Commercial State Bank (Grand Island, NE)

Episode Information

Episode UID
76001571295
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7600157 routing
Routing Number
76-0015
Start Date
November 1, 1907
Location
Grand Island, Nebraska (40.925, -98.342)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7dca2993316102a4

Response Measures

None

Description

Closure caused by loss of funds in a correspondent bank after that bank's cashier committed suicide.

Events (2)
1. November 1, 1907 Suspension
Cause
Correspondent
Cause Details
Had $50,000 deposited in the First National Bank of Chariton, IA; Chariton's cashier committed suicide and that bank failed/was in trouble, threatening Commercial's reserve.
Newspaper Excerpt
The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday.
Source
newspapers
2. November 21, 1907 Reopening
Newspaper Excerpt
The Commercial State bank opened this morning...the deposits were greater than the withdrawals.
Source
newspapers

Newspaper Articles (14)
1. November 1, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 1, 1907

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STATE BANK CLOSES. Commercial of Grand Island Affected by Chariton Suicide. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday. Fearing the reserve of the Commercial would be threatened, its directors decided to close. The capital of the bank was $50,000 with a surplus of $5,000. De posits amount to $380,000. The bank was owned in Iowa. Other local banks will assist the Commercial and a receiver will probably not be asked for.

2. November 1, 1907 Albuquerque Citizen Albuquerque, NM
Article from Albuquerque Citizen, November 1, 1907

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SUICIDE OF CASHIER CAUSES TWO BANKS TO CLOSE Nebraska Bank Had $50,000 In Iowa Institution--Examiner In Charge. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city closed its doors today. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier sulcided yesterday. The deposits of the Commercial State bank were $380,000. The local banks will assist and it is probable that a receiver will not be asked for. Cashier Lost His Nerve. National Bank Examiner H. M. Bostwick is in charge of the First National bank of Charilton, Iowa, whose cashier, F. R. Croker, committed suicide rather than face impending trouble last night. Before killing himself, Cashier Croker addressed a note to Examiner Bostwick, whose visit was expected. This note explained briefly that the bank had overloaned and requested the examiner to take immediate charge. The bank is capitalized for $60,000. and has a surplus of $50,000. It carries about $900,000 in deposits. The other banks of Chariton are entirely unaffected by the closing of the First National bank, and they did business all day as usual. The Bank of Russell, a private institution of Russell, Iowa, of which Croker was president, also closed its doors.

3. November 1, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, November 1, 1907

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Article Text

IOWA BANK FAILS; CASHIER SUICIDES Bad Loans Wrecked Institution-Two Other Banks Forced to Close Also. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city closed its. doors today. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Iowa, whose cashier committed suicide yesterday. The deposits of the Commercial State bank are $380,000. Local banks will assist and a receiver will probably not be asked for. This is the second bank to close its doors as a result of the failure of the Chariton bank, the bank of Russell, a private institution, having suspended yesterday.

4. November 1, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 1, 1907

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CROCKER'S BANK INVOLVES OTHERS Chariton Institution Whose Cashier Killed Himself Reported in Bad Condition FAILURE HITS NEBRASKA BANK. Commercial State at Grand Island Had Sum on Deposit at Chariton Doors Large is Compelled to Close Its to Crocker and Has Long Planned Suicide. Special to Times-Republican Des Moines, Nov. 1.-Developments First Nathe affairs of the the exregarding bank at Chariton, and involved by tional which the bank is cashier, tent to vice president and dead its late Crocker, who was found are Frank from a dose of morphine, unconfirmed yesterday out slowly. An that the coming received here indicates the bank report will be heavy and that not be will failure be so crippled that it will able to resume business. instiBank of Russell, a private $25,000, of The with a capital of president, tution, Cashier Crocker was investigais which also closed pending this tion. the other banks of Chari- usual. However, continue in business as conditon will affairs are in the best adopted Their they have not even of tion and of limiting the withdrawal the prethe rule or otherwise taking generally. deposits adopted by banks take care caution enough money to and They have needs. Business understand men of their large depositors here there has the complete solvency and whattheir interruption of business bank, been no The Chariton Savings the ever. was closely connected with open which National bank, was likewise usual. Its First and did business as the all day expect to continue business same officers way, meeting all demands upon them. evidently contemplated sut ke Crocker for several days at least. He sp and cide discouragingly with close friends of that he faced some sort die- to hinted which he had not the courage to grace His friends, however, sought more meet. him and `thought nothing evencheer the matter then. He spent the fatherof in part at the home of his at the ing S. S. Arnold, and also and in-law, where he got some papers with bank, home. Here he talked briefly devoted went daughter, Jessie, and then matters his to papers and business himself letter writing. The household in and to as usual. Mrs. Crocker was Guilretired on a visit with a son, favorite. Chicago who was his father's his son, ford, was the first outing for lain in This had for nearly two years while who with an injured back, hurt Military he bed was a student at Culver academy. Cashier Crocker was highly esand his popularity ran strong. teemed considered personally wealthy interHe was supposed to have large and and was He held universal confidence the ests. practically in full charge of were was here. His personal habits known bank suspicion and he is not had above have been a speculator. He into also, of the large property widow charge, of Mrs. Annie Mallory, railroad terests the former widely known M. of of that name. Jesse the contractor was also connected with now institution. Thayer He and his wife are but abroad: they planned a year's stay, their immediate return is expected. Crocker will not be buried in Chari- sisbut in Minneapolis, where his, reton, live, that having been his him. ters quest in one of the notes left by

5. November 1, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, November 1, 1907

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An Argument for Centralization. New York, Nov. 1.-Senator Francis E. Warren, of Wyoming, who has just returned from abroad, was greatly interested in the recent financial disturbance. When he landed he said he believed there was no occasion for alarm, as the troubles were merely caused by the swinging back of the pendulum. Such panics cannot hurt the country, said the Senator. "I have noticed that the country after such a financial depression is much stronger than it was before. The fundamental industries are never shaken by these conditions. I am not advocating any idea to take powers or rights away from the states, but I do think something stronger than state control is necessary to govern the trust companies. These companies should have at least 25 per cent in reserve, but I find when an upheaval comes that some of them have only five per cent. Railroad Declares Dividend. Philadalphia, Pa., Nov. 1.-The board of directors of the Pennsylvania railroad today declared a semiannual dividend of 3 1/2 per cent. The directors gave out a statement declaring the outlook for capital next year unsatisfactory, and announced a decision to retrench during the coming year. This in the face of the statement made Wednesday by the president of the road that the earnings of the company were eleven per cent greater than for the same period last year. This will somewhat delay the completion of the New York terminal as a whole, but progress in the erection of a steel building for the new terminal in New York and the work affecting city streets will not be materially stopped by the proposed slowThe Money Market. New York, Nov. 1.-Prime mercantile paper 71/2@10; money on call 6 to 25, ruling rate 19. Stocks:- Atch. 74, pref. 84; N. Y. C., 951/8; Penna., 1081/4; So. Pac., 67; U. P., 1081/2, pref. 80; Copper, 495. A Nebraska Bank Closed. Grand Island, Neb., Nov. 1.-The Commercial State Bank of this city has closed its doors. Fifty thousand dollars of the funds of the bank are in the First National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. The deposits of the Commercial State Bank were $380,000. Other local banks will assist and a receiver probably will not be asked for.

6. November 1, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, November 1, 1907

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Nebraska Bank Failure. Grand Island, Neb., Nov. 1.-The Commercial State bank of this city closed its doors today. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Ia., whose cashier committed suicide yesterday. The deposits of the Commercial State bank were $380,000. Local banks will assist, and a receiver will probably not be asked for.

7. November 2, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 2, 1907

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SUICIDE CLOSES SECOND BANK. Grand Island, Neb., Nov. 1.-The Commercial State Bank, deposits $380,000, closed to-day. It had $50,000 in the First National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. The directors feared the reserve of the Commercial would be threatened. The bank was owned in Iowa. Other local banks will assist it. A receiver probably will be appointed.

8. November 2, 1907 The Washington Times Washington, DC
Article from The Washington Times, November 2, 1907

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NEBRASKA BANK CLOSES; LOST IN IOWA DEPOSIT GRAND ISLAND, Neb., Nov. 2.-The Commercial State Bank, owned by Iowa capitalists, which has deposits of $380,000, has closed its doors. It had $50,000 deposited in the National Bank of Chariton, Iowa, whose cashier committed suicide yesterday. Local banks will give aid and a receiver will be asked for.

9. November 2, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 2, 1907

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Grand Island, Neb., Nov. 1.-The Commercial State bank of this city this morning closed its doors. Fifty thousand dollars of the funds of the bank were in the First National bank of Chariton, Ia., whose cashier committed suicide yesterday. Fearing the reserve of the Commercial would be threatened, its directors decided to close. The capital of the bank was $50,000, with a surplus of $5,000. Deposits amounted to $380,000. The bank was owned in Iowa. Other local banks will assist the Commercial, and a receiver will probably not be asked for.

10. November 3, 1907 Evening Star Washington, DC
Article from Evening Star, November 3, 1907

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BANKS AND BANKERS. SAN FRANCISCO, Cal., November 2.—All the banks of San Francisco opened their doors as usual today. Gov. Gillette called a conference of members of the clearing house association and leading financiers. He says that for the present the legal holiday will be continued from day to day until it is certain that no danger from a money panic exists in this state. LINCOLN, Neb., November 2.—Secretary E. Royse of the banking board stated today that the Commercial State Bank of Grand Island is solvent and should not have closed. He believed the bank would open next Tuesday. He has been informed that $25,000 is now on the way from Chariton, Iowa, to cover half of the loan to the First National Bank of that place. B. F. Clayton of Chariton, Iowa, is president of the Grand Island bank. ST. LOUIS, Mo., November 2.—Little blue, yellow and green slips of paper in denominations of $1, $5 and $10 were put into circulation as money today by the National Bank of Commerce, the Third National Bank and the Mechanics' American National Bank. These differed from the cashiers' checks which have been in circulation for a week in that they were made "payable to bearer," and that no indorsement or identification was required to cash them. KANSAS CITY, Mo., November 2.—Half a dozen local banks today began issuing cashiers' checks in amounts of one, two, five and ten dollars, to be used in place of currency and payable to bearer. Clearing house certificates also are being used as formerly. The question of issuing cashiers' currency was considered at a meeting of the principal bankers, and it was decided to leave it to the discretion of the individual banks.

11. November 4, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 4, 1907

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LAST WORD GOES TO VOTERS Chairman Hayward Arranging to Get Prompt Returns of Result. WARM CAMPAIGN IN CUSTER Commercial Bank at Grand Island Pronounced All Right by Banking Board and will Reopen Tuesday. (From a Staff Correspondent.) LINCOLN, Nov. (Special:)-Chair manHayward has sent out letters to county workers requesting that from the various localities the vote be telephoned in just as soon as it is counted, and in return he will give the party telephoning whatever information he may have of the vote in other parts of the state. Mr Hayward hopes to have enough of the returns in before the morning after elec tion to pretty near teil just what the rewill be. this election does not publican publicans majority With will stop the right the recampaign, but the committee go ahead strengthening the party machinery so that next year the republicans will have no trouble at all in retaining the state in the republican column. Some little surprise was expressed by democrats and republicans here t oday when the World-Herald jumped on Tom Allen for not advertising W. J. Bryan's speeches to be delivered in the state. One reason given by a prominent democrat down here was that owing to the scarcity of money Tom Allen found he could not secure space in the demo-pup shee to get Bryan before the people. Lincoln democrats running for office or managing a campaign have found, so they say, that it costs money to advertise democratic candidates in the World-Herald. Tom Allen, the democratic chairman, is the brother-in-law of W. J. Bryan and holds his position by virtue of that relationship and by virtue of the hold the railroads have on the minority is the by for electing to democrats party. This explanation Allen offered this position, but they are opposed to the demopop organ saying a word against Allen, because they claim he and the WorldHerald are in the same railroad camp. Little was doing around the republican headquarters today, only a few letters came in to be answered and c few telephone messages were sent out to workers to be on the lookout for false rumors or stories which might be put in circulation by the opposition. Custer County Awake. Colonel, John J. Ryder returned this morning from Custer county, where he went to expound republican truths for the enlightenment of the people of that section of the state. Colonel Ryder found that practically every republican vote in Custer will be cast and not only will all the republicans vote for Judge Reese, but a good many democrats and populists are going to do the same thing. The great question in Custer county 13 county diand that is the the will enthuse over. vision, people only The question not bank aftuation, Mr. Ryder said, was cutting any figure out in this great commonwealth, for the people of Custer have all the money they can use. Their greatest trouble he found was in making At a sale which was held near he said every man a paid in the coin Calloway, change. purchase of who the realm made and not a single note was given. Everybody in that section of the state, it looked like, he said, had a **plant," and was paying no. attention to the banks and were not in the-least worried. Ed Hamilton, cashier of the Commercial State bank of Grand Island, which closed its doors last week. following the suicide of the cashier of the First National bank at Chariton, Ia., which held some of the Island bank's money, was in the city consultation with the It was decided was Grand today ing board. in the State wank Bankto for business as Secretary Royce, morning. reopen Hamilton usual of the that Tuesday banking board assured Mr. the examination showed the bank was solvent and never should have been closed. Mr. stated that when at was made public he Chariton Hamilton became the become affair frighthis institution should inhe did not care the his own conened chances voolved lest on and responsibility to take of the business. The Chariton is such can be tinuing funds at that condition they considered of the realized on and the bank is to have ample resources aside from this. No date has yet been fixed for the closthe big revival meeting been in here for many date 900 have ing of over progress persons announced weeks. which that has To they have been converted, The auditorium is crowded nightly. The meetings are being coonducted under the auspices of the Christian churches, assisted by the Baptist churches.

12. November 8, 1907 The Red Cloud Chief Red Cloud, NE
Article from The Red Cloud Chief, November 8, 1907

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Grand Island Bank Suspends. Lincoln, Nov. 2.-State Bank Examiner Emmett was sent to Grand Island to take charge of the suspended Commercial State bank. A committee which went over the books of the bank declared it to be solvent,

13. November 22, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 22, 1907

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DEPOSITS EXCEED WITHDRAWALS Commercial State Bank at Grand Island Resumes Business. GRAND ISLAND, Neb., Nov. 21.-(Speetal Telegram.)-The Commercial State bank opened this morning, as announced. At 1 o'clock officers stated that instead of even a semblance of a run, the deposits were greater than the withdrawal

14. November 22, 1907 The Norfolk Weekly News-Journal Norfolk, NE
Article from The Norfolk Weekly News-Journal, November 22, 1907

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Grand Island Bank Reopens. Grand Island, Neb., Nov. 21.-Spe cial to The News: The Commercial State bank of Grand Island, which has been closed for some weeks, opened today. At 1 o'clock this afternoon it was learned from officials of the bank that instead of the resumption of business being marked with ever a semblance of a run there were greater deposits than withdrawals. The Commercial State bank closed its doors as a result of its affairs being involved in the suspension of an Iowa bank. An examination found the affairs of the Grand Island bank perfectly solvent and it was stated that there had been no real necessity for the bank closing its doors. Since it closed, the bank has received $25,000 of the $50,000 deposited in the First National bank at Chariton, Iowa, which failed.