First National Bank (Petersburg, VA)

View Charter #1378 on SPMC View balance sheet

Episode Information

Episode UID
137800885
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13780 national
Charter Number
1378
Start Date
September 23, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2c45cdad736cc998

Response Measures

None

Receivership Details

Depositor recovery rate
76.0%
Date receivership started
1873-09-25
Date receivership terminated
1876-05-15
OCC cause of failure
Fraud
Share of assets assessed as good
43.6%
Share of assets assessed as doubtful
21.8%
Share of assets assessed as worthless
34.6%

Description

Suspension during the Panic of 1873 led to eventual receivership/dividends declared by Comptroller in 1874.

Events (4)
1. July 1, 1865 Chartered
Source
historical_nic
2. September 23, 1873 Suspension
Cause
Macro News
Cause Details
Panic originating in New York; failure to obtain discounts in New York and a panicky public (financial crisis of Sept. 1873).
Newspaper Excerpt
The Merchants' National bank, the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning.
Source
newspapers
3. September 25, 1873 Receivership
Source
historical_nic
4. April 6, 1874 Receivership
Newspaper Excerpt
The Comptroller of the Currency yesterday declared a dividend in favor of the creditors of the First National Bank of Petersburg, Va., of twenty-five per cent;
Source
newspapers

Newspaper Articles (13)
1. September 23, 1873 Evening Star Washington, DC
Article from Evening Star, September 23, 1873

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The Quaker City All Right Again. PHILADELPHIA, Sept. 23.-The financial erisis is over. Banks and brokers are transacting business as usual. All the state banks that were under temporary difficulties have resumed except the Union and Citizens. The latter will soon resume. All the national banksstood firm, and no doubts were entertained of their stability. The Situation in Jersey. BAD EFFECTS OF THE CRI818 AT PATERSON. PATERSON. N. J., Sept. 23. In consequence of the financial crists in New York and the general depreciation of new railrosi securities, orders for locomotives for three months ahead at Rogers' locomotive works, in this city, have been canceled, and eighty-five of the workmen were discharged to-day. It is feared that five hundred more will be discharged at the same works, and several hundred at the Danforth and at the Grant works. ALL RIGHT IN TRENTON. TRENTON, N. J., Sept. -There has been no run to-day on the banks of any consequence. There have been no failures in this city. Broke out in a New Place. SUSPENSION OF THE BANKS IN PETERSBURG, VA. RICHMOND. VA., Sept. 23.-The Merchants' National bank. the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning. The Citizens' bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.

2. September 23, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 23, 1873

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BY TELEGRAPH EFFECT OF THE NEW YORK PANIC PETERSBURG BANKS SUSPEND REPORTED SUSPENSION* OF PROMINENT BUSINESS FIRMS. MERCHANTS NATIONAL BANK PROTESTED FOR $60,000 IN N. Y. [Special to The State Journal.] PETERSBURG, September 23-3 P. M.-The following banks have suspended: Merchants National, First National, Citizens, and Planters. The last two expect to resume payment in a few days. The Commercial National bank is still paying over the counter, and it is asserted that they will continue to do so. The alleged cause of the suspension is owing to a panicky condition of the people, and the failure to procure discounts in New York. The Merchants National bank has been protested for sixty thousand dollars in New York. There is intense excitement on the street, crowds and groups of depositors and others discussing the condition of things. The oldest and hitherto soundest business houses are suspected, and rumors of failures are circulating all around, but are unauthenticated. Itis currently reported and believed that the following business houses have suspended: McIlwain & Co., Plummer, Young & Co., F. M. Wright & Co., James Jones & Plummer, and others.

3. September 23, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 23, 1873

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Bank Suspensions in Virgilia. RICHMOND, VA., Sept. 23.---The Merchants National Bank, the Plauters' and Mechanics Bank, the Peoples' Bank and the First National Bank, all of Petersburg, suspended this morn ing. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commércial failures are rife in that city. The bank of Richmond are all quiet. There is considerabie excitement here over the news from Petersburg.

4. September 24, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 24, 1873

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BY TELECRAPH NEWS SUMMARY. Appearance of the Yellow Fever at Vicksburg. VICKSBURG, Miss., September 23.The Board of Health reports three fatal cases of yellow fever. RICHMOND, Va., September 23.-The Merchants National bank, Planters and Mechanics bank, Peoples' bank and the First National bank all of Petersburg, suspended this morning. Citizens Savings bank of Petersburg, though not suspended, declines payment. Rumois of heavy commercial failures are rife in that city. The banks of Richmond quiet. CINCINNATI, September 23.-General Superintendent, Van Horne, sends the following dispatch from Louisville: "Twenty deaths occurred in Shreveport yesterday. The disease is spreading in the surburbs." ST. LOUIS, September 23.-2000 people left for the prize fight. Allen won the fight in nine rounds, lasting twenty minutes. BOSTON, September 23.-Holley's mill burned; loss $40,000. HALIFAX, September 23.-The boat race was postponed on account of bad weather. GIBRALTAR, September 23.-The steamer Boombaugh exploded to-day. Four killed. WASHINGTON, September 23.-William B. Shaw, an old and leading Washington correspondent, has purchased the National Iron Works in Pennsylvania. [Note.-A storm south of here prevented the reception of our usual night dispatches.]

5. September 24, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 24, 1873

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Bank Suspensions at Petersburg. RICHMOND, VA., Sept. 23.-The Merchants' National Bank, People's and Mechanics' Bank, People's Bank, and the First National Bank, all of Petersburg, suspend this morning. The Citizen's Bank of Petersburg. although not suspended, declines payment. Rumors of heavy.commercial failurs are reported in that city. The banks of Richmond are all quiet, but there is considerable excitement 1 here over the news from PetersSHIUUUU

6. September 24, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, September 24, 1873

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The slight run that began on some of the savings banks yesterday has entirely subsided, and the banks are now paying those who do call for their deposits without asking any notice. RICHMOND, Sept. 23.-The Merchants National Bank, Planters' and Mechanics' Bank. People's Bank, and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburgh, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. ALBANY, Sept. 23.-The run on the Albany Savings Bank here closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. PATERSON, Sept. 23.-In consequence of the financial crisis in New York, and the general depression of new railroad securities, orders for locomotives for three months ahead at the e Rogers' Locomotive Works, in this city, have been cancelled, and five hundred and eighty-five of the workmen were discharged to-day. It is feared that five hundred more may be discharged at the same works and several hundred at the Danforth and at the Grant Works. PHILADELPHIA, Sept. 23.-T he financial crisis here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens. The latter will soon resume. All the national banks stood firm, and no doubts were entertained of their stability.

7. September 24, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 24, 1873

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the panic is over. The Stook Exchange will not be opened to-day. The Governing Committee meets again to-morrow morning. The excitement on the street seems wearing itself out. The brokers formed a street market before the Exchange. Western Union, 66 bid, 70 asked. The Government bought $350,000 worth of bonds. The Gold Exchange is open. Latest quotations, 113/4. M.-Proceedings has been commenced to force the Uuion Trust Com pany into bankruptoy. The Bank of the Commonwealth is still closed. The run on the Fourth National has ceased. A moderate run on the savings banks. The clearances at the Gold Exchange are satisfactory. Henry Clews & Co. have suspended; at present they have no statement to make, save that a temporary suspension has been deemed advisable by the firm. PATTERSON, N. J., September 23.-In consequence of the financial crisis in New York and the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rodgers' locomotive works have been cancelled. 585 workmen were discharged to-day, and it is feared 500 more may be discharged. WASHINGTON, September 23.-The President has issued a proclamation, abolishing "discrimination" against French bottoms, commencing October 1. Latest advices do not give an eucouraging view of financial affairs. Federal officials, however, at a late hour seem placid. W. B. Shaw, an old and leading Washington correspondent, has purchased the National Iron Company's works at at Danville, Pa., for $768,000. Probabilities-For the South Atlantic States, winds veering to North and West, with clearing but partly cloudy weather. RICHMOND, September 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg. ST. LOUIS, September 23.-2,000 persons left here for the prize fight. Allen won the fight in nine rounds, in twenty minutes. Telegraplaic-Commercial Reports. COLUMBIA, S. C., September 24.Sales of cotton, yesterday, 86 balesmiddling 153/c. New YORK, September 23-Noon.Cotton quiet and nominal; sales 461 bales-uplands 18; Orleans 18% Futures opened; September 18, 18 1-16; October 175/; December 17% January 175/8. Flour dull. Wheat quiet and steady. Corn dull. Pork quiet-new 17.75. Lard steady-old steam 87.16 @81/2. Freights firm. 7 P. M.-Cotton-net receipts 405 bales; gross 3,370. Futures closed weak and irregular; sales 13,200 bales, as follows: September 17 13.16; October 17 1-16, 17 15-32; November 17 5-16, 1736; December 171.4. Cotton irregular; sales 1,062 bales, at 181/4191/4 Flour in limited request and in buyers' favor. Whiskey steady, at 98. Wheat unsettled and difficulty in selling; exchange checks export; stock accumulate ing-red Western 60@65. Corn heavy and high for yellow Western. No business in groceries. Pork lower-17.25. Lard 81/@89.16. Freights dull. BOSTON, September 23.-Cotton quiet -middling 19 for new; net receipte 373 bales; gross 644; sales 200; stock 9,000. PHILADELPHIA, September 23.-Cotton dull-middling 183/; low middling 181/2; strict good O! dinary 1714. NORFOLK, September 23.-Nothing doing in tton-middling 18; net receipts 670 bales; exports coastwise 365; sales 25: stock 793. WILMINGTON, September 23.-Cotton quiet-middling 171/2; net receipts 99 bales; sales 37; stock 543. SAVANNAH, September 23.-Cotton dull-middling 171/; net receipts 3,536 balee; sales 72; stock 5,667. CINCINNATI, September 23.-Flour dull, at 7.00@7.15. Corn in fair do. mand, at 55. Provisions dull and nominal; transactions somewhat interfered with by general financial disturbances throughout the country. Perk nominally 16,00-bayers demand a reduction. Lard casier and quiet-steam @81/2 for kettle; 814@8% for summer; 7@77/8 for packed. Shoulders 73/; clear rib 81/2; clear 85. Bacon nominal and quiet; business small-shoulders 83/4 clear rib clear 934. Whiskey

8. September 25, 1873 The Valley Virginian Clifton Forge, Staunton, VA
Article from The Valley Virginian, September 25, 1873

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A special dispatch to the State Journal dated at Petersburg, Va., Sept. 23, says the Merchants National, First National, Citizeus and Planters Banks have suspended. The Merchants National Bank had been protested for $60,000 in New York. The cause of the suspensions, is failure to obtain discounts in New York, and the panicy condition of the public mind. The Commercial National is paying its depositors, as fast as demanded. Mellwaine & €o., Plumper & Co., F. M. Wright & Co., James Jones and Plumner. and other business houses have su-pended.

9. September 30, 1873 The Middlebury Register Middlebury, VT
Article from The Middlebury Register, September 30, 1873

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The Financial Situation. The financial troubles of the country continue. There has not been much, since our last issue, to intensify the excitement. A few more large houses, in Wall Street, have succumbed, such as Henry Clews & Co., Hows & Macy, and smaller houses. The worst feature of many the case, now, is, that the regular bank- citing institutions, not only in the large ies but all over the country, are feeling about their situation, and many suspended. of anxious ave already Suspensions towns reported in several of the large Louis. Pennsylvania, Petersburgh, Va., De. ville Ky., Chicago, III., Toledo, O., We troit, Mich , Havana, and elsewhere. Enhave heard of no run upon any New gland banks thus far. The policy of the government remains the It is estimated that by of bonds and other means, unchanged. purchase New Yook there has been made available in $34,000,000 [more than when the crash first came, and Secretary Richardson thinks if this has not affected the stringperceptibly, no sum which the gov. eroment ency has at its disposal, even though would drawing heavily on the reserves, have the effect to ease the money market, materially. Gold, that sensitive thermometer of business prosperity and credit, went up, on Saturday, some four per cent, though The closing, Saturday night a little lower. of fluctuation is, perhaps, only the result it reaction from the high price to which went. There is but litte sympathy, in the country. with the demand for an extra session of Congress. That calamity should there be averted if possible, especially if is danger of a repetition of the disgrace- last ful legislation, in other forms, of the Congress. On the whole we may feel assured that the worst of the crisis is over. We must expect tight times and many failures and some suffering for some time to come. This ought to prepare us for the exercise of a broad Christian philanthropy, reaching to the extension of charitable aid to all who may need assistance, if there are such. The following is the list of failures 80 far as we have heard New York, Jay Cooke & .,bankers Richard Schell, stock-broker; Robinson & Suydam, stock-brokers Fisk & Hatch bankers; Henry Clews & Co., bankers; White, De Frietas & Rathbone, brokers; EuBeers & Edwards, stock- brokers J. Jackson, broker; Theodore Bergene dell, broker S. H. Smith & Seaver, ers Thomas Reed & Co., bankers Hay & Warner, bankers; George Connor, H. banker ; George Bolton, banker W. bankWarren, banker Vernam & Hoy, Greenleaf, Norris & Co., brokers; ers George B. Alley, broker A N. Kidder, banker Day & Morse,bankers and brok- of D. Randolph & Co., the ers; Pennsylvania E. ; railroad bankers company National bank of com. the Union Commonwealth Trust Company: National Trust bankers; pany; Edward Haight & Co,, E. Brown, Wadsworth & Co., bankers; C. Morehead, banker : C. G. White & Co., brokers Ketchum & Belknap,brokWilliams & Bostwick, brokers; & Walsh, brokers broker J. M. ers; Miller Josephs, Myers Lawrence & Co., Fearing & Delling, brokers; Fisher & Co., bankers; & bankers; Tanssig, & Anderson, Fitch Co., brokers Whittlemore brokers ; Jacob Little & Co., brokers. Philadelphia, Jay Cook & Co., bank. W. Clarke & Co., Haven ere; E. & bankers Bond De Brother Gelbough, E. & H. North; J.S. and H. Charles P. Bayard Co; Yerks George H. H. John Bull P. Lloyd Henry M. Douglass; Union T. C. Knight : Henry L. Fell; banking company. Pittsburgh, Pa., Security Trust com. pany; James T Brady & Co., brokers. Buffalo, N. Y., H. W. Burt & Co., bankers and brokers, Petersburg, Va., Four banks, the Merchants' National, First National, Pianters and Mechanics', and the People's. Washington, Jay Cooke & Co., bank. ers; First National bank. Chicago, Franklin bank. Cincinnati, Taussig, Gamp & Co. Burlington, lowa, City savings bank. Albany, N. Y., J. Squires & Co. bankers. Teronto, Out., H. J. Morse & Co., bankers. Williamsport, Pa., Powell & Co. Woburn, Mass., Horace Conn.

10. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, October 18, 1873

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bonds, it wasthought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedman's and City Savings Banks, but both held out In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. Special Commissioner Felix R. Brunot has concluded a council with the Utes, the result of which was the ceding by the Indians of some 3,000,000 acres, being most of the land lying between the 37th and 38th degrees of latitude and 107th and 109th degrees of longitude, except a narrow strip on the southern side, on which many of the Utes have farms. It is proposed to gather the Wennihus, Muache and Capote Utes, and a portion of the Jacarilla Apaches now at Tierra Acravilla, and Cimarron agencies at New Mexico. This arrangement disposes of the two troublesome sub-agencies and gathers these wandering bands of the Utes upon their reservation. The price for land most mineral is to be given for the support of the new agency and for those Indians for which there has been heretofore no regular provisions made by the Government. Thearrangement with the Utes is not a treaty, but only an article of agreement entered into in accordance with an act of Congress authorizing negotiations. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the sayings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds disThe a general persed. day closed of with depositors confidence that the crisis was entirely over. The New York Stock Exchange continued closed on Tuesday, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been e summed up in a sentence, Confidence is t restored, the banks are conducting business as usual;" but just as the street was beginning to feel that the end of the panic h had been reached, the pamful rumor starte ed that the house of Henry Clews & Co. y had suspended payment. As soon as the announcementwas made that the doors of this banking had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co. 's failure. The run on the savings banks was continued moderately f throught the day, but the time rule allowing banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London tele11 gram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn n by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' Nao tional Bank, Planters' and Mechanics 8 Bank, Peoples' Bank, and First National all of that city, had suspended: I Citizens' Bank, although not susis declines payment. Rumors of 96 4 heavy mmercial failures were also rife in 4 that city 5 Then Pennsylvania, Railroad Company 58 havereque dediours of work for laborers 00 00 androad men forweight day, and the 00 0 pay rolls will be accordingly. The laborers, it is saideswill strike against al the new rule. n The President has issued a proclamation d exempting French vessels from all dise, criminating duties.

11. April 6, 1874 The New York Herald New York, NY
Article from The New York Herald, April 6, 1874

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or over $13,000,000, "Prompty put out in purchasing bonds, as incupeediest way of relieving the demand for currency. If recomrse could not have been had-to-the reserve, the Secretary would have been, ander the necessity of selling coin to obtain the currency necessary to pay the government indebtedness, or would have suspended currency payments. That there was no doubt as to the right to issue all or any portion of the reserve was best shown by the limited amount of the currency balance when the minimum amount of legal tender notes was in circulation. Now that but $18,000,000 of the reserve remained, with no authority to exceed the $400,000,000 limit, it would be necessary to hold it in reserve for any emergency. There was no reason for apprehending any further expansion of legal tenders beyond $332,000,000. There had been much criticism as to the power of the Secretary of the Treasury to contract the value of greenbacks. If the proposed act, fixing the amount at $400,000,000, became a law, it would not, as he had already said change the existing law, and the minimum would still be $356,000,000, to which point, in his opinion, it could again be reduced. With regard to increasing the national banking circulation, the addition of $46,000,000, with a redistribution of $25,000,000 in accordance with the existing act, would undoubtedly give those portions of the country clamoring for more banking facilities all the capital they needed for years to come, and he had now no reason to believe that Congress would pass any measure which would not meet with his ungualifled approval. Termination of the Labore of the Alabama Mixed Claims CommissionAmount To Be Paid the British Government. Henry Howard, Esq., late Agent of her Majesty's government, under the American and British Mixed Commission, will disburse the money awarded by it to British claimants-a little less than $2,000,000-which sum is to be paid by the United States to the British government by the 26th of next September. The money will be paid by Mr. Howard to the claimants or their legal representatives. The amount thus to be disbursed is included in the estimates of the Department of State. The business of the Commission was closed to the entire satisfaction of all its members. Thomas C. Cox, Esq., the late Secretary and Disbursing Officer of the Commission, to-day received the following letter:LONDON, FOREIGN OFFICE. March 19, 1874. SIR:-The Mixed Commission having concluded its labors, and your duties in connection with it being terminated, I am directed by the Earl of Derby to thank you on behalf of Her Majesty's government for the services you have rendered as Secretary to the Commission. His lordship has great pleasure in bearing testimony to the ability and impartiality with which, as he is informed, you have discharged very delicate and sometimes perplexing duties, and he has no doubt that the successful termination of the labors of the Commission in the period allowed by the treaty, was in great measure owing to your efforts. I am your most obedient humble servant, TENTERDEN. Dividends to Creditors of Insolvent National Banks. The Comptroller of the Currency yesterday declared a dividend in favor of the creditors of the First National Bank of Mansfield, Ohio, of twenty-five per cent; also the Merchants' National Bank of Petersburg, Va., of twenty-five per cent. Dividends were also declared during the month of March as follows:National Bank of the Commonwealth, New York, fifty per cent; First National Bank of Petersburg, Va., twenty-five per cent; First National Bank of Carlisle, Pa., twenty-five per cent; First National Bank of Washington. D. c., twenty per cent, making in all a dividend of fifty per cent. A dividend will also be paid to the creditors of the First National Bank of New Orleans of twenty-five per cent as soon as the necessary schedules can be prepared, making dividends of sixty per cent in all, to the creditors of that bank. The Financial Bill Amended and Under Consideration in the Senate. The following is the Finance bill as amended and as it now stands before the Senate:A bill to provide for the redemption and reissue of United States notes and for free banking. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the maximum amount 01 United States notes is hereby fixed at $400,000,000. SECTION 2. That $46,000,000 in notes for circulation, in addition to such circulation now allowed by law, shall be issued to national banking associations now organized and which may beorganized hereafter; and such increased circulation shall be distributed among the several States as provided in section 1 or the act entitled "An act to provide for the redemption of the three per centum temporary loan certificates and for an increase of national bank notes," approved July 12, 1870. SEC. 3.-That each national banking association now organized or hereafter to be organized, shall keep and maincain, as a part of Its reserve required by law, one-fourth part of the coin received by it as interest on bonds of the United States deposited as security for circulating notes on gov. ernment deposits; and that nereafter only onefourth of the reserve now prescribed by law for national banking associations shall consist of balances due to an association available for the redemption of its circulating notes from associations in cities of redemption, and upon which balances no interest shall be paid. SEC. 4.-That nothing in this act shall be construed to authorize any increase of the principal of the public debt of the United States.

12. July 18, 1874 New-York Tribune New York, NY
Article from New-York Tribune, July 18, 1874

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FINANCIAL NOTES. There were reports yesterday that arrangements had been made for the completion of the Chicago and Canada Southern Raitroad, and to this report was attributed the advance on the bonds. W. G. White, Cashier and Chief Clerk at the Sub-Treasury 111 this city, and Ac ing Assistant Treasurer in the absence of General Hillhouse, has been reappointed. The Controller of the Currency has declared a dividend of 35 per cent to the creditors of the late First National Bank of Petersburg, Va. This is the second dividend, and makes a total of 60 per cent. At a meeting of the general superintendents and general freight agents of all the railroads leading to the South-West, at Chicago on Thursday, it was decided not to poel the earnings, but to advance the pres 11 freight rates to south-western points 10 per ceat. opposition between the companies is now obviated, high rates will be obtained. Articles of association under the General Railroad law of New-Jersey were filed yesterday in the Secretary of State's office, at Trenton, for the construetion of the Timber Brook Railroad, to run from a point on the Morris and Essex Road at or near Port Oram, in Morris County, to a junction with the Green Pond Rillroad, at or near the mines of the Timber Brook Iron Mining Company, in Rockaway Township, Morris County. The length of the road 18 12 miles. The capital stock IS $200,000. The Commissioners to settle up the affairs of the Freedmen's Savings and Trust Company are ousily eagaged at Washington examining the Cooks of the institution, and will. in the course of a few days, issue a circular to those interested, giving an approximate statement of what they expect to be able to do; and urging them not to sacritice their claims, but retain them, If possible, until the affairs of the institution can be arranged, when it is expected that nearly the whole amount of the claims will be paid.

13. May 17, 1876 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 17, 1876

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PETERSBURG. ### WARD MEETINGS TO NOMINATE COUNCILMEN- ### REPUBLICAN POLICY-FIRST NATIONAL ### BANK-BRITISH ASSOCIATION BANQUET-DEL- ### EGATES TO THE EPISCOPAL COUNCIL-AR ### REST OF AN ALLEGED MULE-THIEF-SALE OF ### STOCK DEATH OF A LADY. [Correspondence of the Richmond Dispatch.] MAY 16, 1876. The city superintendent has issued a call for meetings of the Conservatives to be held in the several wards on Thursday night for the purpose of nominating tickets for the Common Council. The call has had the effect of enlivening politics very much to-day, and the names and claims of aspi-rants are very freely discussed. Recommendations for the Council have already been made in the First, Second, Fourth, and Sixth wards, as announced in this cor-respondence, and it is anticipated that a very lively if not exciting contest will occur in the ward meetings for the nominations. Especially in the First, Second, and Fourth wards may interesting scenes be expected. The Independents are showing such a bold front, and the canvass has been so vigorous-ly conducted on the part of friends of the aspirants, that it is impossible at present to foretell the result. After the nominations are made, however, it is believed all differ-ences will be reconciled. At a meeting of the Radical Central Com-mittee, held last night, it was decided to run a ticket for the municipal offices, but no names have yet been made public. It is un-derstood Conservatives will be mostly voted for with the hope of defeating our regular nominees. Person Adams, the receiver of the First National Bank, which failed in the great panic of 1873, will at an early day declare an additional dividend of sixteen per cent. in favor of the depositors. This will make, with the dividends previously paid, an ag-gregate of seventy-six per cent. received by the depositors. It is believed the bank will pay its depositors in full. The contract for the banquet to be given in honor of Queen Victoria's birthday has been awarded by the committee having the matter in charge to the proprietor of the City Hotel. The committee have raised enough money to provide a banquet richly worthy of the occasion. A special meeting of the Common Coun-cil has been called for to-morrow afternoon to consider matters relative to Blandford Cemetery, and to devise the means to im-prove the addition recently made to the cemetery grounds. Messrs. I. P. Hoag and H. Noltenius are building a large tobacco factory in this city. Mr. George H. Ferris, Government con-tractor for the improvement of the Appo-mattox river, has extended an invitation to the officers and teachers of the Washington-Street Methodist Episcopal Sunday school to take an excursion trip on one of his fine steam-tugs. Rev. Dr. C. R. Hains, Dr. Thomas With-ers, and Colonel S. B. Paul, of St. Paul's church; Rev. Dr. C. J. Gibson and Dr. James W. Claiborne, of Grace church; and Rev, Giles B. Cooke, of St. Stephen's church, left to-day for Alexandria to attend the Episcopal Council. L. S. Gregory, Esq., editor of the Index-Appeal, will lecture in Farmville to-night, and in Boydton on the 29th instant. Officer Perkinson returned to the city from Richmond this afternoon, having in custody a man named James Padgett, whom he arrested last night twelve miles beyond your city on the charge of stealing a mule belonging to Mr. Charles T. Tinsley, of Prince George. The prisoner passed through Petersburg, riding the mule, on Sunday morning. When found he was asleep, and the animal was stalled in a stable. Among the auction sales to-day was that of 155 shares of the stock of the Manchester Cotton Mills Company, which brought $6.75 per share. The wife of Mr. Robert R. Bowden, for-merly of Prince George county, died on Sun-day in Brunswick county, where she has been living for several years past. She was a lady well known in this city and section. Being an officer of one of the Brunswick Granges, she was buried with appropriate honors by that Order. ROBIN ADAIR.