22759. Plankinton Bank (Milwaukee, WI)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 3104c7ad

Response Measures

Accommodated withdrawals, Capital injected, Full suspension

Other: Assignee/receiver appointed; reorganization and time-extension plan for creditors/depositors.

Description

A run began May 13, 1893 tied to the bank's involvement with the Frank A. Lappen failure. The bank suspended in early June 1893 (assignment/assignee took charge). The institution later resumed operations (resumption reported Feb–Mar 1894). Articles identify it as a state bank and describe assignee William Plankinton and reorganizational steps.

Events (4)

1. May 13, 1893 Run

Cause: Bank Specific Adverse Info
Cause Details: Distrust and heavy withdrawals triggered by the bank's large exposure/implication in the Frank A. Lappen failure.
Measures: P. D. Armour (stockholder) sent $1,000,000 in currency; tellers paid depositors as presented; savings depositors required to give 30 days' notice.
Newspaper Excerpt: The expected run is being made on the Plankinton Bank on account of implication in the F. A. Lappen failure.
Source: newspapers

2. June 2, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Reorganization failed/large adverse claims and exposures (ties to Lappen failure); assignee appointed and bank closed its doors and suspended to adjust matters and reorganize under an assignment.
Newspaper Excerpt: The Plankinton bank of Milwaukee yesterday... 'Every dollar will be paid, but it will take a little time, probably not over two weeks.' Assignee Plankinton assumed official charge.
Source: newspapers

3. February 18, 1894 Reopening

Newspaper Excerpt: The resumption of the Plankinton bank at Milwaukee, with an unimpaired capital, is one of the encouraging signs of the times. It is the last of the large financial concerns that recently suspended to resume business, ... .
Source: newspapers

4. * Other

Newspaper Excerpt: Assignee Plankinton assumed official charge of the Plankinton bank this morning. The 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. (also reports appointing assignee and bonding amounts and indictments later).
Source: newspapers

Newspaper Articles (25)

1. May 14, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, May 14, 1893

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EXPECTED RUN MATERIALIZES. Plankinton Bank, Milwaukee, the Victim. Armour to the Rescue. [By telegraph to the Dispatch.] MILWAUKEE. WIS., May 13.-The - expected run is being made on the Plankinton Bank on account of implication in the F. A. Lappen failure. The scene around the bank 13 one of activity. but there is no panic and no indication of one. The feeling among business-men - 18 one of security. P. D. Armour, of Chicago, one of the heavy stockholders in the bank, 18 understood to have sent $1,000,000 in currency to the institution by express this morning. Depositors are being paid as rapidly as they can present their claims. The Plankinton estate, which is also largely interested in the bank, is also understood to have come to the rescue with a large amount of cash.

2. May 14, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, May 14, 1893

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MONEY MATTERS. A MILWAUKEE BANK STANDS A HEAVY RUN. Call Money Closed at 3 Per Cent and Time Money Went at 6 and 8-Several Small Bank Failures. Milwankee, Wis., May 13.-For the first time in many years Milwaukee experienced a run on one of its banks this morning. When the doors of the Plankinton bank opened a crowd of about 300 people gathered about the entrance, and from the moment the bank opened until it closed this afternoon, the tellers were kept busy paying out money. The savings bank depositors were refused their money, under the rule requiring thirty day's notice of withdrawal of funds. The distrust of the Plankinton bank was due to the large amount in which it is involved in the Lappen failure. Thus far attachments and processes against the firms of Frank A., Lappen & Co., and the Lappen Furniture company aggregate $409,424.04. The Weber Dry Goods company, which ran a department in the Lapen store, is in no wise affected by the failure. Among the bankers and leading business men, a feelIng of strong belief that the Plankinton would hold out all right, existed. As the day wore on and the bank kept paying out money as demands were made, a feeling of greater security became apparent.

3. May 15, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, May 15, 1893

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The Plankinton Bank. MILWAUKEE, May 15.-The Plank. inton 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. The deposits far exceed the withdrawals this morning.

4. May 15, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, May 15, 1893

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Chicago Markets. CHICAGO, May 13.-Wheat furnished anoth r surprise today. The market started out with some show of strength. But there was not much business. Then there came a report of some small failures in New York and stocks began to break: a Milwaukee dispatch and that a run had begun on the Plankinton bank there, and all this caused a lack of confidence. There was a wild rush to get rid of long wheat and it did not take long to cause common demoralization and carry the top figure early. Charges were y@yo lower. Corn was weak and closed 1 Oke lower. The brea in what and a number of bank failure (in the did the rest to depress The www.trade w light and scattered, closing at (FORM YOMC lower. The provision market again suffered from the aggressive selling of the Cudahy, Wright and Fairbank combination. Pork declined 22/4c, lard 27 1/c and ribs 15c. Closing prices: WHEAT-May. 73%c; July, 76Kc; Septemher year. 73%e. CORN-May, September, Mice OATS-May. 30%c; June, 30Xc; July, 291ce; September,170. Pork-May, $20.00; July, $20.35; Septem ber, $.0.47. LAND-May. $10.40; July, $10.65; Septem. ber. $10.85. RIBE-May. $9.95: July, $10.10; September, $10.15.

5. May 16, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, May 16, 1893

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Piankinton Bank All Right. MILWAUKEE. May 16.-The Plankinton 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 exeitement. The flurry seemed to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals.

6. June 2, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 2, 1893

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WHEELING, W. VA., FRIDAY MORNING, JUNE 2, 1893. condition of its business with these consembly in the Briggs case, of which he had cerns is said to be bad, and it is unoffiriggs after his apW given notice. disapproved by the cially stated that the $100,000 that came THE PLANKINTON BANK The protest was received to be use of the refusal to the relief of the Plankintons during SPREAD ON THE RECORDS. I arbitrate the siugle the run upon it from Chicago was sent It was voted as thesense of the Assembly tyween the Assembly by the Continental National. that no answer to the protest was necestio Of Milwaukee Suspends and Posts because of the atThe assignment was made to Wm. sary. Un and on its own moPlankinton this afternoon. Mr. PlanThe answer to the protest against the ac. a Notice on Its Doors. ing expressed desire of kinton was placed under bonds to the tion of the Assembly on the subject of the We inspiration of the Bible was read and amount of $1,600,000. His bondsmen W are John L. Mitchell, Charles Ray and adopted. COMPACT OF 1870, It declares that-"We believe these E. A BIG BLUFF GAME THAT FAILED. David Ferguson. rows all responsibipresent scriptures to be the very word of Tri The State law regarding assignments of the Union SemiGod," and "Immediately inspired by God," the provides that the assignee's bond must b receive any report "Kept pure in all ages," and "One only er. be placed at a figure equal to the nominfallible rule of faith and practice, An Empty Safe, Surrounded by I satisfactory relaabc inal assets of the involved firm. Acwhile if errors were found in the original d. The Assembly, Policemen With Drawn Clubs low cording to the bond the bank assetts autographs they could not have proceeded the hope, and will and Revolvers, Shipped From sio from "God, who is truth itself, the author are $1,600,000. any effort to bring thereof." the With the failure of the Plankinton Chicago, and Alleged to Conto such a relationSaratoga, N. Y., was chosen as the place bank, the chances for the raorgenizawill enable the Astain $600,000 in Gold, Failed of the meeting of the Assembly of 1894. tion of the Lappen business fell flat. d the institution to Establish Confidence Among The Assembly then took a recess until There is no longer any hope that the 7:45 p.m. for the ministry. the Shrewder Depositors. proposed company can be organized. At the evening and closing session of the ould further recomSheriff Dunnow has in his hands more Assembly Moderator Craig opened with a rd of Education be praver of thanks. than $450,000 in claims against the d to such students Mr. Spencer, of St. Louis, rising to a MILWAUKEE, WIS., June 1.-The Lappens, while the total value of the tendance upon semquestion of privilege, offered a protest Plankinton Bank closed its doors at stock, according to the appraisers' inby the Assembly. against the action of the Assembly upon 10:05 o'clock this morning. At that ventory, is $208,000.82. uld also recommend the Chinese question, and that on Decoof hour the following notice was tacked to

7. June 2, 1893 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, June 2, 1893

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The Plankinton Bank Suspension. MILWAUKEE, June 2.-Regarding the suspension of the Plankinton bank of Milwaukee yesterday Cashier Mommsen said: "The depositors need not be apprehensive of losing their money. Every dollar will be paid, but it will take a little time, probably not over two weeks. Arrangements have been under way for several days relative to a reorganization of the bank, and it was thought best to suspend temporarily in order to properly adjust matters. The suspension has no significance whatever." The deposits are estimated at a quarter of a million. The bank was organized in 1887 by the late John Plankinton, the millionaire pork packer. The capital stock was $200,000.

8. June 2, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, June 2, 1893

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Chicago Markets. CHICAGO. June 1.-Wheat opened-rather firm. Cables were up yd and. the days receipts were not large. The ennouncement of the failure of the Plankinton bank at Milwaukee caused a selling flurry and July dropped to 681kc and September to 72%e. A panic ensued and holders threw their wheat overboard. There was a further drop and July recorded 68%e, a loss of 2Xe. September fell to 72 4e. This broke the record for thirty years. Lake exports of wheat and flour and light estimated receipts for tomorrow started a rally and the market closed from 2@2Vc lower than yesterday. Corn was strong and higher early. but was finally overcome by the panic in wheat and went off nearly a cent. The market closed at a loss of K@Xe and Vc lower than yesterday. Oats kept up better than whent, but were nevertheless affected by that cereal. July declined Ye and September Ye. The market closed @%e lower than yesterday. Hog products were lifeless, but nominally higher. September pork was bid up 35c at the opening with scarcely a trade. Lard was slow. Ribe advanced 20c and then lost 10c. Pork closed 50c lower than yesterday, lard 17)(c higher and ribe 171/c higher. Closing prices: WHEAT-June. 66/ce July, 69c; September. 72%e. Coas-June, 39 Kc; July,60%e; September, 41 %c. Oars-June, 29Xc; July, 283/c; September, 26 Mc. Pork-June, $30.97; July, $21.15; September. $21.65. LAND-June, $10.27; July, $10.55; September, $10.92. Rise-June, $9.77; July, $9.82; September, $10.02.

9. June 3, 1893 The Herald Los Angeles, CA

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The Plankinton Bank. MILWAUKEE, June 2.-Assignee Plankinton assumed official charge of the Plankinton bank this morning. The depositora feel sure of getting dollar for dollar. Somesmall depositors are withdrawing funds from other banks, but no serious run has yet taken place.

10. June 3, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 3, 1893

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SMALLER FAILURES. The Crisis in the East Is by No Means at an End. PAULING, Ohio, June 2.-Potter's bank, one of the oldest and heretofore considered one of the safest in the county, closed its doors this morning. President Ayres and Vice-President Potter will make no statement as Cashier Sponster cannot be found. BOSTON, June 2.-Thorp & Martin, manufacturers of typewriters, have failed. Liabilities $100,000; assets nominally the same. NEWARK, N. J., June 2.-Judge Andrew Kirkpatrick has been appointed receiver for the Domestic Sewing Machine Company. TOPEKA, June 2.-The Attorney-General has decided that all building associations doing business in the State must comply with the State banking law and place themselves under supervision of the State Bank Commissioner. MILWAUKEE, June 2.-The assignee of Plankinton assumed official charge of the Plankinton bank this morning. The depositors feel sure of getting dollar for gollar. Some small depositors are withdrawing their funds from other banks, but no serious run has yet taken place. CHICAGO. June 2.-Cheverton, Martin & Co., private bankers, made a voluntary assignment 10-day. The assets are scheduled at $100,000 and the liabilities at $70,000. According to M. S. Martin, junior partner of the firm, the failure is due to the unsettled condition of the money market. NEWPORT, Ky., June 2.-The Victoria Cordage Company, a member of the great cordage trust, yesterday made an assignment in the county court. The plant is valued at $200,000, and the other assets and liabilities are unknown.

11. June 3, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 3, 1893

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FINANCIAL WRECKS. Stationery Manufacturers Drawu Down by the Flurry. BOSTON. June 2.-The Thorp & Martin Manufacturing company, manutacturers of stationery, etc., 14 Milk street, with a factory at 113 Purchase street, has assigned. No exact statement of the company's financial condition has yet been prepared. but the liabilities are said to be about $125,000. The nominal assets are understood to be about $100,000, but subject to considerable depreciation in case of immediate conversion into money. Mr. Thorp is liable as indorser of a large amount of the coinpany's liabilities, and has made an individual assignment. CHICAGO. June 2.-Cheverton, Martin & Co., private bankers, made a voluntary assignment today. Assets were scheduled at $100,000, and liabilities at $70,000. According to M. S. Martin, the junior member of the firm, the failure is due to the unsettled condition of the money market. TACOMA, Wash., June 2.-A heavy run on the Tacoma Trust and Savings bank and most of the other banks in the city continued today because of the suspension yesterday of the Merchants' National bank. All demands were promptly met, and no further trouble is feared. WASHINGTON, June2.-The total net gold in the treasury at the close of business today was $91,429,271. This does not take into account the gold engaged today at New York for shipment tomorrow. No advices as to how much was engaged had been received at the treasury at the close of business. Because of the heavy shipments of gold from New York Secretary Carlisle has ordered gold shipped from three other subtreasuries to New York to keep up the supply, and this gold is now on its way to New York. SIOUX CITY, Io., June 2.-Harry K. Webster has been appointed receiver of A. J. Ames' broken bank at Beresford. His first statement shows liabilities of $35,000, with assets, face value $40,000. TOLEDO, O., June 2.-C. W. Bond was this afternoon appointed receiver for Isaac D. Smead & Co. to take charge of the personal affairs of Isaac D. Smead. This action in no way affects the Smead Heating and Ventilating company. NEWARK, N.J., June 2.-Judge Kirkpatrick was this morning appointed receiver of the Domestic Sewing Machine company. WASHINGTON, June 2.-A committee consisting of Messrs. Bennett and Strait, representing the failed Chemical National Bank of Chicago, had a conference with Comptroller Eckels today with a view to the bank resuming business. They were assured that if they could present evidence insuring the stability of the bank in the future they would be permitted to resume. MILWAUKEE, June 2.-Assignee William Plankinton, of the Plankinton bank, assumed official charge of that institution this morning. A feeling of security to all depositors pervades the atmosphere today, as the appointment of Mr. Plankinton 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 the institution is on a sound basis, and can withstand all demands. PAULDING, O., June 2. - Potter's bank, the oldest bank in Paulding county, and heretofore considered one of the safest, closed its doors this morning. The bank was established in 1874, and has always done a large banking business. GLOUCESTER, Mess., June .-Edward Hodkiss & Co., fish dealers, have made an assignment, with liabilities estimated at $40,000 and assets small.

12. June 3, 1893 Evening Star Washington, DC

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RUNS ON MILWAUKEE BANKS. The Bankers See No Cause for Any Alarm. MILWAUKEE, WIS., June 3.-Runs are being made today as yesterday on all the banks in the city, practically, in a greater or lesser degree. The small savings depositors, always timid and easily alarmed. have taken fright at the Plankinton bank failure and have disregarded the causes of that failure, which the business men represent only the careless and foolhardy speculations of one man represented. The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days, which ever it is, according to the law in their case, they will withdraw their savings. The officials of both institutions, however, feel no alarm. President Geilfuss stated at noon to the United Press representative that none of the mercantile fraternity had withdrawn any deposits, and that the run differed in no wise from the movement yesterday. The bankers of the city see no cause for alarm. and feel that the temporary fears with which the small depositors are at present possessed will soon pass away. There is no general alarm or misgivings. and it may be said that beyond its undoubted effect on small business concerns the Plankington Bank failure will have no serious results. No statement of the affairs of that institution has as yet been prepared.

13. June 4, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 4, 1893

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Other Business Troubles. CHICAGO, June 3. - The Grant locomotive works is being pressed by some of its creditors, and in order to provide ready cash has called a meeting of stockholders. The trouble was precipitated by the recent strike of machinists. which prevented the company from making deliveries on its contracts and thus securing ready money. The establishment is solvent and the assets greatly exceed the liabilities. PHILADELPHIA, June 3. -Executions were issued this afternoon from Common Pleas Court in judgment entered against Clark Thomas & Co., furniture dealers, on judgment notes aggregating upwards of $100,000. Five executions were issued from the same tribunal against Philip Shafer. a furnitue dealer, on judgmentsaggregating $25,000. NEW YORK. June 3.-It has been figured out that there is due the public from the National Bank of Deposit $938,000, and that its assets are a little short of $1,100,000, which means that the stockholders of the bank will receive about 50 cents on the dollar. MILWAUKEE, June S.-At 4:30 this afternoon F. T. Day, president of the Plankinton Bank, made an assignment to W. H. Momsen, cashier of the defunct bank. The assignee's bond is fixed at $800,000, which represents the amount of the assets. GLADSTONE, Mich., June 3. -The Exchange Bank has made an assignment for the benefit of its creditors and has closed its doors. The suspension was caused by the failure of the Plankinton Bank, of Milwaukee. JOLIET, III., June 3.-Sanger, Mooday & Steel, stone quarrymen. made an assignment to-day. Liabilities, $54,330: assets nominally $177,000. of which $85,000 is an old government debt that is probably valueless.

14. June 6, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, June 6, 1893

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STILL THEY GO. More Private Banks and Mercantile Firms Go to the Wall. CHICAGO, June 6.-Meadowcraft Bros. & Co., private bankers, doing a commission paper business similar to that of Herman Schaffner & Co., the banking firm which made an assignment on Saturday, closed their doors yesterday. The assets and liabilities are not stated. The concern is one of the oldest in the city. Kansas City, Mo.-The Kansas Grain company, which claims to be the greatest buyer of grain from producers in the world, has failed. The assets and liabilities will each be large. The company has elevators in towns and cities in Kansas representing an investment of $150,000. All of these elevators contain more or less grain. The company was incorporated some five years ago with a capital stock of $50,000. The cause of the failure as stated by the officers here is the tight money market. Chicago.-Weissenbach & Co., clothing dealers, failed to-day. Liabilities, $75,000; assets, $50,000. Milwaukee.-The - failure of Frank A. Lappen & Co. and the Plankinton bank will be investigated by A grand jury. A run is now in progress on the South or Side ple block Savings the bank. side-walk Some in 200 front 300 of peo- the bank, but everything is quiet and orderly. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. Sandusky, Ohio.-The doors of the Sandusky Savings Bank company, which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, failed to open yesterday. The trouble is ascribed directed to the heavy though groudless run that was made on the bank some weeks ago, and which it stood manfully at the time, paying out upward of $60,000 within two days, when the run ceased as suddenly as it had begun. The available assets of the bank will aggregate fully $300,000, while the liabilities, at an outside estimate, are only $250,000, and it was ior that reason that an assignment was decided upon rather than a receivership.

15. June 10, 1893 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, June 10, 1893

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Cash items 100,722 47 3,553 81 Real estate and fixtures 147 00 expense account 86,530 00 from 413,864 Loss U. Due S. and currency banks Total resources $2,303,991.70 Liabilities. $1,674,350 Due depositors Due others 334,000 Capital 200,000 00 Surplus 95,641 30 Total liabilities $2,303,991 70 Cashier Momsen said: "The depositors need not be apprehensive money Every dollar will be their but it will of losing paid take a little time, probably over two weeks. been under days that not have way Arrangements for several relative to a reorganization of the bank fell through at 9 o'clock this morning and it was thought best to in order to adjust pend temporarily properly susmatters. As to the cause of the trouble other than that the to get its affairs ened a little out time bank straight- needs the suspension has whatever. Our ents nificance correspond- no sigthroughout the state will not be any way. The with them were to affected the bank in relations such as of be in its favor. Regarding a can be said at zation The most nothing reorgani- present. important thing is that everypaid and this may be as pronounced as body stated will be possible. Opinions of among bankers in the city The that opinion the Bankers. is suspension will not the banking business ally city, affect One materi- in the leading banker said: "The over there was the steps to delays trouble in reorganize, owing to which the seem to have been been taken horns the matter unnecessary. promptly by Had the when it was apparent that it thing to do, would become and not was have the only uneasy people every thing would have gone "The along all right name of Plankinton was sufficient had all other moves been made but it is said some grew the right larger time, depositors uneasy with of at the the of and have been manner time they procedure quietly withdraw- for some ing their money. Each of them out a good-sized what took sum. one This is seemed to have frightened Mr. Plankinton and caused the suspension. I think however, depositors will not be allowed to suffer Johnson McClure, cashier of the Milwaukee National and manager of the as a to it was could Milwaukee have much clearance of surprise house, said: me as "It been to you or anyone. We had no intimation here until 9:30, when notice came to the clearing house not to receive Plankinton bank checks. do not think anyone will lose by the I do not cause suspension it will and trouble among apprehend other bank that ing institutions, as there is no reason why it should There is no trouble in any of the others." cashier of "It was the Exchange, Grant Fitch, said: the only National thing to do under the circumstances, and was natural to expect. I should say that no one will lose by it, as the will see that have been tlemen paid in interested full. The deposits all gen- are since the and a natural I sinking suspension right along became trouble presume William Plankinton will be made that the be as as that wound assignee up and fast possible affairs and will the not see this all effects, claims I do will be why settled. As suspension to should cause any trouble elsewhere, unless it comes to some business concerns which need money and will be unable to get it just when wanted." **The suspension," said C. F. Ilsley, "is a most unfortunate thing, but I am inclined to think that no depositors will be permitted to suffer. It was an unfortunate business transaction and the result was inevitable." F. J. Kipp, of the Merchants' Exchange bank, said that the failure of the Plankinton bank would not affect the other banks in the least. "We all knew it must come," he said. "and we prepared to meet the little erisis that it would create. There is not a bank in town that is not stronger now than it as been." "The failure will affect the bank's customers and through them the other banks," said A. B. Geilfuss, of the Commercial, "but there will be no direct effect on the other banks It is a very great surprise. We did not know until this morning that they were not going to reorganize. Archie Duby, a resident of Florence. was fined $50 and costs on a charge of

16. June 27, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 27, 1893

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# F. T. DAY'S WHEREABOUTS. He Is at One of the Mineral Springs in the Vicinity of the City. F. T. Day, of Milwaukee, the ex-president of the Plankinton Bank, which suspended some time ago, is not in Indianapolis, although he was here last week. His friends say that he left Milwaukee only at the urgent insistance of his medical advisers. The complications arising at the time of the closing of the bank and the chagrin at the failure so disturbed Day's mind that his nervousness made his condition dangerous. He first went to West Baden, Ind., and afterwards came here. Dr. W. N. Wishard was called to attend him and after the sensational dispatch was sent out from Milwaukee, Day authorized his physician to send out a denial from Indianapolis. Mr. Day wanted to return to Milwaukee at once, but his physician insisted that he remain away until his condition improved or until his presence at Milwaukee was imperative. His brother, T. C. Day, lives in this city, and gave his brother care and attention while he was here. Mr. T. C. Day left the city yesterday, and it is believed he has accompanied his brother to some of the mineral springs near here, presumably Martinsville. One of the ex-president's friends, in speaking about the sensational reports, said yesterday: "Mr. Day has been grossly misrepresented. He is worth between $500,000 and $600,000, having valuable interests in Wisconsin and some of the adjoining States. He was forced out of the bank by a combination which wanted to put in another man as president. Any examination of his methods will show that they are perfectly honest and legitimate. He was so worried by the efforts to bring disaster upon him that he became very nervous. He was in a bad condition when he came here, and these reports, that he fled from Milwaukee for fear of an investigation of his affairs by the grand jury, greatly distressed him. The grand jury has not indicted him, and I do not think they will. Mr. Day comes from an old English family. I have known his brother in this city for a long time, and he is a man who prides himself on his integrity. The ex-president's father was a Methodist minister and a man who was greatly beloved. I believe Mr. Day, of Milwaukee, is an honest man. He will return to Milwaukee at once if he is notified that he is wanted. I think there will be a number of people who will have to take back a great deal of what they have said about him in his absence." A. R. Flanders, a Milwaukee newspaper man, is here in an effort to see Mr. Day. He says that Frank A. Lappen, Day's companion, and the man to whom Day loaned $290,000 of the bank's money without any security, has also left Milwaukee. Dr. Wishard declines to give ex-President Day's present address. Mr. Flanders does not say that banker Day left Milwaukee about the time that the call for the grand jury was issued, in order to escape the subpœna to appear as a witness, but he says the departure was simultaneous with that event. From a telegram received from Milwaukee last night, Mr. Flanders came to the conclusion that something had been heard from Mr. Day. It read as follows: Have requested Day, through proper channel, to respond to subpœna. Advise me of any charge. LEOPOLD HAMMEL, District Attorney. What these proper channels are and where they lead to Mr. Flanders was not informed. It is presumed that the banker concluded to end suspense by letting the State's counsel know where he is. It is said that the grand jury has not been called together before in Milwaukee but once in twenty years, and that time was about ten years ago. The jury has been in session for about three weeks, and there is no telling whether an indictment is to be found until the jury adjourns. The bank had a capital stock of $200,000, but, according to the statements filed by the assignee for Mr. Day, he was himself a borrower to the amount of $300,000, and he in turn, loaned to Frank A. Lappen $290,000. The bank was a State bank, but if it had followed the conservative rules governing a national bank, no one person could have borrowed more than $20,000. Had it done so there would have been no failure.

17. July 13, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 13, 1893

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TELEGRAPHIC BREVITIES. NEW YORK, July 12.-The remains of Justice Samuel Blatchford were placed in the family vault as Greenwood cemetery at noon. WASHINGTON, July 12.-The comptroller of currency has appointed E. R. Foga receiver of the Nebraska National bank at Beatrice. LONDON, July 12.-Lord Chief Justice Coloridge has entirely recovered from yesterday's indisposition and was on the bench this morning. CINCINNATI. July 12.-Last night the trustees of Lane theological seminary ao. cepted the resignation of Prof. Henry Preserved Smith. CHICAGO, July 12. -The handsome South Dakota building ate the World's fair was dedicated to-day in the presence of several thousand people. TOPEKA, Kan.. July 12.-In a letter to A. J. Richard, of Fort Moost, Attorney General Little intimates thas the state administration has thrown prohibition over. NEW YORK, July 12.-Otavus Allen. aged 52 years, as one time a well known actress, is dend. She wasat different times leading lady for Booth, Barrett and Keene. MILWAUKEE, July 12.-The grand jury in. dioted all of the officers and directors of the Plankinton bank for transactions loading to the failure of that institution. They gave bail. ROSEBURG, Ore., July 12.-County treas. urer Arlington is short in his accounts, but until the investigation is completed 10 will not be known how much. It is believed, however, the shortage will reach $30,000.

18. August 3, 1893 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, August 3, 1893

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# THE TARIFF AND THE PANIC ple incensed now that the search light has revealed the rottenness of the commercial system we had built up. They prefer to live in fancied security and to postpone the evil day. The extravagance of the last few years encouraged by outrageous tariff laws has brought us ruin, but like children we can see no cause unless it lies close to the injury we have received. Milwaukee was a most conservative city and while it remained so it could defy panics. The mad desire for sudden accumulation of wealth swept over it and produced the Lappens the Days, the speculators in mining stocks and numerous operators on a smaller scale. Was the failure of the Plankinton Bank due to a change in the national administration? Was "the loss of confidence" which followed due to the fear that the splendid system of tariff laws built up by the republican party would be touched by profane hands? Or was it want of confidence in business methods of banks and the wild cat character of the securities they were carrying? Is the lack of confidence in Milwaukee to-day due to fear of change in tariff laws or to the fact that there is $2,500,000 of paper held as security by banks which have gone under, on which a cent cannot be realized? And what of the laws that make it possible for a man comparatively poor a few years ago, entering into speculation whereby he puts upon the market such an enormous quantity of paper? Our tariff has given us John Laws innumerable and we are now suffering the consequence.

19. December 4, 1893 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, December 4, 1893

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Status of Milwankee Suspended Banks. MILWAUKEE, Dec. 4.-In a circular issued by Washington Backer, receiver of the Mitchell bank, the following terms are proposed: Ten per cent. in cash on demand after the bank opens, 10 per cent. in six months from Jan. i. 1894, and the balance in four equal payments in ten. eighteen, twenty-four, and thirty months from Jan. 1, with interest at the rate of 3 per cent. from July 25. 1893. Under the proposition for the reopening of the Piankinton bank, each depositor is guaranteed his money within two years, with interest at 3 per cent. Judge Johnson, of the circuit court, who is familiar with the affairs of all the suspended banks, says the Plankinton bank could be opened immediately with safety to the creditors, the Mitchell next, and the Commercial within six months.

20. December 14, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, December 14, 1893

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ALL ALL who have a personal or professional acquaintance with Judge James G. Jenkins, of Milwaukee, will be gratified at learning that the indictment found against him in connection with the suspension of the Plankinton bank has been dismissed. Judge Jenkins has borne an exceptionally high character all his life, and is incapable of a dishonest or dishonorable act. He was unfortunate in becoming connected as a director with the bankrupt bank, but had no part in its management, nor had he any responsibility for its condition.

21. February 18, 1894 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, February 18, 1894

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THE resumption of the Plankinton bank at Milwaukee, with an unimpaired capital, is one of the encouraging signs of the times. It is the last of the large financial concerns that recently suspended to resume business, and but two small savings banks have gone out of business permanently. The banks reorganized since the panic have been placed on a better footing than they previously enjoyed.

22. March 1, 1894 Evening Star Washington, DC

Article from Evening Star, March 1, 1894

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BANKS RUNNING AGAIN. Better State of Affairs in Milwaukee Business Circles. MILWAUKEE, Wis., March 1.-With the reopening of the Commercial Bank today and the resumption of the Plankinton Bank within a few days, all of the Milwaukee banks which suspended during the panic 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.

23. September 14, 1894 Little Falls Weekly Transcript Little Falls, MN

Article from Little Falls Weekly Transcript, September 14, 1894

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TELEGRAPHIC BREVITIES. News of Minor Importance In Condensed Form. Testimony in the Plankinton bank case at Milwaukee shows the failed concern was rotten to the core. A movement to run Senator Don Cameron for president as the Camidate of a free silver party is said to be under way. A pitched battle took place between union. and non-union longshoremen in Savannah, Ga. One man was fatally shot. Two persons were killed and three seriously injured by a collision on the Fitchburg road near North Adams, Mass. Professor Hermann von Helmhaltz, the distinguished German physiologist and scientist, died at Berlin, aged 74 years. A severe electric storm swept Northern Illinois. Many buildings were blown down and horses and cattle were killed. The receiverships of the 24 branch lines of the Northern Pacific are to be terminated, effecting a saving of $60,000 a year. Merley Mohammed, the eldest son of the late sultan of Morocco, has been proclaimed emperor by the rebel tribes of the South. A shortage has been discovered in the accounts of the commandant of the Iowa soldiers' home. The commandant and adjutant are suspended. Sergeant Whitehead of the Butte (Mon.) police force, in charge of the silver statue now on exhibition in Minneapolis, was drowned in Lake Minnetonka Sunday.

24. March 13, 1895 New Ulm Review New Ulm, MN

Article from New Ulm Review, March 13, 1895

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NEWS BRIEFLY REPORTED. The First avenue public school at Columbus, O., has been closed two weeks on account of smallpox. Creditors of the Plankinton bank of Milwaukee ask that a receiver be appointed to collect from stockholders the amount of their capital stock. It is authoritatively stated that United States Senator George of Mississippi will not be a candidate for reelection at the expiration of his present term. A plan to reorganize the whisky trust is announced by the stockholders' committee, which contemplates the issuance of $1,500,000 first mortgage bonds and $7,000,000 preferred and $28,000,000 common stock.

25. April 13, 1895 The Dickinson Press Dickinson, ND

Article from The Dickinson Press, April 13, 1895

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First Dividend. Milwaukee, April 11.-The payment of the first dividend by the receiver for the stockholders of the Plankinton bank, and. the third dividend by the bank will be made to-morrow.