1804. Security Savings & Commercial Bank (Washington, DC)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
April 1, 1876
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
a19089526d811296

Response Measures

None

Description

Multiple 1876 newspaper reports state the Security Bank (Washington, D.C.) suspended business in early April 1876 and shortly thereafter 'has closed and will go into liquidation' with liabilities quoted. No run is described; the bank suspended and entered liquidation (closure). Dates inferred from publication dates: suspension reported April 6, 1876 as having occurred 'Saturday' (i.e., April 1, 1876); closure/liquidation reported mid-April 1876.

Events (2)

1. April 1, 1876 Suspension
Cause
Voluntary Liquidation
Cause Details
Newspapers report the bank suspended business and was to go into liquidation; liabilities cited suggesting insolvency (liabilities about $100,000).
Newspaper Excerpt
The Security Bank, Washington, suspended business Saturday.
Source
newspapers
2. April 13, 1876 Other
Newspaper Excerpt
The Security bank, of Washington, has closed and will go into liquidation. Liabilities about $100,000, of which $53,000 are due depositors.
Source
newspapers

Newspaper Articles (4)

Article from Knoxville Journal, April 6, 1876

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Article Text

SUNDAY. The United States Express office at Akron, Ohio, was robbed of from $25,000 to $30,000 on Saturday. The Security Bank, Washington, suspended business Saturday. The statement of the public debt shows a decrease, during the past month of $4,240,866. Six hundred and fifty-fivethousand dollars in silver change has been received at the St. Louis sub-treasury. The President has issued an order to Capt. Johnson to protect American citizens in Matamoras against the unreasonable exactions of the Mexcan authorities.


Article from The Bolivar Bulletin, April 13, 1876

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Article Text

LATEST NEWS. SOUTH AND WEST. Mississippi will be represented at the centennial by a handsome building, composed of every variety of wood grown in the state. The California legislature has passed a bill abandoning tuition in languages and music in the public schools. The two cost in San Francisco $50,000. The Security bank, of Washington, has closed and will go into liquidation. Liabilities about $100,000, of which $53,000 are due depositors. The Consolidated Virginia mine has just divided its thirteenth monthly dividend of $1,080,000 gold! In twenty-three months the mine has taken out $30,000,000 of treasure, and divided $17,280,000 of profits. The supreme court of Tennessee sentenced L.A. Gilbert to be hanged at Fayetteville, May 29th, for the murder of Wm. Johnson, a blind magic-lantern showman. The prisoner received his sentence with laughter. Elizabeth T. Greenfield, a colored singer, famous throughout the country some years ago, under the name of the Black Swan, died in Philadelphia last week, at the age of sixty-eight. She was born a slave in Georgia, but was manumitted while a child. Ten carloads of machinery, including engines, boilers, etc., were shipped from St. Louis last week for San Francisco, destined for Nichalaivisk, Siberia, where they will be put into eight steamboats being built at that point for Amoor river. Additional telegrams from Fort Fet terman state that General Crook's victory over Crazy Horse was a complete one, and that many of the Indians who escaped must starve, as all their provisions, ammunition, etc., were destroyed. The impeachment articles preferred against Governor Ames in the Mississippi legislature have been withdrawn, Ames resigned his office and is once more a private citizen. President Stone of the senate has been recognized as acting governor. Columbus, Ga., claims the position of the Lowell of the south: She is now running 35,000 spindles and 1,000 looms, besides many iron and other industrial enterprises. The city was destroyed in 1856, and all these have been replaced since with southern money. Col. Edward P. Jones, a prominent resident of Canton, Miss., and now widely known throughout the south, temporarily located at Indianapolis, engaged in introducing his several patent inventions, committed suicide by taking hydrate of chloral. Report says, business trouble, coupled with excessive drink, was the cause. The United States engineer in charge of harbor improvements on the southern coast, is now constructing a harbor in a cross tide some six miles above the city of Savannah, in order to deflect from its natural course a large portion of the waters of the Savannah river. The Charleston chamber of commerce protests against it, as threatening the commercial interests of the city and the rice of plantations of the coast. The hog cholera is becoming a matter of serious concern out west, the terrible ravages of the disease rendering it a subject of grave consideration alike for producer and consumer. The Illinois state board of agrit culture has just taken steps to gather all the information possible as to the nature and causes of the disease, and the various meth ods of treating it, for the information of 8 breeders and others who are experimenting in the hope of finding a remedy for the malady, or a preventive.


Article from The Herald and Mail, April 14, 1876

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Article Text

LATEST NEWS. SOUTH AND WEST. Mississippi will be represented at the comcentennial by a handsome building, posed of every variety of wood grown in the state. The California legislature has passed a languages and bill abandoning tuition in The two cost music in the public schools. in San Francisco $50,000. The Security bank, of Washington, has closed and will go into liquidation. Liabili$53,000 are due ties about $100,000, of which depositors. The Consolidated Virginia mine has just divided its thirteenth monthly dividend of $1,080,000 gold! In twenty-three months the mine has taken out $30,000,000 of treasure, and divided $17,280,000 of profits. The supreme court of Tennessee sentenced L.A. Gilbert to be hanged at Fayetteville, May 29th, for the murder of Wm. Johnson, a blind magic-lantern showman. The prisoner received his sentence with laughter. Elizabeth T. Greenfield, a colored singer, famous throughout the country some years ago, under the name of the Black Swan, died in Philadelphia last week, at the age of sixty-eight. She was born a slave in Georgia, but was manumitted while a child. Ten carloads of machinery, including engines, boilers, etc., were shipped from St. Louis last week for San Francisco, destined for Nichalaivisk, Siberia, where they will be put into eight steamboats being built at that point for Amoor river. The impeachment articles preferred against Governor Ames in the Mississippi legislature have been withdrawn, Ames resigned his office and is once more a private citizen. President Stone of the senate has been recognized as acting governor. The Galveston News says the cold weather has killed vegetation in nearly all parts of Texas. Early corn and oats, fruit and vegetables have been destroyed. Cotton, except in isolated instances, had not come up, and escaped, but where it had peered above the surface of the ground it met its death. The Memphis cotton exchange has discharged itself of a very delicate duty and awarded its handsome prize of $1,000 to Mr. William Taylor, of Lee county, Arkansas, as the owner of the best bale of cotton in competition, and the best bale ever seen here. The judgment of the committee was reached after maturity and the careful exercise of their skill as experts. Col. Edward P. Jones, a prominent resident of Canton, Miss., and now widely known throughout the south, temporarily located at Indianapolis, engaged in introducing his several patent inventions, committed suicide by taking hydrate of chloral. Report says, business trouble, coupled with excessive drink, was the cause. The United States engineer in charge on the southern of harbor improvements a harbor in a cross coast, is now constructing tide some six miles above the city of Savanfrom its natural nah, in order to deflect the waters of the course a large portion of Savannah river. The Charleston chamber of it, as threatening commerce protests against the commercial interests of the city and the rice of plantations of the coast. The hog cholera is becoming a matter of serious concern out west, the terrible ravages of the disease rendering it a subject of grave consideration alike for producer and consumer. The Illinois state board of agriculture has just taken steps to gather all the information possible as to the nature and causes of the disease, and the various meth. ods of treating it, for the information of breeders and others who are experimenting in the hope of finding a remedy for the malady, or a preventive.


Article from The Washington Herald, April 1, 1913

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Article Text

TONE IS GOOD, PRICES STEADY Mr. Morgan's Death Without Effect on Values in Wall Street. CONDITIONS PECULIAR Low Prices Help Stability-Little Need for Support-Local Securities Firm May Move. By I. A. FLEMING. Wall street knew that Mr. Morgan was dead before the opening of the Exchange. For years this announcement had bean expected and dreaded as to the possible effect on security there values, was a shiver and a When feeling it of came keen regret in the street, but nothing more. have passed from the Great financiers their going SO enes of their activities, and declines. The has been followed Gould. by wild the sudden deaths of passing William of Jay A. Vanderbilt scenes, and with Gov. Flow- much er brought panicky that stopped the need for the assassination support of President declines. Garfield nipped The a flood-tide bull market to a frost. the leader. the master, the But when withking of Wall street goes hence, it where is he sensation in the section in ruled out almost supreme--a little break and then a full recovery. prices The stage setting for Morgan the great had tragedy practically was different. retired from Mr. business: shoulders, he had on put his the burden on younger his partners in the great sturdy banking son firm and of J. P. Morgan & Co. knew His house was in order, as goes every on. one his great it would be. His firm the men of affairs at interests this day intact. and generation as are accustomed to leaving matters. has been no great pubMoreover there market for many He interest in the stock Prices were grinding on low recdays. result of money stringency, ords. the and fear of legisadministration changes public to become lative panic-stricken: measures. too No low prices to check further sacrificing. have been some supTrue. there may attempt port given the list to check to create any sentithe part of the bears was on ment in their favor. and yet to expect. support Mr. the most natural thing into the Morgan has frequently and steppped he was not without powerful market in urgency, influential friends to take his place when occasion required. Strong Closing. But at the low of the day the leading stocks were a little more than a point off. and at the closing but a fraction, some 1-2 or 3-8 on the average, while shares made good gains. his work furnished Mr. Morgan and The consensus the gossip of the day that he of opinion favored the theory the more so had practically became known retired, that on his last when it he had yielded all responsibility voyage. to his partners. giving them a free hand. The Market. Steel opened a point off. and the early back price proved the low, for it came Union and closed but 1-2 point lower but Pacific opened 11-4 off and closed Saturday, below the final figures of closing and 3-8 so with other stocks-the showed slight changes The net losses. therefore may be said the to in no way reflect financier. the effect of passing industrials of the great and some rails lost 1-2al Some point. but this was nothing more than an ordinary day's fluctuations. The closing was strong. April Disbursements. In addition to the dividend sent out last payments night for which which checks totaled were $668,520. there were also and in payment for interest sent due April out checks. for $141,940. making $810,460. the total disbursements for today make an difference appreciable Such a heavy distribution in should the market It is safe for local securities large today. part of this money to will assume be reinvested that are and they with are stocks likely he'd to as popular well as with they the buying public. as the figures quoted be The actual disbursements it is will impossible exceed be will estimate the payments that of made to in Washington on account is gov due Interest ernment today. 1-2 bond of per interest cent on nearly certain $543,000. per 000 of government 2s. and a to centage of this jarge sum will be paid local banks and investors. helping the investment In addition to big distribution ought to increase movement. the this supply of loanable funds and make bankers generous. Bank Opens Wednesday The Security Savings and tomorrow, Commercial in will open for business temporary Bank quarters, just north of G in Ninth Street. Julius I. Peyser. prominent in the or- be of the $100,000 bank. will ganization president. Associated with him its first of men who were promSavings inent are a in number the management of the Bank. Merchants The bank and will Mechanics clear through the Riggs with will also do business the National Metropolitant and National Banks. and the Commercial contract National has been let for the new bank The building on the northeast corner and soon as as of the Ninth building and G is Streets, ready the bank will occupy stock it. of this bank was subscribed for The without offering any last week to the for public. payment A call of was 50 per sent cent out of the subscriptions. Local Stocks. On a very limited line a of shade business stronger the to local end exchange Capital showed Traction sold at 121, The a gain on previous quotations. sharp to buying Washington Railbroker given Electric shares seemed willing way and stock at figures, 90 1-2 to take the on preferred and 91 3-4a92 for sales the for and while there were light common, these figures the market showed moved no around life, holders asking better up figures. another Washington S4 3-4 Gas bid. one lot sold at 84 7-8. Stock eighth was to offered at unsatisfied. S4 7-8 at the close with the 84 was 3-4 bid shade firmer at S5 1-8a 85 Railway Lanston 1-4 with 85 freely bid around 48 were the room. firm In the bond Traction list is moved up to 109 at 5-8, 83 1-2 while and Potomac Consolidated 5s sold at 100 3.4. Want Stock. The Potomac Insurance Company share. is The out its own stock at $30 little after circular plainly states that there company is for dividends, that the chance been sold to the General Accident has increase Company and that the proposed increased million capital cannot be to to a million until the stock has all been garnered in. May Move. March