavy withdrawals at the First National Bank in Milwaukee immediately after the closing/receivership of the Wisconsin Marine & Fire Insurance Company bank (Mitchell bank). The First National is described as able to withstand demands; there is no mention that it suspended or closed, so this is classified as a run only triggered by distress of a local bank.

Events (1)

1. July 25, 1893 Run

Cause: Local Banks
Cause Details: Run sparked by the closing/receivership of the Wisconsin Marine & Fire Insurance Company (Mitchell) bank which led depositors to crowd and make withdrawals at First National.
Measures: Bank withstood demands; depositors placed money inside counters and bank continued to meet withdrawals.
Newspaper Excerpt: Within five minutes after the news of the Mitchell bank considerable crowds gathered at the Merchants' Exchange. First National and Marshal banks and more or less of a crowd at the Wisconsin National Bank. Notwithstanding this fact ... while considerable money was hastily withdrawn, even larger amounts were placed on the inside of the counters.
Source: newspapers

Newspaper Articles (3)

1. July 26, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, July 26, 1893

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only has ample assets, but Mr. Mitchell and Mr. Johnston are behind it." At the instance of Benjamin M. Weil, the bank consenting, Judge Johnson appointed Washingtan Becker receiver of the bank. His bond was fixed at $1,000,000. Within five minutes after the news of the Mitchell bank considerable crowds gathered at the Merchants' Exchange. First National and Marshal banks and more or less of a crowd at the Wisconsin National Bank. Notwithstanding this fact and the renewed feeling of uncertainty a number of old depositors were on hand at each of the institutions for the purpose of making depos. its, and while considerable money was hastily withdrawn, even larger amounts were placed on the inside of the counters.

2. August 1, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, August 1, 1893

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CONTINUED PROSPERITY(i) "The Best Financial System in the World" and "Reform" Continues to Turn Out Victims by the Hundreds----Bank and Commercial Failures Growing More Numerous--A Few of the Largest. Maj J. B. Neal. a large farmer and merchant near Neal's Station, N C., made an assignment on the 17th of July. Edward L. Pell, publisher of a religious paper at Richmond, Va, has assigned. Liabilities $1,300. Mr. Kenny Rose, merchant, Winston, assigned last week. INDIANAPOLIS, Ind., July 25.-The Bank of Commerce and the Indianapolis National Bank have closed. MILWAUKEE, Wis., July 25.-The Fire Insurance Bank has closed. No statement. MILWAUKEE, Wis., July 25 -Cashier Koetting, of the suspended South Side Savings Bank, is missing and also the general ledger of the bank. The liabilities will run up into the millions. The Southern Electric Company, one of the big enterprises of Baltimora, Md., made a voluntary assignment yesterday. Failure to collect over due accounts made it impossible for the company to meet its obligations. The as sets of the concern are estimated at $175,000, liabilities $100,000. CONNORSVILLE, Ind., July 24.-The Citizens' Bank, owned by ex United States Treasurer Huston, failed toopen its doors this morning, owing to the stringency. Liabilities and assets not yet made known. Depositors ill, it is said, be paid in full. TOLEDO. Ohio, July 24 This morn ing the Ohio Oil Well Supply Com pany, operating in the Ohio oil fields at Findlay, Fostoria, Marietta, Rising Sun, Vanwert and Pittsburg, Pa., went into the hands of a receiver upon the application of Edward H. Cole, of Brooklyn, N. Y. One of the largest stockholders. Eaton, in his petition, states that the company indebtedness will amount to over $800,000. TACOMA, Wash July 24.-The Taco ma National Bank, one of thestrongest in the Northwest, suspended this morning. This bank has been assisting other banks in the city for the past six months. LOUISVILLE. July 24 -The - Lousville City National Bank closed its do rs at 1 15 this afternoon. GREAT FALLS, Mont, July 24 -The Merchants' National Bank closed its doors to-day at noon. A notice, signed by the directors, was posted, and stated that all depositors will be paid in full. The bank held $21,000 city funds, $32, 000 county funds and $20,000 of State funds, There is no uneasiness about other banks here. VERNON. Texas, July 22 -The State National Bank of Vernon closed its doors yesterday. Every cent of money was paid out except ten cents before the doors closed. The failure is due to inability to realize on the securities. The directors state that the depositors will be paid in full. LOUISNILLE, Ky., July 22 - The Kentucky National Bank, of this city, closed its doors this morning The capital stock is $1,000,000, paid up. This bank is also a government de pository and its last statement showed $190,000 to the credit of the government. Loans and discounts outstanding amounted to $1,719,966 and the surplus was $108,500. MEMPHIS, Tenn., July 22.-The Citizens' bank of Jellico, Tenn., the only banking institution at that place, failed to open for business yesterday. No figures are known. GREELEY, Col., July 22 -The Union Bank made an assignment yesterday. It is thought that the step was voluntarily taken to avoid a contingency that might arise should some creditors take advantage of the attachment law. The bank is perfectly solvent. Not a depositor will lose a dollar. MILWAUKEE, Wis., July 22.-The Southside Savings bank did not open its doors this morning. There is a heavy run on the GermanAmerican and Merchants' Exchange banks. LAMPASAS, Tex., July 22 The private banking house of J. and L. W. Gal braith, failed to open its doors yesterday, having made an assignment to J. I. Campbell. The liabilities are $60,000; the assets, $120,000. A run on the First National Bank was started, but it was fortunately in a position to withstand all demands. Depositors in Galbraith's bank will be paid in full. TOPEKA, Kan., July 22 -The First National Bank of Anthony closed its doors yesterday. The assets are $154,000 and the liabilities $50,000. MILWAUKEE, July 21.-The First National Bank of this city has failed. KNOXVILLE, Tenn., July 22.-The State National Bank of this city closed its doors this morning. The bank has long been known to be the weakest in the city. Yesterday when $20,000 in

3. August 3, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, August 3, 1893

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a special act of the legislature obtained by Alexander Mitchell the stockholders are liable without limit for all debts of the bank. John L. Mitchell is president, David Ferguson vice-president, John Johnston cashier and Robert L. Jennings assistant cashier. The bank was closed up on an action brought by Benjamin Weil, a real estate man, who alleged that the bank owed him $3,341.7 which it was unable to pay. On motion of B. K. Miller, Judge Johnson appointed Washington Becker receiver under bonds of $1,000,000. This bank is the city depository, and at the present time holds $1,635,000 of the city's money. Rumor has it that the city treasurer this morning demanded the whole sum and the bank, in justice to all depositors, closed rather than pay it. The city has only $8,000 in cash on hand and will be forced to suspend payments. The Mitchell bank was the depository of the Chicago, Milwaukee and St. Paul road and paymasters checks are drawn on it. They will be cashed at the station here. The treasurer's checks will be paid by the Wisconsin National bank. The semi-annual statement of the bank, issued July 1, was as follows: Resources-Loans and discounts $6,485,673.39. overdrafts $29,233.12, stocks, bonds and mortgages $567,412.82, loss and expense account $683.88, due from banks and bankers $1,038,472.41, cash-currency $532,361.00, gold and silver $124,226.17. checks on clearing house $168,281.82. total resources $8,946,344.61. Liabilities-Capital $500,000.00, undivided profits $65,840.67. due depositors $7,870,503.94, due to others not included under either of above heads $500,000.00, total liabilities $8,946,344.61 Cashier Murphy says: "The bank is not insolvent by any means, and only time was needed to realize enough to meet every liability. It not only has ample assets. but Mr. Mitchell and Mr. Johnson are behind it." Washington Becker, the temporary receiver, said: "I have every reason to hope that our depositors will receive their money in a reasonable short time. I can't say how soon, of course, but I hope it will be at an early day." Within five miutes after the news of the closing of the Wisconsin Marine and Fire Insurance company bank considerable crowds gathered at the First National. Marshall & Ilsley and Wisconsin National banks. Notwithstanding this fact and the renewed feeling of uncertainty a number of old depositors were on hand at each of these institutions for the puropse of making deposits, and while money was hastily withdrawn even larger amounts were placed on the inside of the counters. The bank was incorporated by the territorial legislature of Wisconsin in 1839, the charter being granted to Alexander Mitchell and George Smith, young Scotchmen just arrived from Aberdeen. The charter of the company was repealed in 1844, as it was discovered that the company was doing a banking business, contrary to the proviso in its charter prohibiting it although in strict accordance with the specific business it had been authorized to do. Alexander Mitchell ran the bank until his death d few years ago. The stockholders of the bank are: John L. Mitchell, $313,300; David Ferguson, $166,600; Washington Becker, $20,000; John P. Murphy, $1,000; total, $500,000. John Johnston sold all his stock to John L. Mitchell about six months ago, but Johnston was still cashier and it is popularly thought that the deal was not SO fully consummated as to relieve him of liability. Mitchell alone is estimated to be worth from $5,000,000 to $10,000,000' while all others connected with the bank are also wealthy. Mr. Ferguson was completely prostrated and a little while after the suspension his condition became such that medical attention was considered necessary and Dr. Fox was summoned. Soon afterward Mr. Fergusor was taken home in Dr. Fox's ca riage. Every man in the crowd of bystanders had words of sympathy for the white-haired old man who went into the bank with Alexander Mitchell over fifty years ago. Other local banks were somewhat run upon but easily met all demands. The trouble is thought to be over.Bankers have long deemed the Marine bank shaky, because of the close margin business it did. A speedy resumption is expected. LATEST NEWS. Milwaukee, July 25.-The feeling here is that the situation is now at its worst and that tomorrow will show a brighter aspect to affairs. Business houses which have had banking relations with the Wisconsin Marine & Fire Insurance Company bank have nearly all effected new banking relations and while a large amount of money is tied up in the failure. if eastern creditors will give extension to business houses there is not likely to be any more failures