19880. Bank of Commerce (Superior, WI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 26, 1890
Location
Superior, Wisconsin (46.721, -92.104)

Metadata

Model
gpt-5-mini
Short Digest
e0386ba9b81b27c1

Response Measures

None

Description

Newspapers refer to 'West Superior' (part of Superior, WI). Sequence: run on Nov 26, 1890 triggered by failure of Bell & Eyster (Duluth) → assignment/suspension Dec 2–3, 1890 → reorganization and reopening Feb 2, 1891. Bank type not explicit in sources. OCR corrected 'Eyster'/'Eister' to 'Eyster/Bell & Eyster' as Duluth bank. Figures and dates taken from contemporaneous dispatches.

Events (4)

1. November 26, 1890 Run
Cause
Local Banks
Cause Details
Run triggered by failure of Bell & Eyster bank in Duluth; depositors withdrew $30,000 on panic contagion.
Measures
Other local banks came to its assistance that night and confidence was restored.
Newspaper Excerpt
As a consequence of the failure of the bank at Duluth, there was a run on the Bank of Commerce here to-day, and the depositors drew out $30,000.
Source
newspapers
2. December 2, 1890 Other
Newspaper Excerpt
The Bank of Commerce assigned to-day. W. H. Stack was to-day made assignee of the bank under $700,000 bond.
Source
newspapers
3. December 3, 1890 Suspension
Cause
Local Banks
Cause Details
Suspension attributed to stringency of the money market and the earlier failure of the Duluth bank which cut off aid; assignee/receiver later appointed.
Newspaper Excerpt
The Bank of Commerce, one of the oldest banks in the city, closed its doors yesterday morning and announced its inability to meet present obligations.
Source
newspapers
4. February 2, 1891 Reopening
Newspaper Excerpt
The Bank of Commerce ... resumed operations this morning, having been discharged by the court. The capital has been increased from $100,000 to $250,000.
Source
newspapers

Newspaper Articles (22)

Article from Sacramento Daily Record-Union, November 27, 1890

Click image to open full size in new tab

Article Text

BANK FAILURES. Two More Houses Succumb to the Stringent Money Market. MINNEAPOLIS, November 26th.-A dispatch from Duluth says that the banking house of Bell & Oyster has failed, with liabilities at $715,000 and assets of $1,200,000. The bank was on the bonds of Forrester Brothers, the St. Paul contractors, who failed a short time ago, and this led to distrust. The weakened credit of the bank made it impossible to secure cash to meet the accruing obligations. The bank's attorney said to-night that the failure was occasioned simply by a line of discounts and re-discounts which the bank was carrying. They proved too large for the times of such an extreme financial stringency. Bell's West End bank is also closed. THE PRETTYMAN BANK. CHICAGO, November 26th.-Charles E. Johnson this morning turned over to the Jennings Trust Company, as assignee of the Prettyman Bank, all the securities, documents and combinations of the safes of that institution. FRAUDULENT BANKING. GUTHRIE (Oklahoma), November 26th.The Sheriff, now in charge of the Commercial Bank of England, is taking an inventory of the assets. The creditors are trying to break the assignment, claiming it was bogus and made for the purpose of covering up fraud, which was undoubtedly perpetrated. According to the Sheriff, the cash in the vaults does not exceed $5,000. RUN ON A WEST SUPERIOR BANK. WEST SUPERIOR (Wis.), November 26th.As a consequence of the failure of the bank at Duluth, there was a run on the Bank of Commerce here to-day, and the depositors drew out $30,000. Other banks came to the assistance of the firm to-night and confidence is restored.


Article from The Anaconda Standard, November 27, 1890

Click image to open full size in new tab

Article Text

Run on a Bank. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of a bank at Duluth, there was a run on the Bank of Commerce to-day, and depositors drew out $30,000. Other banks came to its assistance to-night and confidence is restored.


Article from The Morning Call, November 27, 1890

Click image to open full size in new tab

Article Text

EMBARRASSED FIRMS. Failure of a Minneapolis Banking-House. Whitney & Co.'s Assignment. MINNEAPOLIS, Nov. 26.-A dispatch from Duluth says the banking-house of Bell & Oyster has failed; liabilities, $715,000; assets, $1,200,000. The bank was on the bonds of Forrestal Bros., St. Paul contractors, who failed a short time ago. This led to distrust, weakened the credit of the bank, and made it impossible for it to secure cash to meet accruing obligations. The bank announces that all deposits will be met in full. The bank's attorney said to-night the failure was occasioned simply by the line of discounts and rediscounts which the bank was carrying proving too large for times of such extreme financial stringency. Bell's West End Bank is also closed. WEST SUHERIOR (Wis.), Nov. 26-As a consequence of the failure of the bank at Duluth, there was a run on the Bank of Commerce here to-day, and depositors drew out $30,000. Other banks came to the assistance to-night, and confidence is restored. NEW YORK, Nov. 26.-A statement in the assignment of O. M. Whitney & Co., made to-day, shows the liabilities to be $5,235,000, and assets $4,124,000. The statement adds: "About $3,300,000 of the liabilities are secured by debts owing by bankers." The largest creditor is Mrs. M. L. Whitney of New Orleans. About $1,900,000 is practically unsecured. The assets may be largely. increased by the sale of securities belonging to the firm upon which it is impossible to put a value at present. CHICAGO, Nov. 26.-Charles E. Johnson this noning turned over to the Jennings Trust Company, as assignee of the Prettyman Bank, all the securities, documents and combinations of the safes of that institution. GUTHRIE (Oklahoma), Nov. 26.-The Sheriff now in charge of the Commercial Bank is taking an inventory of the assets. The creditors are trying to break the assignment, claiming it was bogus and made for the purpose of covering up fraud. which was undoubtedly perpetrated. According to the Sheriff, the cash in the vaults does not exceed $5000. ANTWERP, Nov. 26.-The - failure of the banking-firm of Oostendorp is announced. Liabilities, $1,500,000. Theassets are largely land in the Argentine Republic.


Article from The Seattle Post-Intelligencer, November 27, 1890

Click image to open full size in new tab

Article Text

the fact that the line of discounts and rediscounts which the bank had been carrying had proved too large for times of su ch extreme financial stringency. Bell's West End bank is also closed. NEW YORK, Nov. 26-The statement of the assignee of C. M. Whitney & Co., filed today, shows the liabilities to be $5,235,000, and the assets $4,124,000. The statement adds that about $3,300,000 of the liabilities are secured debts to bankers. The largest creditor is Mrs. M. L Whitney. of New Orleans, who has a claim of $1 900,000, practically unsecured. The assets may be largely increased by securities belonging to the firm, upon which it is impossible to put a value at present. GUTHRIE, 1. T., Nov. 26-The sheriff is now in charge of the Commercial bank and taking an inventory of assets. The creditors are trying to break the assignment, claiming that it was bogus and made for the purpose of covering up fraud, which has undoubtedly been perpetrated. According to the sheriff, the cash in their vault exceeds $5,000. CHICAGO, Nov. 26.-Charles E. Johnson this morning turned over to the Jennings Trust Company, assignee of Prettyman's bank, all the securities, documents and combination safes of that institution. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of the bank at Duluth there was a run on the Bank of Commerce today. and depositors drew out $30,000. Other banks came to its assistance tonight, and confidence was restored. THE PRINT-CLOTH DEPRESSION. Fall River Manufacturers Talk of Reducing Wages of Operatives. FALL RIVER, Mass., Nov. 26.-[Special.]A meeting of manufacturers held this afternoon to determine what course to pursue in connection with the print-cloth market was largely attended. A large contingent talked strongly of a curtailment of longer duration than any yet forced. and several plans were shown. One was to let the market take its own course now till January, and then shut down for a mon th if the situation was not improved. There was a strong showing in favor of lowering the wages of operatives. The supporters of this scheme urged that Fall River was paying more than any other city for similar work; that all other means had been tried to run the mills on a paying basis, and now, as the operatives had participated in the general prosperity, they should be willing to submit to a reduction at such a time. committee was appointed to consider the subject of wages and ascertain the figures in other cities, without reducing here if no change occurs in the market. The meeting adjourned subject to the call of the committee, and it is supposed that a fortnight will elapse before action is taken. During these two weeks agents will closely watch the market, and by that time may advise some course without reducing wages.


Article from Spokane Falls Review, November 27, 1890

Click image to open full size in new tab

Article Text

Run on a Bank. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of the bank at Duluth there was a run on the Bank of Commerce to-day, and depositors drew out $30,000. Other banks came to its assistance to-night and confidence is restored.


Article from The Helena Independent, December 3, 1890

Click image to open full size in new tab

Article Text

Expected to Pay Dollar for Dollar. WEST SUPERIOR, Wis., Dec. 2.-The Bank of Commerce assigned to-day. Its deposits have been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the drain or obtain outside aid, The bank has resources greatly in excess of liabilities and is expected to pay dollar for dollar.


Article from Rock Island Daily Argus, December 3, 1890

Click image to open full size in new tab

Article Text

HEAVY FAILURE IN WISCONSIN. Bank of Commerce, West Superior, Closes Its Doors. WEST SUPERIOR, Wis., Dec. 3.-The Bank of Commerce, one of the oldest banks in the city, closed its doors yesterday morning and announced its inability to meet present obligations. Stringency of the money market was assigned as the cause of the suspension, but the actual cause was the failure of Bell & Eyster's bank, of Duluth, a week ago. The Bank of Commerce had a capital of $100.000,was a heavy depository, and carried over $700,000 a week ago, but depositors have been steadily checking out for several days, and yesterday the total liabilities of the bank were $520,000, the assets being $640,000.


Article from Fort Worth Daily Gazette, December 3, 1890

Click image to open full size in new tab

Article Text

West Superior, Wis., Bank Failure. MINNEAPOLIS, MINN., Dec. 2.-The Bank of Commerce of West Superior, Wis., has suspended. Its liabilities are $520,000, assets $640,000. The city of West Superior has $250,000 on deposit there. The bank last week withstood a heavy run because of its supposed connection with the Bell and Eister bank of Duluth which failed. The notice posted on the door reads: "We will resume business as soon as we can realize on our securities." The directors are considering a reorganization and an increase of capital, and hope to resume speedily. The depositors believe they will not lose anything. They are not frightened. The cashier says the suspension was caused by the stringency in the money market, and the fact that the bank was cut off owing to a misconstrued telegram, from resources promised by the Bank of North America. W. H. Stack was to-day made assignee of the bank under $700,000 bond.


Article from Sacramento Daily Record-Union, December 3, 1890

Click image to open full size in new tab

Article Text

WEST SUPERIOR (Wis.), December 2d.The Bank of Commerce assigned to-day.


Article from Sacramento Daily Record-Union, December 3, 1890

Click image to open full size in new tab

Article Text

BLOODED HORSES. Some Valuable Stock Bought for a Los Angeles Stable. CINCINNATI, December 2d.-A private dispatch says: W. R. Wilson of Cynthiana, Ky., has just sold and shipped to Dr. K. D. Wise of Los Angeles, Cal., for $10,000 each, one weanling, two yearlings and one fiveyear-old, and the following trotters, all fillies, namely: Nevada, record 2:314, chest nut mare, six years old, by Simmons, 2:28, dam Marc Roze, by Smuggler, 2:151; Adelaide McGregor, bay filly, a yearling, by Bonnie McGregor, 2:131, dam Adelaide, 2:18, by Milwaukee (entered in the Spirit of the Times' $11,000 stake); Adelaide McGregor, bay weanling filly, by Simmons, 2:28, dam Adelaide, 2:18 (entered in the Great Horseman and Terre Haute stakes of $11,000 each); Bonnie June, yearling filly, full sister to Bon Ton, four-year-old record 2:26), by Simmons, 2:28, dam Bonnie Wilkes, 2:291, dam of Bon Ton (entered in the Spirit of the Times' $11,000 stake). These four were bought for the purpose of entering and trotting in big stakes in California and the East. New Railroad Combination. NEW YORK, December 2d. - Says the World: It is proposed in Wall street to form a new railroad combination to succeed several associations existing west of Chicago and St. Louis. The new association is to embrace all the roads west of St. Louis and Chicago to the Pacific coast, and it is to continue not less than five years. The association will regulate through competitive tariffs, the management of competitive business and conduct outside agencies for procuring tariff as well as routing it on the respective roads. Racing Questions. CHICAGO, December 2d.-The Board of Appeals of the American Trotting Association began its annual session to-day, and a number of cases were decided. In the afternoon an interesting case came up, embodying the question as to whether the Association, when giving guaranteed stakes, is entitled to the amount paid in by subscribers in excess of the guaranteed amount, or if such excess belongs to the running horses pro rata. The case was taken under advisement. New Hampshire's Legislature. CONCORD, December 2d.-The special session of the New Hampshire Legislature began to-day. The gallery was thronged with spectators, attracted by the extraordinary public exigency which requires a special session. The subject of the qualification of members was referred to the Judiciary Committee. This reference is understood to mean that a compromise has been effected by which the session may be speedily terminated. Rumored Truce. NEW YORK, December 2d.-A Mail and Express Albany special gives the rumor of a peace patched up between Cleveland and Hill. If it is true, Hill will be elected United States Senator, leaving the track clear for Cleveland in 1892, and Roswell P. Flower will be the Democratic nominee for Governor in 1891. Colonel Daniel Lamont is credited with engineering the truce. Smelters in Conference. CHICAGO, December 2d.-Representatives of the principal smelters of the United States met here to-day to form a combination to prevent such wide and rapid fluctuations in prices as the business is subject to. Considerable progress was made at to-day's meeting in formulating the general plan. The conference continues to-morrow. Sophie Gunzberg's Execution. NEW YORK, December 2d.-A strong protest against the execution of Sophie Gunzberg, condemned to death in Russia for political reasons, was made at Cooper Union to-night by a large audience. A resolution expressive of the sense of the meeting protesting against the execution was adopted. Train's Latest Freak. NEW YORK, December 2d.-George Francis Train has challenged Succi, the Italian faster, to fast one hundred days. He proposes not to take mineral water or any elixir, but only to open the window at times and breathe the fresh air. Succi has the proposition under consideration. Another Bank Assigns. WEST SUPERIOR (Wis.), December 2d.The Bank of Commerce assigned to-day.


Article from The Times, December 5, 1890

Click image to open full size in new tab

Article Text

HEAVY FAILURE IN WISCONSIN. Bank of Commerce, West Superior, Closes Its Doors. WEST SUPERIOR, Wis., Dec. 3.-The Bank of Commerce, one of the oldest banks in the city, closed its doors yesterday morning and announced its inability to meet present obligations. Stringency of the money market was assigned as the cause of the suspension, but the actual cause was the failure of Beil & Eyster's bank, of Duluth, a week age. The Bank of Commerce hAd a capital of $100,000,was a heavy depository and carried over $700,000 a week ago, but depositors have been steadily checking out for several days, and yesterday the total liabilities of the bank were $520,000, the assets being $640,000.


Article from Daily Kennebec Journal, December 6, 1890

Click image to open full size in new tab

Article Text

Renewed Financial Confidence at Duluth. DULUTH, Dec. 5.-The schedule of the suspended Bell & Eyster bank was filed this afternoon. It shows assets to be $1,189.629: Liabilities $790,690; surplus, A $398,939. feeling of renewed confidence exists, which is increased by the very excellent showing made by the suspended Bank of Commerce of Superior. Both banks will pay their depositors dollar for dollar.


Article from The Portland Daily Press, December 6, 1890

Click image to open full size in new tab

Article Text

THE BUSINESS WORLD. / Some of its Troubles Recorded in These Despatches. NEW YORK, December 5.-Failures in the last seven days reportedtoDune & Russelln umber for the United States 282. For the corresponding week last year there were 271 failures in the United States. Failures re ported to Bradstreets number 321 in the United States this week against 281 this week last year. PITTSBURG, Pa., December 5.-It is reported that Delamater's bank at Meadville, Pa., has failed. George W. Delamater, late Republican candidate for governor is president of the institution. Particulars are not given. Hotchkiss and McClintock, assignees, have taken possession of the bank and are preparing a statement for the public. DULUTH, Minn., December 5 -A schedule of the suspended Bell System bank was filed this afternoon. It shows assets of $1,189,629; liabilities $790,690; surplus $390,930. A feeling of renewed confidence exists and this has been increased by the very excellent showing made by the suspended Bank of Commerce of Superior. Both banks will pay depositors dollar for dollar. NEW YORK, December .-The assignee of Decker, Rowell & Co., bankers and brokers, made a statement of the firm's affairs today. The liabilities are $9,480,333; nominal assets $35,181,932; actual assets $3,760,357. CHICAGO, December 5.-The mysterious disappearance of B. H. Campbell, a millionaire, was the direct cause of the assignment late this afternoon of the Chicago Safe and Lock Company, of which corporation he is president. The assets are scheduled at $700,000; liabilities, $600,000.


Article from St. Paul Daily Globe, December 22, 1890

Click image to open full size in new tab

Article Text

To Reorganize To-Morrow. WEST SUPERIOR, Wis., Dec. 21.-W. H. Slack, as receiver of the defunct Bank of Commerce, yesterday filed with the clerk of the circuit court a statement showing the condition of the affairs of the bank. The schedule of assets shows a total of $665,516.50 against $546,339.03 of liabilities. It is expected that the banking company will reorganize Monday with a capital of $200,000.


Article from Evening Capital Journal, December 22, 1890

Click image to open full size in new tab

Article Text

A father and three children lost their lives in a fire in an humble telement in the Strand, London Sunday. At Terre Haute, Ind., a jury were unable to agree in the case of Harry Progden for the murder of Haye Sanders, near the state line last July, and were discharged, A disaster occurred at Cordova Argentine Republic, where a cana burst its embankments and de stroyed hundredsof houses. A hun dred lives are reported lost. James E. Booge & Co., of Sioux City, have temporarily closed their extensive packing house. The house will remain closed until it obtains money to carry on the busi ness. Nine patients at Bellevue hospital, New York, who have been treated with Dr. Koch's lymph, received their second inoculation Sunday. Thus fur all are doing well under the treatment. At New Iberia, Louisiana, Ephriam Mendaza shot and instantly killed Mary Crawson, his sweetheart, while she was accompanied to a place of amusement by another suitor. Lynching is possible. The sixth game in the SteinmetzGunsberg chess match was played at New York Saturday, and resulted in a victory for Steinmetz. Steinmetz's victory makes the men even. each having won in two games and drawn in two others. An Austrian war ship will sail from Trieste next week in search of missing Archduke John, otherwise known as Captain John Orth, whose vessel his not been heard from since sailing from a South Americ in port, several months ag). William Tinsdale, of Baton Rouge, La., was waylaid by a man named Powers, with whom be had q arrel. Both men were backed by a porty of friends and a general sk rmish ensued. Joseph Story and Victor Verbols, of the Powers party, were ki led. W. H. Stack, as receiver of the defunct Bank of Commerce at West Superior, Wis., on Saturday filed with the elerk of the circuit court a statement showing the condition of affairs of the bank. The schedule of assets show a total of $665,516 50, again $545,339.03 liabilities. It is expected the banking company will reorganize on Monday with a capital of $2,000,000. The Paris "La Laterne" to-day publishes the stetement that one of the jurymen who tried Eyraud and B Sompard was bankrupt which, says this newspaper, annuls the verdict. Steamer Spree arrived at New York fromBrenenMonday morning with $1,307,000 in gold aboard. Chicago real estate transactions for this year foot up to over $200,000,COO. Congress will soon be petitioned to appropriate money for the exploration of Alaska. Monmouth's Normal school has an enrollment of 195 students. It 18 reported that a large body of anthracite coal has been found at San Marcial, Sonora. An electric railway is to be constructed between Seattle and Taco. ma a distance forty-two miles. If this.proves a success it will abun


Article from The Enterprise, December 24, 1890

Click image to open full size in new tab

Article Text

Suspended Bank Will Reorganize. WEST SUPERIOR, Wis., Dec. 22.-W. H. Slack, as receiver of the defunct Bank of Commerce, has filed with the clerk of the Circuit Court a statement showing the condition of the affairs of the bank. The schedule of assets shows a total of $665,515, against $546,339 of liabilities. The banking company will reorganize to-day with a capital of $200,000.


Article from St. Paul Daily Globe, January 23, 1891

Click image to open full size in new tab

Article Text

Financial Transfusion. Special to the Globe. WEST SUPERIOR, Wis., Jan. 22.-The Bank of Commerce, which suspended on Dec. 22, will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital having been put into the enterprise. Andrew Crawford, S. B. and C. C. Hase, of Chicago; Gen. J. H. Mul!en, of Minnesota, and E. T. Buxton, of New York, putting $150,000 into the institution.


Article from St. Paul Daily Globe, January 23, 1891

Click image to open full size in new tab

Article Text

Financial Transfusion. Special to the Globe. WEST SUPERIOR, Wis., Jan. 22.-The Bank of Commerce, which suspended on Dec. 22, will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital having been put into the enterprise. Andrew Crawford, S. B. and C. C. Hase. of Chicago; Gen. J. H. Mullen, of Minnesota, and E. T. Buxton, of New York, putting $150,000 into the institution.


Article from St. Paul Daily Globe, February 3, 1891

Click image to open full size in new tab

Article Text

It Resumes Business. WEST SUPERIOR, Wis., Feb. 2.-The Bank of Commerce. which suspended sixty days ago with liabilities of half a million, resumed operations this morning, having been discharged by the court. The capital has been increased from $100,000 to $250,000, and the institution is remarkable in its revival frem


Article from Telegram-Herald, February 3, 1891

Click image to open full size in new tab

Article Text

A BROKEN BANK RESUMES. The Sequel to the Remarkable Failure of the Bank of Commerce. WEST SUPERIOR, Wis., Feb. 2.-The Bank of Commerce, which suspended sixty days ago, with liabilities of half a million, resumed operations this morning, the assignee having been discharged by the court. The capital has been increased from $100,000 to $250,000 and the institution is remarkable in its revival, from the fact that the vaults contained sufficient currency to pay every dollar of its deposits. Andrew Crawford and S. B. Chase, of Chicago, and Gen. Mullen, of St. Paul, were active in the reorganization.


Article from Omaha Daily Bee, February 3, 1891

Click image to open full size in new tab

Article Text

Bank of Commerce Reopens. WEST SUPERIOR, Wis., Feb. 2.-The Bank of Commerce, which assigned several months ago, reopened its doors this morning under the same name and with increased capital.


Article from Rock Island Daily Argus, February 3, 1891

Click image to open full size in new tab

Article Text

Ready to Pay Every Dollar. WEST SUPERIOR, Wis., Feb. 3.-The Bank of Commerce, which suspended sixty days ago with liabilities of $500,000, resumed operations yesterday, the assignee having been discharged by the court. The capital has been increased from $100,000 to $250,000, and the institution is remarkable in its revival, from the fact that the vaults contained sufficient currency to pay every dollar of the deposits.