Commercial National Bank (Salt Lake City, UT)

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Episode Information

Episode UID
405101294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
40510 national
Charter Number
4051
Start Date
October 30, 1907
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
56fed4c8b558eb6a

Response Measures

None

Description

Banks adopted clearinghouse limits on payments during the 1907 panic rather than a full, permanent closure.

Events (3)
1. June 21, 1889 Chartered
Source
historical_nic
2. October 30, 1907 Suspension
Cause
Macro News
Cause Details
City clearinghouse/banks imposed temporary limits on payments as part of the 1907 financial panic precautions
Newspaper Excerpt
the measure adopted to limit payment on checks to $100 and to allow no disbursements of more than $200 in a week to one person
Source
newspapers
3. May 6, 1909 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. August 29, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 29, 1907

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Article Text

LATE LOCALS. Bank Clearings-Today's local bank clearings amounted to $954,375.21 as against $553,480.69 for the same day last year. Farewell Entertainment- farewell entertainment will be given in Farmers' ward tomorrow evening, in honor of Elder Joy W. Dunyon who is to leave shortly on a mission to Callfornia. Preparing for Fair-Secy. Horace Ensign has been spending most of the week at the state fair grounds, seeing that they are being put in order and the buildings cleaned up and repainted preparatory to the coming fair. Mr. Ensign believes that the next fair will be a record affair. Assignment of Teachers-The city board of education will meet in the board room at noon tomorrow to consider the report of the committee on teachers and school work in regard to the assignment of teachers and also the report of the committee on buildin and grounds in relation to repairs and building which have been going on during the vacation season. Bank Doors Thrown Open-The Commercial National bank is now comfortably settled in its new quarters, next door to its old location. There are many visitors to the bank who are complimentary in their remarks about the change. The bank has now one of the most elegant banking apartments in the state. Baptists Choose Delegates-The First Baptist society met last evening, and chose nine of its members as delegates to the Baptist state convention to be held at Ogden on the 3rd inst. The church is entitled to 38 delegates, and the task of selecting the remaining 29. was left to the pastor and the clerk. The East Side Baptist church is entitled to 20 delegates. Engine Runs Away-A "helper" engine used on the Rio Grande between Salt Lake and Park City ran away yesterday. The engineer and fireman jumped from the engine as it rushed down grade and landed safely. The runaway finally struck weak rails and piled up in a ditch. A wrecking crew was sent at once to repair the damage but traffic was delayed for several hours. Music Company Files Articles-The Daynes Music company of this city has filed its articles of incorporation with the county clerk. The capital stock of the company is $50,000, divided into shares of the par value of $1 each. Royal W. Daynes is president: James Ingebretsen. vice president; H. L. Nelson, secretary; W. M. Rich, treasurer. Building Up Salt Lake-Architects Headlund & Wood have completed plans for a $3,000 residence for Thomas Murnane on Second East street; also for a $5,000 residence for O. A. Honold. at Second East street

2. October 30, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 30, 1907

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Article Text

Salt Lake Business Public at Once Falls Readily Into Line. THE COUNTRY BANKS FOLLOW Pay Rolls Will be Taken Care of in Cash as Hitherto-All Bankers Interviewed. Salt Lake's business public today gave another exhibition of the strong common sense which has always distinguished it in times of financial trouble A representative of the "News" at noon made a visit to all the banks of the city and found that the new order of things announced in last night's issue was not only being accepted with entire equanimity on the part of people doing business with the banks but that 11 was the quietest Wednesday that the banks had experienced for a long time past the receiving tellers' windows where deposits are taken in were in fact more busily patronized than the windows of the paying tellers and AT every institution visited the same report was given that there was no trou ble whatever and but little inconvenlence everyone recognizing that the measure adopted to limit payment on checks to $100 and to allow no disbursements of more than $200 in a week to one person, was the sane, safe and reasonable course to pursue under existing circumstances The funds of Salt Lake banks which are on deposit in eastern cities are obtainable only in the form of drafts, cashier's checks or exchange and untill this order of things is changed It is universally conceded that western cities will have no other recourse except to fall into line Under the clearing house regulations, banks are allowed a certain leeway in cases of exigency and pay rolls will be met as usual in cash 50 that the working classes will not be inconvenienced. At Zion's Savings Bank & Trust Co. Cashier o C. Beebe stated that the new rule was working smoothly and without apparent inconvenience to anyone Those people desiring money were allowed to draw out any amounts under $100. but on second withdrawals the notice provided for under the rule of the bank which is 30 days notice on amounts of $100 or under and 60 days' notice on amounts between $100 and $2,500 will be enforced This pre vents any hardship on depositors as it gives them money for urgent needs at once and provides for the remainder in 30 or GO days. At the State bank. Asst Cashier McEwan stated that everything was running smoothly; the new rule was being accepted and deposits were about normal At the Deseret National bank, Cashier H S. Young said that busi ness was even quieter than usual and people generally accepted the ex planations of the bank in regard to eastern conditions, acquiescing in the view that the best thing possible was being done under the conditions At the Desert Savings bank Cashier E A Smith said that that bank had always maintained the rule of requiring notice of withdrawals so that no change had been necessary for that Institution The business of the day was no different from that of previous days At MeCornick & Company's W. S. McCornick in answer to a question as to what effect the new rule in mak ing payments had had on his depositors, laughingly directed the reperter's attention to the condition of the banking room, where there were not half a dozen people present and 11.08t of them were at the receiving teller's window. Mr. McCornick said he thought the public generally had accepted the situation philosophically and that the present system would be only of short duration At the Utah National bank Cashier Nelson said that conditions were normal and no trouble whatever has been experienced in putting the new rule Late working force Their depositors had agreed with them that it was the one thing to do to protect the supply of currency new in the city At the Commercial National bank Asst. Cashier Shearman said that there was nothing whatever to report Every thing was peaceful and the new rules were working well At the National Bank of the Republic the cashier's report was much the same as that given at other institutions there was no sign of anything except the ordinary quiet conduct of business in the bank chamber At the Utah Savings & Trust company Cashier Heber M. Wells was not in. but Asst. Cashier Sloan said the deposits and withdrawals were about normal considerable amount of cash having been received with the deposits during the day At the Utah Commercia) and Savings bank cashier Groo said that no trouble whatever had been experienced Most people to whom the matter had been explained took an intelligent view and said that it was the one thing to do and that it ought to have been put into effect before At Walker Dros Asst Cashier Howard said the course met with unanimous approval on the part of the busi. ness public There was no stoppage to circulation drafts on the east could be bought as readily as before Country banks would have to give their deposit. ors checks on Salt Lake instead of the currency and these checks for the time being would have to take the place of currency with the stores, farmers, railroads, tax collectors etc. At the Salt Lake Security & Trust Co. Mr. McGurrin said that as fai as his experience went the new rule gave a sense of security rather than otherwise to the business public and many of their customers had expresse d the opinion that the action of the banks would relieve B. great deal of ap. prehension in fact the course now being followed would Insure the continuation of business whereas if people were allowed to hoard money busi ness would soon feel the effects of 11. Advices to the Salt Lake banks state that the country banks are adopting to the same precautionary measures guard their currency supply that the parent institutions in this city have put into effect In Davis county there are four banks and Hon John R Barnes of Kaysville states that at meeting held this morning measures