Commercial Bank - Natchez, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 5, 1852
Location: Natchez, Mississippi (31.560, -91.403)

Metadata

Model: gpt-5-mini
Short Digest: ed179400

Response Measures

None

Description

The article (New-York Daily Tribune, 1852-08-05) states the Court of Appeals of Mississippi decided that the trustee of the late Commercial Bank of Natchez has no right to collect assets for stockholders and that the trustee has no power to collect money after creditors are paid. This indicates the bank was already closed and in liquidation/receivership; no run is described. Classified as suspension_closure (suspended/closed with receiver/trustee).

Events (1)

1. August 5, 1852 Receivership

Newspaper Excerpt: The Court of Appeals of Mississippi has decided that the trustee of the late Commercial Bank of Natchez has no right to collect any of the Bank's assets for the benefit of stockholders ... the trustee has no power to collect any money of the Bank after its creditors are paid, and that in that event his trust is at an end, and all the residue of the debts are extinguished.
Source: newspapers

Newspaper Articles (1)

1. August 5, 1852 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, August 5, 1852

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Article Text

by Slmeon Draper. They are Mortgage Bonds, bearing cent annual interest, and are the last of $700,000 secured by the mortgage of the sixty miles of road be. tween Attica and Hornellsv lle, which is now in running order, and which has been constructed at a cost of $1,200,000, exclusive of equlpage. The Company hav. ing bought twenty-three miles of the Buffalo and Roeh. track, from Attica to within will obtain it on ester of Buffalo, Ratiroad possession of the eight 1st of miles No. vember next. The remaining eight miles are in course of construction, and will be finished at the same time. At Hornelleville the road connects with the Erie Rail. road. Mr. A. D. Patchin, of the Patchin Bank, Buffalo, is the Treasurer. The capitalia $750,000; and the sale of the Bonds now offered will make the bonded debt $700,000. The Bonds have coupon warrants attached for the payment of the interest. The road is now in operation from Hornellsville to Attica, with a break at the Generee River, where the bridge is not yet completed. This road will form, with the Erie, a very direct and favorite route between New-York and Buffalo. We hear from Albany that the Banking Department has never been 80 busy as at present. A large amount of Securities has recently been deposited as basis for circulating notes, and the officers of the Department are fully employed in preparing the notes. A larger proportion than usual of the Securities are Bonds and Mortgages in consequence of the high prices of Stocks. The City of Portsmouth, Ohio, has negotlated a loan of $100,000 with Messrs. Chubb & Schenck, of Washington. The Bonds were issued to the Scloto & Hocking Valley Railroad Co. The Sunbury American states that the Supreme Court of Pennsylvania, in granting the injunction to restrain the Sunbury & Erie Rattroad Co. from occupying the route between Sumbury and Bridge port, required the Susquehanna Co. to give bonds in the sum of $10,000. The opinion of the Court, on which it based its decision, was withheld until the Court meets at Pittaburgh, in September next, out of deference to Judge Woodward, who dissented. Upward of a thousand men are now at work in the construction of the Pittsburgh and Steuben. ville Railroad. The Directors have concentrated their working force upon all the heavy parta of the line, leav. ing to a later period the lighter sections, 80 that the whole road may be finished at one time, which period has been fixed a year from the coming winter. At that period the whole of the Steuberville and Indiana Rail. road will also, it is said, be completed, 35 well as the Mountain Division of the Pennsylvania Rallroad. The Court of Appeals of Mississippi has decided that the trustee of the late Commercial Bank of Natchez has no right to collect any of the Bank's assets for the benefit of stockholders whose claims as such are decided to be lost and extingushed ; that the trustee has no power to collect any money of the Bank after its creditors are paid, and that in that event his trust is at an end, and all the residue of the debts are extinguished. The San Francisco Evening Journal of the 25th of June, gives an abstract of the annual report of the Commissioners of the Funded debt of San Francisco. It appears that since the Commissioners entered upon their duties, some fifteen months ago, they have funded $1,553,171 29 of city indebtedness contracted prior to the 1st of May, 1851, and bearing interest at the rate of three per cent. per month. The bondsissued for this amount, bearing interest at the rate of 10 per cent per annum, and payable in 20 years from the first day of May, 1851, are of follows: $1,128,000 00 1,128 bonds of $1,000 each 323,500 00 147 bonds of $500 each 981 bonds of $100 each 98,100 00 Certificates of fractional balances for which bonds are issued when presented to the 3,571.29 amount of $100 $1,533,171.29 Total Of the stock issued by the Board, they have redeemed and cancelled during the year 892,000; and they have now on hand (exclusive of the amount set tapart to meet coupons not presented) the sum of 86,175 51. This amount, it Is thought. will be required to meet the expenses of the Board for the next six months. The Commissioners bold, as trustees for the city, the following property: Water lots on the east front of the city, ap$250,000 00 praised Water lote on north beach 20,000 00 Water lots on south beach 84 500 00 88,600 00 Lots in various parts of the city Total value $143,100 00 The Cleveland Herald furnishes the an nexed statistics of the commerce of that port: The Custom-House books show the following exports from this port from the opening of navigation to August 1. We give only Flour, Wheat, Corn and Pork, but other articles show H similar increase over 1851.