River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-05-18
BREASTED THE STORM.


The PIankinton Bank at Milwaukee Ex-
periences Heavy Run. But Energies
CnscathedA Special Train Bearing
Funds for Its Assistance Sent from Chi /
cago.
MILWAUKEE. May 15.-For the first
time in many years Milwaukee has ex-
perienced a run on one of its banks
Before the doors of the planlsinton
bank opened "a crowd of 500 people
gathered about the entrance and.
from the moment the bank opened
until it closed in the afternoon
the tellers We're kept busy paying out
money. Saving depositors were refused
their money under the rule requiring
thirty days notice before withdrawal
of funds. At noon the run was virtu-
ally over and confidence began to re-
sumo sway once more. The distrust of
the Planknton bank is due To the large
amount in which il is involved i'm the
Lappen failure.
The most conspicuous incident in con
rection with the run was the arrival of
about Si00.0 900 in an express safe from
Chicago. The money was unloaded at
the bank about 1880 o'clock from an
American Express wagon, and the sight
of tine big cash box had a reaSsuring
effect on some of the anxious depos-
itors. The cash came from the Con-
tinental national bank of Chicago,
where the Plankinton had a cash bal
anee of S77 900, and from several other
Chicago banks having small balances
due the PlaulSinton.
The special train on the Chicago.
Milwaukee * ST Paul railroad which
brought the money was composed of
locomotive and an express car. II
made the run in exactly two hours and
fifteen minutes and just four minutes
after the train dashed into the depot
the money was at the door of the bank
Assistant Cashier Moody, who went tC
Chicago to secure the funds was sc
wrought up by the Importance of his
duty that when the money in his charge
was safely in the bank he fell in faint.
From a statement made by the cash.
Ter to the directors Friday night the
bank had in its vaults Saturday morn
ing money belonging to it and other
banks to the amount of 5000, 600 One
hundred thousand dollars was re-
ceivcd during the day from Chi
cago and at meeting of the clear
ing house Saturday afternoon il
was decided to take S20u, 900 of the
hanks paper guaranteed by the Girec-
tors. This gives the bank 5000, 900 that
is i'm its vaults During The day less
than $40. 600 was paid out 10 depositors
and it was stated by the blank officials
that this had been met by new deposits
received during the day
The scene in the bank was very in
teresting. Depositors were crowded
against the counters, all endeavor-
ing To get in first. and prominent men
in banking and business circles were
delivering short speeches assuring them
of the safety of the bank and their
money. Among those who spoke to
the crowd were Gov. Peck. Frank Big
Glow, cashier of the First national bank,
and Frederick T. Day, president of the
Pianiyinton bank.
DULUTH, Mimi. May Is. II Gill &
Wright, proprietors of the Duluth roller
mills, have assigned to /. W. Paine,
cashier OF the Security bank The fail
ure may be attributed to the recent
deal in May wheat at Chicago The
firm had spread ont considerably and
was in no condition to stand the squeeze.
The assets are variously estimated, ac-
cording to the valuation placed upon
the mill property, from $75, 900 to
100000. Liabilities, So, 900.
CHICAGO. May 15.-President Zimri
Dwiggins of the collapsed Columbia
bank views without any great con-
Germ the reports from Washington
that ne may be indicted by the treasury
department for peculiar methods
of financiering. The report was
to the effect that irregularities
were discovered in the banks method
of doing business. and that these ''ir-
Irregularities" constituted ample grounds
for an indictment against the presi-
dent. The amount of money involved
in these transactions IS said to be a.
much as $500, 900 or $500, 600
INDIANAPOLIS, Ind, May 10-The
panicly feeling caused by the suspen-
sion of so Dlany banks throughout the
state is passing away. 1t is possible that
there are few more of the country
banks that may have to close their doors.
but the fee,ing is that the worst is over.
The many suspensions have not caused
more than ripple of excitement among
the old line bankers. Money has tight
cned up l.ttle, but the best financiers
say there Is no ground whatever
for the indiscriminate talk of the
danger of panic. Indianapolis
bankers express the belief that
the suspension of this Dwiggins and
Paris line of banks will result in good
The state authorities. they say. oug'it
never to- have permitted such banks to
do business. and the belief is that in
the future srch banks will be watched
with more care.
There have been in all ten failures of |
banks in the state as result of the /
failure of thu, Columbia national of Chi I
cago. FIRST reports OF sixteen failures
were unfou'sded. 1t is announced by
John w Paris and j shannon Name, of I
this city. u.at the four banks in which .
they are Interested viii reopen within, T.
a few lays. The Orleans bark /
has been disposed of to Orleans /
capitalists and will, it is announced, /
resume business to-day. The syndicate I
Announces that it has complete4 ar
rangeInents for the reopening of the .
other banks in its extensive string. 1t I
Is also stated that some of the banks |
operated by Dwiggins and StarbuelI o: I
the Columbia national will be reopeneo I
during the week.
For the Next Campaign.