Bank of Duluth - Duluth, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 1, 1877
Location: Duluth, Minnesota (46.783, -92.107)

Metadata

Model: gpt-5-mini
Short Digest: 2e39ecc9

Response Measures

None

Description

An 1877 county report (year ending March 1, 1877) states the Bank of Duluth was a suspended bank. The article gives no details about a run or reopening; I classify this as a suspension that appears to be a closure (no evidence of resumption).

Events (1)

1. March 1, 1877 Suspension

Cause Details: Listed as suspended in the county commissioners' report; no cause given in the article.
Newspaper Excerpt: the assets also include $3,803.78 due from the First National Bank, and $4,166.31 due from the Bank of Duluth, both suspended banks.
Source: newspapers

Newspaper Articles (1)

1. April 7, 1877 The Superior Times Superior, WI

Article from The Superior Times, April 7, 1877

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Article Text

-The report of the commission ers of St. Louis County Minn. for the year ending March 1st 1877, published in the Duluth Tribune, shows: Receipts $79,436.34; expenditures $69,164.47, leaving in the treasury a balance of $10,571.57. Expenses for general purposes, including salaries and fees of officers, attorney's fees,rents, witness and juror's fees, etc. $12,757.84; for rclief the poor $4,279.68; for roads $3,465,12. The assets of the county which includes incollected taxes, are rated at $98,992.19; liabilities, $196,175.53, showing a balance in favor of the latter of $97,183.34. The county pays liberal salaries to its officers. The auditor received $1,639.29, treasurer $1,573.43, clerk of court $1,266.15, county attorney $500.00, judge of probate $400.00, jailor $100,00, sheriff and deputies $558.32, county physician $245.00. J.D. Ray received for rent of the buildings used for offices $1,850.00; W. K. Rogers received as attorney fees for assisting the county attorney in suits against the county $620.00. In the assets the poor farm is valued at $6,150.00, the court house square, residence and jail $1,000.00; the assets also include $3,803.78 due from the First National Bank, and $4,166.31 due from the Bank of Duluth, both suspended banks. The largest item in the liabilities is $150,000 of bonds issued to the L. S. & M. R. R Co. due in 1890. The county orders outstanding amount to $8,056.66. Quite an array of figures, but on the W hole not a bad showing for the County.