gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
552f75cc3bc48b70
Response Measures
None
Receivership Details
Depositor recovery rate
57.0%
Date receivership started
1888-04-02
Date receivership terminated
1892-11-11
OCC cause of failure
Losses
Share of assets assessed as good
49.5%
Share of assets assessed as doubtful
48.2%
Share of assets assessed as worthless
2.2%
Description
Suspension followed large protested paper (Church-Graves) and later formal receivership; contemporaneous accounts say there was no depositor run.
Events (4)
1.March 11, 1871Chartered
Source
historical_nic
2.March 21, 1888Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy and sudden draft caused by protested/assigned paper of the Church-Graves Manufacturing Company accepted by the bank.
Newspaper Excerpt
The Commercial National bank of this city closed its doors Tuesday night...the directors...concluded to suspend.
Source
newspapers
3.April 2, 1888Receivership
Source
historical_nic
4.April 2, 1888Receivership
Newspaper Excerpt
The comptroller of the currency has directed Bank Examiner Stone to proceed at once to Dubuque, and take charge of the affairs of the Commercial National bank.
Source
newspapers
Newspaper Articles (22)
1.March 21, 1888Rock Island Daily ArgusRock Island, IL
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Article Text
A DUBUQUE BANK SUSPENDS. The Commercial National Gets Into Financial Difficulties. DUBUQUE, Ia., March 21-The Commercial National bank of this city closed its doors Tuesday night. The liabilities are not known, and cannot be ascertained at this time. Three weeks ago the directors requested the president, R. E. Graves, to resign. This step was occasioned by a heavy and sudden draft upon the bank in the shape of the protested paper of the Church-Graves Manufacturing company, of Minneapolis, which assigned a short time ago. This paper having been accepted the Commercial bank, the directors were compelled to raise $75,000 within two hours or close the bank. The money was raised and the bank continued until Tuesday, when the directors, after carefully investigating its affairs, concluded to suspend.
2.March 22, 1888The SunNew York, NY
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Article Text
A National Bank Suspends, DUBUQUE, March 21.-About three weeks ago the directors of the Commercial National Bank became dissatisfied with the management of the institution, and R. E. Graves. President, was requested to resign. This step was occasioned by a heavy and sudden draft upon the bank in the shape of paper of the ChurchGraves Manufacturing Company of Minneapolis. which assigned a short time ago, this paper having been accepted by the Commercial Bank. The directors were compelled to raise $75,000 within two hours or close the bank. The money was raised and the bank continued until yesterday. when the directors concluded to suspend. The loss will be $500,000 to the stockholders, but depositors will be paid in full,
Why the Dubuque Bank Failed. CHICAGO, March 21.-A special from Dubuque, Iowa, referring to the decision of the Commercial National Bank of that city, to wind up the affairs, says: About three weeks ago, the directors of the bank became dissatisfied with the management of the institution, and R. E. Grayes, President, was requested to resign. This step was occasioned by a heavy and sudden draft upon the bank in the shape of a paper of the ChurchGraves Manufacturing Company of Minneapolis, which assigned a short time ago, this paper having been accepted by the Commercial Bank. The directors were compelled to raise $75,000 within two hours or close the bank. The money was raised and the bank continued until yesterday, when the directors, after carefully investigating its affairs, concluded to suspend.
4.March 22, 1888Wheeling RegisterWheeling, WV
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Article Text
HIS ACCOUNT OVERDRAWN. An Iowa Bank President Gets a Bank Into Trouble. CHICAGO, March 21.-A special from Dubuque, Iowa, referring to the decision of the Commercial National Bank of that city to wind up its affairs, says: About three weeks ago the directors of the bank became dissatisfied with the management of the institution and R. E. Graves, President, was requested to resign. This step was occasioned by a heavy and sudden draft upon the bank in the shape of a paper of the Church-Graves Manufacturing Company, of Minneapolis, which assigned a short time ago, this paper having been accepted by the Commercial Bank. The directors were compelled to raise $75,000 within two hours or close the bank. The money was raised and the bank continued until yesterday, when the directors, after carefully investigating its affairs, concluded to suspend.
5.March 26, 1888Press and Daily DakotaianYankton, SD
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Article Text
Depositors Will Re Paid in Full. DUBUQUE, In., March 25.-J. K. Graves arrived home from Des Moines. He was surprised to learn that the Commercial National bank had suspended. There was no run on the institution, it had more than the lawful reserve in cash on hand, and the step was ill-sidvised and unnecessary. All liabilities still be paid in full.
6.March 29, 1888The Indianapolis JournalIndianapolis, IN
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Article Text
Dubuque's Broken Bauk. DUBUQUE, Ia, March 28.-Bank examiner Stone has concluded his estimate of the assets of the Commercial National Bank and forwarded his report to the Comptroller of the Treasury. He states that the depositors will receive 75 cents on the dollar. In repiy to the question as to whether the directors are liable, he said it was not his duty to declare them liable, but it was his duty to say whether they had violated the banking law. Being pressed to say whether such was the case, he replied that he preferred not to answer that question. He will make no recommendation for the receivership unless requested to do so by the Comptrolier.
7.March 29, 1888The Iowa Plain DealerCresco, New Oregon, IA
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Article Text
WEST AND BOUTH. THE suspension of the Commercial National Bank of Dubuque, Ia, was announced on the 20th. The loss to the stockholders would be $600,000. but it was said depos itors would lose nothing. THE Democrats of West Virginia will hold their State convention at Huntington August 16 to nominate a State ticket THE Democrats will Lold State conventions to elect delegates to the National convention as fo'lows: At Atlanta, Ga, May 9; at Dayton, O., May 15; at Grand Rapids, Mich, May 16. THE Republicans of Iowa met in State convention on the 21st at Des Moines and elected delegates to the National convention, the delegates-at-large being David R Henderson, J. S. Clarkson, George D. Perkins and J. P. Dolliver. The resolutions
8.March 29, 1888Wheeling RegisterWheeling, WV
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Article Text
A Suspended Iowa Bank. CHICAGO, March 28.-A dispatch from Dabuque, Iowa, says: Bank Examiner Stone has concluded his estimate of the assets of the Commercial National bank and forwarded his report to the Controller of the Currency. He states that the depositors will receive 75 cents on the dollar. In reply to the question as to whether the directors are liable, he said it was not his duty to declare them liable, but it was his duty to say whether they have violated the banking law. Being pressed to say whether such was the case, he replied that he preferred not to answer that question. He will make no recommendation for a receivership unless requested to do so by the Controller.
9.March 29, 1888The Sauk Centre HeraldSauk Centre, MN
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Article Text
Tate's defalcation amounts to $250,000. The Commercial National bank of Dubuque has suspended. Newfoundland has decided to send a union delegation to Canada April 1. John C. Eno has settled with his creditors and will return to New York at once. Louis Kossuth, the leader of the Hu,garian revolution in 1856, is lying ill at Turin. The Burlington & Northern railroad has given notice that it will advance freight rates April 5. The notice given by the other roads provides that rates shall be advanced March 26.
10.March 29, 1888River Falls JournalRiver Falls, WI
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Article Text
WEST AND SOUTH. THE suspension of the Commercial National Bank of Dubuque, Ia, was announced on the 20th. The loss to the stockholders would be $600,000, but it was said depos itors would lose nothing. A CYCLONE swept over Georgia and East Tennessee on the night of the 20th, causing immense destruction to property and much loss of life. The storm formed in the vicinity of Calhoun, Ga., and pursued a northensterly direction through North Georgia and into and beyond East Tennessee. The tornado in places cleared the ground completely of grass, and a forest of timber was mown as with a great scythe. THE Democrats will hold State conventions to elect delegates to the National convention as follows: At Atlanta, Ga, May 9; at Dayton, O., May 15; at Grand Rapids, Mich, May 16. THE Republicans of Iowa met in State
11.March 31, 1888Idaho NewsBlackfoot, ID
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Article Text
GOSSIP FROM WASHINGTON. The house committee on territories decided to report a bill for the orvanization of the territory of Alaska. The comptroller of the currency has directed Bank Examiner Stone to proneed at once to Dubuque, and take charge of the affairs of the Commercial National bank. The house committee on agriculture instructed the chairman to report back adversely the bill granting a bounty on the export of grain, and to recommend that it be laid on the table. Senator Cullom, in behalf of the committee on territories, presented a roport opposing the annexation of the anhandle of Idaho to Washington terAntory and favoring the admission into the union of the territory of Washington with its present boundaries. Secretary of State Bayard has lately received through the United States minister at Tokio information of the appointment of his excellency, Munemistu Matsu, as Japanese minister at Washington, to succeed Mr. Kuki, assigned to position in the home government. A patent has been granted Elias E. Ries and Albert H. Henderson, of Baltimore, Ma. on an apparatus for increas be the tractive power of locomotives and other vehicles propelled by electricity, The patent covers the use of electric currents for increasing the tractional addition between the driving wheels and rails, thus increasing 100 per event the tractive power of locomotives and self-propelled motor cans. The conferees have agreed on their report on the urgency of deficiency bill. which will be submitted to the house at $0 early day. The appropriation of $100,000 for lengthening the dry dock of the Brooklyn navy yard is stricken cut; the amendment directing the publie printer to enforce the eight-hour law in the government printing office is retained: the amendment appropriating $27,000 to reimburse the state of Texas for expenses incurred in repelling invasions is agreed to; the appropriation of $32,000 for the payment of the Grayson Indian claim is retained. At a recent meeting of the senate committee on interstate commerce it VM voted by one majority to strike from the interstate act the words "un der substantially similar circumstances and conditions" in the second section of the bill, which relates to the discrimina tion between persons, but this action was not considered very important in itself, since there were other qualifying terms in the section which left its elas ticity practically unimpaired. To-day, however, upon n proposition to strike these words as well as the suspension proviso, from the long and short haul section, of which they form a very im portant part, the committee, after a long and earnest discussion, determined the matter adversely, thus leaving the law in this regard practically unchanged.
12.July 12, 1888Press and Daily DakotaianYankton, SD
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Article Text
To Withdraw From His Firm.
DUBUQUE, Ia., July 11.-Wm. Andrew of the firm of Andrew, Treadway & Sons, wholesale hardware, has sold his interest in the concern to his sons, George W. and John H. Mr. Andrew was one of the seven directors of the Commercial National bank, which failed some months ago, nearly ruining all the directors except Andrews.
13.August 19, 1888Omaha Daily BeeOmaha, NE
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Dubuque's Defunct Depository. DUBUQUE, Ia., August 18.-[Special Telegram to THE BEE.]-Receiver Wells, who has been examining the condition of the defunct Commercial National bank, finds its affairs much worse than expected. He estimates its assets at $250,000 and its liabilities at $450,000. When Bank Examiner Stone reviewed the remains some weeks ago he placed the assets and liabilities as about equal, and a few days ago a dividend of 30 per cent was declared and paid to the creditors. An assessment of 100 per cent on the stockholders has been ordered, and the re. ceiver says he will bring suit against all delinquent stockholders who fail to pay up by the 25th of this month.
14.April 22, 1890Los Angeles HeraldLos Angeles, CA
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Article Text
Bank President Sued. DUBUQUE, Ia., April 21.-Suit was entered today by Receiver Wells, of the defunct Commercial National Bank, against R. E. Graves, its former president, to recover $20,000. The amount covers various loans made by the bank to the president on notes. Personal service was made on Graves, who is in the city. The suits cannot be tried before the November term.
Suits Against a Bank President. DUBUQUE, April 21.-A suit was entered to-day by Receiver Wells of the defunet Commercial National bank against R. E. Graves, the former president to recover $20,000. This amount covers various loans made by the bank to the president on notes. Personal service was made on Graves, who is in the city. The suits cannot be tried before the November term.
16.April 22, 1890St. Paul Daily GlobeSaint Paul, MN
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Sued for Money Loaned. DUBUQUE, Io., April 21.-Suit was entered to-day by Receiver Wells, of the defunct Commercial National bank, against R. E. Graves, the former president. to recover $20,000. This amount covers various loans made by the bank to the president on notes. Personal service was made on Mr. Graves, who is in the city, but the suits cannot be tried before the November term.
17.April 23, 1890Telegram-HeraldGrand Rapids, MI
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Article Text
Suing an Rx-Rank President DUBUQUE 1a. April 22. -Suit was estered Monday by Receiver Wells of the Commercial National Bank, against R E Graves, ex-president of the bank for the recovery of $25,000 moneylossed -
Bank Assets Under the Hammer. Dubuque, Oct. 18.-Receiver Welles, of the defunct Commercial National bank of this city, offers the assets at public auction Nov. 1. The assets consist of notes the amount of $56,000, together with judgments, most of which are practically worthless. It is thought that creditors will not receive more than 10 per cent of their claims. They have already been paid 50 per cent. The bank failed four years ago with liabilities at $550,000 and nominal assets at $600,000.
Bank Assets to Be Sold at Auction. DUBUQUE, Ia., Oct. 19.-Receiver Welles, of the defunct Commercial National bank, of this city, offers the assets at public auction Nov. 10. These assets consist of notes to the amount of $56,000, together with judgments, most of which are practically worthless. It is thought that creditors will not receive more than 10 per cent. of their claims. They have already been paid 50 per cent. The bank failed four years ago with liabilities at $550,000 and nominal assets $600,000.
20.November 16, 1892New Ulm ReviewNew Ulm, MN
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Assets Sold. Dubuque, Iowa, Special, Nov. 11.--The remaining assets of the Commercial National bank, $300,000 in judgments, were sold at auction to-day by Receiver Welles and were bought for $10,472 by the Messrs. Stout, the lumbermen, who had previously bought all claims against the bank at 70 to 77½ cents, they being the only solvent directors and stockholders left. A judgment for $30,000 against the Church-Graves company, Minneapolis, went for $70 and one of $7,000 agairst the Matt Clark Transportation company, Minneapolis, for $50.
21.November 17, 1892The SunMorris, MN
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# Assets Sold. Dubuque, Iowa, Special, Nov. 11.--The remaining assets of the Commercial National bank, $300,000 in judgments, were sold at auction to-day by Receiver Welles and were bought for $10,472 by the Messrs. Stout, the lumbermen, who had previously bought all claims against the bank at 70 to 77 1/2 cents, they being the only solvent directors and steckholders left. A judgment for $30,000 against the Church-Graves company, Minneapolis, went for $70 and one or $7,000 agairst the Matt Clark Transportation company, Minneapolis, for $50.
Assets Sold. Dubuque, Iowa, Special, Nov. 11.--The remaining assets of the Commercial National bank, $300,000 in judgments, were sold at auction to-day by Receiver Welles and were bought for $10,472 by the Messrs. Stout, the lumbermen, who had previously bought all claims against the bank at 70 to 77½ cents, they being the only solvent directors and stockho'ders left. A judgment for $30,000 against the Church-Graves company, Minneapolis, went for $70 and one of $7,000 agairst the Matt Clark Transportation company, Minneapolis, for $50.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
