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MILWAUKEE. Wis., May 13.-The expected run was made today on the Plankinton bank on account of its implication in the F. A. Lappen failure, but there was no panic. P. D. Armour of Chicago, one of the heavy stockholders, in the bank, it is said, has sent $1,000,000 in currency to the bank.
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The Plankinton Bank Pressed, But Gets Through All Right.
MILWAUKEE, May 13.—For the first time in many years Milwaukee experienced a run on one of its banks this morning. Before the doors of the Plankinton Bank opened, a crowd of three hundred people gathered about the entrance, and from the moment the bank opened until it closed this afternoon, the tellers were kept busy paying out money. Savings depositors were refused their money under the rule requiring thirty days' notice before withdrawal of funds. At noon the run was virtually over, and confidence began to resume sway once more. The distrust of the Plankinton Bank is due to the large amount in which it is involved in the Lappen failure. Thus far the attachments and proceedings against the firms of Frank A. Lappen & Co. and the Lappen Furniture Company aggregate $409,424.
Among other bankers and the leading business men a feeling of strong belief that the Plankinton would hold out all right existed. No request had come from the troubled institution for assistance from the clearing-house, but that institution stood ready to extend any assistance that might be needed. At noon it was reported that a large sum of money had arrived in the city from Chicago by special express for the relief of the bank. As the day wore on and the bank kept paying out money as fast as demands were made, a feeling of greater security became apparent among the depositors.
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MILWAUKEE, May 15.-The Plank. inton bank opened an hour earlier than usual this morning. There was no renewal of Saturday's run and the flurry seems to have entirely subsided. The deposits far exceed the withdrawals this morning.
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MILWAUKEE. May 16.-The Plankinton bank, upon which there was a run Saturday, opened its doors at 9 a. m., one hour earlier than usual. There was only a small crowd waiting and no exeitement. The flurry seemed to be completely subdued. Cashier Momsen said the deposits in an hour were five times greater than the withdrawals.
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A great run was made on the Plankinton bank of Milwaukee, by alarmed despositors, on Saturday; but all who demanded it, received their money, and their was more to spare. So the bank is stronger than before.
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The Plankinton bank!of Milwaukee, Wis., \ suspended. 1
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MILWAUKEE, June 2.-The Plankinton bank closed its doors yesterday. There has been no regular run on the bank of late since the scare of two weeks ago. At that time it was said that Phil Armour,
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The Plankinton Failure MILWAUKES, June 2. - Assignee Plankinton assumed official charge of the Plankinton bank this morning. The depositors feel sure of getting dollar for dollar. Home small depositions are withdrawing their funda from other banks, but no serious run has yet taken place.
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MILWAUKEE, June 2.-Assignee Plankinton assumed official charge of the Plankinton bank this morning. The depositora feel sure of getting dollar for dollar. Somesmall depositors are withdrawing funds from other banks, but no serious run has yet taken place.
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Small Depositors Give Notice of Withdrawal of Their Savings. (By tolograph to the Dispatch.) MILWAUKEE. WIS, June 3.-Runs were made to-day as yesterday on practically all the banks in the city to 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 to be only the careless and foolhardy speculations of one man. The Commercial and the Second Ward banks were crowded to. day with depositors in their savings departments who are giving notice in order that at the end of the thirty or sixty days, whichever it 18 according to the law in their case, they will withdraw their savings, The officials of both institutions, however, feel no alarm.
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GLADSTONE, Mich., June 5.-The Exchange bank has closed its doors. The suspension was caused by the failure of the Plankinton bank of Milwaukee, and he outcome depends entirely on the latter institution. No statement of the bank's condition has yet been made.
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The Plankinton bank in Milwaukee closed its doors, owing to the failure of efforts to reorganize the bank and to the continual withdrawal of deposits. The liabilities were placed at $1,000,000 and the assets at $1,600,000. William Plankinton was appointed assignee.
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Gladstone. Mich. June 5.-The Exchange bank has made an assignment. The suspension was caused by the failure of the Plankinton Bank of Milwaukee, and the outcome depends entirely on the latter institution.
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ple incensed now that the search light has revealed the rottenness of the commercial system we had built up. They prefer to live in fancied security and to postpone the evil day. The extravagance of the last few years encouraged by outrageous tariff laws has brought us ruin, but like children we can see no cause unless it lies close to the injury we have received.
Milwaukee was a most conservative city and while it remained so it could defy panics. The mad desire for sudden accumulation of wealth swept over it and produced the Lappens the Days, the speculators in mining stocks and numerous operators on a smaller scale. Was the failure of the Plankinton Bank due to a change in the national administration? Was "the loss of confidence" which followed due to the fear that the splendid system of tariff laws built up by the republican party would be touched by profane hands? Or was it want of confidence in business methods of banks and the wild cat character of the securities they were carrying? Is the lack of confidence in Milwaukee to-day due to fear of change in tariff laws or to the fact that there is $2,500,000 of paper held as security by banks which have gone under, on which a cent cannot be realized?
And what of the laws that make it possible for a man comparatively poor a few years ago, entering into speculation whereby he puts upon the market such an enormous quantity of paper? Our tariff has given us John Laws innumerable and we are now suffering the consequence.
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ALL who have a personal or professional acquaintance with Judge James G. Jenkins, of Milwaukee, will be gratified at learning that the indictment found against him in connection with the suspension of the Plankinton bank has been dismissed. Judge Jenkins has borne an exceptionally high character all his life, and is incapable of a dishonest or dishonorable act. He was unfortunate in becoming connected as a director with the bankrupt bank, but had no part in its management, nor had he any responsibility for its condition.
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THE resumption of the Plankinton bank at Milwaukee, with an unimpaired capital, is one of the encouraging signs of the times. It is the last of the large financial concerns that recently suspended to resume business, and but two small savings banks have gone out of business permanently. The banks reorganized since the panic have been placed on a better footing than they previously enjoyed.
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Better State of Affairs in Milwaukee Business Circles. MILWAUKEE, Wis., March 1.-With the reopening of the Commercial Bank today and the resumption of the Plankinton Bank within a few days, all of the Milwaukee banks which suspended during the panic last summer, with the exception of the South Side Savings Bank, will again be in operation. The creditors of all the banks are to be paid in full, under a system of time extensions for a period of two years. In the case of the South Side Bank the unpreferred creditors will receive little or nothing.
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MILWAUKEE, Wis., March 2.-With the reopening of the Commercial bank to-day, the resumption of the Plankinton bank within a few days all of the Milwaukee banks which suspended during the panic last summer, with the exception of the South side savings bank, will again be in operation. The creditors of all the banks are to be paid in full under a system of time extensions. In the case of the South Side bank, the unpreferred creditors will receive nothing.
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News of Minor Importance In Condensed Form. Testimony in the Plankinton bank case at Milwaukee shows the failed concern was rotten to the core. A movement to run Senator Don Cameron for president as the Camidate of a free silver party is said to be under way. A pitched battle took place between union. and non-union longshoremen in Savannah, Ga. One man was fatally shot. Two persons were killed and three seriously injured by a collision on the Fitchburg road near North Adams, Mass. Professor Hermann von Helmhaltz, the distinguished German physiologist and scientist, died at Berlin, aged 74 years. A severe electric storm swept Northern Illinois. Many buildings were blown down and horses and cattle were killed. The receiverships of the 24 branch lines of the Northern Pacific are to be terminated, effecting a saving of $60,000 a year. Merley Mohammed, the eldest son of the late sultan of Morocco, has been proclaimed emperor by the rebel tribes of the South. A shortage has been discovered in the accounts of the commandant of the Iowa soldiers' home. The commandant and adjutant are suspended. Sergeant Whitehead of the Butte (Mon.) police force, in charge of the silver statue now on exhibition in Minneapolis, was drowned in Lake Minnetonka Sunday.
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Milwaukee, April 11.-The payment of the first dividend by the receiver for the stockholders of the Plankinton bank, and. the third dividend by the bank will be made to-morrow.
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Milwaukee, Wis., June 12.-The Moore Cycle Company, of South Milwaukee, manufacturers of bicycles, assigned last night to Max Ascher. Assets $200,000; liabilities considerable less. The assignment was precipitated by the failure of the Moore Manufacturing and Foundry Company a few days ago. A. E. Fletcher, the confidential man of the assignee of William Plankinton, testified in court yesterday that after all of the assets of the defunct Plankinton Bank have been collected there will still be a shortage of from $250,000 to $300,000. The total indebtedness of the bank was $1,450,000. This evidence was brought out in a suit which has been instituted to compel the stockholders in the defunct bank to pay their liabilities as stockholders to the assignee. It was also shown by the answer of the William Sanderson estate, one of the alleged stockholders, that the estate never owned any stock in the bank.
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Missing Milwaukee Man Causing No End of Litigation. MILWAUKEE, Wis., April 20.-Proceedings were started in the federal and state courts against Henry Herman today. Before Judge Seaman, of the United States district court, a petition to have him declared an involuntary bankrupt was heard and granted, and in the circuit court of Milwaukee county proceedings were brought on behalf of the National Bank of the Republic, a creditor of the assigned Plankinton bank, to have Herman removed as assignee of the trust, on the ground that he had misappropriated the funds and left the country. These two actions will undoubtedly be the main ones out of which an almost endless amount of litigation will grow, owing to the mixed-up state in which he has left his creditors, by reason of his peculiar methods in assigning duplicate notes and mortgages and other questionable transactions. Judge Seaman appointed Paul G. Lewis receiver of the goods and effects of Herman on petition of three of the creditors and fixed his bond at $5,000. Argument will be heard tomorrow for the appointment of a successor to Herman as assignee of the Plankinton bank.