Article Text
BANK SUSPENSION. SAN FRANCISCO, Cal., Dec. 18, 1879. A despatch from Virginia City, Nev., says the Bank of Virginia has suspended, caused by carrying too much mining stock, the price of which has fallen greatly during the last month.
14653. Bank of Virginia (Virginia City, NV)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 18, 1879
- Location
- Virginia City, Nevada (39.310, -119.650)
Metadata
- Model
- gpt-5-mini
- Short Digest
f351ed75
Response Measures
None
Description
Multiple contemporaneous dispatches (Dec 18–19, 1879) report the Bank of Virginia suspended due to heavy holdings of mining stock that fell in value. Subsequent articles in Jan–Feb 1880 describe the institution as a failure, court judgments, and a creditors' committee reporting a deficiency, indicating the suspension led to permanent closure/insolvency. No explicit depositor run is described in the articles.
Events (3)
1.
December 18, 1879
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank became embarrassed after holding too much mining stock (North Bonanza and Flowery shares) whose prices fell greatly, prompting a suspension for payments while officers went to San Francisco to arrange reorganization.
- Newspaper Excerpt
- A despatch from Virginia City, Nev., says the Bank of Virginia has suspended, caused by carrying too much mining stock
- Source
- newspapers
2.
January 28, 1880
Other
- Newspaper Excerpt
- In the District Court to-day, judgment was entered in two cases against the Bank of Virginia, and stay of execution for five days was granted. This virtually settles the hash of that institution. ... the late bank, is not the most popular man in town.
- Source
- newspapers
3.
February 3, 1880
Other
- Newspaper Excerpt
- The committee of creditors to investigate the affairs of the Bank of Virginia, report liabilities $109,000; assets, $90,000; deficiency, $19,000. ... main cause ... flooding of the institution with North Bonanza and Flowery stocks, about 40,000 shares ... held by the bank at the time of its suspension
- Source
- newspapers
Newspaper Articles (10)
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NEVADA. Temporary Suspension of the Bank of Virginia. VIRGINA CITY, December 19. The Bank of Virginia has become embarrassed by the decline in stocks. and has suspended for a day or two, while President Jackson and Cashier White are in San Francisco making arrangements to go on. The utmost confidence is expressed that they will be able to do so.
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A dispatch from Virginia, Nev., says the bank of Virginia has suspended. The cause was carrying too much mining stocks, W ich have fallen greatly to the last month.
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GENERAL NOTES. THE rooms of the Chicago Mining Board were formally o pened on the 15th inst. BUCKNER S. MORRIS, an old resident and second mayor of Chicago, died on the morning of Dec. 16. THE venerable Wm. H. Goode, D.D., of the M. E. Church, died at his residence in Richmond, Va., Dec. 16th. THE Lake Shore & Michigan Southern and the Michigan Central railroad com pan es declared a semi-annual dividend of four per cent. Dec. 16th, to be paid Feburary 1st as UI preu Suneom U 10 cose aul LV Paul Dec. 18th to declare sympathy with the oppressed people in Ireland, a fund of $1,500 was raised. THE Presbyterian Synod of Long Island, on the 19th inst., by a two-thirds vote, sustained Dr. Talmage by dismissing the appeal from the decision of the Presbytery in his case. A DISPATCH of the 19th inst. from Virginia, Nev., says the bank (f Virginia has suspended. The cause was carrying too much mining stocks, which have fallen greatly in the last month. ROWENA MATHENY, aged 19, daughter of the pilot of the steamer Andy Baum, attempted suicide at Evansville. Ind., Dec. 18. She was urged to the act by the desertion of her lover, who, after postponing the marriage several times, left her. She will probably recover. FOWLER BROS., packers at the Chicago discharged 2,000 men Dec. stock y 18, bec they insisted that non-union men should not work with them. Other packir g houses began discharging union men on the same grounds, and it was estimated that from 5,000 to 8,000 men were idle about the packing establishments. THE judges appointed to pass upon the products entered for competition in the great dairy exposition, in New York, rendered their report on the 15th inst. Canada took the first prize on cheese and Wisconsin the second. Wisconsin took the first prize on butter and Illinois the second. SAMUEL E. PERKINS, chief justice of the supreme court of Indiana, died at midnight, Dec. 17th, at his residence in Indianapolis. Mr. Perkins was one of the oldest and most eminent jurists in the state and the west. He was twice elected to the supreme bench. MARY A. MURRAY, who was removed on the 14th from a position in the Baltimore post office, has brought suit against Postmaster Tyler, claiming $20,000 damages for assault, says a telegram of Dec. 19th. Miss Murray was a principa! witness against the postmaster in the recent investigation. THE Australian World's Exhibition has proved a gigantic failure, involving a loss of $1,000,000 to the government. Merchants of Great Britain, Canada and the United States, who sent out goods, find that they have stocked the New South Wales market with machinery, agricultural imdlements, wagons and other goods sufficient for five years, and these have largely to be sacrificed to pay freights and charges. A LARGE meeting of railroad officials connected with roads which run into Chicago, met in that city Dec. 17th. Thirty companies were represented. Resolutions were adopted tooking to the future pooling of passenger rates. The Illinois roads completed a classification of freight and formed a central railroad rate, The object claimed is to protect their roads from the unfair advantages which they say the connecting trunk lines take. Full arbitrary local rates will be demanded of the trunk lines, and these roads will refuse to pro rate with trunk lines. A CINCINNATI dispatch of Dec. 18 says: The new steamer Reuben R. Springer, to run in the New Orleans trade, left here last evening with 700 tons of freight and a good list of passengers. Before starting she gave an exhibition of the electric light. Two lights were used, oneo the pilot-house and one on the forecastle, the illuminated river in front and the landing showing that they will not only be useful at night while under way, but will also revolutionize the method of lighting landings. She is the first boat to use this light on western waters. AFTER an investigation lasting six months, a committee of the Pennsylvania legislature, appointed to inquire into the alleged overissue of state bonds, reported, Dec. 18, that the discrepancy in the books of the treasurer had been satisfactorily explained by a settlement with Mc. Graw, the treasurer, found on the fly-leaf of of the ledgers. This style of rec.
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THE WEST. A VIRGINIA CITY, Nevada, dispatch of the 18th announces the suspension of the Bank of Virginia. Cause, fall of mining stock. THOMAS NEILL, a heavy cattle dealer of Peoria, Ill., has failed with liabilities somewhere between $200,000 and $300,000. JOSEPHINE TAYLOR, aged 22, daughter of the president of the Mormon church, attempted to escape from Utah and her father's harem on the 16th. She got on the Union Pacific train, but having no ticket or money was put off at the first station east. She endeavored to get the agent at Uintah to secrete her, but he refused, and her father's friends being notified she was taken back to Salt Lake. SAMUEL E. PERKINS, chief justice of the Supreme Court of Indiana, died on the night of the 17th, at his residence in Indianapolis. BUCKNER S. MORRIS, an old resident of Chicago, died at that place on the 16th inst. He was judge of the circuit court of Illinois at one time. MUCH anxiety is felt at the condition of afairs near Camloop, British Col. umbia. Government Agent Usher was recently killed by half-breed outlaws, who also murdered a herder named John Kelley at Stump lake. At last accounts the desperadoes were surrounded in a log house at the foot of Douglas lake, in the Nicola Valley. They have repeating rifles, and the settlers are poorly armed. The Indians are (earfully excited, and an Indian revolt is feared. COMMANDEE CHESTER HATFIELD, U. S. navy, died at Vallejo, Cal., on the 15th inst. CoL. ZEB. WARD, lessee of the Arkansas penitentiary, has been awarded the contract for the construction of the Little Rittle Rock & Pine Bluff railroad. Four hundred convicts will be employed. The grading is to be completed by April 1st and the entire road in operation by July 1st, 1880.
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The Afghan troops continue to occupy Cabul. # MISCELLANEOUS. Ouray informs the commission that the Indians have accepted his ultimatum. Gen. Hatch is ready to leave with the prisoners, but is compelled to await the arrival of Sowerwick, who is on his way from Grand river to accompany the chiefs to Washington as a representative of the White river Utes. Jack was also selected by Ouray to represent that tribe, but his heart fails him and he declines the trip, fearing arrest. The change in Jack is attributed by Ouray to be Mormon influence. Jack has decided to quit the reservation and join Sitting Bull. He informed Ouray that he was a man with a carbine and plenty of ammunition and he proposed to fight. Gen. Hatch will probably start on the 25th inst. The Indian prisoners will be under a military guard detailed from Fort Garland. Gen. Coburn, of the Arkansas hot springs committee, filed the last papers in the matter at the interior department Monday. The secretary of the interior will now give thirty days' notice of the decision and then the land office in Little Rock, after twenty days' notice, will proceed to sell. There was no change in the condition of affairs at the Chicago stock yards Tuesday. Several of the largest houses refuse utterly to concede any further points to the workmer. Several others are running very light, and only a few minor ones are slaughtering to their full capacity. Christmas was observed throughout the country with religions services in the morning in the churches of various denominations, followed throughout the day by the customary festivities, not forgetting the unfortunate class so numerous in the large centres of population. Charles S. Stettauer, during an examination Friday morning in Chicago as to the assets of the bankrupt firm of Stettauer Brothers, testified that the members of the firm had lost, since the spring of 1878, nearly $150,000 by speculations in grain and provisions. A public meeting was held at the Boston Merchants' Exchange parlors Friday, for the discussion of Indian citizenship. Addresses were made by Gen. Armstrong, principal of the Government School at Hampton, Va., and W. H. Lincoln, of Boston. The New York board of aldermen is moving for the suppression of exhibitions of female pedestrianism, which are characterized as offensive to the sense of propriety and decency, demoralizing in their minds, and cruel and inhuman to the participants. Advices from Fort M-Leod, Bow river, to November 3, confirm the reports of destitution among the Blackfeet Indians. Twenty-five have died of starvation at Blackfoot crossing. There are fresh reports about cattle being killed by the Indians. Vanderbilt, who is forbidden by the terms of the syndicate purchase to increase his holdings of New York Central, has been buying liberally of Chicago, Rock Island and Pacific, Chicago, Burlington and Quincy, and other paying stocks. The wrestling match at Cincinnati Friday night between John McMahon and W. L. Kennedy, collar and elbowstyle, at Robinson's opera house was won by McMahon. Kennedy won first fall but McMahon threw Kennedy next two falls. A report gained credence in Wall street Monday that James Keene will soon withdraw five million dollars from the banks there to be sent to Chicago and Milwaukee, to margin wheat contracts beginning to fall due January 2d next. There is a wrangle among the Brooklyn gas companies concerning the consolidation of the six old gas companies in one organization. Four of the companies have voted in favor of consolidation and two against it. At a meeting of the board of directors of the Atlantic and Pacific Telegraph company Friday at New York, Albert B. Chandler was unanimously elected president in place of Gen. Thos. T. Eckert, resigned. The executive committee of the Irish relief fund at St. Louis will send a draft for fifteen hundred dollars to Archbishop McHale, of Tuam, Ireland, for the relief of the poor, irrespective of creed or locality. The Irish citizens of Chicago held a large meeting Saturday. Reports were made showing that about $3,000 have been raised to assist their countrymen in Ireland in their trouble. The rooms of the Chicago mining board were formally opened on Monday morning and several transactions in mining stocks took place. The enterprise promises to be a success. A Soldiers' Bazar, which will be run for ten days, was formally opened at the City Hall in Springfield, Mass., by Governor Talbot, on Monday night, after a military street parade. A special from Jefferson City says the supreme court Monday morning overruled the motion for rehearing the case of the City of St. Louis against the St. Louis Gaslight company. Irwin Russell, a well known dialect writer and poet, died at New Orleans Wednesday night in destitute circumstances, and among strangers, after a few hours' illness. The loss of over two hundred lives by the foundering of an ocean steamship, such as the Borrussia, would be startling if such disasters were not so frequent. The rapid rise in the Ohio river causes some apprehension in the minds of the river people for the safety of boats and cargoes at the landing in Cincinnati. A review of the business of Chicago during 1879 shows that the year has been unusually prosperous for bankers and merchants in all departments of trade. The Bank of Virginia, at Virginia City, Nev., has suspended payment owing to the great decline in the value of mining stocks held by the bank. The deacons of the Kansas City Tabernacle have called upon the Rev. W. B. Barber to rise and explain why he should not step down and out. The road generally called the Narrow Gauge, will be operated hereafter as the Kansas City and Eastern division of the Missouri Pacific. Counsel for the St. Louis, Alton and Terre Haute railroad says Mr. Tilden has made no settlement with the road as yet. Hard coal has been found at a depth of twenty-five feet twelve miles northwest of Emerson, Manitoba The introduction of Edison's electric light has depreciated gas stock in New York City. Pinchback is in favor of a general exodus of his race to Kansas. The Mississippi river is frozen over from Lake Itasca to Cairo. The Ohio river is on the rampage. COMMERCIAL. FANBAS CITY MARKETS
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THE WEST. IN the matter of the contested application for a grant of lands by the government for the town site of North Leadville, Col., the acting commissioner general of the land office decided that according to the testimony the land applied for is "valuable for m nerals," and that therefore it is sub. ject to location under the mining acts only. The application for a town site patent is accordingly rejected. ON the 24th, Ouray came into Los Pinos agency with part of the prisoners demanded by the commission. Gen. Hatch refused to start for Washington until all the guilty ones were brought in. Chief Ouray was granted five days more and again departed. Snow is very deep in the White River region. WM. McKEY, chief proprietor of the St. Louis Globe-Democrat, expired suddenly on the 20th from an attack of heart disease. D. M. Houser, for year business manager of the newspaper, will succeed McKey in the proprietorship. GEN. CHARLES ADAMS, of the Ute commission, is confident that the twelve Indians designated by the commission will be taken to Fort Leavenworth, and he believes that evidence enough will be secured to hang several of the savages. DURING January the Laclede rolling mills and Valcan works, St. Louis, will resume operations, giving employment to between 1,200 and 1,600 men. A VIRGINIA CITY, Nevada, dispatch of the 18th announces the suspension of the Bank of Virginia. Cause, fall of mining stock. THOMAS NEILL, a heavy cattle dealer of Peoria, III, has failed with liabilities somewhere between $200,000 and $300,000.
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COMMERCE AND INDUSTRY. It is reported from Philadelphia that the contract for the construction of the Texas Pacific Railroad from Fort Worth to El Paso, on the Rio Grande, has been virtually concluded. The main feature of the contract is the completion of the 600 lacking miles by January 1, 1883, leaving only 800 miles to complete connections to the Pacific. Twenty thousand dollars a mile is the construction price, and the contractors are to be paid in mortgage bonds, the issue of which has been authorized to the extent of $25,000 a mile. The majority of the stock is said to be held by German capitalists, but Jay Gould, Russell Sage and Sidney Dillon are the moving spirits in the enterprise. The Bank of Virginia, at Virginia, Nevada, suspended payment on the 18th. Reported cause, carrying too much mining stocks.
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COMSTOCK CORRESPONDENCE SOMETHING OF THE LADY BRYAN DEAL-THE "EXPERTS" INSPECTING THE ROCK-FINALCIAL AND GENERAL. VIRGINIA CITY, Jan. 28, 1880. EDITOR APPEAL: The investigation of the salting of the Lady Bryan mine was closed today, and so far as the outsiders can judge, nothing has been discovered. The general opinion is that the drill hole was never salted at all, but that the rock from which the rich assays were obtained went direct from Captain Kelly's pocket to the assayer's erucible. I don't say this is true, but it is the theory which has gained general credence in this community. THE EXPERTS" AT WORK. It would have done your heart good to have seen the C street experts examining the specimens from the Lady Bryan last Wednesday. Grant Israel made a microscopic inspection and pronouneed the rock very rich. Hank Smith said it looked good, but he wouldn't dare to give his opinion until after the assays had been made. Miles Finlan swore he could see the chunks of native silver sticking out like the quills on a porcupine. Others joined in the chorus, and before the result of the assays were announeed, there was but one opinion. The boom was booming, and everything was lovely. During this time Captain Kelly was dropping his stock by chunks upon the market, taking whatever price he could get. BANKS AND STOCKS. In the District Court to-day, judgment was entered in two cases against the Bank of Virginia, and stay of execution for five days was granted. This virtually settles the hash of that institution. The managers have been given every chance to settle up, but have not done so. The Sheriff will now attend to the matter. The leases by this failure are not very heavy, but they fall in many instances upon poor P ople who can ill afford the calamity. Mr. White, manager of the late bank, is not the most popular man in town. He continues to smoke good cigars, however, and doesn't seem to worry very much. We have just had another snow storm, but the sleigh-riding is not so fine as it was immediately after the first storm. The weather today has been very cold, getting down almost to zero. It is rumored that J. P. Martin is about to sell his house in this city, and that he will never resume his position in the Bank of California, in this city. He is reported to be in a very bad condition, physically. In case of his not returning, J. W. Eckley will succeed to the position of agent of the bauk. The spurt in Sierra Nevada yesterday was caused by a reported improvement on the 2,300 level. The ore struck was cut through, and of course the stock fell again. JIM CROW.
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Bank of Virgiula. The committee of creditors to investigate the affairs of the Bank of Virginia, report liabilities $109,000; assets, $90,000; deficiency, $19,000. These are the figures furnished by Cashier Daniels. The committee add: The main cause of the bank's difficulty appears to have been the flooding of the institution with North Bonanza and Flowery stocks, about 40,000 shares of these two mines having been held by the bank at the time of its suspension, but some of which has since been sold, though against the advice of the President of the bank. On this stock they were unable to raise loans.