19631. Commercial Bank (Bristol, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 20, 1869
Location
Bristol, Rhode Island (41.677, -71.266)

Metadata

Model
gpt-5-mini
Short Digest
7b654dfa

Response Measures

None

Description

Multiple contemporary newspaper dispatches (Sept 19–20, 1869) report the Commercial Bank of Bristol, R.I., was placed under control of State Commissioners because of the cashier's irregularities, enjoined by the state Supreme Court, and a receiver appointed to wind up its affairs. No run or depositor rush is described in the items; the action appears driven by bank-specific misconduct (cashier irregularities) and resulted in receivership/closure.

Events (2)

1. September 20, 1869 Receivership
Newspaper Excerpt
has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation. (reported Sept. 19–20, 1869).
Source
newspapers
2. September 20, 1869 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier's irregularities discovered; bank placed under State Commissioners' control and enjoined by the Supreme Court.
Newspaper Excerpt
The Commercial Bank of Bristol, which has been under control of the State Commissioners because of the cashier's irregularities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs.
Source
newspapers

Newspaper Articles (7)

Article from New-York Tribune, July 30, 1869

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ceipts. In February last The Insurance Times of this city exposed the condition of the Company, which induced Mr. Barnes, the Superintendent of the Insurance Department, to make a personal examination of its affairs. This resulted in disclosing a deficiency of over $80,000, or an impairment of over 40 per cent of its capital. The stock having been unproductive for the last five years, and the Company having been almost entirely dependent on the brokers for patronage, the stockholders refused to invest any more money, and concluded to retire from the field. The Commercial Bank of Bristol, R.I., is temporarily closed to-day for an investigation of its affairs. The cashier confesses that he has allowed certain parties to overdraw to a considerable extent, but they deny the charges of making overdrafts, and say that if any defal'cation exists it is attributable to other causes. The bank 8 a State institution, with a capital of only $50,000. The regular weekly statement of the Bank of England is made public to-day. The amount of bullion in the vault has increased £92,000 sterling. There has been a heavy flow of specie to the Bank of France this week. The amount on hand is 4,600,000 francs greater than last week. The report that the Tenth National Bank had passed into the control of members of the Erie direction caused a sensation in financial circles. The capital of the Bank is $1,000,000. and the amount purchased by the new direction is about $700,000 on which a payment of $100,000 has been made. The Bank was started as a satellite of the Shoe and Leather Bank which at the outset owned one-half the capital stock, but afterward sold out to cap. italists having intimate connection with the direction. It is stated that the city deposits will be removed from the Broadway Bank to the Tenth National. The bank is a member of the Clearing House, but its stock has never been distributed and the transfer of the sole control was made by two or three holders. The attention of savings depositors is directed to the card of the new West Side Savings Bank, on Eighth-ave. near Thirty-fourth-st. The President is Mr. George Moore, and the Cashier Mr. J. W. B. Dobler, late of the Sixth National Bank. The earnings of the Milwaukee and St. Paul Road compare as follows with last year 1869. 1868. $92.301 $140,254 Third week in July 406,212 300,646 July rto July 24 2,784,906 3,382,209 Jan. 1 to July 24 $597,302 Increase since Jan. 1 The earnings of the Marietta and Cincinnati Railroad Company for the third week in July were: 1869 $24,179 $24,451 1868. The Pittsburgh Commercial of Wednesday says: A meeting of railroad officials was held in this city today. to discuss the prospects of the Fort Wayne, Muncie and Cineinnati, and Grand Rapids and Indiana Railroads. The connection, right of way, location, and other importhant points were the objects of the nieeting, but the result of their deliberations cannot now be made public, but it is known to be favorable to the two roads, and will tend to their speedy reconstruction. The Pottsville Journal says: The deficiency in coal shipments as compared with last year is only 266,927 tuns. The suspension last year lasted until the 22d of August, before the trade was fully under way again. In the ensuing four weeks, if nothing occurs in the trade, we will increase the supply of anthracite at least 700,000 tuns over the supply of last year for the same period, which would give a surplus of about 450,000 tuns of anthracite to August 24. After August 24 to the 30th of November, when all the regions were in full blast, the quantity sent for the fourteen weeks was an average of 380,000 tuns a week, giving a supply of 5,300,000 tuns in round numbers. We shipped this week 359,000 tuns, which is only 21,000 tuns per week behind last year's shipments. This 21,000 tuns. and more too, we believe, we can make up even if the two companies in the Scranton region should remain idle. All the transporting companies are increasing their rolling stock as rapidly as possible, and the bituminous regious are also largely increasing their supply. Under these circumstances we believe the market can be fully supplied with coal this year without any further advance in prices except what is put on in freights. The Kansas City Journal of the 23d says: The Louisiana and Missouri Railroad, now being built. starts from the town of Louisiana, Pike County, Missouri, on the Mississippi River, asits Eastern terminus, intersects the North Missouri Road at Mexico, Audrian County; passing through Boone County, crosses the Missouri River at Glasgow, Howard County, and thence continues westwardly through Saline, Lafayette, and Jackson Counties to Kansas City, its Western terminus. The main line to Mexico, and the branch to Jefferson City, 100 miles in all, are under contract. and the work is in progress, to be completed in May, 1870; while surveys are making of the balance of the line to Kansas City, with a view to putting the whole under contract by the 1st of August. The distance to be traversed by the line of rail between this place and Louisiana will be about 200 miles. The authorized capital of the Company is $10,000,000. The stock of the Company has been subscribed for by the counties along the line (including individual and municipal subscriptions) to the amount of about $2,750,000 ($11,000 a mile), as follows: Pike, $300,000; Audrian, $275,000 ($75,000 to the Jefferson City Branch); Boone, $50,000; Howard, $400,000; Saline, $500,000; Lafayette, $500,000; Jackson, $250,000; Calloway, $500,000; Jefferson City, $250,000 A meeting of the stockholders of the Pittsburgh, Mount Vernon, Columbus, and London Railroad was held at Orrville, Ohio, on Tuesday. The Company was organized, and R. C. Hurd of Mount Vernon was elected President. The stock required along the line of the road 18 nearly all subscribed, and the Company feels confident of success. The completion of this link from Millersburg to London will open up a new route from Pittsburgh and Cleveland to Columbus and Cincinnati, through the great coaband mineral fields of Wayne, Holmes, and Knox counties.


Article from New-York Tribune, September 20, 1869

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GENERAL TELEGRAPHIC NEWS. The receipts for the past five days at the Mechanics' Institute Fair, in San Francisco, were over $20,000. James M. Clark, recently appointed U. S. Judge for the District of Rhode Island, has declined the appointment. Vice-President Colfax and party have returned to San Francisco from Oregon, in good health, after a most pleasant trip. The Rev. Benjamin Darr, D. D., Rector of Christ Church, Philadelphia, died on Saturday at Germantown. He was 73 years of age. The fishing schooner Willie S. Swett. before reported as capsized and all hands lost, arrived at Wellfleet. Me., on Saturday. The report of her loss was without foundation. Stephen Sullivan of New-York, a deckhand on the steamer Thetis, plying between Providence and New-York, fell overboard when off Wyckford on the last trip, and was lost. The stables of the Missonri-st. Railroad Company of St. Louis were burned on Saturday, and from 12 to 15 horses and mules perished in the flames. The loss is about $10,000; insured. Capt. Decatur Oakes, a packet-master between Providence and New York, feli through the batchway of his schooner, Matilda Brooks, at Port Jefferson, on Wednesday night, and died the next day. P. P. Harris, manager of the Quebec Branch of the Montreal Bank, and a broker named Banderson, have absconded, taking with them a large amount of funds of the bank, reports any $150,000. A reward of $500 has been offered by the Mayor of Philadelphia for the arrest of Hogh Maree, Neft Dougherty, and John McLoughlin, parties who are believed to have shot revenue officer Brooks. This reward is offered on the strength of affidavits made. The Commercial Bank of Bristol, R. I., which has been under control of the State Commissioners because of the cashier's irregularities, has been enjoined by the Supreme Court, and a receiver appointed to wind up its affairs. Is is a State Institution, and has so circulation. One of the largest churches in Charleston, 8. C., was crowded with people yesterday, to listen to is aerman by the Rev. Dr. Hicks on the subject of political and socal charity fu connection with the A vondale dieaster. A handsome contribution was made for the outferers.


Article from Public Ledger, September 20, 1869

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RHODE ISLAND. PROVIDENCE, September 20.-The Commercial Bank of Bristol, which has been under the control of the State Commissioners because of the Cashier's irregu. larities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from The New York Herald, September 20, 1869

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RHODE ISLAND. Trouble in a State Bank. PROVIDENCE, Sept. 19, 1869. The Commercial Bank of Bristol, which has been under control of State Commissioners because of the cashier's irregularities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from Memphis Daily Appeal, September 21, 1869

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MISCELLANEOUS. PENSION AGENTS. WASHINGTON, September 20.-Certain pension agents in Pennsylvania recently appealed from instructions of Commissioner of Pensions regulating agents' fees and paying pensions by a check on the Treasury to the order of the pensioner; the Secretary of the Interior sustains the action of the Commissioner, and instructs that officer, in case any agent deelines to receive and transmit checks to the Treasurer, to regard all powers of attorney given him as annulled, and to communieate direct with the Commissioner himself. BUTLER ON RETPENCHMENT. NEW YORK, September 20. It is stated that Butler will, early in the coming session of Congress, deliver a speech on the extravagancies of Congressional Committees. His remarks are expected to apply particularly to the Ways and Means Committee, of which Schenek is Chairman. Schenck is prepared, having received some most damaging faets against Butler in connection with some manufacturing institution. NIAGARA FALLS VICTIM. BUFFALO, September 20.-On Saturday morning last a man who had registered his name at the Cataract House, of Niagara Falls, as Carl Schurz, New York, proceeded to the Table Rock at the falls, placed his coat, watch and money in charge of a boy who was standing by, and walked into the water a few feet from the brink. He was soon carried over the precipice and dashed to pieces in the whirlpool below. BANK EMBROGINO. PROVIDENCE, September 20.-The Commercial Bank of Bristol, which has been under the control of the State Commissioners because of the Cashier's irregularities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from The Wheeling Daily Intelligencer, September 21, 1869

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posed to increasing the tax on whisky, and that the whisky lobby is already organizing to have It raised to one dol. lar a gallon. Secretary Boutwell also favors the continuance of the present law. The Republicans of Harrison County, Ohio, held a large and demonstrative meeting, in the fair grounds, at Cadiz, Saturday. Speeches were made by Governor Harriman and General SherIdan. The Republicans will hold a mass meeting at Zanesville, on the 25th Instant, which Is to be addressed by Gov. ernor Hays, Hon. John A. Bingham and Colonel Pond. In consequence of the pressing demand everywhere made for small potes and currency, the Treasury Department has made arrangements in New York for furnishing $250,000 A day, beginning 0-day, in fractional currency. By helst of October the now one,two and ten dollar notes will be ready for issue, when the companies propose to furnish three hundred thousand dollars per day, and, If possible, increase that amount. Secretary Boutwell reports the ways of Wall street past finding out. He reports much difficulty in ascertaining the condition of financial affairs in New York city. He was approached by parties of respectable standing, who gave information of the most contradictory character. He has determined upon the general outlines of his report, and intends to make it quite short. Members of the Cabinet and other officials who prepare annual reports, propose to take advantage of the present dullness in Washington for the preparation of their statements. or these the most anxiously looked for are the statements of the Secretary of the Treasury and the Commissioner of Internal Revenue, which properly embrace the financial features of the pollcy of the Administration. Six hundred and seventy. emigrants passed through Columbus for the West, last week. By the first of October the Treasury expects to be able to issue daily three hundred thousand dollars of new legal tender notes-denomination one, two and ten dollars. The expectation at the Treasury now is that the Secretary will show a reduc. tion of the debt of about sixty millions by December. The managers of the various Western rallway lines terminating in New York have received orders to continue their contracts this week for general merchandise to Chicago, Louisville, St. Louis, Cincinnati and Memphis, at the same cheap rates adopted by the Pennsylvania Central, Erle and New York Central roads several months since. Tammany delegates chosen yesterday in New York city, to the Democratic State Convention, include W. M. Tweed, S. J. Tilden, S. S. Cox, Georgo Law and A. Oakey Hall (Mayor). The Royal Insurance Company, of contests the New policy York, of $10,000 the second payment wife of a to of on the was the name that deceased the of the policy policy first holder, wife, made and out was ground in not her not been changed death. Thedecision In the re-marriage, has after given. The paper stainers of New York struck yesterday, and one hundred men, employed in twelve establishments, went out. Dr. D. Townsend, a well-known physician, died at Boston yesterday, aged 76 years. The Commercial Bank of has the Rhode control Island, of the which State Commissioners been Bristol, under has the to Court because been and of a Receiver enjoined the cashiers appointed by Irregularities Supreme wind pits affairs. It Is a State institution and has no circulation. -The Empire Hotel, Fuller's Hardware Store, Healey's Drug Store and several other stores, at Rochester, N. were burned yesterday. Loss $50,000. Mostly insured.


Article from Nashville Union and American, September 21, 1869

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PROVIDENCE, R. I., Sept. 20.- - The Commercial Bank of Bristol, which has been under the control of the State Com. missioners, because of the cashier's irregularities, has been enjoined by the Supreme Court, and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.