bbbba1a4Full suspension, Books examined
Other: Bank appears to have failed after run; cashier later held for violating banking laws and auditing revealed irregularities.
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IRON WOOD BANK CLOSES ITS DOORS IRONWOOD, Mich., May 30.-The Bank of Ironwood, a branch of the private institution of Fred Korste, of Sheboygan, Wis., closed its doors yesterday. Reports that the Sheboygan bank was not in a sound condition started a run here. The deposits in the Ironwood bank were about $300,000.
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IRON WOOD BANK CLOSES ITS DOORS HRONWOOD, Mich., May 30.-The bank of Ironwood, a branch of the private institution of Fred Korste, of Sheboygan, Wis., closed its doors yesterday. Reports that the Sheboygan bank was not in a sound condition started a run here. The deposits in the !ronwood bank were about $300,000.
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Another Ironwood Bank Failure The bank ot Ironwood closed its doors Tuesday morning. Because of the death of the president of the bank, Frederick Karste, and the consequent closing of the Karste bank at Shebey. gan, depositors of the Ironwood bank became alarmed and some of them began drawing out their money on Monday and to prevent a run on the bank
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The people of Ironwood are certainly entitled to a great deal of sympathy over the banking situation up in that section Several years ago a very bad bank failure severely crippled many who had money deposited in the institution. A couple of weeks ago the Bank of Ironwood, an institution owned by a Sheboygan, Wis., man closed its doors and the fear brought about by that action caused the suspension of the S. S. Curry bank during the present week.
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The Bank of Ironwood closed its doors several days ago and it is now said the depositors will get about 10 cents on the dollar, the suspension of the bank at Sheboyagan a few weeks since brought about its undoing. The late Fred Karste who was president of the bank at Sheboyagan was largely interested in the Ironwood bank, that place had a bank failure a few years ago that made quite a noise in the banking world, it has not been intimated SO far that the financial trouble in either case was caused from having their funds lent out in small amounts to poor citizens of their own town, for as a rule bank officials who have many thousands to put into western irrigation bonds, southern reclaimation projects, any kind of a mining stock, are very cautious in regard to the poor man who wants bank assistance.
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The Marinette and Menominee peopl e are making a kidk to the St. Paul because of the change in train schedules incident upon the running of the copper country flyer. One change has already been made in the time card to appease the kick from the M. & M. patrons but they are not yet satisfied. The train passes through the north territory at night and that is the big kick on it by the patrons of the twin cities. W. T. James of Ely, Minn., was in Crystal Falls last Friday visiting with friends. Mr. James was employed here in the private bank run by the late O. D. Kinney in 1891 and was well liked by the people of Crystal Falls. He later moved to the Minnesota ranges where he has prospered and is heavily interested in real estate up in Minnesota. Miss Stolberg went to Chicago this week to join Miss Lyaberg who is there. She will stay in the city a couple of weeks getting acquainted with the fall styles in hats. During her absence the millinery store will be closed. The city band played in the park last Monday evening, the first opportunity that the boys have had to perform there since the lights were put in. Band concerts in the park will be a regular feature from this out as long as the weather will permit. D. F. Boyle & Co. dnished up their work on the Mansfield road during the week and have transferred their crew to Balsam for a few days to grade a siding at that point for their wood loading. The erection of the posts for the new fence at the base ball park is now in progress. The fence will be seven feet high with a cap around the top. It will be painted later on. The First Catholic Slavish Society will hold their first annual pienic at Alex Dalpra's property across the bridge on Sunday August 8. Everybody welcome. Mr. and Mrs. Samuel Patrick who were guests at the home of Rev. and Mrs. Osborn for the past two weeks. left for their home in Flint, Michigan, Thursday night. Matthew Fitzsimmons, cashier of the defunct Bank of Ironwood has been held to the circuit court on a charge of violating the banking laws after an exhaustive investigation. The first load of lumber was hauled to the new school house site last Wednesday and work is now being pushed as fast as possible. Mrs. John Tromblay and children are visiting relatives in Escanaba this week. The ladies club held a pienic at Fortune lake last Tuesday that was well attended. Miss Mamie Dawson is enjoying a vacation from her position as deputy clerk this week. Supt. Ira Rowe purchased a fine driving team from Fred Reindl during the week. Your vote for Jessen will be appreciated.
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LOOKING BACKWARD News Items of General Interest Taken at Random From Our Files of 10, 20, 30, and 40 Years Ago Saturday, June 4, 1892 L. L. Wright, superintendent, has announced that the graduating class of 1892 will hold its graduating exercises at Pierce's Hall, during the evening of Friday, June 24th, 1892. Thursday the upper dockmen on the ore docks at Ashland struck for an advance in wages from $1.50 for day and $1.75 for night work to $2.00 day and 25 cents an hour for over time. The companies refuse to grant the demands of the strikers and ev. erything at the docks is at a standstill. Yesterday there were twentyfive boats at the dock waiting for loads. The wages last year were $1.60 for day and $1.75 for night, and the Wisconsin Central offered these rates and the men refused them. The residence of John Howett on the Minnewawa location at Hurley, burned Monday morning. The loss was placed at $1400, with only a few charred remains standing. Will L. Winslow transacted business in Duluth yesterday. John A. Taleen is in Ishpeming where he has been for the past week. Mrs. Joe Davis left last evening for Minneapolis where she will visit with friends for awhile. E. P. Jennings, of the McLeod street laboratory, went to the Mesabi range on a business trip Tuesday. Mr. Nelson Smith, of Marquette, arrived in the city yesterday and has decided to remain here permanently. W. P. Triplett, the Ewen jeweler, was in the city Tuesday, on his way to that thriving village. He made trip to see the "old folks" eight miles north of the city. The Memorial Day parade was huge success when the combined parades of both Ironwood and Hurley marched to the cemetery. The parade proper was over a mile long, with over four thousand viewing it from the sidelines. The parade started in Ironwood and marched to the Barton House in Hurley, where they picked up the Hurley parade, and marched back to the Ironwood cemetery. Assessor F. A. Healy has completed the work of assessing the property in the City of Ironwood. The valuation of the mines in the city as set by Assessor Healy was $3,509,300. Saturday, May 31, 1902 The Republican state convention has been called to meet at Detroit on June 26th. Deputy Oil Inspector Douglas was in Iron River and Iron Mountain, inspecting oil the first of the week. Claus Swedish miner a who worked at the Davis mine, was killed last Friday by an engine on the Wisconsin Central road near Bessemer. Captain William Trezise was able to be out for the first time last Sunday after his selge of pneumonia. "Billy" still looks very thin and shaky, but is able to get around. Carl Erickson, Adolph Skud and party of friends fished for muskellunge at Long Lake near Mercer, this week. The structural material for the new steel shaft house at the Ashland Mine arrived this week. Last Saturday morning, Mrs. Jennie Bartlett, of Hurley, shot and killed herself while suffering from mental weakness. William Thorpe, the chicken thief, and another culprit named Ryan escaped from the sheriff at Bessemer last Saturday. The men were at work ot the wood pile and no one was watching them when they took French leave, and haven't been seen since. Thomas Mays, a former well known business man, now at Ashland, has been in the city this week looking after business matters. The work of preparing the grounds in the center of the race track for the coming big shows will be begun next Monday with large force of men. George Rice will have charge of the work. The statistical position of the blast furnace is remarkable. An output at the highest rate in their history, 352,064 tons week May 1, as against 298,460 tons a week January representing a production of 1,500,000 tons for the month of April, accompanied by virtual wiping out of stocks. Saturday, June 1, 1912 Owing to the death of Fred Karste of Sheboygan, Wis., owner and pres. ident of the Bank of Ironwood, the latter institution closed its doors Tuesday morning. The closing of the Bank of Ironwood followed a vis. it to Sheboygan of Mr. Norris, who looked into the affairs of the German Bank of Sheboygan and also of the Karste estate as far as he was able, and decided that the best thing to be done for all concerned was to close the bank until the complicated matters could be straightened out. There had also been run on the bank, when about $30,000 was withdrawn by depositors. "The Ironwood Chamber of Commerce" is the name of Ironwood's new business men's organization. It was through the suggestion of Col. Mott, manager of the Upper Peninsula Development League that the new organization had its beginning The meeting for the organization of the commercial club was held at the council rooms Wednesday evening, and was attended by about fifty of the representative business and professional men of the city. Following the remarks by Col. Mott the officers for the coming term were elected, as follows: President, C. E. Houk; Vice president, S. S. Curry: Secretary, A. W. Peterson; Treasurer, F. H. Kearney. Axel Runstrom returned Wednesday morning from a visit Milwaukee. Mrs. F. H. Kearney returned home Thursday morning from Detroit, where she has been visiting friends since her return from the South a few weeks ago. The People's State Bank of Bessemer opened its doors for business Monday, May 20. The officers are as follows: President, Jacob Goldman; vice president, Edwin R. Bayliss; cashier, M. A. Hagerman; directors, Joseph Ochis of Bessemer, James Devoy of Ironwood, Solomon Sax of Eveleth, J. Stanley Rummage of Ramsay, Jacob Goldman, E. R. Bayliss and M. A. Hagerman of Bessemer.
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LOOKING BACKWARD News Items of General Interest Taken at Random From Our Files of 10, 20, 30, and 40 Years Ago Saturday, June 18, 1892 When the agreement was made to Suffolk railroads put with the street through their yards, the Lake Shore promised to erect fine detheir promise, have kept pot. They this month to erect depot and are that will cost in the neighborhood of $10,000.00 John Saline, a Scandinavian working on the surface at the Norrie, fell under an ore car at one of the pockets Tuesday evening and had one of his legs crushed. He was taken to the Norrie Hospital and upon examination it was found necessary to cut the limb off just above the knee. John Hoenski, the policeman who shot and killed Finn at Bessemer last week has been asked to resign by city officials, although it was clear case of shooting in self defense. financial circles on Mercantile and greatly surprised the were range Thursday morning by the announcement that F. D. Day & Co., of Hurley, had made an assignment for the benefit of its creditors. Mr. and Mrs. Joe Davis will take in the convention at Chicago. They leave tomorrow evening. Attorneys Thos. Kissane and Chas. Humphrey leave for Lansing via They will argue Chicago tomorrow. the case of the Curry Hotel Co. vs. Dan Mullins before the supreme court next week. The largest ore output of the season, for week was that of the past seven days. The Lake Shore shipped a total of 56,702 tons the past week, total for the season, making its 252,887 tons. The Wisconsin Central shipped 63,188 tons for the week, making the total for the season, 234,830 tons. The Tilden mine shipped the Wisconsin the most ore over Central with 20,0001 tons for the past week and a season's total of 49,378. The Norrie was first on the Lake Shore road with 16,245 for the week, and a season's total of 102,872. The work of putting in the wires to the telephone exchange is being completed. The central office will be located in the Rothschild building. Saturday, June 14, 1902 The total assessed valuation of the mines of the city this year, as fixed by the board of review is $4,156,599, and that of the balance of the city $1,196,066. Saturday, June 15, 1912 From the examination SO far made by the experts, there appear to be many and grave irregularities in the books and accounts of the Bank of Ironwood, indicating that the bank has less assets and heavier liabilities than the public had been led to believe by the last statement published by the institution. The auditing of the books is not yet completed SO it is not definitely known the exact condition of the affairs of the bank. The Peoples Banking company of this city closed its doors Wednesday morning, when a notice to this effect was posted on the windows of the bank. As a result of the closing of the Bank of Ironwood, there was run on the Peoples Bank, necessitating its The graduation exercises of the public and parochial schools of the city will take place next week. The valedictory address will be given by Eda Johnson, while the salutatory address will be given by Sam W. Patek. A total of 59 pupils will graduate from the Ironwood public schools. The parochial schools will graduate eight members. Mrs. John Watson and daughter, Marion, left Tuesday for a visit with relatives at River Falls, Wis. Harry Trezise and Abner Holmberg returned yesterday from Madison, where they have been attending the University of Wisconsin. The strike at the Montreal mine is still unsettled, the oficials and the miners having failed to come to any agreement as yet. The mine officials are expecting some trouble from the strikers, SO Sheriff Whitesides has placed about fifteen deputies around the premises to promote peace. Mr. Joseph Rowe of Norway, has been in the city this week visiting at the home of his son, Henry. Misses Amy Erickson and Esther Olson returned this week from Menominee, Wis., where they have been students at the Stout Institute. Mr. Albert Gale was called to Lake Linden, Mich., this week by the news that his father was seriously 111. Saturday, June 17, 1922 A toal of 17 pupiis will be graduated from the St. Ambrose school next Friday evening. This is the largest total in the history of the school. The complete list of graduates of the Ironwood High School for the year of 1922 will be announced next week, according to John Rufi, principal of the Luther L. Wright high school. The number will be about 72 it is expected. Mrs. Lieberthal and Mr. and A. son Paul, left Thursday evening for Chicago, where their son will be graduated next week from the Northwestern University College of Medicine. During the electrical storm Thursday evening, lightning caused a small fire in the tower of the Iron county court house at Hurley. The fire was confined to the upper part of the tower, although some damage was done to other parts of the building by smoke and water. The county board has not yet estimated the cost of the damage. It is understood that steps may be taken to erect a new court house at this time, since the present building is not adequate for the needs of the county. Mr. and Mrs. Joseph Davis are spending a few days at Spider Lake. Miss Ruth Collick returned Friday morning from Urbana, III., where she has attended school during the past year. Frank Blackwell, head geologist and mining engineer for the McKinney Steel Co., returned Tuesday from hurried business trip to New Mexico and Mexico. Mr. and Mrs. E. Sullivan and Mrs. W. H. Moore and son, Eugene, left for Chisholm, Minn., Thursday to attend the marriage of their niece. Mary Sullivan. Miss Evangeline Swanson will return this week from Duluth, where she has been teaching school, to spend the summer with her parents, Mr. and Mrs. Gus Swanson. Verner Swanson, who was graduated from the DePaul University of Chicago this week, will return home Sunday morning.