Second Ward Bank (Milwaukee, WI)

Episode Information

Episode UID
7303170191122
Episode Type
Run Only
Bank Type
state
Bank ID
730317019 hash
Start Date
June 3, 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
f80cbc40d0e28ac1

Response Measures

None

Events (2)
1. June 3, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by fear after the Plankinton Bank failure and related local business failures, which alarmed small savings depositors.
Measures
Depositors giving notice to withdraw at end of 30 or 60 days; officials reassuring public and not suspending payments.
Newspaper Excerpt
The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days... they will withdraw their savings.
Source
newspapers
2. July 22, 1893 Run
Cause
Local Banks
Cause Details
Renewed or continued panic among small depositors driven by rumors and failures of other Milwaukee banks (South Side Savings Bank, Plankinton Bank) and mercantile failures.
Measures
Bank remained open; directors/backers gave personal assurances; no suspension announced.
Newspaper Excerpt
The crowds at several of the banks had increased ... the crowd at the Second Ward Bank was nearly as large. ... up to noon no suspensions had occurred.
Source
newspapers

Newspaper Articles (11)
1. June 3, 1893 Evening Star Washington, DC
Article from Evening Star, June 3, 1893

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Article Text

RUNS ON MILWAUKEE BANKS. The Bankers See No Cause for Any Alarm. MILWAUKEE, WIS., June 3.-Runs are being made today as yesterday on all the banks in the city, practically, in 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 only the careless and foolhardy speculations of one man represented. The Commercial and the Second Ward banks are crowded today with depositors in the savings departments, who are giving notice in order that at the end of the thirty or sixty days, which ever it is, according to the law in their case, they will withdraw their savings. The officials of both institutions, however, feel no alarm. President Geilfuss stated at noon to the United Press representative that none of the mercantile fraternity had withdrawn any deposits, and that the run differed in no wise from the movement yesterday. The bankers of the city see no cause for alarm. and feel that the temporary fears with which the small depositors are at present possessed will soon pass away. There is no general alarm or misgivings. and it may be said that beyond its undoubted effect on small business concerns the Plankington Bank failure will have no serious results. No statement of the affairs of that institution has as yet been prepared.

2. June 6, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 6, 1893

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DAY OF FAILURES. Banks and Business Firms Give up the Fight And Close Their Doors--The Stringency of the Money Market And Inability to Realize OR Assets Causes All the Trouble. CHICAGO, June 5.-E. A. Armstrong & Co., assigned this morning. Assets, $275,000: liabilities, $105,000. The firm for 20 years were manufacturers and dealers in uniforms, regalia, society and church goods in this city and Detroit. The assignment was precipitated by an attachment suit for $50,000 for a merchan dise claim. In the absence of the firm Saturday the sheriff took possession of the store and held it till this morning when the attachment suit was satisfied. News of the filing of the suit had gone abroad and attachments were threatened from all its creditors. To avoid that contingency and to save themselves and all their creditors. they made a voluntary assignment. Mr. Armstrong said the cause of the trouble was due to drawing out more money than they anticipated in the building of the new factory at 92d street and Grand Trunk Road. Meadow Craft, Bros. & Co., private bankers. Chicago, closed their doors Monday. Assets and liabilities unknown. A run is now in progress on the South Side Savings banks, at Milwaukee. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. The property of Weisenbach, a clothing and shoe merchant, Chicago, was seized by the sheriff. Monday. The execution was made on a judgement, aggregating $26,000. Their liabilities are about 875,000; assets, $50,000. The Kansas Grain Co. of Kansas City, a big commission house with branches all over Kansas, has failed. A dispatch from Sandusky, O., says that the savings bank there was put in the hands of receivers Monday. Sandusky Savings Bank Co., generally supposed to be one of the soundest and safest institutions of Sandusky, Ohio, assigned Monday. Inability to realize upon assets is the cause. Officials say all depositors will be paid in full.

3. June 6, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 6, 1893

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STILL THEY GO. More Private Banks and Mercantile Firms Go to the Wall. CHICAGO, June 6.-Meadowcraft Bros. & Co., private bankers, doing a commission paper business similar to that of Herman Schaffner & Co., the banking firm which made an assignment on Saturday, closed their doors yesterday. The assets and liabilities are not stated. The concern is one of the oldest in the city. Kansas City, Mo.-The Kansas Grain company, which claims to be the greatest buyer of grain from producers in the world, has failed. The assets and liabilities will each be large. The company has elevators in towns and cities in Kansas representing an investment of $150,000. All of these elevators contain more or less grain. The company was incorporated some five years ago with a capital stock of $50,000. The cause of the failure as stated by the officers here is the tight money market. Chicago.-Weissenbach & Co., clothing dealers, failed to-day. Liabilities, $75,000; assets, $50,000. Milwaukee.-The - failure of Frank A. Lappen & Co. and the Plankinton bank will be investigated by A grand jury. A run is now in progress on the South or Side ple block Savings the bank. side-walk Some in 200 front 300 of peo- 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. Sandusky, Ohio.-The doors of the Sandusky Savings Bank company, which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, failed to open yesterday. The trouble is ascribed directed to the heavy though groudless run that was made on the bank some weeks ago, and which it stood manfully at the time, paying out upward of $60,000 within two days, when the run ceased as suddenly as it had begun. The available assets of the bank will aggregate fully $300,000, while the liabilities, at an outside estimate, are only $250,000, and it was ior that reason that an assignment was decided upon rather than a receivership.

4. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 6, 1893

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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.

5. June 6, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, June 6, 1893

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COMPELLED TO ASSIGN. Several Western Banks and Business Firms is Financial Difficulties. SANDUSKY, O., June 6.-The doors of the Sandusky Savings Bank company, which closed Saturday night upon what was generally supplosed to be one of the soundest and safest institutions of the city, were not opened yesterday. Great excitement resulted Liabilities are about $300,000; assests, $300,000. KANSAS CITY, June 6.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. CHICAGO, June 6.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment. Assets, $275,000; liabilities, $105,000. CHICAGO, June 6.-The property of A. Weisenbach, a clothing and shoe merchant, was seized by the sheriff. The liabilities are about 875,000; assets, $50,000. CHICAGO, June 6. -A run on the Prairie State Savings bank which began Saturday was resumed yesterday. MILWAUKEE, June 6.-A run is 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. CHICAGO, June 3.-Mendoweroft Bros. & Co., private bankers doing a commercial paper business, closed their doors. The concern was one of the oldest in the city. Their assets and liabilities are not known. CHICAGO, June 6.-A run started on the Dime Savings bank yesterday afternoon. This institution has deposits aggregating $600,000. The greater part of the money is tied up in securities, but is perfectly safe. NEW YORK, June 6.-The Shoe and Leather National bank has given notice that it will not clear for the Canal Street bank after today. This will make it necessary for the Canal Street bank to go into liquidation. The deposits are about $450,000. WASHINGTON, June 6. -Comptroller Eckels was informed that the Merchants' National bank of Fort Worth, Tex., capital $250,000, failed. The bank was closed on an order of the directors, and Bank Examiner Stone was placed in charge.

6. June 6, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 6, 1893

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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.

7. June 6, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 6, 1893

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LONG LIST OF FAILURES. I A Big Chicago Banking Concern Closes Its Doors-Runs on Other Banks. CHICAGO, June 5.-Meadowcraft Brothers & Co., private bankers, doing a commercial paper business, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities are not known. Lyman F. Crandall has been appointed receiver. PANIC AT CHICAGO. CHICAGO, June 5.-The State Bank of Commerce is experiencing a heavy run this afternoon. It started just before noon. Its annual report made to the state auditor on May 10, showed deposits of $1,200,000, surplus and undivided profits of $25,600, against which it had about $300,000 in cash, the balance being covered by loans and discounts, overdrafts and bonds. SANDUSKY BANK CLOSES. CLEVELAND, June 5.-The doors of the Sandusky Savings bank, which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. KANSAS GRAIN COMPANY HAS FAILED. KANSAS CITY, Mo., June 5.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. RUN ON TWO MILWAUKEE BANKS. MILWAUKEE, 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. RUN ON A CHICAGO BANK. CHICAGO, June 5.-A run on the Prairie State Savings bank, which started Saturday, was resumed this morning. WILL NOT CLEAR. NEW YORK, June 5.-The Shoe and Leather National bank gave notice that it will not clear for the Canal street bank after to-morrow. This will make it necessary for the Canal Street bank to go into liquidation. Its deposits are about $450,000. The notice was only sent out late this afternoon. Ii was not the regular notice, but merely a warning to other banks not to take any checks on the Canal Street bank, and the regular notice that the Shoe and Leather bank would cease to act as the redemption agent for the Canal Street bank would be sent out later in the day.

8. June 8, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, June 8, 1893

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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."

9. June 8, 1893 The Russellville Democrat Russellville, AR
Article from The Russellville Democrat, June 8, 1893

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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.

10. June 13, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, June 13, 1893

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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.

11. July 22, 1893 Evening Star Washington, DC
Article from Evening Star, July 22, 1893

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THE SITUATION IN MILWUAKEE. Runs on Various Banks That Are Able to Meet Demands. MILWAUKEE, July 22.-Runs which started on all the banks early in the day were still in progress this afternoon. The crowds at several of the banks had increased on account of the spreading of the news that the South Side Savings Bank and Milwaukee National Bank had failed. The run on the Merchants' Exchange Bank was possibly the heaviest, but the crowd at the Second Ward Bank was nearly as large. The Merchants' Exchange Bank paid out money freely, and its officers said they were confident that they would be able to meet every demand. The depositors in the Second Ward Bank are mainly German working people, who seemed to have become panic stricken despite the fact that the bank is backed by Milwaukee's wealthy brewers. who have given a personal guarantee for everything in the bank. The air was full of rumors of failures and impending failures in mercantile circles, but up to noon no suspensions had occurred. President Trumpff of the South Side Savings Bank said depositors have been making very large withdrawals during the past month, while collections had been impossible. The officials and directors decided that they could do business* no longer and concluded that in the interests of the patrons and themselves it would be better to suspend without further delay. While they hope to be able to resume after the storm has blown over, they are not able to state anything definite. The closing of the Milwaukee National Bank was a surprise even to some of the stockholders. J. M. Pereles, who owns a block of the bank's stock, says there is no reason why the bank should have closed except that the officers were afraid to stand a run. A statement a few days ago showed that the bank had assets in excess of the liabilities amounting to between $500,000 and $600,000. People who are not posted could not believe that the bank, which was one of the oldest in the city, had failed, and scores of people walked into the entrance. read the brief notice announeing the bank's suspension and walked out again. Bernard and Jacob Gross, comprising the firm of Gross Bros., soap manufacturers. have confessed judgment in the sum of $21,014.20 on a note made April 30. 1892, and May 18, 1892, in favor of Leopold Gross.