Bell & Eyster (Duluth, MN)

Episode Information

Episode UID
8598455091091
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
859845509 hash
Start Date
November 26, 1890
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
df7275c6812c7df6

Response Measures

None

Description

Reorganized and reopened as a national bank in mid-December 1890.

Events (3)
1. November 26, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Officers were on bonds of Forrestal/Forstall Brothers contractors whose failure led to distrust and inability to secure ready cash.
Newspaper Excerpt
Bell & Eyster, private bankers, suspended to-day. Their liabilities are $715,000; and their assets $1,200,000.
Source
newspapers
2. December 12, 1890 Other
Newspaper Excerpt
Duluth capitalists have decided to reorganize the Bell & Eyster bank, which suspended two weeks ago. The new concern will ... be a national bank.
Source
newspapers
3. * Other
Newspaper Excerpt
Run on Superior bank following news of Bell & Eyster's failure; crowds at paying and receiving tellers noted.
Source
newspapers

Newspaper Articles (8)
1. November 27, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 27, 1890

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Article Text

THE TRADE IN CHICAGO. Chicago, Nov. 26 (Special).-The bear party in the wheat pit felt decidedly comfortable at the opening to-day. The newspapers in the morning had a long list of assignments, or receiverships, or suspensions, East and West and South. The announcement of the failure at Duluth of a rather prominent private bank there, Bell & Eyster, made it look worse. Prices dropped to about 1 cent under Tuesday's last figures, The bear influences, however, were, soon supplanted: prices began to rally, and at the close the figures were 1 1-2 cents over the opening and 12 tent over Tuesday's close. December opened at 93 7-8, sold between 93 1-4 and 95 1-8, and closed at 94 3-4 : May opened at $1 00 3-4, sold between $1 00 1-2 and $1 02 3-8, and closed at $1 02 1-8. Vessel room was chartered here for 210,000 bushels of wheat. the best single day's business in months. Minneapolis reported the prompt sale of all the current receipts there at improved prices. This heavy cash business. of course, was the leading influence of the day, Hutchinson, who was prominent on the buying side of corn on Tuesday, was apparently over on the other side to-day. Corn just barely holds its own. The movement was small, 185 cars to-day : only 110 estimated for Thursday. From St. Louis the news came that the Art Club" was the buying party down there. May opened at 54 5-8, sold between 54 14 and 55 1-8 and closed at 54 5-8. Vessel room was chartered for 25,000 bushels. The prices In oats at the close showed a fraction in advance. Provisions closed at considerable advance over opening prices.

2. November 27, 1890 The Morning News Savannah, GA
Article from The Morning News, November 27, 1890

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Article Text

PRIVATE BANKERS BUSPEND. The Fact That They Lost as Bonds. men Caused Distrust. DULUTH, MINN., Nov. 26.-Bell & Eyster, private bankers, suspended to-day. Their liabilities are $715,000; and their assets $1,200,000. The bank's officers were on the bonds of Forestall Bros., big St. Paul contractors, who failed a short time ago, and this led to distrust that weakened the credit of the bank and made itcimpossible to secure ready cash to meet accruing obligations.

3. November 27, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 27, 1890

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Article Text

FAILURES IN BUSINESS. A DULUTH BANK CLOSES ITS DOORS. BEING UN, ABLE TO SECURE NEEDED FUNDS. Duluth, Minn., Nov. 26.-Bell & Eyster, bankers, have suspended. The following notice was posted on the bank door this morning: Owing to the great stringency in the money market we find oursélves wholly unable to meet our obligations, and are forced to suspend payments. All creditors will be paid in full. A full statement of the condition of the affairs of the bank will be furnished H. H. BELL, Manager. within a short time. The liabilities of the bank are $715,000; assets, $1,200,000. The bankers were on the bonds of the Forrestal Brothers, St. Paul contractors, who failed a short time ago, and this led to a distrust that weakened the credit of the bank and made it impossible to secure ready cash to meet accruing obligations. Detroit, Nov. 26.-Representatives of the Canadian banks involved in the Potts Salt and Lumber Company embarrassment arrived in Detroit last night, and George W. Yarker, of Toronto, one of the individual mortagees, is also in the city. "Unless the mortagees become ugly and sacrifice things," said Mr. Lucking, attorney for the company, "the business will go right along, every debt will be paid in full and the stockholders will have a handsome surplus. No one knows the exact cash value of the assets. The liabilities have not been figured up. They are, perhaps, $200,000 over and above the mortgages, besides certain old indebtedness secured years ago by other property, the amount of which I do not know." Guthrie, O. T., Nov. 26.-The sheriff, who is now in charge of the Commercial Bank, has been busily engaged in taking an inventory of the assets. Creditors are taking steps to break the assignment, claiming that it was a bogus one made for the purpose of covering up the fraud which has undoubtedly been perpetrated. According to the sheriff's admission, the cash in the vaults will not exceed $5,000.

4. November 27, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 27, 1890

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Article Text

Bank Failure in Duluth. [By telegraph to the Dispatch.] DULUTH, MINN., November 26.-Bell & Eyster, private bankers, suspended to-day. Liabilities, $715,000; assets, $1,200,000. The bank's officers were on the bonds of Forrestal Brothers, big St. Paul contractors, who failed a short time ago, and this led to a distrust that weakened the credit of the bank and made it impossible to secure ready cash to meet accruing obligations.

5. November 29, 1890 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, November 29, 1890

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UPPER PENINSULA NEWS. CLIPPED AND CONDENSED FROM OUR EXCHANGER. Scarlet fever has broken out in Crystal Falls. The new box factory at Ontonagon is ready for business. The Norway Current kicks on the division of Menominee county. Sheldon & Holly, of Hancock, will build a foundry at Ishpeming. Ontonagon's new jail is completed and has been accepted by the county. The name of Crystal Falls' new paper is to be changed from Record to Cycle. Ex Congressman H. W. Seymour spend the winter in Europe with his family. The Diamond Match Co's mills Ontonagon closed their season's work lust week. John B. Gotha was instantly killed the Chapin mine, Tuesday, by falling through a rock chute underground. Richard A. Parker, of Marquette, will collect mineral statistics of the Upper Peninsula for the census bureau. Escanaba parties are exploring for coal on Capt. Stratton's farm, across the bay from Gladstone, 80 the Delta says. THE proposition for calling a constitutional convention received but a small vote throughout the state and was defeated. a The Peninsula Record publishes rumor to the effect that Geo. A. Newett, of Iron Ore, will soon start a daily paper at Ishpeming. The Potts Salt & Lumber Co. of Oscoda, are in financial straits. Mortgages to the extent of $600,000 were filed Tue-day. Liablilies $1,000,000. Bell & Eyster, bankers, Duluth, suspended payment this week. Their lia bilities are somewhere near a million, but the officers say depositors will be paid in full. William Silver, mate of the Wadena, was so severly beaten by two of her crew, on her way to the Soo, that he had to be taken to the marine hospital at the Soo, and will probably die. Capt. Jay Hursley, of the Soo, has libeled the schooner Zack Chandler to enforce his contract with theowners releasing her some time ago, by which he was to have a one-half interest in the boat. The creditors of R. G. Peters have decided to let Peters continue his salt His and lumber works at Manistee. outside investment will turned into cash as rapidly as possible to pay off the indebtedness. A couple of toughs at Iron Mountain stole from a Swede a bank check of $100, forged the payee's endorsement for and then traded it off at a store clothing and cash. One of them is now in jail and the other skipped to Wisconsin. There will be a force of about sixty men employed in mining on Isle Royale. James Pascoe, formerly captain of the Champion mine, will have charge of the work. The men will get their mail during the winter via Port Arthur, Ont. A'gang of men are working on the stone quarry dock. The Brownstone Co. expects to have it ready so as to ship stone by water by the opening of next season's work at the quarry. When completed the dock will extend out in the water about 1,000 feet.-Alger Co. Republican. FIGURES do not trouble the Escanaba Mirror man to any extent. Big adverse majorities vanish before him into thin air. He will have Semer elected notwithstanding the fact that Stephenson got a thousand or two more votes than Semer. McKenna is a genius. E. T. McGraw who has been in the employ of the Record office the past month left for the copper country Tuesday afternoon, where he will get material in order for the establishing of a new paper at Calumet. The paper we learn will be called the Lake Super ior Copper Miner, and will be a 5-col. quarto. Mr. Sessions, of the Copper Herald we hear will be the editor of the news paper. -Peninsula Record. Sparks from a steamer set fire to the immense lumber piles on the Cheboy- 12, Lumber Co's docks, and about feet was destroyed, gan 000,000 together logs with the dooks, tranways and near I makiniza total

6. November 29, 1890 The Superior Times Superior, WI
Article from The Superior Times, November 29, 1890

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The announcement early Wednestlay morning that the supposed to be almost impregnable banking house of Bell & Eyster, of Dulath, had failed. created quite a Mutter, almost a panic, in financial circles. The real exten of this failure is not yet publicall known, but it is claimed that all de positors will be paid in full. The ank was the depository of the city of Duluth and the county of St. Louis, and had on deposit $80,000 for the city and $37,000 of county funds. The hot se is a very popular one and it is hoped by all that it may come out of its present troubles in such shape as to enable it to resume business again. But this failure did not prove to be exactly local. Mr. Bell of the above firm was originally a stockholder and vice president of the Bank of Commerce. in this city, and his name still appeared in their published busine: card, although Mr. Bell is not now connected in any way with the bank. Mr. C. L. Catl.n is president of the Bank of Commerce and Mr. Brooks, the cashier, is one of the best bus iness men and financiers in the state. ] ut of course the general public did not know all this, but had a right to :uppose that Mr. Bell was Largely interested in the Superior bank, and as a very natural consequence depositors became uneasy and freightened at what might happen and the outcome was a run on the bank. The bank officials however showed their books to the representatives of other banks and being found in a remarkably healthy condition, assistance was promptly furnished by both banks and the business men of the city, and before three o'clock the crowd at the receiving telIer's window was greater than the one at the paying teller's desk; the excitement had died cut, confidence had been restored and the run was at an end. This is the first real run ever made on a Superior bank, and it shows the stuff our business men are made of. We are all here as one family and no calamity can fall upon a single mstitution with affecting all the rest. so when affliction does come to one, all the other members of the family come to the rescue and all are alike benefitted. We think the outcome of this run will do much to assure our neonle

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

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Article Text

Will Reorganize. DULUTH, Minn., Dec. 12.-Duluth capitalists have decided to reorganize the Bell & Eyster bank, which suspended two weeks ago. The new concern will have a half million capital, of which over one-half is already taken, against $100,000 for the old bank. It will be a national bank.

8. January 3, 1891 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, January 3, 1891

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New York: liabilities $350,000: assets, SING 000. 2. The Fidelity, Surety, Trust and Safe Deposit company of Camden, N. J., the Port Morris bank, the Merchants' bank of Atlantic city and the Merchants' bank of Pleasantville, N.J., suspended payment; said to have been caused by failure of Bank of America 14, The brokerage firm of Doran & Wright, of New York, with branches in the principal citics, suspended for $100,000 JULY. 29. J. E. Tygert & Co., manufacturers of for tilizers, Philadelphia, failed: liabilities, $317,000. AUGUST. 24. Financial panic in Buenos Ayres SEPTEMBER. & Hixie & Meller, lumber dealers at Ontigo. Wis, failed; liabilities, $518,000. 4. Potter, Lovell & Co., publishers at Boston, sus pended; liabilities, $5,000,000. Sawyer, Wallace & Co., commission mer chants at New York, assigned; liabilities, $1,000,000. 14. Secretary Windom announced that he would buy $10,000,000 per cent. bonds and prepay the interest on the as in order to relieve financial stringency. OCTOBER 7. Second financial panic at Bucnos Ayres. 14. F. H. Hogarty & Co., bankers at Aberdeen, S. Dak.. assigned; liabilities, $210.00); assets, $240,0.00. 80. Isanc L. Falk & Co., New York clothiers, as. signed; liabilities, $280,000. Isadoro Rosenthal, New York cloak manu facturer, assigned; liabilities, $150,00); as sots, $50,000. 81. Leopold Bros. & Co., Chicago clothiers, ns signed; liabilities, $325,000; assets, $325,000 NOVEMBER. 11. Great excitement in Wall street, New York, and fears of a panic; three failures an nounced: Charles M. Whitney & Co., David Richmond, and Decker, Howell & Co., with liabilities of $10,000,000; assets more. John T. Walker & Sons, New York, Import ers, assigned; liabilities, $1,100,000; assets, $1,300,000. 13 The North River bank, of New York, closed its doors, and there were two small failures ou the Stock Exchange. 15. Financial panic in England, and probably in America, averted by the Bank of England and others guaranteeing £9,000,000 for the firm of Baring Bros.. embarrassed by drop in foreign securities. 16. The Kansas City Packing and Refrigerator company assigned; liabilities, $750,000. 20. Barker Bros. & Co., Philadelphia bankers, sus pended. 22 United States Rolling Stock company, of IIII nois, Alabama and Ohio, liquidated; Habill ties, $3,816,000; assets, $3,053,000. 24. Thomas Fawcett & Co., coal dealers of Pitts burg, assigned; liabilities, $100,000; assets, $000,000. 25 Richard H. Allen & Co., bankers and commis sion merchants, New York, assigned, liabilities $1,000,000; Thomas II. Allen & Co., Memphis correspondents of the New York firm, also went under: liabilities, $750,000; as sets, $1,500,000. Receiver appointed in New York for the Oro gon Improvement company, Henry Villard's pet scheme; liabilities, $2,000,000; assets much larger. 26. Bell & Eyster, bankers, assigned at Duluth, Minn.: liabilities, $5,235,211: assets, $1,124. 112. 28. B. K. Jamison & Co., Philadelphia bankers, as signed DECEMBER 2. Bank of Commerce, at West Superior, Wis. assigned. First National bank of Texarkana, Ark., sus pended; liabilities, $150,000; assets, $925,000 5. Delamater & Co., bankers, Mendville, Pa., as signed. V. & A. Moyer, of New Orleans, assigned: liabilities, $1,500,000; assets, $2,000,000