18844. Bank of Commerce (Richmond, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 29, 1882
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
b9d6172b27b14ba9

Response Measures

None

Description

Multiple contemporaneous dispatches (June 29–30, 1882) report the Bank of Commerce in Richmond suspended payments, owing about $40,000 and offering to pay depositors 50 cents on the dollar. Reports state heavy losses on bonds and stocks, stockholders meeting to close up the affairs and a creditors' meeting called for July 5 to dispose of assets—indicating suspension followed by permanent winding up/closure rather than a temporary halt and reopening.

Events (1)

1. June 29, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses sustained on bonds and stocks carried over from previous year, greatly impairing capital; led to suspension and plans to close up affairs.
Newspaper Excerpt
The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000, and will be able to pay 50 cents on the dollar.
Source
newspapers

Newspaper Articles (11)

Article from Lancaster Daily Intelligencer, June 29, 1882

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TELEGRAPHIC TAPS, News of the Alternoon Condensed, Bark Iris from Havana arrived at Pensacola with yellow fever. Wabash cotton and wollen mills, Manayunk, burned. Loss, $19,000 ; insured. There were sixteen graduates at West Chester normal school commencement today. Lord Clanricard's agent Mr. Blake and his steward Mr. Keene have been murdered in Ireland. The Bank of Commerce, Richmond, Va., has suspended. Judging from external indications Guiteau is to-day less concerned about his execution than any person about the jail. Two men named Graham and Noland quarrelled at Havana, Ill., with an axe and a hatchet and both will die. John Roach surrend red himself in New York to-day and confessed to the murder of John Mitchell at Ursina, Somerset county, Pa., in 1872. Telegraphic information states that such a murder was committed at the time men. tioned and that one man, whom Roach mentions as an accessory in his crime, still lives in the town.


Article from The Portland Daily Press, June 30, 1882

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Suspension of a Richmond Bank. RICHMOND, Va., June 29.-Bank of Commerce suspended payment to depositors to-day. The cashier states the bank does not owe over $40,000 and will be able to pay fifty cents on a dollar.


Article from The Dallas Daily Herald, June 30, 1882

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Commercial STOCKS. NEW YORK, June 29.-The stock market opened generally strong, 1-8 to 3-4 higher than at yesterday's close, the latter for Hannibal & St. Joe preferred. In the early trade a slight decline in some shares was followed by a general advance of 1-8 to 1, in which Michigan Central. Denver & Rio Grande and Wabash preferred were conspicuous. FUTURES. NEW YORK, June 28.-The Post's cotton report says: There was no falling off in the demand for future deliveries to-day, and prices for the old crop advanced rapidly. at 1:20 p. m. they reached the highest point, when June sold at 14-100, July and August 18-100, September 12-100, October 8-100 above yesterday'st closing quotations. Shortly afterward August fell from 12.90 to 12.85, advanced again to 12.89, declined to 12.84, rose to 12.87, but then the market was left without any support and August declined at 2 p. m. to 12.78. At third call June broughty12.70, July 12.72, August 12.80, September 12.38, October 11.74, No. vember 11.56, December 11.57, March 11.94. SUSPENDED. RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank owes not over $40,000, and will be able to pay 50 cents on the dollar. An exhibit of the condition of the bankers shows that HEAVY LOSSES have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly im. paired. The stockholders of the bank are now holding a meeting.


Article from New-York Tribune, June 30, 1882

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SUSPENSION OF A BANK IN RICHMOND. RICHMOND, Va., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank doca not owe over $40,000, and will be able to pay 50 cents on the dollar. An exhibit of the condition of the bank shows that heavy losses have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly impaired.


Article from The Cheyenne Daily Leader, June 30, 1882

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Failure. Richmond, Va., June 29.-The Bank of Commerce has suspended. It will pay 50 cents on the dollar.


Article from The Daily Dispatch, June 30, 1882

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THE BANK or COMMERCE.-Pursuant to a notice published in the Dispatch yesterday the stockholders of the Bank of Commerce held a meeting at their office yesterday at noon for the purpose of taking such measures as might in their wisdom be deemed proper in closing up the affairs of the institution. They decided to issue a call for a meeting of the creditors of the bank, to be held on the 5th July for the purpose of making such disposition of the assets as they may deem best. The bank owes about $40,000, and it is believed that it will certainly pay 50 per cent., if not 75 per cent. on the dollar. The Bank of Commerce was gotten up by the friends of the late firm of Isaacs, Taylor & Williams after they failed in 1873, and was intended to succeed to their business in all its branches, and hence by its charter was authorized to deal in bonds, stocks, coin, and sterling. The capital stock of the bank was $50,000, of which $42,100 was owned by Messrs. Taylor and Williams; paid-upcapital, $20,000. The business of the bank was fairly successful, and paid dividends regularly up to last January. The cause of the failure is due, it is said, to the fact that the bank at the time of Garfield's assassination was a large holder of stocks in New York. The panic which ensued caused a heavy decline in these stocks, which was augmented by other causes, such as failure of crops, the French panic, &c.; so that the bank, when finally compelled to sell, did so at a heavy loss. Messrs. Taylor and Williams held on, hoping that they could sell their real estate and make other arrangements that would


Article from Sacramento Daily Record-Union, June 30, 1882

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RICHMOND (Vai), June 29th.-The Bank of Commerce has suspended. It will pay fifty cents on the dollar. Hanged for Murder. TA n


Article from The Evening Light, June 30, 1882

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TELEGRAPHIC NEWS. WON'T EXTEND THE TIME ON QUARANTINE. New Orleans, June 29-The board of health, in session to-night, resolved not to extend the quarantine to twenty days, as recommended by Governor McEnery, as ten days' detention would be sufficient. A VESSEL WITH YELLOW FEVER ON BOARD. Washington, June 29.-The national board of health advised that the bark of Iris, which arrived at Pensacola yesterday, from Havana, with one case of yellow fever on board, be sent to Ship Island. A BANK SUSPENDS. Richmond, June 29.-The Bank of Commerce suspended payment to depositors today. The cashier states that the bank owes not over forty thousand dollars, and will be able to pay fifty cents on the dollar. An exhibit of the condition of the bank shows that heavy losses have been sustained, during the current year, on bonds and stock, which had been greatly impaired. The stockholders of the bank are now holding a meeting. THE QUESTION OF RE-DISTRICTING. Columbia, June 29.-The legislature, in open session, is disposing of several bills of minor importance, the principal portion of the time being devoted to caucusing on the different plans submitted for re-districting. What is known as the Dibbell plan, being that prepared by Hon. Samuel Dibbell, contestee in the recent congressional case of Mackey vs. Dibbellf was submitted last night, and is the one which, it is thought, will be adopted, with some modifications. It arranges districts without reference to county lines. The democrats will probably control five of the districts under the Dibbell plan. As soon as the redistricting is perfected, the legislature will all other business and adjourn. The law drop registration render will be the amended in explicit. various ways so as to act more One of the sections of the supplementary act provides for a fine of not less than one hundred dollars, nor more than $1,000; and imprisonment of not less than six months, nor more than two years, for any person who shall interfere or obstruct supervisors in the discharge of their duties. A bill to declare the law the reference to the manner of forming juries in criminal cases, in the state, provides that in all criminal trials, except felonies, the state is entitled under the laws now in force, only two ch allenges, and is not entitled to demand thac a juror shall stand aside, except on peremptorly challenge on the part of the state, or good cause shown. The memocratic state executive committee have useus a circular notifying counties to elect ad double number of delegates to the state convention, as compared to the counties' representation in the lower house assembly. Thismis in response to a general demand for a convention. A TERRIBLE RAILROAD ACCIDENT. Long Branch, June 29.-The express train Ich left for Long Branch, five minutes past clock this morning, met with a terrible aclent while crossing a bridge over a branch of Shrewsbury river, near Little Silver staThe accident was, no doubt, caused by spreading of the rails. Six cars, including our ordinary passenger coaches, one smoking car and the Pullman parlor car, Fenobia, left he rails and ran over a pier of the bridge, earing them to splinters. The cars kept on the bridge until the train was half way across, when the six coaches went over with a terrible rash, into the water. The cars landed on heir sides, in about four feet of water, and e scene that followed beggars description. unknown man from Ocean Beach was ken out dead. he cars were filled with passengers, but the umber killed is unknown. About one hunred were injured. Demorest, of the firm of emorest & Co., was badly hurt and will die; V.R. Garrison, son of Commodore Garrison, errible wound in the chest; Chas. W. Woodiff. of Newark, and P. Michael, of Scranton, oth badly wounded. It is impossible to get e names of any others present. Physicians fom neighboring town have been summoned. Later-Charles A. Foster, fireman on the ngine pulled ex-President Grant out of the moking car uninjured; Robert Robertson, ron merchant, of New York, badly injured; a rocer named Edison, crushed terribly; Amos Brooks, of the firm of Brooks & Dickson, thetrical managers, collar bone broken; Morris H. Brown, son of Thos. J. Brown, superinendent of the Erie railroad, severe blow on


Article from The Daily Gazette, June 30, 1882

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TOT A Bank Suspends. r Associated Press dispatch to the Gazette.] RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000 and will be able to pay 50 cents on the dollar.


Article from Daily Republican, June 30, 1882

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NEWS SUMARRY. The Prohibtion Question-Other Items. The New York State Trades Assembly last evening closed a two days session in Albany. It was decided to call conventions in September to nominate Legislative candidates in large cities-through the local labor organizations. George Biair, of New York, was chosen President of the Assembly for the ensuing year. The President yesterday nominated as Judges of the new Court of Alabama Claims Hezekiah G. Wells, of Michigan (Presiding Judge); James Harlan, of Iowa, and Asa French, of Massachusetts. Daniel M Fessenden, Maine, was nominated for Clerk of the Court. I A lock-out has occurred t the Chester, Penna., Rolling Mill, "on account of a diesatisfaction between the superintendent and the workmen, who are members of the Amalgamated Association of Iron and Steel Workers." It was stated at a meeting of the striking freight handlers, in Jersey City, yesterday, that their Executive Committee had been approached by representatives of the railroads with a view to a settle ment. The brakemen on the New York Central Railroad refused to bring their train down from Albany last night, unless they were promised increased wages. It is rumored that they will be dismissed. Since the end of January eight deaths have occurred in Chicago from collisions with the cable cars on State street. The last casualty ascribed to the care lessness of a conductor, who was ar rested yesterday. The Harvard Yalecontest takes place on the Thames river course to day. Harvard was the favorite, but her bow oar has had an attack of vertigo, which may imperil her chances of success. The prohibition State Convention of Michigan met in Jackson yesterday and nominated a State ticke; headed by Daniel P. Sagendolph for Governor of the State. The assassin, Guiteau, is to behanged in the jail in Washington to day. He was banged in effigy last night by crowds in Renovo, Penna, and Bridge. port, Conn. IThe striking freight handlers on the Boston, Lowell and Concord and East ern railroads, at Boston, resumed work, their wages being raised to $1.50 per day. The Bank of Commerce, of Richmond, Virginia, suspended payments yesterday. Itowes about $40,000, and is ex. pected to pay 50 cents on the dollar. The bark Iris, from Havana, Las arrived at Pensacola, with a case of yel. low fever on board, and bas been put in quarantine. John Parish committed suicide yes terday morning in Lancaster, Pa., by taking morphine. Domestic trouble was the cause. Five houses in Cashton, Wisconsin, were demolished by a tornado on Wed. nesday. Several persons were injured, none fatally. There were 44 deaths from yellow fever in Havana last week.


Article from Semi-Weekly Interior Journal, July 4, 1882

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NOTES OF CURRENT EVENTS. -The Champion Saw Mill in Louisville burned Friday. Loss $65,000. -The Bank of Commerce, of Richmond, Va., has suspended and will pay 50 cents on the dollar. --Congressman R. M Hawk, of the 5th Illinois district, died in Washington Friday morning of apoplexy. -The cheapest excursion yet leaves Cincinati to day via the N. Y. P & O. R R. Only $4.75 to Niagara Falls and return with privilege of stopping over at Lake Chautauqua. -An Illinois mob shamefully mistreated and hung a Kentucky negro, named John Tulley, pretending to be of the opinion that he had insulted a white woman, of which he was entirely innocent. The guilty parties are being hunted by the ofticials. -Alvin Duvall, generally conceded to have been the best man named for the Superior Court Judgeship in the Second distriet, made no speeches, indulged in no extra hand-shaking, spent no money and of ourse got left.-[Covington Commonwealth.