22988. Bank of Westby (Westby, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 17, 1902
Location
Westby, Wisconsin (43.657, -90.854)

Metadata

Model
gpt-5-mini
Short Digest
c741f55a

Response Measures

None

Description

The Bank of Westby (a private bank owned by Carl O. Byre/Brye) was closed by the State Bank Examiner in mid-December 1902 after being found insolvent due to excessive advances/loans to tobacco dealers. A receiver (Martin H. Bakkedal) was appointed later in December. No run is reported in the articles; closure was by examiner/insolvency and led to receivership.

Events (2)

1. December 17, 1902 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Found insolvent due to excessive advances/large loans to tobacco men; resources weak and insolvency discovered by state examiner.
Newspaper Excerpt
The Bank of Westby, Vernon county, was closed yesterday by State Bank Examiner Bergh, who found it insolvent.
Source
newspapers
2. December 20, 1902 Receivership
Newspaper Excerpt
Judge Fruit has appointed Martin H. Bakkedal, a tobacco dealer, receiver of the defunct Bank of Westby. Depositors will get about 75 per cent.
Source
newspapers

Newspaper Articles (11)

Article from The Washington Times, December 18, 1902

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Article Text

WISCONSIN BANK CLOSED. MADISON, Wis., Dec. B.-The Bank of Westby, Vernon county, was closed yes. terday by State Bank Examiner Bergh, who found it insolvent, Assistant Attorney General Buell has left for La Crosse to move for a receiver. The bank is a private institution owned by Carl O. Brye, Its last published report showed $6,000 capital stock, $7,000 surplus, total resources about $172,000, with about $138,000 deposits. It is reported that the trouble was brought on by the large advances to tobacco men. INSIDE


Article from Rock Island Argus, December 19, 1902

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Article Text

Found Its Resources Weak, Madison. Wis., Dec. 19.-The Bank of Westby, Vernon county, has been closed by State Bank Examiner Bergh, who found it insolvent. Assistant Attorney General Buell has left for La Crosse to move for a receiver. The bank is a private one. owned by Carl O. Brye. Its last published report showed $6,000 capital stock. $7,000 surplus total resources about $172,000. with about $138,000 deposits. It is reported that the trouble was brought on by too large advances to tobacco men.


Article from Rock Island Argus, December 20, 1902

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Receiver of the Westby Bank. LaCrosse, Wis., Dec. 20.-Judge Fruit has appointed Martin H. Bakkedal, a tobacco dealer, receiver of the defunct Bank of Westby. Depositors will get about 75 per cent.


Article from The Indianapolis Journal, December 20, 1902

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TELEGRAPHIC BREVITIES. The New York banks yesterday transferred $250,000 currency to New Orleans through the subtreasury. The subtreasury made an additional shipment of $100,000 to New Orleans. Judge Pruitt has appointed Martin H. Bakkedal, a tobacco dealer, receiver of the defunct bank of Westby, Wis. His bond was fixed at $100,000. Depositors will receive from 75 to 80 per cent. of their money. Justice Scott, in the New York Supreme Court, yesterday dismissed the writ of habeas corpus in the case of Jesse Lewissohn, arrested on a warrant for refusing to answer questions respecting alleged gambling houses. Former police captain, Daniel C. Monahan, of New York, who was dismissed by Police Commissioner Partridge, was placed on trial yesterday charged with accepting briges, in return for which, it is alleged, he refrained from enforcing the law against disorderly houses in his precinct. To-day will be generally observed throughout the Louisiana purchase territory, Flag-day proclamations having been issued by the Governors of most of the States and Territories embraced in the country formally transferred to the United States at New Orleans ninety-nine years ago. Right Rev. W. H. Hare, of Sioux Falls, Episcopal bishop of Sioux Falls, is under the care of physicians in Aberdeen for injuries received in a runaway in the country west of that city. No bones are broken, but he suffers pain from internal injuries, the nature and severity of which have not been fully determined. The stockholders of the Temple Iron Company met at. Reading, Pa., last night and increased the bonded indebtedness from $2,826,000 to $3,326,000. The Temple Iron Company controls several anthracite coal mines. George F. Baer is president. The increase will be used to cover a deficit caused by reason of the recent strike. Thomas E. Steele, a prominent attorney and Mrs. Anna Miller were found guilty of conspiracy to blackmail in the United States Court at Columbus, O., yesterday. Fifty prominent people were involved in


Article from The Plymouth Tribune, December 25, 1902

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Found Its Resources Weak. Madison, Wis., Dec. 19.-The Bank of Westby, Vernon county, has been closed by State Bank Examiner Bergh, who found it insolvent. Assistant Attorney General Buell has left for La Crosse to move for a receiver. The bank is a private one, owned by Carl O. Byre.


Article from The Cooperstown Courier, December 25, 1902

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THE NEWS IN BRIEF. For the Week Ending Dee. 20. Prof. E. A. Gastman, of Decatur, has been elected president of the IIlinois state board of education. The German bundesrath approves the tariff bill in the form in which it passed its third reading in the reichstag. Comptroller of Currency Ridgley, in an address before New York bankers, says more elasticity is needed in the monetary system. Congressman James A. Hemenway has announced himself a candidate for the republican nomination for governor of Indiana. South American republics are not likely to side officially with Venezuela. Newspapers of Peru, Bolivia and Salvador urge united resistance The Nebraska supreme court has decided that the marriage of divorced persons within six months of the granting of a decree in that state is void. The French steamer Modoc with 223 pasengers on board. collided with a cruiser in Toulon harbor and grounded on the rocks in a dangerous position. While walking on the tracks at Warren, III., George Oatway and Karl Kurth were struck by the west-bound flyer on the Illinois Central and killed. Martin H. Bakkedal has been appointed receiver of the Bank of Westby, Wis.; the liabilities are placed at $160,000 and the assets at $155,000. A St. Louis hotel keeper was held responsible by a jury for the death of a guest who perished in a fire, and the widow was awarded $5,000 damages. Unrequited love Is said to have been the reason why Herman Helscher shot and mortally wounded Voltairine La Cleyre, a noted anarchist, at Philadelphia. Because of the high wages paid to mechanical help, the Santa Fe and other western railroads are retrenching by cutting down the salar.es of office employes. The will of Mrs. Martin Adams, widow of Charles Kendall Adams, former president of the University of Wisconsin, gives a large part of the estate to that institution. The post office of Grandville, O., was dynamited and robbed of nearly $1,000 by two men who escaped. The post office at Big Stone Gap, Va., was robbed of $1,200 in money and stamps. A group of New York financiers are said to be desirous of assuming Venezuela's debts, providing the United States will assist in collecting the money from customs recéipts. At the presentation of credentials by Ambassador Tower to Kaiser Wilhelm his majesty promised a very good, though not a very large, exhibit for the St. Louis exposition. Payment of $365,000 insurance policies on the life of R. C. Whayne, found dead at Louisville, Ky., from a gunshot wound, will be refused. The question of suicide is still unsettled. The United States Steel company bought the Union steel mill, near Pittsburg, and the Sharon mill, at Sharon, Pa., from the Union company, and $45,000,000 bonds are to be issued in payment. The house eight-hour labor bill. providing a penalty of $5 against government contractors for each day and every laborer allowed to work over eight hours, was agreed to by the senate committee. Fulton (Mich.) citizens headed off a hotelkeeper who planned to open a barroom by incorporating as a cemetery association and locating a plat 80 rods away. The law of 1869 forbids saloons within that distance. The demand for coal grows more strenuous in Chicago, and the charge is made that mine owners are discriminating against the west. Railway officials say they are doing their utmost to get supplies to market. The tobacco trust will fight Chicago independent cigar dealers with a new factory employing 500 union hands, and by employing 200 solicitors after January 1. Labor unions are expected to


Article from The Pioneer Press, December 25, 1902

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RECEIVER FOR WESTBY BANK. Martin H. Bakkedal Is Appointed by the Court. Madison, Wis., Dec. 22.-Martin H. Bakkedal of Westby was appointed receiver of the Bank of Westby, closed by Bank Examiner Bergh, the appointment being made by Judge Fruit at La Crosse yesterday, on motion of Assistant Attorney General Buell. Depositors will probably receive 75 to 80 per cent. The failure was due to excessive loans.


Article from The Herald-Advance, December 26, 1902

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RECEIVER FOR WESTBY BANK. Martin H. Bakkedal Is Appointed by the Court. Madison, Wis., Dec. 22.-Martin H. Bakkedal of Westby was appointed receiver of the Bank of Westby, closed by Bank Examiner Bergh, the appointment being made by Judge Fruit at La Crosse yesterday, on motion of Assistant Attorney General Buell. Depositors will probably receive 75 to 80 per cent. The failure was due to ex. cessive loans.


Article from Vernon County Censor, January 7, 1903

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'nto small or THAT I badly burned at Sheboygan ring the role of Santa Claus. oseph Johanek pleaded guilty at to the charge of assault and was ed to ten years' imprisonment. rank O'Connor, 2a years. a wn young merchant of Kenosha, his home there from consumption. Iartin H. Bakkedal has been receiver of the Bank of Westby. ilities are placed at $160,000 and '000'201$ 18 su he grievance board of the firemen incers of the Wisconsin Central and that they shall be granted an ise of 10 per cent in their wages. fichael Cahill, the farmer poet, with asault to do great bodily hooting Alexander Smith through . was discharged at Eau Claire Suja he Ferguson House, the leading Hayward, was completely destroy fire. The guests barely escaped r clothing. The loss is $5,000, rance for $4,000. dolph F. Spring, a milkman. ck by a west-bound freight train Montfort division of the Northwe road and instantly killed while to Madison with milk. dward King of Courtland was his brother. Joseph. while out While crawling through a gun was discharged. the conter ing effect in the boy's leg. rthur Miller. the young man $ arrested at Tomah on the charge sing counterfeit money, was dischar in justice court on the ground that nse was shown by the State. Irs. Anna Fidlin of Milwankee nga 'uos asy moaj [etter U pa. Greytown, Nicaragua, saying that 1 named Wissen, formerly of been devoured alive by a shark. 'ire destroyed the dwelling of Istrom at Mellen. Carlstrom of a second-story window. Istrom and the children. who had side safely, ran to a neighbor's heir night clothes. fiss Lizzie Jung of Plymouth was e been married the other day, that day went insane, and has mitted to the northern asylum at h. No reason is given for her mental aberration. )sear Phillips, aged 28 years, emple as a section hand by the Chica waukee and St. Paul road, was a freight train at Corliss and kill illips resided at Union Grove, rried and had two children. drs. W. H. Stevens of Sioux merly Miss La Celia Arquette rshfield, who disappeared recently leaving several letters saying 8 about to commit suicide, has nd and is working as a chamberm: Omaha. diss Wilhelmina Jardine, aged 107, hout doubt the oldest living person southeastern portion of the State. now ill with stomach trouble at ke's hospital in Racine, but her ans say that her present sickness dangerous. Fire destroyed the building of the ton Chair Company at Appleton. $ is $30,000, with insurance of el factory employed 100 men and btful if it will be rebuilt. Willi rx of Milwaukee is the heaviest der in the concern. Mrs. Amelia Myer was found dead istern in the rear of her home in


Article from Vernon County Censor, March 11, 1903

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Mixture in Westby Bank Case. A party from Viroqua and one from Madison were in this village the R3t week and sacceeded in buying $530 of the claims of the defunct Bank of Westby. It seems that the law provides that where there are three creditors with claims amounting to $500 or over, the case may be taken to the United States court, provided certain other require ments are complied with. It is said that there is no small amount of indignation among most of the creditors. as they are satisfied to leave their claims with M. H. Bekkedal, the receiver. Westby Times.


Article from Vernon County Censor, June 24, 1903

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HAD EARLY ADJOURNMENT CIRCUIT COURT CLOSES BUSINESS SATURDAY LAST Calendar Cleaned Up Much Closer Than UsualEight Divorces W re Granted-Farmers Gain Important Horse Case Brought From Eastern Section of the County-Balance of Calendar Reported. Circuit court came to a close Saturday afternoon in season for Judge Fruit to reach home that evening. It was believed that the work would continue into this week. Nearly everything on the calendar was cleared away. In the case of H. M. Tate against Thomas Jerman, the ovidence was taken but argument will be made before the judge in La Crosse at some future date. This is an action involving the question whether or not the alley so long in use between the business blocks of plaintiff and defendant was subject to closure by the defendant, who last year constructed a business place on the same It appears to be well understood that the case will be appealed to supreme court no matter what the findings of Judge Fruit. The case known as the "horse suit, from the neighborhood of Yuba, was one of no small importance considering the frequency of this class of actions now in the courts. It grew out of a sale, or purported sale, of a stock horse to a company of farmers. Before the sale was finally consummated many of parties decided to stear clear of the c xl and declined to sign notes for the purchase. Suit was brought on the contract which they are purported to have signed taking shares in the stock company, and the case of Edmund Barbour is supposed to be a test action. The farmers claimed that there was misropresentation used in securing their signatures to the-contract and that the instrument had been changed. The rulings of the court were liberal to the defendant farmers, and realong the lines that if one signs an instrument which later developes to be a misrepresentation of the conditions, these facts may be considered in arriving at a just conclusion of the matter. The jury very quickly found for defendant Barbour. There is talk of an appeal to the higher court. This case was handled by Masters & Graves, E. B. Harken and C. W. Graves for plaintiff horsemen, and D. O. Mahoney and Smith & Griffin for defendant farmers. Receiver Bekkedal for the Bank of Westby, brought suit against the Proctor bank of this city, to compel the return of certain notes given as collateral for money secured from the local bank two or three days before the Westby bank closed its doors, the receiver holding that the Proctor bank should come under the same rule as other creditors when an institution is known to be insolvent. The defendant Proctor and Cashier Parkard maintained that they had no knowledge that the Westby institution was about to be closed when they secured the collateral. Judge Fruit dismissed the action. Following is the disposition made of cases since the CENSOR was last published CRIMINAL ISSUES. State of Wisconsin against James Hunter. assault Entered plea guilty, fined $25 and costs. State of Wisconsin against Steve Rando, larceny. Ball bond forfeited State of Wisconsin against Ere Steinmetz bastardy. Settled JURY CASES. Anima Eliza Towns against Hugh Kerr. Tried by court. Taken under advisement Logan H. cVey against Sarah McVey. Settled. Helen M. Tate against Thomas Jerman. Case heard and arguments to be made at Crosse. U. F. Rose against Ida L. H ysel and Jonathan Hysel. Settled out of court. Sandy Robins against John Sanders, Judgment for defendant for costs. Charles Kreps against Homer Lind and O.J. Lind. Judgement for plaintiff of $92 and costs of sult. COURT CASES. Philip Silbaugh against Thomas Swinson Judgment for plaintiff of $216. Rose Williams against Charles Williams Divorce granted. Mary Swenson against Thomas Sweasea Divorce granted. M. H. Bekkedal as receiver of Bank of Westby against Vernon County Bank Judgment for defendant Nettle Peaslee age not TL. Peaslee. Not tried. R. R. Howell & Co. against C. F. Rose. Judgment for defendant The county of Vernon against Malinda Shisler Permission given to amen complaint John Connor ot. al against William Conner Order made approving sale of realestate Ida Holsether against Ole E. Hulsether. Divorce granted and alimony of 83500 given plaintiff and $100 per year for support child. John E. Nuzum against John Johnson Fort ney. Not moved. HasmosJohnson against E. R Johnson e. Not tried Singer Sewing Machine Co. against Frank Kulbul. Judgment of justice court reversed as to damages and $10 costs to plaintiff Citizen Dead