22777. Wisconsin Marine & Fire Insurance Company (Milwaukee, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 25, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
1d1028a4

Response Measures

None

Description

Newspapers report the Wisconsin Marine & Fire Insurance Company closed/failed on July 25, 1893 and a receiver (Washington Becker) was appointed. There is mention of crowds and withdrawals at other Milwaukee banks after the closing, but no firm evidence of an antecedent depositor run on this bank prior to suspension. The bank appears to have suspended and been placed in receivership (permanent closure).

Events (3)
1. July 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was reported to have failed/closed on July 25, 1893; assets/liabilities later filed showing large depositor liabilities and receiver appointed, indicating bank-specific insolvency/distress.
Newspaper Excerpt
the failure of the Wisconsin Marine and Fire Insurance Co. in Milwaukee
Source
newspapers
2. July 29, 1893 Other
Newspaper Excerpt
Within five minutes after the news the closing or the Wisconsin Marine and Fire Insurance company bank considerable crowds gathered at the First National, Marshall & Ilsley and Wisconsin National banks.
Source
newspapers
3. July 29, 1893 Receivership
Newspaper Excerpt
Cashier Murphy says: The bank is not insolvent ... Washington Becker, the temporary receiver, and later filings by Receiver Becker (Aug 22) are reported. Receiver Becker allowed to take stock to settle claims (Aug 17). Receiver actions reported Nov. 4 executions in favor of the receiver were issued for bank claims. (Mineral Point Tribune, 1893-07-29; Aug and Nov reports.)
Source
newspapers

Newspaper Articles (8)
1. July 26, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 26, 1893

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BANKERS FEEL UNEASY. They Think the Financial Panic Wave Is Nearing Home. Western Collapses Beginning to Tell on Strength of Eastern Concerns. NEW YORK, July 25.-The bankers this morning were disposed to take a more gloomy view of the general business stuation than a week ago. The shutting down of manufacturing interests all over New England, and private advices received by New York bankers as to the condition of New England banks, continue to make the prospect for the betterment of the condition in that quarter anything but good. From the West banks continue to recelve calls for currency and the constant withdrawal of New York balances, the failure of the Wisconsin Marine and Fire Insurance Co. in Milwaukee, and two banks in Indianapolis, all considered strong institutions, have added to the uneasiness felt here about the Western situation. In Wall street the expression regarding the collapse of today is that the trouble appears more widespread and nearer home than a few days ago.

2. July 26, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 26, 1893

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won; Dispatch second, Edith third. Time, 1:03. Third race- six and one-half furlongsSarah Ramey won Sister Mary second, 1:22. Time, Liselg third. Fourth race mile-Old Pepper won: Philora second, J. Jugertha third. Time, Fifth race five hurdles. mile and quarter- Alfonsina won: Bassanio second, Geronimo third. Time, 2:22. NEW YORK, July 25-Brighton Beach First race- five furlongs- Eagle won: Osrie and Express ran a dead heat for the place. Time, 1:02 1/4. Second race-six furlongs-Conners won: Sprinta (colt) second, Dare Devil third. Time, 1:1916. Third furlongs. Orchis won: Lansing second, Play or Pay third. Time, 1:29% Fourth race five furlongs-Parlie Wilson won : Skedadle second, Terrifier third. Time, 1:01 34 Fifth race -seven furlongs-Speculation won Little Nell second, Circular third. Time.1:30. Sixth race- five and a half furlongsClement won: Tube Rose second, Hannibal third. Time. 1:04. MONMOUTH PARK. July 25 First racefive and half furlongs Sirocco Won: Fairy second, Alohathird. Time. 1:04 16. Second race-six furlongs Luster won: Mary Stone second, Red Banner third. Time, 1:10): Third race- five and a half furlongs. the Sapling Stakes Sepator Grady won Henry of Navarra and H derabad ran dead-heat for the place. Time. 1:05. Fourth race one and one-half miles. the Stevens Stakes Sir Waiter won: Rain second, Young Arion third. Time, 2:37% Fifth race five and one twelfth furlongs Little Pirate won Cross Fire (colt) second. Ascot third. Time. 1.06. Sixth race-six iurlo: Macintosh won: Ch:ef Justice second Mr. Sass third. Time, 1:12. PHILADELPHIA, July 25. One favorite four outsiders, and a second choice won to-day at Gloucester. First and one-sixteenth milesMcKeever won National second, Glenlocby third. Time,1:54. Second race and one half furlongsMiss Nannie won: O. D. second, Sue Ryder(colt)third. Time. 1:26. Third race-seven furlongs- Wallace G. WOD Houri second: Lost Star third. Time, 1:32. Fourth race- five furlongs Adair won Robin Hood second, Penzance third. Time, 1:02. Fitth race four and one-half furlongsPellawon: Veracity (filly second, Down. cast third. Time 58. Sixth race-five furlongs Melinda won Congress second, Stringfellow third. Time, 1:04. CLEVEAND, O., July 25. First race-2:27 class, trotting. purse $2,000- O. A. HickDexter ok's Alchandre, b. m. by Prince, dam by Nutwood Hiekok) 2.1.1. Nyanza. 1.5.5.3: Wilkes. 4,3,3, Bethne.3.3.2.3: Adra Bell,5, 4.7: Medio, Maggie Monroe. 7. 6,6,6 Alama, distanced. Time, 2:15% 2:1714 2:16 2:16 14 Second race- 4-year-olds-2:25 class. trotting. purse $2,000 Ketcham Farm' Miss Lida b. m., by King Clay, dam Mollie C. by Contractor Ketcham, 1,1,1: Aunt Delilah. 2. 2, 3: Happy Lady, 4,3,2: Sabina, Jessie C., 5.7.4: Peveril, 4.7: Blue Bell, 8, 9.5: Gift O'Neer, 7.6. Royal Wilton, 9,8,9. Time, 2:19% 2:17% 2:20. Third race 2:20 class. pacing. purse, $2,000 M. E McHenry's May Marshall, b. m., by Bill Wilkes, dam by Mambino: Abdallah (McHenry 10, Christo Queen Maud 2: Declincourt 9.6.3.3; Polly Cvelone, 6.8 7.5: Moonstone, 11.3 4. drawn: Tip O'Tip. 10.10, distance Juliet, 3,4, distanced Blue Hal, 7, 11, distanced. Time, 2:11 2:12% 2:12, 2:14% Jockey McDonald Done For. ST. LOUIS, Mo., July 25. During the progress of the second race at Southside Park yesterday Jockey J. McDonald was instantly killed just as he was approaching the grand stand, His mount. Dan D. suddenly broke down and fell to the track with a crash. striking on his head and falling on top of McDonald. Johnny B., one of the other racers. tumbled over the prostrate jockey and horse, but without serious consequence to himself or rider. McDonald was terribly crushed. Diamond Dast, B.H. E. R. At Philadelphia Philadelphias.. Brooklyns. Batteries: Wevbing and Clements: Stein and Kinslow. E. R. At Cincinnati Cincinnatis Clevelands Batteries: Sullivan and Murphy Young and Connor. R. B.H. E. At St. Louis 13 St. Louis 6 Chicagos. Batteries: arkson and Gunson Mc. Gill and Kittredge. R. B.H. E. At Boston : 13 Bostons. Washington Stivettsand Ganzel; Esper Batteries and Farrell, R4 B.H. E. At New York 13 2 New Yorks Baltimores. Batteries: Rusie and Milligan : Hawke, M IcNabb, and Clarke. R. B.H. E. At Louisville 0 01010200 Louisvilles 0 Pittsburgs Rhodes and Grim: Gumbert Batteries and Sugden SOUTHERN LEAGUE. R. . B.H. E. At Augusta 020000000 Augustas Chattanoogas Batteries: Blackburn and Dixon: Ste vens and Dugdale, R. B.H. E. At Charleston Charlestons. Savannahs and Lucid Armstrong Batteries Quarles : Counaug chton. B. B.H. E. At New Orleans: New Orleans Birminghams Batteries: Baker and Baldwin Miller and Earle. R. At Mobile: 12 Mobiles 0 Memphis Batteries: Foreman and Trost; Wittrock and Rogers. R. B.H. E. At Montgomery 10000007 Montgomery 0 Nasbville.. Batteries: Hoffer and Somers: Stagle and Twineham, R. B.H. E. At Macon Macon Atlanta Batteies Clausen and Fields: Darby and Moran. More Bank Suspensions. INDIANATOLIS. IND.. July 25. The Bank of Commerce did not open its doors this morning. INDIANAPOLIS. IND.. July 25. The Indianapolis National Bank suspended this morning. LOUISVILLE, Ky., July 25. The Merchants' National Bank suspended payment this morning MILWAUEER Wrs., July 25. The WisconMarine- and Fire-Insurance Company sin morning. This Bank closed its doors this Senator Mitchell's bank and has been is the strongest bank in the city. considered TOLEDO O. July 25.-The Farmers' Na-

3. July 29, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, July 29, 1893

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Resources-Loans and discounts $6,485,673.39, overdrafts $29,233.12. stocks, bonds and mortgages $567,412.loss and expense account $683.88. due from banks and bankers $1,038. 472.41, cash-currency $532,361.00. gold and silver $124,226.17. checks on clearing house $168,281.82. total resources $8,946,344.61. Liabilities-Capital $500,000.00, undivided profits $65,840.67, due depositors $7,870,503.94. due to others not included under either of above heads $500,000.00, total liabilities $8,946,344.61. Cashier Murphy says: "The bank is not insolvent by any means, and only time was needed to realize enough to meet every liability. It not only has ample assets. but Mr. Mitchell and Mr. Johnson are behind it." Washington Becker, the temporary receiver, said: "I have every reason to hope that our depositors will receive their money in a reasonable short time. can't say how soon, of course, but I hope it will be at an early day." Within five miutes after the news " the closing or the Wisconsin Marine and Fire Insurance company bank considerable crowds gathered at the First National. Marshall & Ilsley and Wisconsin National banks. Notwithstandthis fact and the renewed feeling of uncertainty a number of old deposwere on hand at each of these intitutions for the puropse of making leposits, and while money was hastily withdrawn even larger amounts were blaced on the inside of the counters. The bank was incorporated by the territorial legislature of Wisconsin in 1839, the charter being granted to Alexander Mitchell and George Smith, young Scotchmen just arrived from Aberdeen. The charter of the company repealed in 1844, as it was discovthat the company was doing a banking business, contrary to the proviso in its charter prohibiting it alhough in strict accordance with the specific business it had been authorto do. Alexander Mitchell ran the bank until his death a few years The stockholders of the bank are: John L. Mitchell, $313,300; David Ferguson, $166,600; Washington Becker, $20,000; John P. Murphy, $1,000; total, $500,000. John Johnston sold all his stock to John L. Mitchell about six months ago, but Johnston was still eashier and it is popularly thought that the deal was not so fully consummated to relieve him of liability. Mitchell lone is estimated to be worth from $5,000,000 to $10,000,000' while all othconnected with the bank are also wealthy. Mr. Ferguson was completeprostrated and a little while after the suspension his condition became such that medical attention was conidered necessary and Dr. Fox was ummoned. Soon afterward Mr. Ferrusor was taken home in Dr. Fox's riage. Every man in the crowd of oystanders had words of sympathy for he white-haired old man who went the bank with Alexander Mitchover fifty years ago. Other local banks were somewhat upon but easily met all demands. The trouble is thought to be over Bankhave long deemed the Marine bank haky, because of the close margin business it did. A speedy resumption expected. LATEST NEWS. Milwaukee, July 25.-The feeling is that the situation is now at its worst and that tomorrow will show a

4. August 24, 1893 Courier Democrat Langdon, ND
Article from Courier Democrat, August 24, 1893

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CAN TAKE ORE. Milwaukee, Aug. 17.-Judge Johnson, of the circuit court, has allowed Receiver Becker, of the Wisconsin Marine and Fire Insurance Company bank to take Tron ore on Lake Erie docks in settlement of $164,925.49 of Schlessinger & Co.Corrigan, Ives & Co. paper.

5. August 26, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, August 26, 1893

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Milwaukee, Aug. 22.-A statement of the condition of the Wisconsin Marine and Fire Insurance Company bank was filed with the clerk of the courts today by Washington Becker, the receiver. The statement is a general one and except as far as the list of stocks, bonds and mortgages is concerned gives the depositors precious little information regarding the character of the bank's assets, and as there is no list of the notes and discounted paper held by the bank, which forms by far the largest item in the statement of resources. The total assets as given in the statement, foot up $7,256,290, while the amount due to depositors, to banks and on bills payable and bills rediscounted is $6,710,374. There is a further liability to stockholders of $515,916, of which $500,000 represents the capital stock of the bank and the rest surplus. The text of the report states that on the 25th day of July,1893the resources and liabilities of the defendant, were: Resources -

6. November 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 6, 1893

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The Sheriff Gets It. MILWAUKEE, Wis., Nov. 4.-The establishment of James Morgan & Co., one of the largest retail dry goods firms in the West, is in the hands of the sheriff on an execution issued in favor of the receiver of the Wisconsin Marine and Fire Insurance Company bank for $30,000.

7. November 9, 1893 The Sun Morris, MN
Article from The Sun, November 9, 1893

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BRAZILIAN FLEET. New York, Nov. 6.-Dr. Salvadore de Mendonca, the Brazilian minister, arrived at the Hotel Brunswick from Washington yesterday. He received many visitors during the day, including the representative of a big Western iron house, who is desirous of fitting out the fleet which is being organized here to fight the rebels. IN THE SHERIFF'S CARE. Milwaukee, Nov. 6.-The establishment of James Morgan & Co., one of the largest retail dry goods firms in the West, is in the hands of the sheriff on an execution issued in favor of the receiver of the Wisconsin Marine and Fire Insurance Company bank for $30,000.

8. November 9, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, November 9, 1893

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IN THE SHERIFF'S GARM. Milwaukee, Nov. 6.-The establishment of James Morgan & Co., one of the largest retail dry goods firms in the West, is in the hands of the sheriff on an execution issued in favor of the receiver of the Wisconsin Marine and Fire Insurance Company bank for $30,000.