22741. Milwaukee National Bank (Milwaukee, WI)

View Charter #1017 on SPMC

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 1017
Charter Number: 1017
Start Date: July 22, 1893
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: d44fdb38

Response Measures

Capital injected, Full suspension, Books examined

Other: Placed under control of Comptroller; stockholders voted to double capital to reopen.

Description

Contemporary accounts report heavy withdrawals/runs beginning July 22, 1893; the bank closed/suspended July 22 and was placed under the Comptroller's control. Examinations found the bank solvent and stockholders voted to recapitalize; Controller Eckels authorized reopening in late September 1893. Cause attributed to runs triggered by other local bank failures/closures and widespread panic.

Events (6)

1. April 17, 1865 Chartered

Source: historical_nic

2. July 22, 1893 Run

Cause: Local Banks
Cause Details: Runs began after the South Side Savings Bank closed and amid spreading rumors of failures in the city; depositors made heavy withdrawals from multiple banks.
Measures: None specific to stem the run are reported aside from other banks posting guarantees; later the Milwaukee National's officers closed the bank and it was turned over to the Comptroller.
Newspaper Excerpt: Runs which started on all the banks early in the day were still in progress this afternoon...the crowds at several of the banks had increased on account of the spreading of the news that the South Side Savings Bank and Milwaukee National Bank had failed.
Source: newspapers

3. July 22, 1893 Suspension

Cause: Local Banks
Cause Details: Directors closed the bank because of continued withdrawals and inability to continue business amid the runs and city-wide panic; bank was placed under control of the Comptroller of the Currency the same morning.
Newspaper Excerpt: The Milwaukee National bank failed to open its doors this morning...At 10 o'clock this morning...the following notice appeared upon the doors of the Milwaukee National bank: This bank is closed by order of the board of directors.
Source: newspapers

4. August 3, 1893 Other

Newspaper Excerpt: Bank Examiner Lynch has finished his examination of the books of the Milwaukee National Bank...He says the bank is solvent. Mr. Lynch will remain in charge of the bank until It resumes or until it is put into the hands of a receiver...The Milwaukee National Bank will soon reopen its doors (multiple reports).
Source: newspapers

5. September 25, 1893 Reopening

Newspaper Excerpt: Controller Eckels has authorized the Milwaukee National Bank of Milwaukee, which recently suspended, to reopen for business. ...have been permitted to reopen their doors for business: The Milwaukee National Bank of Wisconsin, Milwaukee, Wis. (Sept. 25-26, 1893 reports).
Source: newspapers

6. August 29, 1912 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (24)

1. July 22, 1893 The Durham Daily Globe Durham, NC

Article from The Durham Daily Globe, July 22, 1893

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BANKS BURST STILL Milwaukee Wrapped Up by Big Runs and Things. Colorado Continues to Come to the Front with Many. BLEEDING KANSAS ALSO VICTIMIZED People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. NEW YORK, July 22.-[Special. 1- News from the west to-day, viewed in one light, is of a most discouraging character. There was a bank failure at Butte City, Montana, and, supposedly, a serious one. There were also runs on other banks there. A Jellico, Tenn, the Citizens' bank failed to-day. The Union bank at Greeley, Colorado, assigned this afternoon. No figures are given. The First National bank at Anthony, Kansas, assigned to day. Liabilities $50,000, assets unknown. But at Milwaukee, Wisconsin, the biggest failure is on. The Milwaukee National has gone to the wall. The South Side Savings bank closed its doors this morning. This precipitated runs on all the banks in the city. Unless excited depositors see the folly of their actions, many other banks will close this afternoon. There is intense excitement here FOWLER to day.

2. July 22, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, July 22, 1893

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crushed and burned in a horrible manner and was dead when extricated. Among the failures reported to-day are the Citizens' Bank of Jellico, Tenn; the First National Bank of Anthony, Kon.; the Milwaukee National Bank and South Savings Bank of Milwaukee: the Union Bank of Greeley, Col ; the private banking house of J. and L. Galbraith at Lampasas, Tex.; the State National Bank of Knoxville, Tenn.; the Kentucky National Bank of Louisville; and the State National Bank of Vernon, T.x. There is a heavy run on the German American and Merchants' Exchange Banks of Milwankee. At Shooting Park on the outskirts of Milwaukee, Wis., two thousand five hundred turners from all parts of the United States c ngregated yesterday, and the twenty-sixth annual bundesturufest WAS inaugurated. A duel, that resulted fatally to both the participants, took place in the outskirts of Victoria. Mex., on Thursday between a young law student and a young business man. The quarrel was over a young woman. Weather permitting Edw. Hanlan and Jacob Gaudaur will row at Orillia, Ont., this afternoon for the championship and a stake of $2,000.

3. July 22, 1893 The Waco Evening News Waco, TX

Article from The Waco Evening News, July 22, 1893

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Two Banks Fail. By Associated Press to the News. MILWAUKEE, July 22.-The Milwaukae National bank and the Southside Savings banks failed to open their doors this morning. Runs are now in progress on all the lead. ing banks in the city.

4. July 22, 1893 Evening Star Washington, DC

Article from Evening Star, July 22, 1893

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THE SITUATION IN MILWUAKEE. Runs on Various Banks That Are Able to Meet Demands. MILWAUKEE, July 22.-Runs which started on all the banks early in the day were still in progress this afternoon. The crowds at several of the banks had increased on account of the spreading of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants' Exchange Bank was possibly the heaviest, but the crowd at the Second Ward Bank was nearly as large. The Merchants' Exchange Bank paid out money freely, and its officers said they were confident that they would be able to meet every demand. The depositors in the Second Ward Bank are mainly German working people, who seemed to have become panic stricken despite the fact that the bank is backed by Milwaukee's wealthy brewers. who have given a personal guarantee for everything in the bank. The air was full of rumors of failures and impending failures in mercantile circles, but up to noon no suspensions had occurred. President Trumpff of the South Side Savings Bank said depositors have been making very large withdrawals during the past month, while collections had been impossible. The officials and directors decided that they could do business* no longer and concluded that in the interests of the patrons and themselves it would be better to suspend without further delay. While they hope to be able to resume after the storm has blown over, they are not able to state anything definite. The closing of the Milwaukee National Bank was a surprise even to some of the stockholders. J. M. Pereles, who owns a block of the bank's stock, says there is no reason why the bank should have closed except that the officers were afraid to stand a run. A statement a few days ago showed that the bank had assets in excess of the liabilities amounting to between $500,000 and $600,000. People who are not posted could not believe that the bank, which was one of the oldest in the city, had failed, and scores of people walked into the entrance. read the brief notice announeing the bank's suspension and walked out again. Bernard and Jacob Gross, comprising the firm of Gross Bros., soap manufacturers. have confessed judgment in the sum of $21,014.20 on a note made April 30. 1892, and May 18, 1892, in favor of Leopold Gross.

5. July 23, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, July 23, 1893

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BUSINESS. Milwaukee Banks. MILWAUKEE, Wis., July 22.-The Milwaukee National bank failed to open its doors this morning, and runs immediately began upon other leading banks in the city. The report of the condition of the bank made July 12, showed resources, including loans and discounts, of $1,404,341.78 and a total of $1,965,385.76. Liabilities, including the capital stock of $250,000, and surplus of $250,000; undivided profits, $99.439.32; individual deposits subject to check, $413,836.72. and demand certificates of deposits of $310,161.55; or a total of $1,965,385.76. George H. Noyes is president of the bank, and J. McClure cashier. The South Side Savings bank opened as usual this morning, but closed its doors at 10:30. The report of the bank made the first Wednesday of this month shows resources, total, $1,158,905.17. with Habilities including capital stock of $100,000: undivided profits, $12,500; due depositors on demand, $286,012.46: due depositors on time, $733,452.71. or a total of $1,158,965.17. G. C. Trumpf is president, and J. B. Koetting, cashier. The crowds at the several banks increased in consequence of the spread of the news that the South Side Savings bank and the Milwaukee National bank had failed. The run on the Merchants' Exchange bank was the heaviest, but the crowd at the Second Ward bank was nearly as large. The Merchants' Exchange bank paid out money freely and the officers are confident they will be able to meet every demand. Depositors in the Second Ward bank are mainly German working men, who seem to have become panic-stricken despite the fact the bank is backed by Milwankee's wealthy brewers, who have given their personal guarantee for everything the bank contains. President Trumpf of the South Side Savings bank says the depositors have been toaking very large withdrawals during the past month. while collections have been small and deposits Hght. The officials and directors décided they could not do business long under the circumstances and concluded, in the interest of their patrons and themselves. that it would ba better to suspend without further delay. The run on the Merchants' Exchange bank subsided in consequence of the posting of a guarantee signed by Charles Pfister, the Vogels, John Black, Julius Goll and other wealthy stockholders. A repetition of the guarantee made at the time of the Plankinton bank failure by Captain Pabst and other brewers was made at the Second Ward Savnies bank. The crisis is now doubtless passed in Milwankee, as today's failures cleared the air of all menace for some time to come.

6. July 24, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, July 24, 1893

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STILL TUMBLING. silver's Depression and Fear of Free Trade Continue to Cause Many Hig Business Failures. LOUISVILLE, Ky., July 24.-The Kentucky National bank with a capital of $1,000,000 has suspended. The bank is the government depository and in the statement of the bank published July 12, the government deposits are placed at $191,731, and deposits of United States disbursing officers $138,268. Resources $2.742,764; liabilities much less. Knoxville.- - The State National bank of this city closed its do ors Saturday. A slight run was made on the City National only, which is just opposite the State, but her depositors were paid in full. The scare was soon over. There is no more uneasiness felt here. Milwaukee. - The Southside Savings bank and the Milwaukee National bank have failed. The closing of the Milwaukee National bank was a surprise even to some of the stockholders. J. M. Perles, who owns a block of the bank's stock, says there is no reason why the bank should have closed except that they were compelled to stand a run. Statements a few days ago showed bank assets exceeding liabilities amounting to between $500,000 and $600,000. Pueblo, Colo.-Judge Hallet, of the U. S. supreme court, has appointed H. E Chubbeck, of Pueblo, Colo., receiver of the Pueblo Street Railway company and the International Trust company. The liabilities are $700,000.

7. July 25, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, July 25, 1893

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Heavy Drafts for Currency from Ohio and Other Places for Rediscounts. Gotham Financiers, However, Feel Greater Concern for the Situation in Philadelphia and New England Just Now. Deposits of $38,000,000 Drawn from Gotham National Banks Since March. The Stock Exchange Will Proceed Against G. H. G. Weil, Who Was Caught Circulating Evil Reports Without Foundation. WESTERN BANKS HEDGING. Greater Part of $1,500,000 Sent to Indian. apolts and Cincinnati Yesterday. NEW YORK, July -The banks reported the condition as fairly easy and, to some extent, better, inasmuch as the demands for accommodation were light. The most notabledemands for assistance to-day were from Ohio. The orders for currency to-day were light The subtreasury was debtor the clearing house, this morning,only $118,000, and that sum was paid in notes, What caused the treasury officials to pay in notes to-day. instead of gold, as they have done for the last week. could not be ascertained, but it was assumed that the protests of the banks, through the press, against the in. convenient method of settling the clearinghouse balances in gold had caused them to see the absurdity of the practice. The dications to-day were that a considerable amount of currency was being received from some sections of the country by the banks in this city, but that it was being offset by shipments to o her places. The leading banks received $250.000 on,Saturday while shipmen ts were nearly 60 much, but on the other hand there were some banks on Saturday that shipped a great deal of currency without any receipts to offset those shipments. From the demands received to-day from Ohio and some other places for re-discounts, it is believed that the shipments of currency to those sections this will be heavy. In many instances during the last few days gold has been shipped to the country instead of currency. and more will probably follow. The banks asking for the accomodation are providing themselves distrust sweeps over their localities. Speaking of the great number of Western banks hich closed Saturday. the president of one of the largest national banks in this city said to. day that he believed that in the majority of cases they were not failures, but only suspensions: that they were perfectly solvent, and that they would resume busi. ness again in a few days stronger than ever. The situation in New England is attract. ing a great deal of attention in this city now,and especially in regard to the manufactories. the office of Watson & Gibson, No. 555 Broadway, it was said that their advices from Boston were the effect that money was practically imlendable in that city at 6 per cent.. and that stocks were being carried at per cent. I consider,' said Mr. Gibson, the situation HB regards the New England factories the most serious factor in this market. The failure of the Milwaukee National Bank on Saturday was very generally diecussed in this city to-day. The failure was not entirely unexpected by wide-awake bankers. some of the most conservativo whom had been aware of its real condition for sometime. One of these bankers said to. day the report that the failure of the bank was due to the failure of the Soblesinger syndicate was not true. The bank's failure, it was said. was due to it having overloaned to certain parties with which the Schlessinger syndicate had nothing to do. Several banks this morning reported their inability to make collections in Philadelphia, or obtain payment of the large balances they have to their credit with some banks in that city. One bank here has between $500,000 and $600,000 in Philadelphia, which is unable to obtain without recourse to measures which would probably cause trouble to the banks referred to in that city. New York banks, as rule, are now refusing to accept draits from their customers on Philadelphia banks, except for collection at the depositors' risk. In some cases where merchants in this city have had large drafts on Philadelphia they have sent them there by special messenger for collection over the counter. The course, how. ever, involves trouble of identification, and when it has been adopted a liberal commission has had to be paid for New York exchange, currency not being obtainable, According to the reports the Controller the Philadelphia national banks were as well supplied with cash on July 12 as were the national banks of this city. Those ports show that on that day the reserve of the national banks of Philadelphia amounted to 30.39 per cent. of the deposits, It is cause of some wondermen there. fore, why the Philadelphia banks should beso slow in making the remittances to this city. The shipments of currency by the banks to the interior to-day amounted to $1,500.000. Of this snm $400,000 was obtained at the subtreasury in exchange for large bills, Most of the money went to Cincinnati and Indianapolis Some money went to Chi. cago and St. Louis. The Post says: It appears from the state ments of the New York city national banks submitted to the Controller under date of July 12, that with a shrinkage since the March report of $17,725,597 in specie and legal-tender holdings, of $38,151 in individual deposite and of 910,392 in amount dueother banksand bankers mostof which also was deposits- the aggregate loan account bas decreased only $14,798,170. This is a fair measure of the courage and liberality with which our city banks have faced the crisis. It is true that the calling in of loans, even to this extent, must necessarily have resulted in corresponding reduction of deposits; 80 that the total decrease in deposits 18 by no means proper measure of the extent of actual money withdrawals. By what is in one way or another hoard. ing of money is novertheless strongly reflected in the comparison. and it the banks which have boldly counter balanced such movement by their use of clearing honse certificate. Figures show. indeed, from what a pinch of senseless panic the New York banks saved us. They also show why the banks are wisely refraining from sudden contraction of certificates now outstanding. That these certificate are not being increased is a negatively favorable sign. and, indeed. they have never risen within $4,000,000 of the issue in the panic time of 1873.

8. July 25, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 25, 1893

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THE BANK SITUATION. SUB-TREASURY PAYS THE CLEARING HOUSE IN NOTES. SETTLING IN GOLD UNPOPULAR Currency Received From the Country by the New York Banks and the Shipments Made -Affairs in New England Philadelphia Reports. NEW YORK, July 24.-The banks reported the condition as fairly easy and to some extent better, inasmuch as the demands for accommodations were light. The most notable demands for were from Ohio. The for were orders assistance The currency today today light. subtreasury was debtor at the this morning $118,000, sum was in notes. clearing and house that paid only What caused the to pay instead of as for the last could they in have notes done today treasury week, officials gold, not but it was assumed that of the banks through press the inconvenent the be the ascertained, protest against the clearing house had caused them to see balances method of in gold settling the of the were that a considerable The absurdity indications today practice. amount of currency was from some of by the banks in this the but being country that received sections City, it was being offset places. One $125,000 on bank ments received to other Saturday, by leaving were not so on the other hand there were much, while banks its but shipments nearly some on Saturday that shipped a currency without rethose From ceipts the great demands deal to offset of shipments. any received today from some places for it and believed other shipments rediscounts Ohio is that the of currency to those sections this week will In many instances be the heavy. last few during days gold has been shipped to the country 0 Instead of Currency, and more will probably be sent. for the are themselves against banks providing asking accommodation runs The as wave of distrust Speaking of the their number the localities. of sweeps great over Western banks which closed on the president of one of the banks in this said largest Saturday, national city today that he believed that in the cases they were not but jority only of failures, masuspensions; that they were perfectly solvent, and that again in a few resume business they would days stronger than ever, in New a great deal of tracting The situation attention England in is this atcity now, especially in regard to At the office of factories. Gibson, No. Watson manu- & 55 Broadway, it was said that their advices from Boston money was the unlendable effect that practically were to in that city at 6 were being per "I consider," said and cent. that stocks carried Mr. per cent, Gib- at son, "the situation as regards the New England factories the most serious factor in this market." The failure of the Milwaukee al Saturday was very discussed bank generally Nationin banking circles in this city today. The failure was not an one by wideawake in unexpected this city, entirely bankers some of the most conservative of whom had been aware of its real condition for some time. One of these bankers said today that the report that the failure of the bank was due to the failure of the Schlesinger syndicate was not true. The bank's was due to having said, certain parties failure, overloaned it was to to which the Schlesinger syndicate had nothing do. Several Banks this morning reported their to in make tain payment collections Philadelphia, inability or obot the large balances they have to their credit with some banks in that city. One bank here has between $500,000 and $600,000 in Philadelphia which it is unable to obtain without recourse to measures which would probably cause trouble to the banks city. New York a are now refusing to drafts to rule, in that banks, as referred accept from their customers on except for the delphia banks, collection Phila- at depositor's risk. In some cases where merchants in this city have had large drafts on Philadelphia, they have sent them there by special messenger for collection over the counter. This course, however, involves trouble of identification, and when it has been adopted, a liberal commission has had to be paid for New York being obtainable. reports to the national banks with cash on to were well Philadelphia rency the supplied the not comptroller, exchange, According July were 12 as cur- the as Those national banks of this reports show that on that city. the national banks of delphia reserve of day Phila- the the amounted to 30.39 per cent of deposits. It is a cause of some derment, therefore, why the Philadel- wonthe phia banks should be so slow in making remittances to this city.

9. July 25, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 25, 1893

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MORE WESTERN BANKS FAIL. EX-UNITED STATES TREASURER HUSTONS INSTITUTION AMONG THEM. THE LOUISVILLE CITY NATIONAL SUSPENDS PAYMENT-MANY POOR PEOPLE IN CHICAGO LIKELY TO LOSE THEIR SAVINGS. Connorsville, Ind., July 24.-The Citizens' Bank, owned by ex-United States Treasurer Huston, failed to open its doors this morning, owing to the financial stringency. The liabilities will not exceed $150,000. The depositors will, it is said. be paid in full. In an interview Mr. Huston said, regarding the suspension of the bank: "It is my misfortune. None of the depositors or creditors will lose a cent. My personal property will more than cover all liabilities, to say nothing about the real estate. It will not affect any of the industries in which I am interested in the least. The real cause of the suspension 1s the rumors that have been spread abroad that I was Interested in foreign speculations and thad lost heavily. There is nothing in the story, but it had the effect to scare quite a number of my depositors. which left me in a crippled condition. The bank is my own individual property, and every dollar that I am worth will stand good for my liabilities. No one will lose anything. All that I ask is a little time, and everything will be adjusted satisfactorily. I have been building up a business for twenty years here. and always took pride in my honesty. Now I have the opportunity to show the people that I am honest. I want no one to lose anything, not even those who have been Instrumental in bringing my misfortume about." Louisville. July 24.-The Louisville City National Bank suspended payment at 1:20 o'clock this afternoon. It has a capital of $400,000. The announcement that it had closed for business was not anexpected. The bank found that It was impossible to realize on the assets. owing to the financial stringency. Deposits received to-day will be returned to the bank's patrons. Tacoma. Wash., July 24.-The Tacoma National Bank. one of the strongest in the Northwest, suspended this morning. It has been assisting other banks in the city for the last six months. Great Falls, Mont., July 24.-The Merchants' National Bank closed its doors to-day at noon. A notice, signed by the directors, stating that all the depositors will be paid in full, was posted. Milwaukee, July 24.-It was expected that the runs of Saturday on several of the banks would be renewed to-day, but none were started, and. unless something unforeseen again disturbs the business world, matters at the banks will be in their normal condition in a few days. It has been definitely decided that the Milwaukee National Bank will soon reopen its doors. Chicago, July 24 (Special).-Bradford & Church, bankers, of Dearborn-st., have closed their financial institution. The deposits are said to aggregate be tween $20,000 and $30,000. A year ago E. D. and J. D. Bradford made some money in a land deal at Tolleston, Ind., and soon afterward opened a private bank. The first thing they did after having their sign painted was to distributed several thousand small iron banks among the poor people of Chicago. The banks could be opened only by the Bradfords. When one of these receptacles was filled with small coins the holder would take it to B:adford's, have It emptied and get credit in a deposit book for the amount. Last March E. D. Bradford retired, and George Church was admitted as junior partner. Nearly a month ago Bradford and Church went away and have not been seen since then. Frank V. Homer. the cashier, was left in charge. and about a week ago he disappeared. Since that time nothing has been seen of anyone connected with the bank.

10. July 27, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, July 27, 1893

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MORE CREAM CITY BANKS. Milwaukee National and South Side Savings Closed. Milwaukee, July 22.-The Milwaukee National bank was placed under the control of Comptroller of the Currency Eckels this morning, and Bank Examiner Brush, now at Fergus Falls, Minn., in charge of this district, will take charge of the affairs of the bank Monday morning in behalf of the government. The South Side Savings bank did not open for business this morning The following notice was pasted on the door without signature: "On account of continued withdraw als of deposits and our inability to make collections this bank is compelled to suspend payment." AAt 10 o'clock this morning. The foll lowing notice appeared upon the doors of the Milwaukee National bank: "This bank is closed by order of the board of directors." The establishment of Gross Bros., soap manufacturers, is in the sheriff's hands.

11. July 28, 1893 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, July 28, 1893

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12. August 3, 1893 Grant County Herald Lancaster, WI

Article from Grant County Herald, August 3, 1893

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The News Condensed. A team of horses ran away in Watertown, throwing Mrs. Gus Klemann, of the town of Shields, from a load of grain and breaking her neck. Mrs. Nellie Dennesen, wife of Capt. John Dennesen, Sr., of Green Bay, died after a short illness. Gov. Peck has appointed Charles Littlejohn, of Princeton, sheriff of Green Lake county, vice Lewis M. Bageley, deceased. Two buildings of the Pabst Brewing company at Milwaukee were destroyed by a blaze which started in the bottling works. Loss, $75,000. Julius Heavener, a farmer living north of Beloit, was drowned while drawing a seine in Rock river, which is a violation of the fish laws. It has been definitely decided that the Milwaukee national bank will soon reopen its doors. Michael Bloom, a farmer living near Beloit, was drowned while bathing in Coon creek. Mrs. John Newgard of Grantsburg, was dangerously burned by the explosion of a gasoline stove. Henry M. Benjamin, one of the largest wood and coal dealers in Milwaukee, confessed judgment for $78,304 in favor of his wife. His total liabilities were estimated at $242,870. The South Milwaukee malleable iron works were destroyed by fire, the damage being estimated at $25,000. Judge Reid in Hudson sentenced John Smith to three and a half years and James Stickney to two years at the Waupun prison for robbing stores at Baldwin recently. W. Anson Barnes, the owner of the summer hotel at Cedar Lakes, was sentenced to three months in jail for cruelty to his 6-year-old girl. The Upham Manufacturing company closed down operations in their sawmills at Marshfield after a continuous run since last December. The total cut of pine and hardwood lumber amounts to 10,000,000 feet. The Wisconsin Fire & Marine Insurance company's bank of Milwaukee was placed in a receiver's hands. Its deposits were close to $8,000,000, for which the private fortunes of stockholders were liable. Mrs. John O. Newgard, wife of exCounty Judge Newgard, of Grantsburg, was fatally burned by the explosion of an oil stove. A 2-year-old child of George Denure, living near Monroe, was run over by the cars and his head was severed from his body. The father went insane over his loss. The body of an unknown man, well dressed, was found in the dells above Eau Claire. It was believed to have been in the water two or three days. While calling on a sick friend in Watertown Miss Susie Began, of the town of Watertown, dropped dead of heart failure. She was 29 years old.

13. August 4, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 4, 1893

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THE MILWAUKEE NATIONAL BANK SOLVENT. Milwaukee, Wis., Aug. 3.-Bank Examiner Lynch has finished his examination of the books of the Milwaukee National Bank of Wisconsin, and has forwarded his report to the Controller of the Currency. He says the bank is solvent. Mr. Lynch will remain in charge of the bank until It resumes or until it is put into the hands of a receiver for the winding up of its affairs. The Grand Jury was called to-day to investigate the South Side Savings Pank fullure. The president, G. C. Trumpff. and the cashier, J. B. Koetting, are missing. Affairs of the bank are In bad shape, and depositors will probably lose everything.

14. August 4, 1893 The Providence News Providence, RI

Article from The Providence News, August 4, 1893

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The Milwaukee Bank Solvent. MILWAUKEE, Aug. 4.-Bank Examiner Lynch has finished his examination of the books of the Milwaukee National Bank of Wisconsin and has forwarded his report to the Comptroller of the Currency. He says the bank is solvent. Mr. Lynch will remain in charge of the bank until it resumes or until it is put into the hands of a receiver for the winding up of its affairs.

15. August 5, 1893 The Weekly Thibodaux Sentinel and Journal of the 8th Senatorial District Thibodaux, LA

Article from The Weekly Thibodaux Sentinel and Journal of the 8th Senatorial District, August 5, 1893

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moins dans tout l'Onest. Ainsi parmi les dernière faillites il faut citer : celle de la première banque nationale de la petite ville d'Anthony, Kansas, dont le passif ne s'élève, affirme-t-on, qu'à $50.000, celle de la Kentucky National Bank, de Louisville, qui cause une très grande consternation, et de la State National Bank, de Knoxville, Tennessee. La Kentucky National Bank, était une des plus importantes et passait pour une des plus solides de Louisville. Elle avait été fondée avec un capital d'un million de dollars. Mais ce n'est pas tout. Une véritable panique sévit à la Milwaukee National Bank et une importante caisse d'épargne, connue sous le nom de South Side Savings, ont suspendu leurs payements. Les portes de la plupart des autres banques et caisses d'épargne de la ville ont été assiégées pendant presque toute une journée par des gens affolés et désireux d'en retirer le plus tôt possible l'argent qu'ils y avaient en dépôt. La crise commerciale n'est pas moins grave. Le nombre des faillites commerciales dans tous les Etats-Unis s'est élevé, pendant la semaine, au chiffre extraordinaine de 467.

16. August 8, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 8, 1893

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TROUBLES OF BANKS AND BANKERS. RECEIVERS FOR A NEW-BEDFORD INSTITUTION -A MILWAUKEE BANK TO RESUME New-Bedford, Mass., Aug. 7.-The savings bank commissioners have completed their examination of the affairs of the New-Bedford Safe Deposit and Trust Company. and express their entire satisfaction with the solvency of the institution. The bank has paid out over $200,000 in the last sixty days to depositors, and while the institution had over $40,000 in cash on hand at the time of the suspension, the bank could have at the latest kept on but a day or two longer. The affairs of the bank will be placed in the hands of two receivers, and two New-Bedford men have been nominated for the place. Manchester, N. H., Aug. 7.-Receiver Taggart, of the suspended Defryfield Savings Bank, states that the liabilities of the institution are $252,894. and assets $254,671. He could not state what the loss to stockholders will be as the figures representing the assets are the face value as seen on the books, and no allowance is made for the shrinkage in securities. Springfield, Mo., Aug. 7. The Green County Bank, the oldest in the city, assigned to-day. Liabilities. $137,2421 assets, $252,251. There is some excitement, but no other bank seems to be involved. Milwaukee, Wis., Aug. 7.-Stockholders of the Mil wankee National Bank held a meeting to-day and voted to resume business. Three hundred thousand dollars must be added to the capital stock, and it was voted to raise the money. Pittsburg. Aug. 7.-The principal bankers of Pitts burg. comprising the Clearing House Association, to gether with between thirty and forty of the leading financiers of the city, met at the Clearing House this morning to discuss the financial situation. Several plans were suggested to make the banking Institutions of the city formidable enough to overcome any possi ble emergency that might present itself. No definite plan was adopted. but several are under consideration and will be acted upon finally at a meeting to be held later on. St. Paul. Minn., Aug. 7 (Special).-A meeting of the board of directors of the National German American Bank was held to-day. 11 was decided to call a special meeting of the stockholders on August 17. It is expected that at this meeting arrangements will be perfected for the bank to resume business at an early date. The People's Bank reports that it will resume business soon.

17. August 9, 1893 Watertown Republican Watertown, WI

Article from Watertown Republican, August 9, 1893

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Board of State Deposits. Perhaps the following may put some people to thinking that the old way might have been the best way to have had our state funds taken care of, for the interest saved the state under the new "idee," does not seem to avail much in the present contingency of affairs, and is only "a drop in the bucket" as an offset to what is likely to be lost to the state: MADISON, Wis., Aug. The Board of State Deposits, created by the law providing for the deposits of state funds in banks, and composed of the governor, secratary of state. state treasurer and attorney-general, met this afternoon to consider the question of protection of state deposits in backs which have since failed. The sums of state money SO far tied up in this way include $140,000 in the Mitchell bank, $5,000 in the Milwaukee National, and $5,000 in the Commercial bank of Ean Claire. The total amount of state funds on deposit in banks is reported as between $300,000 and $400,000 The board decided to take legal steps to secure the funds in failed banks as soon as they receive the notice of the state's claims in the several banks from the receivers, and their action will be in the direction of suits against the bonds given as security for such deposits, outside of and above the security of the banks to all its depositors. The situation is interesting to the Democrats in recalling the plight some of them, and especially "Honest John Hunner," might now be in if he had been permitted to follow custom and deposit state funds in banks with responsibility for their safety resting on the treasurer and his sureties, as it formerly did, instead of upon the state, as it does now.

18. August 9, 1893 The Sun New York, NY

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VARIOUS BANK TROUBLES. One Suspension in West Virginta-Clearing House Certificates in Pittsburgh. WELLSBURG, W. Va. Aug. 8.-The Bank of Wellsburg. owned by Samuel George. closed its doors this morning. The bank has assets of $300,000 and liabilities of $150,000. Runs were made on other banks here. V-8 .SnV "puI tive of the Indianapolis National Bank yesterday filed in the Recorder's office four mortgages to the bank. given to secure loans made by the bank. The instruments were a chattel mortgage to the Indiana Glue Works on its plant for $37,799.19. a chattel mortgage to the Indianapolis Curled Hair Works P sewer 4q B *000'07$ JOJ H. F. Stephens. doing business as the New Independent Ice Company. for $7,600 to secure nine notes executed between June 1 and July 31, and a mortgage by T. B. Haughey. President of the bank. and wife for $19,750. covering all the real estate owned by him, including the Mapleton homestead. The glue works and curled hair works are controlledby Schuyler C. Haughey. son of the President. In loaning $40,000 to the curled hair works the National Banking law was violated directly. as the bank's capital was but $300,000. and this sum was. therefore. above the 10 per cent. limit. PITTSBURGH, Aug. 8.-The Executive Committee of the Pittsburgh Clearing House Assoclation decided this afternoon to Issue Clearing House loan certificates, the majority of the nineteen banks composing the association having at noon yesterday voted favorably on the proposition. This. it is expected. will not only relieve the financial depression. which has occasioned less annoyance in Pittsburgh than in any large city in the country. but will put the Pittsburgh banks in such condition that they may successfully thwart an attack. There has been an improvement in the situation here during the last three days. deposits having increased about 25 per cent. The loan certificates will be issued upon collateral bearing 75 per cent. of their face value. CINCINNATI, Aug. 8.-Yesterday was A heavy day for the Cincinnati banks. Owing to the liberal calls made by the whiskey men for the payment of taxes. it is said that nearly $100.000 in currency was taken out of the local banks. No inducements whatever could be used to take the New York banks' exchange for currency. and as a consequence New York exchange WAS a dead letter. MADISON. Wis.. Aug. 8.-The State authorities yesterday decided to begin suit to recover 400,000 tied up by the Marine Bank suspension. $5,000 in the Milwaukee National Bank, and $500,000 in the Commercial Bank at Eauclaire. WORCESTER, Mass. Aug. 8.-At a meeting of the Worcester Clearing House this morning it was voted to request the larger employers of labor doing business with orcester banks to pay off their help in checks payable only through the Worcester Clearing House. the system to continueduring the present scarcity of currency. Several large concerns have agreed to follow this method. WASHINGTON. Aug. 8.-A committee representing the failed national banks of Kansas City had a conference with Comptroller Eckels this morning as to resuming business. Mr. Eckels is disposed to be as lenient AS the law will permit. and it is probable some arrangement will be reached by which the banks may resume. RICHMOND. Va., Aug. 8-A special despatch to the Dispatch from Big Stone Gap says the Big Stone Gap bank of that town was forced to close its doors this morning. Its capital stock was $44,000. It is believed depositors will be paid in full. RICE LAKE. Wis., Aug. 8.-This morning the Barron County Bank. of which N. W. Bailey is proprietor. assigned to R. M. Whitaker. The liabilities are $20,000. but the assets 'are five times that amount. The bank will pay dollar for dollar of its obligations and resume at the earliest possible moment. YORKVILLE. Ill., Aug. 8.-E. L Henning. a banker of Plano. assigned yesterday. It is thought Mr. Henning will soon be able to resume business. ALTAMONT. Ill., Aug. 8.-The banking house pepuedens of & W D jo The cashier. Levi Butler, is missing. He left a letter saving he took $41,000. It is said the depositors will be paid in full. NORTH BRANCH. Minn.. Aug. 8-The bank of North Branch. owned by J. F. Eingsland. failed to open its doors yesterday morning. The

19. August 21, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, August 21, 1893

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Dull-Stocks, Firm and Higher-Wheat, Higher-Flour, Dull. New YORK, August 19.-Money on call nominally 3a6 per cent.. Prime mercantile paper 8a10 per cent. Sterling exchange firm at 483a48734. Silver certificates at 73c. GOVERNMENTS-Dull. 111½ Fours Registered. 111½ Fours Coupons 95 Four--and-a-half Registered 103 Pacific Sixes of '95 STATES-Dull. RAILROADS-Dull and weak; sales, $182,000. STOCKS.-The trading in the stock market in the two hours of business were small to-day, and little interest was shown in the market. The bank statement was generally accepted as favorable, and it contributed to the firmness which characterized the closing transactions. The news of the day was rather more favorable. La Touraine brought $1,348,200 French gold and the Etruria $1,850,000 additional. From St. Paul it was announced that the Milwaukee National and Commercial National, which recently suspended, have decided to re-open. Of the haif-dozen roads which submitted traffic statements for the second week of August, only one, the Louisville and Nashville, showed a decrease. There was little disposition to trade and it is quite likely that no important movement in the stock market will take place until something definite is heard from Washington in monetary matters. The market closed firm and higher. Sales, 42.000 shares. Quotations closed bid: Atchison, 15; Adams Express, 133; American Express, 102; Baltimore and Ohio, 63; Canada Pacific. 71; Central Pacific, 16; Chesapeake and Ohio, 14; Chicago and Alton, 126; Chicago, Burlington and Quincy 743/8; Delaware and Hudson, 10836; Delaware, Lackawanna and Western. 1343/2; Denver and Rio Grande preferred 2836; Erie, 11%; do preferred, 24; Fort Wayne, 140: Illinois Central, 89½; Lake Shore, 113; Michigan Central, 773/2; Missouri Pacific, 20%; Norfolk and Western preferred, 21; Northern Pacific, 3½; do preferred, 17%; Northwestern, 93%; do. preferred, 128: New York Central, 971/4; Pacific Mail, 9%; Peoria, Decatur and Evansville, 7; Pittsburg, 137; Pullman Palace, 142; Reading. 13; Rock Island, 57; St. Louis and San Francisco first preferred, -; St. Paul. 51%; do. preferred, 10936; Tennessee Coal and Iron, 11: Texas Pacific, 5; Union United States Express, 40; Western Union, 76½: Wheeling and Lake Erie. 11; do. preferred, 39%. Mining Stocks-Cholor-; Crown Point, 20; Consolidated California and Virginia, 105; Deadwood, 100; Gould and Curry, 20; Hale and Norcross, 40; Homestake, 850; Independence, -: Mexican, 40; North Star, -:, Ontario 600; Ophir, 40; Plymouth, 15; Sierra Nevada, 20; Standard, 110; Union Con., 25; Yellow Jacket, 35;

20. August 22, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, August 22, 1893

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suit to recover $1,400,000 tied up by the Marine Bank suspension, $5,000 in the Milwaukee National Bank and $500,000 in the Commercial Bank at Eau Chire. YORKVIILE Ill. Aug. 8 -E L Henning, a banker of Plano, assigned yes terday. It is thought Mr. Henning will soon be able to resume business RICE LAKE. Wis., Aug -This morning the Barron County Bank, of which N. W. Bailey is proprietor, assigned to R. M. Whitaker. The liabilities are $20,000, but the assets are five times that amount. The bank will pay dollar for dollar of its obligations and resume at the earliest possible moment CHICAGO, Aug. 8 -The New York creditors charge fraud in the assign ment of the James H Walker Co. Be fore Judge McConnell this afternoon Charles Spielman & Co., who are creditors to the extent of $13,000, through Moran, Kraus and Mayer filed a petition asking that they be allowed to replevin certain goods sold the Jas. H. Walker Co. on July 12 last, they alleging that they were induced to sell the goods and extend credit to the company by reason of certain fraudulent statements as to the resources made by W. A. Mason, treasurer, and by James H. Walker. Eighteen big business failures was the record for one day in New York City alone, August 8. NORTH BRANCH, Minn., Aug 8 -The Bank of North Branch, owned by J.F. Kingsland, has suspended The institution is solvent and will re open in a few weeks. ALTAMONT, III., Aug. 8 -The bank. ing house of C. M. Wright & Co has suspended. The cashier, Levi Butler, is missing. He left a letter say ing that he had embezzled $41,000 of the bank's money. It is said that depositors will be paid in full PITT&BURG, Pa., Aug. 9.-The Linden Steel Co., one of the largest manufac turing concerns in Pittsburg, has suspended operations on account of the stringency of the times and difficulty in procuring discounts and inability to make collections. All the employees, about eight hundred, have been dis charged. The company had a number of contracts from the government for plate. MINNEAPOLIS, Aug 9 -The Missis sippi Valley Lumber Association met here yesterday in semi annual session and agreed to reduce the cut for the balance of the season one-half. The date agreed on for closing the saw mills was September 20. LAWRENCE, Mass, Aug 9.-The fol lowing notice was sent out by theagent of the Pemberton Cotton Mills this morning: "Owing to the extreme diffi culty in obtaining currency with which to pay our employees weekly, accord ing to law, this mill will close Satur day noon, August 12, for three weeks LANSING, Mich, Aug. 9 - E Bement & Sons, manufacturers of implements and stoves, have made a ten per cent cut in the wages of their six hundred employees. The men accepted the cut rather than be thrown out of employment. CHICAGO, Aug. 9 -Swift & Co., packers at the stock yards, yesterday laid off five hundred employees. They also retrenched by reducing the wages of the remaining employees ten per cent. The action was expected, and was caused by the condition of things at present existing at the yards. GUTHRIE, O. T., Aug. 9.-A govern ment official who has just returned from a trip along the Kansas line of the Cherokee strip reports great destitution and suffering among the people. Many are suffering for food and live stock is dying from Texas fever and starvation, the hot weather having burned up the Kansas grass. Hay is held at an enormous price, and a patrol of soldiers prevents the people from pasturing their stock on the abundant grass on the strip.

21. September 21, 1893 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, September 21, 1893

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GENERAL NEWS. Mayor Harrison of Chicago is soon to I be married to a Miss Howard of Biloxi, Miss. Brunswick, a Georgia town, is suffering from an epidemic of yellow fever. Trains are crowded with refugees from the stricken town. Cholera seems to be steadily on the increase in Europe. It has now reached Hamburg. No fear is expressed that it will become epidemic. It is not at all improbable that the Pope will quit Rome on account of the hostility of the government, and make Spain the seat of his power. The western part of the slate was visited by a terrific wind storm on Monday last. Trees were uprooted, fences blown down and many houses leveled. The Milwaukee National Bank which was forced to suspend during the panic will resume on Monday next, with a capital stock double what it was, and a reorganized board of directors. MANY of the Cherokee boomers are on their way home, thorougly disgusted with the land which to their imagination was flowing with milk and honey. The sand storms were too much for them. The fires in the northern and central parts of the state have left many families destitute. County boards in a number of places, are in session providing some means of relief for these destitute persons. A collison occurred on the Illinois Central at the village of Manteno a few miles S north of Kankakee, Ill., on Monday night resulting in the death of 14 persons and the injury of many more. The train had left Chicago in two sections. The first n B stopped for some reason, and the second ran into it. y Last week was a terrible one in northern and central Wisconsin on account of d forest fires. Vast quantities of property t were destroyed and cities were threatene ed with complete annihilation. Many lives were lost and many people bad a S very narrow escape from suffocation or h death by fire. Fires were fought in many cities with regular military system of the dire extremity of the people being e. authority. such that they were willing to recognize d nJohn Jambor, who was sentenced to state prison for having attempted to er murder Mayor Secor of Racine by placing al a bomb on his carriage drive, was releas ze ed on Friday last. He was sentenced to a10 years but good behavior and the clem 10 ency of the State Board of Control short 4 ened his term considerably. The crime of which Jambor was convicted occurred iin June 1886. Though the circumstantial ir evidence fully justified the verdict, Jam in bor still stoutly asserts his innocence. D' The train robbers in northern Michigar ne are in custody-that is there can not ne much doubt that the men now under ar rrest are the guilty parties. The railroad h men were in collusion with the robber 1without much doubt, and several of then rt have been placed under arrest. It was Sthought that the $75,000 taken from th express car was located. It had bee ils shipped in a trunk, but when the trunl to was found it was empty. The plot in rcluded too many for its successful carry ing out.

22. September 22, 1893 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, September 22, 1893

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vent any further steps being taken in the case for several months. The petition of Alexander McDougall for a co-receivership for the Marine bank is very like the petition of Patrick Donnelly also asking for a co-receiver. Mr. McDougall alleges reckless banking on the part of those in control of the Marine bank and sets up that because Receiver Becker is not compelled to file a full statement of the affairs of the bank the petitioner is unable to take steps to protect his interests and the interests of other creditors should any such action benecessary. It is to learn of the true condition of the bank that the petitioner wants to have a co-receiver appointed. William Plankinton did not go to jail this morning. He was in front of the grand jury room with a bundle of papers about 5 minutes to 10 o'clock and the commitment which had been prepared for service in case he failed to comply with the subpoena was not served. The jury wants to make a start on the Wisconsin Marine and Fire Insurance Company bank this week. All of the officers of the Marine bank have been served with subpoenas, but the date of their appearance has not been fixed. The investigation of the Marine bank will probably take up two or three weeks. There is more of a prospect of getting Trumpff and Koetting back here provided that they can be located, than there has been of late. The charges now resting against them do not permit of extradition, but it is understood that proof has been brought to light with which a charge of perjury can be successfully made against the bank officers. They could be extradited on this charge. At a meeting of the stockholders of the Milwaukee National bank this morning it was decided to open the bank for business next Monday. The following officers were elected. President-J. D. Inbusch. First vice-president-John P. Murphy. Second vice-president-J. F. Cramer. Cashier-George Strohmeyer. Directors-J. D. Inbusch, John P. Murphy, J. F. Cramer, George Strohmeyer, T. J. Pereles, Adolph Meinnecke, Sr., John H. Frank, J. H. Rice, Judge George II. Noyes.

23. September 25, 1893 Evening Star Washington, DC

Article from Evening Star, September 25, 1893

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Milwaukee Bank Resumes. Controller Eckels has authorized the Milwaukee National Bank of Milwaukee, which recently suspended, to reopen for business.

24. September 26, 1893 Evening Star Washington, DC

Article from Evening Star, September 26, 1893

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Banks Resuming. The following national banks, which recently suspended payment, having fully complied with the conditions imposed by the controller of the currency, and their capital stock being unimpaired, have been permitted to reopen their doors for business: The First National Bank of Hammond, Indiana: the Milwaukee National Bank of Wisconsin, Milwaukee, Wis.