gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
747d54d2e09aa103
Response Measures
None
Description
Cashier disappearance and later receiver reporting of large embezzlement indicate insolvency leading to permanent closure.
Events (3)
1.June 5, 1893Run
Cause
Local Banks
Cause Details
Nervousness triggered by recent failures (F. T. Day, Plankinton Bank) and general panic among small depositors
Measures
Local prominent citizens guaranteed payment of deposits to allay panic (Guarantors: Fred Pabat, August Niblein, Val Blatz, Mrs. Emil Schandein).
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, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open amid continued runs and later disclosures of missing ledger and disappearance of cashier, indicating insolvency/embezzlement.
Newspaper Excerpt
Milwaukee National bank and South Side Savings banks failed to open their doors this morning.
Source
newspapers
3.August 21, 1893Receivership
Newspaper Excerpt
Receiver Barth says $139,000 disappeared ... the money of the Southside Savings bank which John B. Koetting squandered while cashier went into deals on the board of trade.
Source
newspapers
Newspaper Articles (24)
1.June 6, 1893Grand Rapids HeraldGrand Rapids, MI
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Article Text
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.
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.
3.June 6, 1893The Morning NewsSavannah, GA
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Article Text
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.
4.June 6, 1893New-York TribuneNew York, NY
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Article Text
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.June 8, 1893Echo De L'ouestMinneapolis, MN
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Article Text
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."
6.June 8, 1893The Russellville DemocratRussellville, AR
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Article Text
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.
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.
8.July 22, 1893San Antonio Daily LightSan Antonio, TX
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Article Text
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.
9.July 22, 1893The Waco Evening NewsWaco, TX
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Article Text
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.
10.July 26, 1893The Portland Daily PressPortland, ME
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Article Text
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
11.July 27, 1893The Wilmington Daily RepublicanWilmington, DE
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Article Text
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.
12.July 27, 1893The Western SentinelWinston-Salem, NC
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Article Text
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.
13.July 28, 1893The Roanoke TimesRoanoke, VA
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Article Text
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.
Depositors Drove Him Off. MILWAUKEE, Aug. 2.-G. C. Trumpff, president of the Southside Savings bank, which suspended a week ago, has disappeared, and his son says his absence is due to the persecutions of depositors and deputy sheriffs who have been serving garnishee papers on him.
15.August 4, 1893New-York TribuneNew York, NY
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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.
SENSATIONAL DISCLOSURES. Some Damaging Charges Against ExSecretary Foster His Acconnt Largely Overdrawn In His Own Bank and in all Other Concerns With Which He Was Connected. CINCINNATI, Aug. 3.-A great sensation was created here last night by some publications made in an extra issued by the Times-Star, the leading afternoon paper. The article is based upon special telegrams from Fostoria, the home of ex-Secretary Charles Foster. In a statement it shows that Foster was overdrawn in his own bank, without any security whatever, $136,321; that his partners and clerks were also overdrawn, that the accounts of all concerns in which he was interested were overdrawn; that a mysterious woman, known only as Mrs. M. Carter of New York City, is overdrawn $9.361 97; and the article estimates that she will appear in a sensational light soon. The total overdrafts of the bank are $230,325.79, to say nothing of its other liabilities, while its total assets are only $24,491.62. The Times Star declares that Mif Mr. Foster were amenable to the laws that he, as Secretary of the Treasury, was called upon to enforce he would go to the penitentiary," and makes other grave and sensational charges. An examination of Mr. Fos. ter's affairs is in progress, and it is said that even more disreputable dealings will be disclosed. CHICAGO, Aug. 3.-Lazarus Silverman, a private banker, has assigned. Liabilities half a million. Also the Express National Bank, with a branch at Juarez, Mexico, has closed. The as. sets are double the liabilities. MILWAUKEE, Wis., Aug. 3.-The grand jury has been called to investigate the Southside Savings bank. The President, G. C. Trumoff, and Cashier J. B. Jetting are missing. The affairs of the bank are in bad shape and the depositors will probably lose everything.
17.August 21, 1893The Wilmington Daily RepublicanWilmington, DE
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Article Text
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
18.August 21, 1893The Evening HeraldShenandoah, PA
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Article Text
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.
19.August 22, 1893Richmond DispatchRichmond, VA
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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.
20.August 22, 1893The TimesRichmond, VA
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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.
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.
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.
23.January 25, 1894River Falls JournalRiver Falls, WI
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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.
24.January 8, 1897The Yale ExpositorYale, MI
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Refused to Pardon Koetting. Gov. Upham of Wisconsin has refused to grant a pardon to John B. Koetting, cashier of the Milwaukee South Side Savings Bank, now serving sentence in the state's prison for embezzling in connection with the failure of the bank during the panic of 1893.
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.
