Griggs courier., 1893-05-19

BREASTED THE STORM.
The Plsnkintou Bank as Milwaukee Ex.
periences n Heavy Run, But Emerges
Unscathed-A Special Train Bearing
Funds for Its Asslstance Sent from Chi.
cago.
MILWAUKEE, May 15.-For the first
time in many years Milwaukee has ,ex-
perienced run ON one of its banks.
Before the doors of the Plankinton
bank. opened a crowd of 800 people
gathered about the entrance and,
from the moment the bank opened
until it closed in the afternoon
the tellers were 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 Planklnton bank is due to the large
amount in which it is involved in the
Lappen failure.
The most conspicuous incident in con-
nection with the run was the arrival of
about 500, 200 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 the big cash box had reassuring
effect ON some of the anxious depos-
itors. The cash came from the Con-
tinental national bank of Chicago,
where the Plankinton had cash bal
ance OF 81 900, and from several other
Chicago banks having small balances
due the Plankinton.
The special train on the Chicago.
Milwaukee & st. Paul railroad which
brought the money was composed of a
locomotive and an express car. 1t
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 to
Chicago to secure the funds, was so
wrought up by the Importance of his
duty that when the money in his charge
was safely in the bank he fell {h faint.
From statement made by the CASH
ier 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 100000. One
hundred thousand dollars was re-
ceived during the day from Chi
cago and at a meeting of the clear
ing house Saturday afternoon it
was decided to take 100000 of the
banks paper guaranteed by the direc-
tors. This gives the bank 5000, 900 that
is in its vaults. During the day less
than $4,000 was paid out to depositors
and it was stated by the bank 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 Eirst national bank,
and Frederick T. Day, president of the
Plankinton bank.
DULUTH, Minn., May Is. Gill &
Wright, proprietors of the Duluth roller
mills, have assigned to F. 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 out considerably and
was in no condition to stand the squeeze
The assets are variously estimated, &C.
cording to the valuation placed upon
the mill property, from $4,000 to
s120.000. Liabilities, $67, 900.
CHICAGO, May 15.-President Zimri
Dwiggins of the collapsed Columbia
bank views without any great con-
Germ the reports from Washington
that he may be indicted by the treasury
department for peculiar methods
of fnanciering. 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 as
much as $500, 900 or 100000.
INDIANAPOLIS, Ind, May 1O.-The
panicl<y feeling caused by the suspen-
sion of SO many 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 feeling 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
ened up little, 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, ough:
never to have permitted such banks to
do business, and the belief is that in
the future such banks will be watched
with more care
There have been in a}l ten failures Of
banks in the state as result of the
failure of the Columbia national of Chi
cago. First reports of sixteen failures
were unfounded. 1t is announced by
John w. Paris and ]. Shannon Name, of
this city, that the four banks in which