Commercial & Farmers National Bank (Baltimore, MD)

Episode Information

Episode UID
130301248
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
national
Bank ID
13030 national
Charter Number
1303
Start Date
December 10, 1903
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9f9ab15ef7fdc96e

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Capital injected, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

The Feb 1904 suspension was a governor-declared holiday after the Baltimore fire and unrelated to the Dec 1903 liquidity trouble.

Events (5)

1. June 17, 1865 Chartered
Source
historical_nic
2. December 10, 1903 Run
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize upon paper held by the bank led to temporary embarrassment and depositor withdrawals over ~10 days.
Measures
Baltimore Clearing House agreed to furnish funds/certificates; Clearing House appointed examiner W. A. Mason; president resigned; stockholders may be assessed.
Newspaper Excerpt
There has been & slight run on the bank for ten days, and deposits ... have been reduced some $200,000.
Source
newspapers
3. February 6, 1904 Suspension
Cause
Government Action
Cause Details
Governor-declared banking holiday/suspension after the Baltimore conflagration (Great Fire) to suspend enforced payment of protestable paper.
Newspaper Excerpt
Under Governor Warfield's proclamation the enforced payment of protestable paper has been suspended from Feb. 6.
Source
newspapers
4. February 24, 1904 Reopening
Newspaper Excerpt
The holiday period for Baltimore as fixed by Governor Warfield has expired and the local banks will resume business today in all branches for the first time since the conflagration.
Source
newspapers
5. April 6, 1911 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (15)

Article from Bismarck Daily Tribune, October 21, 1903

Click image to open full size in new tab

Article Text

NO FURTHER FAILURES. Baltimore Financial Institutions Continue Business. Baltimore, Oct. 21.-All the banks and other financial institutions in Baltimore were opened promptly at the customary hour of 10 o'clock and those who may have had any fears that the beginning of the monetary day would be signalized by the announcement of other trust companies following in the wake of the Maryland and Union companies were agreeably disappointed. Not only did every institution open but among local financiers generally there was a uniform expression of confidence that no other suspensions are now probable and that what ever of panicky feeling was manifested the previous day has practically disappeared. It is true, however, that while the financiers themselves and the brokers and bankers around South and German streets maintain an air of serene confidence, there is a degree uneasiness in the popular mind expected that this feeling may a more voluminous withdrawal of ieposits during the day than usual. But there is no reason for anticipating that there will be anything like a run on any of the banks.


Article from New-York Tribune, December 11, 1903

Click image to open full size in new tab

Article Text

BALTIMORE BANK TO MEET DEMANDS. [BY TELEGRAPH TO THE TRIBUNE.] Baltimore, Dec. 10.-Lawrence B. Kemp has resigned the presidency of the Commercial and Farmers' National Bank, because of criticism of the concern's management, and his successor will be chosen to-morrow. The Clearing House Association to-day adopted a resolution binding twentyfour banks in the association to furnish all money required to meet demands on the Commercial and Farmers' Bank. The Clearing House has appointed W. A. Mason, a national bank examiner, as its representative in the bank. There has been & slight run on the bank for ten days, and deposits, which on December 5 were $1,100,000, have been reduced some $200,000. The capital stock is $512,560. The stockholders may be assessed.


Article from The Savannah Morning News, December 11, 1903

Click image to open full size in new tab

Article Text

BANK IN STRAITS. But the Baltimore Clearing Association Aids It. Baltimore, Dec. 10.-The membership of the Baltimore Clearing Association late this afternoon agreed to advance any necessary funds in the shape of certificates to tide over the financial affairs of the Commercial and Farmers' National Bank of this city, a member of the Clearing House Association. Bank Examiner W. A. Mason is in charge of the bank as a representative of the Clearing House Association, and the resignation of Lawrence B. Kemp, president of the bank. has been tendered. The report of the Clearing House Committee, who have examined the books of the bank, will probably prevent a run on the bank to-morrow, and it is thought its affairs will be adjusted satisfactorily. Inability to realize upon paper held by the bank is believed to be the cause of the temporary embarrassment of the institution. The last statement submitted to the controller of the currency on Sept. 9, showed assets of $2,114,559.61, with liabilities (secured) of a similar amount. The bank will open for business tomorrow morning.


Article from The Bennington Evening Banner, December 11, 1903

Click image to open full size in new tab

Article Text

Clearing House to Help Bank Out. BALTIMORE, Dec. 11.-The membership of the Baltimore Clearing House association has agreed to advance any necessary funds in the shape of certificates to tide over the financial affairs of the Commercial and Farmers' National bank of this city, a member of the Clearing House association. Bank Examiner W. A. Mason is in charge of the bank as a representative of the Clearing House association. and the resignation of Lawrence B. Kemp. president of the bank, has been tendered. The report of the clearing' house committee, who have examined the books of the bank, will probably prevent a "run" on the bank today, and it is thought that its affairs will be adjusted satisfactorily to aN concerned.


Article from Waterbury Evening Democrat, December 11, 1903

Click image to open full size in new tab

Article Text

Clearing House to Help Bank Out. BALTIMORE, Dec. 11.-The membership of the Baltimore Clearing House association has agreed to advance any necessary funds in the shape of certificates to tide over the financial affairs of the Commercial and Farmers' National bank of this city, a memher of the Clearing House association. Bank Examiner W. A. Mason is in charge of the bank as a rΓ©presentative of the Clearing House association, and the resignation of Lawrence B. Kemp, president of the bank, has been tendered. The report of the clearing house committee, who have examined the books of the bank, will probably prevent a "run" on the bank today, and it is thought that its affairs will be adjusted satisfactorily to all concerned.


Article from The News & Observer, December 12, 1903

Click image to open full size in new tab

Article Text

OFFER TO AID THE BANK. Temporary Embarrassment of the Commercial and Farmers of Baltimore. (By the Associated Press.) Baltimore, Dec. 10.-The membership of the Baltimore Clearing House Assosiation late this afternoon agreed to advance any necessary funds in the shape of certificates, to tide over the financial affairs of the Commercial and Farmers National Bank of this city, a member of the Clearing House Association. Bank Examiner W. A. Mason is in charge of the bank as a representative of the Clearing House Association and the resignation of Lawrence B. Kemp, president of the bank, has been tendered. The report of the Clearing House Commission who have examined the books of the banks will probably prevent a "run" on the bank tomorrow and it is thought its affairs would be adjusted satisfactorily to all concerned. Inability to realize upon paper held by the bank is believed to be the cause of the temporary embarrassment of the institution. The last statement submitted to the Comptroller of the Currency on September 9th, showed assets of $2,114,559.61 with liabilities (secured), of a similar amount. The bank will open for business tomorrow :norning.


Article from Evening Star, February 11, 1904

Click image to open full size in new tab

Article Text

S BUSY Money is Pouring in for Business Resumption. , GEN. RIGGS EXPLAINS PLANS FOR REBUILDING ALONG MODERN LINES Composite Estimate of Loss Placed at $85,000,000-No Troops Sent to the City Yet. Special Dispatch to The Evening Star. BALTIMORE, Md., February 11 -Phoenix-like Baltimore will arise from its district ashes, and in a few years the burned will again be a scene of great activity. For the past three days the population has been dazed by the appaling catastrophe. The people could not come to realization that the mainspring of the city's commercial and financial world had been destroyed. Now, however, the realization has come and with it a determination to restore and the city's eminence as a commercial financial center. Already a number have of leading merchants and amnufacturers commissioned architects to draw up plans for new structures. In some instances with contracts have already been signed builders. Thousands for Clearing Work. The work of clearing away the debris be proceeded with as rapidly as poswill sible. Arrangments are now being made put by the building inspector's office to burned of men to work in the district. thousands The Baltimore and Ohio, NorthCentral and Philadelphia, Baltimore engaged ern and Washington railroads are now into in laying temporary tracks running running district, for the purpose of great the which will be loaded the gondolas of on wreckage. This debris will and be carried mass to points yet to be designated unloaded. there the intention of the city officials city to It is first that portion of the bounded clear up by Baltimore street on on the the north, east on the south, Holiiday of about Pratt on the west, an area were 10and Liberty Within this section and 300 acres. the principal wholesale houses the first cated and they will be given that the factories, to rebuild, in order motion opportunity of progress may be set in again wheels at the earliest opportunity. Wholesale Traders Busy. Many of the larger wholesale southern houses, trade, secured offices just as have which already have supply an enormous their customers and never are in oc- a position expeditiously to as if the fire had curred. stated by a prominent wholesaler condition today It was that the larger firms once. are and in while the to meet cannot all orders be supplied at here they facility will be rushed goods through with the element greatest lies in the Another encouraging have given asthat the underwriters will be paid in fact that all the losses trepidasurance There had been considerable assurance full. point, and when that came tion on it this had much to do with restoring of confidence. feeling too, the wealthy men of the for city reThen, to give liberally the show a disposition sum is now at lief work, and large The financial situation, mayor's is brightening, disposal. and confidence in that too, direction is being restored president of the Mr. John Mechanies B Ramsay, Bank, and one of The the foremost National financiers of the city, said to Star correspondent today: into Money Pouring Into City. city to meet in general the "An men abundance and the all of community money current is needs. pouring Tempo- Business at once dispel all anxiety. by all the should rary offices are being were opened wrecked, and in so banks whose homes far as the banks Until few days business, will go on as before be outthe vaults is being obtained opened, are a concerned, money in the different banks from can has of-town sources City Bank of New York, the "Why, bank it offered to the supply need. every My bank here received all and money it may from New York, will all be banks are doing the quarters. $1,000,000 yesterday Other paid out from our temporary anxiety same thing. there is considerable the question of "I know men on occasion among business money, but there is no As an inmight getting for this lack of confidence. cite the Philadelphia, railroad. stance, Baltimore I and Washington to me Tuesrepresent ative came we going to Their asked 'Where are ddesday? money for our pay office, I day get Right and here at our temporary day replied. Suspension Order Causes Uneasiness. anxiety orig"I suppose this governor's feeling of ten-day legal from the That action was inated proclamation phases of holiday the legal have only to cover might taken sactions that could get financial transac until the banks quarinto working to be delayed shape in temporary finanters. there need be no fear coming of a into "No, stringency. Millions insurance are companies cial fire merwill expedite Then, too. of chants the city. to resume The payments rapidly out-of-town to enable capital mil- of lions of attracted dollars by the opportunity offices, builderecting will be new structures, and manufacturing arehouses dest royed ones. I ings, to replace the great disaster, but "The fire effect a great not one of here. of believe plants enterprise it will was mournful I am view awakening big the situation. of those who take There a is going to be a district burned there will boom. "In rebuilding ortunity the for the city to into put section. be an execution The old plans with ramshackle for modern beautifying build- structhat will be replaced Baltimore will rise deings and thus a new I think all the stroyed sites there tures, from the area ashes. will Do be are quickly too valuable rebuilt? to Certainly; long unoccupied." Mr. remain Fire Will Prove a Blessing by herein men. The views reflect expressed those of other and, prominent indeed, bankers Ramsay and those business who now regard disguise. the They conthere are blessing in into flagration as Baltimore had fallen ostastrophe rut, ergue and that that just such a


Article from The Minneapolis Journal, February 12, 1904

Click image to open full size in new tab

Article Text

# Council Will Meet To-night to # Consider This and Other # Matters. # Banks Resumed Business This # Morning and Paid All Checks # Presented. # Insurance Companies Have Now # Paid $10,000,000 in Losses # -More Ready. Baltimore, Feb. 12.β€”Baltimore is gradually resuming its normal condi- tion. All the banks opened to-day in their temporary quarters, at the usual banking hours, well supplied with funds to meet the demands for weekly pay rolls and for all ordinary needs of those who have money on deposit. Hundreds of depositors presented checks, and all were promptly cashed. Monday the regular clearings will begin, and general banking operations will be resumed. The vaults of all the national banks in Baltimore have now been opened, the last one having been inspected to-day, and in each the contents were found to be safe. To minimize the hardships under which the inhabitants now suffer, Mayor McLane and his municipal associates have decided temporarily to suspend the collection of taxes and water rents, it having been discovered that the city has enough money on hand, the result of large collections in January, to meet all requirements for some time to come. The mayor has called a special session of the city council to-night to consider legislation as to a realignment of public thorofares in the burned district and the reconstruction of public buildings. # Insurance Claims Paid. Several insurance claims were paid to-day and leading agents here say that at least $10,000,000 has already been paid out and that many millions in checks have been received here and are now on deposit ready to be paid out after some partial adjustments have been made. The big companies have deposited a much larger amount in New York subject to the order of agents. Squads from the street cleaning department started into the burned dis- trict this morning and the work of pulling down walls, removing debris and digging out safes was resumed. Marshal of Police Farnam reports that there have been fewer cases of robbery or lawlessness in the city since the fire than before, so well is the city patrolled. # Message From the Pope. Among the messages of sympathy received was a communication from Mgr. Falconi, the apostolic delegate at Washington, containing the following from the pope: His holiness, deeply moved by the news of the great calamity which has recently visited the city of Baltimore, desires your excellency to convey to the honorable mayor and the people of Baltimore his sincere sympathy. He prays that they can stand the severe loss their city has suffered, and that it will continue to pro- gress. -Cardinal Merry del Val. # No Outside Aid Needed. At a conference held to-day between the mayor and the citizens' committee it was decided that no call would be made for outside as- sistance. If it is found necessary later on the municipality will float a loan to meet all needs.


Article from The Savannah Morning News, February 16, 1904

Click image to open full size in new tab

Article Text

BALTIMORE BUSINESS IS GROWING STRONGER. A. Cheerful View Is Taken of the Situation There. Baltimore, Feb. 15.-The business situation was given a most cheerful aspect to-day by the resumption of operations by the Clearing House Association. the first since Feb. 6, and was materially strengthened by the fact that the banks showed up in splendid condition, the clearings being about three times the normal daily amount. Another incident which gave emphatic stimulus to public confidence was the opening of all the savings banks, there having been a run on none of them and all receiving substantial deposits. One of them has 25,000 depositors, with total deposits of $25,000,000 and the withdrawals from this institution were normal. The decision of the Stock Exchange to postpone resumption of trading until Feb. 24 is also an action which is generally approved, as the postponement will give ample time for determining values of securities. That conditions have become much less critical than they were a day or


Article from Mower County Transcript, February 17, 1904

Click image to open full size in new tab

Article Text

CONDITIONS BECOMING NORMAL. Business at Baltimore Assuming a More Hopeful Aspect. Baltimore, Feb. 16.-The business situation was given a cheerful aspect Monday by the resumption of operations by the Clearing House association, the first since Feb. 6, and was materially strengthened by the fact that the clearings were about three times the normal daily amount. Another incident which gave an emphatic stimulus to public confidence was the opening of all the savings banks, there having been a run on none of them, and all receiving substantial deposits. The decision of the Stock Exchange to postpone resumption of trading until Feb. 24 is generally approved, as the postponement will give ample time for determining values of securities. There is an abundance of money in Baltimore. Since Saturday morning more than $3,000,000 in small notes and silver coin has been received at the United States sub-treasury. Fifteen companies of militiamen were ordered home Monday, it having been decided by Mayor McLane that there was an excess of soldiers around the fire district.


Article from The Kimball Graphic, February 19, 1904

Click image to open full size in new tab

Article Text

# BIG FIRM FAILS. Baltimore Insurance Comp-- Coulu Not Recover From Effects of Fire. Baltimore, Md., Feb. 17. Richard F. Post was appointed receiver for the Peabody Fire Insurance company of Baltimore. The company lost $700,000 by reason of the fire. It had assets of only $300,000. The authorities have decided the fif- teen companies of troops now policing the fire district are no longer needed and the guards have left for their homes. All the savings banks opened for business today. Deposits were made at all of them. The clearing house resumed opera- tions today. Business will be conducted as usual by the banks during the per- iod of the holiday, with the exception of forced payment of notes. All banks are well supplied with money.


Article from Alexandria Gazette, February 23, 1904

Click image to open full size in new tab

Article Text

# News of the Day. President John F. Smith and seven of the 12 Mormon apostles have been summoned as witnesses in the Smoot case. Mr. Frank Ehlen has been appointed receiver by Judge Morris in the United States District Court, of Baltimore, for the Queen Anne, Maryland, Railroad Company. The holiday period for Baltimore as fixed by Governor Warfield has expired and the local banks will resume business today in all branches for the first time since the conflagration. The blowing up of a Pennsylvania Railroad locomotive at Ehrenfeld, Pa., last night, caused the death of three men and the probable fatal injury of two others. All were railroad employes. A telegram from Tsienan-Fu, capital of the province of Shantung, China, states that hundreds of lives were lost by the bursting of a dam in the Huangho river and that several villages have been destroyed. Six men, including Capt. Harvey McClelean, and Mate John McCumber, were lost yesterday in the wreck of the three-masted schooner Benjamin C. Cromwell, off Bellport, L. I. Two men of the eight on board came ashore on bits of wreckage and were taken to the Bellport life-saving station exhausted. Anna T. French, who for several months was the maid of Mrs. Payne, wife of Postmaster General Payne, in Washington, was arrested yesterday afternoon at the home of friends in the Park Slope district, Brooklyn. It was announced at the Brooklyn detective bureau that she turned over the jewelry worth $1,800 and $55 of the $150 in cash that was stolen from the Payne apartments in Washington last Thursday. Having lost $600,000 by the fall in steel, Mrs. Maria T. Kunzman committed suicide in New York yesterday.


Article from The Indianapolis Journal, February 24, 1904

Click image to open full size in new tab

Article Text

# BANKS OF BALTIMORE # RESUME BUSINESS BALTIMORE, Feb. 23.-The banks in this city resumed business to-day in all their branches for the first time since the fire. Under Governor Warfield's proclamation the enforced payment of protest-able paper has been suspended from Feb. 6, thus making it necessary for all who have matured obligations to take care of them before the close of banking hours to-day. The Baltimore Stock Exchange will not resume until to-morrow.


Article from The Forrest City Times, February 26, 1904

Click image to open full size in new tab

Article Text

BALTIMORE BANKS RESUME. All Branches of Business In the Bal. timore Banks Were Resumed Tuesday. / Baltimore, Feb. 24.-The banks in this city resumed business Tuesday, in all their branches for the first time since the fire. Under Gov. Warfield's proclamation, the enforced payment of protestable paper has been suspended from February 6, thus making it necessary for all who have matured obligations to take care of them before the close of banking hours Tuesday.


Article from Twice-A-Week Plain Dealer, February 26, 1904

Click image to open full size in new tab

Article Text

# Banks Resume Business. Baltimore, Md., Feb. 24.-The banks in this city resumed business Tuesday in all their branches for the first time since the fire. Under Gov. Warefield's proclamation the enforced payment of protestable paper has been suspended from February 6, thus making it necessary for all who have matured obligations to take care of them before the close of banking hours. The Baltimore stock exchange will not resume until Wednesday.