22904. Shullsburg Bank (Shullsburg, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 24, 1896
Location
Shullsburg, Wisconsin (42.573, -90.231)

Metadata

Model
gpt-5-mini
Short Digest
54e03e4f

Response Measures

None

Description

Article (Grant County Herald, 1896-09-24) reports the Shullsburg bank 'has made an assignment' and that assets more than cover liabilities (assignment/voluntary liquidation). State examiner's report (Dec 1896) lists Shullsburg bank among state banks that suspended during the year. No mention of a depositor run; the bank appears to have suspended/assigned and not reopened.

Events (1)
1. September 24, 1896 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank made an assignment for the benefit of creditors (voluntary assignment); assets reportedly exceed liabilities, indicating voluntary liquidation rather than a run or insolvency revealed by external shock.
Newspaper Excerpt
The Shullsburg bank of Shullsburg has made an assignment. The assets more than cover all liabilities.
Source
newspapers

Newspaper Articles (4)
1. September 24, 1896 Grant County Herald Lancaster, WI
Article from Grant County Herald, September 24, 1896

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Article Text

The News Condense 1. A storm at Janesville and vicinity was very severe and thousands of dollars' damage will be the result. Bridge were washed away, travel was almost suspended and trains were delayed. Ed Rich, a young married man in the creamery business at Wonewoe, fell from a train while crossing the bridge Dear Reedsburg and his skull was fraetured. The Johnson-Field company, mannfacturers at Racine of fanning mills and farm machinery and dealers in bicycles, made an assignment. At a special meeting of the county hoard William Knight. of Bayfield, was appointed county treasurer to fill the vacancy caused by the death of F. W. Denison. Frank Prown, a prosperous drugg:st at Mondovi, left for parts unknown, after mailing to his wife a letter saying he would never return. His friends fear he is mentally deranged. An attachment has been filed in West Superior covering all the property in Douglas county of James Stinson, the Chicago millionaire. The suit is brought by Han on L. Withers, of St. Paul, to collect from Stinson on notes aggregating $135,000. Thomas Allen has commenced action in the superior court at West Superior against the Eastern Minnesota railway to recover $10,000 damages for injuries received in a wreck a year ago. Ex-State Senator Lyman Morgan died at his home in Port Washington. He was 82 years of age and had resided in Ozaukee county over 50 years. In the United States court at La Crosse Judge Bunn appointed Robert W. DeForest, S. E. Kelver, of New York, and W. B. Banks, of Superior, receivers of the Land & River Improvement company of Superior. John F. Johnson, secretary and treasurer of the Johnson & Field company at Racine, which went to the wall, made a personal assignment to Joseph Schroeder for the benefit of his creditors. His nominal assets are about $1,000. Jacob Knoernschild, a hardware merchant in Milwaukee, made an assignment to August P. Conrad, who gave a bond of $24,000. The Milwaukee Electric Light & Railway company has begun operations extending its line from the village of Cudahy to meet the line built by the Racine Street Railway company. John H. Brooks, one of the oldest settlers, died at Green Lake. He was a members of the masonic order and served as postmaster for 35 years previous to Cleveland's last term. Mathias and Louisa embs celebrated their golden wedding at Marshfield. Mr. Rembs is 76 years old and his wife 74. The Norwegian church at Cooksville was struck by lightning and destroyed. There was an insurance of $2,000. It will be rebuilt. The Shullsburg bank of Shullsburg has made an assignment. The assets more than cover all liabilities.

2. December 30, 1896 Watertown Republican Watertown, WI
Article from Watertown Republican, December 30, 1896

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Article Text

EXAMINER KIDD'S REPORT. Some Radical Changes in the State Banking Laws Are Advocated. Madison, Wis., Dec. 26.-The semiannual report of State Bank Examiner E. I. Kidd is complete. It shows the financial condition of all state and private banks on November 21, 1896. The total number of banks in operation on the date named was 240. Of this number 130 were state banks, 109 private banks and one savings bank. The aggregate authorized capital stock of the state banks reporting was $6,961.550 and the reported capitalization of private banks was $1,115,203.41. The total was $41,532,711.22 of which $9.256,742.43 represented money of all kinds, and $32,275,968.79 represented loans and discounts, real estate and all other assets. Of their liabilities $8.076,753.41 represented capital stock, $2,927,243.81; surplus and undivided profits, $29,311,402.73 deposits and $1,187,311.27 rediscounts and bills payable. As compared with the semi-annual report made June 8 of the present year, there is shown a total increase of four state and two private banks, an increase in capital stock and surplus representing $229,183.03, a decrease in loans and discounts of $2,712,952.74. and a decrease in deposits of $2,525,509.88. There is also shown an aggregate decrease of resources and liabilities of $2,462,129.71 and a total cash reserve of $9,256,742.43. showing the cash réserve to be 31.58 per cent. of deposits. The new banks organized. with name, location and capitalization are as follows: State Banks-The State bank, Fennimore, $35,000; the State bank, Elkhorn, $25,000; State Bank of Horicon, Horicon, $25,000: Citizens' State bank, Sheboygan, $50,000. Private Banks-Barneveld bank, Barneveld. $10,000; Bank of Cadot, Cadot, $7500: Island City bank, Cumberland, $15,000; Bank of Manawa, Manawa, $10,000. The following banks have gone into voluntary liquidation: International bank. West Superior: German American bank, Port Washington; Baraboo Savings bank, Baraboo: Bank of Mosinee, Mosinee; Exchange bank. Waupaca; Sauk City bank. Sauk City; John H. Jacques. Port Washington; W. H. Knapp & Co., Albany; P. Daane & Son, Oostburg. The total number of banks which have suspended during the past year is four, of which two were state, and two private banks, as follows: State Banks-Jackson County bonk. Black River Falls; Shullsburg bank, Shullsburg. PrivateBanks-German-American bank, Portage; John Lienlokken, banker, La Crosse. Mr. Kidd makes a lengthy report regarding the banking laws. etc., which, he says, are very loose in Wisconsin. He suggests many radical changes in regard to the management of banks and advocates the encouragement of state banks in small towns instead of private depositories. Under the present laws, he says, the state examiner has little power and in case of failures he can only investigate the same and report to the governor. He says the laws should be more stringent in permitting officers of banks to borrow money from the institutions.

3. December 31, 1896 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, December 31, 1896

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Article Text

undivided pronts, $29,311,402.73 posits, and $1,187,311.27 redise and bills payable. "As compared with the semi-ar report made June 8 of the pr year," says the examiner, "there total increase of four state and private banks; an increase in a stock and surplus representing 183.03; a decrease in loans and counts $2,712,952.74 and a decrea deposits $2,525,509.88. There is shown an aggregate decrease o sources and liabilities of $2,462.12 and a total cash reserve of $9,256 48, showing the cash reserve to I 58-100 per cent. of deposits. Th crease in deposits and loans is t attributed to the prevailing bus depression, and the agitation of currency question previous to the vember election. It is worthy of that since that time deposits been gradually increasing and that at the date upon which th ports were made the banks were rying a stronger cash reserve th any previous date upon which re have been called for. "The new banks organized are banks: State bank, Fennimore, ital, $35,000; State bank, Elkhorn, 000; State bank of Horicon, Hot $25,000; Citizens' State bank, Sh gan, $50,000. Private banks-B veld bank, Barneveld, $10,000; of Cadots, Cadott, $7,500: Island bank, Cumberland, $15,000; Ban Manawa, Manawa, $10,000. The lowing banks have gone into V tary liquidation: International I West Superior: German Ame bank. Port Washington: Baraboo ings bank, Baraboo; Bank of Mos Mosinee: Exchange bank, Wau Sauk City bank, Sauk City: John Jacques, Port Washington, W. Knapp & Co., Albany: P. Dea Son, Oostburg. "The total number of banks V have suspended during the past y four, of which two were state, two private banks, named B/S fol -State banks: Jackson County | Black River Farls; Shullsburg 1 Shullsburty Private banks-Ge American bank, Portage; John lokken, banker, La Crosse. Th gregate capital stock of the se institutions at the time of failure resented $8,200.00; aggregate not assets, $294,596.52; and aggregate bilities, $301,381.40. "A difference of opinion hi arisen as to whether the "rust panies of the state were by the 1: 1895 placed under the supervisio this office, I have thought prope postpone any further action relat the supervision of these institu until such time as the legislature by specific enactment provide for supervision. "In accordance with the provisio law, regular examinations of the and private banks have been made ports have been received as called and the same have been publishe local papers. "The annual fee for exam n which the law provides shall be by banks is based upon the an of capital and surplus carried. is manifestly unjust for the 11 that the assets, volume of busines notits of mony banks of given

4. December 31, 1896 Eagle River Review Eagle River, WI
Article from Eagle River Review, December 31, 1896

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Article Text

EXAMINER KIDD'S REPORT. Some Radical Changes in the State Banking Laws Are Advocated. Madison, Wis., Dec. 26.-The semiannual report of State Bank Examiner E. I. Kidd is complete. It shows the financial condition of all state and private banks on November 21, 1896. The total number of banks in operation on the date named was 240. Of this number 130 were state banks, 109 private banks and one savings bank. The aggregate authorized capital stock of the state banks reporting was $6,961.550 and the reported capitalization of private banks was $1,115,203.41. The total was $41,532,711.22 of which $9.256,742.43 represented money of all kinds, and $32,275,968.79 represented loans and discounts, real estate and all other assets. Of their liabilities $8.076,753.41 represented capital stock. $2,927.243.81: surplus and undivided profits. $29,311,402.73 deposits and $1,187,311.27 rediscounts and bills payable. As compared with the semi-annual report made June 8 of the present year, there is shown a total increase of four state and two private banks, an increase in capital stock and surplus representing $229,183.03, a decrease in loans and discounts of $2,712,952.74. and a decrease in deposits of $2,525,509.88. There is also shown an aggregate decrease of resources and liabilities of $2,462,129.71 and a total cash reserve of $9,256,742.43, showing the cash reserve to be 31.58 per cent. of deposits. The new banks organized, with name, location and capitalization are as follows: State Banks-The State bank, Fennimore. $35,000; the State bank, Elkhorn. $25,000: State Bank of Horicon, Horicon, $25,000: Citizens' State bank, Sheboygan. $50,000. Private Banks-Barneveld bank, Barneveld. $10,000; Bank of Cadot, Cadot, $7500: Island City bank, Cumberland, $15,000; Bank of Manawa, Manawa, $10,000. The following banks have gone into voluntary liquidation: International bank, West Superior: German American bank, Port Washington: Baraboo Savings bank, Baraboo: Bank of Mosinee, Mosinee; Exchange bank, Waupaca; Sauk City bank. Sauk City; John H. Jacques. Port Washington: W. H. Knapp & Co., Albany; P. Daane & Son. Oostburg. The total number of banks which have suspended during the past year is four, of which two were state, and two private banks. as follows: State Banks-Jackson County bonk. Black River Falls; Shullsburg bank, Shullsburg. Private Banks-German-American bank. Portage; John Lienlokken, banker, La Crosse. Mr. Kidd makes a lengthy report regarding the banking laws. etc., which, he says, are very loose in Wisconsin. He suggests many radical changes in regard to the management of banks and advocates the encouragement of state banks in small towns instead of private depositories. Under the present laws, he says, the state examiner has little power and in case of failures he can only investigate the same and report to the governor. He says the laws should be more stringent in permitting officers of banks to borrow