The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-06-02
CLOSED THE BANK
Officers Of the Plankiaton National. at
Milwaukee, Conclude to Shut
Up Shop.
Steady Withdrawal OF Deposits Rem.
ders That the Only Course to
Pursue.
Cashier Momsen States That Deposit.
Ors viii BE Paid In Full in
Few Days.

has come to pass. The following notice
was posted on the doors Of the Plankin-
ton bank before the usual opening hour:
Owing to the failure Of all efforts to
reorganize the bank and the continued
withdrawal of deposits. we have thought
best for the interests of all depositors
and the stockholders to close the bank"
The failure, for such it is, causes no
surprise in business circles. 1t was a
foregone conclusion. The moment the
fact was made public that it was in
volved to the extent of $274,000 in the
Lappen failure, just that moment it
was certain that the bank must cease
to do business or face the alternative
of re-organizing and with new
officers try to live down its
bad reputation. Financiers generally
believed liquidation was the only result
that might reasonably be expected.
They pointed out the reputation of a
bank as being as sensitive as that OF q
woman, and that it would be at best q
long and hopeless task to regain public
confidence, il it were possible at all.
The stockholders went to work to make
the best of the matter, and it will be
the universal Judgment that they have
done so in closing the doors of the in
stitution.
No Particular Significance.
/ The failure will not have a straw's
weight in helping to judge Of the fnan-
cial condition of the country. It was
not caused by tight money market, OF
by run or by any of the other causes
which may legitimately effect the bank.
| ing business. The failure was owing
solely to bad banking.
The opinion that depositors win be
paid in full by the bank is based on the
honorable character of the men who are
stockholders in the institution. It can.
not be concealed that there Ia criticism
of the directors Of the bank because
they have failed to keep the president,
Fred t. Day, in the lines Of sound
banking. So long as the depositors are
paid in full, this criticism is likely te
be confined to the street corner
One fact that causes universal
| regret is that the name of good
old John Plankinton should be con.
nected in such case. There is nc
| alarm in financial circles in Milwaukee
and the Plankinton's bank failure ID
simply an incident of the common
plunge.
President Day was not at the bank
but all access to him at his house j:
denied. A large crowd of depositors
surrounded the bank, but everything i.
| orderly. No access to the bank j.
allowed, except to its officials.
Cashier NIomsen's Statement.
Cashier Momsen said: The deposit
ors need not be apprehensiue of losing
their money. Every dollar will be paid
but it will take little time, probably
not over two weeks. Arrangement
that have been under way for severa
days, relative to the reorganization oi
the bank, fell through ats a. m, and il
was thought best to suspend temporar
! lily in order to properly adjust matters
As to the cause of the trouble, Other
than the bank needs little time to ge
its affairs Strengthened out, the suspen
sion has no significance whatever. Oul
correspondents throughout the stat.
win not be affected in any way. TIL,
relations of the bank with them ar,
such as 10 be in its favor. Regarding
reorganization nothing can be said a
| present"