New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-02
PLANTATION BANK FAILS.
FORCED TO SUSPEND BY; WITHDRAWALS
OF DEPOSITS.
WILLIAM PLANTATION TAKES CHARGE rs Ao'
sIGNEE AND FURNISHES BONDS
rop q, ZOO 600

WILLIAM PLANTATION TAKES CHARGE As AS
sIGSEE AND FURNI SHE'S BONDS
FOR 100000
Milwaukee,, June 1.-The Pianhh'oh BUNK e"9'"
tie doors ot five minutes past 10 O'Clock this morn
Ing At that hour the following notice was 'acheu
TO the front door Of the institution
.Owing TO the failure OF our efforts to reorganize
ho hank and TO the continual withdrawal OF deposits
we have thought IT best for the interest OF all de
p'Snors ""u s'''""''' "rLASKINTON BANK"
The suspension not only surprise 10 inc
pnllir but was I'm the nature of surprise 10 inc
bank working force. The question OF reorganization
had been practically settled, and as lat" As last
night was understood by those interested that the
new deal would co through. Local capitalists, George
Brumder and John Prizlan were 10 become idcntl-
fled with the new Institution, and II expected TO
complete and announce the deal this morning shortly
before 10 o'clock william PankntOn walked into the
bank and stated that nothing further could BE- done,
and that the bank would close IFS doors. In cxplana-
ton a few minutes later Mr.. Plankinton said "We
have decided to close doors. The fact Is they
were after Us faster than could get in our funds
TO nay them and have thought the best thing TO
do IS TO suspend business for the present. Five
minutes later came the announcement Of Inc failure
There has been regular the bank Of
late since the OF two weeks ago however, the
large depo,tors who did not take part In the run that
their from the Plankinton, and transferring
them to other banks. The present condition OF the
bank cannot be learned.
The last scmiarnua statement Of the bank was rs
follows: Loans and discounts. Sl433,s55 SO; over
drafts ~, so As; due from banks. $430O7j 90;
capital. 100000; surplus. 100000 undivided
profits $4,000 0o due depostors on demand. ST.
30. l31 o.; due depositors time. S76i ,461 II.
Among the stockholders \. T. Day. 100000;
Ioin Plank esta HanEtntOn,
IS 900 Judge James G.. Jenkins ~ 800: +. W. Noyes,
10000; Charles L. Clason, $4,000; II. q. Armour,
s5O 900.
The suspension Is largely due to the failure OF F.
4. Lappcn & Co.. and the Lapprn Furniture Company
weeks ago The Lappcn firms. so far as claims have
been recorded. the Planknton Bank S2l0OOo. and
this sum is due on Happens personal notes. which are
considered TO be practically vauelcSS
The Plankinton Bank the pet project o. the
late John I1anknton, the millionaire pork-psckcr
and hotel owner. who died two years ago. IL was
organized In 1887 and Mr. PlankintoD was It's first
president. The capital stock Was 100000. on the
death Of Mr.. Plankinon, +. T. Day. who was then
vlccpresldcnt. became president aud william Flank
in,on son and heir of the dead millionaire assumed
the office of vice resident II + said that at the
death Of John PlankntoD Lappcn owed the bank the
sum Of SIS 900. william Planknton entered pro-
test against this, and Lappcn was pushed TO ex-
ircmc measures. Since that time all that took place
A
behind closed doors. but Lappcn always walked ont
with III, pockets fun OF money until he owed T2IOpoo
Of the phases OF the case Is the secrecy
Of Happens indebtedness. Although he owed n
fortune the Iranldnton Bank, thi, fact was not
known 10 any other bank IN the city. There was
no report Of II an the commercial agencies. and moth
Ing could be learned inquiry. II was through
President Day, II IS said. that Lappen bad his prn-
cipal dealings. Day Is III and 1t has been under
hat he IN rciIr
Indiana man. This announcement was made shortly
after the Iappcn failure and Immediately following
the heavy run that resulted At that time 1t was
| said that Philip Armour. the Chicago packer. VA,
| interested IN the Flankinton Bank. end had
| sent sCOOOO In gold To the as,i-dncc Of
| the bank Mr. Armour denied the story. blt the
| move restored confidence and ended ih" 'tin Tic
heavier dcposltors however were not deceived ana
| their funds The principal dcpps!tors now ar" small
firms and individuals VINO cannot We'll afford TO have
| This afternoon The bank mad. an assignment. aud
| William IIanhinton was appointed a'ssnr III. bon
| furnished. TIE sureiies Congressman John MI
chel, David Ferguson vice president Of III" Wisconsin
| Or, sident OF the National Exchange Bank. Mr.
iIanknien said he could tell hove the bank stood
men the opinion prevails that Mr.. I1anknion Will per
sonaly that all claims paid In order to clear
Robert i'm, ,icc-prcsidcnI Of the Wisconsin IA
onal Bank. In an Interview relative TO III" probable
elect, N any. oi Inc inhurr, shlu Iir" can n' no
discounted time whom ~" run frst occurred
! don't appr'h"nd that there Will lac amy dimcnlty
about The depo,iiors getting their MONEY. The men
lchini bank "ac individually or collectively, are
able TO meet whatever demand may be- made"
| Chicago June tspeciaD-The failure 81 the
| rlnnhinton Bank Gil not create much comment h"re
to-day. The Chicago correspondents of the bank arc
| the Continental National. the National Bank ~
| America ard the Bankers National Bank. The
officers Of these institutions all declare that the
pension will have effect nj all In Chicago. In
fact. the plankinGnn rank NV has small balances
| with each OF The banks named.