Merchants Exchange Bank (Milwaukee, WI)

Episode Information

Episode UID
5973391091123
Episode Type
Run Only
Bank Type
trust
Bank ID
597339109 hash
Start Date
July 22, 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
6debb3ced5df62ed

Response Measures

None

Events (1)
1. July 22, 1893 Run
Cause
Local Banks
Cause Details
Contagion from failures/closures of other Milwaukee banks (Milwaukee National, South Side Savings) triggered heavy withdrawals at Merchants' Exchange.
Measures
Posting of a guarantee notice by leading citizens and other banks which helped the run subside.
Newspaper Excerpt
The run on the Merchant's exchange, which was the heaviest, is subsiding, consequent of a guarantee notice of the leading citizens and other banks.
Source
newspapers

Newspaper Articles (10)
1. July 22, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, July 22, 1893

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Article Text

BANK TROUBLES. The Southside Savings bank, Milwaukee, Wis., did not open its doors this morning, and there was a heavy run on the German-American and the Merchant's Exchange banks. The Milwaukee National bank also closed its doors. The Kentucky National bank of Louisville, Ky., closed its doors this morning. This bank's last statement showed $190,000 to the credit of the government. The State National bank of Vernon, Tex., has closed its doors. Every cent of money was paid out except one ten cent piece before the doors closed. The private banking house of J. and L. W. Galbraith, Lampasas, Tex., failed to open its doors yesterday. Liabilities, $60,000; assets, $120,000. The Citizen's bank of Jellico, Tenn., the only banking institution in that place failed to open for business yesterday. The First National bank of Anthony, Kas., closed its doors yesterday. Assets $154,000; liabilities $50,000. The Union bank of Greeley. Col., made an assignment yesterday.

2. July 22, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, July 22, 1893

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Article Text

The Milwaukee Panic. MILWAUKEE, July 22.-The Milwaukee National bank failed to open its doors this morning. A run is now in progress on all the leading banks of the city. The report of the Milwaukee Na. tional bank on July 12th showed Resources, $1,965,386; liabilities-deposits, $723,995; due other banks, $196,910; other liabilities, $445,048; capital stock, a quarter of a million; surplus a quarter of a million; undivided profits, $99,489. THE SOUTH SIDE SAVINGS BANK. The South Side Savings bank closed its doorsat 10:40 o'clock. The report made on the first Wednesday this month showed: Resources, $1,158,965. Liabilities-due depositors, $1,021,465; due others, $25,000; capital stock, $100,000; undivided profits, $12,500. The situation seems better this afternoon. The run on the Merchant's exchange which was the heaviest, is subsiding, consequent of a guarantee notice of the leading citizens and other banks. The run was heavy in the Second Ward National and which has mostly small German depositors. But it has the backing of big brewers and no damage is apprehended. President Noyes of the Milwaukee National has given a statement for publication in which the bank 18 shown to be perfectly solvent with assets of half a million above the liabilities but in the present condition of strained affairs it was thought best to close the doors.

3. July 22, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 22, 1893

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Article Text

crushed and burned in a horrible manner and was dead when extricated. Among the failures reported to-day are the Citizens' Bank of Jellico, Tenn; the First National Bank of Anthony, Kon.; the Milwaukee National Bank and South Savings Bank of Milwaukee: the Union Bank of Greeley, Col ; the private banking house of J. and L. Galbraith at Lampasas, Tex.; the State National Bank of Knoxville, Tenn.; the Kentucky National Bank of Louisville; and the State National Bank of Vernon, T.x. There is a heavy run on the German American and Merchants' Exchange Banks of Milwankee. At Shooting Park on the outskirts of Milwaukee, Wis., two thousand five hundred turners from all parts of the United States c ngregated yesterday, and the twenty-sixth annual bundesturufest WAS inaugurated. A duel, that resulted fatally to both the participants, took place in the outskirts of Victoria. Mex., on Thursday between a young law student and a young business man. The quarrel was over a young woman. Weather permitting Edw. Hanlan and Jacob Gaudaur will row at Orillia, Ont., this afternoon for the championship and a stake of $2,000.

4. July 23, 1893 The Herald Los Angeles, CA
Article from The Herald, July 23, 1893

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Article Text

THE PANIC AT MILWAUKEE. Several More Banks Compelled to Close Doors. MILWAUKEE, July 22.-The South Side Savings bank closed doors at 10:30 a.m. The Milwaukee National bank failed to open doors this morning. A run followed on all the leading banks in the city. The report of the Milwaukee National bank. July 12th, showed: Resources, $1,965,386; liabilities, deposits, $723,998; due other banks, $196,910; other liabilities, $445,048. Capital stock, $250,000; surplus, $250,000; undivided profits, $99,439. The situation was better in the afternoon. The run on the Merchants' Exchange, which was the heaviest, subsided in consequence of the posting of a guarantee notice by leading citizens. Other banks where the run was heavy were the Second Ward National, in which there were mostly small German depositors, but it has the backing of the big brewers and no danger is apprehended. President Noyes, of the Milwaukee National, has given a statement for publication in which he saye the bank is perfectly solvent, with assets half a million above liabilities, but in the present strained condition of affairs it was thought beet to close the doors.

5. July 23, 1893 The Morning News Savannah, GA
Article from The Morning News, July 23, 1893

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Article Text

MILWAUKEE'S BANKS. A Couple of Failures and a Heavy Run on Others. Milwaukee, Wis., July 22.-Reports sent out from this city to the effect that the German American Bank had succumbed to a run was without foundation. The German American is exceptionally sound and it has experienced no run whatever. It could not be better prepared than it is to meet a run. The false report concerning it was due to the failure of another southside bank. The Milwaukee National bank closed its doors this morning, The South Side Savings bank did not open its doors this morning. There was a heavy run on the German American and Merchants' Exchange banks.

6. July 23, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, July 23, 1893

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Article Text

the leading banks in the city. The South Side Savings Bank closed its doors at 10:40. The situation seems better this afternoon. The run on the Merchants' Exchange, which was the heaviest, subsided in consequence of the posting of a guarantee notice of leading citizens. The Second Ward National. in which are mostly small German depositors, has the backing of the big brewers, and no danger is apprehended. President Noyes, of the Milwaukee National, has given a statement for publication in which he says the bank is perfectly solvent, with assets of half a million above its liabilities: but in the present strained condition of affairs it was thought best to close the doors.

7. July 23, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 23, 1893

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Article Text

MILWAUKEE TROUBLES, The Milwaukee National Fails to Open Its Doors. MILWAUKEE, July 22.-The Milwaukee National bank failed to open its doors this morning. A run is now in progress on all the leading banks of the city. The report of the Milwaukee National bank on July 12 showed: Resourcee, $1,965,386; liabilities-deposits, $723,998; due other hanks, $196,910; other liabilities, $445,048; capital stock, $250,000; surplus, $250,000; undivided profits, $99,439. The South Side Savings bank closed its doors at 10:40 o'clock. The report made on the first Wednesday of this month showed: Resources, $1,158,965. Liabilities, due depositors, $1,021,465; due others, $25,000; capital stock, $100,000; undivided profits, $12,500. The situation seems better this afternoon. The run on the Merchant's exchange, which was the heaviest, is subsiding, consequent of a guarantee notice of the leading citizens and other banks. The run was heavy on the Second Ward National, which has mostly small German depositors. But it has the backing of big brewers and no damage is apprehended. President Noyes of the Milwaukee National has given a statement for publication in which the bank is shown to be perfectly solvent with assets of half a million above the liabilities, but in the present condition of strained affairs it was thought best to close the doors.

8. July 27, 1893 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, July 27, 1893

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Article Text

MILWAUKEE, July 22.-Two more banks failed today and there are extensive runs on all 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 10:30. The Milwaukee National, of which C. J. Bradley is president, had a capital of $250,000 and was considered one of the soundest institutions in the city. Its failure has created much surprise.

9. July 27, 1893 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, July 27, 1893

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Article Text

BANKS SUSPEND PAYMENT. The Financial Flurry in Milwaukee Causes Several Banking Institutions to Close. Special Dispatch to the Ledger. MILWAUKEE, WIS., July 22.-The financial excitement still continues in this city. The South Side Savings and the Milwaukee National Banks closed their doors to day and there is a heavy run on the GermanAmerican and the Merchants Exchange banks. THE LOUISVILLE NATIONAL CLOSES. LOUISVILLE, KY., July 22.-The Kentucky National Bank of this city closed its doors to-day. Capital, $1,000,000.

10. July 29, 1893 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, July 29, 1893

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Article Text

EASTERN BANKS TUMBLING. Big Milwaakee and Kentucky Concorns Go Under. MILWAUKEE, Wis., July 22.-The Milwaukee National bank failed to open its doors this morning. A run is now in progress on all the leading banks in the city. The report of the Milwaukee National bank July 12 shows: Resources $1,965,386; Liabilities-deposits $723,998; due other banks, $196,010; other liabilities $445,048. Capital stock, $250,000. Surplus $250,000 undivided. Profits $99,493. President Noyes of the Milwaukee National bank has given a statement for publication in which he says the bank is perfectly solvent, with assets $500,000 above liabilities, but in the present stranded condition of affairs it was thought best to close the doors. The Milwaukee South side Saving bank closed its doors at 10:30. The report the first Wednesday of this month showed resources $1,158,965. Liabilities-dae depositore, $1,021,565; due others $25,000. Capital stock, $100,000; undivided prcfits, $12,500. The situation seems better this after noon. The run on the Merchants Exchange bank, which was the heaviest, is subsiding, consequent of posting a guarantee notice by leading citizens. The run was heavy on the Second Ward National in which are mostly small German depositors. But it has a backing of big brewers and no danger is apprehended.