11996. Commercial Bank (Wilmington, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 16, 1857
Location
Wilmington, North Carolina (34.226, -77.945)

Metadata

Model
gpt-5-mini
Short Digest
da3d5103

Response Measures

None

Description

Contemporary articles (Oct 1857) report the Commercial Bank of Wilmington suspended specie payments amid the wider financial crisis centered in New York. No article describes a depositor run or a receivership/permanent closure, nor do they report a reopening; historically many 1857 suspensions were temporary. I therefore classify as suspension_reopening but note reopening is not explicitly confirmed in these clippings.

Events (1)

1. October 16, 1857 Suspension
Cause
Macro News
Cause Details
Confirmation of the financial collapse in New York and the locking up of resources there led Wilmington banks to suspend specie payments.
Newspaper Excerpt
All the rest,-the Bank of Wilmington, the Bank of Cape Fear, and the Commercial Bank of Wilmington, suspended this morning.
Source
newspapers

Newspaper Articles (3)

Article from Wilmington Journal, October 16, 1857

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Article Text

Suspension of the Wilminton Banks. The confirmation of the deplorable financial affairs in New York, where the main resources of the Banks and merchants of this place are located, and now locked up, has been the means of driving three of the Banks of the town of Wilmington into a suspension of specie payments. This event has been anticipated for several days, and has not, consequently, come upon us-without some warning. Our Banks held out as long as it was deemed prudent, and come into the measure at last with great reluctance. The Branch of the Bank of the State, located here, yet stands unsuspended, awaiting advices, we presume, from the Mother Bank at Raleigh. All the rest,-the Bank of Wilmington," the " Bank of Cape Fear," and the " Commercial Bank of Wilmington," suspended this morning. The first named institution had been virtually suspended for several days, only waiting the decision of the other Banks before announcing the fact publicly. We hear this morning that a report is in town that the " Bank of Clarendon," at Fayetteville, suspended yesterday. We do not give this information as reliable. But we think, from the present appearance of things, that there will be a general suspension of the Banks throughout the State. One word of caution to bill-holders. We take this occasion to warn persons holding bills on any of our Banks not to be alarmed. We believe every one of them to be as sound to-day, as any institution of the kind in the Union. They can show as fair balance sheets as may be desired. This we have no earthly doubt about. The only difficulty now is, that every body seems to be afraid of their shadow. There is no necessity for alarm-the bills will all be paid eventually, and in the mean time they will pay debts just as well as ever. We have said this much in defence of the Banks -although we may not approve of all the measures they resort to in order to declare large dividends. We have stated what we believe necessary to do away with, as much as possible, an erroneous impression amongst a certain class who seem to be alarmed about the matter. We would advise all not to submit to a shave on what bills they may hold. Daily Journal, 15th inst. The Peoples' Bank in Charleston, S. C., suspended on Tuesday last. The list of suspensions for that city now stands Bank of the State of South Carolina, suspended October 10th. South Western Rail Road Bank, October 12th. Bank of South Carolina, October 12th. Peoples' Bank, October 13th.


Article from Weekly National Intelligencer, October 17, 1857

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Article Text

BANK SUSPENSIONS AT THE SOUTH. VIRGINIA.-The "Bank of Virginia" suspended specie payments yesterday. It was the last to yield in the present crisis, though holding out only about twenty-four hours longer than the other banks of this city. We may now say that all the banks in Virginia have suspended specie payments.-Richmone Enquirer of Thursday. NORTH CAROLINA.-The confirmation of the deplorable financial affairs in New York, where the main resources of the banks and merchants of this place are located and now locked up, has been the means of driving three of the banks of the town of Wilmington into a suspension of specie payments. The branch of the Bank of the State, located here, yet stands unsuspended, awaiting advices, we presume, from the mother bank at Raleigh. All the rest-the Bank of Wilmington, the Bank of Cape Fear, and the Commercial Bank of Wilmington-suspended this morning. We have a report that the Bank of Clarendon, at Fayetteville, suspended yesterday. We do not give this information as reliable. But we think, from the present appearance of things, that there will be a general suspension of the banks throughout the State.- Wilmington Journal of Thursday.


Article from The Western Democrat, October 20, 1857

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Article Text

SUSPENSION OF BANKS. The Wilmington Journal of the 14th, after announcing the suspension of several New York banks, says: While on this subject we had as well state that $7.000 of the " Bank of Wilmington" notes. sent down here by the Bank of Fayetteville," were protested yesterday. We have implicit confidence in all our banks, and persons owing us cannot do us a greater favor than by sending us the amount of their indebteduess. We will give receipts with no little pleasure for bills on any of them." Since the above was in type, the Journal announces the suspension of the Bank of Wilmington, the Commercial Bank, the Bank of Cape Fear, and the branch Bank of the State in that town. The Journal says: We take this occasion to warn persons holding bills on any of our banks not to be alarmed. We believe every one of them to be as sound to-day as any institution of the kind in the Union. They can show as fair balance sheets as may be desired." We learn that the branch Bank of Cape Fear at Salisbury has suspended. And we see it announced in the Petersburg Express that the Banks at Raleigh suspended last Thursday; but we see no notice of it in the Raleigh papers. All the Banks in Richmond, Petersburg and Norfolk have suspended specie payments. The Secretary of the Treasury does not anticipate that the revenue for the fiscal year ending the 30th of June next, will amount to more than thirty millions, from present appearances. This will not be a subject of regret to the Administration, as an empty treasury will be a strong argument in favor of economical legislation, and do away in a great ineasure with that lavish system of appropriations which were so well harvested by Weed, Matteson. Edwards & Co. last Congress. Photograph likenesses are now taken in New York the size of life.