Article Text
Suspended. ST. PAUL, April 27.-The Commercial Bank has suspended payment, its officers say depositors will be paid in full.
Commercial Bank (St Paul, MN)
Episode Information
- Episode UID
8050292491108- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Bank ID
-
805029249hash - Start Date
- April 27, 1892
- Location
- St Paul, Minnesota (44.944, -93.093)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
56f7695d48f6a8e1
Response Measures
None
Description
Suspension followed a run triggered by the failure of the St. Paul German Fire Insurance Company; assignee named before eventual reopening.
Events (4)
1.
April 27, 1892
Run
- Cause
- Local Shock
- Cause Details
- Run began after the failure of the St. Paul German Fire Insurance Company and related alarms about shared officers, prompting withdrawals by country/local banks.
- Measures
- Bank closed its doors at noon and posted notice that business was temporarily suspended; officers assured depositors would be paid in full.
- Newspaper Excerpt
- Result of a Run on the Commercial Bank of St. Paul.
- Source
- newspapers
2.
April 27, 1892
Suspension
- Cause
- Local Shock
- Cause Details
- Suspension resulted from heavy run and scare caused by failure of the St. Paul German Fire Insurance Company which led other banks to withdraw funds.
- Newspaper Excerpt
- The Commercial bank has suspended payment; business was temporarily suspended, but depositors will be paid in full.
- Source
- newspapers
3.
May 2, 1892
Receivership
- Newspaper Excerpt
- The Commercial bank ... has assigned to F. S. Seymour, cashier of the Merchants' National bank. The assignee began putting the assets in shape for publication.
- Source
- newspapers
4.
September 22, 1892
Reopening
- Newspaper Excerpt
- The Commercial bank of St. Paul ... has reopened for business under the same management ... depositors and creditors made an agreement with the stockholders as to methods of strengthening the bank.
- Source
- newspapers
Newspaper Articles (21)
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CLOSED ITS DOORS. Result of a Run on the Commercial Bank of St. Paul. ST. PAUL, MINN., April 27.-The Commercial Bank of St. Paul closed its,doors at 11:30 this morning as a result of a run caused in part by the recent failure of the St. Paul German Fire Insurance Company.
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notice given above, signed by Cashier Herman Scheffer, was posted on the door. While the rush was greater yesterday morning, the run really commenced some ten days ago, when the failure of the St. Paul German Insurance company was announced. The fact that Hon. Albert Scheffer held the office of president in the insurance company, as well as the bank, alarmed some of the local banks throughout the Northwest having accounts with the Commercial, and they commenced withdrawing their funds. This in itself was not a matter of sufficient moment to
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St. Paul Bank Quits. ST. PAUL, April 27.-The Commercial bank closed its doors at noon to-day and a card in the windows announced that business was temporarily suspended, but that all depositors would be paid in full. This action was taken after a heavy run, continu. ing during the entire forenoon. The trouble was caused by a scare from the failure of the St. Paul German Insurance company. It seems that as soon as the failure of the insurance company became generally known country banks began to withdraw funds from the Commercial bank. This started ugly rumors regarding the solvency of the latter institution, for which there was really no foundation, but which spread rapidly. The directors to-night state that the liabilities will be $1,559,915, liabilities $976,332, and state that depositors will be paid in full.
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notice given above, signed by Cashier Herman Scheffer, was posted on the door. While the rush was greater yesterday morning, the run really commenced some ten days ago, when the failure of the St. Paul German Insurance company was announced. The fact that Hon. Albert Scheffer held the office of president in the insurance company, as well as the bank, alarmed some of the local banks throughout the Northwest having accounts with the Commercial, and they commenced withdrawing their funds. This in itself was not a matter of sufficient moment to
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A Nt. Pani Bank Closes Its Doors. ST. PAUL, April 27.-The Commercial bank closed its doors at noon today and a card placed in the window announced that business was temporarily suspended, but that all depositors would be paid in full. Thisaction was taken after n heavy run continuing during the entire forenoon. The trouble was caused by a scare resulting from the failure of the St. Paul German Insurance Company. It seems that as soon RB the failure of the Insurance company became generally known the country banks began to withdraw their funds from the Commercial bank. This started ugly rumorsregarding the solvency of the latter institution, for which there WITH really no foundation, but which spread rapidly. The directors tonight state the assets of the bank are $1,559,815; liabilities. $976,332, and that the deposltors would be paid in full.
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Failure Caused by a Scare. St. Paul, Minn., April 28.-The Commercial Bank of this city closed it doors yesterday and suspended payment. Tbe officers say depositors will be paid in full. The suspension was mainly caused by the scare created by the failure of the St. Germain Fire Insurance Co.
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The St. Paul Commercial Bank Fails. ST. PAUL, April 28.-The Commercia bank has suspended payment. The officers say depositors will be paid in full, The suspension is the result of the failure of the St. Paul German Fire Insurance company.
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BUSINESS BREVITIES. JOHNSTOWN is fishing for a piano factory. MONTREAL will make another effort to secure union stock yards. ALL the lumber mills at La Crosse, Wis., have closed down owing to labor troubles. THE organization of the re-formed Lake Carriers' Association was completed at Detroit yesterday. THE Minnesota Title Insurance and Trust Company of Minneapolis is defendant in 13 cases begun in Boston. THE three Central City glass works at Huntingdon are all now in operation, employing nearly 600 men. INSURANCE rates in Nashville have been advanced 20 cents on each $100 insurance,and even more on very tail buildings. THE suspended Commercial Bank at St. Paul may resume to-day. the other banks in the city coming to the rescue. EASTERN sales agents of the Anthracite Coal Company yesterday agreed upon the following advance: Ten cents on grate, 15 cents on egg and 25 cents on stove. THE Phonix Powder Works at Kellogg, Pa., resumed operations yesterday after an idleness since last January, caused by the explosion which demolished almost the entire works and killed several persons. J. C. MARKS & Co., wholesale liquor and cigar dealers of Birmingham, Ala., were closed vesterday by attachments amounting to $55,000. The stock and accounts are worth $140,000. Duil trade caused the failure.
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Another Bank Failure. By Telegraph to the State Chronicle. MINNEAPOLIS, Minn., April 29.- The Commercial bank of St. Paul has closed its doors as a result of a run caused in part by the recent failure of the St. Paul German fire insurance company.
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ASSIGNED. ST. PAUL, May 2.-The Commercial bank, which closed its doors on Wednesday, having been unable to secure help-from the St. Paul bankers, has assigned to F. S. Seymour, cashier of the Merchants' National bank. This morning the assignee began putting the assets in shape for publication. All depositors will be paid in full, as the stockholders are liable for the amount of their stock.
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THE REORGANIZATION PROJECT. These reflections concern the past in as tar as they relate to what it is now too late to repair, but they concern the future also. A plan is under consideration by which the Commercial bank shall be reorganized and enabled to open its doors again. It may appear before the time of consummation arrives that this is not feasible, and that it is not worth while to attempt the institution's salvation because the institution has nothing to save. But the GLOBE once more urges our business men's organizations to take the subject under advisement and to co-operate in the project of restoration, provided it is found to be at all practicable. It will be better for the present stockholders to pay in their assessments according to their statutory liability, in the shape of contributions to the capital of a living concern where they may earn dividends, than to hand them to a receiver for distribution among the creditors. It will be better for depositors to grant extensions to a living concern rather than to wait for their money until the bankrupt court has worked out the present confusion to a solution. It will be better for our local unions to subscribe a hundred thousand dollars to this insolvent bank than to a new manufacturing company which may be asking their help. Additions to our W ealth are welcome, but they are not as important as the preservation of our present possessions. We want strangers to settle here and to increase the number and variety of our industries. But there is a more urgent call on us to guard the credit which we already have, and to uphold our citizens who are endangered by this unexpected misfortune, for which they are in no way responsible. The reorganization project deserves to succeed if success for it is possible.
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Will Pay in Full. The Commercial bank at St. Paul which closed its doors recently, having been unable to secure help from the St. Paul bankers, has assigned to F. A. Seymour, cashier of the Merchants' national bank. The assignee was putting the assets in shape for realization. All depositors will be paid in full, as the stockholders are liable for twice the amount of their stock. All of them are wealthy. :
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Will Pay in Full. The Commercial bank at St. Paul which closed its doors recently, having been unable to secure help from the St. Paul bankers, has assigned to F. A. Seymour, cashier of the Merchants' national bank. The assignee was putting the assets in shape for realization. All depositors will be paid in full, as the stockholders are liable for twice the amount of their stock. All of them are wealthy.
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Will Pay in Full. The Commercial bank at St. Paul which closed its doors recently, having been unable to secure help from the St. Paul bankers, has assigned to F. A. Seymour, cashier of the Merchants' national bank. The assignee was putting the assets in shape for realization. All depositors will be paid in full, as the stockholders are liable for twice the amount of their stock. All of them are wealthy.
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Caused by the Bank Failure. ST. PAUL, May 7.-One result of the recent failure of the Commercial bank is noted in the suspension of D. Aberle & Co., wholesale wine merchants of this city, who have made an assignment to Alexander Sternberg. This action was rendered necessary by Aberle's indorsement upon paper held by the bank.
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NOTES. Our best bow is due to Judge Conroy, the newly-elected justice of the peace for the east Tom, beg pardon, Judge Conroy, is entitled and fully merits the honors bestowed upon him. James Burns, Tim Kelliher and Chas. McDermott, of this city, in company with John McCarthy and John O'Shaughnessy, of Stillwater, left for New Orleans last Friday to attend the national convention of the A. O. H. St. Lnke's Literary society held their second post lenten social at the residence of Hon. Judge McDonald last Thursday evening. Despite the inclemency of the weather the gathering was of large proportions and the entertainment par +xcellent. Among those who took part in the same were the Misses Egan, Miss Franklyn, Miss Campbell and Messrs. Donnelly, Cole and McCarthy. Bishop McGolrick, of Duluth, was in the city last Sunday, the occasion being the blessing of St. Vincent's church, of which Rev. Father Cosgrove is the esteemed and beloved pastor. Bishop McGolrick preached an eloquent and instructive sermon relative to the occasion at High Mass, and in the afternoon confered confirmation on about one hundred children. At 7:80 in the evening vespers were sung, after which a sermon on Total Abstinence Was delivered by the Rt. Rev. Bishop. This prodigions success, "Spider and Fly," will be presented at the Grand Opera House week commencing May 15, with manifold novelties and a company numbering forty-six who were mostry recruited abroad. The play has been entirely rewritten and reconstructed. The costumes which are said to be very handsome were made especially for this production by Chas. Alias, Costumer for the Drury Lane Theatre, London. The "Spider and Fly" in its new dress has proved one of the strongest novelties and most successful production of the present season. The failure of the Commercial Bank of this city, in some measure, created a panic here last Monday. It was given out that a run would be made on the Seven-corners Bank, of which Billy Banholzer is the esteemed president. The run started, but the complacent air with which Billy sat in the front office of the bank smoking a cigar and paying all who demanded their money, the amount due them had a tendency to quiet the nerves of the depositors. All who want their money can have it, said Mr. Banholzer. we are prepared to meet any kind of a run. But it did not come and Tuesday found everything all serene at the Seven Corners Bank. Not the least of the regrets to be offered by Democrats and Republicans alike is the loss of the present head of the city detective force, John J. O'Connor. To attempt to eulogize him for a past record that is without a stain during his nine years as chief of that department would be superfluous. John O'Connor leaves that office with a consciouspess of having well and truly performed his duties. He has instilled into the minds of the thieving fraternity the one lesson, that St. Paul is a good place for them to keep away from. Socially Mr. O'Connor is one man in a thousand. To see him is to know him, to know him is to respect him and not soon forget him; but to be missed he always will be. The election is over and the question which is now agitating the mind of spoil hunters is the filling of the office of the Chief of Police. Had the late Capt. John Bresette lived to see the result of this late election the question of the selection of chief of police would soon be settled. Bat aspirants for the office are besinging Mayor-elect Wright and a Kilkenny cat fight is now going on among the Republican office seekers. Prominent among them is the present Sheriff, Ed. S. Bean, and the mantle could not fall on better or worthier shoulders. He is eminently qualified to fill the porition and would hold it with the same becoming grace and dignity with which he fills the present office. But his chief opponent is one of his deputies, John Harris. and Harris has a "pull" of no small quantity. The friends of Harris are not few nor isolated, but Bean has a monopoly in that direction and if he really desires the plum will undoubtedly be wearing the star of Chief of Police soon after making his
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MISCELLANEOUS. Mrs. Ernestine Rose, well known as a woman's advocate in America, is dead at Brighton, England. The Union Pacific has acceded to the demands of the telegraph operators, and the general strike has been declared off. The contract for the new Catholic Theological seminary at St. Paul has been let. Over $500,000 will be expended. The coroner's jury has returned a verdict holding City Engineer Rundlett and assistants responsible for the West Side disaster. The Bankers National bank of Chicago. capital $1,000,000. ex-Comptroller Lacy, president, has been authorized by Comptroller Frepburn to be in business. The directors of the Commercial bank, St. Paul, have applied to the courts for permission to re-open. and Judge Kelly
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A Bank Permitted to Resume. The Commercial bank of St. Paul, which closed nearly five months ago with liabilities running up into the hundreds of thousands, has reopened for business under the same management, it being shown to the satisfaction of the court that the bank was in good shape to carry on business. The depositors and creditors made an agreement with the stockholders as to methods of strengthening the bank. The assignment was caused by a scare arising out of the connection of the Commercial bank stockholders with the recently defunct German Fire Insurance Company.
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A Bank Permitted to Resume. The Commercial bank of St. Paul, which closed nearly five months ago with liabilities running up into the hundreds of thousands, has reopened for business under the same management, it being shown to the satisfaction of the court that the bank was in good shape to carry on business. The depositors and creditors made an agreement with the stockholders as to methods of strengthening the bank. The assignment was caused by a scare arising out of the connection of the Commercial bank stockholders with the recently defunct German Fire Insurance Company.
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GLANCE BACKWARD. Review of the Many Important Happenings of 1892. Heavy Business Failures, Startling Casualties and Horrible Crines-Industrial, Political and Sporting Events, Disastrous Fires of the Year, Etc. BUSINESS FAILURES. MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank. of Muncie, Pa. Jan. 23-First national bank of Downs, Kan; $100,000. Jan 85-Bank of Jefferson at Shepherdstown, W. Va Jan. 29-Fall River county bank at Oelricks, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191.000. Mar 1-Lima (O.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24-American national bank of Birmingham, Ala. Apr. 15--Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county: losses, $30,000. Sep. 2--Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Seu 21-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (pri-, vate); $80,000. Nov. 5-Continental bankat Kansas City, Mo. Nov 30-Stone City bank, of Joliet, 111., and Jollet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilozinski & Nelson at Greenville, Miss.; $400,000. Dec. .11-Black Hills national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000.