Second Ward Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: January 1, 1873*
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: 8478e5d1

Response Measures

Accommodated withdrawals, Capital injected

Description

Article (St. Paul Daily Globe, 1884-03-31) recounts a past run on the Second Ward Savings Bank about ten to twelve years earlier (circa 1872–1874). The run was quelled when a large private depositor (John Pritzlaff) took in frightened depositors' funds and returned them to the bank, restoring confidence. There is no mention of a suspension, receivership, or permanent closure.

Events (1)

1. January 1, 1873* Run

Cause: Rumor Or Misinformation
Cause Details: Widespread depositor fear/nervousness among local German depositors triggered heavy withdrawals; no adverse bank-specific scandal reported.
Measures: Local private banker John Pritzlaff accepted depositors' funds and re-deposited/channeled them back into the bank to maintain liquidity and restore confidence.
Newspaper Excerpt: A good story is told of Pritzlaff in connection with a run on the Second Ward Savings bank, ten or twelve years ago. The frightened German depositors hastened to the bank drew their money and with equal haste sought Mr. Pritzlaff and placed it in his hands.
Source: newspapers

Newspaper Articles (1)

1. March 31, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, March 31, 1884

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Article Text

man OI Mr. Burt's standing. here from Boston five years ago, on business duties, and was so favorably pressed with the city that he immediately brought his family here and settled down as a permanent resident. He purchased for $25,000 the neat residence and fine grounds of Capt. E. M. Peck, on Prospect avenue, just north of Chas. Ray's fine stone mansion, and made room for A SPACIOUS HOME of Queen Ann architecture, by removing the Peck residence to a vacant lot on the west side of the street and occupying it pending the completion of his new home. Somewhat over a year ago, and not long after work on the new home was commenced, Mrs. Burt suddenly sickened and died, and in a short time thereafter Mr. Burt himself was prostrated by serious and prolonged illness. It was probably during this season of sorrow and suffering that the kind ministrations of the young housekeeper to Mr. Burt and his little daughter commended her as a fit successor to the wife and mother who was to have adorned the palatial home in process of construction. At any rate she is now Mrs. Burt, and will soon preside over one of the finest residences in Milwaukee. When completed and furnished, the house will have cost Mr. Burt somewhat over $50,000. The newly wedded pair are now absent from the city on a bridal tour. JOHN PRITZLAFF. Last week's letter contained reference to a lottery pool in the hardware establishment of John Pritzlaff. Lotteries and chance deals are so widely at variance with the reputation of the head of the house that your correspondent cannot refrain from involving him in the gossip of this letter. Mr. Pritzlaff's wealth and his position at the head of the largest hardware house in Milwaukee are due to persistent application to business. He came to America from Pomerania, Prussia, where he was born in 1820, and settled in this city in 1841. Four years after he entered the employ of John Nazro, once Milwaukee's hardware giant, and in 1850 started in business with a partner on Third street, near Chestnut street, backed by Nazro. From a small beginning he has worked up to his present position, changing places with Nazro, who went down in the crash of 1873, and is now selling iron on commission in Chicago. Some years ago Pritzlaff removed his business to a new store, built by himself, on West just below Fowler. It is 100x130 feet in size and four stories high. Mr. Pritzlaff possesses the confidence of the Pomeranians and German Lutherans to such a degree that he is made A PRIVATE BANKER by a large number of them. They will run to him with their savings and feel easier than if they had deposited them in the strongest bank. As a result, his financial resources are unlimited. A good story is told of Pritzlaff in connection with a run on the Second Ward Savings bank, ten or twelve years ago. The frightened German depositors hastened to the bank drew their money and with equal haste sought Mr. Pritzlaff and placed it in his hands. This current of wealth Mr. Pritzlaff quietly turned into the bank, which kept up an endless circle of disburement and receipt, day in and day out, until confidence was again restored. This neat piece of strategy saved the institution, as the run was a tremendous one. Mr. Pritzlaff is assisted in his business by three sons-in-law and an only son. He is a happy grandfather, having no less than sixteen living grandchildren. PERSONAL AND GENERAL. Lieut. John E. Coogan has been elected captain of the Sheridan guard, to succeed Capt. W. P. O'Connor, resigned. Miss Lizzie Plankington is now said to be the donorof the statue of Gen. Washington, to be erected in Grand avenue park, and Edward Sanderson, of the statue to adorn Seventh ward park, on the lake front. The last named work of art will be a representation of the late Matt H. Carpenter. Mrs. Lathrop, the revivalist. has been doing good work in Summerfield Methodist church, during the past week. L. S. Germain, of Oconomowoe, died at Tampa, Florida, on the 17th inst. He was a half-brother of Mrs. D. P. Hall, of this city. He left property valued at $30,000 to Mrs. Hull and Mrs. W. J. Adams and Mrs. H. H. Albright, of Green Bay. Deceased was a son of Lieut. Lewis Germain, of the famous frigate Constitution, and was born on the man of-war Superior, at Sackett's Harbor, on Lake Ontario.