gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3115dcca77a601a9
Response Measures
None
Description
The bank later went into voluntary liquidation (circa 1895) after reopening.
Events (5)
1.June 2, 1893Run
Cause
Local Banks
Cause Details
Nervousness and withdrawals by depositors triggered by failure/assignee appointment at the Plankinton (Plankinton) Bank
Measures
Saving department deposits to be held to the thirty-day clause
Newspaper Excerpt
A small run occurred on the Commercial bank this morning
Source
newspapers
2.July 21, 1893Receivership
Newspaper Excerpt
The Commercial Bank has failed. It assigned to A. B. Geilfuss, cashier, who filed a bond of $165,000.
Source
newspapers
3.July 21, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses from acceptance of large amount of paper of Corrigan, Ives & Co. and inability to make immediate collections amid heavy withdrawals
Newspaper Excerpt
Owing to heavy withdrawals by depositors and the inability to make immediate collections this bank is compelled to temporarily suspend payment.
Source
newspapers
4.August 12, 1893Other
Newspaper Excerpt
Total assets July 21, the date the bank suspended, were $1,480,220, against total liabilities of $1,183,999, an excess of assets of $296,221.
Source
newspapers
5.March 2, 1894Reopening
Newspaper Excerpt
There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million of new stock has been subscribed, largely by the depositors.
Source
newspapers
Newspaper Articles (19)
1.June 2, 1893The Waco Evening NewsWaco, TX
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Article Text
Bank Troubles. By Associated Press to The News. MILWAUKEE, Wis., June 2. Assignee William Plangton, of the Plankington Bank assumed official charge of that institution this morning and a feeling of security to all the depositors pervaids the atmosphere to today, as the appointment of Mr. Plankington gives assurance that every dollar due the depositors will be I aid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeilng among small depositors in other banks and many are withdrawing their money. A small run occurred on the Commercial bank this morn. ing, but that institution, it is quoted, is on a sound basis and can withstand all demands of deposite. In the saving department they will be held closely to the thirty day clause however.
2.June 3, 1893Fort Worth GazetteFort Worth, TX
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Article Text
Milwaukee, Wis. June 15 Asignee will Plankington of the Plankington bank asumed official charge of that institution this morning. A feeling of security to all depositors pervades the atmissphere today. as the appointment of Mr. Plankington gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks, and many are withdrawing their money. A small run occurred on the Commercial bank this morning. but that institution, it is quoted, is on a sound basis and can withstand all demands. Depositors in the saving department will be held closely to the thirty-day clause however,
3.June 4, 1893The Roanoke TimesRoanoke, VA
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Article Text
Plankinton Bank Assignee. MILWAUKEE, June 3. - Assignee A. Plankinton of the Plankinton bank has assumed official charge of that institution. A feeling of security to all depositors pervades the atmosphere, as the appointment of Mr. Plankinton gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks and many are withdrawing their money. A small run occurred on the Commercial bank, but that institution, it. is stated, is on a sound basis and can with. stand all demands.
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.July 21, 1893San Antonio Daily LightSan Antonio, TX
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Article Text
A Milwaukee Bank Gone. MILWAUKEE, Wis., July 21.-The Commercial bank has failed. It assigned to A. B. Feifuss, cashier, who filed a bond of $165,000. The troubles of the bank are said to have resulted from its acceptance of a large amount of papers of Corrigan, Ives & Co.
6.July 22, 1893The Portland Daily PressPortland, ME
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Article Text
MILWAUKEE, July 21.-The . commercial bank has failed, and assigned to the cashier who filed a bond for $165,000. The statement showed demand deposits of $557,748 and time deposits of $528,916; capital $250,000.
7.July 22, 1893The Morning CallSan Francisco, CA
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Article Text
MILWAUKEE BANK SUSPENDS. Due to the Failure of a Pig-Iron Concern in Pennsylvania. MILWAUKEE, July 21.-The Commercial Bank has failed. The bank assigned to A. B. Geilfuss, cashier, whose bend was fixed at $1,650,000. The troubles of the bank are said to result from the acceptance of a large amount of the paper of Corrigan, Ives & Co. The following was posted on the door: "Owing to heavy withdrawals by depositors and the inability to make immediate collections this bank is compelled to tem. porarily suspend payment." The bank has a capital 01 $250,000. The
8.August 12, 1893The Madison Daily LeaderMadison, SD
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Article Text
CommercialBauk Statement. MILWAUKEE, Aug. 12-The official statement of Receiver Geilfuss of the Commercial bank has been filed in court. The total assets July 21, the date the bank suspended, were $1,480,220, against total liabilities of $1,183,999, an excess of assets of $296,221.
9.September 21, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Will Soon Resume. MILWAUKEE, Sept. 20. - Receiver Geilfuss says that the statement of Supervisor Baldauf regarding the condition of the Commercial bank is incorrect. Mr. Geilfuss says the bank will pay a dividend in November, and will resume soon afterward.
10.December 26, 1893The Evening WorldNew York, NY
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Article Text
MILWAUKEE FIRMS ASSIGN. Dry-Goods House and a Shoe Company in Trouble. (By Associated Press.) MILWAUKEE, Dec. 26.-The dry-goods firm of Rich, Silber & Co., and the A. W. Rich Shoe Company have assigned. The papers were filed this-morning. The value of the nominal assets of the drygoods company are placed at $225,000 and of the Shoe Company at $106,000, with liabilities at present unknown. The failure of the Commercial Bank last Summer crippled both firms. While large sums of money are owed by each firm to relatives and friends of the members no preference has been shown in the assignments. Benjamin Well is assignee of the drygoods firm and T. 1. Kelly of the Shoe Company The business of the former will be conducted as usual by the assignee.
11.December 26, 1893The Evening WorldNew York, NY
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Article Text
MILWAUKEE FIRMS ASSIGN. Dry-Goods House and a Shoe Company in Trouble. (By Associated Press.) MILWAUKEE, Dec. 26,-The dry-goods firm of Rich, Silber & Co., and the A. W. Rich Shoe Company have assigned. The papers were filed this morning. The value of the nominal assets of the drygoods company are placed at $225,000 and of the Shoe Company at $106,000, with liabilities at present unknown. The failure of the Commercial Bank last Summer crippled both firms. While large sums of money are owed by each firm to relatives and friends of the members 10 preference has been shown in the assignments. Benjamin Well is assignee of the drygoods firm and T. L Kelly of the Shoe Company The business of the former will be conducted as usual by the assignee.
12.December 30, 1893Mineral Point TribuneMineral Point, WI
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Article Text
MORE MILWAUKEE FAILURES. Rich & Silber Dry Goods Co. and A. W. Rich Shoe Co. Milwaukee, Dec. 26.-The Rich & Silber Dry Goods company and the A. W. Rich Shoe company made a voluntary assignment early this morning without preferences. The papers were filed soon after 1 o'clock in the night by Judge Rose, the attorney of the two firms. The dry goods company assigned to Ben. M. Weil and the assets were placed at $225,000. The shoe company's assets are placed at $106,000 and the assignee is T. L. Kelly. The officers of the dry goods company are Louis Silber, president and treasurer; A. W. Rich, vice-president and S. J. Decker, secretary. The offieers of the shoe company are A. W. Rich president, and treasurer and W. J. Allen, secretary. Judge Rose said that the causes of the failure were the failure of the Commercial bank, which had extended a line of credit amounting to $50,000 to the company; bad collections and a large decrease in the holiday trade. THREE OTHER FAILURES. Milwaukee. Dec. 26.-Lack of business and inability to make collections caused three Milwaukee institutions to assign for the benefit of creditors this afternoon. The Reliance Iron & Wire works are
13.January 18, 1894Reporter and FarmerWebster, SD
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Article Text
E. R. Payne Has Assigned. Milwaukee, Jan. 15.-E. R. Paine, president of the defunet Commercial bank, assigned to-day. The assignee gave a bond for $50,000.
14.March 2, 1894Rock Island ArgusRock Island, IL
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Article Text
Milwaukee Bank Resumes. Milwuakee, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million of new stock has been subscribed, largely by the depositors. The reorganization will eventually enable the bank to make good its indebtedness dollar for dollar. With few exceptions all the depositors have agreed to let their deposits remain intact for alspecified period.
15.March 2, 1894The Madison Daily LeaderMadison, SD
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Article Text
Milwaukee Bank Reopens. MILWAUKEE, March 2.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. With few exceptions, all the depositors have agreed to let their deposits remain intact for a specified period.
16.March 9, 1894The Weekly TribuneGreat Falls, MT
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Article Text
Milwaukee Bank Reopens. Milwaukee, March 3.-There is considerable rejoicing over the reopening of the Commercial bank, which suspended last summer. A half million new stock has been subscribed, largely by the depositors. With few exceptions, all the depositors have agreed to let their deposits remain intact for a specified period.
17.August 15, 1895The Manitowoc PilotManitowoc, WI
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Article Text
THE difficulty experienced in running any institution having a multitude of stockholders is well exemplified by the present status of the Commercial Bank of Milwaukee. That bank closed its doors during the panic of 1893, but reorganized, many of the depositor taking the amount of their claims in stock. The bank paid all its debts but now has about decided to go into voluntary liquidation as the business was not satisfactory, owing to the large number of stockholders whose action dipreciated the value of the stock. The bank will be able to pay all depositors in full at once. The balance will be divided among the stockholders.
Several bank failures are reported in the West, among them the First National, Franklin, Ohio, capital $100,000; Commerclal bank, Milwaukee, capital 834,600, voluntary Rquidation: Bowling Green bank, Bowling Green, Mo., capital $25,000; Bank of Dawn, Mo., Habilities $36,000; Dan. Head & Co., private bankers, Kenosha, Wis., capital $100,000. The Farmers and Mechanics' Insurance company, Alexandria. Va., has been placed in the hands of a receiver. Spelman Bros., fancy Goods, New York, have assigned. liabilities $250,000, and receiver applied for Hughes Steam Pump company, Cleveland, Ohio.
19.March 4, 1897Courier DemocratLangdon, ND
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Article Text
Stockholders Will Confer. Milwaukee, Wis.," Feb. 28. - Steps were taken to wind up the affairs of the Commercial bank when stockholders of the company filed an application in the circuit court asking for the appointment of a receiver. The bank failed in 1893. It afterward opened its doors but later went into liquidation.
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.
