Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-06-09

Plankinton, of the Plankinton bank.
assumed official charge of that institu-
ton this morning. He will open ac-
counts with the Wisconsin Marine K
Fire Insurance company bank and the
First National bank, where receipts,
papers, etc, will be deposited.
When seen this morning Assignee
PlanhlntOn said that no official state
ment could be made at the present
time, as large amount of clerical work.
including the examination of books,
accounts, etc, would be necessary be-
lore definite conclusions could be az
rived at. A feeling of security to all
depositors peryades the atmosphere to-
day, as the appointment Of Mr.. Plank
mton gives assurance that every dollar
due depositors will be paid as rapidly
as it can be legally done. The only
unfortunate effect Of the suspension, so
far as they are concerned, will be the
necessity of waiting for their money,
Which may be needed in business and
for various purposes.
AT late hour last evening Assignee
William Plankinton gave out the fol-
lowing statement:
June l, 1S93.-IIaying concluded to
wind up its business, the Plankinton
bank has made an assignment to the
undersigned. The assets will be turned
into money in the shortest possible time
and paid to depoSitorS as soon us real
lied. Full statements of debts rand
credits are now in course of prepara-
ton
, William Plankinton, Assignee"
While the suspension Of the Plankin-
ton bank was a surprise to the general
public, yet when it becomes known that
the withdrawals from that institution
since of the run began amounted to
over 100000 and that many of the
larger depositors had been quietly re-
moving their deposits for two weeks
past, there Will be no particular wonder
that the bank officials decided to take
time to look around them and get
Strengthened out by closing down.
| 1t is known by gentlemen who are in
a position to know what they are talk
; ing about that in his efforts to tide the
bank over the crisis caused by unfor-
/ tunate loans Mr.. PlanllintOn offered to
| give any interest which might take
| hold of it an indemnifying bond of
| 100000 that the assets would come out
all right and be worth dollar for dollar
at any time. 1t is said that some of the
gentlemen who were expected to go
| in wanted in addition to this guarantee,
a bonus of 100000. 1t is claimed by
| good bankers and wise business men
| that to have taken the Plankinton
bank at the right time would have
been worth to any practical banker
at least 100000, as it was one of the
best paying banking institutions in
the city and always made money.
The fact that during the four years Of
its existence the surplus amounted to
100000 demonstrates the earning abil-
| ity of the institution and had it been
reorganiZed and the capital stock in
creased to 100000, as was proposed,
the most conservative bankers admit
there would have been a splendid bus
mess for the gentlemen interested. The
suggestions heard in various quarters
that if the bank was 4 good business
investment Mr.. Plankinton should have
taken the bulk Of the concern is an
swered by his friends with the state
ment that he is i'll no sense of the word
Il banker. His tastes do not run in
that direction and his other interests
keep him busy in a more congenial
line of occupation. The gentlemen
who were to have gone into the bank,
under the arrangement for reOrganiZa-
ton, were John Pritzlaff, Gustav VOL
Jaeger and George Brumder. The series
Of meetings held and various points
raised resulted in. failure to arrive
at Il definite decision and the suspen-
sion was the result.
AS result of the suspension of the
Plankinton bank some little uneasiness
has been caused among bank depositors
in the city and a number Of small de-
positors have been Withdrawing their
accounts from various banks during
the day There is nothing in the ma
ture of a run" however, and the feel
ing is becoming settled that no trouble
is to be occasioned in Milwaukee fur
Their than that which has taken place.
Shortly after the Commercial bank
opened for business this morning a
number of savings department depos-
itors called at the bank to get their
funds. These were paid out as rapidly
as possible, but the bank took advan-
tage of the law requiring due notice
in cases where deposits amounted to
more than 500. The depositors We're
chiefly women. who had their little all
in bank and who had naturally be-
come uneasy by reason of the con
dition of affairs and preferred to have
their money at their homes instead of
in any banking institution. No excite
ment was caused and Cashier Geilfuss,
calm rs ever, was prepared to accom-
modate all who wanted their money,
and had right to withdraw it. While the
people were taking out their small de-
posits one firm deposited $1,000. The
cashier of one of the largest business in
situations in the city remarked to the
officials of the Commercial that if at
any time they needed $4,000 or $4,000
to help them out they could get it ~
short notice The reply was that the
bank would not need it as there was
more money on hand in the institution
than would be needed to pay all who
called.
The Commercial bank is the county
depository Deputy County Treasurer
Evarts said this morning that the county
now has $4,000 on deposit in that
bank.
Rumors of small runs on the Second