22764. Second Ward Bank (Milwaukee, WI)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: June 5, 1893
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: aa445a02

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Contemporary articles (June and July 1893) report a slight run on the Second Ward Bank (June 5) and large crowds again in July 22, but there is no article here reporting that the Second Ward Bank suspended or closed. Other Milwaukee banks (Milwaukee National, South Side Savings) did suspend/close in July, which appears to have driven later runs on Second Ward. Classified as run_only.

Events (2)

1. June 5, 1893 Run

Cause: Local Banks
Cause Details: Nervousness among small depositors triggered by recent failures (F. T. Day, Plankinton Bank, other local failures) led to withdrawals from the Second Ward Bank.
Newspaper Excerpt: There is a slight run on the Second Ward Bank.
Source: newspapers

2. July 22, 1893 Run

Cause: Local Banks
Cause Details: Runs and suspensions of other Milwaukee banks (Milwaukee National, South Side Savings, Commercial Bank issues) and widespread rumors produced large crowds and heavy withdrawals at the Second Ward Bank.
Newspaper Excerpt: the crowd that was at the SecondWard Bank was nearly as large.
Source: newspapers

Newspaper Articles (11)

1. June 5, 1893 Evening Star Washington, DC

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EDITION. CLOSED THEIR DOORS Meadowcraft Bros., Private Bankers at Chicago, Fail. FINANCIAL UNEASINESS IN THE WEST. Sinking of the Steamer Kaiser Wilhelm. OTHER TELEGRAPHIC NEWS. FINANCIAL UNEASINESS. Meadowcraft Brothers, Private Bankers in Chicago, Suspend. CHICAGO, June 5.-Meadowcraft Brothers, private bankers,closed their doors this morning. A crowd quickly collected on the street and anxious inquiries as to the cause of the closed doors went around. No sign was posted on the doors. In response to calls a clerk came to the doors. "The bank will not open today," he said, and withdrew. The bank is a private one, the firm being composed of Robert, Charles J. and Frank R. Meadowcroft. The business was established in 1860 b7 the father of the present proprietors. The bank occupies the quarters formerly used by the Park National Bank. which failed some ago. time Lyman E. Crandall has been appointed receiver. RUN OF THE STATE BANK OF COMMERCE. The State Bank of Commerce, having offices on the ground of the Woman's Christian Temperance Temple, is experiencing a heavy run this afternoon. It started just before noon with the appearance of some thirty or forty depositors. The news spread like wild fire and within half aa hour the lobby was filled with an excited crowd of men and women, who tore and crushed in order to get within the glass doors. The scene attracted over a thousand of the general public. and the through increased to such proportions that it was necessary to summon several policemen. who admitted the frenzied crowd one by one as fast as those at the head of the line received their money. At half-past twelve an iron bar red express wagon. containing Feveral bags of gold, was hurriedly driven up to the building and the money carried in by stalwart watchmen and placed upon the counters. This. however. did not allay the auprehensions of those outside, and for a while the o crush was intensified. The bank officials did not seem to be in the least alarmed. Cashier Frederick Miller said to the repreare not sentative of the United Press: We alarmed and we will meet this run Then he added. as a kind of after thought: "That is. as long as we are able. The officers and directors of the bank are all wealthy Germans. Herman Felse. that is president and Jacob Gross vice credient. It has a capital of half a million of dollars. Its last report made to the state auditor on May 10 showed deposit I of $1,200.000 surplus and undivided profits $25.600. against which it had about $300,000 in cash. the balance being covered by loans and discounts. overdrafts and bords. The character of the crowd during the run indicated that the depositors were largely people small or limited means. Fully 20 per cent were women. E.A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000; liabilities, $105,000. Arun on the Prairie State Savings Bank, which started Saturday, was resumed this morting. The oficers RE confident. however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side. CLEVELAND. OHIO. June 5.-A dispatch from Sandusky says: A savings bank here was put in the hands of a receiver this morning. A BUN IN MILWAULEE. MILWAUKEE. June 5.-A run is now in progress on the South Side Savings Bank. Some two or three hundred people block up the sidewalk in front of 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. Affairs at other banks are about in their normal condition. The failure of F. T. Day late on Saturday seems to have increased the neryours fears of small depositors. Business men are not in the least alarmed at the situation. and predict that the flurry will end in a day or two unless it is aggravated by more failures. KANSAS CITY, June 5.-The Kansas Grain Company. a big commission house with branch offices all over Kansas. has failed. WASHINGTON BUTCHERS SONS IN PHILADELPHIA. PHILADELPHIA, PA.. June .--Washington Butchers' Sons. provision dealers, today filed an assignment, with George W. Lex as the assignee. No statement of the assets or liabilities can be obtained. The tightness of the money market is the announced cause of the embarrassment. A VIRGINIAN'S FAILURE. Special Dispatch to The Evening Star. PETERSBURG, Vs. June 5.-E. C. McCulloch, one of the largest merchants at Blackstone, this state, has made an assignment. His property is valued at $49,000, and his creditors are secured in classes. His whole indebtedness is about @43.000. The first class simply includes expenses of the trust. There is no question about his property paying second-class debts in full, and probably the third and fourth-class. while there is a possibility of all the debts being paid in full. EULALIE WILL BE DISAPPOINTED Spain's Exhibit is Not as Near Completion

2. 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.

3. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 6, 1893

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SITUATION AT MILWAUKEE. Business Men Not Alarmed at the Flurry. The Panic Among Small Depositors. MILWAUKEE, WIS., June 5.-A run is now in progress on the South Side Savings Bank. There is a slight run on the Second Ward Bank, but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The failure of F. T. Day, late on Saturday seems to have increased the nervous fears of small depositors. Business men are not in the least alarmed at the situation, and predict that the flurry will end in a day or two, unless it is aggravated by more failures. The failures of Frank A. Lappen & Co. and the Plankinton Bank will be investigated by the grand jury. The grand jury called to investigate the matter of the recent affairs convened late this forenoon and Judge Wallber delivered his charge. He spoke about the firms and then read sections of the statutes referring to the obtaining of credit by false statements and to the acceptance of deposits when bank officials know that the bank is not in a sound condition. The first section, the court stated, referred to the Lappen matter, and the other to the Plankinton Bank. The action of Judge Wellber has created a sensation.

4. June 6, 1893 The Times Richmond, VA

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one of Welsebach's stores on a bill of sale. E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning; assets are stated to be $275,000; liabilities $105,000. The firm for twenty years has been manufacturer and dealer in uniforms, regalla, society and church goods In this city and Detroit. The assignment was precipitated by an attachment suit filed in the superior court by E. Sawyer for $5,000 for merchandise claim. In the absence of the members of the firm Saturday evening the sheriff took possession of the store and held it till this morning, when the attachment suit was satisfied and a stipulation to that effect filed in the superior court. The news of the filing of the suit had gone abroad, and attachments were threatened from all the creditors. To avoid that contingency and to save themselves and all their creditors they made a voluntary assignment, which they expect will be temporary only. A Savings Bank Assigns. SANDUSKY, O., June 5.--The doors of the Sandusky Savings Bank, which closed Saturday upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." The present trouble is ascribed directly to the heavy, though groundless, run that was made on the bank about ten weeks ago, and which it withstood successfully at that time, paying out $60,000 within two days, when the run ceased as suddenIy as it had begun. This drain upon its immediate available resources handicapped the bank seriously, although it has been doing as much or more business since the flurry than before, such confidence did the people, especially the business community, have in its stability. Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. Runs on Milwaukee Banks. MILWAUKEE, June 5.-Runs were started to-day on the Second Ward Bank and Southside Savings Bank, but neither of them assumed very serious proportions. The failure of F. T. Day Plankington Bank seems to have increased the nervous fears of small depositors. Business men are not in the leat alarmed at the situation, and predict that the flurry will end in a day or two unless it is aggravated by more failures. This, however, did not allay the apprehensions of those outside, and for a while the crush was intensified. The bank officials did not seem to be in the least alarmed The officers and directors of the bank are all wealthy Germans. Herman Felsenthal is president and Jacob Gross vice-president. It has a capital of half a million dollars. Its table report made to the State auditor on May 10th showed deposits of $1,200,000. The appearance of the crowd during the run indicated that the depositors were largely of small or limited means. Fully 20 per cent. were women. A run was also started on the Dime Savings Bank, at 104 Washington street, this afternoon. This institution has deposits aggregating $600,000, and among its directors are Colonel Robert C. Clowry, vice-president of the Western Union Telegraph Company and ex-Senator C. B. Farwell. President Bailey of the bank says he has a dollar and a half for every dollar deposited, but the greater part of the money is tied up in securities. He does not know how long the bank can stand the run, but expects to pull through The bank has a capital stock of $100,000 and a surplus of $50,000. There was a run on the Hibernian Bank, one of the largest saving institutions in the country. Depositors were paid off at the rate of three a minute. The deposits amount to $3,500,000 and the officers of the bank believe they can stand the run. A run on the Prairie State Savings Bank, which started Saturday, was resumed this morning. The officers are confident that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side.

5. June 6, 1893 Pawtucket Tribune Pawtucket, RI

Article from Pawtucket Tribune, June 6, 1893

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COMPELLED TO ASSIGN. Several Western Banks and Business Firms is Financial Difficulties. SANDUSKY, O., June 6.-The doors of the Sandusky Savings Bank company, which closed Saturday night upon what was generally supplosed to be one of the soundest and safest institutions of the city, were not opened yesterday. Great excitement resulted Liabilities are about $300,000; assests, $300,000. KANSAS CITY, June 6.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. CHICAGO, June 6.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment. Assets, $275,000; liabilities, $105,000. CHICAGO, June 6.-The property of A. Weisenbach, a clothing and shoe merchant, was seized by the sheriff. The liabilities are about 875,000; assets, $50,000. CHICAGO, June 6. -A run on the Prairie State Savings bank which began Saturday was resumed yesterday. MILWAUKEE, June 6.-A run is in progress on the South Side Savings bank. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. CHICAGO, June 3.-Mendoweroft Bros. & Co., private bankers doing a commercial paper business, closed their doors. The concern was one of the oldest in the city. Their assets and liabilities are not known. CHICAGO, June 6.-A run started on the Dime Savings bank yesterday afternoon. This institution has deposits aggregating $600,000. The greater part of the money is tied up in securities, but is perfectly safe. NEW YORK, June 6.-The Shoe and Leather National bank has given notice that it will not clear for the Canal Street bank after today. This will make it necessary for the Canal Street bank to go into liquidation. The deposits are about $450,000. WASHINGTON, June 6. -Comptroller Eckels was informed that the Merchants' National bank of Fort Worth, Tex., capital $250,000, failed. The bank was closed on an order of the directors, and Bank Examiner Stone was placed in charge.

6. June 6, 1893 The Sun New York, NY

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OTHER FAILURES. 1 1 Troubles in Kansas City, Milwankee, and ( Other Parts of the Country. KANSAS CITY. June 5.-The Kansas Grain Company. which was said to be the greatest / buyer of grain from producers in the world. 1 has failed. H. M. Kirkpatrick. Secretary and ) : Treasurer of the company. notified the Secretary of the Board at 101/2 this morning that the company was unable to meet its contracts. 7 When the announcement of the suspension was made on the Board it caused great ex: citement. , The main offices of the company are in this city and at Hutchinson. Kan.. and the Presi3 dent of the concern. T.J. Templer. is in charge . of the Hutchinson offices. and the officers here decline to make any statement of the financial condition of the company until authorized to do so by Mr. Templer. It is presumed, however. that the assets and liabilities will each be large. The company has elevators in 106 towns and cities in Kansas. representing an investment of $150,000. All of these elevators contain more or less grain. The company was incorporated five years ago with a capital stock of $50,000. The cause of the failure. as announced by the officers here. is the tight money market. Mr. Kirkpatrick says the stringency in money prevented the company from realizing on its warehouse receipts, which were depended upon to meet maturing obligations. MILWAUKEE June 5.-A run is now in progress on the South Side Savings Banks. Some 200 or 300 people block the sidewalk in front of 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. Affairs at other banks are about in their normal condition. The failure of F. T. Day on Saturday last seems to have increased the nervous fears of small depositors. Business men are not in the least alarmed at the situation. and predict that the flurry will end in a day or two unless it is aggravated by more failures. The failures of Frank A. Lappen and the Plankinton Bank will be investigated by the Grand Jury. The Grand Jury called to investigate the matter convened late this afternoon and Judge Wallber delivered his charge. He spoke about the failures and read sections of the statutes referring to the obtaining of credit by false statements and to the acceptance of deposits when bank officials know that the bank 18 not in a sound condition. The first section. the Court intimated. referred to the Lappen matter. and the other to the Plankinton Bank. The action of Judge Wallber has created a sensation. A despatch from Hutchinson. Kan., says the suspension was due to the inability of the comiany to extend its paper in Kansas City. President Templer of the company says the assets are fully sufficient to meet the liabilities. and that they will pay out dollar for dollar. The assets of the company are placed at $150,000. with liabilities as follows: To Hutchinson creditors. $20,000; to Hazard. of Kansas City, $25,000; to sellers of grain. $12.000: to American National Bank of Kansas City. $45,000. All the indebtedness is well secured. MADISON. Wis.. June 5.-There was a small run on the First National Bank to-day. but not enough to cause any great excitement. The bank's balance at the close of business on Saturday showed $259.000 on hand to meet demands. and the officers of the bank are not at all alarmed. PHILADELPHIA, June 5.-Washington ButchF er's Sons. provision dealers, to day filed an assignment. with George W. Lex as the assignee. No statement of assets or liabilities can be obtained. Tightness of the money o market is the announced cause of the embarI rassment. a SANDUSKY. O., June 5.-The doors of the Sandusky Savings Bank Company. which b closed on Saturday night upon what WAS genM erally supposed to be one of the soundest and h safest institutions of the city, were not opened this morning. but displayed the following anD nouncement: t Owing to inability to realize upon assets at M this time. this bank has been compelled to assign. All depositors will be paid in full. fl SPOKANE. Wash.. June 5.-The Bank of Spo11 kane Falls temporarily closed its doors this o morning. The suspension caused no excite5 ment. The bank is the oldest in the city, and has paid capital of $150,000 and a purplus of a $125,000. n The embarrassment is due to the tightness 1 of the money market. The bank has always been considered the strongest in Eastern fa Washington. A. M. Cannon. President of the bank. has many large interests in this city, and is reputed to be a millionaire several B times over. $

7. June 6, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, June 6, 1893

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LONG LIST OF FAILURES. I A Big Chicago Banking Concern Closes Its Doors-Runs on Other Banks. CHICAGO, June 5.-Meadowcraft Brothers & Co., private bankers, doing a commercial paper business, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities are not known. Lyman F. Crandall has been appointed receiver. PANIC AT CHICAGO. CHICAGO, June 5.-The State Bank of Commerce is experiencing a heavy run this afternoon. It started just before noon. Its annual report made to the state auditor on May 10, showed deposits of $1,200,000, surplus and undivided profits of $25,600, against which it had about $300,000 in cash, the balance being covered by loans and discounts, overdrafts and bonds. SANDUSKY BANK CLOSES. CLEVELAND, June 5.-The doors of the Sandusky Savings bank, which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. KANSAS GRAIN COMPANY HAS FAILED. KANSAS CITY, Mo., June 5.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. RUN ON TWO MILWAUKEE BANKS. MILWAUKEE, June 5.-A run is now_in progress on the South Side Savings bank. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. Affairs at other banks are about in their normal condition. RUN ON A CHICAGO BANK. CHICAGO, June 5.-A run on the Prairie State Savings bank, which started Saturday, was resumed this morning. WILL NOT CLEAR. NEW YORK, June 5.-The Shoe and Leather National bank gave notice that it will not clear for the Canal street bank after to-morrow. This will make it necessary for the Canal Street bank to go into liquidation. Its deposits are about $450,000. The notice was only sent out late this afternoon. Ii was not the regular notice, but merely a warning to other banks not to take any checks on the Canal Street bank, and the regular notice that the Shoe and Leather bank would cease to act as the redemption agent for the Canal Street bank would be sent out later in the day.

8. June 8, 1893 Echo De L'ouest Minneapolis, MN

Article from Echo De L'ouest, June 8, 1893

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FAILLITES DE BANQUES L "Exchange Bank" de Glad stone, Mich., a fait faillite. C'est une conséquence de la faillite d6 la "Plankinton BaLk" de Mi'waukee. MM, SAuger, Moody et Steel de Jolliet, Ill., ont fait faillite. La "Patt r's Bak" one des plus vieilles banques du comté de Paulding, Ohio, viont de fermer ses portes. Elle avait été établie en 1874 et faisait des affairea considérables. MM Ch-vraton, Martin et Cie banquiers avenue Ogden à Chra go viennent de déposer leur bilan Passif 100.000 dollare. Lq "Merchants National Bank," la plus vieille de Tacoma, Wash., a suspendu BEB paremente. Son capital était de $250,000. La Plankin'on Bai k" de Mil waukee, a fait failli'e. MM. Hermann, Schaffner et Cie banquiers de Chicago ont déposé leur bilan On dit que Schaffner B'est suicidé. La "Bank of Beresford," S. D vient de fermer ses portes. A sa tête se trouvait A. A. Amee. La "Sandusky Savings Bank Company" de S ndueky O. a suspendu 803 paiements. La "M rchants National Bank" de Fort Wo th Texas, à fermé ses portes. La "Canyon Bank" de Spokane à fait faillite. -MM. Madowaraft frères, banquiers de Chicago, ont déposé leur bilan. A Milwaukee la "South Side Savinga Bauk" et la "Second Ward Bank" sont sur le point de suivre l'exemple d - 8 banques BUB nommée3. Il en est de meme de la "Illinois Trust & Savings Bank of Chica go."

9. July 23, 1893 Wheeling Sunday Register Wheeling, WV

Article from Wheeling Sunday Register, July 23, 1893

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CONCERNING BUSINESS AND FINANCE. MILWAUKEE, WIS., 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 in consequence of the spread of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants Exchange Bank was probably the heaviest, but the crowd that was at the SecondWard Bank was nearly as large. The Merchants' Exchange Bank paid out money freely and its officers said they were contident they would be able to meet every demand. 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 had been making large withdrawals during the past month, while collections had been impossible. The officials and directors decided they could do business no longer under the circumstances, 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. Perees, 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 of run. A statement of a few days ago showed that the bank had assets in excess of liabilities amounting to between $500,000 and $600,000. People who were not posted could not believe 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 announcing the bank's suspension, and walked out again. KNOXVILLE, TENN., July 20.-The State National Bank closed this morning. The notice posted on the doors stating "The bank has closed for liquidation. Deposiand tor will be paid in full. Liabilities assets not known outside. MILWAUKEE, WIS., July 20.-Judge Noves, president of the Milwaukee National Bank. has given out the following statement for publication: This bank consider perfectly solvent. It has $300,000 assets above liabilities. In ordinary times it would pay all depositors in full within three months, leaving a surplus of two hundred cents on the dollar for distribution among the stockholders, The reason for closing to-day is the one that has been so much repeated in the last sixty days that the public know it without being told. The shrinkage and withdrawal of deposits and the inability of customers to meet their obligations to the bank led the directors to the conclusion that it is best for the interest of all concerned to close the doors at this time. Fortunately depositors in this bank are such that no one will be seriously injured bv delay in obtaining their money. A meeting of the stockholders will doubtless be called soon to vote on the question of a resumption of the business or of going into voluntary liquidation. The Controller of Currency has been notified of the situation." LOUISVILLE, Ky., July 22.-The Kentucky National bank, capital $1,000,000, has suspended payment. No statement. There is no excitement, and all others regarded as all right. MILWAUKEE, WIS., July 22.-The South Side Savings bank opened as usual this morning, but closed their doors at 10:30. The report of the bank, made on the first Wednesday of this month. is as follows: Assets, loans and discounts, $781,325.30; due from brokers on call loans, $65,000; over-drafts, $3,948; United States and other bonds on hand, $15,000; banking house and fixtures, $7,974.02; due from banks and bankers, $7,916.38; cash items, nickels and pennies, $735.21 checks on clearing house, $40,825.73; specie, $23,720; United States and other National bank notes, $162,520; total, $1,158,965.17. Liabilities, $100,000; undivided profits, $12,500; due depositor on demand, $286,012.46; due creditors on time, $785,452.71; due all others not included under above headings, $25,000; total, $1,158,965.17. RUSSELL, KAS., July 22.-The First National Bank of this place closed this morning and was taken possession by C. M. Sawyer, on order of the comptroller of currency. No statement is made. NEW YORK, July 22.-The weekly statement of the associated banks shows the following changes: Reserve, increase, $3,012,550; loans, decrease, $4,808,300; specie increase, $1,584,400: legal tenders, increase, $503,700; deposits, decrease, $3,697,800; circulation, increase, $129,000. The banks are now $1,256,550 below the requirements of the 25 per cent. rule.

10. July 23, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 23, 1893

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MILWAUKEE STILL EXCITED. TWO MORE BANKS CLOSED AND RUNS MADE ON MANY OTHERS GENERAL SURPRISE AT THE SUPPENSION OF THE MILWAUKEE NATIONAL-RUNS ON TWO INSTITUTIONS CHECKED BY STOCKHOLDER GUARANTEES. Milwaukee, July 22.-The Milwaukee National Bank failed to open its doors this morning. The South Side Savings Balik failed at 10:30°a. m. 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 in consequence of the spread of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants' Exchange Bank was probably 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 Bank are mainly German working people, who seem 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 run on the Merchants' Exchange Bank subsided later, in consequence of the posting of a guarantee signed by Charles Pfister, the Vogels, John Black, Julius Goll and other wealthy stockholders. The closing of the Milwaukee National Bank was a surprise even to some of the stockholders. J. M. Pereles, who owns a block of its 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 were not posted could not believe that the bank, which was one of the oldest in the city, had failed, and scores of men walked into the entrance, read the brief notice announcing the bank's suspension and walked out again. Judge Noyes, president of the Milwaukee National Bank, has given out the following statement for publication: This bank I considered perfectly solvent. It has $500,000 assets above liabilities. In ordinary tinics it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among the stockholders. The reason for closing to-day is the one that has been so much repeated in the last sixty days, and the public know it without being told. The shrinkage and withdrawal of deposits and the inability of customers to meet their obligations to the bank led the directors to the conclusion that it is for the best interest of all concerned to close the doors at this time. Fortunately deposits in this bank are such that no one will be seriously injured by delay in obtaining his money. A meeting of the stockholders will doubtless be called soon to vote on the question of a resumption of business or of going into voluntary liquidation. The Controller of the Currency has been notified of the situation. The officers of the South Side Savings Bank are: President, G. A. Trumpff: cashier, J. B. Koetting. They each hold $50,000 of stock in the bank, and are the only stockholders. The semi-annual statement made on July 1 places the liabilities at $1,158,965.17. Of this the sum of $286,012 46 was due to depositors on demand, and $735,452 on time. There was a run on this bank during the flurry in June, at which Tme a large number of depositors gave notice of the proposed withdrawal of their money at the end of thirty days. President Trumpit said depositors had been making large withdrawals during the last month, while collections had been impossible. The officials and directors decided that they could do business no longer under the

11. July 24, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 24, 1893

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SHUT THE BANKS. Milwaukee National and South Side Savings Banks Close Their Doors. Withdrawal of Deposits and Inability to Realize on Securities the Cause. First National Bank of Louisville, With $1,000,000 Capital, Also Assigns. MILWAUKEE, July 24.-The Milwankee National and the South Side Savings banks have closed their doors. The Milwaukee National acted as the clearing house and the Wisconsin National was promptly named to take its place in this capacity. The news of the trouble to these two institutions, together with the failure of the Commercial bank and William H. M. Benjamin Friday, threw the city into a small panic and runs were at once started on a number of the other banks. Crowds soon gathered in front of the German-American, Merchants Exchange and Second ward banks, but at noon the excitement had in a measure subsided and a general feeling of confilence in the security of those places of deposit prevailed. The city, however, was full of wild rumors, impossible to verify, and probably for the most part without foundation. Responsible For Deposits. At 11 o'clock notice was posted on the doors of the Merchants Exchange, on which there had been a heavy run: "The undersigned directors of the Merchants Exchange bank are personally responsible for moneys deposited in this bank." Signed by Rudolph Nunnemacher, Reid Vogel, Jr., Julius Golt, Charles F. Pfister, Frank J. Kipp. This had a quieting effect and by means of a few policemen the crowd was considerably lessened. The statement on the doors of the Milwaukee National was simply: "By order of the board of directors this bank is closed." The statement o the condition of this bank on July 12 last gave the liabilities as $1,965,383.76 Of this the capital amounted to $200.000, the surplus fund $250,000, undivided profits $99,439.32 national bank notes outstanding $89. 250; deposits $1,045,898.33; notes and bills discounte.1 $230,798.11. Statement of President Noves. George H. Noyes is president of the bank, and J. McClure cashier. President Noyes, in referring to the condition of the Milwaukee National bank, said: "This bank I consider perfectly sound. It has $500,000 in assets above the liabilities. In ordinary times it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among its stockholders. The reason for the closing is the one that has been so much repeated in the last 60 days, that the public know it without being told. The shrinkage and withdrawals of deposits and the inability of customers to meet their obligations to the bank have