gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d18043ac623f6650
Response Measures
None
Description
Articles refer to West Superior (historical name); suspension followed a run tied to Duluth failure and a misconstrued telegram.
Events (4)
1.November 26, 1890Run
Cause
Local Banks
Cause Details
Run triggered by failure of a Duluth bank (Bell & Eyster) that caused depositor panic in West Superior.
Measures
Other banks came to the assistance of the firm and confidence is restored.
Newspaper Excerpt
As a consequence of the failure of the bank at Duluth, there was a run on the Bank of Commerce to-day, and the depositors drew out $30,000.
Source
newspapers
2.December 2, 1890Suspension
Cause
Correspondent
Cause Details
Unable to obtain outside aid after drain from run and being cut off by a misconstrued telegram from a correspondent (Bank of North America).
Newspaper Excerpt
The Bank of Commerce assigned to-day. ... The cashier says the suspension was caused by the stringency in the money market, and the fact that the bank was cut off owing to a misconstrued telegram, from resources promised by the Bank of North America.
Source
newspapers
3.December 22, 1890Other
Newspaper Excerpt
W. H. Slack, as receiver of the defunct Bank of Commerce, has filed ... The schedule of assets shows a total of $665,515, against $546,339 of liabilities. The banking company will reorganize to-day with a capital of $200,000.
Source
newspapers
4.February 2, 1891Reopening
Newspaper Excerpt
The Bank of Commerce ... will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital having been put into the enterprise ... putting $150,000 into the institution.
Source
newspapers
Newspaper Articles (19)
1.November 27, 1890Sacramento Daily Record-UnionSacramento, CA
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Article Text
BANK FAILURES. Two More Houses Succumb to the Stringent Money Market. MINNEAPOLIS, November 26th.-A dispatch from Duluth says that the banking house of Bell & Oyster has failed, with liabilities at $715,000 and assets of $1,200,000. The bank was on the bonds of Forrester Brothers, the St. Paul contractors, who failed a short time ago, and this led to distrust. The weakened credit of the bank made it impossible to secure cash to meet the accruing obligations. The bank's attorney said to-night that the failure was occasioned simply by a line of discounts and re-discounts which the bank was carrying. They proved too large for the times of such an extreme financial stringency. Bell's West End bank is also closed. THE PRETTYMAN BANK. CHICAGO, November 26th.-Charles E. Johnson this morning turned over to the Jennings Trust Company, as assignee of the Prettyman Bank, all the securities, documents and combinations of the safes of that institution. FRAUDULENT BANKING. GUTHRIE (Oklahoma), November 26th.The Sheriff, now in charge of the Commercial Bank of England, is taking an inventory of the assets. The creditors are trying to break the assignment, claiming it was bogus and made for the purpose of covering up fraud, which was undoubtedly perpetrated. According to the Sheriff, the cash in the vaults does not exceed $5,000. RUN ON A WEST SUPERIOR BANK. WEST SUPERIOR (Wis.), November 26th.As a consequence of the failure of the bank at Duluth, there was a run on the Bank of Commerce here to-day, and the depositors drew out $30,000. Other banks came to the assistance of the firm to-night and confidence is restored.
Run on a Bank. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of a bank at Duluth, there was a run on the Bank of Commerce to-day, and depositors drew out $30,000. Other banks came to its assistance to-night and confidence is restored.
3.November 27, 1890The Salt Lake HeraldSalt Lake City, UT
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Article Text
A Consequence of the Failure. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of the bank at Duluth. there was a run on the Bank of Commerce to day, and depositors drew out $30,000. Other banks came to its assistance to-night and confidence is restored.
4.November 27, 1890Spokane Falls ReviewSpokane, Spokane Falls, WA
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Article Text
Run on a Bank. WEST SUPERIOR, Wis., Nov. 26.-As a consequence of the failure of the bank at Duluth there was a run on the Bank of Commerce to-day, and depositors drew out $30,000. Other banks came to its assistance to-night and confidence is restored.
5.December 3, 1890The Helena IndependentHelena, MT
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Article Text
Expected to Pay Dollar for Dollar. WEST SUPERIOR, Wis., Dec. 2.-The Bank of Commerce assigned to-day. Its deposits have been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the drain or obtain outside aid, The bank has resources greatly in excess of liabilities and is expected to pay dollar for dollar.
6.December 3, 1890Los Angeles HeraldLos Angeles, CA
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Article Text
Another Bank Assignment. WEST SUPERIOR, Wis., Dec. 2.-The Bank of Commerce assigned today. Its deposits have been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the drain, or obtain outside aid. The bank has resources greatly in excess of its liabilities and is expected to pay dollar for dollar.
Couldn't Stand the Pressure. WEST SUPERIOR, Wis., Dec. 2.-The Bank of Commerce assigned to-day. Its deposits have been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the drain or obtain outside aid. The bank has resources greatly in excess of the liabilities, and is expected to pay dollar for dollar.
A Wisconsin-Bank Closes. WEST SUPERIOR, Wis,, Dec. 2-The Bank of Commerce assigned today. Its deposits have been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the drain or obtain outside aid. The bank has resources greatly in excess of its liabilities and is expected to pay dollar for dollar.
West Superior, Wis., Bank Failure. MINNEAPOLIS, MINN., Dec. 2.-The Bank of Commerce of West Superior, Wis., has suspended. Its liabilities are $520,000, assets $640,000. The city of West Superior has $250,000 on deposit there. The bank last week withstood a heavy run because of its supposed connection with the Bell and Eister bank of Duluth which failed. The notice posted on the door reads: "We will resume business as soon as we can realize on our securities." The directors are considering a reorganization and an increase of capital, and hope to resume speedily. The depositors believe they will not lose anything. They are not frightened. The cashier says the suspension was caused by the stringency in the money market, and the fact that the bank was cut off owing to a misconstrued telegram, from resources promised by the Bank of North America. W. H. Stack was to-day made assignee of the bank under $700,000 bond.
10.December 3, 1890Sacramento Daily Record-UnionSacramento, CA
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Article Text
WEST SUPERIOR (Wis.), December 2d.The Bank of Commerce assigned to-day.
11.December 4, 1890Spokane Falls ReviewSpokane, Spokane Falls, WA
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Article Text
Another W1 consin Bank. WEST SUPERIOR, Wis., Dec. 2.-The Bank of Commerce assigned to-day. Its deposits had been reduced nearly $200,000 since last Wednesday. The institution was unable to stand the draw or obtain outside aid. The bank has resources greatly in excess of its liabilities, and is expected to pay dollar for dollar.
12.December 6, 1890Daily Kennebec JournalAugusta, ME
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Article Text
Renewed Financial Confidence at Duluth. DULUTH, Dec. 5.-The schedule of the suspended Bell & Eyster bank was filed this afternoon. It shows assets to be $1,189.629: Liabilities $790,690; surplus, A $398,939. feeling of renewed confidence exists, which is increased by the very excellent showing made by the suspended Bank of Commerce of Superior. Both banks will pay their depositors dollar for dollar.
13.December 24, 1890The EnterpriseWellington, OH
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Article Text
Suspended Bank Will Reorganize. WEST SUPERIOR, Wis., Dec. 22.-W. H. Slack, as receiver of the defunct Bank of Commerce, has filed with the clerk of the Circuit Court a statement showing the condition of the affairs of the bank. The schedule of assets shows a total of $665,515, against $546,339 of liabilities. The banking company will reorganize to-day with a capital of $200,000.
14.January 23, 1891St. Paul Daily GlobeSaint Paul, MN
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Article Text
Financial Transfusion. Special to the Globe. WEST SUPERIOR, Wis., Jan. 22.-The Bank of Commerce, which suspended on Dec. 22, will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital having been put into the enterprise. Andrew Crawford, S. B. and C. C. Hase, of Chicago; Gen. J. H. Mul!en, of Minnesota, and E. T. Buxton, of New York, putting $150,000 into the institution.
15.January 23, 1891St. Paul Daily GlobeSaint Paul, MN
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Article Text
Financial Transfusion. Special to the Globe. WEST SUPERIOR, Wis., Jan. 22.-The Bank of Commerce, which suspended on Dec. 22, will reopen its doors for business on Feb. 2. The bank has been entirely reorganized. Considerable outside capital having been put into the enterprise. Andrew Crawford, S. B. and C. C. Hase. of Chicago; Gen. J. H. Mullen, of Minnesota, and E. T. Buxton, of New York, putting $150,000 into the institution.
16.February 3, 1891St. Paul Daily GlobeSaint Paul, MN
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It Resumes Business. WEST SUPERIOR, Wis., Feb. 2.-The Bank of Commerce. which suspended sixty days ago with liabilities of half a million, resumed operations this morning, having been discharged by the court. The capital has been increased from $100,000 to $250,000, and the institution is remarkable in its revival frem
17.February 3, 1891Omaha Daily BeeOmaha, NE
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Article Text
Bank of Commerce Reopens. WEST SUPERIOR, Wis., Feb. 2.-The Bank of Commerce, which assigned several months ago, reopened its doors this morning under the same name and with increased capital.
18.February 3, 1891Rock Island Daily ArgusRock Island, IL
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Article Text
Ready to Pay Every Dollar. WEST SUPERIOR, Wis., Feb. 3.-The Bank of Commerce, which suspended sixty days ago with liabilities of $500,000, resumed operations yesterday, the assignee having been discharged by the court. The capital has been increased from $100,000 to $250,000, and the institution is remarkable in its revival, from the fact that the vaults contained sufficient currency to pay every dollar of the deposits.
19.February 5, 1891Grant County HeraldLancaster, WI
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Article Text
A Wisconsin Bank Reopened. Milwaukee, Feb. 3.-The Bank of Commerce at Superior, which made an assignment several months ago, reopened its doors for business Monday morning under the same name and with the capital increased to $250,000. The reopening of the institution has already had the effect of loosening the money market in Superior, hundreds of depositors having been tied up since the suspension.
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.
