9560. Bank of Duluth (Duluth, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 14, 1875
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini
Short Digest
06a9f612

Response Measures

None

Description

Articles from October 1875 report the Bank of Duluth 'busted' and 'has suspended' with assignees named (C.P. Bailey and R.H. Morford) and expected partial payment to depositors. No mention of a depositor run; this is a suspension leading to closure/receivership.

Events (1)

1. October 14, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as 'busted' and insolvent; liabilities unclear; expected to pay about 50 cents on the dollar to depositors; assignees appointed (receivership).
Newspaper Excerpt
THE Bank of Duluth, B.S. Russell, manager, has suspended. C.P. Bailey and R. H. Morford are the assignees.
Source
newspapers

Newspaper Articles (2)

Article from The Superior Times, October 7, 1875

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Article Text

-A pleasant little fandango at the old Avery House, last Friday evening, was enjoyed by some of the "boys" and their fair ones. --D. Schutte, a former prominent Superior business man, but now of St. Paul, spent Saturday and Sunday in town interviewing his many oldfriends and acquaintances. "If you have got cash, come in and trade; but if you want trust, go up street, to Duluth or to is the way a notice on the side of a grocery store down street reads. -The Bank of Dnluth, B. S. Russell president, has "busted." St. Louis County had $4,000 or $5,000 on deposit there. The Bank will probably be able to pay about 50 cts on the dollar. -John Lachapelle is putting up a station four miles this side of the Brule River and twenty-four miles from Superior, on the Bayfield road, and will keep a "stopping place" there this winter. The old steam-ferry, Stillman Witt, Now hugs the Wisconse shore, She used to run unto Duluth, She won't run any more, 'Cause there isn't enough travel. -It is said that the girls are getting the pin-back mania down so fine that doublebarreled shot-guns will be substituted for drawers soon.-E.Echange. Well, it won't make much difference to Superior girls: they don't wear 'em-the pin-backs, we mean, --A noted Christian minister says he "Always reads the advertisements in a paper because the advertising columns. indicate just what the people are doing and reflect the condition of the-country." Mighty poor oipinion he'd obtain of this country by read. the TIMES advertišements. --Sòme of the Chicago hay-feverites who spent last'summer here, but who, this sum mer, went to the White Mountains, regret very much that they did not come to Superior instead, and VOW they will next summer. Sosays a private letter from that city. -Duluth society is now agitated over one OF two very rich social scandals. By the way, one of these days Duluth will make a very fair sort of a Brooklyn for Superior. Ashtabula Heights, up where all those hightoned cods live, would do very well. for Brooklyn Heights. -Mrs. Col. Hamilton, of Milwaukce, returnedihome Monday. Mrs. H. is one of our regular summer visitors, and spent most of the past season here, and, we are pléased to learn, intends returning next summer, Providence permitting. She is a very pleasant ladv.


Article from The St. Cloud Journal, October 14, 1875

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Article Text

THE Bank of Duluth, B.S. Russell, manager, has suspended. C.P. Bailey and R. H. Morford are the assignees. Liabilities not known. The bank had $4,621.40 of the county's funds, but the county is well secured.