21396. Commercial National Bank (Salt Lake City, UT)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4051
Charter Number: 4051
Start Date: July 30, 1911
Location: Salt Lake City, Utah (40.761, -111.891)

Metadata

Model: gpt-5-mini
Short Digest: 1eccad66

Response Measures

None

Other: Bank reorganized: Commercial National was reorganized/taken over as Continental National; stockholders filed for receiver.

Description

Multiple newspaper items (1911) document shareholder suits asking a receiver and a contemporaneous 'mild run' (Aug 1, 1911) on the Continental/Commercial National's savings department triggered by allegations of mismanagement. No article states the bank suspended payments or that a receiver was appointed. A later 1926 article (OCR-fragmented) reports an anonymous-phone-initiated run; again no suspension is reported. Classified as run_only (runs occurred but no suspension/closure recorded).

Events (6)

1. June 21, 1889 Chartered

Source: historical_nic

2. May 6, 1909 Voluntary Liquidation

Source: historical_nic

3. July 30, 1911 Other

Newspaper Excerpt: stockholders ... filed in the circuit court ... asking for the appointment of a receiver for the Commercial National bank ... charge ... negligence, carelessness, mismanagement ... transferred ... notes ... aggregating about $200,000 ... made some bad big loans (Salt Lake Tribune 1911-07-30).
Source: newspapers

4. August 1, 1911 Run

Cause: Bank Specific Adverse Info
Cause Details: Withdrawal pressure followed filing of a petition by stockholders alleging mismanagement, bad loans and improper transfers between Commercial National and the new Continental National.
Measures: No specific remedial measures reported in the articles.
Newspaper Excerpt: Run On Salt Lake Bank. Salt Lake. Aug. 1.-A mild run on its savings account department was experienced by the Continental National bank of this city. ... At noon approximately $30,000 had been withdrawn.
Source: newspapers

5. August 3, 1911 Other

Newspaper Excerpt: Citing numerous violations of the federal banking laws and charging the officers with negligent, unsafe and unauthorized conduct, twelve stockholders of the Commercial National bank (now the Continental National) applied Saturday in the federal court for the appointment of a receiver for the bank (American Falls Press 1911-08-03).
Source: newspapers

6. February 11, 1926 Run

Cause: Rumor Or Misinformation
Cause Details: An anonymous phone call/talk reportedly sparked depositor alarm and heavy withdrawals from the bank's lobby and savings department.
Measures: Article fragment notes bank officers and directors pledged efforts to stop withdrawals; no formal measures (suspension) reported.
Newspaper Excerpt: Anonymous Phone Talk Starts Run on Bank ... with the throng that surged ... The Commercial National bank the second deposits of more than $4,000,000 (Salt Lake Tribune 1926-02-11).
Source: newspapers

Newspaper Articles (11)

1. August 29, 1907 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, August 29, 1907

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LATE LOCALS. Bank Clearings-Today's local bank clearings amounted to $954,375.21 as against $553,480.69 for the same day last year. Farewell Entertainment- farewell entertainment will be given in Farmers' ward tomorrow evening, in honor of Elder Joy W. Dunyon who is to leave shortly on a mission to Callfornia. Preparing for Fair-Secy. Horace Ensign has been spending most of the week at the state fair grounds, seeing that they are being put in order and the buildings cleaned up and repainted preparatory to the coming fair. Mr. Ensign believes that the next fair will be a record affair. Assignment of Teachers-The city board of education will meet in the board room at noon tomorrow to consider the report of the committee on teachers and school work in regard to the assignment of teachers and also the report of the committee on buildin and grounds in relation to repairs and building which have been going on during the vacation season. Bank Doors Thrown Open-The Commercial National bank is now comfortably settled in its new quarters, next door to its old location. There are many visitors to the bank who are complimentary in their remarks about the change. The bank has now one of the most elegant banking apartments in the state. Baptists Choose Delegates-The First Baptist society met last evening, and chose nine of its members as delegates to the Baptist state convention to be held at Ogden on the 3rd inst. The church is entitled to 38 delegates, and the task of selecting the remaining 29. was left to the pastor and the clerk. The East Side Baptist church is entitled to 20 delegates. Engine Runs Away-A "helper" engine used on the Rio Grande between Salt Lake and Park City ran away yesterday. The engineer and fireman jumped from the engine as it rushed down grade and landed safely. The runaway finally struck weak rails and piled up in a ditch. A wrecking crew was sent at once to repair the damage but traffic was delayed for several hours. Music Company Files Articles-The Daynes Music company of this city has filed its articles of incorporation with the county clerk. The capital stock of the company is $50,000, divided into shares of the par value of $1 each. Royal W. Daynes is president: James Ingebretsen. vice president; H. L. Nelson, secretary; W. M. Rich, treasurer. Building Up Salt Lake-Architects Headlund & Wood have completed plans for a $3,000 residence for Thomas Murnane on Second East street; also for a $5,000 residence for O. A. Honold. at Second East street

2. October 30, 1907 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, October 30, 1907

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Salt Lake Business Public at Once Falls Readily Into Line. THE COUNTRY BANKS FOLLOW Pay Rolls Will be Taken Care of in Cash as Hitherto-All Bankers Interviewed. Salt Lake's business public today gave another exhibition of the strong common sense which has always distinguished it in times of financial trouble A representative of the "News" at noon made a visit to all the banks of the city and found that the new order of things announced in last night's issue was not only being accepted with entire equanimity on the part of people doing business with the banks but that 11 was the quietest Wednesday that the banks had experienced for a long time past the receiving tellers' windows where deposits are taken in were in fact more busily patronized than the windows of the paying tellers and AT every institution visited the same report was given that there was no trou ble whatever and but little inconvenlence everyone recognizing that the measure adopted to limit payment on checks to $100 and to allow no disbursements of more than $200 in a week to one person, was the sane, safe and reasonable course to pursue under existing circumstances The funds of Salt Lake banks which are on deposit in eastern cities are obtainable only in the form of drafts, cashier's checks or exchange and untill this order of things is changed It is universally conceded that western cities will have no other recourse except to fall into line Under the clearing house regulations, banks are allowed a certain leeway in cases of exigency and pay rolls will be met as usual in cash 50 that the working classes will not be inconvenienced. At Zion's Savings Bank & Trust Co. Cashier o C. Beebe stated that the new rule was working smoothly and without apparent inconvenience to anyone Those people desiring money were allowed to draw out any amounts under $100. but on second withdrawals the notice provided for under the rule of the bank which is 30 days notice on amounts of $100 or under and 60 days' notice on amounts between $100 and $2,500 will be enforced This pre vents any hardship on depositors as it gives them money for urgent needs at once and provides for the remainder in 30 or GO days. At the State bank. Asst Cashier McEwan stated that everything was running smoothly; the new rule was being accepted and deposits were about normal At the Deseret National bank, Cashier H S. Young said that busi ness was even quieter than usual and people generally accepted the ex planations of the bank in regard to eastern conditions, acquiescing in the view that the best thing possible was being done under the conditions At the Desert Savings bank Cashier E A Smith said that that bank had always maintained the rule of requiring notice of withdrawals so that no change had been necessary for that Institution The business of the day was no different from that of previous days At MeCornick & Company's W. S. McCornick in answer to a question as to what effect the new rule in mak ing payments had had on his depositors, laughingly directed the reperter's attention to the condition of the banking room, where there were not half a dozen people present and 11.08t of them were at the receiving teller's window. Mr. McCornick said he thought the public generally had accepted the situation philosophically and that the present system would be only of short duration At the Utah National bank Cashier Nelson said that conditions were normal and no trouble whatever has been experienced in putting the new rule Late working force Their depositors had agreed with them that it was the one thing to do to protect the supply of currency new in the city At the Commercial National bank Asst. Cashier Shearman said that there was nothing whatever to report Every thing was peaceful and the new rules were working well At the National Bank of the Republic the cashier's report was much the same as that given at other institutions there was no sign of anything except the ordinary quiet conduct of business in the bank chamber At the Utah Savings & Trust company Cashier Heber M. Wells was not in. but Asst. Cashier Sloan said the deposits and withdrawals were about normal considerable amount of cash having been received with the deposits during the day At the Utah Commercia) and Savings bank cashier Groo said that no trouble whatever had been experienced Most people to whom the matter had been explained took an intelligent view and said that it was the one thing to do and that it ought to have been put into effect before At Walker Dros Asst Cashier Howard said the course met with unanimous approval on the part of the busi. ness public There was no stoppage to circulation drafts on the east could be bought as readily as before Country banks would have to give their deposit. ors checks on Salt Lake instead of the currency and these checks for the time being would have to take the place of currency with the stores, farmers, railroads, tax collectors etc. At the Salt Lake Security & Trust Co. Mr. McGurrin said that as fai as his experience went the new rule gave a sense of security rather than otherwise to the business public and many of their customers had expresse d the opinion that the action of the banks would relieve B. great deal of ap. prehension in fact the course now being followed would Insure the continuation of business whereas if people were allowed to hoard money busi ness would soon feel the effects of 11. Advices to the Salt Lake banks state that the country banks are adopting to the same precautionary measures guard their currency supply that the parent institutions in this city have put into effect In Davis county there are four banks and Hon John R Barnes of Kaysville states that at meeting held this morning measures

3. July 30, 1911 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, July 30, 1911

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J. E. Cosgriff, M. C. Fox, J. B. Cosgriff, W. P. Noble and George E. Merrill, once officers. and directors of that institution and now officers and directors of the Continental National bank, which took over the first named corporation, with negligence, carelessness, mismanagement, operation of their business in violation of the terms of the charter granted them, certain stockholders of the Commercial National bank yesterday filed in the circuit court of the United States a bill in equity, asking for the appointment of a receiver for the Commercial National bank in order that their rights may be properly protected. There are three principal grounds of complaint set out in the action: The plaintiff who files the action, on behalf of themselves and such other stockholders as may be similarly situated, charge that the stockholders and directors of the Commercial National bank formed the Continental National bank, allotting its entire capital stock to themselves and their friends, and leaving the plaintiffs out. They further allege that the defendants. sitting as a liquidating committee transferred to the Continental bank & large number of notes issued by the Commercial bank, aggregating about $200,000, and then when it was found that these notes could not be collected charged them back to the Commercial bank. It is also charged that, during the last two years of the existence of the Commercial bank the officers and directors failed and neglected to properly manage its business and made many loans which were in excess of the legal limit allowed and otherwise conducted the business of the institution in an unlawful manner. President J. E. Cosgriff of the Continental bank is now in Boston on business. J. B. Cosgriff, his brother and a director and stockholder in the institution, said yesterday that he did not care to discuss the case in detail. He would admit, he said, that the Commercial bank had made some bad big loans, but that this action had been taken in the hope of getting back money already loaned without security. The question of whether it was right or wrong is for the courts to decide,' he declared. Parties to the Action. The bill in equity, as filed in the United States court, is entitled: 'The A. Keyser Investment company, a cor. poration; the Kimball Investment company, a corporation; Geneva A. Kimball, trustee: Rose Hartwell, John R. Bruff, Winnifred H. Dyer, Ella B. Dyer, James McGregor, L. J. Goldman, M. H. Marks, Hugh Anderson and Alexander Smith, on their own behalf, and on be. half of all stockholders of the Commercial National bank of Salt Lake City who care to join in and contribute to the expenses of this action, and on behalf of the Commercial National bank of Salt Lake City, a corporation. complainants, against the Commercial National bank of Salt Lake City, a corporation, and J. E. Cosgriff, M. C. Fox, J. B. Cosgriff, W. P. Noble and George E. Merrill.' Substance of the Charges. Stripped of its formal legal verbiage, the bill, after setting out the citizenship and address of the plaintiff stockholders alleges ownership of the stock

4. July 30, 1911 The Salt Lake Tribune Salt Lake City, UT

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# MANY CHARGES # MADE AGAINST # BANK OFFICERS Stockholders Ask Receiver for Old Commercial Na- tional and Allege Gross Mismanagement. # SAY THEIR RIGHTS # ARE IN JEOPARDY Directors Deny the Issues Raised; Say They Will Meet Them Squarely in Proper Time. The officers of the Continental National bank, against whom suit was commenced in the federal court yesterday, have only to say at the present time that they have not yet been served with a copy of the complaint in the case and know only in a general way from the evening papers the nature of the charges made against them. The public may rest assured, however, that at the proper time and before the proper tribunal it will be satisfactorily demonstrated that the charges have no foundation whatever. It should not be expected that any detailed reply be made to the charges at this time. Hereafter, such an answer will be made and the issue will be squarely met by the defendants, accompanied by overwhelming proof that all of the transactions challenged in the complaint were perfectly proper and legal in every respect. Statement of E. M. Allison, Jr., attorney for defendant directors of the Commercial National bank and the Continental National bank.

5. August 3, 1911 American Falls Press American Falls, ID

Article from American Falls Press, August 3, 1911

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# Receiver Asked for Bank. Salt Lake City.—Citing numerous violations of the federal banking laws and charging the officers with negligent, unsafe and unauthorized conduct, twelve stockholders of the Commercial National bank (now the Continental National) applied Saturday in the federal court for the appointment of a receiver for the bank and for a writ of subpoena bringing the directors into court for examination as to their methods of conducting the institution.

6. August 4, 1911 Montpelier Examiner Montpelier, ID

Article from Montpelier Examiner, August 4, 1911

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Receiver Asked for Bank. Salt Lake City.-Citing numerous violations of the federal banking laws and charging the officers with negligent, unsafe and unauthorized conduct, twelve stockholders of the Commercial National bank (now the Continental National) applied Saturday in the federal court for the appointment of a receiver for the bank and for a writ of subpoena bringing the directors into court for examination as to their methods of conducting the institution.

7. August 4, 1911 The Meridian Times Meridian, ID

Article from The Meridian Times, August 4, 1911

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Receiver Asked for Bank. Salt Lake City. - Citing numerou. violations of the federal banking laws and charging the officers with negli-gent, unsafe and unauthorized conduct, twelve stockholders of the Commercial National bank (now the Continental National) applied Saturday in the federal court for the appointment of a receiver for the bank and for a writ of subpoena bringing the directors into court for examination as to their methods of conducting the institution.

8. August 4, 1911 The Coalville Times Coalville, UT

Article from The Coalville Times, August 4, 1911

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Receiver Asked for Bank, Salt Lake City.-Citing numerous violations of the federal banking laws and charging the officers with negligent, unsafe and unauthorized conduct, twelve stockholders of the Commercial National bank (now the Continental National) applied Saturday in the federal court for the appointment of a receiver for the bank and for a writ of subpoena bringing the directors into court for examination as to their methods of conducting the institution,

9. August 4, 1911 The Norfolk Weekly News-Journal Norfolk, NE

Article from The Norfolk Weekly News-Journal, August 4, 1911

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Run On Salt Lake Bank. Salt Lake. Aug. 1.-A mild run on its savings account department was experienced by the Continental National bank of this city. The regular deposits, it was stated, were not affected. At noon approximately $30,000 had been withdrawn. A petition for a receiver for the Commercial National bank, which named among other defendants officers of the Continental National bank, was filed in the federal court here Saturday by a number of stockholders of the Commercial National bank, it being charged that the liquidating company had failed properly to safeguard the interests of the petitioning stockholders when the new bank, the Continental National, was organized.

10. August 5, 1911 The Pioche Record Pioche, NV

Article from The Pioche Record, August 5, 1911

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News Story of a Week A COMPLETE HISTORY OF WHAT HAS BEEN HAPPENING THROUGHOUT THE WORLD INTERMOUNTAIN According to a report reaching Reno from Superintendent Hoover of the McDermitt Indian reservation in northern Humboldt county, Nevada, a band of seven Indians headed by Salmon River Jim are on the warpath and headed for northern Washoe county. Three masked men robbed the First National bank of Harlem, Mont., on Monday, but the man who had the booty in his possession was killed and the money recovered. The other two bandits escaped. Posses are closely after them and it is believed they will be captured. A. G. Sutherland, father of United States Senator George Sutherland and well known throughout the state, died Monday morning of general debility at the home of his son, Fred Sutherland, of Provo, Utah. General Manager N. P. O'Brien of the Harriman lines in the Pacific northwest announces that the South ern Pacific company win at once begin construction of a railroad to Coos bay. The road will be completed, according to present plans, in two years and will cost $8,000,000. Rev. Samuel B. Moyer, pastor of a church in Pueblo, Colo., was almost instantly killed by leaping from the third-story window of a hospital. Miss Eva Trombley and Frank H. Thibodeau, her uncle, were drowned while bathing in Bachelor slough, near Ridgefield, Wash., and George Young, affianced of the young woman, nearly lost his life in an attempt to save her. Joseph Tarova, a chauffeur, was shot and killed at Seattle by a passenger in his car, who fired at him five times as he started to race past another car. After killing his driver the passenger leaped from the automobile and decamped in the darkness. Citing numerous violations of the federal banking laws and charging the officers with negligent, unsafe and unauthorized conduct, welve stockholders of the Commercial National bank of Salt Lake have asked for the appointment of a receiver. Record-breal..ug export flour orders for September and October delivery have been booked by Seattle millers during the last two weeks. One mill has Chinese orders for 100,00 sacks of bluestem cut-off, and others are running full capacity. DOMESTIC A step by which transcontinental railroads hope to offset the recent reduction in commodity rates to western points ordered by the interstate commerce commission is expected to be taken at a meeting of the traffic and executive officers of transcontinental lines to be held in Chicago August 7, when it is expected to make a substantial increase in rates. Seven persons were drowned in the St. Lawrence river when the ferry steamer Sirius struck a shoal eight miles below Massena, N. Y., capsizing and hurling its seventy-five passengers into the water. Chicago's first postal savings bank opened for business on Tuesday. Two hundred depositors stood in line. Four thousand dollars were deposited during the day, the first depositor being a boy. It became known in New York Monday, that Mr. and Mrs. Francis R. Arnold, the parents of Miss Dorothy Arnold, who disappeared from her home there on December 12 last, have gone to Italy. It is declared that their visit to Italy is made in connection with the search for their daughter. At last Newport has let down the social bars. Hereafter families come to Newport with a clean slate tor their first season and if they can af cord to own social keys will be admitted. Leon Martinez, the Mexican boy charged With the kinng of Miss Emma Brown in Reeves county, one week ago Saturday, was found guilty of murder in the first degree by a jury at Pecos, Tex., and his punishment fixed at death. Vaccination was characterized as a menace to mankind by Dr. J. Deason and Dr. Joseph F. Biehn, bacteriologists, who testified before Commissioner Charles G. Hutchison in Chicago. J. D. Herrington, eighty-one years old, said to be the oldest man in the railway mail service, both from point of age and length of service, is dead at Lawrence, Kansas. The present drouth in Kentucky is the worst in years. In many counties streams and cisterns are dry and drinking water is scarce. Fleming county has called on neighboring counties for help, and 10,000 barrels of water have been sent there. The will of Mrs. Margaret Daly Brown, daughter of the late Marcus Daly, the Montana copper king, has just been admitted to probate in New York. She died April 29. The estate is valued at $2,000,00, and is to be divided between her two m:nor daughters.

11. February 11, 1926 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, February 11, 1926

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Anonymous Phone Talk Starts Run on Bank Feb (By the Associated tongue that flashed mous words the wires brought the this morning National bank that drawal of was before the closed Fink with tear and with the throng that surged pleaded through the bank's lobby and milled about outside Tonight business pledged members would withdraw deposits tomorrow but that all efforts would be made large sums of The deposit declared by bankers and statement was signed directors of the First National The Commercial National bank the second deposits of more than $4,000,000