St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-02
BORNE DOWN BY A RUN.
The PIankinton Bank Gould Noe

The PIankinton Bank Gould Noe
Stand the Financial Storm.
MILWAUKEE, June 1.-The Plankin-
ton bank, which stood hard run two
weeks ago after it became known
through the failure of f. A. Lappen (6
Co. that the institution had loaned
$4,000 to that firm, closed its doors
this morning and made an as,
Segment this afternoon. A notice
was placed upon the door which
states that on account of the failure OF
efforts TO reorganiZe the bank and the
constant withdrawal Of deposits, it was
thought best to close the bank. TheLapi
pen inventory was finished yesterday
evening, and the poor showing of assets
made by 1t settled the bank. The
Plankinton's recorded claims against
the Lappen business was $4,000. The
claims of Robert Hill and A. Landauer,
all of which take precedence Of the
PlankintOn, aggregate S55,0 900. The in
VentOry OF the LapDen stock shows a
total of only S20S, GOOSE. Allowing So s.
600 of this amount for the satisfaction
of the Hill and Landauer claims, there
is left but S153,000. 81 toward making
good the PlankiutOn claim.
Just before the Lappen failure the
sight and time deposits amounted
to 81 100000 in round figures. This
money, of course, III regular order
of banking business, was scattered
about in loans of all amounts and dates.
The Plankinton'S principal corresponds
dence abroad was with the National
Bank of the Republic and the United
and the Continental National, Of Chi
cago. The condition OF its business
with these concerns is said to be bad,
and it is unofficially stated that the
$4,000 that came to the relief of the
PlankintOn during the run upon it from
Chicago was sent by the Continental
NatlO&Nl.
The Plankinton bank was organized
in 1887 by the late John PlankintOn,
the millionaire pork packer. +. L. Day
was one of MIR. PlankintOn's cO-wOrk.
er5 in the organization. Mr.. Plankin-
ton was the first president, but
Mr.. Day assumed the active man
agement of the business from
the start. After the death OF Mr..
Plankint0n, Mr.. Day was elected
president and William PlaukintOn, son
of the founder. was chosen vice presi-
dent, to represent the stock of the
PlankintOn estate and that held by
ment was made to William PlaukintOn
this afternoon. Mr.. PlankintOn was
placed under bonds to the amount OF
s1GO0,000. His bondsmen are John l..
Mitchell, Charles Ray and David
Ferguson. The state law re-
garding assignments provides that
the assignee's bond must be placed
at a figure eXual to the nominal as
sets of the involved firm. According to
the bond the banks assets are 81. SOC, 900.
With the failure OF the PlaukintOn
bank the chances for the reorganization
OF the LapDen business fell fat. There
is no longer any hope that the proposed
company can be organized. Sheriff
Dun now has in his hands more than
S4j0,00O In claims against the Lappens.
President Day, of the bank, also made
All individual assignment today. He
owes the bank 100000. Mr.. Day's
liabilities are said to exceed nc more
than $685. and his assets are fully
81 100000. A mortgage was entered &C
the register of deeds this afternoon, in
which +. L. Day, the banks president.
gives the Plankjngton bank mortgage
on seyenty-iiye lots il Highland BOule-
ward, nOminally for 81 and other con.
siderationS to be named hereafter. The
value of the lots is about $500, 900. This
places the bank upon its feet again.