22757. Plankington bank (Milwaukee, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
May 13, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
8f15a19a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension

Other: Assignment (made to William Plankington) and bonds posted by sureties

Description

Contemporary articles report a sharp run May 13, 1893 (tellers paid out large sums; 30-day rule applied to savings). The bank later closed/suspended June 1, 1893 and made an assignment the same day (William Plankington appointed assignee and gave bonds). Cause throughout tied to the failure of F. A. Lappen & Co., a large borrower. Bank type not specified in articles.

Events (3)
1. May 13, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed publicity that the bank had loaned $219,000 to Frank Lappen & Co., which failed; small depositors panicked and demanded cash.
Measures
Tellers paid out large sums during the day; savings withdrawals refused under the 30-day notice rule; bank received funds from correspondents/other banks to meet demands.
Newspaper Excerpt
There was a sharp run on the Plankington bank today. There was a crowd of 300 around the bank before the doors opened, and from the commencement of business until the closing hour the tellers were kept busy paying out money. Savings depositors were refused money under the rule requiring thirty days' notice before withdrawal of funds.
Source
newspapers
2. June 1, 1893 Receivership
Newspaper Excerpt
The Plankington bank ... made an assignment this afternoon. The court appointed William Plankington assignee. He immediately gave $1,600,000 bonds.
Source
newspapers
3. June 1, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure/suspension resulted from poor asset showing at F. A. Lappen & Co. (large indebtedness to the bank) and continued withdrawals; inability to reorganize prompted assignment/closure.
Newspaper Excerpt
The Plankington bank closed its doors this morning. The suspension is largely due to the failure of F. A. Lappen &Co., and the Lappen Furniture Co.... Late this afternoon the bank made an assignment.
Source
newspapers

Newspaper Articles (19)
1. May 14, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, May 14, 1893

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Article Text

GOT THEIR MONEY. Patrons of n Solid Bank Fall Into . Needless Panic. MILWAUKEE. May 13. I The fact that the Plankington bank loaned $219,000 to the firm of Frank Lappen & Co., which broke down Friday by attachment proceedings begun by the bank, had a decided panicky effect on the smaller depositors of shatin. stitution, and long before the hour for opening the bank this morning the streets in the vicinity were crowded. As noon an the doors were opened there was a long line of men and women in front of the teller's window, and that officer kept him post steadily until four o'clock this afternoon, meeting every demand, a total of $100,000 in small sums. Shortly after the bank opened a special train of one ORT and an engine arrived from Chicago with $77,000, the enah balance due the Plankington from the Continental National bank of Chicago, and the clamoring depositors made only short inroad upon this before n messenger arrived from the Wisconsin Marine and Fire Insurance company's bank with $32,000 due from that institution. There were plenty of offers of help from other banks during the day. The clearing house association baving passed a resolua tion to help the Plankington, but their s assistance WAH not needed and the Plankington came out with flying colors. A committee of creditors in charge of the affairs of F. A. Tappen & Co. has given 1 out a statement that the liabilities and ase sets of the firm are represented by the same figures. $600,000, a LINCOLN, Neb., May 13.-Kendall & Smith. grain dealers, with numerous elevators throughout the state, failed. There are mortgages on their property aggregating nearly $300,000. Pressing claims came d which, it is alleged. could not be satisfied. o Among them was one from the president of the board of directors of the Columbia t National bank, of Chicago, for $25,000. EDWARDSBURG, Micb., May 13.-The doors n of the Edwardsburg bank were closed shis d morning and is notice posted on it by the d cashier. saying the suspension was only temporary. and that depositors would not lose anything if they would stand by him. y NEW YORK. May 13.-Frederick T. Sherd man, as assignee of Thomas M. Barr & , Co., failed coffee brokers, to-day presented n an affidavit showing the resources of the estate to be, in round figures: Nominal avd sets $787,758, actual assets $247,867. o FORT WAYNE, Ind., May 13.-The Citi. y zens bank of Monroeville, this county, I. olosed its doors at noon, causing much exo oitement. it was organized bv Dwiggins, 11 Starbuck & Co., of the Columbia bank, of Chicago. some years ago. e DULUTH, Minn., May 13.-The Dnluth a. roller mills assigned. Liabilities $67,000. at assets estimated from $75,000 to $125,000. at The Chicago squeeze in May wheat is said to be the cause. is of CHICAGO. May 13.-Confessions of judgment for $41,000 were entered this aftery noon against L. W. Fonner & Co., whole. sale boot and shoe dealers.

2. May 14, 1893 Fairhaven Herald Fairhaven, Bellingham, WA
Article from Fairhaven Herald, May 14, 1893

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Article Text

Run on Milwaukee Bank MILWAUKEE, May 13-There was a sharp run on the Plankington bank todoy. There was a crowd of 300 around the bank before the doors opened, and from the commencement of business until the closing hour the tellers were kept busy paying out money. Savings depositors were refused money under the rule requiring thirty days' notice before withdrawal of funds.

3. May 14, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, May 14, 1893

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MEETING A RUN. Milwaukee, May 13.-There was a sharp run on the Plankington bank today. A crowd of 300 was around the bank before the doors opened, and from the commencement of business till the closing, the tellers were kept paying out money. The savings depositors were refused their money under the rule requiring thirty days notice before the withdrawal of funds. By noon, however, the scare was practically at an end.

4. May 15, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, May 15, 1893

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The Bank Safe. WILWAUKEE, Wis., May 15.-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. No excitement, and the flurry seemed to be completely subdued.

5. May 16, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, May 16, 1893

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OTHER FAILURES. None of Much Consequence in This Country-Heavy in Australia. SIOUX CITY. Iowa, May 15.-The Sioux City Street Railway company, operating thirty-two miles of electric lines in this 1 city, passad, into the hands of a receiver to-day after consultation with eastern oreditors. James F. Peavy, president of the company, was named by consent. The plant is valued as $1,000,000. The floating indebtedness is $275,000. The receivership was thought advisable because of the diff. culty of floating consolidated bonds to secure $525,000 of first mortgage paper. Creditors consist the company's embarrassment only temporary. MINNEAPOLIS, May 15.-The Farmers and Merchants State bank suspended payment, the following notice being posted on the doors: "Pending R run this bank has suspended payment. Expect to resume in a few days." The statement shows a capital of $60,000. surplus $7,000. The suspension canses no surprise, as it has been looked on as weak for some. It should be noted that this is not the Farmera and Mechanios Saving bank. BRISBANE, May 15.-The Bank of North Queensland and the Queensland National bank have suspended. De. osits in the latter at the last report we're £8,500,000, half of which were from Great Britain. It's subscription capital WHB £16,000,000, half paid up. It has claimed a reserve of £500,000. It has a bianoh in Sydney, N. S. W., and various other places in Australia. DENVER. May 15.-Wm. H. Mygatt. banker and real estate deale', Resigned today. Assets are given at $591,860 and liabilities at $507,389. The principal creditor in Denver is the National Bank of Commerce, to which Mygatt owes over $40,000. gatt said that conse vativo business men assured him his assets are really worth more than the statement filed. LONDON. May 15.-Private cables announce the suspension of the Commercial Banking com any, of Sydner, N. S. W., one of the oldest banking concerns in the antipodes. Capital £600,000, reserve £800,000. There were many branches in Queensland and New South Wales. For this and other reasons uneasiness on the London stock exchange is increasing. LONDON. May 15.-R. Hodgson & Sons, the well known broke a mentioned as failed Saturday, have been helped over their diffioulties. The stock exchange was norvously excited, everybody was selling. So far only two small houses have failed. but several large houses are said to be involved. TORONTO. May 15.-The Ontario Coal company assigned to-day. The Nelson bank is the principal local creditor, the amount of paper held by 11 being between $250,000 and $400,000. The Ontario bank is interested to the extent of over $100,000. MILWAUKEE. May 15.-The Plankington bank opened an hour earlier than usual this morning. There was no renewal of Saturday's run and the flurry seems to have entirely subsided. Deposits far exceeded withdrawals this morning. BRISBANK, May 15.-The Permanent Building and Loan association of this city suspended payment to-day. The New South Wales government has proclaimed bank notes legal tender. CHICAGO, May 15.-The directors of the busi Columbia bank met to-day and deolded to resume as soon as possible. BOSTON. May 15.-R. & J. Gilchrist & Co.. diy. goods, assigned. Liabilities and assets not yet known. NEW YORK, May 15.-The report of the Cordage receiver shows assets of $10,000,000.

6. May 16, 1893 The Dalles Daily Chronicle Dalles, OR
Article from The Dalles Daily Chronicle, May 16, 1893

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Article Text

The Plankington Bank. MILWAUKEE, Wis., May 15. - The Plankington bank opened an hour earlier than usual this morning. There was no renewal of Saturday's run, and the flurry seems entirely subsided. The deposits far exceed the withdrawals this morning.

7. May 16, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, May 16, 1893

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Full Confidence Restored. MILWAUKEE, WIS., May 15.-The Plankington bank, upon which there was a run Saturday, opened its doors at 8 a. m. today one hour earlier than usual. There was only a small crowd waiting, and no excitement. The flurry seemed to be completely subdued. The cashier said the deposits in an hour was five times greater than the withdrawals.

8. May 16, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, May 16, 1893

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The Plankington Bank All Right. 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 and no excitement. The flurry seemed to be completely subdued. The cashier said the deposits in an hour were five times greater than the withdrawals.

9. June 1, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 1, 1893

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MILWAUKEE BANK CLOSED The Plankington Suspends Operations This Morning. MILWAUKEE, June 1.-The Plankington bank, which was involved in the Lappen failure a short time ago, closed its doors this morning. The exact state of its financial distress is not yet known.

10. June 2, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, June 2, 1893

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PLANKINGTON WILL PLAY. Though the Bank Suspends His Private Fortune Is Great. MILWAUKEE, Wis., June 1.-The Plankington bank, which stood a hard run two weeks ago after it became known through the failure of F. A. Lappan & Co., that the institution had loaned $219,000 to the firm. closed its doors this morning and made an assignment this afternoon. A notice was placed upon the door which stated that on account of the failure to re-organize the bank, and the constant withdrawal of deposite it was thought best to close. Laipen's inventory was finished yesterday evening and the poor showing of assets made by it settled the bank. The assignment was made to Wm. Plankington this afternoon. He WAS placed under bonds to the amount of $1,600,000. His bondsmen are John L. Mitchell, Chas. Ray and David Ferguson. According to the bond the bank assets are $1,600,000. The opinion prevails that Plankington will see that all claims are paid.

11. June 2, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 2, 1893

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BANK FAILURE IN MILWAUKEE. Milwaukee, June 1.-The Plankington bank closed its doors this morning. The suspension is largely due to the failure of F. A. Lappen &Co., and the Lappen Furniture Co., two weeks ago, with liabilities probably amounting to three-quarters of a million. The condition of the bank at the time of closing cannot be learned. It is believed the showing will not be satisfactory. The opinion prevails that Plankington will personally see all claims paid. Late this afternoon the bank made an assignment. The court appointed William Plankington assignee. He immediately gave $1,600,000 bonds.

12. June 3, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 3, 1893

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MILWAUKEE'S BANK FAILURE. Milwaukee, Wis., June 2.-Assignee Plankington assumed official charge of the Plankington bank this morning. Depositors 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.

13. June 3, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 3, 1893

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Milwaukee, Wis. June 15 Asignee will Plankington of the Plankington bank asumed official charge of that institution this morning. A feeling of security to all depositors pervades the atmissphere today. as the appointment of Mr. Plankington gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks, and many are withdrawing their money. A small run occurred on the Commercial bank this morning. but that institution, it is quoted, is on a sound basis and can withstand all demands. Depositors in the saving department will be held closely to the thirty-day clause however,

14. June 6, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 6, 1893

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THE NEWS BRIEFLY TOLD. Revenue officers have detected extensive smuggling of tin at Eastport, Me. Charles Deshon, the American imprisoned at Panama, has been released. The gold reserve has reached its lowest mark since Jan. 1, being only $89,939,217. Two thousand five hundred Americans sailed from New York for Europe June 3. Mrs. Jefferson Davis and daughter, Miss Winnie Davis, have returned to New York. Thomas Nelson Page of Virginia will on Tuesday wed the wealthy Mrs. Florence Field at Chicago. Several small banks and firms in Milwaukee affected by the Plankington bank failure have made assignments. It is expected that there will be 30,000 coal miners out on a strike July 1 in the Kansas and Missouri coal fields. Colonel Charles T. O'Fe rall of Virginia denies having been a candidate for congress on the Republican ticket in 1872. Governor Flower of New York is quoted as saying there is no reason why President Cleveland should not run for president again in 1896. Eight tons of dynamite and giant powder exploded near Virginia, in the Mesaba iron range, doing much damage to the village a mile and a half away. The indictments found by the grand jury at Pittsburg against H. C. Frick and others on the charge of murder at Homestead, Pa., have been quashed. Great distress is following the floods in the Lake Providence district of Louisiana, over 1,000 families being homeless and in imminent danger of starvation.

15. June 8, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, June 8, 1893

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General News. The remains of Jefferson Davis were reinterred at Richmond, Va. The world's fair directors are short of money. The Whiskey trust will offer $4,000,000 of bonds for sale. The Plankington bank, Milwaukee, is closed. adelphia & Reading Railroad company. in place of A. A. McLeod. Mr. Harris raust qualify in $500,000 bonds. In the United States circuit court at New York Judge Lacomb has appointed Joseph S. Harris a receiver for the PhilChildren decorated the graves of the soldier dead at Gettysburg on Decoration day. The Presbyterian general assembly voted to sustain the appeal in the case of Dr. Briggs. The proposed cowboy race from Chadron, Neb., to the world's fair is declared off. Jim Hall, in London, defeated Frank Sivian in seven rounds. Slavin apparently made no effort to hold his own. Fifty journeymen tailors are on a strike at Bloomington, III., for a free workroom. The bosses, who have been paid rent for the room, have decided to resist the demand. It has been ordered by the railroad commissioners of Mississippi that the rate for a berth in a sleeping car in that state must not be over $1 for 100 miles. The Santa Fe has postponed the putting into effect of its new world's fair rates to permit of another attempt to reach an agreement. The steamer Haytien Republic has been seized at Seattle, Wash. for alleged connection with the transportation of Chi nese from British Columbia. The East & West railroad of Alabama was sold under the hammer to Eugene Kelly of New York for $300,000 in cash and the receiver's certificate, making the total price paid $1,200,000. The Spanish club of St. Louis, which has invited Mexicans who this year visit Chicago to accept the hospitality of St. Louis, is embarrassed because the necessary funds for entertainment cannot be raised.

16. June 9, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, June 9, 1893

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THE MILWAUKEE BANK FAILS. The Plankington Institution Compelled to Close Its Doors. WILWAUKEE, Wis., June 1.-The Plankington bank closed its doors this morning. The suspension is largely due to the failure of F. A. Lappen & Company and the Lappen Furniture Company two weeks ago, with liabilities probably amounting to three quarters of a million dollars. The condition of the bank at the time of closing cannot be learned. It is believed that the showing will not be satisfactory. The opinion prevails that Plankington will personally see all the claims paid. Late this afternoon the bank made an assignment. The court appointed William Plankington assignee. He immediately gave bonds in the sum of one million and six hundred thousand dollars. THE EFFECT IN CHICAGO. CHICAGO, June 1.-Wheat was weak this morning, dropping a cent below yesterday's last price. Then came the announcement of the Plankington bank failure and a drop of another cent followed, making the price the lowest touched for a number of years. A Tacoma Bank suspends. TACOMA, June 1.-The Merchants National bank has suspended payment temporarily. A notice on the door states that this action is taken on account of a stringency in the money market and inability to make collections. It will probably resume payment in a few days. The suspension caused surprise but no excitement. The bank is the oldest in the city and has a paid-up capital of $250,000. W. J. Thompson is president. Figures given out at this time, said to be approximately correct, show the total liabilities six hundred thousand dollars, and assests eleven hundred thousand. Plate Glass Works Close Down. KOKOMO, Ind., June 1.-The Diamond Plate Glass Company of this city employing 800 men, has closed indefinitely. The branch plant at Elm wood is also closed, throwing 600 men out of work. An official of the company said: "We have more than $600,000 worth of glass on hand and the market 18 utterly demoralized." Sewing Machine Company in Trouble. NEWARK, N J., June 1.-Vice-President Blake, of the Domestic Sewing Machine company, has made an application in court for the appointment of a receiver for the company.

17. June 10, 1893 The Washburn Leader Washburn, ND
Article from The Washburn Leader, June 10, 1893

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General News. The remains of Jefferson Davis were reinterred at Richmond, Va. The world's fair directors are short of money. The Whiskey trust will offer $4,000,000 of bonds for sale. The Plankington bank, Milwaukee, is closed. adelphia & Reading Railroad company, in place of A. A. McLeod. Mr. Harris must qualify in $500,000 bonds. In the United States circuit court at New York Judge Lacomb has appointed Joseph S. Harris a receiver for the PhilChildren decorated the graves of the soldier dead at Gettysburg on Decoration day. The Presbyterjan general assembly voted to sustain the appeal in the case of Dr. Briggs. from Cha The proposed dron, Neb., to the world's fair is. declared off. Jim Hall, in London, defeated Frank Slvian in seven rounds. Slavin apparently made no effort to hold his own. Fifty journeymen tailors are on a strike at Bloomington, Ill., for a free work+ room. The bosses, who have been paid rent for the room, have decided to resist the demand. It has been ordered by the railroad commissioners of Mississippi that the rate for a berth in a sleeping car in that state must not be over $1 for 100 miles. The Santa Fe has postponed the putting into effect of its new world's fair rates to permit of another attempt to reach an agreement. The steamer Haytien Republic has been seized at Seattle, Wash., for alleged connection with the transportation of Chinese from British Columbia. The East & West railroad of Alabama was sold under the hammer to Eugene Kelly of New York for $300,000 in cash and the receiver's certificate, making the total price paid $1,200,000. The Spanish club of St. Louis, which has invited Mexicans who this year visit Chicago to accept the hospitality of St. Louis, is embarrassed because the necessary funds for entertainment cannot be raised.

18. June 17, 1893 The Washburn Leader Washburn, ND
Article from The Washburn Leader, June 17, 1893

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General News. The remains of Jefferson Davis were reinterred at Richmond, Va. The world's fair directors are short of money. The Whiskey trust will offer $4,000,000 of bonds for sale. The Plankington bank, Milwaukee, is closed. adelphia & Reading Railroad company, in place of A. A. McLeod. Mr. Harris must qualify in $500,000 bonds. In the United States circuit court at New York Judge Lacomb has appointed Joseph S. Harris a receiver for the PhilChildren decorated the graves of the soldier dead at Gettysburg on Decoration day. The Presbyterian general assembly voted to sustain the appeal in the case of Dr. Briggs. The proposed cowboy race from Chadron, Neb., to the world's fair is declared off. Jim Hall, in London, defeated Frank Slvian in seven rounds. Slavin apparently made no effort to hold his own. Fifty journeymen tailors are on a strike at Bloomington, III., for a free workroom. The bosses, who have been paid rent for the room, have decided to resist the demand. It has been ordered by the railroad commissioners of Mississippi that the rate for a berth in a sleeping car in that state must not be over $1 for 100 miles. The Santa Fe has postponed the putting into effect of its new world's fair rates to permit of another attempt to reach an agreement. The steamer Haytien Republic has been seized at Seattle, Wash., for alleged connection with the transportation of Chinese from BritisheColumbia. The East & West railroad of Alabamn was sold under the hammer to Eugene Kelly of New York for $300,000 in cash and the receiver's certificate, making the total price paid $1,200,000. The Spanish club of St. Louis, which has Invited Mexicans who this year visit Chicago to accept the hospitality of St. Louis, is embarrassed because the necessary funds for entertainment cannot be raised.

19. December 7, 1898 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 7, 1898

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BOBBED UP FOR THE MOMENT After Five Years on the Underground, Only to Disappear Again As His Hiding Place Became Known. Milwaukee, Wis., Dec. 7.-Information has been received here that Frank A. Lappen who in 1893 was proprietor of a large dry goods store in this city, and whose failure precipitated the downfall of the Plankington bank has been located in London. During the panic of 1893 Lappen disappeared, leaving a large number of creditors, also indictments against him. He went to West End, London, under the name of F. J. Measures and leased a fashionable residence from Baron Von Rothschild. But he recently disa ppeared from there