National Bank of Commerce (Duluth, MN)

Episode Information

Episode UID
400101164
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
40010 national
Charter Number
4001
Start Date
December 11, 1896
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca70c7c32e58595f

Response Measures

None

Description

Bank suspended Dec 11, 1896 and reopened within ~5 months, paying depositors in full.

Events (4)

1. March 27, 1889 Chartered
Source
historical_nic
2. December 11, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited inability to make money; bank closed and failed to open for business on Dec. 11, 1896.
Newspaper Excerpt
A notice posted on the doors stated that owing to inability to make any money in the business the directors had decided to suspend.
Source
newspapers
3. March 17, 1897 Voluntary Liquidation
Source
historical_nic
4. May 7, 1897 Reopening
Newspaper Excerpt
The National Bank of Commerce, of Duluth ... suspended in December after paying out eighty per cent. of its deposits. It has reopened within five months from the suspension and paid all of the depositors in full, and is the only suspended bank in Duluth that has done so, ... the bank is now on a more solid foundation than ever before.
Source
newspapers

Newspaper Articles (12)

Article from The Providence News, December 11, 1896

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Article Text

A National Bank Suspends. WEST SUPERIOR, Wis., Dec. 11.-The National Bank of Commerce of Duluth, failed to open for business this morning. A notice posted on the doors stated that owing to inability to make any money in the business the directors had decided to suspend.


Article from Rock Island Argus, December 11, 1896

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More Prosperity. Niagara Falls, N. Y., Dec. 11 The First National bank closed its doors today as the result of a run. West Superior, Wis., Dec. 11.-The National Bank of Commerce of Duluth failed this morning.


Article from Omaha Daily Bee, December 12, 1896

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Cities of Niagara Falls and Duluth Hard Hit by Failures. NIAGARA FALLS, Dec. 11.-The First National bank of this city did not open its doors for business this morning. Instead a notice was posted that at a meting of the directors last night it was decided to close the institution. It is said that the depositors will get their money. A few days ago the Niagara Glazed Paper company failed and several of the bank directors were hard hit. This was generally known and there has been a run on the bank for a few days. These facts and the fact that a newly elected president failed to qualify caused the suspension. WEST SUPERIOR, Wis., Dec. 11.-The National Bank of Commerce of Duluth, falled to open for business this morning. A notice posted on the doors stated that owing to the inability to make any money in the business the directors had decided to suspend. The notice also stated that the bank expected to pay depositors at an early date. The bank is capitalized at $200,000 and has $30,000 surplus. WASHINGTON, Dec. 11.-The comptroller of the currency has received notice of the failure of the National Bank of Commerce of Duluth, Minn. At the last report this bank had a capital stock of $200,000; individual deposits, $67,174; demand certificates of deposit. $29,528; notes and bills rediscounted, $40,000. Notice was received also of the failure of the First National bank of Niagara Falls. The bank's capital was $100,000; individual deposits, $118,267; demand certificates outstanding, $16,639; notes and bills rediscounted, $29,678.


Article from The Scranton Tribune, December 12, 1896

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Article Text

Bank of Commerce Closed. Duluth. Minn., Dec. 11.-The National Bank of Commerce, of this city, closed its doors this morning. Its paid up capital was $200,000. Its last statement showed undivided profits of $10,000; deposits, $200.000, and loans and discounts, $375,000. A notice posted on the door states that owing to inability to make any money in that business, the directors had decided to suspend, and that the bank expected to pay depositors at an early date.


Article from Albuquerque Weekly Citizen, December 12, 1896

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Article Text

Duluth Bank Failure. West Superior. Win. Dec. 11.-The Na. tional Bank of Commerce, of Duluth failed to open this morning. A notice was posted stating that owing to inability to make money the directors had de eided to suspend and expected to pay depositors at an early date. The bank is capitalized at $200,000. has $30,000 sur. plus: deposits $90,000.


Article from The News & Observer, December 12, 1896

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NIAGRA BANK FAILS. Washington, Dec. 11.-Notice was received of the failure of the First National bank Niagara Falls. The bank's capital was $100,000; individual deposits $118,267; demand certificates outstanding, $16,639; notes and bills rediscounted, $29,678. DULUTH BANK FAILS TO OPEN. West Superior, Wis., Dec. 11.-The National bank of Commerce of Duluth failed to open for business this morning. A notice posted on the doors stated that owing to inability to make any money in the business the directors had decided to suspend. The notice also stated that the bank expected to pay depositors at an early date. The bank is capitalized at $200,000 and has $30,000 surplus. GLASS FACTORIES RESUME. Pittsburg, Pa., Dec. 11.-A general resumption of operations in the window glass factories of the country will take place to-morrow, furnishing employment to several thousand workers. Five factories employing over 1,000 men will start up here to-night and a sixth employing 300 men to-morrow.


Article from The Madison Daily Leader, December 14, 1896

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BRIEF BITS OF NEWS. Maria Barberi, the New York girl who killed her recreant lover, has been acquitted. Twenty-eight out of fifty-two new county superintendents elected in South Dakota are women. St. Louis is enjoying a boom in the shoe trade. Factories are running full time and with increased forces. General Schouvaloff, the governorgeneral of Russian Poland, is again pronounced in a critical condition. Sioux City is to have direct telephone connection with New York and Boston as well as the Twin Cities and Kansas City. Jack Bennett of Pittsburg defeated Charles McCarthy, in a six round sparring match at the Tuxedo club, Philadelphia. The National Bank of Commerce of Duluth has suspended. Failure to make any money dictated the action of the directors. A combination to control absolutely the coal mines of Southern Kansas, age gregating half a million tons annually, is reported to have been formed. The Interstate Tracer. a paper run in Marshalltown, Ia., publishing a big list of debtors throughout the country, has been barred from the mails by a fraud order.


Article from The Ely Miner, December 16, 1896

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Quentin, Cal., for the murder of Joseph Pierre, of Marysville, last May. The Georgia legislature has passed a bill making women eligible for state librarian. The International hypothecate bank was incorporated at Dubuque, Ia., with a capital of $10,000,000. Walter F. Slade and Francis H. Clough, operating the Clear River woolen mills at Burrellville, R. I., failed for $1,000,000. The National bank of commerce at Duluth, Minn., closed its doors with liabilities of $135,000. The First national bank of Niagara Falls, N. Y., suspended with liabilities of $150,000. Mrs. Sarah B. Ingersoll Cooper and her daughter, Harriet Cooper, both widely known as workers in the cause of temperance, Christianity and philanthropy. committed suicide together in their home at San Francisco because of a church scandal in which they sided with the pastor and were snubbed by former friends. The Commercial Travelers' Life association of Syracuse, N. Y., went into a receiver's hands with liabilities of $100,000. At the annual meeitng in Philadelphia of the National Civil Service Reform league Carl Schurz, of New York, was reelected president.


Article from The Worthington Advance, December 17, 1896

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Miss Mae Kelly, a prominent young society woman, fell dead at a Catholic fair in Duluth, Minn.. just as she had begun singing "He Giveth His Beloved Sleep." The annual meeting of the National Civil Service Reform league was begun in Philadelphia. The two children of William Bledsoe, living near Susakwa, 0. T., were burned to death by a prairie fire. The banking house of Jonathan Esterly & Co. at Columbiana, 0., closed its doors with liabilities of $165,000. The Harlan state bank at Harlan, la., closed its doors, owing depositors $75,000. Attorney-General Harmon in his annual report to congress expresses satisfaction at the results of the new salary system which displaced the old fee system July 1 of the present year. A large reduction is shown in every one of the items which would naturally be affected by the fee system. During the year the court considered 374 cases. A new crimes act is one of the things the attorney-general thinks is needed. The interstate commerce commission has issued a preliminary report of the income and expenditures of the railways in the United States for the year ending June 30, 1896, which shows that the net earnings on 172,369 miles were $368,675,047. John R. Strauchen, for many years a mason contractor at Rochester, N. Y., failed for $120,000. The exchanges at the leading clearing houses in the United States during the week ended on the 11th aggregated $1,065,638,861, against $1,285,485,804 the previous week. The decrease compared with the corresponding week in 1895 was 5.9. There were 380 business failures in the United States in the seven days ended on the 11th, against 379 the week previous and 333 in the corresponding period of 1895. Mustapha Bey, the Turkish minister, has received peremptory instructions from his government to secure a retraction of the injurious statements made by President Cleveland in his message to congress. and a rupture of the diplomatic relations between the United States and Turkey is threatened. The corn crop in Illinois this year is 288,500,000 bushels, which is the largest yield in the history of the state. Marshall J. Miller was hanged at San Quentin. Cal., for the murder of Joseph Pierre, of Marysville, last May. The Georgia legislature has passed a bill making women eligible for state librarian. The International hypothecate bank was incorporated at Dubuque, Ia., with a capital of $10,000,000. Walter F. Slade and Francis II. Clough, operating the Clear River woolen mills at Burrellville, R. I.. failed for $1,000,000. The National bank of commerce at Duluth, Minn.. closed its doors with liabilities of $135,000. The First national bank of Niagara Falls, N. Y., suspended with liabilities of $150,000. Mrs. Sarah B. Ingersoll Cooper and her daughter, Harriet Cooper, both widely known as workers in the cause of temperance, Christianity and philanthropy. committed suicide together in their home at San Francisco because of a church scandal in which they sided with the pastor and were snubbed by former friends. The Commercial Travelers' Life association of Syracuse, N. Y., went into a receiver's hands with liabilities of $100,000. At the annual meeitng in Philadelphia of the National Civil Service Reform league Carl Schurz, of New York, was reelected president. Print paper manufacturers at a meeting in New York agreed to form a national association to control the product of all mills and fix prices. An Iowa organization of friends of Cuba has been effected, with headquarters in Des Moines. Miss Helen Beers, of Bridgeport, Conn., born blind 49 years ago. has had her sight restored by the removal of a cataract from each eye. An exceedingly well-executed counterfeit of United States five-dollar gold coins is in circulation in St. Louis. Mrs. Catherine Corbett. aged 70. and her daughter Mary. aged 40, were suffocated by gas at their home in Indianapolis. The railway earnings in Iowa the past year were $41,000,000, a gain of $5,000,000 over the previous year. The three young children of Edward Farnsworth were drowned at Brookline, N. H., while playing on thin ice. A denial is made of the report that the sultan of Turkey has entered a protest against the language of the president's message to congress in its treatment of the Turkish question. Samuel P. Putnam. aged 56. of Chieago, president of the free thought cop-


Article from Little Falls Weekly Transcript, December 18, 1896

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The National Bank of Commerce of Duluth has closed its doors. The deposits of the bank decreased from $206,000 last June to about $50,000 at the time of its / suspension.


Article from Perrysburg Journal, December 19, 1896

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ended on the 11th, against one week previous and 333 in the corresponding period of 1895. Mustapha Bey, the Turkish minister, has received peremptory instructions from his government to secure a retraction of the injurious statements made by President Cleveland in his message to congress. and a rupture of the diplomatic relations between the United States and Turkey is threatened. The Georgia legislature has passed a bill making women eligible for state librarian. The International hypothecate bank was incorporated at Dubuque, Ia., with a capital of $10,000,000. Walter F. Slade and Francis H. Clough, operating the Clear River woolen mills at Burrellville, R. I., failed for $1,000,000. The National bank of commerce at Duluth, Minn.. closed its doors with liabilities of $135,000. The First national bank of Niagara Falls, N. Y., suspended with liabilities of $150,000. Mrs. Sarah B. Ingersoll Cooper and her daughter, Harriet Cooper, both widely known as workers in the cause of temperance, Christianity and philanthropy. committed suicide together their home at San Francisco because of in a church scandal in which they sided with the pastor and were snubbed by former friends. The Commercial Travelers' Life association of Syracuse, N. Y., went into receiver's hands with liabilities of $100,000. At the annual meeiting in Philadel- Reof the National Civil Service phia form league Carl Schurz, of New York, was reelected president. Print paper manufacturers at a meetin New York agreed to form a naing tional association to control the product of all mills and fix prices. An Iowa organization of friends of Cuba has been effected, with headquarters in Des Moines. Miss Helen Beers, of Bridgeport, Conn., born blind 49 years ago, has had her sight restored by the removal of a cataract from each eye. An exceedingly well-executed counterfeit of United States five-dollar gold coins is in circulation in St. Louis. Mrs. Catherine Corbett, aged 70, and daughter Mary, aged 40, were sufher focated by gas at their home in Indianapolis. The railway earnings in Iowa the past year were $41,000,000, a gain of $5,000,000 over the previous year. The three young children of Edward were drowned at BrookH., while playing on is made of the that line, Farnsworth A denial N. report thin ice. the sultan of Turkey has entered a protest against the language of the presi- treatdent's message to congress in its ment of the Turkish question. Samuel P. Putnam, aged 56. of Chipresident of the free thought con of gress, cago, and May L. Collins. aged 20, Midway. Ky., a promising free thought by lecturer and writer, were suffocated gas in Boston. Bagot's Sons. dealers in dry goods in New York, failed for $150,000. In the six-day bicycle race in New the York, Hale, the Irish flyer, was winner, making 1,910 miles and a new was record. Rice, of Wilkesbarre, Pa., second. with a score of 1,882 miles. F. B. Newton. an extensive lumber dealer at Cleveland. O., made an assignment with liabilities of $125,000. A new city directory gives Indian- inapolis a population of 180,000, an crease of 11,000 in one year. The Free Press and Doniphan Eagle deoffices at Grand Island, Neb., were stroyed by fire. The high school building at Urbana, O., was destroyed by fire, the loss being $100,000. The annual report of Commissioner S. Miller, of the internal reve- the Joseph bureau, shows the receipts for nue fiscal year ended June 30. 1896, to have been $146,830,615. against $143,246,077 the previous year. The Nonpartisan W. C. T. U. convenat Washington reelected as presi- of tion dent Mrs. Annie M. Wittenmeyer, S Pennsylvania. Charles D. Lane, chairman of the nah bimetallist committee, has issued to his followers an active agitation tional suspend address silver urging of the for them sub- the ject to of free coinage of the k present and to join in upholding d hands of Maj. McKinley as president him of the United States, and to support I in all efforts to increase the prosperity 0 of The the people. visible supply of grain in the United States on the 14th was: Wheat, bushd 54,284,000 bushels: corn, 17,461,000 2,582,els; oats, 11,359,000 bushels; rye, 000 bushels: barley. 5,403,000 bushels. is The president sent to the senate the of nomination of Charles A. Prouty, , to be interstate commerce G. a commissioner Vermont, in place of Wheelock Veazey, resigned. n In fit of insane jealous rage Ernest his e Chase, a aged 38, cut the throat of then wife L. aged 32, in Detroit, Mich., and 1 cut his own throat. it The Cuban League of the United e was organized in New York by M Chauncev States Denew Roswell


Article from The Mankato Free Press, May 7, 1897

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LOCAL ITEMS. -Dora, the daughter of Mr. and Mrs. S. W. Wright, was bitten by a dog on her left cheek Friday evening. Dr. Webster cauterized and dressed the wound, and it is not thought that any harm will result. --The suit of Alexander Anderson VS. Ed. Junket was tried in the municipal court Saturday afternoon. A. E. Hawes, of Chicago, and W. N. Plymat were the attorneys engaged. It will be argued tomorrow afternoon. Geo. Chapman, a well-to-do farmer of Eagle Lake,leftMondaymorning for Port Arthur, Texas, with A. M. Rutan. He will look over the country with a view to locating if he likes it. He wants to live where the winters are shorter than the past one has been. -John Coudert, a traveling man, was arrested ;and locked up Friday for being too noisy, as a result of too great familiarity with the wine cup. The charge of disorderly conduct was preferred against him in the municipal court this morning and he paid a fine of $8.65. -The Republican city committee Saturday filed its financial report with County Auditor Gunders, covering this spring's city election. The total receipts were $302.50 and the total 'expenditnres were $228.46, leaving a cash balance in the hands of the committee of $74.04, -It is not generally known that Jacob Friend, who was tried and acquitted of the alleged murder of Clara Ober,at Blue Earth City, has embarked in the saloon business in this city. He has secured the transfer of a license and is running a saloon in block fourteen,and has been there for about two weeks. -The attention of the county board was taken up Tuesday listening to arguments for and against a petition to form a new joint school district out of parts of districts 112 and 114, of Blue Earth county, and districts 20 and 37, of Brown county, Those who want the new district want a school house nearer to them, while the opponents do not want to pay for another school house. -J. W. Davies, manager of the Judson creamery, was in the city yesterday and expressed himself as strongly in favor of going ahead with the work of the butter board of trade at Tuesday's meeting in this city. He suggests that a weekly selling day be named, and the buyers notified to be present. If a start can be made, there is no doubt that the board will be a success, as Mankato is the natural location for one. -The dog license ordinance is likely to remain a dead letter for another year unless the people of the city show an interest in having it enforced. Mayor Pfau is not likely to order its enforcement unless it is shown to be the desire of the people. From the way the streets are filling up with dogs,it would appear that the services of a dog catcher are needed for a time. -The National Bank of Commerce, of Duluth, of which J. A. Willard is president, suspended in December after paying out eighty per cent. of its deposits. It has reopened within five months from the suspension and paid all of the depositors in full, and is the only suspended bank in Duluth that has done so, and the only suspended bank in the country that has opened within that length of time. In order to do so, a great effort was necessary, and great credit is due to the officers. The bank is now on a more solid foundation than ever before. -The Northwestern May Musical Festival promises to eclipse anything in the way of concert and grand opera ever presented in this part of the country. This splendid affair will be held in the Exposition building, Minneapolis, May 17th and 18th. Special reduced rates will be in effect on all railroads and the very reasonable prices of the festival tickets will induce many people from here and other places to go to Minneapolis for the occasion. The sale of season