gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
060607f5c946d6b3
Response Measures
None
Events (3)
1.November 26, 1890Run
Cause
Local Banks
Cause Details
Failure of Bell & Eyster bank (Duluth) triggered depositor withdrawals of $30,000.
Measures
Other banks came to the assistance of the firm and confidence is 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, 1890Suspension
Cause
Local Banks
Cause Details
Continued withdrawals following Duluth failure and general money-stringency led to assignment/suspension.
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, 1891Reopening
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 (23)
1.November 27, 1890Sacramento Daily Record-UnionSacramento, CA
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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.
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, 1890The Morning CallSan Francisco, CA
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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, 1890The Seattle Post-IntelligencerSeattle, WA
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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, 1890Spokane Falls ReviewSpokane, Spokane Falls, WA
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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, 1890The Helena IndependentHelena, MT
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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.
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, 1890The Morning CallSan Francisco, CA
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EMBARRASSED FIRMS. The Arthur & Ketcham Assignment-Continuance of the Run on the Keystone Bank. NEW YORK, Dec. 2.-Both members of the firm of Arthur & Ketcham state that their assignment is the outcome of their troubles last year. They suspended then and resumed after an arrangement with their creditors. Business was poor because of the present state of the market, and it was impossible to live up to the agreement. PHILADELPHIA, Dec. 2.-The run on the Keystone Bank continues, All persons presenting checks for $100 or less are paid in currency, but any whose demands exceed that amount are paid only $100 in cash and given Clearing-house due-bills for the balance. These will be honored at any bank. WEST SUPERIOR (Wis.), Dec. 2.-The Bank of Commerce assigned to-day. Its deposits have been reduced nearly $200,000 since last Wednesday, and the institution was unable to stand the drain or obtain outside aid. The bank has resources greatly in excess of liabilities and it is expected will pay dollar for dollar.
9.December 3, 1890The Seattle Post-IntelligencerSeattle, WA
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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.
10.December 3, 1890Rock Island Daily ArgusRock Island, IL
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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.
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.
12.December 3, 1890Sacramento Daily Record-UnionSacramento, CA
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WEST SUPERIOR (Wis.), December 2d.The Bank of Commerce assigned to-day.
13.December 3, 1890The Salt Lake HeraldSalt Lake City, UT
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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.
14.December 5, 1890The TimesOwosso, MI
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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 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.
15.December 6, 1890The Superior TimesSuperior, WI
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oua Suutomt fungo was found tacked to the of the Bank of Commerce: his bank will not open today, ) the continued stringency in y market. Will continue as soon as we can realize sent at this notice took the people ise does not half express it. in the bank the Wednesday : had been met and overe e confidence had been establis he bank had been extensively sed as not only solvent but trongest institutions of the not strange, then, that the generally should be greatly 1 when such a notice stared e face Tuesday morning. ses were offered for the : will now be very hard to eople believe any of them. ing Leader of Wednesday, ing the case has this to say: e run which the bank experier Wednesday, while it did not aterially affect it, WAS in serious than it seemed to be. number of accounts were ut through other banks-a 000 going out in this manner, , however, had hoped to tide afely, anl would have not their New York corres the Bank of North America, inted them. That bank d to rediscount for then to int of $50,000. They receive ram during the afternoon ng this. Comptroller Larson e meantime telegraphed 1 & Co., to place $150.00 e city for bonds in the h America to the credit of : of Commerce. Later on on sent another telegram roceeds of the bonds to be ted among the banks of were entitled to receive y, acording to the capital ch. The Bank of Commerce d during the latter part of noon another telegram from : of North America announ they had reconsidered their : to rediscount and would being necessary for them to their loans. This was a er and placed the bank in a us position. A meeting of ers of the city was held ing and the condition of the ommerce was discussed. asked that another telegran to the Bank of North ining that the one sent by
16.December 6, 1890St. Paul Daily GlobeSaint Paul, MN
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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.
17.December 24, 1890The EnterpriseWellington, OH
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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.
18.January 23, 1891St. Paul Daily GlobeSaint Paul, MN
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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.
19.January 23, 1891St. Paul Daily GlobeSaint Paul, MN
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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.
20.February 3, 1891St. Paul Daily GlobeSaint Paul, MN
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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
21.February 3, 1891Telegram-HeraldGrand Rapids, MI
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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.
22.February 3, 1891Omaha Daily BeeOmaha, NE
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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.
23.February 3, 1891Rock Island Daily ArgusRock Island, IL
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
