Manufacturers Bank (West Duluth, MN)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
September 2, 1896
Location
West Duluth, Minnesota (46.735, -92.186)
Bank Type
state

Metadata

Events (1)

1. September 2, 1896 Receivership
Newspaper Excerpt
The State Bank Examiner has taken charge of the Manufacturers' Bank at West Duluth, and C. E. Beaslee has been appointed receiver.
Source
newspapers

Newspaper Articles (12)

Article from The Indianapolis Journal, September 3, 1896

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES

Manufacturers' Bank of West Duluth in Receiver's Hands. DULUTH, Minn., Sept. 2. - The State Bank Examiner has taken charge of the Manufacturers' Bank at West Duluth, and C. E. Beaslee has been appointed receiver. The failure is attributed to the bank's inability to realize on its assets. Deposits are about $40,000.


Article from The Madison Daily Leader, September 3, 1896

Click image to open full size in new tab

Article Text

Daus maamner in charge

DULUTH, Sept. 3.-State Bank Examiner Kenyon has taken charge of the Manufacturers' bank of West Duluth and C. E. Peaslee has been appointed receiver. The failure was attributed to the bank's inability to quickly realize on its assets. Deposits are about $40.000.


Article from The Providence News, September 3, 1896

Click image to open full size in new tab

Article Text

Minnesota Bank Goes Under

Duluth, Sept. 3.-The state bank examiner has taken charge of the Manufacturers bank of West Duluth, and C. E. Beaslee has been appointed receiver. The failure was attributed to the bank's inability to quickly realize on its assets.


Article from Birmingham State Herald, September 4, 1896

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES

Bank in Receiver's Hands. Duluth, Minn., Sept. 3.-The Manufacturers' bank of West Duluth has been placed in the hands of a receiver by order of the state bank examiner. Deposits amount to $40,000.


Article from The Ely Miner, September 9, 1896

Click image to open full size in new tab

Article Text

News in Brief

0. Nolan, while under the influence of liquors, fell over the high embankment at the Union depot in Minneapolis and broke his back. During the carnival parade at Minneapolis, E. L. Walsh was knocked down by a horse and his left leg broken twice. Gus Mueller, of Rochester, committed suicide by shooting himself in the abdomen. Cause: Despondency over his health. State Bank Examiner Kenyon has taken charge of the Manufacturers' bank, of West Duluth, and C. E. Peaslee has been appointed receiver. The failure is attributed to the bank's inability to quickly realize on its assets. Deposits are about $40,000.


Article from The Worthington Advance, September 10, 1896

Click image to open full size in new tab

Article Text

News in Brief

O. Nolan, while under the influence of liquors, fell over the high embankment at the Union depot in Minneapolis and broke his back. During the carnival parade at Minneapolis, E. L. Walsh was knocked down by a horse and his left leg broken twice. Gus Mueller, of Rochester. committed suicide by shooting himself in the abdomen. Cause: Despondency over his health. State Bank Examiner Kenyon has taken charge of the Manufacturers' bank, of West Duluth, and C. E. Peaslee has been appointed receiver. The failure is attributed to the bank's inability to quickly realize on its assets. Deposits are about $40,000. bout two w.eks ago a stranger giving his name is Earl Wood came to Freese & Freese's livery stable, in Willmar, and rented a team on pretense of going out to set up threshing rigs. Wood not returning, the authorities were sent in search of him. The team was found in Paynesville, where he had sold it for $40. He was arrested near Duluth and brought back by Sheriff Odell. In the hearing in the municipal court bonds were fixed at $400. Not being able to furnish this, Wood was placed in the county jail to await the action of the grand juay. D. B. Morrison, a Winona shoe dealer, bas closed his doors.


Article from Warren Sheaf, September 10, 1896

Click image to open full size in new tab

Article Text

News in Brief

O. Nolan, while under the influence of liquors, fell over the high embankment at the Union depot in Minneapolis and broke his back. During the carnival parade at Minneapolis, E. L. Walsh was knocked down by a horse and his left leg broken twice. Gus Mueller, of Rochester, committed suicide by shooting himself in the abdomen. Cause: Despondency over his health. State Bank Examiner Kenyon has taken charge of the Manufacturers' bank, of West Duluth, and C. E. Peaslee has been appointed receiver. The failure is attributed to the bank's inability to quickly realize on its assets. Deposits are about $40,000.


Article from The Union Times, September 11, 1896

Click image to open full size in new tab

Article Text

Throughout the North The cotton print mills at Fitchburg, Mass., has resumed operation after a nine week's shut-down. I At Pittsburg, Pa., Joseph Orozz was hanged for murdering his sweetheart, Theresa Bobok, January 8, 1896. 1 The American Watch Factory, at Waltham, Mass., has begun work again with a full set of hands and will run on full time. I At Van Cleek, Ont., the Commercial Hotel, owned by George Constantineau, was partly destroyed by fire and five pearsons were burned to death. 1 The Manufacturers' Bank of West Duluth, Minn., has been placed in the hands of a receiver by order of the State Bank Examiner. Deposits amount to $40,000. Chas. E. Warburton, proprietor of the Philadelphia Evening Telegraph, is dead of fatty degeneration of the heart. He had been in poor health for a long time. F. Klinkert, brewer, has made an assignment for the benefit of his creditors, at Racine, Wis. The assets are said to be $200,000, while the liabilities will not reach over half or three-quarters of that sum. In the presence of 8,000 spectators at Fleetwood Park, New York, Wednesday, John R. Gentry lowered the colors of Robert J., Frank and Star Pointer, winning the most remarkable harness race on record and pacing three heats in 2:31, 2:31 and 2:31. the fastest time ever known for three consecutive miles. At the New York Rifle Association meet at Seagrit, N. J., the team of the First Cavalry of Georgia won the carbine school prize. The first team of the Engineer Cory, District of Columbia, won the match at 200 and 500 yards. The team of the First Infantry of Georgia won the inter-state regimental match.


Article from The Times, September 11, 1896

Click image to open full size in new tab

Article Text

HISTORY OF A WEEK

Thursday, Sept. 3. The Minnesota state bank examiner has taken charge of the Manufacturers' bank of West Duluth, and C. E. Peaslee has been appointed receiver. The tenants of the Ewart building at 11 to 21 Jefferson street, Chicago, paid T. F. Dowd, the agent, in silver because he is a Bryan man. There were 350 silver dollars. Every employe of the secretary of war's office has been placed under the civil service law, with the exception of two confidential clerks. This includes messengers and laborers of all kinds. Thomas H. Phillips, a prominent capitalist at Ottumwa, Ia., was killed by a Burlington switch engine. He was driving and his horses became frightened and ran on the tracks. An old man giving the name of Harry Beetle passed a worthless check for $10 on Charles Pangritz, a dentist, at Chicago. The Clyde and Belfast shipbuilders have settled their differences with their employes by conceding the advance in wages demanded by the men.


Article from The Progressive Farmer, September 15, 1896

Click image to open full size in new tab

Article Text

"SOUND MONEY" AND THE BANKS

The Manufacturers' Bank of West Duluth wentof business. Couldn't meet its liabilities-in "gold." La Maida Bros. & Andrale, bankers, New York and Philadelphia, failed. Couldn't meet $30,000 of liabilities with $60,000 of assets. State Land and Trust Co, Ogallala, Neb., capital $25,000, loans and discounts $58,665, gone under the gold standard. The Bank of National City, Cal, insolvent. Receiver appointed. Union National Bank, Sioux Falls, S. D, gone. The First National Bank of Beatrice, Neb., closed doors. Couldn't pay $110,000 of liabilities with $250,000 of assets. See! $25 of honest property assets, will not pay $11 of gold standard debt. Beatrice Neb, Savings Bank also gone under, with $290,000 gold standard dollars-all of the savings from the toil of the honest laborers of that vicinity. American National Bank of New Orleans closed. Funds found squandered. Officers arrested. Three more bank failures in New Orleans las week.


Article from Warren Sheaf, December 26, 1901

Click image to open full size in new tab

Article Text

not yet been decided on

Every section of the country will be represented at th shows, and it will bring to the city mor blooded cattle than were ever before as sembled here at one time. He Must Quit. The supreme court upholds Governo Van Sant in his suspension of Sherif Megaarden of Hennepin county. In : decision filed this afternoon and writter by Judge Lovely, the court holds tha the power to remove an official after in vestigation implies authority to suspende pending the proceedings. The writ of ouster prayed for by th attorney general will be issued at once When it is served Megaarden must cease to exercise his functions as sheriff or b in contempt of court. News Notes. Dr. J. A. Garver, of Dodge Center was burned to death by his clothing be coming ignited from an open grate. The Richmond House, at Torah, was destroyed by fire. The Mississippi, at Winona, has beer frozen over and is only six inches above low-water mark. While there is no official utterance, i seems to be expected that Gov. Var Sant will call the Minnesota legislature in extra session sometime in February to consider the report of the tax com mission. Attorney General Douglas i: proceeding on the assumption that ex isting Minnesota laws give all the pro tection needed to prevent the consolida tion of parallel lines of railroad, and will not ask new legislation, even if ar extra session is called. N. J. Schafer, president of the Firs National Bank, of Owatonna, has sold to B. B. Sheffield, L. Peavey and A. B Blodgett, of Faribault, a controlling in terest in the bank, including the building Harlow A. Gale, a pioneer resident o Minneapolis, died at the residence of hi daughter, Mrs. E. J. Tryon, after a long illness. The owners of the Chicago railroad seem to be much, or even more inter ested than the people of the Northwes in preventing the "community of inter ests" of the Pacific railroads. The have a vision of the business of th northwest going to the Orient instea of to the windy city. When the north west sells its products in the Orient i will have a bigger customer than Chi cago. C. E. Peaslee, receiver for the Manu facturers' Bank of West Duluth, one o the banks that went up on the panic, ha applied to the district court for an orde to sell the last of the assets, and h states in his application that he will re alize enough to pay all claims in full. Milwaukee & St. Paul surveyors ar running a line from Zumbrota to Fari bault. The presumption is that the nar row gauge line from Zumbrota to Wa basha will be made of standard gauge. The case against Chief of Police Cran dall, charged with malfeasance in offic for issuing an order permitting saloon to be open between I and 8 p. m. on Sur days, came to a sudden end after th jury had been drawn, the court holdin indictment bad, and directing a verdi of not guilty. The Pioneer Press, of St. Paul, ha arranged for a 30-day trip through th south, visiting the coasts of Florida, C1 ba and the Bahama Islands. Tickets ai based on actual cost and include all ex penses. The party will be limited an will leave the Twin Cities via the Nortl western route, as shown by particular elsewhere. The Faribault rug factory was de


Article from Willmar Tribune, January 1, 1902

Click image to open full size in new tab

Article Text

News Notes.

Dr. J. A. Garver, of Dodge Center, was burned to death by his clothing becoming ignited from an open grate. The Richmond House, at Torah, was destroyed by fire. The Mississippi, at Winona, has been frozen over and is only six inches above low-water mark.

While there is no official utterance, it seems to be expected that Gov. Van Sant will call the Minnesota legislature in extra session sometime in February, to consider the report of the tax commission. Attorney General Douglas is proceeding on the assumption that existing Minnesota laws give all the protection needed to prevent the consolidation of parallel lines of railroad, and will not ask new legislation, even if an extra session is called.

N. J. Schafer, president of the First National Bank, of Owatonna, has sold to B. B. Sheffield, L. Peavey and A. B. Blodgett, of Faribault, a controlling interest in the bank, including the building. Harlow A. Gale, a pioneer resident of Minneapolis, died at the residence of his daughter, Mrs. E. J. Tryon, after a long illness.

The owners of the Chicago railroads seem to be much, or even more interested than the people of the Northwest in preventing the "community of interests" of the Pacific railroads. They have a vision of the business of the northwest going to the Orient instead of to the windy city. When the northwest sells its products in the Orient it will have a bigger customer than Chicago.

C. E. Peaslee, receiver for the Manufacturers' Bank of West Duluth, one of the banks that went up on the panic, has applied to the district court for an order to sell the last of the assets, and he states in his application that he will realize enough to pay all claims in full. Milwaukee & St. Paul surveyors are running a line from Zumbrota to Faribault. The presumption is that the narrow gauge line from Zumbrota to Wabasha will be made of standard gauge. The case against Chief of Police Crandall, charged with malfeasance in office for issuing an order permitting saloons to be open between 1 and 8 p. m. on Sundays, came to a sudden end after the jury had been drawn, the court holding indictment bad, and directing a verdict of not guilty.

The Pioneer Press, of St. Paul, has arranged for a 30-day trip through the south, visiting the coasts of Florida, Cuba and the Bahama Islands. Tickets are based on actual cost and include all expenses. The party will be limited and will leave the Twin Cities via the Northwestern route, as shown by particulars elsewhere.

The Faribault rug factory was destroyed by fire. The loss on stock and machinery was about $1,000, with no insurance.

Morris F. Wolf got a verdict of $13,875 against the Minnesota Transfer Railway company. Wolf was a switchman and lost his right arm in an accident. While he was between two freight cars, setting the "knuckles" of the automatic coupler, another train backed down and caught him.

The American Bridge company, successors to Gilette-Herzog company, has notified President Northrop, of the university, that the three prizes offered by the latter company for theses in the college engineering, and aggregating $150, will be withdrawn after the end of this semester.

State Auditor Dunn wishes to expedite the surveying of certain lands in Minnesota upon which squatters are settling. There are 43 of these unsurveyed townships. The squatters have a right to hold the land they occupy and the state is the loser thereby.

The dream of all-winter navigation on Lake Superior will come nearer realization this winter than ever. There will not be more than a month or six weeks when there will not be a vessel plying on the lake. The White Line Transportation company has decided to keep one boat going just as long as conditions will permit.