Bank later reorganized and reopened in March 1894; subsequently entered voluntary liquidation in 1895.
Events (4)
1.June 2, 1893Run
Cause
Local Banks
Cause Details
Nervousness and withdrawals triggered by failure/assignee appointment at the Plankinton Bank
Measures
Savings department held to thirty-day clause to limit withdrawals
Newspaper Excerpt
A small run occurred on the Commercial bank this morning
Source
newspapers
+49 days
2.July 21, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bad paper/acceptance of large amounts of Corrigan, Ives & Co. and ~$130,000 in pig-iron certificates tied to a failed furnace company, causing inability to collect
Newspaper Excerpt
Owing to heavy withdrawals by depositors and the inability to make immediate collections this bank is compelled to temporarily suspend payment.
Source
newspapers
+22 days
3.August 12, 1893Other
Newspaper Excerpt
official statement of Receiver Geilfuss of the Commercial bank has been filed in court. The total assets July 21, the date the bank suspended, were $1,480,220, against total liabilities of $1,183,999, an excess of assets of $296,221. (receiver statement posted).
Source
newspapers
+7 months
4.March 1, 1894Reopening
Newspaper Excerpt
There [is] considerable rejoicing over the reopening today of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors.
Source
newspapers
Newspaper Articles (24)
1.June 2, 1893The Waco Evening NewsWaco, TX
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Bank Troubles. By Associated Press to The News. MILWAUKEE, Wis., June 2. Assignee William Plangton, of the Plankington Bank assumed official charge of that institution this morning and a feeling of security to all the depositors pervaids the atmosphere to today, as the appointment of Mr. Plankington gives assurance that every dollar due the depositors will be I aid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeilng among small depositors in other banks and many are withdrawing their money. A small run occurred on the Commercial bank this morn. ing, but that institution, it is quoted, is on a sound basis and can withstand all demands of deposite. In the saving department they will be held closely to the thirty day clause however.
2.June 3, 1893Fort Worth GazetteFort Worth, TX
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Milwaukee, Wis. June 15 Asignee will Plankington of the Plankington bank asumed official charge of that institution this morning. A feeling of security to all depositors pervades the atmissphere today. as the appointment of Mr. Plankington gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks, and many are withdrawing their money. A small run occurred on the Commercial bank this morning. but that institution, it is quoted, is on a sound basis and can withstand all demands. Depositors in the saving department will be held closely to the thirty-day clause however,
3.June 4, 1893The Roanoke TimesRoanoke, VA
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Plankinton Bank Assignee. MILWAUKEE, June 3. - Assignee A. Plankinton of the Plankinton bank has assumed official charge of that institution. A feeling of security to all depositors pervades the atmosphere, as the appointment of Mr. Plankinton gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks and many are withdrawing their money. A small run occurred on the Commercial bank, but that institution, it. is stated, is on a sound basis and can with. stand all demands.
4.June 6, 1893New-York TribuneNew York, NY
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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.
5.July 21, 1893San Antonio Daily LightSan Antonio, TX
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A Milwaukee Bank Gone. MILWAUKEE, Wis., July 21.-The Commercial bank has failed. It assigned to A. B. Feifuss, cashier, who filed a bond of $165,000. The troubles of the bank are said to have resulted from its acceptance of a large amount of papers of Corrigan, Ives & Co.
6.July 22, 1893The Portland Daily PressPortland, ME
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MILWAUKEE, July 21.-The . commercial bank has failed, and assigned to the cashier who filed a bond for $165,000. The statement showed demand deposits of $557,748 and time deposits of $528,916; capital $250,000.
CONDENSED TELEGRAMS. An Italian family sick with small pox was discovered in Now York. The Commercial Bank at Milwaukee has suspended. Total liabilities $1,656,- . 807. The Japan section in the art building at the World's Fair was opened youterday. The British miners refuse to arbitrate or to accept the 25 per cent reduction and n prolonged strike ie inevitable. The total number of fourth-class postmasters appointed yesterday was 120, of which 49 were to fill vacancies caused by resignations and deaths. An Ashland, Ky., special says that n report has just reached there from Wise county, Vn., that a fight took place Wednesday in that county between state troops and outlaws and that four soldiers were killed and six outlaws mortally wounded.
8.July 22, 1893The Morning CallSan Francisco, CA
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MILWAUKEE BANK SUSPENDS. Due to the Failure of a Pig-Iron Concern in Pennsylvania. MILWAUKEE, July 21.-The Commercial Bank has failed. The bank assigned to A. B. Geilfuss, cashier, whose bend was fixed at $1,650,000. The troubles of the bank are said to result from the acceptance of a large amount of the paper of Corrigan, Ives & Co. The following was posted on the door: "Owing to heavy withdrawals by depositors and the inability to make immediate collections this bank is compelled to tem. porarily suspend payment." The bank has a capital 01 $250,000. The
9.July 22, 1893The Seattle Post-IntelligencerSeattle, WA
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A Milwankee Bank Suspends. MILWAUKEE, July 21.-The Commercial bank has assigned to Cashier A. B. Gilfuss. The direct cause of the suspension was the failure of the Douglass Furnace Company, of Sharpeville, Pa., of whose certificates of stored pig iron the Commercial bank had about $130,000. It is claimed the sheriff attached the iron, ignoring the certificates. The deals with the furnace company were through the Schlesinger syndicate. The legal representative of the bank says if the bank can get the pig iron which the warrants call for, and to which it is legally entitled, it will be all right.
10.July 22, 1893Rock Island Daily ArgusRock Island, IL
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MILWAUKEE BANK SUSPENDS. The Commercial Closes to Avoid Criminal Prosecution. MILWAUKEE, July 22.-"The bank closed its doors," said Mr. Timlin, "with $80,000 in cash in its vaults for the reason that we did not want to take any chances of criminal prosecution. Deposi ors will be paid in full without doubt. The demand deposits have been reduced to about $30,000 since July 1, and about $150,006.has been withdrawn on open accounts. As near as I remember the savings deposits at the present time amount to $383,000." Mr. Timlin is a director of the Commercial bank, a state institution which has succumbed to the prevailing depression. He also str ted that several of the best business men in the city owe the bank $409,000 which cannot now be collected. The bank held over $300,000 of the county funds. As a' result of the closing H. M. Benjamin, a director who is security in $100,000 for the county money, is in trouble and the sheriff has charge of his property.
11.July 22, 1893The Salt Lake HeraldSalt Lake City, UT
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HEAVY FAILURE AT MILWAUKEE. The Commercial Bank Makes an Assignment-Will Resume Soon. MILLWAUKEE, July 21.-The Commercial bank has failed. The bank assigned to A. B. Geilfuss, cashier, who filed a bond of $1,650,000. The troubles of the bank are said to result from the acceptance of a large amount of paper of Corrigan, Ives & Company. The following notice was posted on the door: "Owing to heavy withdrawals by depositors and inability to make immediate collections, this bank is compelled temporarily to suspend payment.' This bank has a capital of $250,000. The July statement gave liabilities of $1,656,000, of which $557,743 was due depositors on demand and $528,915 on time. The direct cause of the suspension was the failure of the Douglass Furnace company of Sharpsville, Pa., of whose certificates of pig iron the Commercial had about $130,000. It is claimed the sheriff attached the iron, ignoring the certificates. Deals with the furnace company were through the Schlessinger syndicate. A legal representative of the bank says if the bank can get the pig iron, which the warrants [call for and to which it is legally entitled, it will be all right. Depositors have been withdrawing money
12.July 24, 1893The Madison Daily LeaderMadison, SD
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SHUT THE BANKS. Milwaukee National and South Side Savings Banks Close Their Doors. Withdrawal of Deposits and Inability to Realize on Securities the Cause. First National Bank of Louisville, With $1,000,000 Capital, Also Assigns. MILWAUKEE, July 24.-The Milwankee National and the South Side Savings banks have closed their doors. The Milwaukee National acted as the clearing house and the Wisconsin National was promptly named to take its place in this capacity. The news of the trouble to these two institutions, together with the failure of the Commercial bank and William H. M. Benjamin Friday, threw the city into a small panic and runs were at once started on a number of the other banks. Crowds soon gathered in front of the German-American, Merchants Exchange and Second ward banks, but at noon the excitement had in a measure subsided and a general feeling of confilence in the security of those places of deposit prevailed. The city, however, was full of wild rumors, impossible to verify, and probably for the most part without foundation. Responsible For Deposits. At 11 o'clock notice was posted on the doors of the Merchants Exchange, on which there had been a heavy run: "The undersigned directors of the Merchants Exchange bank are personally responsible for moneys deposited in this bank." Signed by Rudolph Nunnemacher, Reid Vogel, Jr., Julius Golt, Charles F. Pfister, Frank J. Kipp. This had a quieting effect and by means of a few policemen the crowd was considerably lessened. The statement on the doors of the Milwaukee National was simply: "By order of the board of directors this bank is closed." The statement o the condition of this bank on July 12 last gave the liabilities as $1,965,383.76 Of this the capital amounted to $200.000, the surplus fund $250,000, undivided profits $99,439.32 national bank notes outstanding $89. 250; deposits $1,045,898.33; notes and bills discounte.1 $230,798.11. Statement of President Noves. George H. Noyes is president of the bank, and J. McClure cashier. President Noyes, in referring to the condition of the Milwaukee National bank, said: "This bank I consider perfectly sound. It has $500,000 in assets above the liabilities. In ordinary times it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among its stockholders. The reason for the closing is the one that has been so much repeated in the last 60 days, that the public know it without being told. The shrinkage and withdrawals of deposits and the inability of customers to meet their obligations to the bank have
13.August 12, 1893The Madison Daily LeaderMadison, SD
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CommercialBauk Statement. MILWAUKEE, Aug. 12-The official statement of Receiver Geilfuss of the Commercial bank has been filed in court. The total assets July 21, the date the bank suspended, were $1,480,220, against total liabilities of $1,183,999, an excess of assets of $296,221.
14.September 21, 1893St. Paul Daily GlobeSaint Paul, MN
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Will Soon Resume. MILWAUKEE, Sept. 20. - Receiver Geilfuss says that the statement of Supervisor Baldauf regarding the condition of the Commercial bank is incorrect. Mr. Geilfuss says the bank will pay a dividend in November, and will resume soon afterward.
15.October 10, 1893Rock Island Daily ArgusRock Island, IL
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ABBREVIATED TELEGRAMS. Franklin Simmons, the American sculptor, has about completed two statues in his studio at Rome. One is the model for John A. Logan's equestrian statue and the other a marble statue of General Grant. This latter will be placed in statuai hall in the Capitol. When William Hammer, of Peru, Ind., was assaulted by footpads at Galena, Ills., he drew a revolver, but failed in quickness; his gun was taken from him and he was seriously shot. Near Potter, Neb., Andrew Anderson attempted to reason with a man who made a practice of whipping his wife and was shot dead. The murderer, whose name is Miklund, is in jail. Robbers near Mascoutah, Ills., not only took all the money-a small amount-a farmer named Amos Carlin had about him, but deprived him entirely of sight by knocking out his single eye with a club. A British secret service officer has informed the government that the Clan-naGael has reorganized under Patrick Egan (late United States minister to Chili), as a result of the rejection of the home rule bill by the lords. The employe S of the Chesapeake, Ohio and Southwestern railway have accepted the 10 per cent. reduction in wages, and the men who went out when the reduction went into effect Oct. 1 have returned to work. Postmaster General Bissell, family and party are en route for Chicago and the World's fair. A dispatch from Rio Janeiro says the panic has subsided completely. Business is transacted freely and all the banks are open. The Cunard Steamship company will lay up the steamship Campania for a month this winter and have her altered in harmony with the plans of the Lucania. The South Baltimore works, car works company has been placed in the hands of receivers with assets of $617,000. The liabilities are said to be only $294,600. The Northwestern Miller reports the stock of wheat in private elevators of Minneapolis at 377,000 bushels, a gain over Oct. 2 of 160,000 bushels. A westbound train on the P., C., C. & St. Louis railroad struck and killed two men near South Charleston, O. One is about 55 years old and the other 27. The Huss Bros.' Manufacturing company, Cincinnati, have assigned to George Storey. Liabilities, $31,000; assets, $40,000. At Milwaukee the expectation now is that a dividend of the Plankinton bank assets will be declared by Assignee Plankington early in December. Judge Johnson has decided that the city of Milwaukee is a preferred creditor of the Marine bank, and that the county of Milwaukee is a preferred creditor of the Commercial bank. An order to that effect will be entered at once.
16.December 30, 1893Mineral Point TribuneMineral Point, WI
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MORE MILWAUKEE FAILURES. Rich & Silber Dry Goods Co. and A. W. Rich Shoe Co. Milwaukee, Dec. 26.-The Rich & Silber Dry Goods company and the A. W. Rich Shoe company made a voluntary assignment early this morning without preferences. The papers were filed soon after 1 o'clock in the night by Judge Rose, the attorney of the two firms. The dry goods company assigned to Ben. M. Weil and the assets were placed at $225,000. The shoe company's assets are placed at $106,000 and the assignee is T. L. Kelly. The officers of the dry goods company are Louis Silber, president and treasurer; A. W. Rich, vice-president and S. J. Decker, secretary. The offieers of the shoe company are A. W. Rich president, and treasurer and W. J. Allen, secretary. Judge Rose said that the causes of the failure were the failure of the Commercial bank, which had extended a line of credit amounting to $50,000 to the company; bad collections and a large decrease in the holiday trade. THREE OTHER FAILURES. Milwaukee. Dec. 26.-Lack of business and inability to make collections caused three Milwaukee institutions to assign for the benefit of creditors this afternoon. The Reliance Iron & Wire works are
17.January 18, 1894Reporter and FarmerWebster, SD
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E. R. Payne Has Assigned.
Milwaukee, Jan. 15.—E. R. Paine, president of the defunct Commercial bank, assigned to-day. The assignee gave a bond for $50,000.
18.March 1, 1894Pine Bluff Daily GraphicPine Bluff, AR
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A BANK RESUMES. he Commercial Bank, of Milwaukee, Reopens its Doors. MILWAUKEE, WIS., March 1.-There considerable rejoicing over the l'epening today of the Commercial ank. which suspended last summer. half million new stock has been abscribed, largely by the depositors. the reorganization will eventually able the bank to make good its adebtedness dollar for dollar. With W exceptions all the depositors ve agreed to let their deposits l'eain intact for a specified period.
19.March 1, 1894The Waco Evening NewsWaco, TX
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Bank Reopened. MILWAUKEE, Wis., March 1 There is considerable rejoicing over the reopening today of the Commer. cial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar. With few exceptions all the depositors have agreed to let their deposits remain intact for a specified period.
20.March 2, 1894Rock Island ArgusRock Island, IL
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Milwaukee Bank Resumes. Milwuakee, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million of new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar. With few exceptions all the depositors have agreed to let their deposits remain intact for alspecified period.
21.March 2, 1894The Madison Daily LeaderMadison, SD
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Milwaukee Bank Reopens. MILWAUKEE, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. With few exceptions, all the depositors have agreed to let their deposits remain intact for a specified period.
22.March 9, 1894The Weekly TribuneGreat Falls, MT
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Milwaukee Bank Reopens. Milwaukee, March 3.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. With few exceptions, all the depositors have agreed to let their deposits remain intact for a specified period.
23.August 15, 1895The Manitowoc PilotManitowoc, WI
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THE difficulty experienced in running any institution having a multitude of stockholders is well exemplified by the present status of the Commercial Bank of Milwaukee. That bank closed its doors during the panic of 1893, but reorganized, many of the depositor taking the amount of their claims in stock. The bank paid all its debts but now has about decided to go into voluntary liquidation as the business was not satisfactory, owing to the large number of stockholders whose action dipreciated the value of the stock. The bank will be able to pay all depositors in full at once. The balance will be divided among the stockholders.
Several bank failures are reported in the West, among them the First National, Franklin, Ohio, capital $100,000; Commerclal bank, Milwaukee, capital 834,600, voluntary Rquidation: Bowling Green bank, Bowling Green, Mo., capital $25,000; Bank of Dawn, Mo., Habilities $36,000; Dan. Head & Co., private bankers, Kenosha, Wis., capital $100,000. The Farmers and Mechanics' Insurance company, Alexandria. Va., has been placed in the hands of a receiver. Spelman Bros., fancy Goods, New York, have assigned. liabilities $250,000, and receiver applied for Hughes Steam Pump company, Cleveland, Ohio.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
