22924. 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
b2c2100e

Response Measures

Capital injected, Full suspension

Other: Assignee/receiver (W. H. Slack) appointed; outside capital brought in for reorganization.

Description

Run began after failure of Bell & Eyster (Duluth) precipitated withdrawals Nov 26, 1890. Bank later assigned/suspended Dec 2–3, 1890. Reorganized and resumed business Feb 2, 1891. OCR corrected 'West Superior' usage; assets/liabilities and reorganization details reported in multiple items.

Events (3)
1. November 26, 1890 Run
Cause
Local Banks
Cause Details
Run triggered by failure of Bell & Eyster bank in Duluth and resulting loss of confidence.
Measures
Other local banks came to the assistance of the firm and confidence was restored (temporarily).
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 Suspension
Cause
Local Banks
Cause Details
Continued withdrawals following the Duluth failure and general stringency in the money market left the bank unable to meet obligations; assignee appointed.
Newspaper Excerpt
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.
Source
newspapers
3. February 2, 1891 Reopening
Newspaper Excerpt
The Bank of Commerce ... will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital ... putting $150,000 into the institution.
Source
newspapers

Newspaper Articles (21)
1. November 27, 1890 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, November 27, 1890

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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.

2. November 27, 1890 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, November 27, 1890

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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.

3. November 27, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, November 27, 1890

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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.

4. November 27, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 27, 1890

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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.

5. November 27, 1890 Spokane Falls Review Spokane, Spokane Falls, WA
Article from Spokane Falls Review, November 27, 1890

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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.

6. December 3, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, December 3, 1890

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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.

7. December 3, 1890 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, December 3, 1890

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Couldn't Stand the Pressure. 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 the liabilities, and is expected to pay dollar for dollar.

8. December 3, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 3, 1890

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A WISCONSIN BANK FAILS. Unable to Stand Withdrawal of Deposits -Run on the Keystone Continues. WEST SUPERIOR, Wis., Dec. 2-The Bank of Commerce assigned today. Its deposits have been reduced nearly $20,00) since last Wednesday. The institution was unable to stand the drain or obtain outside aid. The bank has resources greatly in excess of the liabilities, and is expected to pay dollar for dol ar. PHILADELPHIA, Dec. 2-The run on the Keystone bank continues. All persons presenting checks for $100 or le-s are paid in currency, but any whose demands exceed that amount are paid only $100 in cash and are given clearing house due bills for the balance. These will be honored at auy ba k. Toward 1 o'clock the run seemed to have b en broken.

9. December 3, 1890 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, December 3, 1890

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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.

10. December 3, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, December 3, 1890

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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.

11. December 3, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 3, 1890

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TELEGRAPHIC BRIEFS. The Bank of Commerce of West Superior, Wis., assigned yesterday. It is expected to pay dollar for dollar. Extremely cold weather prevails in eastern Ontario and western Quebec. A terrific gale near St. Johns, N. F., Monday night blew down houses, barns and fences. Shipping at Harbor Grace suffered considerable damage. A boiler in a sawmill near Espyitown, Pa., exploded yesterday, killing Frank and Isaac Groker and two unknown men. The House committee on commerce directed a favorable report on the Senate bill providing for the inspection of cattle and meats. A Minneapolis Tribune special reports a snowstorm throughout the southern and northern and western portions of Iowa. Snow fell steadily all day. The board of appeals of the American Trotting association began its annual session in Chicago yesterday. A number of cases were decided in the afternoon. An interesting case came up embodying the question as to whether the association, when guaranteed states, is entitled to the amount paid in by the subscribers in excess of the guaranteed amount, or if such excess belong to running horses pro rata. The case was taken under advisement. Peter Somers, a Democrat, was to-day elected mayor of Milwaukee, "to fill the vacancy caused by the election of Mayor Peck to the governorship. The cold wave was central over northern Minnesota yesterday morning. St. Vincent reports 24 degrees below zero, Winnipeg, Moorehead and Duluth followed respectively with 22, 18 and 6 degrees below zero. It snowed in eastern Montana, South Dakota, and Minnesota with the temperature ranging from 6 to 27 degrees above zero. Thad Foulkes was lynched yesterday by a mob at Drake's branch, Va.

12. December 6, 1890 Evening Journal Wilmington, DE
Article from Evening Journal, December 6, 1890

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Will Pay Dollar for Dollar. DULUTH, Minn., Dec. 6.-The schedule of the suspended Bell & Eyster bank has been filed. It shows assets, $1,169,629.48; liabilities, $790,689.96; surplus, $398,939.22. The showing made is very favorable, and the effect on business here will be marked. A 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 depositors dollar for dollar, and doubtless be at once reorganized with largely increased capital.

13. December 6, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 6, 1890

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A Favorable Showing, DULUTH, Minn., Dec. 5.-The schedule of the suspended Bell & Eyster bank was filed this afternoon. The showing made is very favorable, and the effect upon business here will be marked. A. feeling of renewed confidence exists, which is increased by the very excellent showing made by the suspended Bank of Commerce, of Superior. Depositors of both banks will be paid dollar for dollar, and both will doubtless be at once reorganized with largely increased capital.

14. December 10, 1890 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, December 10, 1890

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DOMESTIC. IN portions of Minnesota the thermometer ranged from 6 to 24 degrees below zero on the 2d and a heavy snowstorm prevailed. THAD FOWLKES, who murdered a of prominent citizen Charlotte County, Va., named Yancey, was lynched at Charlotte. MILLIE PANHORST, who shot and killed Samuel Goldberg, her betrayer, at San Francisco, was acquitted of the charge of murder. Six THOUSAND of the 8,000 coal miners of Alabama struck. EDWARD HOLLAND, a life convict sentenced to Sing Sing (N. Y.) prison in 1878 for murder, was liberated on a pardon from Governor Hill. OVER fifty boats, laden principally with barley and lumber, were reported frozen in on the Erie canal. FIFTY dogs were found dead on the streets at Findlay. O., all of them having met their fate from eating poisoned bologna sausage. of a THE business part Collinwood, suburb of Cleveland, O., was wiped out by fire. FOUR residents of New Haven, Conn., George Herbert, Frank I. Greene, Mr. Case and Mrs. E. E. Turner, who were prospecting in Florida, were drowned in Lake Tohopekaliga by the capsizing of a boat. ; THE Bank of Commerce at West Superior, Wis., suspended, and an assignee was chosen. The assets were given at $640.000 and the liabilities $520,000. ! A WHALE eighty feet in length was seen in Chesapeake bay, off Point Comfort, Md. : IN the Court of Appeals at Albany, N. case of Miss Y., in the Campbell against Arbuckle ("Baby Bunting"), for breach of promise, the judgment of the lower court for $45,000 damages was affirmed. Two MEN entered the office of the Allerton Packing Company at the Stock Yards in Chicago and compelled Cashier Osier to deliver to them a package con;taining $3,200, and then made their escape. AT Oak Ridge, La., four men were shotdead while resisting arrest. / FOUR men were killed by the explosion of a saw-mill boiler near Espytown, Pa. JACKSON FERGUSON, treasurer of Pike County, Ind., was found to be short in :his accounts some $5,000. I MRS. ELIZABETH HOLLENBECK, of San Francisco, gave $750,000 to found a home for indigent women and homeless children in that city. ! THE United States flag-ship Charleston was sighted several miles off the entrance to the harbor in San Francis00, having just arrived from Honolulu with King Kalakaua, of the Hawaiian Islands, aboard. THE question voted upon by all Methodist churches in the United States of admitting women as delegates-to the general conference of that church was decided in favor of the women. THE earnings of the New York-Brooklyn bridge for the past year were $1,239,494; 37,776,411 passengers crossed the structure, of which number 3,222,073 were on foot. AT Sbelbyville, Ind., Mrs. Rucker, wife of J. R. Rucker, and her two children were probably fatally burned by an explosion of natural gas in their residence. AT Seymour, Ind., William C. Bradford, aged 80 years, a one-armed veteran soldier who was partially demented, set fire to his house and perished in the flames. ISAAC M. JORDAN, one of the best known members of the bar in Cincinnati, and a member of Congress from 1885 to 1887, fell down the elevator in the building where his office was located and was instantly killed. A TENEMENT house was burned. in Pittsburgh, Pa., and Mr. and Mrs. 1rvine verished in the flames. 6

15. December 22, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 22, 1890

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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.

16. December 24, 1890 The Enterprise Wellington, OH
Article from The Enterprise, December 24, 1890

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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.

17. January 23, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 23, 1891

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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.

18. January 23, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 23, 1891

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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.

19. February 3, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, February 3, 1891

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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

20. February 3, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, February 3, 1891

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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.

21. February 3, 1891 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, February 3, 1891

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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.