11648. Commercial State Bank (Grand Island, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 1, 1907
Location
Grand Island, Nebraska (40.925, -98.342)

Metadata

Model
gpt-5-mini
Short Digest
28479aae02593fa6

Response Measures

None

Description

The Commercial State Bank of Grand Island closed its doors Nov. 1, 1907 after $50,000 of its funds were tied up in the failed First National Bank of Chariton, Iowa (whose cashier committed suicide). Local banks aided and an examination found the Grand Island bank solvent; it reopened Nov. 21, 1907. Contemporary reports note there was no run on reopening (deposits exceeded withdrawals).

Events (2)
1. November 1, 1907 Suspension
Cause
Correspondent
Cause Details
Had $50,000 deposited in the First National Bank of Chariton, Iowa, which failed after its cashier committed suicide; directors closed to protect reserves. Reports say local banks would assist and a receiver probably would not be asked for.
Newspaper Excerpt
The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday.
Source
newspapers
2. November 21, 1907 Reopening
Newspaper Excerpt
The Commercial State bank opened this morning...instead of even a semblance of a run, the deposits were greater than the withdrawals.
Source
newspapers

Newspaper Articles (15)
1. November 1, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 1, 1907

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STATE BANK CLOSES. Commercial of Grand Island Affected by Chariton Suicide. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday. Fearing the reserve of the Commercial would be threatened, its directors decided to close. The capital of the bank was $50,000 with a surplus of $5,000. De posits amount to $380,000. The bank was owned in Iowa. Other local banks will assist the Commercial and a receiver will probably not be asked for.

2. November 1, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, November 1, 1907

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IOWA BANK FAILS; CASHIER SUICIDES Bad Loans Wrecked Institution-Two Other Banks Forced to Close Also. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city closed its. doors today. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday. The deposits of the Commercial State bank are $380,000. Local banks will assist and a receiver will probably not be asked for. This is the second bank to close its doors as a result of the failure of the Chariton bank, the bank of Russell, a private institution, having suspended yesterday.

3. November 1, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 1, 1907

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CROCKER'S BANK INVOLVES OTHERS Chariton Institution Whose Cashier Killed Himself Reported in Bad Condition FAILURE HITS NEBRASKA BANK. Commercial State at Grand Island Had Sum on Deposit at Chariton Doors Large is Compelled to Close Its to Crocker and Has Long Planned Suicide. Special to Times-Republican Des Moines, Nov. 1.-Developments First Nathe affairs of the the exregarding bank at Chariton, and involved by tional which the bank is cashier, tent to vice president and dead its late Crocker, who was found are Frank from a dose of morphine, unconfirmed yesterday out slowly. An that the coming received here indicates the bank report will be heavy and that not be will failure be so crippled that it will able to resume business. instiBank of Russell, a private $25,000, of The with a capital of president, tution, Cashier Crocker was investigais which also closed pending this tion. the other banks of Chari- usual. However, continue in business as conditon will affairs are in the best adopted Their they have not even of tion and of limiting the withdrawal the prethe rule or otherwise taking generally. deposits adopted by banks take care caution enough money to and They have needs. Business understand men of their large depositors here there has the complete solvency and whattheir interruption of business bank, been no The Chariton Savings the ever. was closely connected with open which National bank, was likewise usual. Its First and did business as the all day expect to continue business same officers way, meeting all demands upon them. evidently contemplated sut ke Crocker for several days at least. He sp and cide discouragingly with close friends of that he faced some sort die- to hinted which he had not the courage to grace His friends, however, sought more meet. him and `thought nothing evencheer the matter then. He spent the fatherof in part at the home of his at the ing S. S. Arnold, and also and in-law, where he got some papers with bank, home. Here he talked briefly devoted went daughter, Jessie, and then matters his to papers and business himself letter writing. The household in and to as usual. Mrs. Crocker was Guilretired on a visit with a son, favorite. Chicago who was his father's his son, ford, was the first outing for lain in This had for nearly two years while who with an injured back, hurt Military he bed was a student at Culver academy. Cashier Crocker was highly esand his popularity ran strong. teemed considered personally wealthy interHe was supposed to have large and and was He held universal confidence the ests. practically in full charge of were was here. His personal habits known bank suspicion and he is not had above have been a speculator. He into also, of the large property widow charge, of Mrs. Annie Mallory, railroad terests the former widely known M. of of that name. Jesse the contractor was also connected with now institution. Thayer He and his wife are but abroad: they planned a year's stay, their immediate return is expected. Crocker will not be buried in Chari- sisbut in Minneapolis, where his, reton, live, that having been his him. ters quest in one of the notes left by

4. November 1, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, November 1, 1907

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An Argument for Centralization. New York, Nov. 1.-Senator Francis E. Warren, of Wyoming, who has just returned from abroad, was greatly interested in the recent financial disturbance. When he landed he said he believed there was no occasion for alarm, as the troubles were merely caused by the swinging back of the pendulum. Such panics cannot hurt the country, said the Senator. "I have noticed that the country after such a financial depression is much stronger than it was before. The fundamental industries are never shaken by these conditions. I am not advocating any idea to take powers or rights away from the states, but I do think something stronger than state control is necessary to govern the trust companies. These companies should have at least 25 per cent in reserve, but I find when an upheaval comes that some of them have only five per cent. Railroad Declares Dividend. Philadalphia, Pa., Nov. 1.-The board of directors of the Pennsylvania railroad today declared a semiannual dividend of 3 1/2 per cent. The directors gave out a statement declaring the outlook for capital next year unsatisfactory, and announced a decision to retrench during the coming year. This in the face of the statement made Wednesday by the president of the road that the earnings of the company were eleven per cent greater than for the same period last year. This will somewhat delay the completion of the New York terminal as a whole, but progress in the erection of a steel building for the new terminal in New York and the work affecting city streets will not be materially stopped by the proposed slowThe Money Market. New York, Nov. 1.-Prime mercantile paper 71/2@10; money on call 6 to 25, ruling rate 19. Stocks:- Atch. 74, pref. 84; N. Y. C., 951/8; Penna., 1081/4; So. Pac., 67; U. P., 1081/2, pref. 80; Copper, 495. A Nebraska Bank Closed. Grand Island, Neb., Nov. 1.-The Commercial State Bank of this city has closed its doors. Fifty thousand dollars of the funds of the bank are in the First National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. The deposits of the Commercial State Bank were $380,000. Other local banks will assist and a receiver probably will not be asked for.

5. November 1, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, November 1, 1907

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Nebraska Bank Failure. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city closed its doors today. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Ia., whose cashier committed suicide yesterday. The deposits of the Commercial State bank were $380,000. Local banks will assist, and a receiver will probably not be asked for.

6. November 2, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 2, 1907

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Pennsylvania directors give orders for extensive retrenchment. Men are being laid off on a number of important projects. Page 1 Burlington railroad says it will obey the railroad commission's new cream rate orders, but wants until November 4 to put them in effect. Page 3 Heirs of George Washington are fighting for the value of property covering the site of Cincinnati which was deeded to the father of the country by act of congress. Page 1 Governor Buchtel of Colorado issues pardon to Thomas Brown, implicated in an election murder at Cripple Creek. Page 1 Evidence has been found to indicate that Raymond Hitchcock has fled to Cap. ada. Page 1 Police believe they ( have uncovered scheme to steal the state's evidence in the Walsh prosecution. Page 1 A balloon released from Paris was found in Finland, thus establishing a long distance record. greater than that of Count De la Vaulx. Page 1 It is claimed that the Ute trouble has resulted through the harsh measures put in effect by the agent, Major Downs. Page 1 Twenty-one Scottish steamers have been chartered as colliers for the Pacific fieet. Page 1 Report that the steel companies are planning an agreement that will do away with competition. Page 1 Knickerbocker Trust company of New York has been taken in hand by receivers and has resumed duties as fiscal agent. Page 1 NEBRASKA. Makeup of ticket leaves one democrat candidate for regent, not endorsed by the populists, in a bad position. Ruling on retention of pension money at Soldiers' home held to be legal. Page 3 Commercial State bank of Grand Island, affected by the closing of the First National bank of Chariton, Ia., has been forced to suspend. Page 3 FOREIGN. Mutiny of the crews of the torpedo boat destroyers at Vladivostok proved a serious affair and a number of persons were killed. One boat was destroyed. Page 2 Secretary Taft finally decides to follow his original itinerary. Fage 1 Railroad servants of England decide to call a general strike. Page 1 LOCAL. Omaha banks will increase circulation by $500,000 during next few weeks and will await action of eastern banks before resuming cash payments. Page 1 Omaha receipts of barley for October almost equal receipts of previous ten months. Page 6 Lid will be down on all forms of business on Sunday, according to announcement of Chief Donahue. Page 5 District Clerk Broadwell will require payment of costs in advance in appeal cases from police court and appeals are expected to be fewer. Page 6 Commercial club will hold Missouri river improvement banquet November 11. Page 5 Utes give Captain Johnson a cordial reception and promise no trouble. Page 1 MOVEMENTS OF OCEAN STEAMSHIPS. Port

7. November 2, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 2, 1907

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SUICIDE CLOSES SECOND BANK. Grand Island, Neb., Nov. 1.-The Commercial State Bank, deposits $380,000, closed to-day. It had $50,000 in the First National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. The directors feared the reserve of the Commercial would be threatened. The bank was owned in Iowa. Other local banks will assist it. A receiver probably will be appointed.

8. November 2, 1907 The Washington Times Washington, DC
Article from The Washington Times, November 2, 1907

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NEBRASKA BANK CLOSES; LOST IN IOWA DEPOSIT GRAND ISLAND, Neb., Nov. 2.-The Commercial State Bank, owned by Iowa capitalists, which has deposits of $380,000, has closed its doors. It had $50,000 deposited in the National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. Local banks will give aid and a receiver will be asked for.

9. November 2, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 2, 1907

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Grand Island, Neb., Nov. 1.-The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Ia., whose cashier committed suicide yesterday. Fearing the reserve of the Commercial would be threatened, its directors decided to close. The capital of the bank was $50,000, with a surplus of $5,000. Deposits amounted to $380,000. The bank was owned in Iowa. Other local banks will assist the Commercial, and a receiver will probably not be asked for.

10. November 3, 1907 Evening Star Washington, DC
Article from Evening Star, November 3, 1907

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BANKS AND BANKERS. SAN FRANCISCO, Cal., November 2All the banks of San Francisco opened their doors as usual today. Gov. Gillette called a conference of members of the clearing house association and leading financiers. He says that for the present the legal holiday will be continued from day to day until it is certain that no danger from a money panic exists in, this state. LINCOLN, Neb., November 2.-Secretary E. Royse of the banking board stated today that the Commercial State Bank of Grand Island is solvent and should not have closed. He believed the bank would open next Tuesday. He has been informed that $25,000 is now on the way from Chariton, Iowa, to cover half of the loan to the First National Bank of that place. B. F. Clayton of Chariton, Iowa, is president of the Grand Island bank. ST. LOUIS, Mo., November -Little blue, yellow and green slips of paper in denominations of $1. $5 and $10 were put into circulation as money today by the National Bank of Commerce, the Third National Bank and the Mechanics' American National Bank. These differed from the cashiers' checks which have been in circulation for a week in that they were made "payable to bearer," and that no indorsement or identification was required to cash them. KANSAS CITY, Mo., November 2.Half a dozen local banks today began issuing cashiers' checks in amounts of one, two, five and ten dollars, to be used in place of currency and payable to bearer. Clearing house certificates also are being used as formerly. The question of issuing cashiers' currency was considered at a meeting of the principal bankers, and it was decided to leave it to the discretion of the individual banks.

11. November 4, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 4, 1907

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LAST WORD GOES TO VOTERS Chairman Hayward Arranging to Get Prompt Returns of Result. WARM CAMPAIGN IN CUSTER Commercial Bank at Grand Island Pronounced All Right by Banking Board and will Reopen Tuesday. (From a Staff Correspondent.) LINCOLN, Nov. (Special:)-Chair manHayward has sent out letters to county workers requesting that from the various localities the vote be telephoned in just as soon as it is counted, and in return he will give the party telephoning whatever information he may have of the vote in other parts of the state. Mr Hayward hopes to have enough of the returns in before the morning after elec tion to pretty near teil just what the rewill be. this election does not publican publicans majority With will stop the right the recampaign, but the committee go ahead strengthening the party machinery so that next year the republicans will have no trouble at all in retaining the state in the republican column. Some little surprise was expressed by democrats and republicans here t oday when the World-Herald jumped on Tom Allen for not advertising W. J. Bryan's speeches to be delivered in the state. One reason given by a prominent democrat down here was that owing to the scarcity of money Tom Allen found he could not secure space in the demo-pup shee to get Bryan before the people. Lincoln democrats running for office or managing a campaign have found, so they say, that it costs money to advertise democratic candidates in the World-Herald. Tom Allen, the democratic chairman, is the brother-in-law of W. J. Bryan and holds his position by virtue of that relationship and by virtue of the hold the railroads have on the minority is the by for electing to democrats party. This explanation Allen offered this position, but they are opposed to the demopop organ saying a word against Allen, because they claim he and the WorldHerald are in the same railroad camp. Little was doing around the republican headquarters today, only a few letters came in to be answered and c few telephone messages were sent out to workers to be on the lookout for false rumors or stories which might be put in circulation by the opposition. Custer County Awake. Colonel, John J. Ryder returned this morning from Custer county, where he went to expound republican truths for the enlightenment of the people of that section of the state. Colonel Ryder found that practically every republican vote in Custer will be cast and not only will all the republicans vote for Judge Reese, but a good many democrats and populists are going to do the same thing. The great question in Custer county 13 county diand that is the the will enthuse over. vision, people only The question not bank aftuation, Mr. Ryder said, was cutting any figure out in this great commonwealth, for the people of Custer have all the money they can use. Their greatest trouble he found was in making At a sale which was held near he said every man a paid in the coin Calloway, change. purchase of who the realm made and not a single note was given. Everybody in that section of the state, it looked like, he said, had a **plant," and was paying no. attention to the banks and were not in the-least worried. Ed Hamilton, cashier of the Commercial State bank of Grand Island, which closed its doors last week. following the suicide of the cashier of the First National bank at Chariton, Ia., which held some of the Island bank's money, was in the city consultation with the It was decided was Grand today ing board. in the State wank Bankto for business as Secretary Royce, morning. reopen Hamilton usual of the that Tuesday banking board assured Mr. the examination showed the bank was solvent and never should have been closed. Mr. stated that when at was made public he Chariton Hamilton became the become affair frighthis institution should inhe did not care the his own conened chances voolved lest on and responsibility to take of the business. The Chariton is such can be tinuing funds at that condition they considered of the realized on and the bank is to have ample resources aside from this. No date has yet been fixed for the closthe big revival meeting been in here for many date 900 have ing of over progress persons announced weeks. which that has To they have been converted, The auditorium is crowded nightly. The meetings are being coonducted under the auspices of the Christian churches, assisted by the Baptist churches.

12. November 8, 1907 The Julesburg Grit-Advocate Julesburg, Big Springs, CO
Article from The Julesburg Grit-Advocate, November 8, 1907

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C. grand -jury, Louis, Councilman made a George confession of Linde, of St. several other members the council. Commercial State closed its Grand Island, of implicating The Neb., has dollars bank the of doors. Fifty thousand in the First National 'ly bank's bank at funds Chariton, were Iowa, which recentA failed. toy balloon released in Paris has found in Finland. America been Modern Woodp:en of failure of have The $350,000 tied up bank in the at Chariton. the First National order is fully protected of the by Iowa. bonds several The times in excess 3 sum on deposit. $589,000 against Joseph A verdict for president of the jr., former brought in Ramsey, railway, in a suit finanWabash York by John S. Jones, by a a jury. cier, New was recently rendered been returned Six indictments New York have grand jury an against actor. by the Hitchcock, girls. The Raymond attacks on you's the of accused charging man has disappeared. front ) blowing out the bank at Pawbuilding After occupied by the robbers were scared away nee Rock, Kansas, without the securing any $ money. On orders from President his visit Roosevelt to the Secretary Taft cut a week in order Philippines short by the earliest possiis ble to reach moment. Berlin The at cause of the haste was not explained. vessel Arthur 0 with coal of Sewall, The American which left sailing for Philadelphia the Philippines, Terra April coast t 3 last wrecked off the signs point to the was and all captured Del Fuego, n.en having been infest that ; and crew eaten of 40 by cannibals that 0 vicinity meeting in Chicago railway of repre- sys. At a the larger the tems, sentatives it was of agreed excursions to to continue the west. ads homeseekers' After January 1 the rates will be vanced about $5. railroads are refusing 1907 e shipments The eastern of grain for export. crop of the The entire tobacco American Society 16, of Equity has been pledged in to Kentucky, aggregating sold to an 000,000 pounds. for $1,600,000. the e English price company paid since the civil company war. highest Portland Cement with in West and stock a license $2,327.50 I a is The capital incorporated Iola to of secure $4,500,000 Virginia to it S cost do business in Kansas. has coin in San to The government of $313,009. Francisco the sum amount $303,000,000 is in is stored in the y coo. Of this mint and $40,000,000 I the sub-treasury appointed Ross t The president has former representathe Spanish tive well from P. Bishop. Michigan treaty a to claim$ membership commis- on h a sion. Hoch of Kansas has the granted Coffeyh Gov. to Emmett Dalton. who has pardon bank robber in ville. served Kan., 15 years of a life sentence the the penitentiary. secretary of J. I. Sheppard. has filed a petition f Trackmen's Hoch union. of Kansas asking the proper that h with Gov. taken to secue railroad steps repair be of the Missouri state. Pacific to $38,400.70. during tracks The beer the in the month tax collected of October in amounted Missouri celet emperor of birthday. Japan has s The his fifty-fifth at Samara brated earthquake A Asiatic Russia, did the cand. damage. but s panic ly little violent stricken. comparative- inhabitants Britain have became men of Great against The voted railroad 76,925 for and 8,773 a strike. At0 calling The eniisted to men present of the a handsome North Helen lantic fleet are valued at $2.000 to cup future. loving in the near h M. Gould the entire town been of Karatagh. destroyis missian Nearly Turkestan. landslide. has It estimated lives. ed by 1,500 a persons !ost their Trafthat Members of the Railroads Southwestern will hold h fic Association anniversary of Mexico. on board a German steamship their 37th in the Gulf of and empress. d The is said. the emperor imperial will pay chancellor. a visit and Prince it von England Buelow. during November. 70 n of state to passenger train going with a A fast collided head-on Ga., g miles an hour Morganville. n being freight train near killed and 26 injured. Mauretwo men Cunard liner. than the the recn The new slightly larger the buildS tania. is Lusitania and records . ord-breaking her to break all the of ers trans-Atlantic expect voyages. of British n Bell, a the f parliament, Mr. has member 100,000 made men statement employed Kingthat there are of the United week. dam Rev Daniel R on the who railroads receive less Lucas than $5 national a

13. November 9, 1907 The Glenwood Post Glenwood Springs, CO
Article from The Glenwood Post, November 9, 1907

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Miscellaneous. Three Americans and 20 Filipinos were injured recently by the collapse of the new railroad bridge over the Pasig river near Fort McKinley, in the Philippines. The Central Life Insurance company of Fort Scott, Kansas, has been barred from doing business in Texas. A special session of the Louisiana legislature has been called to consider regulation of railroads and other corporations. Mrs. Katie Cathors, of Wichita, Kan., who was recently swindled out of $10,000 by Sylvester Harrison of that city, has become insane from brooding over her loss. Federal Judge Pollock, of Topeka, has decided that he had no to interfere prosjurisdiction Kansas, with the who vioecution of theatrical people lated the Sunday closing law at Kansas City, although he took occasion to criticise the criminal judge for enforcing the law. A replica of the famous Turnbull sun dial at Corpus Christi college, Oxford, England, has Been presented to Princeton university by Sir William Mather, M. P. Small investors are flooding Wall street with orders for low priced stocks. The orders are for from one to 25 shares and are purchased outright for cash. After indictment for grafting by the grand jury, Councilman George C. Linde, of St. Louis, made a confession implicating several other members of the council. The Commercial State bank of Grand Island, Neb., has closed its doors. Fifty thousand dollars of the bank's funds were in the First National bank at Chariton, Iowa, which recently failed. The German emperor and empress, and it is said. the imperial chancellor, Prince von Buelow, will pay a visit of state to England during November. A violent earthquake at Samaracand, Asiatic Russia, did comparatively little damage, but the inhabitants became panic stricken. Etta L. McLean, a stenographer in the federal building in Chicago has been arrested in company with A. B. Gordee, a printer, charged with stealing important papers in connection with the prosecution O John R. Walsh for the misappropriation of funds of the Chicago National bank. A toy balloon released in Paris has been found in Finland. The Modern Woodmen of America have $350,000 tied up in the failure of National bank at order is fully by Iowa. the First The protected Chariton, the bonds several times in excess of sum on deposit. for $589,000 against Joseph former Ramsey, A verdict jr., president of the in a suit in John S. a New Wabash York railway, by Jones, brought financier, was recently rendered by a jury. The eastern railroads are refusing shipments of grain for export. Nearly the entire town of Karatagh, Russian Turkestan, has been destroyed by a landslide. It is estimated that 1,500 persons lost their lives. Members of the Southwestern Traffic Association of Railroads will hold their 37th anniversary on board a steamship in the Gulf of Mexico. The beer tax collected in Missouri during the month of October amounted to $38,400.70. A destructive wind storm recently visited Galveston, Texas. demolishing a number of residences and injuring several persons. A fast passenger train going 70 miles an hour collided head-on with a train near two killed freight men being Morganville, and 26 injured. Ga., The enlisted men of the North Atlantic fleet are to present a handsome loving cup valued at $2,000 to Helen M. Gould in the near future.

14. November 22, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 22, 1907

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DEPOSITS EXCEED WITHDRAWALS Commercial State Bank at Grand Island Resumes Business. GRAND ISLAND, Neb., Nov. 21.-(Speetal Telegram.)-The Commercial State bank opened this morning, as announced. At 1 o'clock officers stated that instead of even a semblance of a run, the deposits were greater than the withdrawal

15. November 22, 1907 The Norfolk Weekly News-Journal Norfolk, NE
Article from The Norfolk Weekly News-Journal, November 22, 1907

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Grand Island Bank Reopens. Grand Island, Neb., Nov. 21.-Spe cial to The News: The Commercial State bank of Grand Island, which has been closed for some weeks, opened today. At 1 o'clock this afternoon it was learned from officials of the bank that instead of the resumption of business being marked with ever a semblance of a run there were greater deposits than withdrawals. The Commercial State bank closed its doors as a result of its affairs being involved in the suspension of an Iowa bank. An examination found the affairs of the Grand Island bank perfectly solvent and it was stated that there had been no real necessity for the bank closing its doors. Since it closed, the bank has received $25,000 of the $50,000 deposited in the First National bank at Chariton, Iowa, which failed.