The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-03-14
Georgetown, Hoopestown, MartinsviHe,
Mount Carmel, Orion, Ridgefarm, Shef-
field and Spring Valley.
In -EdWardeburg, Richland


Mount Carmel, Orion, Ridgefarm, Shef-
field and Spring Valley.
In Michigan-Edw dsburg, Richlano
and Lawton. ;:. 81, & &
In Ohio-C Conway, Brookyille, Fillmore
Lewisburg, New Holland, Versailles and
Williamsburg. f d &@s
In addition to these named, banks in
several Wisconsin towns were forced fc
close The houses that were incorporat-
ed were stocked all the way from $40 .OO(
to $4,000. The greater number were
capitalized at $25,000 In seYeral4of the
towns it had not been deemed necessary
to form stock companies. The banking
was done by ordinary business partner
ships. Among the persons and firms in
volved in the squeeze were ex-Gov Chase
Greenwood; Beecher, Baxton and Co.
Morocco; Pritchard and Co., New sPala-
tine; II. Lightcap, North Judson, and
Horatio Nelson of Walkerton, Ind. .@H O.. O.
Ross, of East Lynn, and A.. w. Boyden &
Son, OF Sheffield, ILL.,, suffered similarly.
Dwiggins' plan as has been said, was
the sublimation of simplicity. He or his
representative would go to a town which
seemed to require administering upon
and proceed to organize. The capitaliz-
alton agreed upon might be, for instance
$4,000 Dwiggins and Starbuck would
subscribe for half and the merchants and
farmers of the particular town and vi
cinity would take the rest. Then Presi.
dent Dwiggins, of the Columbia, of Chi
cago, would extend credit to the amount
of the stock subscriptions of the new
bank. and there you are. It has not been
offered in evidence that the officers OF
the Columbia made it a condition prece-
dent to giving credit to the country bank
that the stock be fully paid UP. The sub
scription list furnished the basis of the
credit in each case.
Among sophomores the proposition
that :. chains strength is measured by
the resistance of it's weakest link is fa-
miliar. 1t is one of the illustrations Civ
en- in the systems of logic taught in the
colleges. The same holds in the banking
system. One of the links in Dwiggins
chain gave away. The deposits Of the
olumbia-$1, 500 900 in the aggregate
were invested in securities that depended
largely upon the future for value; mort
cages on real estate estimated above its
worth, and loans to individuals One
day market prices failed to advance the
customary notch or two, and some de-
positors came in and withdrew their
funds, stocks went down and further
drafts came upon the institutions created
by the unhappy Zimri. Upon an evil
day the Chemical Bank of Chicago, found
itself with an empty cash drawer, and,
lacking ability to transact further busi-
ness locked the front door before o'clock
of the afternoon. The depositors of the
Columbia could not fall in line fast
enough, for the Columbia was a new bank
and it's managers unseasoned and un-
known. The ones who had blindiy TAX
en- in their money to be held were as un-
reasoning in their attempts to get it out
They were wise in their efforts but it
was the wisdom OF instinct. With re-
sources depleted and with agents out at
tempting to raise money on ineffective
securities, the Columbia received draft
from the Union Trust Company, of Sioux
City. The sum called for was $S5, 900, and
the bank refused, because it had to. The
curtain was drawn and the doors closed.
Zimri Dwiggins caused this notice to be
posted on the doors of the counting-room