Wisconsin Fire and Marine Insurance Company bank (Mitchell's bank)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 26, 1893
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: 387ca81c

Response Measures

None

Description

Notice of suspension posted July 26, 1893; receiver (Washington Becker) appointed under bond. Articles mention prior small runs but the action that closed the bank was a suit by a creditor and an inability to obtain cash; no reopening reported. Classified as suspension_closure (suspension with receivership/closure).

Events (2)

1. July 26, 1893 Receivership

Newspaper Excerpt: On motion of B.K. Miller Washington Becker was appointed receiver under bonds of $1,000,000.
Source: newspapers

2. July 26, 1893 Suspension

Cause Details: Closed after a suit by creditor Benjamin Weil alleging the bank owed him $13,341.71 and the bank was unable to pay; also had been subject to heavy drains of cash.
Newspaper Excerpt: At 10 o'clock a. m. notice of suspension was posted on the doors of the Wisconsin Fire and Marine Insurance Company bank.
Source: newspapers

Newspaper Articles (4)

1. July 26, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 26, 1893

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Article Text

MITCHELL'S BANK What Was Considered Milwankee's Strongest Institution Goes to the Wall. Cashier Murphy Says the Bank Is Solvent, But Couldn't Get Cash. Three Banks at Indianapolis and Two at Louisville Also Close-Other Failures. MILWAUKEE, July 26. -At 10 o'clock a. m. notice of suspension was posted on the doors of the Wisconsin Fire and Marine Insurance Company bank. This bank, which has generally been known as "Mitchell's bank," as Senator Mitchell and his father, the late Alexander Mitchell, held the principal stock, was considered the very strongest bank in the city and during the troubles of June and this week there have been comparatively unimportant runs on it. The bank was closed up on an action brought by Benjamin Weil, a real estate man, who alleged that the bank owed him $13,341.71, which it was unable to pay. On motion of B.K. Miller Washington Becker was appointed receiver under bonds of $1,000,000. This bank is the city depository, and at the present time holds $1,365,000 of the city's money. It is impossible to get a statement from the officials of the bank as yet, but it is believed that a statement will be prepared during the day. The failure of the bank simply proves that runs of the most desperate kind are being quietly made on every bank in the city, and with the fall of the old established Mitchell bank it is impossible to tell what the day will bring in the way of additional disasters. The Mitchell bank was the depository of the Chicago, Milwaukee and St. Paul railroad, and paymasters' checks are drawn on it. They will be cashed at the station here. The treasurer's checks will be paid by the Wisconein National bank. Cashier Murphy of the Fire and Marine bank made the following state ment: "We have nothing to say about the matter t the present time, and, in fact, there is not much to be said. We have been subjected to a constant drain for some time and had realized on about every asset on which the bank could get money on short time. We felt that under the existing conditions it was only a question of time before suspension must inevitably come and therefore decided to close. We might I possibly have got through the day all right, but it was considered best for us not to open for business. This hank is not insolvent by any means, and only time is needed to realize enough to meet every liability.

2. July 27, 1893 The Sauk Centre Herald Sauk Centre, MN

Article from The Sauk Centre Herald, July 27, 1893

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Article Text

MITCHELL'S BANK What Was Considered Milwaukee's Strongest Institution Goes to the Wall. Cashier Murphy Says the Bank Is Solvent, But Couldn't Get Cash. Three Banks at Indianapolis and Two at Louisville Also Close-Other Failures. MILWAUKEE, July 26. -At 10 o'clock a. m. notice of suspension was posted on the doors of the Wisconsin Fire and Marine Insurance Company bank. This bank, which has generally been known as "Mitchell's bank," as Senator Mitchell and his father, the late Alexander Mitchell, held the principal stock, was considered the very strongest bank in the city and during the troubles of June and this week there have been comparatively unimportant runs on it. The bank was closed up on an action brought by Benjamin Weil, a real estate man, who alleged that the bank owed him $13,341.71, which it was unable to pay. On motion of B. K. Miller Washington Becker was appointed receiver under bonds of $1,000,000. This bank is the city depository, and at the present time holds $1,365,000 of the city's money. It is impossible to get a statement from the officials of the bank as yet, but it is believed that a statement will be prepared during the day. . The failure of the bank simply proves that runs of the most desperate kind are being quietly made on every bank in the city, and with the fall of the old established Mitchell bank it is impossible to tell what the day will bring in the way of additional disasters. The Mitchell bank was the depository of the Chicago, Milwaukee and St. Paul railroad, and paymasters' checks are drawn on it. They will be cashed at the station here. The treasurer's checks will be paid by the Wisconsin National bank. Cashier Murphy of the Fire and Marine bank made the following statement: "We have nothing to say about the matter at the present time, and, in fact, there is not much to be said. We have been subjected to a constant drain for some time and had realized on about every asset on which the bank could get money on short time. We felt that under the existing conditions it was only a question of time before suspension must inevitably come and therefore decided to close. We might possibly have got through the day all right, but it was considered best for us not to open for business. This hank is not insolvent by any means, and only time is needed to realize enough to meet every liability.

3. July 28, 1893 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, July 28, 1893

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Article Text

MITCHELL'S BANK What Was Considered Milwaukee's Strongest Institution Goes to the Wall. Cashier Murphy Says the Bank Is Solvent, But Couldn't Get Cash. Three Banks at Indianapolis and Two at Louisville Also Close-Other Failures. MILWAUKEE. July 26. -At 10 o'clock a. m. notice of suspension was posted on the doors of the Wisconsin Fire and Marine Insurance Company bank. This bank, which has generally been known as "Mitchell's bank," as Senator Mitchell and his father, the late Alexander Mitchell, held the principal stock, was considered the very strongest bank in the city and during the troubles of June and this week there have been comparatively unimportant runs on it. The bank was closed up on an. action brought by Benjamin Weil, a real estate man, who alleged that the bank owed him $13,341.71, which it was unable to pay. On motion of B. K. Miller Washington Becker was appointed receiver under bonds of $1,000,000. This bank is the city depository, and at the present time holds $1,365.000 of the city's money. It is impossible to get a statement from the officials of the bank as yet, but it is believed that a statement will be prepared during the day. The failure of the bank simply proves that runs of the most desperate kind are being quietly made on every bank in the city, and with the fall of the old established Mitchell bank it is impossible to tell what the day will bring in the way of additional disasters. The Mitchell bank was the depository of the Chicago, Milwaukee and St. Paul railroad. and paymasters' checks are drawn on it. They will be cashed at the station here. The treasurer's checks will be paid by the Wisconsin National bank. Cashier Murphy of the Fire and Marine bank made the following statement: "We have nothing to say about the matter at the present time, and, in fact, there is not much to be said. We have been subjected to a constant drain for some time and had realized on about every asset on which the bank could get money on short time. We felt that under the existing conditions it was only a question of time before suspension must inevitably come and therefore decided to close. We might possibly have got through the day all right, but it was considered best for us not to open for business. This hank is not insolvent by any means, and only time is needed to realize enough to meet every liability.

4. July 29, 1893 Red Lodge Picket Red Lodge, MT

Article from Red Lodge Picket, July 29, 1893

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Article Text

MITCHELL'S BANK What Was Considered Milwankee's Strongest Institution Goes to the Wall. Cashier Murphy Says the Bank Is Solvent, But Couldn't Get Cash. Three Banks at Indianapolis and Two at Louisville Also Close-Other Failures. MILWAUKEE. July 26. -At 10 o'clock a. in. notice of suspension was posted on the doors of the Wisconsin Fire and Marine Insurance Company bank. This bank, which has generally been known as "Mitchell's bank," as Senator Mitchell and his father, the late A'exander Mitchell, held the principal stock. was considered the very strongest bank in the city and during the troubles of June and this week there have been comparatively unimportant runs on it. The bank was closed up on an ac i n brought by Benjan.in Weil, a real estate man, who alleged that the bank owed him $13.341.71, which it was unable to pay. On motion of B. K. Mil er Washington Becker was appointed receiver under bonds of $1,000,000. This bank is the city depository. and at the present time holds $1.365 000 of the city's money. It is impos ible to get a statement from the officials of the bank as yet, but it is believed that a statement will be prepared during the day. The fai'n of the bank simply: roves that runs of the most desperate kind are being quie ly made on every bank in the city, and with the fa.l of the old established Mitcheil bank it is impossible to tell what the day will biing in the way of additional disasters. The Mitchell bank was the depository of the Chicago. Milwankee and St. Panl railroad. and paymasters' checks are drawn on it. They will Le ca hed at the station here. The tr asurer's checks will be paid by the Wisconsin National bank. Cashier Murphy of the Fire and Marine bank made the following statement: We have nothing to say about the matter at the resent time. and. in fact, the re is not much to be said. We have been subjected to a constant drain for some time and had realized on about every asset on which the bank could get money on short time. We felt that under the existing conditions i was only a question of time before su pension must inevit by come and to have got possill therefore decided through close. the We day might all right. but it was considered best for us not in open for business. This hank is not insolvent by any means. and only time is needed to real.ze enough to meet every liability.