10008. Manufacturers Bank (West Duluth, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 2, 1896
Location
West Duluth, Minnesota (46.735, -92.186)

Metadata

Model
gpt-5-mini
Short Digest
c645b83c

Response Measures

None

Description

State bank examiner took charge and appointed a receiver; articles consistently report failure due to inability to realize assets and receiver C. E. Peaslee/Beaslee appointed. No run or depositor panic is described in the sources. Classified as a suspension by government action leading to permanent closure/receivership.

Events (2)

1. September 2, 1896 Receivership
Newspaper Excerpt
C. E. Beaslee has been appointed receiver. The failure is attributed to the bank's inability to realize on its assets. Deposits are about $40,000. (multiple reports Sept. 2-3, 1896).
Source
newspapers
2. September 2, 1896 Suspension
Cause
Government Action
Cause Details
State bank examiner took the bank into custody and appointed a receiver after the bank was unable to quickly realize on its assets; deposits about $40,000.
Newspaper Excerpt
The State Bank Examiner has taken charge of the Manufacturers' Bank at West Duluth, and C. E. Beaslee has been appointed receiver.
Source
newspapers

Newspaper Articles (11)

Article from The Indianapolis Journal, September 3, 1896

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BUSINESS TROUBLES. Manufacturers' Bank of West Duluth in Receiver's Hands. DULUTH, Minn., Sept. 2. - The State Bank Examiner has taken charge of the Manufacturers' Bank at West Duluth, and C. E. Beaslee has been appointed receiver. The failure is attributed to the bank's inability to realize on its assets. Deposits are about $40,000.


Article from The Evening Times, September 3, 1896

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Briefs by Cornelius Vanderbilt, jr., and his bride, formerly Miss Wilson, of New York, have arrived in London. The available funds for the monument to Francis Scott Key, in Frederick City, Md., amount now to $8,689.97. Admiral Brin, Italian minister of marine, has asked for a credit of 4,000,000 lire, for the purpose of mobilizing the Atlantic squadron. The pork packing establishment of Plumb & Winton, at Bridgeport, Conn., was partially destroyed by fire this morning: loss, $20,000; partly insured. Edward G. Robinson, thirty-nine years old, a tinsmith, was probably fatally injured by falling from the roof of his threestory house in Philadelphia. Postmaster R. L. Jervis, of Benten Harbor, Mich., was nominated for Congress last night by the Democrats, Populists and Union Silverites of the Fourth district. A fire at Winston, N. C., destroyed the Masonic Hall and damaged Smith's drug store, Schanter's dry goods store and Justice & Bronder's bookstore. Loss, $50,000. The Manufacturers' Bank of West Duluth, Minn., has been placed in the hands of a receiver, by order of the State bank examiner. Deposits amount to $40,000. The Pennsylvania board of pardons has practically decided to recommend a pardon for John Bardsley, ex-treasurer of Philadelphia, sentenced in 1891 to fifteen years in the Eastern penitentiary for misappropriating over $500,000. The Nebraska State banking heard yesterday took charge of the State Loan and Trust Company, Bank of Ogallala, of Nebraska, and ordered its doors closed. It was capitalized for $25,000. A statement of the liabilities and assets has not been filed. An unknown woman, about thirty years old, leaped from the platform of the elevated station at One Hundred and Twenty. fifth street and Third avenue, New York. at 9 o'Clock this morning, and, landing on the track in front of an approaching train, was cut to pieces. Henry De Bretz, a prominent citizen of Smithton, Pa., was attacked at a late hour Tuesday night by three unknown foreigners near his home and robbed of his money and valuables. He was then stabbed several tinfesandsustainedinjuriesfrom which it is expected he will die. Yesterday afternoon the sheriffseized the brewery of F. Klinkert, at Racine, Wis., on a judgment. Lastnigh Mr. Klinkert made an assignment for the benefit of his creditors. The assets are said to be $200,000, while the liabilities will not reach over haif or three-quarters of that sum. John Karitzon, of Mount Carniel, Pa., had 199 Supplierp pare his THE burder E into a clump of bushes, a short distance from their home. he slashed her with a big knife and then beat her into unconsciousness with a big club. When found by passers-by, Mrs. Karitzon was in a critical condition and her husband bad fied. Normen S. Will, of Rowlandville, Cecil county, Md., hauled his outline in the river with astonishing result. He found that a large eel had gulped down bait and hook in the night and that the eel had wrapped itself around a sixteen-pound rock fish. Mr. Will says the eel held the rock fish very firmly and strength was necessary to unlock them. Milford Bryan, aged five years, son of James Bryan, of St. Michel's, Md., was


Article from The Providence News, September 3, 1896

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Minnesota Bank Goes Under. Duluth, Sept. 3.-The state bank examiner has taken charge of the Manufacturers bank of West Duluth, and C. E. Beaslee has been appointed receiver. The failure was attributed to the bank's inability to quickly realize on its assets.


Article from Birmingham State Herald, September 4, 1896

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BUSINESS TROUBLES. Bank in Receiver's Hands. Duluth, Minn., Sept. 3.-The Manufacturers' bank of West Duluth has been placed in the hands of a receiver by order of the state bank examiner. Deposits amount to $40,000.


Article from Richmond Dispatch, September 4, 1896

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Telegraphic Briefs. Duluth, Minn.-The Manufacturers' Bank of West Duluth has been placed in the hands of a receiver by order of the State Bank Examiner. New York.-J. Sternglanze & Co., shirt and overall manufacturers, made an assignment. Liabilities placed at $150,000, with nominal assets about the same. Warsaw, N. C.-Two of the largest stores were burned and others were damaged by fire, the principal losers being C. R. Hussey, loss $10,000, insurance $7,000, and J. P. Best, loss $6,000, insurance $2,500. Baltimore.-Ex-State-Senator Robert Moss, of Anne Arundel county, was nominated for Congress by the Democrats of the Fifth District, and the Chicago platform and nominees were endorsed by the convention. Racine, Wis.-The Sheriff seized the brewery of T. Klinkert on a judgment. Mr. Klinkert made an assignment for the benefit of his creditors. Assets, $500,000; liabilities, not over half or three-quarters of that sum. New York.-An unknown woman, about 30 years old, leaped from the platform of the elevated station at 125th street and Third avenue, and, landing on the track in front of an approaching train, was cut to pieces. Pittsburg, Pa.-Every mill in the steel department of the Edgar Thompson works of the Carnegie Company, at Braddock, suspended operations indefinitely, lack of orders being given as the cause for the suspension. Nashville, Tenn.-The Democratic State Committee made an offer of fusion to the Populist Committee by giving the Populists three members of the electoral ticket, a fraction over what they would be entitled to on the vote of two years ago, and the Populists asked twenty-four hours in which to make answer. Kingston, Jamaica.-Captain Murphy, of the American steamship Laurada, has been arrested on a charge of having articles contraband of war on his vessel, a number of riffes having been found on the steamer, and released on ball in the sum of £300. The report that the Laurada had been wrecked at Port Antonio. through treachery, is untrue. The vessel was only slightly damaged.


Article from The Ely Miner, September 9, 1896

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News in Brief. 0. Nolan, while under the influence of liquors, fell over the high embankment at the Union depot in Minneapolis and broke his back. During the carnival parade at Minneapolis, E. L. Walsh was knocked down by a horse and his left leg broken twice. Gus Mueller, of Rochester, committed suicide by shooting himself in the abdomen. Cause: Despondency over his health. State Bank Examiner Kenyon has taken charge of the Manufacturers' bank, of West Duluth, and C. E. Peaslee has been appointed receiver. The failure is attributed to the bank's inability to quickly realize on its assets. Deposits are about $40,000.


Article from The Princeton Union, September 10, 1896

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MINNESOTA NEWS. NOTION our up Star State. The state fair proved to be a proounced success. Anton Weinholzer was robbed of early $300 in his saloon in St. Paul. The residence of Mr. Mika at Delano was destroyed by fire. Loss $500. Two Duluth girls are mysteriously hissing and supposed to have been foully dealt with. Over 100,000 people were in attendince at the G. A. R. encampment at Paul. Ft. Hon. Fred C. Stevens was nominated or congress by the Republican convenion of the Fourth district, held at faylors Falls. Peter Rafferty. who has been held S a witness, is now charged with the nurder of Thomas Curlin, at Lake Elmo, near Stillwater. Gus Mueller of Rochester, aged 36, committed suicide by shooting himself n the abdomen. Cause, despondency over his health. The old Marquis Demores refrigertor at Brainerd was struck by lightning and set on fire. It is a total loss; artially insured. Under orders of the district court if Wabasha county the uncollected asets,-notes and securities of the de!unct Merchants bank of Lake City, vere sold. Mrs. Fannie B. Fleck, relict of A. M. Fleck ,was found dead in a closet in her residence at Austin. She had been n poor health for some time. Two :hildren survive. John Lambert's house and contents and six stacks of grain were burned to the ground. The Lamberts were away 'rom home and it is believed that the ire is the work of enemies. A school house in a district about 'our miles north of Montevideo was burned with all contents last night. The loss was about $600, and was !ully covered by insurance. The fire S supposed to have been set by ramps. C. E. Green and R. C. Blue, unmar:ied, employes of the Great Northern work train, were seriously injured at Bauk Center by falling from and being un over by the train. The recovery if either is doubtful. D. R. Morrison, a shoe dealer of Vinona, closed his doors Monday. His ailure is the result of the death af 1. F. Hodgins, to whom he owed somehing over $10,000. The assets are but 1 few thousand less than the liabiliies. The stock is estimated at $12,000. State Bank Examiner Kenyon has :aken charge of the Manufacturers' ank of West Duluth and C. E. Peaslee has been appointed receiver. The faila is attributed to the bank's inability to quickly realize on its assets. De)osits are about $40,000. A premature explosion of dynamite it the cement works at Mankato fatilly injured Peter Peterson and badly njured Peter Lewis,. If Lewis recov!TS he will probably be blind. They had disobeyed orders in using dynanite in the upper rock ledge instead of owder. John Sebaack of Douglass lost. his ;ranary and barn, including a large quantity of grain and 200 tons of hay, besides machinery, by fire, catching rom a threshing machine engine. Mrs. Theresa Congemine of Hampton lost 1 quantity of flax in the shock in a imilar manner. Both were insured. Great excitement prevailed at Anhandale for about four hours the other lay over the announcement that Scott Goodman's little three-year-old boy had wandered into the woods and was lost. The whole town was turned into a searching party, and just before dark he little fellow was found about three'ourths of a mile from home. John eGns, living southeast of Rentille, while riding horseback driving attle Monday morning, was thrown rom his horse, sustaining injuries rom which he died the same evening. le was sixty years of age and one of he earliest and most prosperous Gernan farmers in this section. He leaves wife and six children, mostly grown ID, to mourn his loss. A. D. Davidson, receiver of the State bank which failed some time ago, when Cashier Stuckey eloped with $15,000 of its money, has sued M. O. Hall, formerly president of the bank, 'or $3,200, which, it is alleged, he converted to his own use and failed to reurn. When Cashier Stuckey was tried 'or embezzlement some time ago he vas acquitted, blaming Hall for the rime. A serious affray occurred at Milaca ecently. William Johnson, a saloon teeper of Sandstone, came here several lays ago, and claimed a woman here S his wife. The woman, being di-


Article from The Union Times, September 11, 1896

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Throughout the North The cotton print mills at Fitchburg, Mass., has resumed operation after a nine week's shut-down. I At Pittsburg, Pa., Joseph Orozz was hanged for murdering his sweetheart, Theresa Bobok, January 8, 1896. 1 The American Watch Factory, at Waltham, Mass., has begun work again with a full set of hands and will run on full time. I At Van Cleek, Ont., the Commercial Hotel, owned by George Constantineau, was partly destroyed by fire and five pearsons were burned to death. 1 The Manufacturers' Bank of West Duluth, Minn., has been placed in the hands of a receiver by order of the State Bank Examiner. Deposits amount to $40,000. Chas. E. Warburton, proprietor of the Philadelphia Evening Telegraph, is dead of fatty degeneration of the heart. He had been in poor health for a long time. F. Klinkert, brewer, has made an assignment for the benefit of his creditors, at Racine, Wis. The assets are said to be $200,000, while the liabilities will not reach over half or three-quarters of that sum. In the presence of 8,000 spectators at Fleetwood Park, New York, Wednesday, John R. Gentry lowered the colors of Robert J., Frank and Star Pointer, winning the most remarkable harness race on record and pacing three heats in 2:31, 2:31 and 2:31. the fastest time ever known for three consecutive miles. At the New York Rifle Association meet at Seagrit, N. J., the team of the First Cavalry of Georgia won the carbine school prize. The first team of the Engineer Cory, District of Columbia, won the match at 200 and 500 yards. The team of the First Infantry of Georgia won the inter-state regimental match.


Article from The Progressive Farmer, September 15, 1896

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"SOUND MONEY" AND THE BANKS. The Manufacturers' Bank of West Duluth wentof business. Couldn't meet its liabilities-in "gold." La Maida Bros. & Andrale, bankers, New York and Philadelphia, failed. Couldn't meet $30,000 of liabilities with $60,000 of assets. State Land and Trust Co, Ogallala, Neb., capital $25,000, loans and discounts $58,665, gone under the gold standard. The Bank of National City, Cal, insolvent. Receiver appointed. Union National Bank, Sioux Falls, S. D, gone. The First National Bank of Beatrice, Neb., closed doors. Couldn't pay $110,000 of liabilities with $250,000 of assets. See! $25 of honest property assets, will not pay $11 of gold standard debt. Beatrice Neb, Savings Bank also gone under, with $290,000 gold standard dollars-all of the savings from the toil of the honest laborers of that vicinity. American National Bank of New Orleans closed. Funds found squandered. Officers arrested. Three more bank failures in New Orleans las week.


Article from Willmar Tribune, September 15, 1896

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NEWS IN MINNESOTA The State Agricultural society cleared about $10,000 on the state fair last week. S. M. Owen, Populist candidate for congress has been endorsed by Fifth district (Minneapolis) Democrats A schoolhouse four miles north of Montivedio was burned one night last week, the fire being presumably set by tramps. J.D. Buxton, the defaulting treasurer of the Minneapolis postoffice, has been sentenced to three and a half years at Stillwater. Over 12,000,000 barrels of flour were ground at Minneapolis last year, breaking all previous records. At the head of the lakes over 3,000,000 barrels were ground. Footpads robbed David Eastman, a Sisseton Indian, of $30 near Browns Valley. He attempted to resist, when he was pounded over the head and rendered insensible. A proposition to incorporate the territory now embraced in Thief River Falls and Red Lake Rapids as a city was carried at a special election practically without opposition. W. O. Cole of Chicago and A. H. Gay of New York, representing bondholders of the Gas and Water company, have made the Duluth city council an offer to sell the gas and water plant for $1,695,000. While Alderman Jacob Niebles of Fergus Falls was at St, Paul, pickpockets touched him on a street car for $40. The same night burglars entered his store at Fergus and took $200 worth of guns and revolvers. The sum of $5,800 was found hidden in the mattress upon the bed formerly occupied by the late Hugh Donalue of Chatfield. It was in the form of bank bills of small denomination, together with notes, mortgages, certificates of deposit, etc. State Bank Examiner Kenyon has taken charge of the Manufacturers' bank of West Duluth, and C. E. Peaslee has been appointed receiver. The failure is attributed to the bank's inability to quickly realize on its assets. Deposits are about $40,000. The Sleepy Eye Milling company's elevator at Cobden has been burned. Several freight cars belonging to the Chicago and Northwestern road, standing on the siding near the elevator, were also burned. The origin of the fire is thought to have been incendiary. A premature explosion of dynamite at the Mankato cement works fatally injured Peter Peterson and badly injured Joseph Lewis. If Lewis recovers he will probably be blind. They had disobeyed orders in using dynamite in the upper rock ledge instead of powder. Erastus Wiman is in conference with Minneapolis millers over a plan to reduce freight rates on flour from Minneapolis to New York 10 cents. The route to be used includes the Erie canal and the plan is to take shape in the formation of the Consolidated Lake and Canal company. Minnesota grain inspectors state that the grades of grain which have already entered Minneapolis and Duluth in large quantities are Nos. 1 and 2 Northern, slightly better to all appearances than last year's first shipments. The berry is not SO large, but the grain is heavier and brighter. Thursday an electric car bound for the state fair grounds collided with a Minneapolis and St. Louis freight train at Snelling avenue crossing, and eight people were quite seriously injured, none of them, however, fatally, it is believed. The street car was filled to the gates with people and it is a wonder that there were no fatalities. The Bermidji stage was held up by two masked road agents. One stopped the team. The driver pulled a revolver and the second robber put a bullet through his hat. This subdued him and robber No. 2 went through his pockets, taking $35 in cash and a small express order, and disappeared in the brush. The mail was not disturbed.


Article from The Princeton Union, October 8, 1896

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MINNESOTA NEWS. Interesting Happenings in the North Star State, The St. Paul school show a large increase and the board is confronted with the problem of insufficient Albert Schufsky was accidentally shot, near St. Paul, while out hunting with a companion. The state agricultural society has balance of $16,572.50 as a result of the fair this year. Victor Bodeen of Mora, Minn., killed in the railroad yards at Sandstone by being struck by an engine. The annual meeting of the Southern Minnesota Bee Keepers' association was held at Winona. A number of teresting papers were read. Rev. W. G. Trower of Minneapolis has accepted a call from the Baptist church of Hastings, and entered his pastoral duties. Fire at Track destroyed the livery barn occupied by H. R. Searles, with part of its contents. Loss about $2,000, with small insurance. Frank Bresland, sentenced at Hastings last month to sixty days in for an assault, was pardoned conditionally by Gov. Clough. Fire was discovered in an outbuilding near the Brunswick hotel, at Faribault, recently. An alarm was given and the flames extinguished with small damage. Anson Hall, an old resident, living ten miles from Appleton, committed suicide by hanging. Long-çontinued ill-health is supposed to have been the canse. The firm of S. Asplund & Son, dealers in groceries and provisions at Lake City. has made an assignment for the benefit of their creditors. Anson Pierce was named as the assignee. John Wortler's large barn, four miles west of Woodstock, was destroyed by fire. Children and matches are posed to have been the cause. One of the children narrowly escaped crema tion. The New York Life Insurance pany secured foreclosure of the mort gage on the Palladin building, a seven story office building on Superior street Duluth. The mortgage was for $142, '000 Burglars entered the postoffice and store at Currie, but only secured a few stamps and small change. They were discovered by means of a burglar alarm in the store, but fled before any reached the place. Fire at Little Falls partially stroyed a house belonging to the Home Building company and occupied Emil Nelson as a dwelling. Part the contents were saved. There was small insurance on the building. J. S. Manton will discontinue the management of the Commercial hote at Crookston, and the place will prob ably be closed up. Mr. Manton leased the Palace hotel and purchased the restaurant owned by D. McKinnon He will open at once. At Winona William Wallace was tenced by Judge Gould to 18 months hard labor in Stillwater for larceny the second degree. He, as well as wife, who was present, broke when the sentence was pronounced. Creditors of the insolvent Manufac turers' bank, of West Duluth, held meeting, at which it was stated C. E. Peaslee, receiver of the bank was managing its affairs extravagantly 'A committee was appointed to draw a petition for the court to remove While superintending some work 01 the City Opera House at Sauk Rapids A. O. Schivner fell headlong to the floor below, a distance of 18 feet, was seriously injured. He is proprie tor of the Sauk Center house and member of the city council. SUM Aulley Sujads JO mpqort TO S turning from 00 outing with his wife three daughters. Elmer Lloyd and Roy Viall. In passing another team, the vehicles collided and Mr. Lobdill's team ran away. The carriage was overturned and Mr. Lobdill and