8719. Commercial Bank (St Paul, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
April 27, 1892
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
581517c22202d607

Response Measures

None

Description

A heavy run on April 27, 1892 (triggered by rumors/scare from the failure of the St. Paul German Insurance Company and withdrawals by country banks) forced the Commercial Bank to suspend. An assignment/receiver was made April 29, but reorganizing work by depositors/stockholders led to the bank resuming business in September 1892. I mark cause as rumor_or_misinformation because contemporary reports repeatedly state a rumor/scare precipitated the run. Significant OCR issues (e.g., minor typos) were corrected when extracting dates and snippets.

Events (5)
1. April 27, 1892 Run
Cause
Rumor Or Misinformation
Cause Details
A scare/rumor arising from the failure of the St. Paul German Insurance Company led country banks to withdraw funds; the rumor spread among depositors and precipitated heavy withdrawals (~$300,000).
Measures
Bank suspended payments temporarily; clearing house examined assets and suspension was agreed.
Newspaper Excerpt
The Commercial bank closed its doors at noon to-day ... This action was taken after a heavy run, continuing during the entire forenoon.
Source
newspapers
2. April 27, 1892 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension was ordered after the heavy run caused by rumors about the Commercial's connection to the failed German Fire Insurance Company.
Newspaper Excerpt
a card in the windows announced that business was temporarily suspended, but that all depositors would be paid in full.
Source
newspapers
3. April 29, 1892 Receivership
Newspaper Excerpt
The Commercial bank yesterday afternoon made an assignment to Frank A. Seymour, cashier of the Merchants' National bank. ... the directors ... decided to make an assignment to Mr. Seymour, who will immediately proceed to wind up the business of the bank.
Source
newspapers
4. May 27, 1892 Other
Newspaper Excerpt
Commercial Bank to Resume Business With the Aid of Depositors. ... The Commercial bank will resume business in about six weeks. The matter was definitely settled at a meeting of the depositors ... depositors to subscribe 30 per cent of the money they have on deposit to stock ... the unanimous wish of the depositors to enter into the arrangement suggested ... affairs ... to be taken out of the courts and business resumed.
Source
newspapers
5. September 22, 1892 Reopening
Newspaper Excerpt
The Commercial bank of St. Paul, which closed nearly five months ago ... has reopened for business under the same management ... The depositors and creditors made an agreement with the stockholders as to methods of strengthening the bank.
Source
newspapers

Newspaper Articles (21)
1. April 28, 1892 The Helena Independent Helena, MT
Article from The Helena Independent, April 28, 1892

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St. Paul Bank Quits. ST. PAUL, April 27.-The Commercial bank closed its doors at noon to-day and a card in the windows announced that business was temporarily suspended, but that all depositors would be paid in full. This action was taken after a heavy run, continu. ing during the entire forenoon. The trouble was caused by a scare from the failure of the St. Paul German Insurance company. It seems that as soon as the failure of the insurance company became generally known country banks began to withdraw funds from the Commercial bank. This started ugly rumors regarding the solvency of the latter institution, for which there was really no foundation, but which spread rapidly. The directors to-night state that the liabilities will be $1,559,915, liabilities $976,332, and state that depositors will be paid in full.

2. April 28, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 28, 1892

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office of president in the insurance company, as well as the bank, alarmed some of the local banks throughout the Northwest having accounts with the Commercial, and they commenced withdrawing their funds. This in itself was not a matter of sufficient moment to Cause Any Trouble, but it speedily became known in the city and was whispered around among the many depositors, and the run was started. The Commercial bank on March 1 last had nearly $1,000,000 of deposits, belonging to over 1,400 different people. It has been a popular bank and an especial favorite with the smaller merchants, as will be seen from the number of the depositors, which is nearly twice as great as most banks with double the amount of deposits. On account of the great number of depositors the run was perhaps made a great deal worse than it would have been otherwise. The report furnished the papers last evening by the cashier, Herman Scheffer, shows that since the run commenced over $300,000 have been drawn out, the amount due depositors at the present time being $699,419.44, against which the bank shows assets in notes, real estate, bonds, etc., of $1,559,815.35. This apparent surplus is reduced, however, by rediscounts amounting to $276,912.60. The full statement of Herman Scheffer, the cashier of the suspended bank, follows: "It IS well known that banking business is largely founded on confidence. The fact that the German Insurance company, which lately closed its doors, has been generally supposed to be closely allied to the Commercial bank, Albert Scheffer being president of both Institutions, has, without reason, caused the opinion to become prevalent among the depositors that the future of the one Involved the Other. "This has caused a feeling of uncertainty among depositors, which has resulted in their withdrawing from the deposits over $300,000 in cash within the last few days. Today the run became so strong that the officers considered that justice to all depositors required them to suspend payment temporarily. The assets are ample for the protection of all depositors, and an effort is bring made to effect an arrangement by which the bank will be enabled to pay off its depositors speedily. Mr. Scheifer furnished the following statement of assets and liabilities: Liabilities $699,419 4 Due depositors Rediscounts 276,912 60 Total $976,352 Assets $1,559,815 Notes, real estate, etc At the commencement of business yesterday morning the bank officials had no idea that they would be obliged to close up. Aid from other banks had been promised and a considerable amount advanced. The clearing house association met yesterday morning, and after looking over the situation suspended the bank before the clearing hour. This was with the assent of Cashier Herman Scheffer, and was made necessary by the fact that the bank did not have the funds with which to meet the heavy drafts. When this news reached the bank the payment of all demands was continued for a time, several of the other banks having volunteered the funds. Some of this money was furnished, but several of the volunteers desired time to consult with their fellow officers, and this delay was fatal to the success of the plan. At 2 o'clock the members of the clearing house committee, which is made up of President W. B. Merriam, of the Merchants' National: E. H. Bailey, cashier of the First National, and WillJam Dawson Jr., cashier of the Bank of Minnesota, met in Gov. Merriam's private office and made an examination of the assets of the suspended bank. A good part of the afternoon was spent at this task, and when it was completed it was agreed that the board of directors of the Commercial bank should be advised that, under the circumstances, the clearing house committee is under the Impression that it will be best to allow the courts to Appoint a Receiver to wind up the business of the bank. The committee estimated that it would require $500,000 to help the bank through as the opening would precipitate another rush. The clearing house was willing to furnish $200,000, but not $500,000. While this decision of the clearing house does not settle the fate of the bank, it means that if it IS reopened the aid will have to be furnished from outside the members of the association. According to the vice president of the Commercial bank, E. A. Hendrickson, this adverse report of the clearing house is largely due to the idea given by the

3. April 28, 1892 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, April 28, 1892

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A Nt. Pani Bank Closes Its Doors. ST. PAUL, April 27.-The Commercial bank closed its doors at noon today and a card placed in the window announced that business was temporarily suspended, but that all depositors would be paid in full. Thisaction was taken after n heavy run continuing during the entire forenoon. The trouble was caused by a scare resulting from the failure of the St. Paul German Insurance Company. It seems that as soon RB the failure of the Insurance company became generally known the country banks began to withdraw their funds from the Commercial bank. This started ugly rumorsregarding the solvency of the latter institution, for which there WITH really no foundation, but which spread rapidly. The directors tonight state the assets of the bank are $1,559,815; liabilities. $976,332, and that the deposltors would be paid in full.

4. April 28, 1892 The Sun New York, NY
Article from The Sun, April 28, 1892

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A St. Paul Bank Suspends. ST. PAUL, April 27.-The Commercial Bank of this city closed its doors at 11 :30 this morning. and a notice on the door says that it has been found necessary to suspend for the prosent, and that efforts are now being made to pay all depositors to-morrow. Mr. Middleton. one of the bank directors, said that all depositors of the bank would be paid in full. and none, except the stockholders, would lose a cent. He said that the susponsion was caused by a rumor to the effect that the failure of the German Fire Insurance Company would have a serious effect upon the Commercial Bank. This rumor reached the city and caused the run of this morning which necessitated the suspension.

5. April 29, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 29, 1892

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A RECEIVER NAMED. F. A. Seymour Made Assignee of the Commercial Bank. The Commercial bank yesterday afternoon made an assignment to Frank A. Seymour, cashier of the Merchants' National bank. Efforts were made yesterday forenoon to place the bank on its feet again, and a meeting of the representatives of the other city banks was held at the Merchants' National to consider the matter and decide what action it was best to take in the matter. What occurred at this meeting. is largely a matter of conjecture, but from the fact that the board of directors of the Commercial held a meeting later in the afternoon and decided to make an assignment, the bankers' meeting evidently took the same view of the situation as the clearing house committee which met a few hours after the suspension of the bank. That decision was that the clearing house committee was of the opinion that the officials of the Commercial should be informed that under all the circumstances it would be best to allow the courts to appoint a receiver and the business of the bank be wound up. Upon the receipt of this information the directors of the Commercial at once signed the papers making an assignment to Mr. Seymour, who will immediately proceed to wind up the business of the bank. This action it is understood is final and no more efforts will be made to reorganize and continue the bank.

6. April 29, 1892 The World Martinsburg, WV
Article from The World, April 29, 1892

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ST. PAUL'S BANK FAILURE. the Commercial Closes Its Doors During a ReD. MINNEAPOLIS, April 28-The Commercial bank, of St. Paul, has closed its doors, as a result of a run caused in part by the recent failure of the St. Paul German Fire Insurance company. The leading man in the insurance company is Albert Scheffer, who is also president of the Commercial bank. Scheffer is confined to his home by illness and William Hamm, vice president, and Herman Scheffer, cashier, have not yet been found. Insurance Commissioner McBride, of Kansas, is in the city, and in company with Insurance Commissioner Smith, of Minnesota, called on the St. Paul German Accident Insurance company with a view to further inquiring into the affairs of that soncern. It is now reported that the affairs of the accident insurance company, which are under the same management, as the German Fire Insurance company, are in bad shape. Mr. Middleton, one of the bank directors, stated to the United Press reporter that all depositors of the bank would be paid in full, and none except the stockholders would lose a cent. He said that the suspension was caused by a rumor set in circulation in the country to the effect that the failure of the German Fire Insurance company would have a serious effect upon the Commercial bank. This rumor reached the city and caused a run which necessitated the suspension. State Bank Examiner Kenyon states that the bank was found to be in good condition when he last examined into its affairs.

7. April 30, 1892 The State Chronicle Raleigh, NC
Article from The State Chronicle, April 30, 1892

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Another Bank Failure. By Telegraph to the State Chronicle. MINNEAPOLIS, Minn., April 29.- The Commercial bank of St. Paul has closed its doors as a result of a run caused in part by the recent failure of the St. Paul German fire insurance company.

8. April 30, 1892 The Helena Independent Helena, MT
Article from The Helena Independent, April 30, 1892

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Stockholders Good for the Deficit. ST. PAUL, April 29.-The Commercial bank, which closed its doors Wednesday, having been unable to secure help from St. Paul bankers, assigned to F. A. Seymour, cashier of the Merchants National bank. This morning the assignee began putting the assets in shape for realization. All depositors will be paid in full, as the stockholders are liable for twice the amount of their stock and all of them are wealthy.

9. April 30, 1892 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 30, 1892

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The St. Paul Commercial Bank Assigns. ST. PAUL, April 29.-The Commercial bank, which closed its doors Wednesday, having been unable to secure help from the St. Paul bankers, assigned to F. A. Seymour, cashier of the Merchants' National bank. This morning the assignee began putting the assets in shape for realization. All depositors will be paid in full as stockholders are liable for twice the amount of their stock. All of them are wealthy.

10. May 5, 1892 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 5, 1892

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other dealers have sold enough to make the total importation at this station between one and two hundred. Redwood county farmers should take a hint, and go to raising at least horses enough to supply the home demand. In no country can good horses be raised more cheaply than here, and with plenty of good sires in the vicinity, there is no excuse for scrubs. The closing of the Commercial Bank, of St. Paul, which was due solely to one of those panicky runs upon the bank which sometimes arise, will not work hardship to the depositors, otherwise than through possible delay and the taking up of outstanding obligations due the bank, which is abundantly solvent. The directors include a number of wealthy men, who are individually liable to the depositors. President Albert Scheffer, who is one of the directors of Redwood County Bank, has property many times in excess of his stock in the bank and in the defunct German Insurance Company, the failure of which brought on the closing of the bank. Cashier Baldwin tells us that not only will the bank's depositors lose nothing out of their deposits, but that in the end, if S properly managed, the surplus fund of the Commercial will save the stockholders from serious loss. He thinks that if President Scheffer had been in health and able to attend to his duties, the suspension would haye been entirely unnecessary.

11. May 11, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 11, 1892

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THE REORGANIZATION PROJECT. These reflections concern the past in as tar as they relate to what it is now too late to repair, but they concern the future also. A plan is under consideration by which the Commercial bank shall be reorganized and enabled to open its doors again. It may appear before the time of consummation arrives that this is not feasible, and that it is not worth while to attempt the institution's salvation because the institution has nothing to save. But the GLOBE once more urges our business men's organizations to take the subject under advisement and to co-operate in the project of restoration, provided it is found to be at all practicable. It will be better for the present stockholders to pay in their assessments according to their statutory liability, in the shape of contributions to the capital of a living concern where they may earn dividends, than to hand them to a receiver for distribution among the creditors. It will be better for depositors to grant extensions to a living concern rather than to wait for their money until the bankrupt court has worked out the present confusion to a solution. It will be better for our local unions to subscribe a hundred thousand dollars to this insolvent bank than to a new manufacturing company which may be asking their help. Additions to our W ealth are welcome, but they are not as important as the preservation of our present possessions. We want strangers to settle here and to increase the number and variety of our industries. But there is a more urgent call on us to guard the credit which we already have, and to uphold our citizens who are endangered by this unexpected misfortune, for which they are in no way responsible. The reorganization project deserves to succeed if success for it is possible.

12. May 12, 1892 The Worthington Advance Worthington, MN
Article from The Worthington Advance, May 12, 1892

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Will Pay in Full. The Commercial bank at St. Paul which closed its doors recently, having been unable to secure help from the St. Paul bankers, has assigned to F. A. Seymour, cashier of the Merchants' national bank. The assignee was putting the assets in shape for realization. All depositors will be paid in full, as the stockholders are liable for twice the amount of their stock. All of them are wealthy.

13. May 14, 1892 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, May 14, 1892

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NOTES. Our best bow is due to Judge Conroy, the newly-elected justice of the peace for the east Tom, beg pardon, Judge Conroy, is entitled and fully merits the honors bestowed upon him. James Burns, Tim Kelliher and Chas. McDermott, of this city, in company with John McCarthy and John O'Shaughnessy, of Stillwater, left for New Orleans last Friday to attend the national convention of the A. O. H. St. Lnke's Literary society held their second post lenten social at the residence of Hon. Judge McDonald last Thursday evening. Despite the inclemency of the weather the gathering was of large proportions and the entertainment par +xcellent. Among those who took part in the same were the Misses Egan, Miss Franklyn, Miss Campbell and Messrs. Donnelly, Cole and McCarthy. Bishop McGolrick, of Duluth, was in the city last Sunday, the occasion being the blessing of St. Vincent's church, of which Rev. Father Cosgrove is the esteemed and beloved pastor. Bishop McGolrick preached an eloquent and instructive sermon relative to the occasion at High Mass, and in the afternoon confered confirmation on about one hundred children. At 7:80 in the evening vespers were sung, after which a sermon on Total Abstinence Was delivered by the Rt. Rev. Bishop. This prodigions success, "Spider and Fly," will be presented at the Grand Opera House week commencing May 15, with manifold novelties and a company numbering forty-six who were mostry recruited abroad. The play has been entirely rewritten and reconstructed. The costumes which are said to be very handsome were made especially for this production by Chas. Alias, Costumer for the Drury Lane Theatre, London. The "Spider and Fly" in its new dress has proved one of the strongest novelties and most successful production of the present season. The failure of the Commercial Bank of this city, in some measure, created a panic here last Monday. It was given out that a run would be made on the Seven-corners Bank, of which Billy Banholzer is the esteemed president. The run started, but the complacent air with which Billy sat in the front office of the bank smoking a cigar and paying all who demanded their money, the amount due them had a tendency to quiet the nerves of the depositors. All who want their money can have it, said Mr. Banholzer. we are prepared to meet any kind of a run. But it did not come and Tuesday found everything all serene at the Seven Corners Bank. Not the least of the regrets to be offered by Democrats and Republicans alike is the loss of the present head of the city detective force, John J. O'Connor. To attempt to eulogize him for a past record that is without a stain during his nine years as chief of that department would be superfluous. John O'Connor leaves that office with a consciouspess of having well and truly performed his duties. He has instilled into the minds of the thieving fraternity the one lesson, that St. Paul is a good place for them to keep away from. Socially Mr. O'Connor is one man in a thousand. To see him is to know him, to know him is to respect him and not soon forget him; but to be missed he always will be. The election is over and the question which is now agitating the mind of spoil hunters is the filling of the office of the Chief of Police. Had the late Capt. John Bresette lived to see the result of this late election the question of the selection of chief of police would soon be settled. Bat aspirants for the office are besinging Mayor-elect Wright and a Kilkenny cat fight is now going on among the Republican office seekers. Prominent among them is the present Sheriff, Ed. S. Bean, and the mantle could not fall on better or worthier shoulders. He is eminently qualified to fill the porition and would hold it with the same becoming grace and dignity with which he fills the present office. But his chief opponent is one of his deputies, John Harris. and Harris has a "pull" of no small quantity. The friends of Harris are not few nor isolated, but Bean has a monopoly in that direction and if he really desires the plum will undoubtedly be wearing the star of Chief of Police soon after making his

14. May 15, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 15, 1892

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GET THE MONEY BACK. Depositors Who Paid in the Day the Commercial Bank Closed. The City Not Liable for Damage by the City Hall Elevator. Very Little Cash Realized Out of the Forrestal Statement. Four Judges Sit Upon the Business of the Special Term Day. Judge Cornish filed an order yesterday in the matter of the assignment of the Commercial bank, in which he orders the assignee to turn over to Bertha E. Walther $30 in money, and checks aggregating $53.75, which she placed on deposit on April 27, the same day the run was being made on the bank, and on which it closed its doors at noon. She was not notified by the teller that the bank was about to close its doors. It is held that the money and checks did not become the property of the bank before assignment, and did not pass to Frank A Seymour. the assignee. The bank did not take it as a general deposit, as was intimated by Bertha E. Walthers, but accepted it as a special deposit. The court holds that for this reason she is entitled to repudiate the act of the bank in departing from the general practice, and to have her property returned to her. The solvency of the bank at the time of the deposit is not passed upon. A similar order was filed in the case of George W. Masters, who made a deposit of a small sum on the day the bank closed its doors.

15. May 27, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 27, 1892

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Commercial Bank to Resume Business With the Aid of Depositors. One-Third of Their Deposits to Be Converted Into New Stock. The Balance to Be Withdrawn or Run From Six Months to One Year. Corporation Attorney Lawler Will Appeal From the Auditorium Decision. The Commercial bank will resume business in about six weeks. The matter was definitely settled at a meeting of the depositors held in the old store of Schuneman & Evans last evening. Albert Scheffer explained the condition of the bank from a stockholder's point of view. fle stated that there is a concerted and well organized effort under way to reorganize the institution, and to once more throw open the doors for financial business. Some $200,000 is now in sight, and as soon as the amount of stock subscribed shall have reached $250,000 the bank will resume. The obJeet is to issue paid up stock to the amount of $500,000, and Mr. Scheffer felt that there would be little doubt about eneumpas-ing this end after half the amount is paid in. The of cers and the stockholders had a proposition to make to the depositors, and, should the plan be adopted, the problem will have been solved. He explained that it was to have the deposilors subscribe 30 per cent of the money they have on deposit to stock; draw out 30 per cent if they wish, and to leave 20 per cent six months and 20 per cent one year. If this is done the necessary stock will have been disposed of. This proposition met with hearty applause, and William Hamm was asked to speak. He said that the bank had been placed in a false light before the public. It had been claimed that the cause of the failure of the bank was directly owing to the insolvency of the Germama Insurance company. This was an: error, for the insurance compariy was only indirectly responsible. The bank is amply secured for every doller loaned that company. but it was the feeling of fear that pervaded the depositors that precipitated the failure. He said that $350,000 was drawn out of the bank in two days, and that accounts for the failure. A vote was taken after the subject was generally discussed and it was the unanimous wish of the depositors to enter into the arrangement suggested by the officers of the bank. Some agreed to subscribe at least one-half of their deposits for stock. explaining that as soon as the bank resumes the stock will be worth 100 cents on the dollar and those who cannot afford to carry so much will find a ready market for it. Blanks had been prepared. and a great many of the de positors affixed their signatures to them and stated the amounts of stock the will accept in part settlement of theif claims, and Herman Scheffer will open up the old bank's office each day to receive other signatures of depositors until the requisite amount is in sight Then the affairs of the Commercial will be taken out of the courts and business esumed.

16. June 4, 1892 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, June 4, 1892

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THE LATEST NEWS. GENERAL NOTES. DR. H. T. HELMBOLD has for the fifth time been adjudged inane. HON. T. JEFFERSON COOLIDGE, minister to France, has sailed from New York. THE American sugar trust attempts to "bear" the market in Germany by refusing to buy German sugar at present. THE National Millers' association opened its annual meeting in Chicago. FIFTY thousand acres of land in Monroe county, Ill., is overflowed. A LETTER to the bishops in the United States is issued by the Vatican. SIR ALEXANDER CAMPBELL. lieutenant governor of Ontario, died in Toronto, Tuesday, aged 70 years. Ex PRESIDET Polk's will is overturned by the Tennessee courts and the property given to the heirs-at-law. THE Commercial Bank, St. Paul, will reorganize with a capital of $1,000,000 and reopen for business. DEMOCRATS decide to put appropriation bills ahead of everything else and adjourn congress as early as possible. DELEGATES favorable to Harrison were Monday elected by the Oklahoma territorial republican convention. COLONEL CHARLES A. BROADWATER, president of the Montana Central railroad died Tuesday morning of heart failure. M. F. Healey, nominated for Congress by the de mccrats of the Tenth Iowa district, refuses to make the race. Eugene Berge instructor in French in Yale College, will be lecturer on the French language and literature in the University of Chicago. THE first Bohemian soldiers' monument in the United States was dedicated in Chicago Sunday, with al the pomp and 80lemnity of the Grand Army ritual. IT is proposed to put Johnson county, Wyo., the scene of the recent conflict between settlers, rustlers and great cattle growers under martial law. The weekly statement of the New York banks shows a reserve increase of $5.056.850. The banks now hold $24 696.825 in excess of the requirements of the 25 per cent rule. Rev. Father Quiglev, a Catholic priest of Toledo, Ohio, has been indicted for refusing to give the names of the pupils at a parochial school under his charge to the Board of Education as required by law. JAMES HUTCHINSON. retail dry goods and notions, assigned Wednesday at Louisville, Ky. Liabilities, $30,000; assets nominally the same. JOHN JACOB ASTOR has donated $5,000 to the New York Grant monument fund and $5,000 to the general fund of the New York Press club. THES teamer City of New York arrived at Liverpool Wednesday, having made the trip from New York in six days and twenty minutes, thus beating the record. JOHN BACH McMaster, author of the "History of the People of the United States, has been offered the presidency of the University of Illinois, at a salary of $10,000 a year, and will probably accept. THE president has approved the act providing for a bridge over the Missouri river at St. Charles, Mo., and the act pro. viding for a term of the United States circuit and district courts at Evanston, Wyo.

17. June 11, 1892 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, June 11, 1892

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STATE CAPITAL NOTES. There is no longer any doubt about the Commercial bank resuming business at an early day. Everything is progressing satisfactorily under the plan that has already been published in these columns, The stockholders held a meeting at the bank Tuesday afternoon and reports were encouraging. All the stockholders are enthusiastic, and will generally not only leave what stock they now hold, but many will subscribe additional stock. They urge the depositors to call at the bank at once and make their propositions upon which they are willing to settle. Every depositor is certain to realize one hundred cents on the dollar, but it is desired that they subscribe to the stock of the bank, and also leave a portion of their deposits in the bank. The stock, it should be borne in mind, will be negotiable just as soon as the bank opens its doors again, SO no depositor who cannot afford to carry it will be required to do SO. Convention visitors came from Minneapolis by thousands Wednesday to see the other twin. The registration at the hotels was very large and many engaged rooms for the night. Many of these are men who have tired of the excitement in Minneapolis' hotels that prevent their resting. The Interurban electric line did an extraordinary business, cars being run two minutes apart, and the railroads carried multitudes. The visitors in the city admired the decorations and illumi tion Wednesday night. It was a pleasant sight to those who have not seen the illumination of former years, and while it was attractive, yet it is only a side show compared with former illuminations when the streets were a glare of gas and electric lights. There is enough decoration and illumination, howeyer, to assure the visitors that St. Paul is hospitable and to give them an indication of what the most beautiful and hospitable city in the country would do in case a national convention shall be held here in the future. 1 At a meeting of the executive mittee of the Minnesota Democratic association for May, a committee was appointed to obtain information as to the number of Minnesotans who will attend the Democratic national convention at Chicago on the 21st inst., and to make arrangements for their transportation and accommodation there. The committee report in substance that the most advantageous terms were those offered by the Kansas City road. These are a one fare round trip ticket-$11.50-for a party of sixty-five or upward, with special train. They further offer to hold the sleeping cars on track convenient to the wigwam for the use of the party during the convention for a compensation not exceeding ordinary hotel rates. The difficulty of securing hotel quarters makes this feature an attractive one. The train will leave the union depot in St. Paul Sunday evening, the 19th inst All persons wishing to avail themselves of this arrangement are requested to notify the chairman of the committee, E.C. Stringer, National German-American bank building, St. Paul, at once, and accompany their application with a check for the train ticket. Two dollars additional will secure a sleeper berth to Chicago.

18. June 14, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 14, 1892

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IN A MONTH The Commercial Bank Will ReOpen Its Doors. The indications are that the Commercial bank will be able to again throw open its doors to the public in a month. Such is the belief expressed by Herman Scheffer to a GLOBE reporter yesterday. The plan that was evolved at the meeting of the depositors of the bank two weeks ago is working to perfection, and it proves that the officers and directors enjoy still a full meed of confidence among the business men of St. Paul. This plan was, it will be recalled, for the depositors to do their pittance, so to speak, towards re-establishing the house as one of St. Paul's solid institutions. The system decided upon, and under which this end will be worked out. will be for the depositors to leave their money-the money that was in the concern when the unfortunate run bauk to close its forced the doors-still on deposit. If not all of it, then all that individual depositors can spare from immediate business demands. Not only this, but the depositors agreed with a spirit of unanimity to also subscribe to the stock of the newly organized institution. The depositors are keeping their trust. Mr. Scheffer reports that 225 depositors have already called at the bank and subscribed to an agreement whereby they will continue their banking relations with the Commercial. Some wish to draw out a part of their money to meet immediate needs, but the great majority will leave the bulk of their deposits, if not the whole. In addition to this encouraging movement, the depositors have subscribed to $20,000 of the stock, and new capitalists promise to come to the aid of the others, for they appreciate the fact that it will be a perfectly safe investment. When the raid was made on the bank it had 1,600 customers on its books, and 375 of them drew out $300,000 during the run.

19. September 22, 1892 Warren Sheaf Warren, MN
Article from Warren Sheaf, September 22, 1892

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A Bank Permitted to Resume. The Commercial bank of St. Paul, which closed nearly five months ago with liabilities running up into the hundreds of thousands, has reopened for business under the same management, it being shown to the satisfaction of the court that the bank was in good shape to carry on business. The depositors and creditors made an agreement with the stockholders as to methods of strengthening the bank. The assignment was caused by a scare arising out of the connection of the Commercial bank stockholders with the recently defunct German Fire Insurance Company.

20. January 6, 1893 People's Voice Wellington, KS
Article from People's Voice, January 6, 1893

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BUSINESS FAILURES. THE MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank, of Muncie, Pa. Jan. 23-First national bank of Downs, Kan.; $100,000. Jan. 25-Bank of Jefferson at Shepherdstown, W. Va. Jan. 29-Fall River county bank at Oelricks, S. D.: $30,000 Butler county bank at Chicora, Pa.: $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's back at Raton, N. .M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1-Lima (0.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24 -American national bank of Birmingham, Ala. Apr. 15-Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.: ; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county; losses, $30,000. Sep. 2-Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Sep. 24-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (private); $80,000. Nov. 5-Continental bank at Kansas City, Mo. Nov. 30-Stone City bank, of Joliet, 111., and Joliet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilczinski & Nelson at Greenville, Miss.: $100,000. Dec. 13-Black Hilis national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee. Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000. Dec. 26-E.S.Corser Minneapolis, real eastate dealer: $1,000,000.

21. January 7, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, January 7, 1893

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GLANCE BACKWARD. Review of the Many Important Happenings of 1892. Heavy Business Failures, Startling Casualties and Horrible Crines-Industrial, Political and Sporting Events, Disastrous Fires of the Year, Etc. BUSINESS FAILURES. MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank. of Muncie, Pa. Jan. 23-First national bank of Downs, Kan; $100,000. Jan 85-Bank of Jefferson at Shepherdstown, W. Va Jan. 29-Fall River county bank at Oelricks, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191.000. Mar 1-Lima (O.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24-American national bank of Birmingham, Ala. Apr. 15--Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county: losses, $30,000. Sep. 2--Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Seu 21-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (pri-, vate); $80,000. Nov. 5-Continental bankat Kansas City, Mo. Nov 30-Stone City bank, of Joliet, 111., and Jollet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilozinski & Nelson at Greenville, Miss.; $400,000. Dec. .11-Black Hills national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000.