22782. Wisconsin State Bank (Milwaukee, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 7, 1868
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
6b5c4e2c

Response Measures

Capital injected, Full suspension

Other: Arrangement reported to pay small depositors in full and larger depositors 80% cash with balance later (settlement).

Description

Multiple contemporaneous newspapers (Nov 10, 1868) report a run on Milwaukee banks commencing Saturday (Nov 7) and that the Wisconsin State Bank suspended (reports dated Nov 9–10). Liabilities reported heavy; later reports mention arrangements to pay depositors partially, consistent with a suspension that led to failure/settlement rather than an ordinary temporary closure.

Events (2)

1. November 7, 1868 Run
Cause
Bank Specific Adverse Info
Cause Details
Runs began after news of the Wisconsin State Bank's distress/failure and heavy liabilities (discounted largely on wheat paper); panic in business circles.
Newspaper Excerpt
A run on the Milwaukee Bank commenced on Saturday.
Source
newspapers
2. November 9, 1868 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after heavy liabilities were reported; numerous accounts mention the bank's heavy discounts and failure leading to suspension of payments and a local panic.
Newspaper Excerpt
The Wisconsin State Bank has suspended.
Source
newspapers

Newspaper Articles (14)

Article from New Orleans Republican, November 10, 1868

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Evening Dispatches to the Associated Press. WASHINGTON 1 Both Houses , djourned 1111 December Seventh - Grand Demoustration Tendered to General Grant. WASHINGTON, November 10.-Messrs. Wade and Colfax adjourned their respective houses until December seventh. WASHINGTON, November 10.-The Mayor, with the heads of various associations, called this afternoon to tender & grand demonstration and reception to Grant. WISCONSIN- uspension of State Bank. MILWAUKEE, Wisconsin, November 10. The Wisconsin State Bank has suspended


Article from The Daily Gate City, November 10, 1868

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MISCELLANEOUS ITEMS. and SAN FRANCISCO, Nov. 9. The Board of Supervisors have ordered a recount of the city vote. Some of the packages of ballots, in the possession of the County Clerk, bear evidence of having been tampesed with. As immense sum of money is at stake on the result of the vote in the city and State. Probably a recount will be made in other localities. A shock of an earthquake was felt at Victoria November 4th. MULWAUKER, Nov. 9. A run on the Milweakee banks commenced Saturday. The Wisconsin State Bank has suspended. Its liabilities are said to be heavy.


Article from Evening Star, November 10, 1868

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EVENING STAR. LATE TELEGRAMS, &c. There are no indications of any disturbance of the public peace growing out of the difficulty between the Legislature and the Governor of Florida. All the judges of the Supreme Court are present at Taliabassee awaiting the action of the Circuit Court in the case before it. Judge Barnard, in the Court of Oyer and Terminer, New York, called the attention of the grand jury to the reports in circulation relative to the election frauds, and char ged the m if anything in relation to them came be. fore them to make a thorough investigation. The Rosemberg indictments were up in New York yesterday in the United States District Court, before Judge Blatchford. and were re. mitted back to the United States Circuit Cour: for argument before Judge Nelson on Wednes. day. Judge Nelson. in New York yesterday, re. fused a motion for habess corpus in the case of Theophilus C. Callicott, who was convicted and sentenced last May of fraud on the Gov. ernment in the Internal Revenue Department News from the seat of war in South America represents the allied fleet as before Asuncion. The sprrender of the city was hourly expected The Unked States squadron is reported as going up the Paraguay river to Asuncion. The Lieutenant Governor of New Bruns. wick has issued instructions to the police magistrate of St. John to investigate and report upon the kidnapping of Mills by Amerlean detectives, for the information of the General Government. Hon. Jeseph Howe, in a letter to the press, announces his conclusion that it IS useless to continue the struggle for repeal in Nova Scotia. His letter causes much excitement in the Province. Mrs. Catherine Engels and Mike Moran were arrested Sunday in St. Louis for dealing in counterfeit money. Between $2,000 and $3,000 in 85 and $50 greenbacks and postal cur. rency were secured. Professor Goldwin Smith is expected in New York in a day or two from England, and will make Baltimore his winter home. About half of the arms thrown from the cars in Florida have been recovered in good condition. A shock of earthquake was felt at Victoria on November 4th, and San Francisco November 6th. There was one small failure in the produce business in New York on Saturday. Admiral Farragut's flagship arrived at New York yesterday. The Wisconsin State Bank, at Milwaukie, has suspended. with reported heavy liabilities. Mail advices from St. Domingo are to Oc. tober 20. The revolution was spreading.


Article from The National Republican, November 10, 1868

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Bank Suspension. MILWAUKEE, Nov. 9.-A run on the Mi!waukee bank commenced on Saturday. The Wisconsin State bank has suspended.


Article from Alexandria Gazette, November 10, 1868

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NEWS OF THE DAY. "To show the very age and body of the Times." The hotel and buildings at Bentley Springs, the well-known summer resort, situated in Baltimore county, some thirty miles from Baltimore, on the Northern Central railway, caught fire early on Saturday morning. Being mostly constructed of wood, they, togethar with the furniture contained in them, were in a short time almost entirely consumed. Loss $40,000 -partially insured. A petition is in circulation on Cape Cod, asking Congress to render null all laws of eities, towns and States, which tax commerce in the shape of harbor tonnage, port warden fees, oyster tonnage tax, State Hospital tax, quarantine, &c., all of which have been enforced, as is declared, contrary to the laws of the U. S. for the regulation of commerce. By a recent order from the headquarters of Gen. Sheridan, the commanding officer at Fort Gibson is directed to arrest all unauthorized persons en route to Fort Cobb and the frontier of the Indian Territory, for the purpose of communicating with the hostile Indians. Ex-Governor Orr, of South Carolina, has gone back to reside in his native State, and has accepted a judgeship under the State Government. He recently visited Missouri, and it was said he intended to remove to that State, but it seems he has decided otherwise. The New York Herald of yesterday has a rumor that a movement is on foot to have the Democratic electors chosen last week cast their votes for Grant and Colfax, and thus make their election unanimous. It is a very improbable rumor, we think. There are no indications of any disturbance of the public peace growing out of the difficulty between the Legislature and the Governor of Florida. All the Judges of the Supreme Court are present at Tallahassee awaiting the action of the Circuit Court in the cases before it. Four hundred and seventeen male and twelve female convicts in the Indiana Penitentiary have made that institution self-supporting during the past year, and added a little to its treasury. The State appropriation has not been touched. Upon the written opinion of Attorney General Evarts, Postmaster General Randall has decided to make no contract with the American Steamship Company for carrying foreign mails, as per recent act of Congress. Cuba is in a very unsettled state. Bands of robbers, under the pretence of being revolutionists, are committing depredations on plantations. John S. Clarke, the American comedian, played at the Strand Theatre, in London, on Friday evening last, before the Queen, the Prince of Wales, Reverdy Johnson, and other notables. The election returns are nearly complete in South Carolina, and show a Radical majority of 900, and a Democratic gain of 33,500 since the election for the new Constitution in April last. Gen. Grant will not resign the Generalship until after the electoral vote is counted and he is declared elected President, which takes place in February next. South American news to the 12th ult. reports that the Allied fleet and army were before Ascunsion, and news of the surrender of the city was hourly expected at Rio. About half of the arms thrown from the cars in Florida, have been recovered in good condition. Admiral Farragut's flagship, the Franklin, arrived at New York yesterday. Mr. Schuyler Colfax dined with Gen. Grant yesterday. Mr. Horace Greeley declines being a candidate for U. S. Senator from New York. The Wisconsin State Bank, at Milwaukie, has suspended, with reported heavy liabilities.


Article from The New York Herald, November 10, 1868

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WISCONSIN. Rua on a Bank-Suspension of the State Bank. MiLWAUKER, Nov. 9, 1868. A run on the Milwaukee Bank commenced on Saturday. The Wisconsin State Bank has suspended. The liabilities are eaid to be heavy,


Article from New-York Tribune, November 10, 1868

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SUSPENSION OF THE WISCONSIN STATE BANK. MILWAUKEE, Nov. 9.-A ran was made upon the Milwaukee Bank ou Saturday. The Wisconsin State Bu ok has suspended. The liabilities are said to be heavy.


Article from The New Orleans Crescent, November 11, 1868

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FROM WISCONSIN. Suspension of State Bank. MILWAUKEE, WIS.. Nov. 10.-The Wisconsin State Bank has suspended, and a run on the Milwaukee Bank commenced on Sunday.


Article from The Daily Dispatch, November 11, 1868

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Money Market-Run on a Bank. MILWAUKIE, Wis., November 10.-The Wisconsin State Bank has suspended payment. A run on the Milwaukie Bank commenced Saturday. NEW YORK, November 10.-The Commercial Bank of New Brunswick has suspended payment.


Article from The Daily Phoenix, November 11, 1868

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News Items. CHARLESTON, November 10.-Arrived-steamer Manhattan, New York. Sailed-steamer Prometheus, Philadelphia. The municipal election took place to-day and was attended with intense excitement. Chancellor Lesesne was the candidate of the citizens' party for Mayor and Gilbert Pillsbury, of the Republicans. The vote has been close and will not be counted until to-morrow. TALLAHASSE, FLA., November 10. Lieut. Gov. Gleason and Secretary Alden occupy rooms at the City Hotel, across the street from the Capitol. Yesterday, at the hotel, Adjutant-General Stake demanded a paper from Secretary Alden, relating to his appointment as Adjutant, which Alden refused; when a pistol was presented to enforce the demand. Chief Justice Randall, who was present, with others, interfered and succeeded in arresting a difficulty. The Gleason party claim that Reed caused the destruction of arms, to prevent them being used to aid in his conviction; while the other side say Gleason's party did it to add to Reed's embarrassments. RICHMOND, Va., November 10.-A contract was made to-day with a Philadelphia company, to finish the Fredericksburg and Gordonsville Railroad. H. C. Wainwright, of Philadelphia, is to be President. Capt. E. H. Chandler, Freight Agent of the Fredericksburg Railroad, was found dead in his bed this evening. NEW ORLEANS, November 10.-The Odd Fellows are out in procession in strong force to-day, on the occasion of the dedication of the new hall of the order. There was a fine display, notwithstanding the unpleasant weather. NEW YORK, November 10.-The steamer Granada, with Gen. Rosencranz and family, and Gen. Longstreet aboard, sailed for Vera Cruz to-day. MILWAUKIE, November 10.-The Wisconsin State Bank has suspended. A run on the Milwaukie Bank commenced on Saturday. WASHINGTON, November 10.-Wade and Colfax adjourned their respective Houses until the 7th December. The Mayor, with the heads of the various associations, called this afternoon toitender a grand reception and demonstic on to Grant. Replying to Mayor Bowen, and the Reception Demonstration Committee, Gen. Grant said: "GENTLEMEN: I am very glad to meet you all, and receive your congratulations, but hope you will spare me any public demonstration, as I live here in this city and will be glad to receive my friends, at any time, without display. I much prefer having none, and none will be held with my consent. To receive you at any time, either here or at my residence, without any demonstration, will be much more agreeable to me, and I hope will be agreable to you. I shall take the demonstration all for granted and appreciate your motives the same." The negroes were not represented in the committee which waited on Grant, to-day. The Young Men's Seymour and Blair Club organized as a permanent National Democratic Club. Joseph H. Bradley, Jr., President. Crebs beats Raum in the Cairo, Illinois, district-making four Democratic Congressmen from that State. The Commercial Bank of New Brunswick has suspended. A locomotive exploded at Doncaster, Pa., killing the engineer and a fireman. HAVANA, November 10.-The expedition from Gumas after provisions returned unsuccessful. The revolutionists destroyed everything. Bands of robbers were depredating the plantations under the pretence of being revolutionists. The planters in a large portion of the Eastern districtare unable to harvest their crops.


Article from The Iowa Plain Dealer, November 13, 1868

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THE PANIC AT MILWAUKEE. The excitement concerning the banks has lulled somewhat, but people are far from feeling secure.There are no new developments in reference to the failure of the Wisconsin State bank. FAILURE-BANK AT ST. JOHNS N. B. St. Johns, N. B. Nov. 10-Quite a panic was occasioned here to-day, by the reported failure of the Commercial bank. The stock sold yesterday at $16 for $100 shares, and this morning the paper was generally refused. About noon the bank closed its doors. Other banks are deliberating as to whether they will come to its assistance.


Article from Gold Hill Daily News, November 13, 1868

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[SPECIAL TO THE GOLDHILL DAILY NEWS.] LATEST EASTERN TELEGRAMS The Eastern Elections. CHICAGO, November 10.-The follow ing is a summary of the election news In Michigan the Republican majority i over 30,000; it may reach 31,000, It Ohio, returns from seventy-seven coun ties show a Republican gain of 23,000 If the remaining counties vote the same as in October, Grant's majority will b over 41,000. In Iowa, careful estimate make Grant's majority 50,000; fo negro suffrage, 32,000. In Minnesota Wilson, (Dem.) is probably elected to Congress in the Second District, ove Donnelly, by a few hundred majority The Republicans have a large majority in the Legislature, and it is though Donnelly will be elected U. S. Senator The official vote of Connecticut give Grant's majority as 3,089. In South Carolina the Republican majority i 9,000. In Alabama, returns from fift counties give Grant 10,000 majority The State is classed as doubtful. I Illinois Grant's majority is fully 55,000 The Republicans lose one Congressmen The Constitutional Convention Amend ment is ordered by a large majority. New York News. NEW YORK, November 10.-General Rosecrans and Longstreet sailed fo Mexico to-day. At a meeting of the French Radica Republican Club in New York to-day resolutions were adopted tendering th warmest congratulations to the State of Iowa and Minnesota, for their sens of probity in having admitted universa suffrage. General Cole's Trial. ALBANY, November 10.-The secon trial of General Cole for the murder o Hiscock commences to-morrow. The Democratic Party to be Turned Ove to the Republicans. CHICAGO, November 10.-A movemen is said to be on foot among prominen Democrats tohave the Democratic Elec tors vote for Grant, so as to make hi election unanimous. The followin circular was addressed to Pendleton General Preston, A. H. Stephens an other prominent Democrats WASHINGTON, November 8. Gentlemen: In my judgment the wises thing the Democracy could now do would b to throw their entire vote for General Gran as indicative of the fact that should he pur sue liberal, generous and magnanimou course they will sustain him. It would als have the effect of not leaving him altogethe in the hands of an adverse faction, an would doubtless strengthen any purpose h may entertain towards a conservative senti ment. Certainly, this vote cannot possibl do Seymour any good, and if thrown in th manner suggested would at least produce conciliatory impression. A Money Excitement. CHICAGO, November 10.-A specia from New York says there was consid erable excitement on Wall street, owin to the contradiction of the Washingto dispatch of Saturday, that the Secretar of the Treasury had determined to re issue greenbacks to relieve the market From a dispatch received this mornin it is uncertain whether the Secretar will avail himself of that power. The conduct of Secretary McCuliocl is severely criticised by both parties. The Evening Post, speaking of th dispatches of Friday and Saturday which seriously affected the market says: Both these dispatches wer known to eastern bankers in this cit some time before they were mad public. Immense sales and purchase were made just at night, in time to se cure the full benefit of the coming an nouncement, by houses which have be fore been supposed to have private in formation in advance of operations from the Treasury. Whatever may be Mo Culloch's purity of purpose, it is plai his power over the market is used b his reputed friends to build up thei private fortunes by deceiving th public." A Confederate General Commits Suicide LOUISVILLE, November 10.-Geners W. B. Reid committed suicide to-day b shooting himself in the head with pistol. General Reid had served wit gallantry in the Mexican war, and W8 a member of the Confederate Congress From New Orleans. NEW YORK, November 10.-The Tr bune's New Orleans special says the Re publican State Convention has unan mously resolved that the administratio of General Reusseau and General Bt chanan, especially their partisan CODE duct during the present mobs, riots an massacres in this city and State, reprehensible, in that they exhibite sympathy with and partiality for th rebel Democrats. A Panic in Wisconsin. MILWAUKEE, November 10.-Quite panic prevailed in business circles to day in consequence of the failure of th Wisconsin State Bank, bitherto COI sidered one of the soundest banks in thi city. Its liabilities are very heavy, th bank having discounted very largely o wheat paper. Runs were made on th other banks, but no serious trouble anticipated. A Fillibustering Scheme. NEW YORK, November 10.-An offic has been opened in New York for a fill bustering scheme of some sort agains Cuba. Several ex-rebel officers are the enterprise, but none appear to hav any money. California Steamer. NEW YORK, November 10. - Th steamer Alaska sailed for Aspinwall to day, with 1,200 passengers, includin Bishop Kip. She carries locomotive and railroad iron for the Central Pacifi Railroad Company. New York News. NEW YORK, November 10.-Money easier and & drug at 7 per cent. on call with some transactions at 6 per cent. There were some parties closely ider tified with the great bear combinatio who have let out over five millions sinc Saturday. The same parties, however are extending their lines by borrowin on time, and there are others lockin up greenbacks where the public do no expect it. The bull clique, who hav been manipulating gold, have realize heavily. This morning Governmen bonds are feverish and unsettled, an


Article from Nashville Union and American, November 17, 1868

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# NEWS OF THE DAY. It is now thought that the proposition for a constitutional convention in Illinois is defeated. Petitions addressed to General Grant are being circulated asking that a lady be appointed post mistress at St. Louis. A fire on Friday night in Bennington, Vt., destroyed Mount Anthony Hotel, and badly damaged the new building owned by T. W. Park. Loss, $35,000. W. W. Corcoran, former banker in Washington, is going to build there an asylum for indigent women, with accommodations for from sixty to seventy persons. The Baton Rouge Advocate says hand cars are running to a point four miles distant from Rosedale, but the road will not be open for freight or travel for several ecks yet. A fire Saturday morning entirely destroyed the saw mill of Rosco & Co., in the northwestern part of Philadelphia. The loss is estimated at $25,000, with but small insurance. The latest scheme for Indian pacification proposes to teach the squaws to weave bright colored blankets and set the warriors to raising sheep. In a Jenkins account of a fashionable party in New York, we find mention of "Miss —, white Swiss fluted tulle and a model Grecian bend." The wife of Philip Hart, a merchant of Jackson, Mississippi, was found drowned in a cistern on his premises, in that city, a few days ago. She was a bride of but a few weeks. A fire at the House of Refuge in Baltimore, Friday morning, destroyed the engine house, watch factory and other out-buildings, with 300 tuns of coal. Loss, $10,000. The main building was uninjured. A few nights since, a boy at Niagara Falls stretched a cord across the street a little above the pavement "just for fun," and a German fell over it, breaking his collar-bone and receiving injuries which will lay him up for several weeks. The Sugar Planter (La.) notes the progress making in repairing the Grosse Tete Railroad. The lake has been reached, and but a few days more of good weather are necessary to complete the work to the Grosse Tete. Other repairs are progressing as rapidly as possible. The Milwaukie Sentinel says: The Wisconsin State Bank affair is in a fair way of settlement. An arrangement has been made by which the smaller depositors are to be paid in full in a few days, while the larger ones will receive 80 per cent. cash, and the balance in a short time. A Washington special says: It is asserted on authority claiming to be official, that the United States government has given no instructions whatever to Minister Reverdy Johnson since his departure for Europe, to guide him in his negotiations for the settlement of the Alabama claims, and that all the credit attaching to his course during the past six weeks is due wholly to himself. A terrible tragedy occured at Dubuque on the night of the 12th inst. William Brown, an upholsterer, walked to his wife, who was lying in bed, and shot her dead. He then shot himself in the abdomen, but is still alive, although in a critical condition. Domestic difficulty was the cause of the crime. A family of five small children is left without a protector. At a council of members held at the Tuilleries, proof was adduced of the existence of a conspiracy to overthrow the existing order of affairs in France, and a resolution was adopted providing for the use of the most vigorous measures for its suppression. The public journals will be exempt from interference if they refrain from inciting the people against the government. # General Sherman furnishes the following list of troops serving in Montana, with their situation, location, etc. Camp Cook, west bank Missouri, near the mouth of Judith, commanding officer Colonel Andrews, thirteenth infantry, four companies, 400 enlisted men, thirteen officers. Fort Shaw, south bank Sun river, eighty-two miles north of Helena, commanding officer Major Clinton, thirteenth infantry, four companies, 278 enlisted men, eighteen officers. Fort Ellis, in Gallatin Valley, commanding officer, Captain Yamotte, two companies, 171 enlisted men, and four officers. Total number of men and officers 980. The fire which destroyed the Sherman House at Syracuse on the 13th, originated in the kitchen of the hotel at about 3 o'clock. Many persons escaped by jumping from the windows. Mrs. Burdell, the landlady, sustained a broken thigh by falling from a window. The principal losses and insurances are: Samuel Larned, owner of hotel, $45,000, insured for $25,000; Mr. Burdick, furniture, etc., $12,000, insured for $8,000; Edwards, clothing, $10,000, insured for $4,000; J. W. Yale, paper hangings, $18,000, insured for $12,000; C. H. Ithor, $25,000, partly insured. There are a number of minor losses, which are partly covered by insurance. The total loss and insurance are about as first stated.


Article from Walla Walla Statesman, November 20, 1868

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Milwaukee, Nov. 10-Quite a panic prevailed in business circles to-day in consequence of the failure of the Wisconsin State Bank, hitherto considered one of the soundest banks in the city. Its liabilities are very heavy, the bank having discounted largely on wheat. Paper runs were made on the other banks, but no serious trouble is anticipated.