Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-05-19

MlWduhee, May 1o.-IElllp -. AZ
mour, of Chicago, Clipped in $1,000
900 today and saved the Plankinton
bank of this city from a hard struggle
for eXistance. AS a result of the fail
ure of Frank A Lappen & Co. yester-
day q run was begun Oh the bank this
morning. The Plankinton had $4,000
Of the defunct concerns paper. All
the forenoon there were crowds around
the doors of the institution. There
were the usual scenes of such occasions
excited men and weeping and deS-
perate women. Tie fearful ones were
mostly small business men and mem
berS of the working class. There were
few representative business men in the
line-in fact, business men continued to
make deposits while the run was in
progress. The bank paid all accounts
as fast as they could be presented, but
even this did not seem to satisfy those
outside, and the crowds increased I'M
til the Railways of the building in which
the bank is located and the sidewalk
was filled with a crowd of anxious de-
positors. The scene continued until
shortly after II o'clock.
At this hour a special train from
Chicago bringing gold to the banks
aid arrived. The train made the run
from Chicago-eighty-fiv miles-in less
than two hours. The money is sup
posed to have come from p D. Armour,
one of the stockholders in the bank,
and it is thought to be in the neighbor-
Of fnIr i<
the Dank from the st. Paul depot in Il
small safe, which was carried OH a
wagon guarded with seven detectives
with Winchesters, reached the bank a
shout went up from the crowds of cred
itors which We're surrounding the in
stitution 1t is also said that the Plank
linton estate, which is largely interested
in the bank, came to the rescue with II
large amount of cash. The Wisconsin
Fire and Marine Insurance Company
bank at IL o'clock sent over $4,000
in currency.
The effect of these contributions to
the banks Golfers had the effect Of re-
assuring many of the depositors and
numbers of the more confident ones
left the institution.
At 2 o'clock an estimate made by
the bank officials set the amount paid
out at but So 900, while a significant
fact was that new depositors had open.
ed accounts, the amount of which was
nearly as great as that paid out.
AT 2 o'clock the crowd had not
visibly decreased though it was very
orderly. There was no excitement be-
You'd the eagerness to draw their saw
ings.
Depositors who evinced the least
doubt as to the stability of the bank
or who were chary as to allowing their
accounts to go over until Monday morn
ing were besieged by brokers on the
outside of the bank who offered to cash
all deposits at 1 and 2 per cent.
1t is stated at 3:45 o'clock, that when
the bank would close it's doors for the
day that there would not be much less
than 81 100000 in it's vaults.
The officers at 2 o'clock decided to
commence to pay off the savings de-
positors, the announcement of which
was greeted with cheers. Nearly every
depositor was paid in gold. Though the
tellers worked hard it was necessarily
very slow and when the usual time for
the close of the bank came nearer. the
crowd became quite troublesome. This
was soon alleviated by the posting of a
notice that the bank would remain open
until o'clock an hour longer than
usual.
The Plankinton is operated under a
state charter and has a paid up capital
Of 100000, with a surplus Of $4,000.
1t also conducts a saving department,
and did a big business in that line.
Frederick T. Day is president, William
Planl1inton vice president and William
NJ Morrison cashier. The deposits ag-
gregate about 100000.
Gov. Peck tried to convince deposit
ors that the bank was solid and he
made a speech to them.
Chicago, May 13.-P. D. Armour
seemed quite surprised this noon when
he was asked if he had sent $1,OOO,OO0
to Milwaukee to assist the Plankinton
bank while the heavy run was on.
$50 that is the story, is it?' asked the
big merchant as he leaned over a desk.
"Wel, sir, you can say there is no truth
in the statement that ] have sent ST.
100000 or any other sum of money to
the Plankinton bank. don't think it
needs any financial assistance. 1t is
as good as gold, and under these cir
cumstances it would look peculiar for
a consignment of money to be made
to it from Chicago. The fact that Will
liam Plankinton is a heavy holder in
the bank makes it ludicrous to think
of sending money from Chicago. No
one supposes for an instant that the
Plankinton estate has several million
in cash at it's immediate disposal, but |
there are millions invested in gilt-edged |
real estate and personal property. Mr.. |
Plankinton is too much concerned in
the name of the family, the bank and
Milwaukee not to see that every run |
upon the bank is promptly met.
But, Mr.. Armour, do you know Of
any other party or parties who might |
have sent the money from Chicago"
NO sir. I say once more that the |
bank does not require help from any
one here. You can say for me that
have not been interested in that bank
or any other in Milwaukee since John |
PIankinton's demise, Mr.. Plankinton |
and I were the best of friends and it
would be but idle gossip that would
question the financial standing OF his |