The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-02

MILWAUKEE. June 1.-The Plankinton
Bank closed its doors at 1905 o'clock
this morning, AT that hour the follow
ing notice was tackled to the front door
OF the institution;
sowing to the failure OF our efforts to
reorganize the bank and to the contiR-
ual withdrawal Of deposits, we have
thought 1t best for the interest Of all
depositors and stockholders to close the
bank"
[signed,l "PLANKINToN BANK"
The bank opened Us usual at 10
O'Clock this morning for business. At
1906 William Plankinton, the vice
president, appeared en- the scene and
almost simultaneously the notice OF
suspension was posted.
There has been no run on the bank OF
late. Since the scare OF Two weeks ago,
however, the large depositors have been
steadily Withdrawing their accounts
from the Plankington and transferring
them to other banks. Many accounts
had been withdrawn through the
medium OF the Milwaukee clearing
house
The suspension is largely due to the
failure OF f. A. Lappen 4 Co., and the
Lappen Furniture Company, two weeks
ago, with liabilities that will probably
amount TO three-quarters OF q million
when the worst is known. The Lappen
firms, 80 lar as claims have been re-
corded, owe the Plankinton bank $780,
900, and this sum is due on Lappen's
personal notes, which are considered to
be practically valueless. The Lappen
inventory shows that the estimated
value OF the latter's stock Is SOS, 1888.
But the stock will not bring a sum any
where approaching this figure, and
ahead Of the Plankinton bank claims
are others amounting to over 100000.
The outlook for the Plankinton is
therefore not favorable.
How Lappen succeeded in placing
the Plankinton bank in the position in
which it finds itself is mystery. He
secured loan after loan OF $4,000 each
from the bank, even after common ru-
NOR said Lappen wss not wholly sound,
There are many sensational stories in
circulation regarding this matter, but
none that can be verified. The facts
will doubtless como out now and will
form Gn interesting story. The Plank
inton bank was the pet project OF the
late John Plankinton, the millionaire
pork packer and hotel owner, who died
two years ago. 1t was organized in
1887, aud Mr.. Plankinton was its first
president. The capital stock was
100000 On tho death Of Mr.. Plank
inton I. T. Day, who was then vice.
president, became president, and VIM,
H. Momsen ia cashier. 1t was through
President Day, it is said, that Lappen
had his principal dealings. Day was
to have retired shortly in favor OF m
Indiana man.
AT one time it was said that Phil
Armour, the Chicago packer, was inter-
ested in the BlankingLon bank and with
great show huge cafe was sent from
Chicago, accompanied by an armed
guard, and was escorted to the bank by
dozen policemen carrying drawn re.
volvers and clubs II was then said
that Mr.. Armour had sent 100000 in
gold to the assistance OF the bank. Mr..
Armour denied the story, but the move
restored confidence and stopped the
run. The heavy depositors were not
deceived and for two weeks they have
been Withdrawing their funds. The
principal depositors are small firms and
individuals.
The condition Of the bank at the hour
Of suspension cannot be learned. 1t Is
believed that the showing will not be a
satisfactory one. William Plankinton,
vice president, said he could not tell
how the bank stood or what would DO
done. Among bankers and business
men the opinion prevails that Plankin-
ton will personally see that all claims
are paid in order to clear his father
connection with the failure.
The news of the suspension spread
quickly, and In few minutes after the
posting OF the notice large crowd OF
people, many OF them depoaitors, has
tened to the bank to verify the rumors
They were met with the notice Of sus-
pension, which was written in largo let
tiers in crayon upon half sheet OF ma.
nilla paper. The doors were securely
4VShGNl hhA Nv ANNUITY va hhOChAhk VI
urging caused them to open. The sus-
pension was not only a surprise to the
public, but was in the nature OF sur
prise to the bank working force. The
question Of reorganization has been
practically settled, and az late as last
night 1t was understood by those inter-
ested that the new deal would 90
through. Local capitalists, George
Brumder and John PrizlaG, were to be-
come identified with tho new institu.
ton, and 1t was expected to complete
and announce the deal this morning.
Shortly before 10 o'clock William
Plankinton walked into the bank and
stated that nothing further could be
done and that the bank would close its
doors. In explanation:a few minutes
later, Mr.. PlRnkinton said:
1--WE have decided to close our doors.
Tho fact 10 they were after us faster
than VIC could get in our funds to pay
them and we have thought 1t tho best
thing TO do 10 suspend business for the
present. A notice TO that effect will bo
posted in few minutes."
A Trader Fails,