Article Text
Stoughton, Wis., June 10.-The Dane County Bank, doing a general banking business, suspended today.
22917. Dane County Bank (Stoughton, WI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 10, 1899
- Location
- Stoughton, Wisconsin (42.917, -89.218)
Metadata
- Model
- gpt-5-mini
- Short Digest
d0d330e4
Response Measures
None
Description
The Dane County Bank (described in some articles as a state bank) suspended in June 1899 and was placed in the hands of a receiver (G. E. Roe). Contemporary articles attribute the suspension to bad investments/speculation in Texas/Mexico land (Grand Falls Irrigation Co.) and large loans to individuals (Brictson, Turner), i.e., bank-specific adverse investments leading to insolvency. No run is described in the articles.
Events (2)
1.
June 10, 1899
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension alleged to be caused by speculation in Texas/Mexico lands (investments in Grand Falls Irrigation Co.) and large loans to Brictson, Turner and others leading to insolvency.
- Newspaper Excerpt
- Stoughton, Wis., June 10.-The Dane County Bank, doing a general banking business, suspended today.
- Source
- newspapers
2.
June 11, 1899
Receivership
- Newspaper Excerpt
- The assets of the Dane county bank which closed its doors on Saturday are $223,000 and liabilities $173,000... Attorney G. E. Roe, of Madison, was appointed receiver.
- Source
- newspapers
Newspaper Articles (16)
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Article Text
Assets Ample. STOUGHTON, Wis., June 11.-The assets of the Dane county bank which closed its doors on Saturday are $223,000 and liabilities $173,000. The amount due depositors is said to be $155,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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BRIEF BITS OF NEWS. I The Sfax, with Dreyfus on board, has left Cayenne, French Guiana, for France. The Dane County (Wis.) state bank, doing a general banking business at The bank Stoughton, has suspended. was capitalized at $60,000. Director of Census Merriam has completed his official technical staff by the appointment of S. N. North of Boston chief statistician in charge of the division of manufacturing and mechanical industries. A telegram received at the navy department from Admiral Kautz, at Honolulu, via San Francisco, states that he arrived at Honolulu June 1. He was to leave on June 10 and arrive at San Francisco on the 22d. John J. Lalor, the well known writer on politcal economy, formerly of Milwaukee, who fell from the steps of the treasury department at Washington Thursday, died from his injuries and shock, at the Emergency hospital.
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Wisconsin Bank Closed. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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Wisconsin Bank Closed. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver. The suspension is alleged to have been brought about by speculation in Texas lands.
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FAILURE OF STOUGHTON BANK. It Is Caused by Speculation in Texas and Mexico Land. Stoughton, Wis., June 13.-The assets of the Dane county bank, which closed its doors on Saturday, are $223,000 and the liabilities $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe of Madison was appointed receiver. The sus-
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Wisconsin StateBank Failure. Milwaukee, June 12.-A Sentinel special from Stoughton, Wis., says the assets of the Dane County bank which closed its doors on Saturday are $223,000 and liabilities as $173,000. The amount due depositors is said to be $157,172. Attorney G. E. Roe, of Madison, was appointed receiver.
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ANOTHER BANK FAILURE. he Dane County Bank at Stoughton Assigns. VESTMENT OF FUNDS IN OUTSIDE ULATION THE CAUSE. Consternation and surprise was re Saturday by the report that ne County Bank at Stoughton led, for it could hardly be realize at, at a time when there was an nce of money everywhere, there any good cause for the suspension bank. Later in the day Att'y. G. e of Madison was appointed receive the Dane county circuit court e bank was immediately placed in nds for liquidation. From t out it is gathered that the suspe n can be laid to the doors of and Falls Irregation Co. in the lley, Texas, which practically bed the main assets of the bank. tement of the conditions of affairs made for several days yet. It is ted that the bank holds the paper is company and its agents for 20,000, the other large debtors are Brickson $42,000, and President r $30,000. The assets of the bank , considered good, outside of the d the liability of the stockholder ount to but a few thousand dollars, ) hope of the depositors in gettir ck their money lies in what can lized out of the paper of the lls Co., Brickson and Turner. bilities of the bank are placed 3,000 of which $160,000 is due to sitors. A gentleman who said he was asked V months ago to assist in raising cessary funds to enable I. O. Bricks d the Dane County Bank to meet ligations, and confidentialy got the ide history of the affair, is quoted ) Madison Democrat as saying: [ believed then that Mr. Bricks uld be able to raise the needed til he could dispose of his gigant Idings of Mexican and Texas ne of which, at least, I believed to ry valuable. I am positive he thoug himself and he had seen the th before and after he bought the , is as good a judge of land as any Dane county, and that is the inion among all who know him, as I have heard. But for me, I do e any company with big schemes e Grand Falls Irrigation company. Brickson is the president of mpany. He was born and raised Dane county and was two years rth about $200,000. He has alway joyed the best of reputations and nsidered a keen and cautious busine in till he, three years ago, venture to speculating in southern land , first bought some Texas land out $30,000, that promised well. ent that sold this land to Mr. n, a Chicago operator, a Swede by me of F. W. Olson, retained an intere d was elected superintendent of ck company. Two friends of ickson, Rasmus B. Anderson of the of cashier Joice H T and
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Monday, June 12. The sugar war is reported over. The Sfax, with Dreyfus on board, has left Cayenne, French Guiana, for France. Cleveland street car employes are on a strike. They have a number of grievances they wish redressed. The Afro-American council hasissued an appeal to Southern governors, legislators and judges to prevent lawlessness and lynching. The government report shows a reduction of 2.5 per cent in spring wheat acreage. The condition is 91.4, against 100.9 last year. The Dane County (Wis.) state bank, doing a general banking business at Stoughton, has suspended. The bank was capitalized at $60,000. Major Sears of the corps of engineers, U. S. A., now stationed at Duluth, has been detailed to establish harbor lines in the harbors of Porto Rico. A telegram received at the navy department from Admiral Kautz, at Honolulu, via San Francisco, states that he arrived at Honolulu June 1. He was to leave on June 10 and arrive at San Francisco on the 22d.
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Sues I. O. Brictson for $42,000 Papers were filed in the circuit court Monday afternoon in the suit of G. E. Roe, as receiver of the Dane County Bank, of Stoughton, against I.O. Brictson, of Deerfield, to recover judgment for $42,000, the aggregate of seven notes given by Brictson to J. H. Joice, who was cashier of the bank before its failure and which it is alleged in the complaint were endorsed by him and delivered to the bank and became part of its property. In his answer to the complaint Mr. Brictson states that there had been negotiations between himself and Joice as to the latter acquiring an interest in the "Hacienda de San Goes de las Rusias," in Mexico, in which Brictson had invested $120,000, and that it was agreed that Joice should invest at least $50,000 therein. That Brictson signed the notes; as a convenient mode of showing the amount to be SO invested, with the express agreement that they were not to be paid by him, and he alleges that the officers of the bank had full knowledge of these facts.-Madison Journal.
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CREDITORS GET 30 PER CENT. First Dividend in Dane County Bank. B. E. Wait, Receiver. In the circuit court at Madison on Wednesday, Judge Siebecker passed upon the report of Receiver G. E. Roe, of the defunct Dane County Bank, Stoughton. The court ordered a first dividend of 30 per cent for undisputed claims, which will be paid in about a week, as soon as the interest can be computed. Receiver Roe announced his resignation, owing to the fact that he is about to remove to New York, and the court announced that Ben E. Wait of Stoughton, would be appointed to succeed him, his appointment having been requested. Mr. Roe reported his expenses as receceiver to be $584.05, this including sheriff's fees, clerk of court fees, traveling expenses, etc. His own charge for services was $750, being $10 per day for actual time spent. Also the bill of Ben E. Wait, one of his attorneys, $549. All were allowed. There remains the bill of R. M. LaFollette, who is also attorney for the receiver, and which Judge Fish of Racine, will be called in to audit, the statue disqualifying Judge Siebecker from passing on it, be being a relative of Mr. LaFollette.
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Stoughton. N Gerard left Wednesday for Mobile, Ala, to spend the winter. On the first Monday of next January Mayor Roe goes to Madison to take his seat in the legislature but before resigning the office which he has held for the past five years with eminent credit to himself and to Stonghton he will make our city a present of a fine clock for the tower in the new city hall. In the circuit court John J Hyland of the town of Rutland sought to establish a claim as a preferred creditor against the defunct Dane County bank of this city for $1,000 which he deposited with the bank after it was really insolvent. The court decided that the same was true as to other creditors and that he must share equally with the rest in the assests. Ben E Wait receiver of the Dane County Bank has received from the stockholders the following amounts: E H Gerard $1,500.00 O M Isham 1,500.00 2,040.65 Henry Beattie The liability of each stockholder is one and one-half times the amount of the stock held by him, and it is expected that enough will soon be collected from the stockholders to declare quite a substantial dividend. Fire broke out in J C Johnson's building just west of the bridge at about half past six Thursday morning and before the arrival of the fire department had spread to the adjoining building doing considerable damage in both places, The saloon on the ground floor of the Johnson building is run by W. McCord who lives in the apartments in the second story. The flames apparently originated in a room back of a saloon where a gasoline lamp hung dangerously near the ceiling presumably melted the solder by which the lamp was joined to its feed pipe. The explosion of a kerosene lamp in one of the rooms up stairs also gave headway to the fiames. The firemen were handicapped by the bursting of several lengths of hose which at times gave them the use of only one stream. Mr McCord lost some of his furniture upon. which there was some insurance and Frank Huntley who lives on the second floor of the adjoining building, had some of his household goods spoiled by fire and water but had no insurance. The whole upper story of the Johnson building is badly wrecked. O, beauty! what a powerful weapon thou art. The bravest men fall at thy feet. No wonder women take Rocky Mountain Tea to prolong that joyous spell. Perry & Dotv.
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Porter. Mr M Hefferman is visiting his sister, Mrs J Murphy. A Happy New Year to all our readers. Ye editor included. Mr and Mrs Fred Boss of Leyden were visitors on Thursday. Mr Daniel McCarthy spent Sunday with Mr P Murphy near Union. Miss Nellie Kennedy is up from Chicago to spend the holidays at her parental home. Mr Bert Hadley has a milk route to Eagle creamery now, began work New Year's day. Mrs N Dicks has returned to her home in Richland Center after two weeks visit with her parents. The teacher and pupils of Eagle Dist have been enjoying a week's vacation. School began again Wednesday morning. Stoughton. At an ideal home wedding at the residence of Mrs Lena Gjestson, was solemnized Wednesday evening, Dec 26th, the marriage of Miss Ida H Gjestson to Mr Matthew Rasmussen of Beloit, the ceremony being performed by Rev T H Dahl in the presence of about one hundred relatives and friends. Frank Usher of this city, was married Christmas day to Miss Emma Davis at the home of the bride's parents, Mr and Mrs Wm Davis, in the town of Blooming Grove, about flve miles southeast of Madison. The ceremony was performed at half past twelve o'clock in the afternoon in the presence only of relatives of the contracting parties. After having suffered for about three years with lingering consumption, Miss Lizzie Huber passed away Tuesday afternoon at her home in this city. She was the first to pass away of a family of nine children, her death being mourned by a mother, two sisters and six brothers. The deceased was born in Pitts. burg, Pa, and was only 27 years old at the time of her death. Funeral services were held at the residence Friday afternoon at 1:30 o'clock, Rev Krostu officiating. The committee appointed last year by the depositors in the defunct Dane Co Bank held a meeting last Tuesday evening at which they instructed their receiver to apply to the court for a dividend of 10 per cent. As Mr LaFollette has signified his intention of withdrawing as attorney from the suit, Receiver Wait was also instructed to employ Olin & Butler to prosecute any matters that need attention. If Judge Siebeker, who just now is sick, is able to hold court next Monday the receiver will be ready to pay the dividend on the 2nd of January. Miss Annie Thompson, living on the east side, was run over last Saturday evening by a couple of intoxicated farmers driving recklessly in a single buggy across the track by the depot. Miss Thompson was quite severely bruised but escaped without any more serious injuries. Marshal Erdahl drove into the country Thursday morning and arrested Martin Troness and John Jacobson as being the offending parties. Both pleaded guilty and paid fines of five dollars and costs.
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Stoughton. P N Johnson has paid to the receiver of the Dane County Bank $1000 upon his liability as stockholder. The 10th annual Ski Tournament took place here on Thursday afternoon and was witnessed by a large and enthusiastic crowd. The procession headed by the Stoughton Cornet Band was formed at the Armory about forty contestants in uniform with Skis, forming a part of the parade which marched to Wettleson's hill where the performance took place. It is reported a deal is being consummated whereby Carl Ellingson will retire as proprietor of the Grand Hotel. H T Hanson has made a verbal agreement with Messrs Marshall & Bissell of Lake Geneva two old hotel men, to take charge of the "Grand" on Mar 15. Mrs O C Gray of Belleville met with a painful accident Monday which caused her to lose one of her fingers by amputation. She caught a ring on her middle finger in a door latch and slipped and fell, the ring cutting the flesh at the second joint and severing the member at the first joint.
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Porter. Mr J Shaw is drilling a new well at S Dooley's. Miss Mamie Kealy is home from Edgerton. Miss Leo Cheesbro of Edgerton was a visitor on Sunday. Chas and Judd McCarthy have commenced assorting their tobacco at home. Mr and Mrs Carl Minch are happy over the safe arrival of theirfirst borna girl. Mrs Maggie Mooney of Janesville spent Sunday with her sister Mrs G W Nichols. Mr Thos Hefferman was up from Geneva shaking hands with old friends the first of the week. Mr Beenauch Sr has moved hisffamily to the J Cullen farmiin Center which he will work this summer. Miss Ella McCarthy and Miss Hannah Boyle of Dane Co, visited Mrs Frank Boss on Friday. Mr and Mrs John Condon are rejoicling over the arrival of their second born-a girl. All doing finely. Mr Chas O'Neil will make his home with his mother here. He found it rather hard work baching and working a farm. Green county's famous auctioneer, D F Finnane. was here Tuesday and Wednesday and cried sales at Clifton's and Douglas. Stoughton. O M Turner has paid to the receiver of the Dane county Bank $6,200. This makes a total of $12,000 paid by Mr Turner upon his liability as stockholder in said bank. Mrs J S Hutson entertained about twenty of her lady friends at whist on Tuesday evening. Ice cream and light refreshments were served and a pleasant time was had by all present. The farm house of Mons Monson in Dunn, occupied by Andrew Hvam, was entirely destroyed by fire on Friday last. The loss on the house will amount to about $500 with insurance of $300. The house will be rebuilt at once. Mrs. J S Hutson leaves next Tuesday on an extended pleasure trip to Havana, Cuba, on which she will be absent for about six or seven weeks. She will first visit friends in Cincinnati and on the way home will srop for a time in New York. The farm house of Erick Lewis sonth of Dunkirk, occupied by John Lynch, was destroyed by fire on Tuesday forenoon. Mr. Lynch lost the most of his furniture and a large amount of tobacco which was being stripped in a back room was also destroyed. Mr Lewis' loss was $400. Insured for $500. George D. Ensinger, a telephone line man, whose home is in Chicago, met a violent death down by the depot Monay evening by being crushed under the No. 62 freight coming in from the west at 7:15. The train had stopped at the tank for water and the suposition is that the unfortunate man who had beaten his way on it from Madison. was getting off near the rear end when it started again causing him to be thrown under one of the cars. The body was held fast partly under one of the wheels and was dragged past the depot until the train was stopped by the scales. The left side was badly crushed but otherwise the body was not greatly disfigured. The opening of the City Hall Auditorium on Friday and Saturday evenings of last week proved a howling success both socially and financially. The play, "The Doctor's Warm Reception," was a pleasing farce and highly enjoyed by all present, each member taking the assigned part most admirably. The re-
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S E Simonsen had the misfortune to break his arm last Sunday. He slipped on the sidewalk near his residence and placed his arm on the ground to support him when it broke. Suit has been brought in the circuit court by B E Wait of Stoughton as receiver of the Dane County bank against I o Brictson of Deerfield on a note for $40,619 with interest, amounting in all to $43,421.71. The note was given by Mr Brictson at the time of the bank's failure, and was due April 1st last, but Receiver Wait states in his complaint that nothing has been paid on it. Judge Dunwiddie last Friday sentenced George McCourt to ten months in the county jail at hard labor, having been found guilty of simple assault. McCourt was acquitted of murder last April. Both trials were the outcome of a quarrel over a right of way near London, Wis, which ended in the death of John Roeh! and the injury of his brother Louis. One of those pleasant home weddings occurred at the home of Lewis Ellickson's last Thursday afternoon, Feb. 28, when his daughter Louise Marie, was united in marriage to Henry Oscar Lien, son of Hendrick Lien, the ceremony being performed by Rev DG Ristad. The brother of the bride Arthur Ellickson acted as best man and Miss Amelia Erickson of Mabel, Minn, as bridesmaid. The young couple were ushered into the room by the sweet strains of the wedding march played by Miss Ida Lude of Janesville, and beneath a canopy of white trimmed with smilax and carnations, the ceremony was performed. The bride's dress was cream silk and she carried in her hand a bouquet of white roses. The bridesmaid's dress was white silk and she carried pink roses. After the ceremony a sumptuous repast was served and the evening spent in dancing and social amusements. Many were the presents and congratulations bestowed upon the worthy young couple.