58b0a421Accommodated withdrawals, Public signal of financial health, Full suspension
Other: Assignee (William Plankington) took official charge; receiver/assignee administration and later resumption under time extensions to creditors.
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The Kun Subsides In Milwaukee. MILWAUKEE. May 15.-The Plankington Bank. upon which there was a run on Saturday. opened its doors at 9A. M. to-day. an hour earlier than usual. There was only a small crowd waiting. and no excitement. The flurry seemed to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals.
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Plankington Bank Excitement Over. MILWAUKEE, May 16.-The Plankington Bank, upon which there was a run Saturday, opened its doors at 9 a m., one hour earlier than usual. There was only a small crowd waiting and no excitement. The flurry seeined to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals.
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There Was a Run. MILWAUKEE, WIS., May 15.-The Plankington Bank, upon which there was a run Saturday, opened its doors at 9 a.m., to-day, one hour earlier than usual. There was only a small crowd waiting. The flurry seemed to be completely subdued. The cashier said the deposits in an hour were five times greater than the withdrawals. The affairs suspended lapped the companies in statu quo. An effort is being made by creditors to re-organize business into a stock company.
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Bank Troubles. By Associated Press to The News. MILWAUKEE, Wis., June 2. Assignee William Plangton, of the Plankington Bank assumed official charge of that institution this morning and a feeling of security to all the depositors pervaids the atmosphere to today, as the appointment of Mr. Plankington gives assurance that every dollar due the depositors will be I aid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeilng among small depositors in other banks and many are withdrawing their money. A small run occurred on the Commercial bank this morn. ing, but that institution, it is quoted, is on a sound basis and can withstand all demands of deposite. In the saving department they will be held closely to the thirty day clause however.
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NOT RESPONSIBLE. The Chase National Did Not Cause the Tacoma Bank Failure. NEW YORK, June 2.-In regard to the olosing of the Merchants National bank, of Tacoma, Wash., President Cannon. of the Chase National bank, says: "It is not true. as reported, that the bank closed on our account. That statement was doubtless given out as an excuse. We are in no sense responsible for the failure, and made no telegraph demand on them. The only connection we had with them was that of making them advances, for which we received ample collateral security. About a week ago they made drafts on us covering an increase on the amount we had advanced them. This was done without consulting us as to our willingness to increase the loan. and we naturally refused to honor the draft. We saw no reason to carry a bank so far west for the large amount they wanted. I suppose when they found their drafts had been thrown out here they failed to raise the money needed to take them up and were forced to suspend." PAULDING, Ohio, June 2.-Potter's bank, one of the oldest and heretofore considered one of the safest in the country. closed its doors this morning. President Ayres and Vice-President Potter will make no statement and Cashier Sponster is not to be found. MILWAUKEE, June 2. -Assignee Plankington assumed official charge of the Plankington bank this morning. The depositore feel sure of getting dollar for dollar. Some small depositors are withdrawing their funds from other banks, but no serious run has yet taken place.
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THE failure of the Plankington Bas of Milwaukee seems not to be due eith to the McKinley bill or to Secretary Carliale. Lappen was 2 friend of the president of the bank, Day, and WON running a furniture manufactory on the McKinley protective plan without capital. He drew capital, and money to pay expenses too, from his friend Day's bank at the rate of $10,000 a clip or a gouge on his personal notes. That made the bank collapse. Mr. Day is too sick to explain, and the directors-well as usual the directors were not directing, at the time when they should have been directing.
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THE LATEST NEWS. Sparks from the Wires--Most Important Events Throughout the World for a Week. The People's Bank of North Baltimore has failed. NEW YORK May -Wall street is dull to-day and stocks lower. TAMPA, Fla., May 31 -The Gulf National Bank, with a capital stock of $50,000, has failed. J A. Spence & Bro, grocers. Raleigh. assigned Thursday. Liabilities about $10,509.83. "Scarcity of money." MILWAUKEE, Wis, June 1.-The Plankington Bank, which was involved in the F. A. Tappan failure, closed its doors this morning. AUGUSTA, Ga., May 29.-Freight Con ductor George Arnold, of the Georgia Road, fell between two cars near Union Point to-day and was killed. Ex Secretary Foster, who lives at Fostoria, Ohio, has assigned, with liabilities of over one million dollars. He is getting a taste of "great pros perity." LITTLE Rock, Ark., May 29-The Buddentseig Furniture Company, the largest concern of the kind in the State, has failed liabilities, $200,000; assets, $50,000. FARGO, N. D, May 30.-It is expected here that at least twenty bank failures will follow the closing of the Bank of North Dakota. President Mears ran them on the Dwiggins plan. SOCIAL CIRCLE, Ga., May 30.-Mr. W. B. Malsby was shot and killed last night after supper while assisting in the arrest of George Connell, colored, for whom a warrant had been issued BIRMINGHAM, Ala., May 29.-Aspecial to the Age Herald from Opelika says: Pink Haley, son of a prominent citi zen while on a spree last night. shot a colored courtesan named Dought Greenlea and then killed himself. The girl will die. SAVANNAH, Ga, May 30. -Near Hazel hurst Monday an unknown white tramp tried to commit a criminal assault upon a white woman named Mrs. Crosby. She drew a pistol and shot him in the head. He staggered off a short distance and fell dead in his tracks NEW YORK, May 29 -It is stated that the Macon and Northern Railroad, ex tending from Athens, Ga, to Macon, Ga, 110 miles, will withdraw from the Richmond Terminal system. The rea son assigned is that the terms awarded the stockholders under the new plan are not liberal enough. WASHINGTON, May 29. ptroller Fekels was to day informed of the failure of the Gulf National Bink, of Tampa, Fla The capital of the bank was $50,000 and the individual deposits $123,316. The stock and management changed hands May 4th. Bank Examiner McDonald has been ordered to take charge of the bank.
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THE TACOMA BANK FAILURE The President of the Chase National Makes a Statement. NOT RESPONSIBLE FOR THE FAILURE Plankington Will Pay the Creditors of the Milwaukee Bank Dollar for Dollar. An Ohio Bank Suspends. New YORK, June 2.-In regard to the closing of the Merchants' national bank, of Tacoma, Wash, President Cannon, of the Chase national bank, says: "It is not true, as stated, that the bank was closed on our account. About a week ago they made drafts on us covering an increase on the amount we had already advanced them. This was done without consulting us as to our willingness to increase the loan, and we naturally refused to honor the draft. Like most Western banks in rapidly growing and 80-called boom towns, they were doubtless loaded up with local paper, more than they could carry in a tight market." The Plankington Failure. MILWAUKEE, June 2.-Assignee Plankington has assumed official charge of the Plankington bank this morning. Depositors feel sure of getting dollar for dollar. Some small depositors are withdrawing funds from other banks but no serious run has yet taken place. An Ohio Bank Failure. SPAULDING, O., June 2.-Potter's bank, one of the oldest and heretofore considered one of the safest in the country, closed its doors this morning President Ayers and Vice-President Potter will make no statement and Cashier Sponster cannot be found. Typewriters Fall. BOSTON, Mass., June 2.-Thorp and Martin, manufacturers of typewriters, have failed. Liabilities $100,000; assets nominally the same. A Receiver Appointed. NEWARK, N. J., June 2.-Judge Andrew Kirkpatrick has been appointed receiver for the Domestic Sewing Ma. chine Company.
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New York Bankers Say the Worst Is Over So Far as They Are Concerned. Despite the Failures on the Pacific Coast Elsewhere This Week the Situation Has Improved and Money Is Less Stringent. Money Telegraphed to San Francisco to Aid the Banks of That City. Two Big Institutions with Ample Assets Forced to Suspend for Lack of Ready Cash-Other Troubles in the Business World. THE FINANCIAL SITUATION. New York Bankers View the Outlook with More Hopefulness than Week Ago. an NEW YORK, June 28,- Banks reported easier feeling this morning in the West and said that the demande for rediscounts and currency were much less. The of bankers to-day most ly concentrated in the situation on the Pathe subtreasury it that $500,000 in currency was exchanged to day for transfer to San Francisco. Besides the gold thus transferred, shipments of currency made direct to-day to that city by express, which made the aggregate amount of money forwarded to-day about $1,000,000, and more will be sent to-morrow in the same way. It is believed that the help San Francisco from this city relieved the stringency there. 60 that beyond the bank failure announced day no further trouble 18 expected. of Dr. R. H. McDonald, preside the Pacific Bank, who is stopping at the Astor House, shocked hen he heard to-day that the bank had closed. Hesaid: *Though president of the bank I have not been I active in its management for some time. sufficiently with the affairs of the institution, however, to feel confident that there is chance for of the depositors to lose anything. will liquidate for almost the amount cap. ital and surplus, $1,000,000 and $800,000, respectively. The bank had gone into no time my departure. Of the local business we had fair percentage, extraordic coun. try. It was the heavy drafts made by the country banks. I presume, which forced the suspension. subtreasury began the payment to on coupon day bonds. due July The number of coupons presented for payment to-day, however, Holders of bond probably get their checks They will be paid presented. The be paid in disbursement The $6,000,000. aid in very market, relieve the pressure money to railway and other The tional this afternoon what they thought of the situaThey in the that the number of banks which close their doors san and elsewhere, the situation decidedly improved. comthis to day pared president, "and feel at liberty to discount to-day freely than did this day last week The atmos. phere cleared, and think the worst number of other bank rep. sented their of Mr. Parsons, manager for Wells, Fargo banking business in San Francisco, the through was made entirely telegraph takes from two three days to transfer through from money ury to San Francisco, the transfer made by telegraph from ashington upon from the subtreasurer here. Yesterday, how. Morgan. the United States accept telegraph advice from Assistant the this city, 80 that the San Francisco enabled to receive yesterday, the money be subtreasurer here. followed it possible deposited at here, transfer paid to the Francisco before they begin business on the same -that is, before 10 o'ock. Two Bank at San SAN FRANCISCO, June The Pacific Bank did not open to-day. The direct eause note from the Clearing House Association that the bank's paper would not be accepted. It has been known for some time that the bank was laboring under financial difficulties. The Pacific Bank organized in 1863 by R. H. McDonald and its present manager is R. H. MoDon. ald, paid up capital stock of $1, 000,000, nominal reserve of about $700,000 and deposits about 81 1,500,000, according offi report. The loans and dia about $2,500,000. The failure be due to recent monetary troubles. expected that depositors lose nothing The People's Home Savings Bank also failed to its doors this Bank the door the follow to president, Watehouse, night deeded Bank erty to property Failure of the the ordered the regular dividend around San the ovened Union is but subsided feeling cure footing. presidents many of that glad the crisis arrived they may show their strength SAN Cal. June The First Bank closed doors day. after undergoing a run for the past five days. Banker Day Missing T. Day, MILWAUKEE, Wis., June 23 formerly president of the Plankington Bank, has mysteriously disappeared, While the grand jury was the failure Plankington Bank Mr. his health time be not been heard were $644,000 and about $550,000. An Indiana Bank Suspends Special FORT WAYNE, Ind., June 23. The First National Bank Kendallville, oldest in Noble county closed its doors at noon today The suspension is said to have been caused by the bank carrying a large amount of paper of the Flint & Walling Manufacturing Company of that place There
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with its employes. Socialism seems to be marching straight to the front. *** All incomes above $100 in Prussia are taxed, and only one person in forty-three has an income in excess of $750. *** In New York city many of the working women receive less than two dollars a week. Is it any wonder that prostitution is on the increase? *** In Kansas 8,851,076 acres of land have been given to the railroads, and yet Republican papers in that State say the people cannot build the railroad suggested from the north line of North Dakota to the Gulf of Mexico. *** A Republican Legislature in Massachusetts killed a fifty-six hour bill before that body, and yet that party passes as the friend of the laboring man *** The Ohio State Labor Bureau has secured situations for more than thirty-eight thousand people. The Labor Commissioner of Kansas has established an Employment Bureau and is having many applications. *** A Pittsburg, Pa., glass company has proposed to its employes a plan of profit sharing. Can anybody assign a single good reason why a system of this kind may not be inaugurated? *** The Pinkertons are shut out of Michigan. If the people keep after these thugs they will have them in a hole soon. *** It is said that the people of Toronto are rapidly coming around to the municipalization of street railways. That idea is not confined to Detroit by a jugful. *** The Populist State government in Kansas is making it warm for corporations, trusts and underground insurance companies. *** The working people of Lake Linden, Mich., elected their own kind of people to office last spring, and now they are getting what they ask for. That is the practical way. If the people want any reforms they must elect men favorable to such reforms. *** Pious John Wanamaker is having a strike in his Philadelphia store. Waiters are striking for $7.50 a week. No doubt Pious John's daily prayer is: "O, Lord, save me from the greed and avarice of these pesky waiters." *** It was fully expected that the subsidized press of the country could be depended upon to oppose the income tax and the country is not being disappointed. It would be better to be dog and bay the moon than a plute editor. *** When the accounts of business failures can be condensed in a column of an ordinary daily newspaper nowadays the "business outlook" is said to be "encouraging." *** Governor Lewelling of Kansas has addressed a letter to the Governors of other States asking their co-operation in inducing the railroads to lower the World's Fair rates. * It now turns out that the novel method of restoring confidence adopted by the Plankington Bank officials of Milwaukee in running in a safe by special engine and car from Chicago, surrounded by Pinkerton detectives and guards, and making a great display during the late run on that bank, was a great fake-a Quaker gun affair, as it turns out that the safe was empty. However, this is on a par with the whole structure of banking and financiering. *** The Republicans feel like hugging Cleveland every time they think of his "aseenit/on the regelenam"
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BUSINESS UPS AND DOWNS. ST. PAUL, Minn., Oct. 31.-The reorganized National German-American Bank. which closed its doors during the financial stringency Aug. 4. reopened yesterday. ST. PAUL. Minn., Oct. 31.-Judge Caldwell. of the United States Circuit Court. has appointed F. C. Hills. of Sioux City, receiver of the Sloux City, O'Neill and Western Railroad. on the application of the Manhattan Trust Company, of New York. TIFFIN. O., Oct. 31.-The strike at the Sneath Glass Works occasioned by the management discharging a union blower was settled and the men all returned to work yesterday. BOULDER. Col., Oct. 31-AH the coal miners at Lafayette, Louisville and Erie have gone to work. MILWAUKEE. Oet. 31.-William Plankington said yesterday that early in December he would pay. as assignee for the Plankington Bank, a dividend of 15 or 20 per cent., and that that would be the only dividend paid this year. DULUTH, Minn., Oct. 31.-J. B. Stuphin, for a number of years prominent in Duluth in business and polities, made an assignment yesterday.
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JUNE. 1. Professor Briggs suspended. Naval Boar indorses the Monterey. Plankington Bank at Milwaukee fails. First talk of a Midwinter Fair. 2. Lutheran Synod asks for a national law on divorce. 3. Several killed and $200,000 worth of prop-
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BANKS REOPENING. Milwaukee Finally Recovering from the Troubles of Last Summer. By The Associated Press. MILWAUKEE, March 1. With the opening of the Commercial Bank today and the resumption of the Plankington Bank within a few days, all the Milwaukee banks, which suspended during the panie last summer, with the exception of the South Side Savings Bank, will again be in operation. The creditors of all the banks are to be paid in full under a system of time extensions for a period of two years. In the case of the South Side Bank the unpreferred creditors will receive little or nothing.
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HAS BEEN LIVING AT LONDON. The Man Whose Failure Started the Milwaukee Panic of 1893. MILWAUKEE, Dec. 7.-Information has been received here showing that Frank A. Lappen, who in 1893 was the proprietor of a large dry gods store in this city, and whose failure at that time precipitated the downfall of the Plankington Bank and started the panic of 1893, has been located in London. During the panic Lappen disappeared, leaving a large number of creditors, and since that time has never been heard from. There are seventeen indictments pending against him in this city. It is now discovered that he went to the West End of London and settled in a place called Acton, under the name of F. J. Measures. He leased a fashionable residence from Baron Rothschild named Gunnesburg Lodge. He cut quite a figure in the vicinity for some time, and recently disappeared from there, leaving a lot of creditors.
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FOUNDER OF THE PANIC. Milwaukee, Wis., Dec. 7.-Information has been received here showing that Frank A. Lappen, who in 1893 was proprietor of a large dry goods store in this city, and whose failure at the time precipitated the downfall of the Plankington bank and started the panic of 1893, has been located in London. There are many indictments against him.
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LAPPEN LOCATED But the Money He Took Has Been Spent MILWAUKEE, Wis., Dec. 7.-Information has been received here showing that Frank A. Lappen, who, in 1893, was the proprietor of a large dry goods store in this city, and whose failure at that time precipitated the downfall of the Plankington Bank and started the panic of 1893, has been located in London. During the panic Lappen disappeared, leaving a large number of creditors and since that time has never been heard from. There are seventeen indictments pending against him in this city. It is now discovered that he went to the west end of London and settled in a place called Acton under the name of F. J. Measures. lie leased a fashionable residence from Baron Rothschild named Gunnesbury Lodge. He cut quite a figure in the vicinity for some time and recently disappeared from there leaving a lot of creditors.