22770. State Bank (Milwaukee, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 6, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
9231bf2c

Response Measures

None

Description

Newspaper reports (June 6, 1893) state 'The State bank of this city has failed.' No article describes a depositor run on this specific bank; other Wisconsin banks were experiencing runs. The bank failure implies suspension/closure and likely receivership (insolvency).

Events (1)

1. June 6, 1893 Receivership
Newspaper Excerpt
MILWAUKEE, June .-The State bank of this city has failed. It had a capital of $50,000 and n[sic] surplus of $10,000.
Source
newspapers

Newspaper Articles (2)

Article from The Helena Independent, June 7, 1893

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Article Text

ABUNDANT RESOURCES. All Depositors Got Their Money in Chiengo-Business Failures. CHICAGO. June 6.-Notwithstanding the fact that the Illinois Trust and Savings bank kept open until three o'clock this morning togive anxious depositorsa chance to draw their funds, a new line began to form before eight o'olock this morning, and at 10, the hour for opening, between 1,200 and 1,500 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolately sound. Its assets figure up to over $28,000,000 and its stockholders are estimated to be worth in the aggregate fully $160,000,000. During the time when the run on the bank was hottest this afternoon Philip D. Armour. the millionaire packer, sent out some of his clerks to bring into his office 8 hundred or more of the most excited depositors, mostly women. To these Mr. Armour made a brief speech. assuring them that the bank was all right, and adding that Amour & Co. will guarantee to each of them the full amount of their deposit. If any of them were not satisfied with this he asked them to speak up and said he would give them their money. Two women asked for the amount of their deposit and were immediately paid in gold, while the remainder of the people went away satisfied. WASHINGTON,June6.-Comptrolter Eckles said to an Associated press reporter this morning that as far as advised no national bank in Chicago had been affected by yesterday's financial flurry. The clearing house stands ready to assist its members whenever necessary. An abstract of the condition of the Chicago national banks on the date of his last call showed A reserve of 29.45 per cent. or 4.45 above the legal requiements. The total resource rre $160,864,804; surplus, $11,516,700; undivided profits, $1,596,000. POKANE, June 6.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities. but could not get money in time for the sudden whirl. At two o'clock this afternoon the Citizens' National bank closed its doors. By one o'clock the runs had almost entirely subsided. The other banks stood the strain with no visible sign of wearing and since they have been strengthening themsolves and the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions. BOSTON, June 6.-Potter & Potter, publishers of the :New England Magazine, the Yankee Blade, the Woman's Home Journal and other periodicals, made an assignment. The liabilities are from $75,000 to $100,000. The firm may resume. The failure WAS due to a losing business on the New England Magazine. PHILADELPHIA, June .--amuel A. Prince, the owner of the marble works here and the quarries in Rutlond, Vt., has failed. The liabilities are $100,000 and nominal assets $250,000. MILWAUKEE, June .-The State bank of this city has failed. It had a capital of $50,000 and n sarplus of $10,000. DEFIANCE, O., June 6.-The Savings bank of Andrew Sauer has failed.


Article from The Yellowstone Journal, June 7, 1893

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Article Text

The Wisconsin Banks. MILWAUKEE. Wis.. June 6. The State Bank of this city has failed. It had a capital of 850,000 and a surplus of 810,000. The Manitowoc Savings Bank now is experiencing a slight run. Reports from Racine say a run is in progress on the Manufacturers National and at Madison the run on the First National has increased.