Other: Closure described as failure; no reopening mentioned in sources.
Description
Multiple contemporary newspapers report Merchants' Bank of Duluth closed after a run triggered by the closing of the Commercial Banking Company following an alleged $45,000 embezzlement. The bank suspended/failed (permanently) after Aug 15, 1903. I classify the immediate cause as contagion from a local bank failure rather than misinformation.
Events (2)
1.August 15, 1903Run
Cause
Local Banks
Cause Details
Depositors withdrew funds after the Commercial Banking Company closed following an alleged $45,000 embezzlement; panic spread to Merchants' Bank.
Measures
Closed its doors after business and suspended to protect all depositors as much as possible, per President Smith.
Newspaper Excerpt
President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution.
Source
newspapers
2.August 15, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
The suspension/closure was the result of the run triggered by the Commercial Banking Company's embezzlement and closure; Merchants' Bank closed its doors and is reported as failed/suspended permanently.
Newspaper Excerpt
has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business.
Source
newspapers
Newspaper Articles (10)
1.August 19, 1903Watertown RepublicanWatertown, WI
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Article Text
BANK FAILS. Fourth Financial Institution in Duluth Suspends as Result of Alleged Embezzlement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
2.August 19, 1903New Ulm ReviewNew Ulm, MN
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Article Text
BANK FAILS. Fourth Financial Institution in Duluth Suspends as Result of Alleged Embezzlement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
3.August 20, 1903The Manitowoc PilotManitowoc, WI
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Article Text
BANK FAILS. Fourth Financial Institution in Dulath Suspends B.S Result of A1leged Embezzlement. Duluth, Minn., Aug. 15.-The alleged mbezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
4.August 20, 1903Warren SheafWarren, MN
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Article Text
BANK FAILS. Fourth Financial Institution in Duluth Suspends as Result of Ali leged Embezziement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed Its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
Another Bank Falls. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, a trusted clerk of the bank, is under arrest, yesterday brought about the failure of the Merchants' bank, of Duluth. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he would not anticfpate the extent of the withdrawals and closed to protect all depositors as much as possible. This is the fourth bank to suspend as a result of the alleged embezzlement.
6.August 20, 1903The Plymouth TribunePlymouth, IN
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Article Text
Results of One Man's Crime. Duluth, Minn., Aug. 15.-The embezzlement of $45,000 of the funds of The Commercial Banking company by E. E. Johnson, the trusted clerk, who was arrested here Aug. 12, has brought about the failure of the Merchants' bank, of Duluth, which has closed its doors. This is the fourth bank suspending business as a result of Johnson's wrong-doing.
BANK FAILS. Fourth Financial Institution in Duluth Suspends as Result of Alleged Embezzlement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of, the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
punishment. BANK FAILS. Fourth Financial Institution in Duluth Suspends as Result of AIleged Embezzlement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals, and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
9.August 22, 1903The Irish StandardMinneapolis, Saint Paul, MN
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Article Text
Another Bank Fails. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. ID. Johnson, the trusted clerk of the bank, is under arrest, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. This is the fourth bank suspending business as a result of the alleged embezzlement.
10.August 22, 1903The L'anse SentinelL'anse, MI
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Article Text
BANK FAILS. Fousth Financial Institution in DueLuth Suspendsas Result of Alleged Embeszlement. Duluth, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking company, for which E. E. Johnson, the trusted clerk of the bank is under arrest,, has brought about the failure of the Merchants' bank, of Duluth, which closed its doors after Friday's business. President Smith said that the failure was due to, a run on the bank resulting from the closing of the Commercial Banking company's institution. He said that he could not anticipate the extent of the withdrawals. and closed to protect all depositors as much as possible. This is the fourth bank suspending business as a result of the alleged embezzlement.
