Marine Bank (Duluth, MN)

Episode Information

Episode UID
855871591160
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Bank ID
85587159 hash
Start Date
August 1, 1896*
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9da626759097c837

Response Measures

None

Events (5)

1. August 1, 1896* Run
Cause
Local Banks
Cause Details
Run triggered by panic following the failure/closing of the Security Bank of Duluth.
Newspaper Excerpt
The panic caused by this failure precipitated a run on the Marine bank which may prove disastrous.
Source
newspapers
2. October 1, 1896* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended in October 1896 amid insolvency concerns and tied-up deposits.
Newspaper Excerpt
he secured a new bond from the Marine Bank of Duluth just before it suspended.
Source
newspapers
3. December 16, 1896 Other
Newspaper Excerpt
books having been bought from the receiver of the Marine bank.
Source
newspapers
4. December 24, 1897 Other
Newspaper Excerpt
The receiver of the Marine bank of Duluth has begun a suit for $20,000 against F. E. Searle...
Source
newspapers
5. January 3, 1901 Other
Newspaper Excerpt
practically two-thirds is in the Marine bank at Duluth and the other third in the North St. Paul bank.
Source
newspapers

Newspaper Articles (6)

Article from The Superior Times, August 15, 1896

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Article Text

-The Security Bank of Duluth closed its doors on Tuesday. This bank has for several years been considered one of the safest banks in the city and although the hard times had affected it, there had been no real uneasiness felt. The panic caused by this failure Dr cipitated a run on the Marine bank which may prove disastrous.


Article from The Redwood Gazette, October 22, 1896

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Article Text

State Treasurer Koerner has been unusually careful in handling State funds. Whenever a bank, in which the State had money on deposit, was presumably insolvent, he has required a new bond with good securities. Onlast week he secured a new bond from the Marine Bank of Duluth just before it suspended. His guardianship will be rewarded by a re-election.


Article from Courier Democrat, October 29, 1896

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Article Text

seat Monday. Blacksmith Joseph McComb rejoices over the advent of a bran new boy at his home last Friday. J. McPhail is putting in a platform scale in front of his machine depot for the benefit of his patrons. You can vote only 6 years on your first papers, then you must secure your second papers, or lose your vote. N. C. Young, the choice of the people of Pembina county for the judgeship is here figuring cut the chances of his election. In a city like Langdon, which is divided into wards, removal from one ward to another does not invalidate the vote. The Woman's club will hold an adjourned meeting Saturday, 3 p. m., for the purpose of offiecrs for the ensuing year. John Maxwell, an old time Gt. Northern conductor who is deservedly popular with Langdon folks looked up old friends Monday. Judge Templeton was here last Friday between trains interesting his acquaintances here in his candidacy for the supreme bench. Meals served during the afternoon and evening by ladies aid society of the M.E. church at the court house on Tuesday and Wednesday. O. H. Johnson, banker and gold bug from Hamilton is here this week dividing his time between making collections and orating for Hanna. Mrs. McKnight: The ladies of this city who 80 kindly loaned dishes for the Harvest Home Supper last week will find them at Mrs. Glick's. The scholars of the Langdon high school have something to be proud of in a new Kimball organ purchased of J.J. Souch, the local agent. Andrew Wenzel came in the other day and gave us some of the "needful." Andy is one of our oldestsubscribers and comes around as regular as clock work. The I, O. G. T. lodge of Harvey Centre announce an open lodge and social session for Wednesday evening, Nov. 11th. Visiting brethren and sisters from neighboring lodges cordially invited. K. S. Norgard, the cyclone legal light from Milton. who is running for superintendent of schools showed up again this week. Its a safe bet that he will still be running after Co. Sup't Fox is elected. Local friends of Ex-Governor Burke will regret to learn of his temporary financial embarrassment as a result of the recent closing of the Marine Bank at Duluth, in which Mr. Burkehad extensive deposits. Lloyd Ryall who teaches school near Stilwell, went down to Larimore last week having received word that his brother John was seriously huru by the explosion of a threshing engine. Their home is at Lakota. The low bred methods adopted by the opponents of H. D. Allert, in their endeavor to make some kind of a showing against him in this campaign are enough to make every fair minded man in the state his friend.-Plaindealer. Mrs Blakley has on hand a full line of ladies and childrens hars and caps, comprising all the latest styles in fall and winter millinery. Also a full line of ladies and childrens underwear and hosiery. These goods will be sold cheapGunder Nelson. the republican candi-


Article from The Ely Miner, December 16, 1896

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Article Text

That Book. "Duluth and Environs" issued by Leggett & Thornton two years ago and for which several of our citizens "put up" all the way from $3 to $50 and for the production of which the firm carried from this city something like $300, is now being given away by an enterprising Duluth firm with every purchase of $2 worth or over, the books having been bought from the receiver of the Marine bank. None of the works have been delivered to subscribers in this city as yet and no doubt never will be. - Moral: Advertise in your home paper and do not look with joy upon every fakir who happens to strike town.


Article from Little Falls Weekly Transcript, December 24, 1897

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Article Text

The receiver of the Marine bank of Duluth has begun a suit for $20,000 against F. E. Searle, one of the heavy stockholders. The suit is brought under the doubleliability clause.


Article from The Saint Paul Globe, January 3, 1901

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Article Text

KOERNER IS PROUD OF IT RECORD HE HAS MADE WITH THE INSOLVENT BANKS. August T. Koerner, when he retires next Tuesday from the office of store treasurer, which he has held for six years, will have no record that pleases him more highly than that which he has made in connection with the collection of state deposits from banks which failed during the two panics. The amount of money tied up in such banks has been reduced from $318,000, at which figure it at some seasons seriously embarrassed the state, to $2,700, of which practically two-thirds is in the Marine bank at Duluth and the other third in the North St. Paul bank. These two are the only insolvent banks from which the state treasurer has not received what it had deposited in them at the time of the crash. Mr. Koerner has the satisfaction of knowing also, that the state has at this time the largest permanent school fund she has ever had, the fund having increased $1,000,000 in the last two years.