Bank of Duluth - Duluth, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 26, 1890
Location: Duluth, Minnesota (46.783, -92.107)

Metadata

Model: gpt-5-mini
Short Digest: ae956c11

Response Measures

None

Description

Article (Seattle Post-Intelligencer, 1890-11-27) states 'failure of the bank at Duluth' (dated Nov. 26). The failure appears to be a closure/receivership of the Bank of Duluth; the article describes a consequent run on another local bank (Bank of Commerce). No run on the Bank of Duluth itself is described. Date taken as 1890-11-26 per article.

Events (1)

1. November 26, 1890 Receivership

Newspaper Excerpt: As a consequence of the failure of the bank at Duluth there was a run on the Bank of Commerce today.
Source: newspapers

Newspaper Articles (1)

1. November 27, 1890 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, November 27, 1890

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Article Text

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.