22966. Northern State Bank (Washburn, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 13, 1923
Location
Washburn, Wisconsin (46.673, -90.895)

Metadata

Model
gpt-5-mini
Short Digest
8dbe4b2a

Response Measures

None

Description

Articles report the Northern State Bank of Washburn was taken over by the State Bank Commissioner (state banking department) for 'frozen assets' (Dec 1923) and later described as defunct with depositors receiving dividends (Oct 1924). No run is mentioned; the takeover was a government action leading to permanent closure and receivership/liquidation.

Events (2)

1. December 13, 1923 Suspension
Cause
Government Action
Cause Details
Taken over by the state bank department (State Bank Commissioner) due to frozen assets.
Newspaper Excerpt
The Bayfield County bank and the Northern State bank, both of Washburn, have been taken over by the state bank department, Dwight Parker, commissioner of banking, announced. Frozen assets were attributed as the reason for taking over the institutions.
Source
newspapers
2. October 1, 1924 Receivership
Newspaper Excerpt
Depositors of the defunct Northern State and Bayfield County State banks of Washburn have received a dividend of $154,000. The Northern State bank paid 60c on the dollar with a promise of 5c on the dollar more. The Bayfield County bank paid 15c on the dollar. The banks blew up a year ago, leaving Washburn without banks for a time.
Source
newspapers

Newspaper Articles (2)

Article from Eagle River Review, December 13, 1923

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Article Text

NEWS OF THE BADGER STATE Mrs. Wilhelmina Giese, 69, a pioneer of Oconto, died suddenly while reading the evening paper at her home. John Grayearek, 50, a farmer of Zander, Wis., committed suicide by hanging. His body was found suspended from an apple tree in his orchard. Milk dealers of La Crosse increased the retail price of milk from 11 to 12 cents. The raise is due to the dry summer and scarcity of feed, the La Crosse Milk Producers' association announced. Henry E. Krause, who for many years had followed the lumber industry in northern Wisconsin, died in Rhinelander where he had lived for the last thirty-five years. Cancer was the cause of death. The Bayfield County bank and the Northern State bank, both of Washburn, have been taken over by the state bank department, Dwight Parker, commissioner of banking, announced. Frozen assets were attributed as the reason for taking over the institutions. Joseph H. Carnahan of Black River Falls was seriously injured when he was struck by an automobile near his home. He had gotten out of his car, leaving it with the driver, and went around the back of the car and stepped into the street in front of an approaching automobile. A verdict of accidental death was returned by a coroner's jury after an inquest into the killing of Louis Keiferle, run down by an automobile driven by Ed Hicken, a Fond du Lac county farmer. Hicken was freed of any blame in the accident. Keiferle's death resulted from nine broken ribs, one of which punctured one of his lungs. The state is faced with the possibility of paying an advance of five cents a barrel on cement for next year's highway construction. Last year's supply of 1,600,000 barrels of cement was purchased at $1.70 a barrel. Illinois has just rejected its best bid of $1.75 a barrel, and there is little hope of a drop in cement with the state to ask for bids about Jan. 4. Wisconsin banks show a healthy and improved financial condition at the present time compared with last year, according to a statement of the condition of all state banks, issued by State Bank Commissioner Dwight Parker. The statement covers business up to Nov. 7. The eight hundred forty-seven banks included in the statement have total insources of $584,588,196, the report shows. Postal authorities are preparing for the biggest holiday rush in the history of the postal sevice. "The entire mail service is at present working at utmost capacity on everyday mail-the holiday rush has not yet started," said Peter F. Piasecki, Milwaukee postmaster. "Regular correspondence and advertising is extremely heavy this month, which leaves but little leeway for holiday mail. The postal service will need fully ten days to handle the Christmas mail. Therefore all greetings and gifts should be mailed before December 15." James G. Monahan, former congressman, long leader among Wisconsin Republicans, and a prominent Mason, died December 5th, at Dubupue, Iowa, after he had been taken suddenly ill at his hotel. Mr. Monahan had appeared to be in his usual health, when he left Darlington on a business trip to the Iowa city. Te was 68. For 40 years a leader of the Republican party in Wisconsin, particularly in the southwestern counties, Mr. Monahan achieved his most notable political triumph in 1918, when he was elected to congress in the second district, defeating John M. Nelson, Madison, who held the seat for several terms, and who regained it in 1920. Edward J. Sailstad, former president of the Multitone Phonograph campany, of Eau Claire, supposed to have burned to death in a cottage fire at Lake Nebagamon, a resort south of Superior, Aug. 26, 1920, has been located and arrested at Napa, Cal., and will be brought back to Wisconsin to face charges of arson and unlawful disinterment of a body. In his purported confession, Sailstad told how he had exhumed the body of Allen McFee in Lake Nebagamon cemetery, placing it in the cottage he had rented, and then burning the dwelling in an effort to leave the impression that he, Sailstad, had perished. After his disappearance he in company with


Article from Grant County Herald, October 1, 1924

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Article Text

ruptured by the blow. Dan Donahoo, Reedsburg, was convicted of cruelty to animals, fined $25 and given 30 days in jail. The complaint was that he had starved his farm animals. Fishermen from outside the state will pay $150,000 into the state license fund this year. 50,000 fishing licenses at $3 wil lhave been taken out before the year closes. The parsonage of the First Reformed church at Black Wolf was burned to the ground Thursday. The church adjacent was threatened by hot embers but hard work saved it. When she upset a kettle of hot lard, the 6-year-old daughter of Leo Wells, Rhinelander farmer, received burns which may prove fatal. The accident occurred when the child's mother was frying doughnuts. Injuries received when he fell on a pitchfork handle resulted in the death of John Traes, 36, Oostburg farmer. While working in a hayloft, Traes fell four feet, receiving the injury. He died in a hospital. The body of Jacob Grabowski, 78, missing at Baraboo for ten days, was found in the woods 80 rods from the home of his son, in the town of Sumter. Families difficulties were held responsible for the act. Mrs. Peter Heiser of Madison took her rum to bed, but failed to fool the police who claim to have pulled a jug of moonshine from underneath the bed clothes. Mrs. Heiser "played possum" but was taken along. Leo Schoenrock, New London, reported lost while hunting on Lake Poygan, returned home Monday. He had been caught in a storm and took refuge on a houseboat. Grave fears were entertained for his safety. A loss of $4,000 was suffered near Darien when fire early Tuesday destroyed a barn with 125 tons of hay and a thousand bushels of grain on the farm of John B. Johnson. The fire was due to the backfire of a gasoline engine. Oscar Reams of Peshtigo came near contributing his life to the cause of hunting. He was hit by a charge of fine shot and painfully injured, the shot striking him in the hand and left side, some penetrating close to the heart. Soon after the body of Frank Jones, recluse, had been found in his home near Appollonia, thieves broke into the house and confiscated clothing, guns and other possessions of the dead man. No trace of the thieves has been found. Anton Matheson, Manitowoc man, is defendant in a suit for $5,000 brought by the estate of Joseph Bukosky, for the death of Bukosky on July 7, said death being caused by automobile run by Matheson. The complaint alleges careless driving. James O'Brien, overseas veteran, is dead as the result of a stump blast Tuesday near Janesville. O'Brien was employed by the city clearing a roadway in the municipal park. He was 200 feet away from the blast when struck by the flying stump. 50 gallons of moonshine, three huge stills and 20 barrels of mash were seized in two raids in the towns of Chilton and Stockbridge, near Fond du Lac. Henry Leudtke and Anton Stransky are under arrest. On the Stransky place the mash was found in a hog pen. Mrs. Lawrence Waterbury of Elkhorn, relented and dropped divorce proceedings against her hsuband after he shot himself with a .22 calibre revolver. The wife charged cruelty and non-support. The couple are on their way to Waco, Texas, to live with the wife's parents. Federal agents, raiding a Ft. Atkinson brewery, arrested 20 Chicago beer runners and captured 14 trucks and hundreds of quarts of the amber fluid Thursday night. The gang was found to be one of the most notorious in Chicago. They were manacled and held incommunicado. Oshkosh police wired tickets to Racine Thursday for the return of Ruth Johnson, 15, Florence Cartwright, 14, and Blanche Cartwright, 19, held by the police in the lakeside city. The girls ran away from home and were deserted at Racine by three men who took them there from Oshkosh. Their parents refused to provide transportation. Depositors of the defunct Northern State and Bayfield County State banks of Washburn have received a dividend of $154,000. The Northern State bank paid 60c on the dollar with a promise of 5c on the dollar more. The Bayfield County bank paid 15c on the dollar. The banks "blew up" a year ago, leaving Washburn without banks for a time. Lawrence Nicholson, Neenah garage man, frustrated an apparent attempt at highway robbery while driving home at night from Genesee, Wis. A board fence had been placed squarely across the highway. Nearby was a car parked without lights. Nicholson stepped on the accelerator and drove straight through the obstruction. The bumper knocked the fence over and the heavy car passed on in safety. Sylvester Dochnal, 20, Dodgeville, suffered a broken ankle Monday of last week when struck by an automobile on S. T. L. 19, five miles east of Dodgeville. Dochnal was about to alight from his car to repair tire trouble, and was standing on the running board, when a sedan carrying