Second Ward Bank (Milwaukee, WI)

Episode Information

Episode UID
7303170191122
Episode Type
Run Only
Bank Type
state
Bank ID
730317019 hash
Start Date
June 3, 1893
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d01a13c7b6990a4c

Response Measures

None

Events (3)
1. June 3, 1893 Run
Cause
Local Banks
Cause Details
Small depositors alarmed by the Plankinton Bank failure leading to withdrawals from multiple Milwaukee banks
Measures
Depositors giving notice to withdraw at end of thirty or sixty days
Newspaper Excerpt
The Commercial and the Second Ward banks are crowded today with depositors in the savings departments
Source
newspapers
2. June 5, 1893 Run
Cause
Local Banks
Cause Details
Continuation of nervousness among small depositors after other regional failures (F. T. Day/Plankinton) and general financial uneasiness
Newspaper Excerpt
There is a slight run on the Second Ward Bank
Source
newspapers
3. July 22, 1893 Run
Cause
Local Banks
Cause Details
Runs and failures of other Milwaukee banks (Milwaukee National, South Side Savings, Commercial) spread panic causing heavy withdrawals
Measures
Personal guarantee by wealthy local brewers/stockholders helped reassure depositors
Newspaper Excerpt
the crowd at the Second Ward Bank was nearly as large
Source
newspapers

Newspaper Articles (11)
1. June 3, 1893 Evening Star Washington, DC
Article from Evening Star, June 3, 1893

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RUNS ON MILWAUKEE BANKS. The Bankers See No Cause for Any Alarm. MILWAUKEE, WIS., June 3.-Runs are being made today as yesterday on all the banks in the city, practically, in a greater or lesser degree. The small savings depositors, always timid and easily alarmed. have taken fright at the Plankinton bank failure and have disregarded the causes of that failure, which the business men represent only the careless and foolhardy speculations of one man represented. The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days, which ever it is, according to the law in their case, they will withdraw their savings. The officials of both institutions, however, feel no alarm. President Geilfuss stated at noon to the United Press representative that none of the mercantile fraternity had withdrawn any deposits, and that the run differed in no wise from the movement yesterday. The bankers of the city see no cause for alarm. and feel that the temporary fears with which the small depositors are at present possessed will soon pass away. There is no general alarm or misgivings. and it may be said that beyond its undoubted effect on small business concerns the Plankington Bank failure will have no serious results. No statement of the affairs of that institution has as yet been prepared.

2. June 5, 1893 Evening Star Washington, DC
Article from Evening Star, June 5, 1893

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EDITION. CLOSED THEIR DOORS Meadowcraft Bros., Private Bankers at Chicago, Fail. FINANCIAL UNEASINESS IN THE WEST. Sinking of the Steamer Kaiser Wilhelm. OTHER TELEGRAPHIC NEWS. FINANCIAL UNEASINESS. Meadowcraft Brothers, Private Bankers in Chicago, Suspend. CHICAGO, June 5.-Meadowcraft Brothers, private bankers,closed their doors this morning. A crowd quickly collected on the street and anxious inquiries as to the cause of the closed doors went around. No sign was posted on the doors. In response to calls a clerk came to the doors. "The bank will not open today," he said, and withdrew. The bank is a private one, the firm being composed of Robert, Charles J. and Frank R. Meadowcroft. The business was established in 1860 b7 the father of the present proprietors. The bank occupies the quarters formerly used by the Park National Bank. which failed some ago. time Lyman E. Crandall has been appointed receiver. RUN OF THE STATE BANK OF COMMERCE. The State Bank of Commerce, having offices on the ground of the Woman's Christian Temperance Temple, is experiencing a heavy run this afternoon. It started just before noon with the appearance of some thirty or forty depositors. The news spread like wild fire and within half aa hour the lobby was filled with an excited crowd of men and women, who tore and crushed in order to get within the glass doors. The scene attracted over a thousand of the general public. and the through increased to such proportions that it was necessary to summon several policemen. who admitted the frenzied crowd one by one as fast as those at the head of the line received their money. At half-past twelve an iron bar red express wagon. containing Feveral bags of gold, was hurriedly driven up to the building and the money carried in by stalwart watchmen and placed upon the counters. This. however. did not allay the auprehensions of those outside, and for a while the o crush was intensified. The bank officials did not seem to be in the least alarmed. Cashier Frederick Miller said to the repreare not sentative of the United Press: We alarmed and we will meet this run Then he added. as a kind of after thought: "That is. as long as we are able. The officers and directors of the bank are all wealthy Germans. Herman Felse. that is president and Jacob Gross vice credient. It has a capital of half a million of dollars. Its last report made to the state auditor on May 10 showed deposit I of $1,200.000 surplus and undivided profits $25.600. against which it had about $300,000 in cash. the balance being covered by loans and discounts. overdrafts and bords. The character of the crowd during the run indicated that the depositors were largely people small or limited means. Fully 20 per cent were women. E.A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000; liabilities, $105,000. Arun on the Prairie State Savings Bank, which started Saturday, was resumed this morting. The oficers RE confident. however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side. CLEVELAND. OHIO. June 5.-A dispatch from Sandusky says: A savings bank here was put in the hands of a receiver this morning. A BUN IN MILWAULEE. MILWAUKEE. June 5.-A run is now in progress on the South Side Savings Bank. Some two or three hundred people block up 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 failure of F. T. Day late on Saturday seems to have increased the neryours 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. KANSAS CITY, June 5.-The Kansas Grain Company. a big commission house with branch offices all over Kansas. has failed. WASHINGTON BUTCHERS SONS IN PHILADELPHIA. PHILADELPHIA, PA.. June .--Washington Butchers' Sons. provision dealers, today filed an assignment, with George W. Lex as the assignee. No statement of the assets or liabilities can be obtained. The tightness of the money market is the announced cause of the embarrassment. A VIRGINIAN'S FAILURE. Special Dispatch to The Evening Star. PETERSBURG, Vs. June 5.-E. C. McCulloch, one of the largest merchants at Blackstone, this state, has made an assignment. His property is valued at $49,000, and his creditors are secured in classes. His whole indebtedness is about @43.000. The first class simply includes expenses of the trust. There is no question about his property paying second-class debts in full, and probably the third and fourth-class. while there is a possibility of all the debts being paid in full. EULALIE WILL BE DISAPPOINTED Spain's Exhibit is Not as Near Completion

3. June 6, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 6, 1893

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DAY OF FAILURES. Banks and Business Firms Give up the Fight And Close Their Doors--The Stringency of the Money Market And Inability to Realize OR Assets Causes All the Trouble. CHICAGO, June 5.-E. A. Armstrong & Co., assigned this morning. Assets, $275,000: liabilities, $105,000. The firm for 20 years were manufacturers and dealers in uniforms, regalia, society and church goods in this city and Detroit. The assignment was precipitated by an attachment suit for $50,000 for a merchan dise claim. In the absence of the firm Saturday the sheriff took possession of the store and held it till this morning when the attachment suit was satisfied. News of the filing of the suit had gone abroad and attachments were threatened from all its creditors. To avoid that contingency and to save themselves and all their creditors. they made a voluntary assignment. Mr. Armstrong said the cause of the trouble was due to drawing out more money than they anticipated in the building of the new factory at 92d street and Grand Trunk Road. Meadow Craft, Bros. & Co., private bankers. Chicago, closed their doors Monday. Assets and liabilities unknown. A run is now in progress on the South Side Savings banks, at Milwaukee. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. The property of Weisenbach, a clothing and shoe merchant, Chicago, was seized by the sheriff. Monday. The execution was made on a judgement, aggregating $26,000. Their liabilities are about 875,000; assets, $50,000. The Kansas Grain Co. of Kansas City, a big commission house with branches all over Kansas, has failed. A dispatch from Sandusky, O., says that the savings bank there was put in the hands of receivers Monday. Sandusky Savings Bank Co., generally supposed to be one of the soundest and safest institutions of Sandusky, Ohio, assigned Monday. Inability to realize upon assets is the cause. Officials say all depositors will be paid in full.

4. June 6, 1893 The Times Richmond, VA
Article from The Times, June 6, 1893

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one of Welsebach's stores on a bill of sale. E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning; assets are stated to be $275,000; liabilities $105,000. The firm for twenty years has been manufacturer and dealer in uniforms, regalla, society and church goods In this city and Detroit. The assignment was precipitated by an attachment suit filed in the superior court by E. Sawyer for $5,000 for merchandise claim. In the absence of the members of the firm Saturday evening the sheriff took possession of the store and held it till this morning, when the attachment suit was satisfied and a stipulation to that effect filed in the superior court. The news of the filing of the suit had gone abroad, and attachments were threatened from all the creditors. To avoid that contingency and to save themselves and all their creditors they made a voluntary assignment, which they expect will be temporary only. A Savings Bank Assigns. SANDUSKY, O., June 5.--The doors of the Sandusky Savings Bank, which closed Saturday upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." The present trouble is ascribed directly to the heavy, though groundless, run that was made on the bank about ten weeks ago, and which it withstood successfully at that time, paying out $60,000 within two days, when the run ceased as suddenIy as it had begun. This drain upon its immediate available resources handicapped the bank seriously, although it has been doing as much or more business since the flurry than before, such confidence did the people, especially the business community, have in its stability. Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. Runs on Milwaukee Banks. MILWAUKEE, June 5.-Runs were started to-day on the Second Ward Bank and Southside Savings Bank, but neither of them assumed very serious proportions. The failure of F. T. Day Plankington Bank seems to have increased the nervous fears of small depositors. Business men are not in the leat alarmed at the situation, and predict that the flurry will end in a day or two unless it is aggravated by more failures. This, however, did not allay the apprehensions of those outside, and for a while the crush was intensified. The bank officials did not seem to be in the least alarmed The officers and directors of the bank are all wealthy Germans. Herman Felsenthal is president and Jacob Gross vice-president. It has a capital of half a million dollars. Its table report made to the State auditor on May 10th showed deposits of $1,200,000. The appearance of the crowd during the run indicated that the depositors were largely of small or limited means. Fully 20 per cent. were women. A run was also started on the Dime Savings Bank, at 104 Washington street, this afternoon. This institution has deposits aggregating $600,000, and among its directors are Colonel Robert C. Clowry, vice-president of the Western Union Telegraph Company and ex-Senator C. B. Farwell. President Bailey of the bank says he has a dollar and a half for every dollar deposited, but the greater part of the money is tied up in securities. He does not know how long the bank can stand the run, but expects to pull through The bank has a capital stock of $100,000 and a surplus of $50,000. There was a run on the Hibernian Bank, one of the largest saving institutions in the country. Depositors were paid off at the rate of three a minute. The deposits amount to $3,500,000 and the officers of the bank believe they can stand the run. A run on the Prairie State Savings Bank, which started Saturday, was resumed this morning. The officers are confident that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side.

5. June 6, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, June 6, 1893

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COMPELLED TO ASSIGN. Several Western Banks and Business Firms is Financial Difficulties. SANDUSKY, O., June 6.-The doors of the Sandusky Savings Bank company, which closed Saturday night upon what was generally supplosed to be one of the soundest and safest institutions of the city, were not opened yesterday. Great excitement resulted Liabilities are about $300,000; assests, $300,000. KANSAS CITY, June 6.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. CHICAGO, June 6.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment. Assets, $275,000; liabilities, $105,000. CHICAGO, June 6.-The property of A. Weisenbach, a clothing and shoe merchant, was seized by the sheriff. The liabilities are about 875,000; assets, $50,000. CHICAGO, June 6. -A run on the Prairie State Savings bank which began Saturday was resumed yesterday. MILWAUKEE, June 6.-A run is 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. CHICAGO, June 3.-Mendoweroft Bros. & Co., private bankers doing a commercial paper business, closed their doors. The concern was one of the oldest in the city. Their assets and liabilities are not known. CHICAGO, June 6.-A run started on the Dime Savings bank yesterday afternoon. This institution has deposits aggregating $600,000. The greater part of the money is tied up in securities, but is perfectly safe. NEW YORK, June 6.-The Shoe and Leather National bank has given notice that it will not clear for the Canal Street bank after today. This will make it necessary for the Canal Street bank to go into liquidation. The deposits are about $450,000. WASHINGTON, June 6. -Comptroller Eckels was informed that the Merchants' National bank of Fort Worth, Tex., capital $250,000, failed. The bank was closed on an order of the directors, and Bank Examiner Stone was placed in charge.

6. June 6, 1893 New-York Tribune New York, NY
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.

7. June 8, 1893 Echo De L'ouest Minneapolis, MN
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."

8. July 22, 1893 Evening Star Washington, DC
Article from Evening Star, July 22, 1893

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THE SITUATION IN MILWUAKEE. Runs on Various Banks That Are Able to Meet Demands. MILWAUKEE, July 22.-Runs which started on all the banks early in the day were still in progress this afternoon. The crowds at several of the banks had increased on account of the spreading of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants' Exchange Bank was possibly the heaviest, but the crowd at the Second Ward Bank was nearly as large. The Merchants' Exchange Bank paid out money freely, and its officers said they were confident that they would be able to meet every demand. The depositors in the Second Ward Bank are mainly German working people, who seemed to have become panic stricken despite the fact that the bank is backed by Milwaukee's wealthy brewers. who have given a personal guarantee for everything in the bank. The air was full of rumors of failures and impending failures in mercantile circles, but up to noon no suspensions had occurred. President Trumpff of the South Side Savings Bank said depositors have been making very large withdrawals during the past month, while collections had been impossible. The officials and directors decided that they could do business* no longer and concluded that in the interests of the patrons and themselves it would be better to suspend without further delay. While they hope to be able to resume after the storm has blown over, they are not able to state anything definite. The closing of the Milwaukee National Bank was a surprise even to some of the stockholders. J. M. Pereles, who owns a block of the bank's stock, says there is no reason why the bank should have closed except that the officers were afraid to stand a run. A statement a few days ago showed that the bank had assets in excess of the liabilities amounting to between $500,000 and $600,000. People who are not posted could not believe that the bank, which was one of the oldest in the city, had failed, and scores of people walked into the entrance. read the brief notice announeing the bank's suspension and walked out again. Bernard and Jacob Gross, comprising the firm of Gross Bros., soap manufacturers. have confessed judgment in the sum of $21,014.20 on a note made April 30. 1892, and May 18, 1892, in favor of Leopold Gross.

9. July 23, 1893 The Sun New York, NY
Article from The Sun, July 23, 1893

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MORE BIG BANKS CLOSED. THE MILWAUXEE AND KENTUCKY NATIONAL BANKS QUIT. Runs Throughout the Day In MilwankeeThe South Side Savings Also Goes Us der-Both Milwaukee Banks Were Com sidered Sound-The Kentucky National Has Been in Straits Two Years-0 her Suspensions In the South and Went MILWAUKEE. July 22.-Two more banks failed to-day. and there were runs on the leading banks of the city. especially the German-American and Merchants' Exchange. The Milwaukee National Bank did not open its doors this morning. and the South Side Savings Bank suspended at 101/2. The Milwaukee National. of which C. J. Bradley is President had A capital of $250.000, and was considered one of the soundest instie tutions in the city. Its failure created much surprise. The July 12 report of the condition of the bank showed total resources. including loans. discounts. overdrafts, and unsecured accounts. bonds to secure circulation due from other banks. etc., of $1,965,385.76. Liabilities were placed at the same figures, including Individual deposits subject to check. $413,836: demand certificates of deposits. $310.161: due other national banks and bankers. $198,890. George H. Noves was President, G. McClure. oashier. and George H. Noyes and J. H. and J. D. Imbusch. directors. The officers of the South Side Savings Bank are President G. A. Trumpff and Cashier J. B. Koetting. each of whom holds $50,000 of stock in the bank and are the only stockholders. The semi-annual statement made July 1 placed the liabilities at $1,158,955.17. Of this $286,012. 48 was due to depositors on demand and $735,452.71 on time. President G. C. Trumpff in referring to the trouble said: "Since the Plankinton Bank closed we paid out in savings and certificates over $350,000 besides large drafts made on us by commercial customers. We have since July 15 paid out in savings over $120,000 besides other certificates. When the Commercial Bank closed we had a hiu run here and paid out every cent We had in the house yesterday. The savings depositors and the commercial depositors commended to check against us heavily. and in addition to the money we had on hand we were compelled to raise $6,000 to satisfy the demands of the day. We made very good connections during June and July. and our coinmercial creditors did everything to give us hearty support. We could not collect money enough. however. to pay all demands which were made on us. and therefore were compelled to suspend. I shall move for the appointment of a receiver as soon as possible. and then shall he able to make n statement for our creditors. In sofar as I am able to say at this time the condition of the bank is good." The Milwaukee National acted as the clearing house. and the Wisconsin National was promptly named to take its place in this eapacity. The news of the trouble in these two institue tions. together with the failure of the Commercial Bank and H. IM. Beniam yesterday. started runs on A number of the other banks. Crowds gathered in front of the GermanAmerican. Merchants' Exchange. and Second Ward banks. but by noon the excitement had in a measure subsided. and A general feeling of confidence in the security of these places of deposit prevailed. A notice was posted on the doors of the Merchants'Exchange Bank which said the undersigned, directors of the bank. were personally responsible for moneys UAposited. The notice was signed by five die rectors. This had a quieting effect. and by means of a few policemen the erowd was considerably lessened. The depositors in the Second Ward Bank are mainly German working people. who seemed to have become pania-stricken. despite the fact that the bank is backed by Milwaukse's wealthy brewers. who have given n personal guarantee for everything in the bank. The closing of the Milwaukee National was a surprise, even to some of the stockholders

10. July 23, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 23, 1893

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MILWAUKEE STILL EXCITED. TWO MORE BANKS CLOSED AND RUNS MADE ON MANY OTHERS GENERAL SURPRISE AT THE SUPPENSION OF THE MILWAUKEE NATIONAL-RUNS ON TWO INSTITUTIONS CHECKED BY STOCKHOLDER GUARANTEES. Milwaukee, July 22.-The Milwaukee National Bank failed to open its doors this morning. The South Side Savings Balik failed at 10:30°a. m. Runs, which started on all the banks early in the day, were still in progress this afternoon. The crowds at several of the banks had increased in consequence of the spread of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants' Exchange Bank was probably the heaviest, but the crowd at the Second Ward Bank was nearly as large. The Merchants Exchange Bank paid out money freely. and its officers said they were confident that they would be able to meet every demand. The depositors in the Second Bank are mainly German working people, who seem to have become panic-stricken, despite the fact that the bank is backed by Milwaukee's wealthy brewers, who have given a personal guarantee for everything in, the bank. The run on the Merchants' Exchange Bank subsided later, in consequence of the posting of a guarantee signed by Charles Pfister, the Vogels, John Black, Julius Goll and other wealthy stockholders. The closing of the Milwaukee National Bank was a surprise even to some of the stockholders. J. M. Pereles, who owns a block of its stock, says there is no reason why the bank should have closed except that the officers were afraid to stand a run. A statement a few days ago showed that the bank had assets in excess of the liabilities amounting to between $500,000 and $600,000. People who were not posted could not believe that the bank, which was one of the oldest in the city, had failed, and scores of men walked into the entrance, read the brief notice announcing the bank's suspension and walked out again. Judge Noyes, president of the Milwaukee National Bank, has given out the following statement for publication: This bank I considered perfectly solvent. It has $500,000 assets above liabilities. In ordinary tinics it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among the stockholders. The reason for closing to-day is the one that has been so much repeated in the last sixty days, and the public know it without being told. The shrinkage and withdrawal of deposits and the inability of customers to meet their obligations to the bank led the directors to the conclusion that it is for the best interest of all concerned to close the doors at this time. Fortunately deposits in this bank are such that no one will be seriously injured by delay in obtaining his money. A meeting of the stockholders will doubtless be called soon to vote on the question of a resumption of business or of going into voluntary liquidation. The Controller of the Currency has been notified of the situation. The officers of the South Side Savings Bank are: President, G. A. Trumpff: cashier, J. B. Koetting. They each hold $50,000 of stock in the bank, and are the only stockholders. The semi-annual statement made on July 1 places the liabilities at $1,158,965.17. Of this the sum of $286,012 46 was due to depositors on demand, and $735,452 on time. There was a run on this bank during the flurry in June, at which Tme a large number of depositors gave notice of the proposed withdrawal of their money at the end of thirty days. President Trumpit said depositors had been making large withdrawals during the last month, while collections had been impossible. The officials and directors decided that they could do business no longer under the

11. July 23, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 23, 1893

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BUSINESS. Milwaukee Banks. MILWAUKEE, Wis., July 22.-The Milwaukee National bank failed to open its doors this morning, and runs immediately began upon other leading banks in the city. The report of the condition of the bank made July 12, showed resources, including loans and discounts, of $1,404,341.78 and a total of $1,965,385.76. Liabilities, including the capital stock of $250,000, and surplus of $250,000; undivided profits, $99.439.32; individual deposits subject to check, $413,836.72. and demand certificates of deposits of $310,161.55; or a total of $1,965,385.76. George H. Noyes is president of the bank, and J. McClure cashier. The South Side Savings bank opened as usual this morning, but closed its doors at 10:30. The report of the bank made the first Wednesday of this month shows resources, total, $1,158,905.17. with Habilities including capital stock of $100,000: undivided profits, $12,500; due depositors on demand, $286,012.46: due depositors on time, $733,452.71. or a total of $1,158,965.17. G. C. Trumpf is president, and J. B. Koetting, cashier. The crowds at the several banks increased in consequence of the spread of the news that the South Side Savings bank and the Milwaukee National bank had failed. The run on the Merchants' Exchange bank was the heaviest, but the crowd at the Second Ward bank was nearly as large. The Merchants' Exchange bank paid out money freely and the officers are confident they will be able to meet every demand. Depositors in the Second Ward bank are mainly German working men, who seem to have become panic-stricken despite the fact the bank is backed by Milwankee's wealthy brewers, who have given their personal guarantee for everything the bank contains. President Trumpf of the South Side Savings bank says the depositors have been toaking very large withdrawals during the past month. while collections have been small and deposits Hght. The officials and directors décided they could not do business long under the circumstances and concluded, in the interest of their patrons and themselves. that it would ba better to suspend without further delay. The run on the Merchants' Exchange bank subsided in consequence of the posting of a guarantee signed by Charles Pfister, the Vogels, John Black, Julius Goll and other wealthy stockholders. A repetition of the guarantee made at the time of the Plankinton bank failure by Captain Pabst and other brewers was made at the Second Ward Savnies bank. The crisis is now doubtless passed in Milwankee, as today's failures cleared the air of all menace for some time to come.