22961. Bank of Washburn (Washburn, WI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
June 5, 1893
Location
Washburn, Wisconsin (46.673, -90.895)

Metadata

Model
gpt-5-mini
Short Digest
ddd09fbe

Response Measures

None

Description

Contemporary articles report the Bank of Washburn (a private bank) closed/suspended in early June 1893 due to 'financial stringency'. The proprietor A. C. (or A. C.) Probert made an assignment June 27, 1893. The bank is reported to have reopened for resumption of business by April 12, 1894. No articles describe a depositor run; the suspension is attributed to tight money/financial stringency (systemic). OCR variations in the president's name (Probert / Probert/Probert spelled inconsistently) are noted but clearly refer to same individual A. C. Probert.

Events (3)

1. June 5, 1893 Suspension
Cause
Macro News
Cause Details
Officers explicitly cite 'financial stringency' / 'tight money' as the reason for closing; a systemic liquidity/market pressure rather than an isolated run or bank-specific scandal.
Newspaper Excerpt
The Bank of Washburn ... closed its doors this morning. The officers claim the suspension is only temporary on account of the financial stringency
Source
newspapers
2. June 27, 1893 Other
Newspaper Excerpt
A. C. Probert, proprietor of the Bank of Washburn, which suspended about two weeks ago, has made an assignment. The assignee's bond is $200,000.
Source
newspapers
3. April 12, 1894 Reopening
Newspaper Excerpt
The Bank of Washburn, which suspended June 5 last, has reopened its doors for the resumption of business.
Source
newspapers

Newspaper Articles (17)

Article from The Seattle Post-Intelligencer, June 8, 1893

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A Wisconsin Bank Suspends. fr. PAUL, June 7.-The Pioneer Press special from Ashland, Wis., says: The Bank of Washburn. at Washburn, Wis., closed its doors this morning. The officers claim the suspension is only temporary on account of the financial stringency, and that the bank will reopen in a few days. It is a private institution with a stated capital of $25,000, surplus $12,000, and deposits about $40,000. A. C. Roberts is president, and he states that depositors will be paid in full. H. Collins is cashier.


Article from Rock Island Daily Argus, June 8, 1893

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Bank Closed at Washburn, Wis. ASHLAND, Wis., June 8.-The Bank of Washburn has closed its doors. The officers claim that the suspension is only temporary on account of financial stringency, and that it will be reopened in a few days. It is a private institution with a stated capital of $20,000 and a surplus of $12,000. The deposits are about $40,000.


Article from Fort Worth Gazette, June 8, 1893

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WILL BE PAID IN FULL St. Paul. Minn., June 7.-A Pioneer Press special from Ashland, Wis., says the bank of Washburn closed its doors this morning. Officers claim the suspension is only temporary, on account of tight money. and that it will open soon. Capital, 825,000; surplus, $12,000; deposits about $40,000. A. C. Robert. the president. states the depositors will be paid in full.


Article from The Morning News, June 9, 1893

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Two Banks Closed in Wisconsin. Ashland, Wis., June 8.-The Bank of Washburn closed its doors yesterday. The officers claim that the suspension is only temporary. A SHELL LAKE BANK SHUT, Shell Lake, Wis., Jtine 8.-The Shell Lake Savings Bank suspended yesterday.


Article from The Madison Daily Leader, June 9, 1893

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Bank of Washburn Suspends. ASHLAND, Wis., June 9.-The Bank of Washburn has closed its doors. Officers claim that the suspension is only temporary on account of the financial stringency.


Article from New-York Tribune, June 9, 1893

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MORE BANKS CLOSED IN THE WEST. Chicago, June 8.-Conrad Nlehoff, private banker. at No. 49 La Salle-st., made an assignment for the benefit of all creditors, which was filed in the county court. transferring the banker's property to Adam W. Jaeger as assignee. Assets are scheduled at $90,000 and Liabilities at $60,000. Refusal of the bank through which Niehoff cleared to pay checks caused the trouble. The bank was conducted under the title of Conrad Niehoff & Co., but the banker had no associate in the business. Ashland, Wis., June 3.-The Bank of Washburn closed its doors yesterday. Officers say that suspension is only temporary, on account of financial stringency, and that it will open in a few days. It Is a private Institution with a stated capital of #25,000, and a surplus of $12,000. The déposits are about $40,000. A. C. Robert Is president and states that the depositors will be paid in full. Shell Lake, Wis., June 8.-Owing to the failure of the bank of A. C. Robert at Washburn, the Shell Lake Savings Bank, of which Robert is the principal owner. suspended yesterday. It is said that the depositors will be paid in full. The assets and liabili(ies are not known.


Article from The Sun, June 9, 1893

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PANIC ALLAYED. The Knn on Chicago Banks at an End-Bank and Commercial Failures. CHICAGO. June 8. - Tho run on the savings banks of this city has exhausted itself. There was no real local cause for the excitement. The failure of the Dwiggins bank was no cause for alarm. The closing of the Chemical Bank entailed no loss to depositors, and the Institutions presided over by Schaffner and Meadowcraft Brothers were of an entirely different class. being houses for the handling of commercial paper." The banks stood the assaults upon them firmly and furnished additional proof that the confidence heretofore placed in them is really deserved. The result should be so convincing as to prevent any other drain upon teem in response to idle reports which have only an imaginary foundaion. Conrad Niehoff. private banker. at 49 La Salle street, suspended businessthis morning. An assignment for the benefit of all creditors WAS filed in the County Court transferring the banker's property to Adam W. Jaeger as assignee. The assets are scheduled at $90,000 and liabilities at $60,000. The refusal of the bank through which Niehoff cleared to pay checks caused the trouble. The bank was conducted under the title of Conrad Niehoff & Co., but the banker had no associate in business. Ferdinand Gehrke. who has been doing a private banking business at 1,207 Milwaukee avenue, has assigned to Hans N. Neilson. The liabilities are placed at $33,000 and the assets at $40,000. The State street jewelry firm of Keuhne & Kappleman was forced to suspend business this morning. Their assets are placed at $30.000. while the liabilities are said not to exceed $20,000. The failure was caused by the firm's inability to meet paper held by one of the banks. an extension of which was refused. The American Trust and Savings Bank. assignee of Herman SchafTner it Co., filed a petition before Judge Scales to-day. asking for instructions as to what disposition should be made of a large number of notes which had been placed in the hands of the bank for collection and to be sold. The Court ordered that the note of $2,000 left by W. W. Bell be turned over to him at once. Schaffner's disappearance is as mysterious as ever. The derby hat found in an empty boat off Diversey street has been found to flt the head of the body taken from the lake on Tuesday. and young Schaffner says itwas not his father's hat anyway. President John J. Mitchell of the Illinois Trust and Savings Bank sent to-day a check for $500 to the Policemen's Benevolent Association. The check was pinned to a personal letter addressed to the Chief. in which the donor explained that the check was a contribution. suggested by the kind. courteous. and gentlemanly conduct of the police who were detailed at the bank during the recent run. The contribution is the largest ever received for the fund at one time. OTHER BUSINESS TROUBLES. ASHLAND, Wis.. June 8.-The Bank of Washburn closed its doors yesterday morning. The officers say the suspension is only temporary and is on account of financial stringency and the bank will reopen in a few days. It is a private institution, with a stated capital of $25,000. and a surplus of $12.000. The deposits are about $40,000. A. C. Robert. the President, says depositors will be paid in full. SHELL LAKE. Wis.. June 8--Owing to the failure of the bank of A. C. Probert at Washburn. the Shell Lake Savings Bank. of which he is the principal owner. suspended yesterday. It is said the depositors will be paid in full. The assets and liabilities are not known. MILWAUKEE. June 8.-T. H. Brown & Co.. carriage manufacturers. have assigned to O. L. Rosecranz. who gave bonds for $75,000.


Article from Morris Tribune, June 14, 1893

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Thursday, June S. The Bank of Washburn, Wis., has suspended. The First National bank of Palouse, Wash., has closed its doors. United States Minister to Belgium J. B. Ewing has sailed for Antwerp. The postmaster general has decided that disease germs are absolutely unmailable. Sixteen persons were injured by a gasoline explosion in a St. Louis grocery store. Eastern passenger officials have decided to make special excursion rates to the world's fair of one fare for the round trip. Dan Creedon, the champion middleweight of Australia, has signed articles of agreement calling for a finish battle with Alex Greggains of San Francisco.


Article from Echo De L'ouest, June 22, 1893

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La Shell Lake Savings Bank de Rice Lake a fermé sea portes. Fermée également la banque de New Hanover N. O. Passif 300,000 dollars. La Chicago Desk Manufacturing Co. a suependu ses parements. Tombée eat la City Savings Bank de Chattanoago, Tenn. Par ordre de l'inspecteur des banques la "Bank of Plainville Kan,' a suspendu ses paiements. La banque de Washburn Wisc., a fermé ses portes. La "First National Bank" d' Arkansas City a fait faillite. Passif 600,000 dollars. M. Harry F. Legg, le plus grand bijoutier de Minneapolis a déposé son bilan.


Article from The Sauk Centre Herald, June 29, 1893

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A. C. Probert Assigns. BAYFIELD, Wis., June 28.-A. C. Probert, president of the suspended Bank of Washburn, has assigned to O. Flanders of this place.


Article from The Sun, June 29, 1893

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ASSIGNED Washburn, Wis., June 27.-A. C. Probert, proprietor of the Bank of Washburn, which suspended about two weeks ago, has made an assignment. No statement of resources and liabilities has yet been made. The assignee's bond is $200,000.


Article from The Princeton Union, June 29, 1893

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ASSIGNED. Washburn, Wis., June 27.-A. C. Probert, proprietor of the Bank of Washburn, which suspended about two weeks ago, has made an assignment. No statement of resources and liabilities has yet been made. The assignee's bond is $200,000.


Article from The Washburn Leader, July 1, 1893

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ASSIGNED. Washburn, Wis., June 27.-A. C. Probert, proprietor of the Bank of Washburn. which suspended about two weeks ago, has made an assignment. No statement of resources and liabilities has yet been made. The assignee's bond is $200,000.


Article from River Falls Journal, July 6, 1893

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The News Condensed. W. H. McCann, charged with the murder of Bob Kirkwood near White Birch a year ago, and who was on trial in court at for a man. the the murder, circuit is free West Superior The defense pleaded insanity and the jury returned a verdict of insanity. John C. Koch, a republican, was elected mayor of Milwaukee over Garrett Dunck, a democrat, by over 3,000 majority. The strike on the Northwestern Fuel company's coal docks at Washburn has been declared off. Noah Murray, for forty years a resident of Beloit, died at the age of 83 years. The plant at Eau Claire of the Madison Street Manufacturing company. sashes and doors, was gutted by fire. Damage, $5,000, insured. Harry T. Hubbard, a traveling salesman for Stahl Bros., New York, shot himself at the Plankinton house in Milwaukee. He may recover. The Eau Claire woolen mills. owned by L. Stoeckler, were burned, the loss being $8,000; insurance, $3,000. Belt mine near owned the company, The Iron by Standard Oil order Ashland. discharged over 100 men in to reduce the force. Frank Willern and Mrs. Bertha Escher, of Sheboygan, were arrested for the murder of the woman's husband, who it was alleged committed suicide. Fred Hanson, engineer in the Grant mill at was the main belt and planing by Kenosha, drawn into caught the where he was ly to was a fly-wheel, torn pieces. He almost wife and instant- middle- four aged man and leaves a children. J.G. Grindell, Sr., one of the old residents of Platteville, while working in his brick yard just out of town fell from one of the kilns and was probably fatally injured. A. . C. Probert, president of the lately suspended Bank of Washburn, assigned to O. Flanders, of Bayfield. The dead body of William Escher, a street driver, was a at with a Sheboygan car bullet found jury hole in were through park his body. The coroner's unable to decide whether it was suicide or murder. The Kaukauna Fiber company's sulphite mill at Kaukawna was destroyed by fire. It was a two digester mill, with a capacity of seven tons a day. Loss. $35,000. Robert G. Ries, proprietor of a big cooper shop at Milwaukee, made an assignment. The assets are placed at $25,000; liabilities not given. Ralph York, of Eau Galle, nephew of Mrs. Ed Haag, aged 16, was drowned in the St. Croix river at Osceola while in bathing. has settled a warm in Beloit by dispute Judge Bennett deciding that the legal license fee is $500 and not $200, as the saloonkeepers contended. Charles Roeser, Jr., of Wisconsin, of in partment chief topographer Washington, the post of office died and de- of He was 49 years age, in the war in under served apoplexy. department Gen. the Thomas. commissary of Eau Claire. has been cadet at appointed Fred Arnold. Annapolis by Congressman Shaw. Farmer Grath and Herman Welke were killed by black damp while digging a well near Manitowoc. The store of Thomas Stout at Clear Lake was entered by burglars and the safe blown open, but only a small amount of money was secured. Mrs. Angeline Demarrie died at the home of herdaughter, Mrs. H. S. Allen, in Chippewa Falls. She was born in 1772, and was therefore 121 years of age. The entire plant of the John O. Davis Lumber Company at Phillips has resamed work, amicable arrangements having been made with the employes of the company. The village of Thorpe was recently and at the first election H. Lusk was Schaefer, aged 17 years, a George incorporated Coonie elected president. and Jew peddler named Schwartz were drowned in the Black Hawk river near Spring Green while in bathing. Alexander Agnew. of Chicago, was found dead in bed in a Milwaukee hotel. Andrew Colvin, a conductor on the off Wisconsin Central, had his leg cut while coupling cars at Mellen. John Alton, of Greenwood, aged 19. was drowned in Black river 8 miles below that place. Another successful commencement season has closed at Beloit college and a class of twenty-one young men was graduated. The twenty-sixth annual commencement of the State normal school at Platteville added twenty-six graduates to the number.


Article from Wheeling Register, July 20, 1893

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CONCERNING BUSINESS AND FINANCE. MILWAUKEE, WIS., July 19.-A special dispatch received by the Sentinel late last night from Shell Lake, Mich., says that C. Probert and Edwin Probert, the Wisconsin bankers who operated banking institutions at Washburn, Ashland and Shell Lake, were arrested at Washburn yesterday, charged with having violated the banking laws, The three banks iu which the prisoners were interested failed recently, and an examination has shown, it is said, that all the institutions were in bad shape, and that deposits were received over their counters after it must have been known that they were insolvent. The Proberts, up to the time of the failures, always stood high in northern Wisconsin financial circles and the news of their arrest will cause a sensation throughout the state. Frederick T. Day, the president of the Plamkinton Bank in this city, which recently failed, was located in Flint, Mich., by Sheriff Dunn, of Milwaukee county, yesterday and the capias for his appearance to answer for the grand jury indictment recently rendered against him, served upon him. The banker is in a sanitarium at Flint and as his attending physicians have made an affidavit that to move him now would endanger his life, he will be allowed to remain there under a guard until his health is improved. CHICAGO, July 19.-Dickinson Bro. & King, dealers in Portland cement and building material went into the hands of a receiver to-day. Complainants say the firm has property valued at $260,000 in excess of liabilities. The pressure of the times is said to have made the business unprofitable and it should be wound up. WASHINGTON, D. C., July 19.-The Comptroller of the Currency has been advised that the Hutchinson National Bank, Hutchinson, Kansas, closed its doors this morning. NEW YORK, July 19.-Three judgments aggregating $10,399, against Erastus Wiman in favor of James M. Fitzgerald on three notes, were filed to-day. OKLAHOMA CITY, O. T., July 19.-The Bank of Oklahoma City and the Oklahoma National Bank closed their doors this afternoon. Statements are unobtainable now. WASHINGTON, D. C., July 19,-The mint bureau has succeeded in getting offers of silver at what it considers a fair market price-711/6 cents per ounce-while the gold reserve recovered the ground it lost Monday and again began its "cat in the well" climb toward the hundred million mark. The reserve to-day amounts to $98,387,709, against $97,672,852 yesterday. The currency balance to-day amounts to $25,324,713. TOPERA, KANSAS, July 19.-Information has been received at office of State Bank Commissioner of the failure of the State Bank of Parker, Linn county, and of the Woodson State Bank of Yates Centre, Woodson county. Both are small concerns. WASHINGTON, D.C., July -The Comptroller of the Currency is informed of the failure of the Bozeman National Bank, of Bozeman, Montana.


Article from River Falls Journal, April 12, 1894

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The News Condensed. Mrs. Mayer, under arrest at Racine for poisoning her first husband, is now accused of poisoning her adopted child. Joel Pond, aged 95, died at Chippewa Falls. He was one of the earliest settlers of the Chippewa valley. William Dwyer expired in his pew in St. John's cathedral at Milwaukee during 6 o'clock mass. He was 90 years old. Mrs. Theresa Klein, a Racine pioneer, aged 92 years, is dead. Rev. S. Gunderson's%-year-old daughter was fatally burned a' adison. In the absence of her father the child tried to kindle a fire in his study and her clothing became ignited. Daniel Hoover, in the employ of Dr. H. B. Henderson at Orfordville, and while grooming one of the doctor's animals, received injuries from a kick that caused his death. Jerry Murphy, employed in Herrick's logging camp at Rhinelander, was struck and instantly killed by a Northwestern train. At Marshfield the Korth opera house was destroyed by fire, entailing a loss of $10,000. The Bank of Washburn, which suspended June 5 last, has reopened its doors for the resumption of business. William Nonnemacher pleaded guilty at Antigo to murdering his wife and three caildren and was given a life sentence. During a riot at a political meeting in Milwaukee half a dozen men were stabbed. The trouble was started by Polish laborers. Charles H. Larzellere, Langlade county's defaulting treasurer, was sentenced to Waupun for one year. William Morgan was arrested at Ottumwa for the attempted murder of John Bennett, at Keb. Hon. M. W. Atwood died very suddenly of heart disease at his home four miles southeast of Newton. Rev. J. H. Thompson, the colored missionary, has organized a colored Baptist church at Creston. Many artesian wells are being sunk at Ashland as a result of the typhoid fever epidemic at that place. The authorities claim the fever is due to the impure water. A. H. Cartwright was thrown from a wagon in a runaway near Palmyra and killed. lie was 75 years of age, a pioneer settler of the township and & soldier of the late war. A new state law now in effect abolishes the customary three days' grace on notes, and commercial paper must be met on the day it falls due. D. P. Miller died in Beloit, aged 76. He was a resident of that city nearly forty years, and was prominent in business circles. Josiah Hoover, who R year ago killed his cousin, Elias Hoover, at Rock Falls, returned and gave himself up. Both were prominent farmers, and the killing caused great excitement. Mrs. Anton Schinldt was burned to death at Freedom while replenishing a fire in a smoke-house. Traveling salesmen report that the merchants of thestate are beginning to buy more liberally. Louis Tennesson, of West Granville, shot an eagle in a marsh at Mequon that had a wing span of 7 feet. Rev. A. A. Spencer, formerly superintendent of schools in Green Lake county, is now principal of the Indian school at Blakeley, Mont Congressman Lyman E. Barnes, of the Eighth district, has published a letter declining to be a candidate for renomination. Robert Calvert has been appointed survey of customs for the port of La Crosse. A man named Dellar was found dead in a barn in the town of Meeme March 15. It was supposed he had been killed by a horse. There is now a suspicion he was killed and taken into the barn. The principal store buildings at Reedsville were laid in ashes, causing a loss of about $11,000. While carpenters were raising a vent to a platform of a mill at Amery the vent fell and struck Ole Peterson, killing him almost instantly. He leaves a wife and two children. Miss Alice E. Hayden, of Madison, while out hunting shot a wildcat, weighing 153/2 pounds. A lamp explosion burned several buildings at Kaukauna. It has been decided to establish a new pension examining board at Juneau. James Jackson and his little son Irwin, of Mineral Point, were badly burned about the face and head by the explosion of powder. William Rose, residing near Reedsburg, was fined $25 and costs on a charge of driving his family from the house during a storm. Five hundred chickens, 1,000 eggs and five incubators were burned in a fire which destroyed a hennery at La Crosse. Milwaukee claims to have fewer building and loan associations than any other large American city. James Long died at the age of 100 years at Westfield. Three times the house of Mr. and Mrs. M. Jacobson was set on fire at Racine. The last attempt was successful, the family having hardly time to escape. B.N. Van Haag was cremated in a fire in a tinware factory in Milwaukee. Dr. U. O. B. Wingate, who is soon to retire from the office of health commissioner of Milwaukee, has been appointed secretary of the state board of health. Near Reeseville a farmer nained Mullen killed himself and his wife. Jealusy was supposed to have caused the


Article from River Falls Journal, January 10, 1895

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The News Condensed. One of the cooper-shops of the Joseph Schlitz Brewing company at Milwaukee was destroyed by fire. The loss was about $5,500 and was covered by insurance. John Ulrich fell dead on the street at La Crosse. He was 66 years of age, a native of Switzerland and proprietor of the Nord Stern, a German news paper, from 1857 to 1881. Rev. E. E. Duckworth, for many years a staunch Methodist, and until recently pastor of the First Methodist church of Oconomowoe, has withdrawr from the Methodist church and is studying for the Episcopal ministry. The firm of H. S. Mack & Co., which failed recently in Milwaukee, has been reorganized and the business will be continued as before. The chattel mortgages, aggregating $90,000, were compromised. Rev. John Walworth, the/oldest minister in years and service in Peru, and one of the widest-known men in the state, died at Richland Center, aged 90 years. The sheriff took possession of the Bank of Washburn under executions issued in favor of the Bank of River Falls $5,000 and Kiewert & Co., Milwaukee. $1,400. The wife and fi ve children of Michael O'Connell were burned to death in their home near Waverly. A half-witted son of August Beasly, who lived near Port Washington, locked his parents in a barn, to which he then applied the torch, and they were fatally burned. George Bowers, one of the first settlers in that part of the state, dropped dead at his home in Boscobel. He was 81 years of age. The National bank of the Republic of Chicago was awarded a judgment in the federal court of $11,090 against David Goodman, of Milwaukee. Charles A. Nebel, postmaster at Soldiers' Grove, was brought and placed in jail at Madison under indictment for detaining registered letters. Burglars attempted to blow up the Jefferson county bank at Jefferson. They then stole a team and departed in the direction of Milwankee. The Ashland Terminal company decided to build a belt line of 18 miles around Ashland, and will commence the work next April. Charles A. Smart, a general merchant of Wild Rose, Washara county, made an assignment, with liabilities of $25,000; assets, $44,000. Erwin McLaren, the 15-year-old robber of the post office at Fulton, was taken from Chicago and lodged in jail at Madison. "Dynamite" fishermen whose explosions have killed thousands of fish in Rock river are to be arrested by Janesville authorities. The Milwankee city budget for 1895 aggregates $1,307,100. The Labell Wagon company of South Superior assigned with liabilities of $135,000; assets, $200,000. Col. Michael Frank, the father of the free-school system of Wisconsin, died at Kenosha at the age of 90 years. James Gingles dropped dead of heart disease in the rear of his hotel in Watertown. He was 64 years of age and leaves a wife and one daughter. The case of the state against Dr. Pickin for the abduction of Mabel Briggs and Alma Leonard was dismissed in the municipal court at Eau Claire. Brakeman Thomas McMahon, of Dubuque, Ia., was killed at Prairie du Chien on the St. Paul road. Frank Merriman, manager of the telephone exchange at Appleton, was held up by footpads at that place and robbed of $200 and a gold water.