Commercial Bank (Minneapolis, MN)

Episode Information

Episode UID
3060926891124
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
306092689 hash
Start Date
August 9, 1893
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2ac77d0c30ee4994

Response Measures

None

Description

Sources report closure Aug 9 with officers saying depositors will be paid and later preparations to reopen.

Events (1)
1. August 9, 1893 Suspension
Cause
Macro News
Cause Details
Closed due to the general financial stringency and inability to realize on securities (money market tightness).
Newspaper Excerpt
The Commercial bank closed its doors yesterday; officers say depositors will be paid in full.
Source
newspapers

Newspaper Articles (13)
1. August 9, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 9, 1893

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TELEGRAPHIC BREVITIES. In Santa Catharina, Brazil, the federal soldiers have deposed the State authorities. Cincinnati is crowded with democrats, there to attend the State convention to nominate a Governor, &c. Among the failures reported to-day are the People's Bank, Waseca, Minn.; the Commercial Bank, Perry, Ia. and the Commercial Bank, Minneapolis. The small bank failures at the west and the continued heaviness of general electric led to a further decline in the New York stock market after midday. A run was started on the Germania Savings Bank at New Orleans yesterday and $80,000 was drawn out. The presidents of the five savings banks have decided to require sixty days notice from depositors. In a flt of anger, at 3:10 o'clock this morning, John H. Meister, aged 45, a prosperous baker, of Brooklyn, put an end to the life of quarrelling that he has led with his wife by shooting six bullets into her, killing her almost instantly and then committed suicide by shooting and hanging himself. There was some apprehension among the depositors in the Madison Square Bank in New York to-day when it was learned that the St. Nicholas Bank had refused to clear for it. About fifty people gathered around the building, but they were soon convinced that there was no cause for alarm and dispersed. The New York Central and Hudson River Railroad Company has decided to discontinue four of its trains each way between New York and Chicago, because there are too many trains in proportion to the travel between the two cities. The reported murder of a soldier by miners near Coal Creek, Tenn., occurred three miles from Fort Anderson. The murder was committed by miners but all is quiet in the Coal Creek region now and no trouble in feared. Howard Greer, Arthur Hancher and Jack Brock were arrested in Wichita, Kan., last night for the daring robbery of $7,600 from a wagon of the United States Express Company in that city on the night of July 29. Robert H. Coleman, the iron millionaire, of Lebanon, Pa., has executed a deed of assignment. The liabilities will approximate $3,500,000 and it is claimed they exceed the assets. The Linden Steel Company, one of the largest manufacturing concerns in Pittsburg, Pa., has suspended operations on account of the stringency of the times.

2. August 10, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 10, 1893

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TELEGRAPHIC BREVITIES. NEW YORK, Aug. 9. -Fuller Brothers & Co., commission merchants, to-day assigned to C. B. Mulligan. ROCHESTER. Minn., Aug. 9.-The Union National bank closed temporarily this morning. It will resume without the appointment of a receiver. LEBANON, Pa., Aug. 9.-Robert H. Coleman, the iron millionaire, and wife, have executed a deed of assignment. Liabilities about $8,500,000, and, it is claimed, exceed assets. BERLIN, Aug. -The United States, Great Britain and Germany have resolved on decisive, combined action to end the Samoan trouble. It is said Mataafa will be exiled. FULTON, III., Aug. 9.-Harry Bethune beat T. C. Morris in 8 100-yard foot race by is yard and a half, in :9% Bethune ohalleuges the United States for any sum up to $10,000. MARSHALL, Tex.. Aug. 9.-By the explosion of a boiler this morning, Tommy Hill, Henry Smalley and Gus Sanders were killed and Joe Bright and Joe Wallman badly soalded. PUEBLO, Col., Aug. 9.-Water in the Arkansas river rose eight feet in an hour last night, submerging the lower part of the city, doing immense damage to bridges and railways. SANTA ROSA, Cal., Aug. 9.-The severent earthquake since 1868 was felt this morning. There was considerable damage done in the war of oracked walls. falling claimneys and broken windows. MINNEAPOLIS, Aug. 9.-The Commercial bank has failed. Capital $200.000, deposits $400,000, time deposits $220,000, loans and discounts. last statement, $642,000. Officers say depositors will be paid in full. PORTLAND, Ore., Aug 9.-Edward Marshall, George Nordale, Fred. Smith, John and Joseph Frurie, K. J. Maymard and William Cod were arrested to-day on the charge of passing counterfeit money. CHIPPEWA FALLS, Minn., Aug. 9.-It is reported that Thorpe, a village of 1,500 inhabitants. OR the Wisconsin Central road. burned up. A large sawmill, much lumber and u number of buildings were destroyed. NEW YORK. Aug. 9.-A large crowd of small depositors assembled before the St. Niobolas bank, which refused to elea for the Madison Squa e bank, and a run was started. Later, however, Henry Goldstein, the millionaire coal dealer, agreed to bond himself in $300,000 to pay all dopositora, and the run stopped

3. August 10, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, August 10, 1893

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Two More. MINNEAPOLIS, Aug. 10.-The Commercial bank closed its doors yesterday. Capital, $200,000; deposits, $800,000. Lebanon, Pa.--Robert H. Coleman, an iron millionaire has assigned. Liabilities approximate $3,500,000 and it is claimed exceed assets.

4. August 10, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 10, 1893

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MANY BANKS FORCED TO CLOSE. SUSPENSIONS CAUSED BY FINANCIAL DEPRESSION AND INABILITY TO REALIZE ON SECURITIES. Perry, Iowa, Aug. 9.-The Commercial Bank. a private institution of this city, made an assignment yesterday, caused by stringency in the money market and inability to realize on securities. Depositors will be paid in full. Assets are placed at $69,340; liabilities at $40,050. The Exchange Bank at Angus, another private concern, has also assigned to H. A. Rouse, of this city. Minneapolis, Aug. 9.-The Commercial Bank, a small local institution, closed its doors this morning. Its capital is $200,000; deposits, $400,000, and time deposits, $222,000. The loans and discounts at the last statement amounted to $642,000. The bank's officers state that depositors will be paid in full. Rochester, Minn., Aug. 9.-The Union National Bank closed this morning. There was no stampede, but slow withdrawals of deposits have reduced the bank's resources materially, and the depreciation of commercial paper had some effect in closing. The bank is solvent and will resume without the appointment of a receiver. The other banks are all considered solid. Waseca, Minn., Aug. 9.-The People's Bank of this city failed to open yesterday. The suspension was caused by a heavy run on the bank on Saturday and Monday. The assets are $135,000; liabilities, $67,000. Colfax, Wash., Aug. 9.-The Bank of Colfax, an old and reliable private institution, temporarily closed its doors yesterday on account of the general financial depression and inability to realize on securities. The bank's capital Is $100,000, and the assets exceed liabilities two for one. No runs have been made on other banks. Martinsville, Ind., Aug. 9.-Mitchell's Bank has published notice that it will go into voluntary liquidation on October 1, and that no more deposits or collections will be received. The bank has on hand twice as much cash as deposits. A stock bank will be organized to succeed this one. Nashville, Tenn., Aug. 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out.

5. August 10, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 10, 1893

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CONDENSED DISPATCHES. The Commercial bank. of Minneapolis, has failed. The mother of Senator Jones, of Nevada, died at the senator's home in Santa Monica Wednesday morning. Dr. Jenkins, health officer of the port of New York, says that there are no new cholera cases at Swinburn island. The railroads in New Mexico are suffering from extensive washouts. Trains are delayed from one to five days. The finance committee of the General Electric Company has announced that the floating debt of $4,000,000 will be discharged. A severe shock of earthquake was felt at Santa Rosa, Cal., at 1:12 o'clock Tuesday morning. It was the worst quake since 1868. Eugene Dugenne, who was burned in the Thomas dye works fire at San Francisco on Tuesday, 4ed yesterday from his injuries. The First National bank, of Nashville, Tenn, suspended Wednesday afternoon and will not resume for sixty days. The City Savings bank directors have also decided to suspend for sixty days.

6. August 10, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 10, 1893

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Telegraphicalities. The Union National Bank, Rochester. Minn, closed temporarily yesterday. The Commercial Bank of Minneapolis closed its doors yesterday morning. The Commercial Bank of Minneapolis, Minn., closed its doors yesterday. It is a small institution. Fuller Brothers, nail commission merchants, Greenwich street, New York, assigned yesterday. The First National Bank of Nashville, Tenn., suspended after banking hours yesterday afternoon. The Bank of Colfax, Washington, has closed. Capital, $100,000. Assets exceeds liabilities two to one. The men who are charged with wrecking the Indianapolis (Ind.) National Bank are to be prosecuted. C. W. Wickstone, of Bridges, Ga., was shot and killed Tuesday morning by the accidental firing of a gun he had set in his store for burglars. A heavy earthquake shock was felt in San Francisco shortly after 1 o'clock yesterday morning. Two shocks were experienced at San Diego Tuesday. The Linden Steel Company, Pittsburg, Pa., has suspended operations on account of the stringency of the times, the difficulty in procuring discounts, and inability to make collections. The extensive harness-factory of E. A. Ringrose & Co., Fuller's Lane and Trenton avenue, Philadelphia, was totally destroyed by fire Tuesday night. Loss, $75,000; insurance partial. Origin of the fire unknown. Surgeon-General Wyman, of the Marine-Hospital Service, Washington, returned from New York and says the examination of Lorenzo Moracao shows that he has cholera, but is recovering, and that another passenger of the Karamania is thought to have the disease. Robert H. Coleman, the iron millionaire, of Lebanon, Pa., has made an assignment. His liabilities. will approximate three and one-half millions, and it is asserted that they exceed the assets. Coleman's interest in the Jacksonville, Tampa and Key West railway, it is said, brought him into trouble.

7. August 12, 1893 Chicago Eagle Chicago, IL
Article from Chicago Eagle, August 12, 1893

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NEW YORK BANK CLOSED. The Madison Square's Capital Reported to Be Impaired $80,000. r The report in New York that the Madison Square Bank would not open Wednesday sent a great crowd of depositors to the institution to get their money if possible. They were disappointed, as a notice was posted to the effect that the bank was closed. The suspension was due to the refusal of the St. Nicholas Bank to clear the bank's checks any longer, it having been learned that the capital of $800,000 had been impaired about $80,000, At Colfax, Wash, the Bank of Colfax, owned by Perkins & Williams, closed its doors. It is the oldest bank in the city. The bank will not be able to realize on its securities. The Commercial Bank atMinneapolis closed. The bank is a small local institution doing business on the east side. Its capital is $200,000, its deposits $300,000 and its time deposits $222,000. It is stated by the officers of the bank that depositors will be paid in full. The Linden Steel Company, one of the largest concerns in Pittsburg. is embarrassed and has asked for an extension. The company manufacturers armor plate and has large government contracts. Judgments aggregating $61,000 were entered against the company. Fuller Bros.. commission merchants at 139 Greenwich street, New York, assigned. A. D. Baker, proprietor of the South Bend Wagon Works at Mishawaka. Ind., has made an assignment. Liabilities, $120,000; assets, $55,600.

8. August 15, 1893 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 15, 1893

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BANK FFICERS arrested. By the Order of Comptroller Eckles-The Charges Against Them. Orlando, Fla., August 9.-(Special.)-This city is thoroughly excited over the new and sensational turn the affairs of the suspended First National bank have taken. Late last night the president of the bank, Nat Poyntz, Cashier James L. Giles and Director J. B. Parnamore were arrested on a charge of fraud. President Poyntz, in the custody of the United States marshal, was taken to Jacksonville. Warrants are out for J. H. Lee, of Ovide, and W. R. O'Neal, of this city, who are directors of the bank, and for O. T. Poyntz, assistent cashier. Poyntz is sick in bed. O'Neal is in Ohio. All of the parties are prominent citizens, standing well in the community. Most people here hope that everything will eventually turn out all right, though rumors are rife that the grounds for the charges are serious. Þayntz was arrested under orders from Comptroller Eckles, charging him with making a false report to the comptroller of the treasury. This morning. upon his arrival there, he was taken before United States Contmissioner C. S. Adams, who held a preliminary examination. The witnesses against Mr. Poyntz were C. S. Johnson, E. K. Smith, C. Warfield and James K. Duke, all employes of the bank. After hearing the testimony of the witnesses Commissioner Adams held Mr. Poyntz under $15,000 bond to appear at the next term of the United States court. They Were Premptly Paid. New Orleans, La., August 9.-A run was started yesterday on the Germania Savings bank, and all who came were promptly paid. Other Suspensions. Minneapolie, Minn., August 9.-The Commercial bank closed its doors this morning. The bank is a small local institution doing business on the east side. Its capital is $200,000; its deposits $400,000 and its time deposits $222,000. The loans and discounts at the last statement amounted to $642,000. It is stated by the officers of the bank that depositors will be paid in full. Rochester. Minn., August 9.-The Union National bank closed temporarily this morning. There was no stampede but slow withdrawals of deposits have reduced the bank's resources materially and the depreciation of commercial paper had some effect. The bank is solvent and will resume without the appointment of a receiver. The other banks are all considered solid.

9. August 16, 1893 The Star Reynoldsville, PA
Article from The Star, August 16, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va, closed its doors. The assets are $300, 000, with liabilities said to be not over hal that amount. The First national bank of Nashville, Tenn., suspended. It claims assets 0 $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapolis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawals. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank, Web ster City, la., one of the oldest and best banks in Iowa closed its doors on account o: inability to realize on assets.

10. August 17, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, August 17, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va., closed its doors. The assets are $300,000, with liabilities said to be not over hat that amount. The First national bank of Nashville, Tenn., suspended. It claims assets o $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapotis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawais. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank. Web ster City, Ia., one of the oldest and best banks in Iowa closed its doors on account 01 inability to realize on assets.

11. August 25, 1893 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, August 25, 1893

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MISCELLANEOUS. There is a great scarcity of laborers in Montreal. "Yellow fever has broken out in Brunswick, Ga. There have been two deaths from yellow fever in Pensacola, Fla., and the people are fleeing from the city. The Hamilton Loan and Trust Company of New York has been passed into the hands of a receiver. The Commercial bank of Minneapolis closed its doors August 9th. The Linden Steel Company, of Pittburg, is in difficnlties. The democrats held a silver caucus in Washington on August 9th and ap. pointed a committee to decide on the future steps that should be taken. The debate in the United States house of representatives on the silver question, is expected to occupy three weeks. The first Chinaman deported under the provisions of the Geary act, sailed from San Francisco August 10th for Hongkong. M. Pavie, the French minister, has returned to Bangkok. Tuberculosis has broken out on the experimental farm at Ottawa. Official returns show a large increase of cholera in Russia the middle of August. There were nearly 150 deaths from cholera in Naples and other towns in its vicinity last week. By the burning of the steamer Don Juan, off the coast of China, 145 persons, chiefly Chinese, lost their lives. Ex-Premier Mercier has gone to Chicago to hold a French-Canadian convention there in favor of Canadian independence. General Herbert is said to have proposed a scheme to the Dominion Government involving some important changes in the militia staff. The cholera is spreading in Italy and increasing in Roumania. A second death from cholera occurred in Grimsby (England) on Aug. 10. A train on the Taff Vale Railway, in Wales, ran off the track or: Aug. 12 and rolled over an embankment. Seventeen persons were killed and forty injured. The religous riots in Bombay still continue, and more than fifty persons are said to have been killed. There was rioting August 11th at Port Townsend between Union sailors and non-union men. The debate on the silver question commenced August 11th in the House of Representatives at Washington. Five cases of cholera have been developed among the passengers from Europe at the New York quarantine station. Major-General Herbert is now at Goderich, conferring with the Hon. Mr. Patterson about the Esquimalt fortifications. A ministerial crisis has occurred in Egypt, which may again necessitate action on the part of the British representative. Although the Bank of England rate of discount was advanced 1 per cent. on August 10th, it is not unlikely that the heavy gold shipments will cause another advance very shortly. The Union Pacific Railway Company's steamer Annie Faxon, which plied on the Snake river, Wash., was blown up on the 15th August while lying at a whart. Eight persons were killed, and all on board were injured. Mr. Gladstone announced in the house of commons on August 8, that there would be an autumn session of parliament. On a motion of Mr. Chaplin, Sir Wm. Harcourt and the government's financial policy were severely criticized. The steamer Ripon City, which has arrived at Glasgow, reports having spoken the Dominion liner Sarnia on August 7th, 500 miles east of Newfoundland, in a disabled condition, her machinery having broken down. The Sarnia refused offer of assistance. President Cleveland's message is regarded with approval in American financial circles and seems generally endorsed by business men of both par-

12. August 29, 1893 The Hawaiian Gazette Honolulu, HI
Article from The Hawaiian Gazette, August 29, 1893

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MISCELLANEOUS. There is a great searcity of laborers in Montreal. Yellow fever has broken out in Brunswick, Ga. There have been two deaths from yellow fever in Pensacola, Fla., and the people are fleeing from the city. The Hamilton Loan and Trust Company of New York has been passed into the hands of a receiver. The Commercial bank of Minneapolis closed its doors August 9th. The Linden Steel Company, of Pittburg, is in difficnlties. The democrats held a silver caucus in Washington on August 9th and appointed a committee to decide on the future steps that should be taken. The debate in the United States house of representatives on the silver question, is expected to occupy three weeks. The first Chinaman deported under the provisions of the Geary act, sailed from San Francisco August 10th for Hongkong. M. Pavie, the French minister, has returned to Bangkok. Tuberculosis has broken out on the experimental farm at Ottawa. Official returns show a large increase of cholera in Russia the middle of August. There were nearly 150 deaths from cholera in Naples and other towns in its vicinity last week. By the burning of the steamer Don Juan, off the coast of China, 145 persons, chiefly Chinese, lost their lives. Ex-Premier Mercier has gone to Chicago to hold a French-Canadian convention there in favor of Canadian independence. General Herbert is said to have proposed a scheme to the Dominion Government involving some important changes in the militia staff. The cholera is spreading in Italy and increasing in Roumania. A second death from cholera occurred in Grimsby (England) on Aug. 10. A train on the Taff Vale Railway, in Wales, ran off the track or. Aug. 12 and rolled over an embankment. Seventeen persons were killed and forty injured. The religous riots in Bombay still continue, and more than fifty persons are said to have been killed. There was rioting August 11th at

13. August 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 30, 1893

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MINNEAPOLIS. MINNEAPOLIS GLOBULES. James Carter asks $6.000 from the street railway company for alleged personal injuries. The assignee of the Farmers' and Merchants' State bank has begun suit to collect $3,882.37 on notes. Alme Hunter bas begun suit against the street railway company to collect $26,488 for personal injuries. Preparations are afoot for the early reopening of the Commercial bank, on the East side, which suspended some weeks ago. T. J. Price, of the Kellogg Newspaper company, and wife jeft last night to attend the golden wedding anniversary of his parents. Next Monday evening the Wilburs will return with "The Royal Middy, which was well liked when produced in St. Paul this summer. Henry Merchant is of the opinion that the street railway company has injured him to the extent of $6,084, and he has brought suit for that amount. Mayor Eustis says he will be obliged to veto the orders for a large number of sewers, watermains, etc., presented by the council of list Friday's meeting. William Hickey. of Hopkins, was brought into the city tied hand and foo yesterday afternoon and given twenty days in the county jail for beating hi children. The Gun Flint Lake Iron company which has been sued for its indebted ness to the State bank, made an assign ment yesterday to W. H. Lynn. A1 affidavit of valuation places the asset at $10,000. The assignee of the American Ex change bank has begun suit against the Gun Flint Lake Iron company to collec $5,000 on a note. A second action agains the same party is to collect $4,000 on the same grounds. A committee of laboring men calle yesterday morning upon the mayor t ask about a proclamation for Labor Day While the mayor not promise to issu the proclamation, the committee is hope ful that he will issue it. Lars G. Lundquist asks the court fo a dissolution of the firm of James Bla don & Co. that he may secure certai sums of money paid into the partner ship, because he claims Bladon refuse to make an account of the profits. A new department at the public li brary will be opened Sept. 1, the juven ile department. It will be located i the room now devoted to the display o old coins, and will contain a very com plete collection. John Drew and his clever company were greeted by another large audienc at the Grand last night. "The Maske Ball" fills the bill for light, pleasing comedy. Same bill all the week, with Saturday matinee. William Perry, who fell from a ladde and broke his back about two month ago, while putting in screen windows a 2401 Central avenue, was taken to St Mary's hospital yesterday morning The case is said to be a remarkable on from a medical standpoint. Dr. Caine, of Stillwater, who was in jured in an accident at Lake City dur ing the state encampment, and whos life was despaired of for several weeks was in the city last night, being ao corded a hearty welcome by his man friends. The building inspector has abou found out that the New England asso ciation is the real owner of the ol Tribune building, and as soon as th city attorney comes home will probabl go into court and ask that the receive be ordered to put the old ruin in a saf condition. The first open session of the revisio committee of the city council was hel yesterday morning, and about twenty five taxpayers were on hand to argu for or against several minor permaner improvements. The committee con