Bank of Duluth (Duluth, MN)

Episode Information

Episode UID
1831353690910
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
183135369 hash
Start Date
October 7, 1875
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3e162ba25bc12328

Response Measures

None

Description

Contemporary notices name assignees; bank appears insolvent and closed.

Events (4)

1. October 7, 1875 Other
Newspaper Excerpt
The Bank of Dnluth, B. S. Russell president, has busted. St. Louis County had $4,000 or $5,000 on deposit there. The Bank will probably be able to pay about 50 cts on the dollar.
Source
newspapers
2. October 14, 1875 Receivership
Newspaper Excerpt
C.P. Bailey and R. H. Morford are the assignees.
Source
newspapers
3. October 14, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and assignees appointed indicating insolvency and liabilities exceeding assets.
Newspaper Excerpt
THE Bank of Duluth, B.S. Russell, manager, has suspended. C.P. Bailey and R. H. Morford are the assignees.
Source
newspapers
4. April 7, 1877 Other
Newspaper Excerpt
The assets of the county ... include ... $4,166.31 due from the Bank of Duluth, both suspended banks.
Source
newspapers

Newspaper Articles (3)

Article from The Superior Times, October 7, 1875

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Article Text

-A pleasant little fandango at the old Avery House, last Friday evening, was enjoyed by some of the "boys" and their fair ones. --D. Schutte, a former prominent Superior business man, but now of St. Paul, spent Saturday and Sunday in town interviewing his many oldfriends and acquaintances. "If you have got cash, come in and trade; but if you want trust, go up street, to Duluth or to is the way a notice on the side of a grocery store down street reads. -The Bank of Dnluth, B. S. Russell president, has "busted." St. Louis County had $4,000 or $5,000 on deposit there. The Bank will probably be able to pay about 50 cts on the dollar. -John Lachapelle is putting up a station four miles this side of the Brule River and twenty-four miles from Superior, on the Bayfield road, and will keep a "stopping place" there this winter. The old steam-ferry, Stillman Witt, Now hugs the Wisconse shore, She used to run unto Duluth, She won't run any more, 'Cause there isn't enough travel. -It is said that the girls are getting the pin-back mania down so fine that doublebarreled shot-guns will be substituted for drawers soon.-E.Echange. Well, it won't make much difference to Superior girls: they don't wear 'em-the pin-backs, we mean, --A noted Christian minister says he "Always reads the advertisements in a paper because the advertising columns. indicate just what the people are doing and reflect the condition of the-country." Mighty poor oipinion he'd obtain of this country by read. the TIMES advertišements. --Sòme of the Chicago hay-feverites who spent last'summer here, but who, this sum mer, went to the White Mountains, regret very much that they did not come to Superior instead, and VOW they will next summer. Sosays a private letter from that city. -Duluth society is now agitated over one OF two very rich social scandals. By the way, one of these days Duluth will make a very fair sort of a Brooklyn for Superior. Ashtabula Heights, up where all those hightoned cods live, would do very well. for Brooklyn Heights. -Mrs. Col. Hamilton, of Milwaukce, returnedihome Monday. Mrs. H. is one of our regular summer visitors, and spent most of the past season here, and, we are pléased to learn, intends returning next summer, Providence permitting. She is a very pleasant ladv.


Article from The St. Cloud Journal, October 14, 1875

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Article Text

THE Bank of Duluth, B.S. Russell, manager, has suspended. C.P. Bailey and R. H. Morford are the assignees. Liabilities not known. The bank had $4,621.40 of the county's funds, but the county is well secured.


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.