South Side Savings Bank (Milwaukee, WI)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
June 5, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)
Bank Type
savings

Metadata

Notes

Cashier disappeared and large embezzlement discovered; receiver later appointed.

Events (4)

1. June 5, 1893 Run
Cause
Local Banks
Cause Details
Nervousness among small depositors sparked by recent failures (F. T. Day, Plankinton Bank) prompted withdrawals
Measures
Local prominent citizens guaranteed payment of deposits to allay panic (guarantors named)
Newspaper Excerpt
A run is now in progress on the South Side Savings Bank...some 200 or 300 people block the sidewalk in front of the bank
Source
newspapers
2. July 22, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed amid runs and later revealed insolvency and missing cashier/ledger indicating embezzlement and large deficits
Newspaper Excerpt
Southside Savings banks failed to open their doors this morning.
Source
newspapers
3. July 25, 1893 Other
Newspaper Excerpt
John A. Koetting, cashier of the defunct South Side Savings bank, has disappeared...ledger missing; liabilities will run up into the millions; suspended South Side Savings bank appears in reports later with receiver Barth mentioned in August articles and indictments in October and January trials in 1894.
Source
newspapers
4. August 21, 1893 Receivership
Newspaper Excerpt
Receiver Barth says $139,000 disappeared...President Trumpff and Cashier Koetting of the failed Milwaukee South Side Savings Bank were indicted by the Grand Jury; receiver Barth referenced in coverage of missing funds and embezzlement charges on Aug. 21-22 articles.
Source
newspapers

Newspaper Articles (24)

Article from Grand Rapids Herald, June 6, 1893

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BETTER FEELING AT MILWAUKE A Special Jury to Investigate the Plankinton Bank Failure MILWAUKEE June 5.-The situation at the banks today is about the same as at the close of business on Saturday. There was a run of small depositors on the South Side Savings bank. but the nervousness of depositors was allayed by the announcement that Captain Fred Pabat. August Niblein, Val Blatz and Mrs. Emil Schandein had guaranteed the payment of all the money deposited in the bank Judge Wallber of the municipal court has given discussion of the Lappen failure and the suspension of the Plankinten bank a fresh start by announcing that be will call a grand jury to investigate the dealings of the firm with the stranded bank.


Article from The Wheeling Daily Intelligencer, June 6, 1893

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SITUATION AT MILWAUKEE. Business Men Not Alarmed at the Flurry. The Panic Among Small Depositors. MILWAUKEE, WIS., June 5.-A run is now in progress on the South Side Savings Bank. There is a slight run on the Second Ward Bank, but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The failure of F. T. Day, late on Saturday seems to have increased the nervous fears of small depositors. Business men are not in the least alarmed at the situation, and predict that the flurry will end in a day or two, unless it is aggravated by more failures. The failures of Frank A. Lappen & Co. and the Plankinton Bank will be investigated by the grand jury. The grand jury called to investigate the matter of the recent affairs convened late this forenoon and Judge Wallber delivered his charge. He spoke about the firms and then read sections of the statutes referring to the obtaining of credit by false statements and to the acceptance of deposits when bank officials know that the bank is not in a sound condition. The first section, the court stated, referred to the Lappen matter, and the other to the Plankinton Bank. The action of Judge Wellber has created a sensation.


Article from The Morning News, June 6, 1893

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A Run on a Milwaukee Bank. Milwaukee, Wis., June 5.-There was a slight run on the South Side Savings Bank this morning. It was a sort of hold over from Saturday. By noon, however, whatever slight excitement there was had subsided.


Article from New-York Tribune, June 6, 1893

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NERVOUS DEPOSITORS IN MILWAUKEE. Milwaukee, June 5.-A run was in progress to-day on the South Side Savings Bank. Some 200 or 300 people block the sidewalk in front of the bank, but everything is quiet and orderly. There is A slight run on the Second Ward Bank, but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The fatlare of F. T. Day. late on Saturday. seems to have increased the nervous fears of small depositors. Business men are not In the least alarmed at the situation and predict that the Hurry will end in a day or two. unless It is aggravated by more failures.


Article from Echo De L'ouest, June 8, 1893

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FAILLITES DE BANQUES L "Exchange Bank" de Glad stone, Mich., a fait faillite. C'est une conséquence de la faillite d6 la "Plankinton BaLk" de Mi'waukee. MM, SAuger, Moody et Steel de Jolliet, Ill., ont fait faillite. La "Patt r's Bak" one des plus vieilles banques du comté de Paulding, Ohio, viont de fermer ses portes. Elle avait été établie en 1874 et faisait des affairea considérables. MM Ch-vraton, Martin et Cie banquiers avenue Ogden à Chra go viennent de déposer leur bilan Passif 100.000 dollare. Lq "Merchants National Bank," la plus vieille de Tacoma, Wash., a suspendu BEB paremente. Son capital était de $250,000. La Plankin'on Bai k" de Mil waukee, a fait failli'e. MM. Hermann, Schaffner et Cie banquiers de Chicago ont déposé leur bilan On dit que Schaffner B'est suicidé. La "Bank of Beresford," S. D vient de fermer ses portes. A sa tête se trouvait A. A. Amee. La "Sandusky Savings Bank Company" de S ndueky O. a suspendu 803 paiements. La "M rchants National Bank" de Fort Wo th Texas, à fermé ses portes. La "Canyon Bank" de Spokane à fait faillite. -MM. Madowaraft frères, banquiers de Chicago, ont déposé leur bilan. A Milwaukee la "South Side Savinga Bauk" et la "Second Ward Bank" sont sur le point de suivre l'exemple d - 8 banques BUB nommée3. Il en est de meme de la "Illinois Trust & Savings Bank of Chica go."


Article from The Russellville Democrat, June 8, 1893

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A RUN ON A BANK. Two or Three Hundred People Block the Sidewalk. MILWAUKEE, June 5.-A run is now in progress on the South Side Savings Bank, some 200 or 300 people block the sidewalk in front of the bank, but everything is quiet and orderly. There is a slight run on the Second Ward Bank, but the demand on the Commercial Bank seems subsided. The affairs at the other banks are about in normal condition. The failure of F. J. Day late Saturday, seems to have caused increased nervous fears. Small depositors and business men are not in the least alarmed at the situation, and predict the flurry will end in a day or two unless aggravated by more failures.


Article from The Progressive Farmer, June 13, 1893

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ample means available to meet all de mands from depositors. The bank's business is practically confined to the West Side MILWAUKEE, June 5.-Runs were started to day on the Second Ward bank and the South Side Savings bank, but neither of them assumed very seri ous proportions. The failure of F. T. Day, of the Plankington bank seems to have increased the nervous fears of small depositors. Business men are not in the least alarmed at the situation and predict that the flurry will end in a day or two, unless it is aggravated by more failures. WICHITA, Kansas, June 7 - -The Francis Whitaker Packing Company has failed; liabilities, $100,000. BEDFORD, Ind., June 7.-The Bedford bank of this city, and the Courtland (Neb.) State bank have closed. The former is quite a serious failure, but the liabilities of the latter are small. CHICAGO, June 1 The private banking house of Nishoff & Co. has suspended; also the Bank of Washburn, Wis., and the Shell Lake Savings bank of Wisconsin. CHATTANOOGA, Tenn., June 8.-0. B. Loveman, an extensive dealer in dry goods, has failed with liabilities of $140,000. WILMINGTON, Del., June Bellah & Co., wholesale dealers in iron and steel, have failed.


Article from San Antonio Daily Light, July 22, 1893

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Milwaukee Banks Rotten MILWAUKEE, July 22.-Milwaukee National bank and South Side Savings banks failed to open their doors this morning. Runs are now in process on all the leading banks in the city.


Article from The Waco Evening News, July 22, 1893

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Two Banks Fail. By Associated Press to the News. MILWAUKEE, July 22.-The Milwaukae National bank and the Southside Savings banks failed to open their doors this morning. Runs are now in progress on all the lead. ing banks in the city.


Article from The Portland Daily Press, July 26, 1893

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Closed to Gain Time. MILWAUKEE, Wis., July 25.-The Wisconsin Fire and Marine Insurance Bank has closed its doors. The last statement of the Fire and Marine bank rendered on the first of the month gave the total liabilities at $8,946,344. Cashier Murphy has made the following statement: "We have been subjected to a constant drain for some time, and have realized on every asset on which the bank could get money on short notice. "We felt that under existing circumstances it was only a question of time when suspension would inevitably come and therefore decided to close. This bank is not insolvent by any means and only` time is needed to realize enough money to meet every liability." Cashier and Ledger Missing. MILWAUKEE, July 25. - John A. Koetting, cashier of the defunct South Side Savings bank, has disappeared from the


Article from The Wilmington Daily Republican, July 27, 1893

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Cashier Koetting Still Missing. MILWAUKEE, July 27.-Cashier Koetting, of the suspended South Side Savings bank, who disappeared last week, has not been heard from. Mr. Koetting, as executor of various estates, had in his possession belonging to heirs over $100,000 in money and property.


Article from The Western Sentinel, July 27, 1893

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The Cashier Gone, the Ledger Missing. MILWAUKEE, Wis., July 25.-Cashier Koetting, of the suspended South Side "Savings Bank, is missing and also the general ledger of the bank. The liabilities will run up into the millions.


Article from The Evening Herald, July 27, 1893

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Cashier Koetting Still Missing. Milwaukee, July 27.-Cashier Koetting, of the suspended South Side Savings bank, who disappeared last week, has not been heard from. Mr. Koetting, as executor of various estates, had in his possession belonging to heirs over £100,000 in money and property.


Article from New-York Tribune, August 4, 1893

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THE MILWAUKEE NATIONAL BANK SOLVENT. Milwaukee, Wis., Aug. 3.-Bank Examiner Lynch has finished his examination of the books of the Milwaukee National Bank of Wisconsin, and has forwarded his report to the Controller of the Currency. He says the bank is solvent. Mr. Lynch will remain in charge of the bank until It resumes or until it is put into the hands of a receiver for the winding up of its affairs. The Grand Jury was called to-day to investigate the South Side Savings Pank fullure. The president, G. C. Trumpff. and the cashier, J. B. Koetting, are missing. Affairs of the bank are In bad shape, and depositors will probably lose everything.


Article from The Wilmington Daily Republican, August 21, 1893

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Where Koetting's Stealings Went. MILWAUKEE, Aug. 21.-The money of the Southside Savings bank which John B. Kqetting squandered while cashier went Into deals on the board of trade. Receiver Barth says $139,000 disappeared in that ways


Article from The Evening Herald, August 21, 1893

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Where Koetting's Stealings Went. MILWAUKEE, Aug. 21.-The money of the Southside Savings bank which John B. Koetting squandered while cashier went into deals on the board of trade. Receiver Barth says $139,000 disappeared in that way.


Article from Richmond Dispatch, August 22, 1893

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Where Koetting's Stealings Went. MILWAUKEE, Aug. 21.-The money of the Southside Savings bank which John B. Koetting squandered while cashier went into deals on the board of trade. Receiver Barth says $189,000 disappeared in that way.


Article from The Times, August 22, 1893

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Where Koetting's Stealings Went. MILWAUREE, Aug. 21.-The money of the Southside Savings bank which John B. Koetting squandered while cashier went into deals on the board of trade. Receiver Birth says $182,000 disappeared in that way.


Article from The Progressive Farmer, September 12, 1893

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WE'VE HAD A CHANCE. Business Troubles Continue---Confidence has been Restored, but the Farmers' Wheat and Cotton has Done the Work---The Sherman Law Still in Force. The Moffett, Hodgens & Clarke Company, Jersey City, is in the hands of a receiver. Liabilities $900,000. Twelve "business troubles" were re corded in New York City August 31st. Marquis Logerot, proprietor of the Hotel de Logerot, New York, has as signed. Liabilities $147,000. MILWAUKEE, Wis, Aug. 31.-John B. Koetting, cashier of the defunct South Side Savings Bank, arrived here last night from Denver in custody of Detective McManus. He was at once arrigned in the Municipal Court upon a charge of embezzlement and held in $10,000 bonds in default of which he was lodged in jail. AUSTIN, Minn., Aug. 31.-The Exchange Bank, of Lyle, in this county, has closed. It was a private bank owned by A. H. Anderson. It is believed to have assets sufficient to cover its liabilities.


Article from Oxford Eagle, October 12, 1893

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PERSONAL AND GENERAL. THE situation at Brunswick, Ga., on the night of the 2d, was worse than at any time since the outbreak of the yellow fever, if that were possible. Twelve new cases had developed up to 5 p. m. There were two new cases on St. Simon's island, off Brunswick and four at Jekyll island. The total number of cases reported since the epidemie began was 122. SECRETARY HESTER'S New Orleans cotton exchange statement, issued on the 3d. shows the smallest movement of cotton into sight for September since 1888, the total amounting to 505,249, against 506,178 last year, 832,317 the year before and 856,438 for September. 1890. A SOUTH-BOUND fast freight train on the Cleveland, Cincinnati, Chicago & St. Louis road ran into some heavily loaded flat cars which had been carelessly left by a local freight crew near Edgemont, O., on the 3d, causing an ugly wreck and killing two tramps and fatally injuring two others. JOHN B. KOETTING, cashier of the failed South Side savings bank of Milwaukee, under indictment for illegal banking, failed to appear in court on the 2d, and his bond of $15,000 was declared forfeited. Koetting was recently taken back from Denver, after much trouble, and put under bonds to appear. THE president and Mrs. Cleveland, Ruth and little Esther will become-comfortably settled in their beautiful country home in Woodley Lane, just outside of the city of Washington, within a few days. It is one of the finest locations in the District of Columbia. DORA PETERS, a 16-year-old girl living near Lafayette, Ind., committed suicide by hanging herself in a barn on the 1st. Her body was discovered on the morning of the 2d. She was a bright, vivacious girl and no reason can be given for her rash act. THE town of Baku, capital of the Russian government of that name on the west shore of the Caspian sea, has become practically bankrupt owing to the costly anti-cholera regulations enforced by the government. TELEGRAPHIC communication with the island of Santa Catharina, which is reported to have fallen into the hands of the insurgent Brazilians, has been suspended. Two men entered the depot at Divide, Col., on the evening of the 2d, and held up the agent and operator and robbed the office of $150. The robbers crawled through the ticket office window and used the agent's rifle, which stood ready for his use in anticipation of a possible attack. THE province of Santa Fe has been pacified, and the whole of the Argentine republic is now quiet. PAID admissions to the World's fair on the 5th were 154.755. PAID admissions to the World's fair on the 6th were 179.965. THE missing furs, valued at $10,000, stolen from the exhibit of Pavel Greenwaldt, of Russia, at the World's fair were found by a detective, on the 4th, nicely rolled up and placed in a chest found standing against a wall in Manufactures building. Five employes of the Russian section were arrested on suspicion of complicity in the theft. THE contract of Wells, Fargo & Co. with the Southern Express Co., will expire in little more than a month. Half a dozen express companies are preparing bids for the contract, among them the Adams Express Co. The Wells, Fargo Co. have for nearly half a century had the control of the business of the Pacific coast. THE Newshy infantry barracks at Roslavl, province of Smolensk, Russia, were burned on the night of the 4th. About 400 men ran out in their night clothes. Of sixty who were driven to the roof and were obliged to jump for their lives, eleven were killed and eight were injured so that they will die. Twenty-three men and five non-commissioned officers were burned to death and many others are missing.


Article from The Farmers' Union, October 26, 1893

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quested to remain on the train, which car- ried them on eastward. In the last two weeks 300 have passed through Tucson eastbound on freight trains -An infant son of John Mammons died in terrible agony at Elkhart, Ind., from drinking muriatic acid left by some tin- ners. - Comptroller Eckels addressed the con- vention of the American Bankers' Associa- tion on the lessons of the recent panic. - President Trumpff and Cashier Koet- ting, of the failed Milwaukee South Side Savings Bank, were indicted by the Grand Jury. - The freight steamer Mergullo, from a Mexican port, has arrived at Boston with thirteen supposed cases of yellow fever. - On discovering that she had paid $13,000 for brass fillings instead of gold dust Mrs. Elizabeth Fries, of New York, fell dead! - Ex-Senator Fair, of California, has dis- inherited his son, whose reported arrest proves to have been false. - The twenty-fifth anniversary of Car- dinal Gibbons' elevation to the bishopric was celebrated at Baltimore with imposing ceremonies. - Lord Dunraven has sailed for home, convinced that the Valkerie, through weather conditions, was unable to show her real merits. - It is really phenomenal the success with which Mr. Wm. H. Crane has met in his new comedy, "Brother John," at Mc- Vicker's Chicago Theater. The house is crowded nightly, and the play is of a na- ture that all can readily enjoy. Mr. Crane waxes affable more and more as he seems to be approaching nearer to the proprietor- ship of the planet, and the people with him play with the enthusiasm that success al- ways inspires. Mr. Thos W. Keene will follow Crane, commencing on Monday evening, Nov. 6. Mr. Keene has with him this season a young girl not over 15 years old, who is said to play the characters of Desdemona and Juliet with the ability which almost amounts to genius. Her name is Florence Rockwell and she is a protege of Mr. Keene.


Article from The Anaconda Standard, January 11, 1894

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so WAGS THE WORLD. RICHMOND, Ind., Jan. 10.-The Starr piano works burned this morning. Loss, $300,000; insurance, $40,000. MINNEAPOLIS, Jan. 10.-Ignatius Donnelly was elected president of the Minnesota State Farmers' alliance this morning. NEW BRUNSWICK, N. J., Jan. 10.-C. S. Schepflin and P. Sehultz. manufacturing clothiers at Plainfield, N. J., assigned. Assets, $287,000; liabilities, $179,000. DENVER, Jan. 10.-Judge Lewis B. Aiken, one of the oldest jurists in the West, died last night of apoplexy. He was well known in Omaha and Galesburg, III. DENVER, Jan. 10.-All dealers in lignite coal have signed an agreement for forming a trust this morning. The price has advanced from $2.50 and $1.25 per ton to $4. Eighty dealers are in the combine. EVANSTON, Wyc., Jan. 10.-G. W. MeGarth, superintendent of the Union Pacific company coal department, has posted a notice offering a reward of $10,000 for information leading to the arrest of the persons who set fire to mine No. 7 at Almy. INDIANAPOLIS, Jan. 10.-E. P. Husten and E. O. Hopkins of Evansville have been appointed receivers of the Peoria, Decatur & Evansville railway. The appointments were made at Springfield, III., yesterday on application of D. J. Mackey, president of the company. SALTILLO, Mexico, Jan. 10.-A bloody battle occurred at Cuantrolios, the result of an old feud between the Velasco and Panjora families. The heads of the families were killed in the beginning. Since then three Velascos and two Panforas have been killed. leaving three on each side. MILWAUKEE. Jan. 10.-The trial of John B. Keating, cashier of the wrecked South Side Savings bank. was begun this morning. The defendant entered a plea attacking the jurisdiction of the court. It was overruled. The work of securing a jury is in progress.


Article from Grant County Herald, January 18, 1894

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Over a Milllion Short. Milwaukee, Jan. 16.-August P. Conrad, the expert accountant who was engaged by Receiver Barth to go over the books of the South side savings bank, gave sensational evidence in the Koetting trial Monday. It shows that the bank was one of the greatest bubbles recorded since the days of the South Sea island venture. In resources the bank has only $244,000, against liabilities of $1,376,000.


Article from River Falls Journal, January 25, 1894

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Over a Million Short. August P. Conrad, the expert accountant who was engaged by Receiver Barth to go over the books of the South side savings bank in Milwaukee, says that the bank was one of the greatest bubbles recorded since the days of the South Sea island venture. In resources the bank has only $244,000, against liabilities of $1,376,000.