1874. Georgetown Bank of Commerce (Georgetown, DC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 15, 1857
Location
Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model
gpt-5-mini
Short Digest
e97fb9af

Response Measures

Accommodated withdrawals, Partial suspension

Other: Partial suspension described; stockholders expected to resume operations in a few days.

Description

Multiple contemporaneous newspaper dispatches (dated Sept 15, 1857) report a sudden heavy run that caused a partial suspension; the bank redeemed its issues and paid needy depositors and stockholders were reported likely to resume in a few days. Sources state an expectation of resumption but no definite reopening date or confirmation of full resumption is provided, so outcome is classified as unsure. No explicit cause for the run is given in the articles (no specific rumor, misstatement, or bank-specific failure described).

Events (2)

1. September 15, 1857 Run
Cause Details
Articles report a sudden and heavy run but do not specify an explicit trigger (rumor, correspondent failure, or bank-specific scandal). Runs also occurred on private bankers at same time.
Measures
Redeemed its issues and paid most of the needy depositors; demands promptly met for private bankers as well.
Newspaper Excerpt
A sudden and heavy run has caused a partial suspension of the Georgetown Bank of Commerce to-day
Source
newspapers
2. September 15, 1857 Suspension
Cause Details
Partial suspension explicitly caused by the sudden heavy run; articles note suspension was partial and that stockholders were expected to resume operations in a few days.
Newspaper Excerpt
A sudden and heavy run caused a partial suspension of the Georgetown Bank of Commerce to-day : but It redeemed its issues and paid most of the needy depositors.
Source
newspapers

Newspaper Articles (7)

Article from Richmond Daily Whig, September 16, 1857

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Article Text

ANOTHER SUBPENSION, ac. WASHINGTON, Sept. 15.-A sudden and heavy run has caused a partial su pension of the Georgetown Bank of Commerce to-day :but It redeemed its i-sues and paid most of the needy deposito rs. It is ref 0 ted that the Bank, with the assistance of the Bioc to ders, will re ume in as few days There has been & run 03 most of the priva'e bankers, but all dema di having been promptly met, the excitement had subsided before the closing hour.


Article from New-York Daily Tribune, September 16, 1857

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Article Text

WASHINGTON, Tuesday, Sept. 15, 1857. The Hon. Thomas H. Benton continues to improve, and is now considered past danger. Judge Bowlin has resigned his office as Minister to Bogota. Second Assistant-Postmaster Dundas has gone to New-York on business connected with the facilitation of the California overland mail. The Secretary of the Treasury, on appeal, has reversed the decision of the Collector of New. York, who assessed a duty of 24 instead of 19 per centum on colored or plaid flannels. The fact of their being colored or printed does not change their character as known in the trade, nor remove them from the schedule in which flannels are provided for especially. The Secretary on appeal has also reversed the decision of the same Collector who imposed 24 instead of 19 per centum on checked flannols. That they are checked and a larger nap raised on them than ordinary, does not change their distinctive character of flannels. In another case the Secretary says: In estimating the foreign character of wool, with reference to its exemption from liability to duty, the appraisers can determine such value independently of the invoice, by prices current and other reliable means of information of the value of the article is foreign markets, such as they employ in ascertaining the foreign values of other staple articles of import. A sudden and heavy run caused the partial suspension to-day of the Georgetown Bank of Commerce: but it redeemed its issues and paid such of its depositors as were needy. It is supposed that the stockhold. ers will resume in a few days, as it is represented that they are able, and that they will protect the back. The run was also kept up on most of the private bankers, but all demands having been promptly met, the excitement subsided before the closing hour. We have New-Orleans papers of the 8th inst, containing late advices from Texas. Judge Hemphill and Gov. Pease were candidates for the United State Senate. The Houston Telegraph of the 4th inst. states that cotton-picking was actively progressing, and that more cotton would be raised this year in Texas than in any previous year. It also states that the sugar rop will not be over three quarters of the usual average. The Mobile Register states that $150,000 have been raised in Georgia for Walker to make a new desceat on Nicaragua.


Article from The Davenport Daily Gazette, September 18, 1857

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Article Text

From Washington. WASHINGTON, Sept. 15. Judge Rowlin has resigned his office as Minister to Bogota. The Secretary of the Treasury, on appeal, has reserved the decision of the Collector of New York, who assessed a duty of twenty-four instead of nineteen per centum on colored or plaid dannels, the fact of their being colored or printed does not change their character as known in trade, nor remove them from the schedule in which dannels are provided for especially. The Secretary, on appeal, has al so reversed the decision of the same Collector who imposed twenty-four instead of nineteen per centum on checked tiannels, that they are checked and a larger nap raised on them than ordinary, does not change their distinctive character of flannels, In another case the Secretary says in esti mating the foreign character of wools, with reference to its exemption, the appearances can determine the value independently at the invoice by prices current and other reliable means of Information, of the value of the ar ticle in foreign markets as they employ in ascertaining the foreign values of other articles of import. A sudden and heavy run, caused the partial suspension today of the Georgetown Bank of Commerce, But it redeemed its issues and paid such of its depositors as were needy. It is presumed that the stockholders will resume in a few days, as it is represented they are able, and will protect the bank. The rub was also kept up on most private bankers, but all demands were promptly met.


Article from The Daily Gate City, September 18, 1857

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Telegraphic News. New YORK. Sept. 16.-The Cunard steamship Asia sailed to-day for Liverpool with 42 passengers and $550,000 in specie. The steamship Erriceson also sailed for Bremen with 123 passengers. The steamer Northern Light takes out the California mails on Monday next. The Herald has a dispatch from Lecompton, K. T., Sept. 14th, via St. Louis, 15th. The Constitutional Convention is permanently organized. Surveyor General Calhoun is elected President. His speech indicate he is in favor of submitting the Constitution to the people. Great trots came off over the Union and Centerville courses yesterday, each was 3 mile heats for $5,000. Prince beat Lantern; 7.531 7.55. Lancet best Rose of Washington-time 7.53% 8.091. Philadelphia, Sept. 16.-The steamer Norfolk, belonging to the Philadelphia and Richmond Line, sunk in the Chesapeake.She left here on Sunday with n valuable freight. Captain Keeley and crew were landed yesterday at Cape Island by the steamer Joseph Whitney, from Baltimore for Boston. The vessel and cyrgo are fully insured. BOSTON. Sept. 15.-Geo. S. Abraham, a Custom House Broker and special agent for Baring Bros., was arrested to-day, charged with forging invoices, thereby defrauding the U.S. revenue. It is alledged that he aleered the figures of invoices to swear to their correctness at the Custom House, and after the duties were paid restored them. The goods were then sent to New York importers who had the bills. BOSTON, Sept. 16.-The Democratic State Convention assembled in Fremont Temple this P. M. About 600 delegates were present, and Isaac Davis, of Worcestor, was chosen President, receiving 328 votes out of 572. Preliminary to entering upon the business, the convention was addressed by the President, and also by Samuel W. Waldron, B. F. Butler, and others. A committee of one delegate from each county on the further permanent organization of the Convention, was then appointed. There will probably be no nominations until the P.M. sion. The Convention is harmonious and spirited. PROVIDENCE, Sept. 15.-A trunk containing $10,000, belonging to the Worcester Co. Bank, Blackstone, was stolen from the conductor's safe, in the care of the East Thompson Railroad, this afternoon. PORTLAND, Sept. 15.-Returns from 175 towns give Mould, Rep., 33,000 votes; Smith, Dem., 24,940. Republican majority 8030. The sanre towns last year gave Hamlin 43,254, Wells 25,319, Patten 4380. WASHINGTON, Sept. 15.-A sudden and heavy run caused the partial suspension today of the Georgetown Bank of Commerce, but it redeemed its issues and paid such of its depositors ns were needy. It is supposed that the stockholders will resume in a few days, as it is represented that they are able and will protect the Bank. The run was al80 kept up on the most private bankers, but all demands wese promptly met. The excitement subsided. BOSTON, Sept. 15.-Mesers. C. H. Stone & Co., hardware merchants of this city, suspended payment yesterday, on account of the failure of Conant, Dodge & Co., of New York.


Article from Wilmington Journal, September 18, 1857

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Article Text

Run on the Georgetown Bank. W ASHINGTON, Sept. 15.-A sudden and heavy run caused a partial suspension of the Georgetown Bank of Commerce to-day ; but it redeemed its issue and paid the most needy of its depositors. It is supposed that the stockholders will resume in a few day-it being reported that they are able and willing to protect the Bank. A run was also made on most of the private bankers of Washington city, but all demands having been promptly met, the excitement subsided before the closing hour. Important from Mexico-The Tehuantepec Transit. NEW ORLEANS, Sept. 12.-The old Tehuantepac Transit grants have been cancelled by the Mexican government, and a new and favorable one made with the Louisiana Company, as recently organized, removing all the objectionable features of the old grants. The new grant cedes only sufficient lands for the uses of the company. The papers were signed on the 5th inst.


Article from Muscatine Weekly Journal, September 19, 1857

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THE NEWS. -Kansas advices say that the bogus Constitutional Convention organized, and appointed John Calhoun President. Calhonn spoke in favor of submitting the Constitution to the people. Five hundred troops left Leavenworth on the 9th inst. for New Mexico. The St. Joseph Journal of the 10th gives an account of a battle between Sumner's command and a band of Indians, about the middle of August, on Arkansas River. Troops lost four, Indians twenty. The Journal says the reported slaughter of 400 Indians is unfounded. -The contract for carrying the United States mail over the land route to California was signed in New York on the 16th.Messrs. John Butterfield, Wm. G. Fargo, Alex. Holland, J. P. B. Gardner, M.S. Kenyon, Hamilton Spencer and others are the contractors. The Government was represented by Mr. Dundas, Second Assistant Postmaster General. Contract is to run six years, and to go into effect twelve months from date. $600,000 per annum is the price to be paid the contractors. This will doubtless prove to be a profitable job, as it is in the hands of energetic parties who have ample means, and who understand thoroughly the business they have undertaken. --George S. Abraham, a Custom House Broker, and special agent for Baring Bros., was arrested in Boston, on the 16th, charged with torging invoices, thereby defrauding the U. S. revenue. It is alleged that he al tered the figures of invoices, swore to their correctness at the Custom House, and after the duties were paid. restored them; the goods were sent to New York importers, who had the bills-he pocketing the difference. -The Massachusetts State Democratic Convention was in session at Boston on the 16th. Isaac Davis, of Worcester, presiding Nominations had not yet been made at last accounts. -A New York dispatch of the 15th says: "The market for money is active and more cheerful, and the banks have discounted more freely to their dealers, and it is the general impression that there will be no further contraction." --The failure of A. Hongley & Co.'s domestic goods house, of New York, was announced on the 15th. The Exchange and Banking office of Davis, Suydam, Dubois & Co., of Rondout, closed its doors on the same day. The Georgetown (D. C.) Bank of Commerce also suspended on the 15th. FOREIGN steamer Persia arrived at New York on the 15th, with Liverpool dates to the 5th. News of but little interest. The Glasgow Polytechnic Institution had been destroyed by fire. Among the articles destroved was the first steam engine construct ed by James Watt. The race for the Warwick cup came off on the 3d. Three horses ran, viz: Fisherman, Oakball, and Lecompte. The American came in last, having been beaten 20 lengths by Fisherman, the winner.-Eleven more regiments were under orders for India. -A dispatch from New York of the 14th says Mr. Andrew Jackson, jr., has declined to bestow the gold snuff-box upon Maj. Dyckman, on account of the division of sentiment and excited feeling existing here on the subject. Hesays that whenever the pub lic judgment of the people of New York shall settle the claim between the individuals, it shall be his pleasure to discharge the duty resting upon him, he returning immediately to Tennessee. -A state election took place in Maine on the 14th inst. Eighty-one towns have been heard from, and they give the following vote for Morrell, Rep., 20,244; Smith, Dem., 14,592. Republican majority, 5,652. In Portland the vote is smaller and the Republican majority diminished from last year. -The following failures are announced by telegraph on the 14th. Nesmith & Co, drygoods dealers, and Swords, Walton & Co., hardware dealers, New York; James Pitka, manufacturer, Philadelphia; Smead, Calored & Hughes, bankers, Cincinnati; Prairo & Nourse, bankers, Washington. -The anniversary of the American army entering into the city of Mexico was celebrated at New York on the 14th, by a parade of the 7th regiment of the National Guards. Mrs. Cunningham's trial is assigned for the 28th inst. FOREIGN-The Baltic with Liverpool dates to the 2d, arrived at New York on the 14th. The news is not important. A prospectus of the Red Sea Telegraph Co. had been issued. They purpose purchasing the Atlantic Cable. Copious details in regard to the Indian mutinies are published, but they add no new facts of importance. All danger of a collision between Spain and Mexico is over. FROM THE PACIFIC.-The steamship Philadelphia arrived at New Orleans on the 14th, with San Francisco dates to the 20th. In California a Settlers Convention had nominated Stanley for Governor, on a mixed ticket. From Washington territory we learn that Stevens, Democrat, had been elected to Congress by a large majority. Advices from Peru state that Sullivan, the British Minister at Lima, had been murdered by six Peruvians. Different causes are assigned for the deed. Some political and others female intrigues. KANSAS.-The St. Louis Democrat of the 10th has intelligence from Kansas to the effect that a Mr. Baily, a free-State man, was fatally stabbed by Lieut. Brocket in Lecompton, on the 2d, and much excitement arose in consequence. General Lane was threatened while in that town, and compelled to leave for Lawrence. Many threats had also been made against prominent freeState men, and apprehensions were felt that


Article from Weekly Council Bluffs Bugle, September 23, 1857

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Washington, Sept. 15. A sudden and heavy run caused the partial suspension to-day of the Georgetown Bank of Commerce, but it redeemed its issues and paid such of its depositors as were needy. It's supposed that the stockholders will resume in n few days, as its represented that they are able and will protect the Bank. The run was also kept up on the most private bankers, but all demands were promptly Ideas met. The excitement subsided.