9576. National Bank of Commerce (Duluth, MN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
4001
Charter Number
4001
Start Date
December 11, 1896
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini
Short Digest
778236de

Response Measures

None

Description

The bank suspended on/around Dec 11, 1896 (notice posted: 'directors had decided to suspend' due to inability to make money). No article explicitly describes a depositor run on this bank (several mention a 'run' for Niagara Falls but not Duluth). A May 7, 1897 article reports the bank reopened within five months of suspension and paid depositors in full, so classify as suspension with reopening.

Events (4)

1. March 27, 1889 Chartered
Source
historical_nic
2. December 11, 1896 Suspension
Cause Details
Directors cited 'inability to make any money' (no explicit run or government action reported).
Newspaper Excerpt
The National Bank of Commerce of Duluth failed to open for business this morning. A notice posted on the doors stated that owing to the inability to make any money in the business the directors had decided to suspend.
Source
newspapers
3. March 17, 1897 Voluntary Liquidation
Source
historical_nic
4. May 1, 1897* Reopening
Newspaper Excerpt
The National Bank of Commerce, of Duluth ... suspended in December after paying out eighty per cent. of its deposits. It has reopened within five months from the suspension and paid all of the depositors in full, ... the only suspended bank in the country that has opened within that length of time.
Source
newspapers

Newspaper Articles (12)

Article from The Topeka State Journal, December 11, 1896

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Article Text

TWO BANKS FAIL. Institutions at Niagara Falls and West Superior, Wis., Close. Niagara Falls, N. Y., Dec. 11.-The First National bank of this city did not open its doors for business this morning. Instead, a notice was posted that at a meeting of the directors last night it was decided to close the institution. It is said that depositors will get their money. A few days ago the Niagara Glazed Paper company failed and several of the bank directors were hard hit by the failure. This was generally known and there has been a run on the bank for a few days past. The facts and the failure of the newly elected president to qualify caused the suspension. West Superior, Wis., Dec. -The National Bank of Commerce of Duluth failed to open for business this morning. A notice posted on the doors stated that owing to the inability to make any money in the business the directors had decided to suspend. The notice also stated that the bank expeeted to pay depositors at an early date. The bank is capitalized at $200,000 and has $30,000 surplus.


Article from Rock Island Argus, December 11, 1896

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More Prosperity. Niagara Falls, N. Y., Dec. 11 The First National bank closed its doors today as the result of a run. West Superior, Wis., Dec. 11.-The National Bank of Commerce of Duluth failed this morning.


Article from Deseret Evening News, December 11, 1896

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generally known and there has been P. run on the bank the few days past. These facts and the failure of the newly elected president to qualify caused the suspension. At the last reportibe capital was $100,000; individual de. posits, $118,267; demand certificates outstanding, $16 689; notes and bills rediscounted, $29 678. WEST SUPERIOR, Wis., Dac. 11.The National Bank of Commerce of Duluth failed to open this morning. A notice posted stated that owing t inability to make any money the directors bad decided to suspend and expected to pay the depositors at an early date. The bank 18 capitalized at $200,000; has $80,000 sutplus. At the last report the capital was $200,000; deposits, $92,000.


Article from Omaha Daily Bee, December 12, 1896

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Cities of Niagara Falls and Duluth Hard Hit by Failures. NIAGARA FALLS, Dec. 11.-The First National bank of this city did not open its doors for business this morning. Instead a notice was posted that at a meting of the directors last night it was decided to close the institution. It is said that the depositors will get their money. A few days ago the Niagara Glazed Paper company failed and several of the bank directors were hard hit. This was generally known and there has been a run on the bank for a few days. These facts and the fact that a newly elected president failed to qualify caused the suspension. WEST SUPERIOR, Wis., Dec. 11.-The National Bank of Commerce of Duluth, falled to open for business this morning. A notice posted on the doors stated that owing to the inability to make any money in the business the directors had decided to suspend. The notice also stated that the bank expected to pay depositors at an early date. The bank is capitalized at $200,000 and has $30,000 surplus. WASHINGTON, Dec. 11.-The comptroller of the currency has received notice of the failure of the National Bank of Commerce of Duluth, Minn. At the last report this bank had a capital stock of $200,000; individual deposits, $67,174; demand certificates of deposit. $29,528; notes and bills rediscounted, $40,000. Notice was received also of the failure of the First National bank of Niagara Falls. The bank's capital was $100,000; individual deposits, $118,267; demand certificates outstanding, $16,639; notes and bills rediscounted, $29,678.


Article from New-York Tribune, December 12, 1896

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BANKS CLOSE THEIR DOORS. FAILURE OF THE FIRST NATIONAL OF NIAGARA FALLS-WESTERN INSTITUTIONS GO UNDER. Niagara Falls, N. Y., Dec. 11.-The First National Bank of this city closed its doors this morning and posted a notice announcing its suspension. The directors held a meeting last night to consider the condition of the bank's affairs. and at 12:30 o'clock this morning they decided to suspend. Among those present was Senator Ellsworth, of Lockport. The action taken by the directors is said to be due to heavy withdrawals, amounting to almost a run on the bank. It is believed that the depositors will be paid in full. The bank was organized on June 1, 1893. with a capital of $100,000. The assets and liabilities are estimated at $300,000. Two days ago President Phillips resigned, and George B. Rand, president of the First National Bank of Tonawanda, was elected in his place, but has not yet qualified. The Cataract Milling Company, O. B. GaskIII. president, has been seized by the Sheriff on executions issued by Eastern parties. The mill was a heavy borrower from the First National Bank. Ex-Mayor Phillips, the president of the bank. accuses Cash er Henry Durk, of making large loans. about $80,000. to C. B. Gaskill, president of the Street Railway Company. of the Cataract Milling Company and a director of the power company, without the knowledge or consent of the directors or other officers of the bank. He also says that the loans were so cleverly covered up that the bank examiner could not learn of them. All this Mr. Durk denies. Syracuse, N. Y., Dec. 11.-Two receivers were this afternoon appointed for the Commercial Travellers' Life Association of New-York State. The assets are placed at $60,000 and the liabilities at $100,000. The association was first organized in 1872. Harlan, Iowa. Dec. 11.-Frederick A. Bennett, State Bank Examiner, took possession of the Harlan State Bank yesterday, under instructions from the Auditor of the State. Its capital is said to be $50,000 and deposits $75,000. The depositors will be safe, as the assets will. it is expected, pay them and leave a little for the stockholders. Duluth, Minn. Dec. 11.-The National Bank of Commerce of this city closed Its doors this morning. Its paid-up capital was $200,000. Its last statement showed undivided profits of $10,000. deposits of $200,000 and loans and discounts of $375,000. A notice posted on the door states that, owing to inability to make any money in the business, the directors had decided to suspend. and that the bank expected to pay depositors at an early date. Toledo, Ohio, Dec. 11.-Leland Smith & Co., whole. sale tobacco and cigars. failed to-day. Liabilities, $10,000: assets, somewhat less. The vice-president. J. G. Gould. disappeared several days ago, but it is said that fact has nothing to do with the failure. E. M. Harley & Co., retail gentlemen's furnishings. also failed to-day. The preferred claims amount to $23,000: assets not given. Providence. Dec. 11.-Walter F. Slade and Francls H. Clough. doing business as Walter F. Slade & Co., at the Clear River woollen mill. in Burrellville, were adjudged insolvent in the Supreme Court to-day. Their liabilities are $136,592. and their assets about $53,500.


Article from Albuquerque Weekly Citizen, December 12, 1896

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Duluth Bank Failure. West Superior. Win. Dec. 11.-The Na. tional Bank of Commerce, of Duluth failed to open this morning. A notice was posted stating that owing to inability to make money the directors had de eided to suspend and expected to pay depositors at an early date. The bank is capitalized at $200,000. has $30,000 sur. plus: deposits $90,000.


Article from The Roanoke Daily Times, December 12, 1896

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TWO BANK FAILURES. West Superior, Wis., Dec. 11.-The National Bank of Commerce of Duluth failed to open for business this morning. A notice posted on the doors 'stated that owing to inability to make any money in the business the directors had decided to suspend. The notice also stated that the bank expected to pay depositors at an early date. The bank is capitalized at $200,000 and has $30,000 surplus. Washington, Dec. 11.-Notice was received of the failure of the First National Bank of Niagara Falls. The bank's capital was $100,000; individual deposits $118,276; demand certificates outstanding $166,639; notes "and "bills rediscounted $29,678. NEWARK AT KEY WEST. Washington, Dec 11.-The Newark has arrived at Key West.


Article from The Madison Daily Leader, December 14, 1896

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BRIEF BITS OF NEWS. Maria Barberi, the New York girl who killed her recreant lover, has been acquitted. Twenty-eight out of fifty-two new county superintendents elected in South Dakota are women. St. Louis is enjoying a boom in the shoe trade. Factories are running full time and with increased forces. General Schouvaloff, the governorgeneral of Russian Poland, is again pronounced in a critical condition. Sioux City is to have direct telephone connection with New York and Boston as well as the Twin Cities and Kansas City. Jack Bennett of Pittsburg defeated Charles McCarthy, in a six round sparring match at the Tuxedo club, Philadelphia. The National Bank of Commerce of Duluth has suspended. Failure to make any money dictated the action of the directors. A combination to control absolutely the coal mines of Southern Kansas, age gregating half a million tons annually, is reported to have been formed. The Interstate Tracer. a paper run in Marshalltown, Ia., publishing a big list of debtors throughout the country, has been barred from the mails by a fraud order.


Article from Morris Tribune, December 16, 1896

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FINANCE AND TRADE. The Harlan (Ia.) State bank has failed. Iron ore has been discovered near Niles, Mich. Thr greatest oil well in Ohio has been found near Findlay. A new anti-trust nut and bolt works will be built at Anderson, Ind. Negotiations for the reorganization of the Missouri National bank at Kansas City are in progress. A receiver has been appointed at Topeka, Kan., for the celebrated silver statue of Ada Rehan. Thomas A. E. Weadock has been appointed receiver of the First National bank of East Saginaw, Mich. St. Louis is enjoying a boom in the shoe trade. Factories are running full time and with increased forces. Sioux City is to have direct telephone connection with New York and Boston as well as the Twin Cities and Kansas City. The National Bank of Commerce of Duluth has suspended. Failure to ınake any money dictated the action of the direçtors. The directors of the Western Union Telegraph company, have declared the regularly quarterly dividend of 11/4 per cent, payable Jan. 15. Statistics compiled by the crop department of Iowa show loss of over 30 per cent of all the hogs in Iowa by cholera, the per cent being from 1 to 77 in the different counties. The loss in money is given at $15,000,000. Official figures make the total iron ore output of the Lake Superior mines for the year 6,663,389 gross tons. Of this amount the Mesaba range shipped 2,893,300 tons; Marquette, 2,468,451; Gogebic, 1,698,956; Menominee, 1,514,857 ; Vermillion, 1,087,861.


Article from Little Falls Weekly Transcript, December 18, 1896

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The National Bank of Commerce of Duluth has closed its doors. The deposits of the bank decreased from $206,000 last June to about $50,000 at the time of its / suspension.


Article from Perrysburg Journal, December 19, 1896

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ended on the 11th, against one week previous and 333 in the corresponding period of 1895. Mustapha Bey, the Turkish minister, has received peremptory instructions from his government to secure a retraction of the injurious statements made by President Cleveland in his message to congress. and a rupture of the diplomatic relations between the United States and Turkey is threatened. The Georgia legislature has passed a bill making women eligible for state librarian. The International hypothecate bank was incorporated at Dubuque, Ia., with a capital of $10,000,000. Walter F. Slade and Francis H. Clough, operating the Clear River woolen mills at Burrellville, R. I., failed for $1,000,000. The National bank of commerce at Duluth, Minn.. closed its doors with liabilities of $135,000. The First national bank of Niagara Falls, N. Y., suspended with liabilities of $150,000. Mrs. Sarah B. Ingersoll Cooper and her daughter, Harriet Cooper, both widely known as workers in the cause of temperance, Christianity and philanthropy. committed suicide together their home at San Francisco because of in a church scandal in which they sided with the pastor and were snubbed by former friends. The Commercial Travelers' Life association of Syracuse, N. Y., went into receiver's hands with liabilities of $100,000. At the annual meeiting in Philadel- Reof the National Civil Service phia form league Carl Schurz, of New York, was reelected president. Print paper manufacturers at a meetin New York agreed to form a naing tional association to control the product of all mills and fix prices. An Iowa organization of friends of Cuba has been effected, with headquarters in Des Moines. Miss Helen Beers, of Bridgeport, Conn., born blind 49 years ago, has had her sight restored by the removal of a cataract from each eye. An exceedingly well-executed counterfeit of United States five-dollar gold coins is in circulation in St. Louis. Mrs. Catherine Corbett, aged 70, and daughter Mary, aged 40, were sufher focated by gas at their home in Indianapolis. The railway earnings in Iowa the past year were $41,000,000, a gain of $5,000,000 over the previous year. The three young children of Edward were drowned at BrookH., while playing on is made of the that line, Farnsworth A denial N. report thin ice. the sultan of Turkey has entered a protest against the language of the presi- treatdent's message to congress in its ment of the Turkish question. Samuel P. Putnam, aged 56. of Chipresident of the free thought con of gress, cago, and May L. Collins. aged 20, Midway. Ky., a promising free thought by lecturer and writer, were suffocated gas in Boston. Bagot's Sons. dealers in dry goods in New York, failed for $150,000. In the six-day bicycle race in New the York, Hale, the Irish flyer, was winner, making 1,910 miles and a new was record. Rice, of Wilkesbarre, Pa., second. with a score of 1,882 miles. F. B. Newton. an extensive lumber dealer at Cleveland. O., made an assignment with liabilities of $125,000. A new city directory gives Indian- inapolis a population of 180,000, an crease of 11,000 in one year. The Free Press and Doniphan Eagle deoffices at Grand Island, Neb., were stroyed by fire. The high school building at Urbana, O., was destroyed by fire, the loss being $100,000. The annual report of Commissioner S. Miller, of the internal reve- the Joseph bureau, shows the receipts for nue fiscal year ended June 30. 1896, to have been $146,830,615. against $143,246,077 the previous year. The Nonpartisan W. C. T. U. convenat Washington reelected as presi- of tion dent Mrs. Annie M. Wittenmeyer, S Pennsylvania. Charles D. Lane, chairman of the nah bimetallist committee, has issued to his followers an active agitation tional suspend address silver urging of the for them sub- the ject to of free coinage of the k present and to join in upholding d hands of Maj. McKinley as president him of the United States, and to support I in all efforts to increase the prosperity 0 of The the people. visible supply of grain in the United States on the 14th was: Wheat, bushd 54,284,000 bushels: corn, 17,461,000 2,582,els; oats, 11,359,000 bushels; rye, 000 bushels: barley. 5,403,000 bushels. is The president sent to the senate the of nomination of Charles A. Prouty, , to be interstate commerce G. a commissioner Vermont, in place of Wheelock Veazey, resigned. n In fit of insane jealous rage Ernest his e Chase, a aged 38, cut the throat of then wife L. aged 32, in Detroit, Mich., and 1 cut his own throat. it The Cuban League of the United e was organized in New York by M Chauncev States Denew Roswell


Article from The Mankato Free Press, May 7, 1897

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LOCAL ITEMS. -Dora, the daughter of Mr. and Mrs. S. W. Wright, was bitten by a dog on her left cheek Friday evening. Dr. Webster cauterized and dressed the wound, and it is not thought that any harm will result. --The suit of Alexander Anderson VS. Ed. Junket was tried in the municipal court Saturday afternoon. A. E. Hawes, of Chicago, and W. N. Plymat were the attorneys engaged. It will be argued tomorrow afternoon. Geo. Chapman, a well-to-do farmer of Eagle Lake,leftMondaymorning for Port Arthur, Texas, with A. M. Rutan. He will look over the country with a view to locating if he likes it. He wants to live where the winters are shorter than the past one has been. -John Coudert, a traveling man, was arrested ;and locked up Friday for being too noisy, as a result of too great familiarity with the wine cup. The charge of disorderly conduct was preferred against him in the municipal court this morning and he paid a fine of $8.65. -The Republican city committee Saturday filed its financial report with County Auditor Gunders, covering this spring's city election. The total receipts were $302.50 and the total 'expenditnres were $228.46, leaving a cash balance in the hands of the committee of $74.04, -It is not generally known that Jacob Friend, who was tried and acquitted of the alleged murder of Clara Ober,at Blue Earth City, has embarked in the saloon business in this city. He has secured the transfer of a license and is running a saloon in block fourteen,and has been there for about two weeks. -The attention of the county board was taken up Tuesday listening to arguments for and against a petition to form a new joint school district out of parts of districts 112 and 114, of Blue Earth county, and districts 20 and 37, of Brown county, Those who want the new district want a school house nearer to them, while the opponents do not want to pay for another school house. -J. W. Davies, manager of the Judson creamery, was in the city yesterday and expressed himself as strongly in favor of going ahead with the work of the butter board of trade at Tuesday's meeting in this city. He suggests that a weekly selling day be named, and the buyers notified to be present. If a start can be made, there is no doubt that the board will be a success, as Mankato is the natural location for one. -The dog license ordinance is likely to remain a dead letter for another year unless the people of the city show an interest in having it enforced. Mayor Pfau is not likely to order its enforcement unless it is shown to be the desire of the people. From the way the streets are filling up with dogs,it would appear that the services of a dog catcher are needed for a time. -The National Bank of Commerce, of Duluth, of which J. A. Willard is president, suspended in December after paying out eighty per cent. of its deposits. It has reopened within five months from the suspension and paid all of the depositors in full, and is the only suspended bank in Duluth that has done so, and the only suspended bank in the country that has opened within that length of time. In order to do so, a great effort was necessary, and great credit is due to the officers. The bank is now on a more solid foundation than ever before. -The Northwestern May Musical Festival promises to eclipse anything in the way of concert and grand opera ever presented in this part of the country. This splendid affair will be held in the Exposition building, Minneapolis, May 17th and 18th. Special reduced rates will be in effect on all railroads and the very reasonable prices of the festival tickets will induce many people from here and other places to go to Minneapolis for the occasion. The sale of season