The Former Commercial Bank of Newfoundland, 1998
Immediately after the Commercial and Union Banks ceased operations on 10 December 1894, Newfoundland and Labrador entered a brief period of economic, social, and political chaos. Businesses closed, the fish trade halted, and unemployment increased dramatically. The building that belonged to the Commercial Bank before the crash was taken over by the Bank of Montreal in 1895. Two years later, the Savings Bank moved into the premises and remained there for 65 years.
Photographer unknown. © 1998 Heritage Foundation of Newfoundland and Labrador.