9567. Iron Exchange Bank (Duluth, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 13, 1895
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini
Short Digest
bcff4776

Response Measures

None

Description

Articles (Sept 1895) report the Iron Exchange Bank of Duluth was in voluntary liquidation and assigned to John E. Merritt on Sept 13, 1895. No run is mentioned; assignment/voluntary liquidation indicates permanent closure with an assignee/receiver. Depositors to be paid in full.

Events (2)

1. September 13, 1895 Receivership
Newspaper Excerpt
Minnesota Iron Exchange Bank Gives Up the Fight. ... assigned to John E. Merritt. ... The Iron exchange bank at Duluth, Minn, owned by the Merritts, made an assignment and will retire from business. Depositors will be paid in full.
Source
newspapers
2. September 13, 1895 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank was in voluntary liquidation for months and made an assignment to John E. Merritt on Sept 13, 1895.
Newspaper Excerpt
The Iron Exchange bank ... which has for some months been going into voluntary liquidation, Thursday morning assigned to John E. Merritt.
Source
newspapers

Newspaper Articles (2)

Article from Warren Sheaf, September 19, 1895

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Article Text

STATE BANK ASSIGNS. Minnesota Iron Exchange Bank Gives Up the Fight. BULUTH, Minn., Sept. 13.-The Iron Exchange bank, a state institution owned practically by the Merritts, and which has for some months been going into voluntary liquidation, Thursday morning assigned to John E. Merritt. The debts are stated to be not over $50,000. The last statement made on July 11 shows loans and discounts of $95,000, nearly $22,000 in cash, deposits of $68,000 and capital and surplus of $58,000. The bank has done very little business since the Merritts were frozen out on the Mesaba and there is no excitement.


Article from The Diamond Drill, September 21, 1895

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Article Text

The News Condensed. Important Intelligence From All Parts. DOMESTIC. MISS ANNIE LONDONDERRY, of Boston, the globe girdier who left Chicago on a bicycle a year ago last spring, arrived home two weeks ahead of her scheduled time. TWENTY-FIVE of the thirty bodies of the men who lost their lives in the Osceola mine fire near Houghton, Mich., were recovered. THE free-for-all class pacing race at Louisville for a purse of $5,000, with Robert J., Joe Patchen and John R. Gentry as starters, was won by Robert J., the best time being 2:04 %. STEPS were being taken by the grand lodge, A. O. U. W., of Missouri, to expel levery saloonkeeper and bartender. A PASSENGER train on the Santa Fe was held up by four masked men at Curtis Station, O. T., but the robbers got nothing. THE Iron exchange bank at Duluth, Minn, owned by the Merritts, made an assignment and will retire from basiness. Depositors will be paid in full. THE international yacht series in New York bay is at an end. The American yacht. Defender, sailed over the course alone, thereby winning the third and deciding race. The Valkyrie went to the starting point, crossed the line and then hauled down her'sails and quit. A HEAVY earthquake shock lasting ten seconds prevailed in lower East Tennessee along the North Carolina state line. No damage was done. A TORNADO destroyed the railway depot a Cape Vincent, N. Y., killing two persons and injuring several others. THE exchanges at the leading clearing houses in the United States during the week ended on the 13th aggregated $897,606,918, against $914,840,999 the previous week. The increase, compared with the corresponding week in 1894, was 17.0. CHARLES H. KEY was executed at Paris, Tex., for killing Smith Mebathlin in the Chickasaw Nation July 21, 1894. A WIND and hail storm did damage at Wooster, O., and vicinity to the extent of $300,000. MRS. EMMA RIGGS, aged 47, and her daughter, aged 19, were burned to death in Philadelphia. The clothing of the daughter caught fire, and the mother lost her in trying to save her child. THE withdrawal of $4,500,000 in gold from the treasury left the gold reserve in Washington at $96,268,574. THERE were 187 business failures in the United States in the seven days ended on the 13th, against 186 the week previous and 219 in the corresponding time in 1894. METHODIST conferences at Ann Arbor, Mich., Ottumwa, Ia., and Jacksonville, III., voted to admit women as lay delegates. THE eighth international conference of Young Men's Christian associations of the/United States and Canada opened at Clifton Forge, Va. FOREST fires were again raging in the vicinity of Atlantic City, N. J., consuming everything in their course. A vast amount of valuable timber and game land was being swept by the flames. FOR the second time in two years the Kearney (Neb.) national bank closed its doors, with liabilities of $96,000. CoL. ROBERT ALDRICH introduced a complete constitution in the convention at Columbia. Its most novel fenture was a provision that no negro shall hold office in South Carolina. FRANK MEYERS, a veteran of the late war, was notified at St. Joseph, Mich., that he had been granted a pension of $10 a month and when he heard the news he fell dead. DANDY JIM in a trot at Huntington, Ind. went the last heat in 2:11%. making a new world's trotting race record on a half-mile track. THE Columbia liberty bell left Chicago on its trip around the world. THE twenty-ninth encampment of the Grand Army of the Republic closed at Louisville with a grand barbecue. The Woman's Relief Corps elected Mrs. Elizabeth Turner, of Boston, as president. the Daughters of Veterans selected Mrs. Ellen M, Walker, of Worcester, Mass., as their president, and the National Association of ex-Prisoners of War elected as president George W. Grant, of Minnesota. THE percentagesof the baseball clubs in the National league for the week ended on the 15th were: Baltimore, 664; Cleveland, 631; Philadelphia, 608; Brooklyn, 542; Boston, .542; Pittsburgh, 543: Chicago, .542; New York, 529; Cincinnati, .517; Washington, 323; St. Louis, .305; Louisville, -250 BOLER & ROBINSON'S grain elevator and a large stock of grain which it contained was burned at Brooklyn, N. Y. Loss, $100,100. MELVILLE SCRANTON and Paul Schmitt, of East Saginaw, Mich., were drowned in Tupper lake, near Malone, N.Y.