21578. Bank of Commerce (Fredericksburg, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857
Location
Fredericksburg, Virginia (38.299, -77.487)

Metadata

Model
gpt-5-mini
Short Digest
f82488fa

Response Measures

None

Description

The Bank of Commerce (Fredericksburg, VA) suspended specie payments at the start of the 1857 panic (articles dated Oct 1–10, 1857). By May 1858 newspapers list the Bank of Commerce among independent banks redeemed in Richmond, indicating resumption of specie payments. No article explicitly describes a depositor run on this specific bank; the cause of suspension is the 1857 financial panic (macro/systemic).

Events (4)
1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the national monetary crisis/panic of 1857 and tightening of the money market; reported as part of broader wave of suspensions in Virginia during early October 1857.
Newspaper Excerpt
The Bank of Commerce in Fredericksburg has suspended specie payment, except in small amounts
Source
newspapers
2. October 3, 1857 Other
Newspaper Excerpt
LIST OF SUSPENDED BANKS.-The following is a list of the Virginia independent banks, which have suspended specie payment: ... Bank of Commerce, Fredericksburg; ... (listing of suspended banks).
Source
newspapers
3. January 9, 1858 Other
Newspaper Excerpt
On the 1st of October, when the Bank suspended, it had a circulation of $149,605. Now, it has a circulation of $108,870... When it suspended its deposits amounted to $40,737 now they amount to only $8,047 ... As the Bank suspended, and had no present need for the gold lying in Baltimore, it was not thought necessary to have it brought on in time to be embraced in the Bank's quarterly report of Oct. 1, 1857 - hence the very questionable position and condition of the Bank as exhibited in the report from whence Gov. Wise obtained his data.
Source
newspapers
4. May 1, 1858 Reopening
Newspaper Excerpt
The Banks resumed specie payment on Saturday last, and ... The following is a list of the Independent Banks redeemed in this city ... Bank of Commerce, Fredericksburg ... (indicating its notes were received and redeemed).
Source
newspapers

Newspaper Articles (11)
1. October 1, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 1, 1857

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The Monetary Crisis. The feeling in the money market yesterday was decidedly cheerful, and the confidence in our banks stronger than it has been since the inauguration of the panic. The banks did a fair business and closed firm. The Bank of Commerce in Fredericksburg has suspended specie payment, except in small amounts-a course somewhat similar to that pursued by the Alexandria institutions. The Lynchburg Courier hears R rumor that the bank in Christiansburg, Va., is about to suspend, which is probably correct, as the brokers recently drew $50,000 in specie out of its vaults. The money market in New York is cheerful, and the panic has subsided-the banks having decided on an expansion of their discount line three per cent., which will probably amount to $5,000,000.The Sub Treasury, yesterday. was to pay out $700,000 in specie, and $400,000 in U. S. stocks was to be sent to Washington for redemption. Besides this, it is stated on reliable authority, that the steamer Vanderbilt, on her next homeward trip, will bring 2,500,000 francs in gold. There is therefore now hardly a doubt of the stability of financial affairs in New York, and n consequent degree of safety throughout the country. The New York Journal of Commerce notices, as a remarkable state of affairs, that, with a clear margin of 30 cents por bushel for wheat shipped to Liverpool, the purchase money cannot be obtained there, nor the bills of exchange sold against the shipment, solely for the want of funds to make the turn. Some produce bills, payable in London, have been sold as low as 100-just at par.* In Boston the banks gained $90,000 in specie Tuesday, and a proposition to discount to the extent of 10 per cent. of their capital, is favorably thought of by the bank directors. In Cincinnati, business is very much paralyzed, and three failures occurred there on Tuesday. In Charleston, S. C., the banks are sound, and have not taken the question of suspension into consideration. A re view of the state-of finance for the past six days, shows it to be infinitely better to-day, than it has been in the time named. There seems to be a good deal of misapprehension in reference to a suspension of specie pay ments by the banks in this State. The refusal of a bank in Virginia to redeem its notes, enables the holders (not being a suspended bank or corporation) to recover the same with interest, at the rate of 12 per cent. per annum. The recovery may be made bymotion or warrant.

2. October 2, 1857 Evening Star Washington, DC
Article from Evening Star, October 2, 1857

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The Monetary Crisis. The Bank of Commerce, in Fredericksburg, has suspended specie payments except for its $5 bills. The Farmers' Bank and the Virginia Bank, of Virginia, (mother banks) have announced that they will in no case suspend. The Farmers' Bank in Charlottesville has not suspended specie payments, but continues to pay all its notes presented at the counter. The Banks of Lynebburg have not suspended, and those of Petersburg, it is said, do not yet think of such a thing. The Bank of the Valley, at Charlestown, which has suspended is paying out specie in sufficient sums to afford change for business purposes. The Howardsville Bank suspended on Tuesday. after sustaining a very heavy run on the day previous. During the past eight or ten days there has been announced the stoppage of three factories in Georgia, which prefer to close rather than run at heavy loss. A Connecticut paper says that the large glassworks in Willington have stopped work, in consequence of the financial pressure. The Norfolk Herald, of the 30th ult., speaking of the suspension of the Farmers' Bank at Elizabeth City, N. C., says: "There was considerable excitement in town, yesterday morning, when the news was received here that the above bank had suspended specie payment We understand that it was caused by a run made upon the bank by brokers from abroad. The brokers here were offering 50 cents on the dollar for the notes, but we do not hear of many who were willing to submit to such a discount. Note-holders should not be too much alaimed, as the bank is one of whom the stockholders are responsible."

3. October 3, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 3, 1857

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LIST OF SUSPENDED BANKS.-The following is a list of the Virginia independent banks, which have suspended specie payment: Monticello Bank, Char lottesville; Bank of Commerce, Fredericksburg; Valley Bank, Charlestown; all in Winchester, Staunton and Alexandria; Merchants and Mechanics' Bank of Wheeling, and Manufacturers and Mechanics Bank in Wheeling; Bank of Berkely. Martinsburg; the bank at Howardsville, and Bank of Rockingham, Harrisonburg.

4. October 5, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 5, 1857

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LIST OF SUSPENDED BANKS.-The following is a list of the Virginia independent banks, which have suspended specie payment: Monticolla Bank, Charlottesville; Bank of Commerce, Fredericksburg; Valley Bank. Charlestown; all in Winchester Staunton and Alexandria: Merchants and Mechanics' Bank of Wheeling, and Manufacturers and Mechanics Bank in Wheeling; Bank- of Berkely, Martinsburg: the bank at Howardsville,and Bank of Rockingham, Harrisonburg.-Rich. Disp.

5. October 6, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 6, 1857

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The Philadelphia Press says: "The injury that suspension has worked against us affects our own merchants trading to New-York, or buying from Europe, because it is notorious that they must either pay in specie or suffer a heavy discount to the amount of the difference in exchange. There is not a Philadelphia merchant, paid in Pennsylvania currency by his customers, who is not compelled, first, to pay 3 p cent discount before obtaining in exchange for it Philadelphia notes, and, in the second place, forced to pay 4 P ceut premium to obtain gold, in order to meet his bills on New-York or Liverpool. These being the lowest ruling rates, make a difference against the Philadelphia merchant of 7 p cent; and this is caused by suspension. "These are facts as notorious 88 they are disagreeable. The knowledge of these facts impelled the celebrated meeting of our Board of Trade to advise upon the propriety of relieving our merchants from the pay. ment of the New-York bills in specie, and is at this moment the cause of anxious solicitude on the part both of the banks and the merchants. How far these merchants may be willing to sell cheaper than NewYork under such circumstances, unless to save themselves from protest and suspension, we cannot perceive." The Norfolk Herald of Saturday, says: "This (the pressure) we have reason to believe will not extend even to & nine days' wonder. Already we hear but little of it on the street. Men go about their business as usual. Orders for goods to the cour. try are to as large an extent as usual at this season; and piles of packages ready to be sent off are seen in front of many of our wholesale establish ments, from day to day. Money is certainly tight, and collections hard to be made; but business still goes on with considerable vivacity. The idea of a necessity for the Banks suspending is becoming fainter, and giving way to a well-founded expectation that all the banks of Virginia, except & few in the North-West will safely weather the storm. Indeed all the Southern Banks, 80 far, have done so, and if their condition has been correctly reported, they can continue to do so." The Farmers' Bank in Chariottesville has not suspended specie payments, and continues to pay all its notes in specie. The following is & list of the independent banks which have suspended: Monticello Bank, Charlottes. ville; Bank of Commerce, Fredericksburg; Valley Bank, Charlestown; all in Winehester, Staunton and Alexandria, and Manufacturers' and Mechanics' Bank in Wheeling; Bank of Berkeley, Martinsburg; the Bank at Howardsville, and Bank of Rockingham, Harrisonburg. The Banks of Richmond meet all obligations, but here the crisis 19 fast passing away. More of the independent Banks will resume specie payments in a few days. The run upon the Banks of the city has been quite limited. One broker who brought on some $70,000 worth of notes of the Branch of the Exchange Bank, demanded the specie. His notes were promptly cashed -and this will be the result in all similar cases. The State Auditor of Indians has called upon all the free banks in the State to increase their deposite of se-

6. October 8, 1857 The New York Herald New York, NY
Article from The New York Herald, October 8, 1857

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VIRGINIA. THE CONDITION OF THE VIRGINIA BANKS. [from the Richmond Son n, Oct. 6] The following table. we believe, includes all the banks in the State, and are classified according to the information in our possession. One curious revelation will be 0 served, and that 18, that not a solitary branch of the Bank of Vir ginis, au far as heard from, has suspended specie payment :OLD BANKS PAYING -Farmers' Bank of Virginia, Charlotesville: Farmers Bank, Bank of Virginia, Danville: Farmers' Bank, Farmille: Farmers' Bank of Virgi nia. Bank of Virginia, Frederickabare; Farmers' Bank. Exchange Bank, Bank of Virginia, Lynchburg: Exchange Bank of Virginia, Farmers' Bank, Bank of Virginia Nor folk: Exchange 9ank Farmers' Bank, Bank of Virgina, Peteraburg: Bank of Virginia, Portsmouth; Farmers' Bank, Bank of Virginia. Exchange Bank, Richmond. INDEPENDENT BANKS PAYING SPECIS.-Fairmont Bank, Fairment; Bank of Secttavi Boostaville; Bonk of Rock bildge, Lexington: Merchants' Bank, Lynchburg. OLD BANKS SURPENDED-Exchange Bank of Virginia, Farmers' Bank of Virginia, Alexandria; Bank of the Val ley, Charlestown: Bank of Valley, Christiansburg: Bank of the Valey, Leesburg; Bank of Valley, MoorSeld; Merchanis' and Mechanics' Baok, Morgantown; North western Bank of Virginia, Parkersourg; Merchants' and Mechanics', Point Pleasant: Bank of Valley, Romney; Bank of Valley, Staunton; Northwestern Bank, Weltsburg; Merchanis' and Mechanic.', Northwestern Bank, Wheeling: Bank of Valley, Farmers' Bank, Winchester INDEPENDENT BANKS SUSPENDED.-Bank of the Old Do minion, Alexandria; Bank of Monticello, Charloitesville; Bank of Commerce, Fredericksburg; Bank of Howards ville, Howardsville: Bank of Rockingham, Harrisonburg; Bank of Berkely. Martineburg; Central Bank, Stauntoa; Bank of Wheeling, and Manufacturers' and Farmers' Batk, Wheeling: Bank of Wiechester, Winchester. OLD BARKS NOT HEARD FROM -Exchange Bank, Abing. don: Farmers' Bank, Blacksburg; Bank of Virginia. Ba chanan: Bank of Virginia, Charleston; Exchange Bank, Clarkaville: Northwestern Bank, Jeffersonville; Farmera' Bank, Lew isburg; Exchange Bank, Salem; Bank of Vir. Rinia, Union; Farmers' Bank, Wytheville; Exchange Bank, Weston. INDEPENDENT BANKS NOT HEARD FROM -Farme* Bank, Fincastle: Allegbany Bank, Jeffersonville; Bank of the Old Dominion. Pearisburg The K.pawhs Bank at Malden, in Kanswha county, was paying at last accounts. There are rumors that the Exchange Bank at Weston, and the Fairmont Bank, at Fairmon: have suspended. out the rumors are 20 vague that we preferred a different classification. The Trans Allegbany Bank has gone out of circulation, and probably should 00 dismissed from the list altogether. The Kanawha Bank at Malden has not been heard from since the general suspension. The banes classified ss " not heard from" were specie paying institutions when last heard from. It is fair to pre sume that some of them-indeed probably a majority-are still of that class. TENNESSEE. FINANCIAL EMBARRASSMENT-SUSPENSION OF THE BANK OF NASHVILLE. [From the washvi le Banner, dept. 29] We regret to have to announce that the embarrassments in financial and commercial circles which have prevailed in the Northern and Eastern cities for several weeks, have reached our own community, and that yesterday our citizens were electrified with the announcement that the Bank of Nashville, one of the oldest and largest of the free banks, had suspended. This announcement was confi-med by the posting of the following circular on the public and private door of that institution yesterday:BANK OF NASHVILLE Sept. 28, 1857. In consequence oprejudicial and "afounded reports relative to the solvency of this bank, causing a large number of depositors to withdraw their funds, besides A heavy d'mani for coin. we have been foreed to suspend payments for the present. We beg of our friends to take no action in the matter for a few days not we have had time for reflection as to the bent ceurse to be pursued Our assets are ample to pay all and they shall be faithfully applied N. HOBSON, President W HELESS Oashier To place creditors of the Bank of Nashville beyond add rubts we have actermined to convey our private property as addiЮВ a security to be used in the event of accessity reserving only enough to pay our private indebledness, which is small. N. HOBSON, W. WHELESS. The bank steps were crowded yesterday by depositors and note holders, and considerable excitement exis ed. At the same time we discovered among the better informed a great degree of confidence in the ability of the bank to pay out, and we most unhesitatingly vise all noteholders not to submit to any unnecessary secrifice. The high charas ser of the President and Cashier is ample guarantee, where they are known, that no unfair advantage will be waken of their creditors: and we have the assurance of a leading member or the bar in this city, and a gentleman of the highest standing, who has thoroughly investigated their affaire, that the assets are abundantly adequate to uld mately discharge every liability. MERTING OF MEBUHANTS. A meeting of and citizens was held yesterday

7. October 10, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 10, 1857

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[From the Predericksburg Herald ] The Condition of the Virginia Banks, Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several Banking Institutions in the State/there is nevertheless a good deal of feeling abroad, and much interest excited, as to which are, and which are not, redeeming their issues in specie. To meet this general demand, we have compiled the following table, which we believe includes all the Banks in the State, and classified them accordingly to the information in our possession. We have examined our exchanges closely, and obtained information in other quarters, and think the table reliable. Our purpose is to present facts. One curious revelation will be observed, and that is, that not a solitary Branch of the Bank of Virginia, as far as heard from, has suspended specie payment. Old Banks paying Specie Charlottesville-Farmers Bank of Virginia, Danville-Farmers Bank, Bank of Virginia, Farmville-Farmers Bank, Fredericksburg-Farmers Bank of Virginia, Bank of Virginia, Lynchlurg--Farmers Bank, Exchange Bank. Bank of Virginia, Norfolk--Exchange Bank of Virginia, Farmers Bank, Bank of Virginia, Petersburg--Exchange Bank, Farmers Bank, Bank of Virginia, Portsmouth--Bank of Virginia, Richmond- Farmers Bank. Bank of Virginia, Exchange Bank, Independent Banks paying Specie. Fairmount--Fairmount Bank, Scottsville-Bank of Scottsville, Lexington--Bank of Rockbridge, Lynehburg-Merchants Bank, Old Banks Suspended Alexandria--Exchange Bank of Virginia, Farmers Baok of Virginia, Charlestown-Bank of the Valley, Christiansburg--Bank of the Valley, Leesburg-Bank of the Valley, Moorefield-Bank of the Valley, Morgantown-Merchants & Mechanics Bank, Parkersburg-North Western Bank of Va. Point Pleasant-Merchant & Mechanic, Romney--Bank-of Nalley, Staunton--Bank of Valley, Wellsburg North Western Bank, Wheeling-North Western Bank, North Western Bank, Winchester-Bank of Valley, Farmers Bank. Independent Banks Suspended. Alexandria--Bank of the Old Dominion, Charlottesville-Bank of Monticella, Fredericksburg-Mank of Commerce, Howardsville--Bank of Howardsville, Harrisonburg-Bank of Rockingham, Martinsburg--Bank of Berkeley, Staunton-Central Bank, Wheeling-Manufacturers & Farmers Bank, Bank of Wheeling, Winchester Bank of Winchester. Old Banks not heard from Abingdon-Exchange Bank, Blacksburg--Farmers Bank, Buchanan-Bank of Virginia, Charleston Bank of Virginia, Clarkesville--Exchango Bank, Jeffersonville--North Western Bauk, Lewisburg-Farmers Bank, Salem-Exchange Bank, Union-Bank of Virginia, Wytheville--Farmers Bank, Westen-Exchange Bank. Independent Banks not heard form. Fincastle Farmers Bank, Jelfersonville--Trans-Alleghany Bank, Pearisburg-Bank of:01d Dominion The Kanawha Bank at Malden in Kanawha county, was paying at last recounts. There are rumors that the Exchange at Weston, and the Fairmount Bank at Fairmount, have suspended, but the rumors are SO vague that we proferred a different classification. The Trans-Alleghany Bank has gone out of circulation and probably should be dismissed from the list altogether. The Kanawha Bank at Malden has not been heard Promisince the general suspension. The Banks classified 38 "not heard from" were specie paying institutions when last heard from. It is fair to presume that some of them-indeed probably a majority-are still of that class.

8. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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CONDITION OF THE VIRGINIA BANKS. FROM THE FREDERICKSBURG HERALD. Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several banking institutions in the State, there is, nevertheless, a good deal of feeling abroad and much interest excited as to which are and which are not redeeming their issues in specie. To meet this general demand we have compiled the following list, which, we believe, includes all the banks in the State, and classified them according to the information in our possession: Old Banks paying specie.-Charlottesville, Farmers' Bank of Virginia; Danville, Farmers' Bank and Bank of Virginia; Farmville, Farmers' Bank; Fredericksburg, Farmers' Bank of Virginia and Bank of Virginia; Lynchburg, Farmers' Bank, Exchange Bank, and Bank of Virginia; Norfolk, Exchange Bank of Virginia, Farmers' Bank, and Bank of Virginia; Petersburg, Exchange Bank, Farmers' Bank, and Bank of Virginia; Portsmouth, Bank of Virginia; Richmond, Farmers' Bank, Bank of Virginia, and Exchange Bank. Independent Banks, paying specie.-Fairmount, Fairmount Bank; Scottsville, Bank of Scottsville; Lexington, Bank of Rockbridge; Lynchburg, Merchants' Bank. Old Banks ispended.-Alexandria, Exchange Bank of Virginia and Farmers' Bank of Virginia ; Charlestown, Bank of the Valley; Christiansburg, Bank of the Valley; Leesburg, Bank of the Valley; Moorefield, Bank of the Valley; Morgantown, Merchants' and Mechanics' Bank; Parkersburg, Northwestern Bank of Virginia; Point Pleasant, Merchants' and Mechanics' Bank; Romney, Bank of Valley; Staunton, Bank of Valley; Wellsburg, Northwestern Bank; Wheeling, Merchants' and Mechanics' Bank and Northwestern Bank; Winchester, Bank of Valley and Farmers' Bank. Independent Banks suspended-Alexandria. Bank of the Old Dominion; Charlottesville, Bank of Monticello; Fredericksburg, Bank of Commerce; Howardsville, Bank of Howardsville; Harrisonburg, Bank of Rockingham Martinsburg, Bank of Berkeley; Staunton, Central Bank; Wheeling, Manufacturers' and Farmers' Bank and Bank of Wheeling; Winchester, Bank of Winchester. Old Banks not heard from.-Abingdon, Exchange Bank; Blacksburg, Farmers' Bank; Buchanan, Bank of Virginia; Charlestown, Bank of Virginia; Clarkesville, Exchange Bank; Jeffersonville, Northwestern Bank; Lewisburg, Farmers' Bank; Salem, Exchange Bank; Union, Bank of Virginia; Wytheville, Farmers' Bank; Weston, Exchange Bank. Independent Banks not heard from.-Fincastle, Farmers' Bank; Jeffersonville, Trans-Alleghany Bank; Pearisburg, Bank of the Old Dominion. The Kanawha Bank, at Malden, in Kanawha county, was paying at last accounts. There are rumors that the Exchange Bank, at Weston, and the Fairmount Bank, at Fairmount, have suspended, but the rumors are so vague that we preferred a different classification. The Trans-Alleghany Bank has gone out of circulation, and probably should be dismissed from the list altogether. The Kanawha Bank, at Malden, has not been heard from since the general suspension. The banks classified as 'not heard from" were speciepaying institutions when last heard from. It is fair to presume that some of them, indeed probably a majority, are still of that class.

9. October 13, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 13, 1857

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Bank Items. The N. Y. Tribune of the 6th says: The Bank of Lima and the Thompson (Ct) Bank are again received. The Banks thrown out to-day are the Bank of Central New York, Utica; the Oneida Central Bank, Rome; and the Worthington Bank-all this State. The report originating with the New Jersey Sentinel, that the State Bank at New Brunswick, N. J., had suspended, is untrue. This is one of the oldest banks in the State, has already redeemed its bills in this city, and, we are assured, is as sound as any bank in the country. The Exchange Bank of Lockport has not suspended, and the Traveler says that the notes of the Bass River Bank are redeemed at the Suffolk Bank. The Jersey City Sentinel of Oct. 20, says: "There is not a single New Jersey bank at present in a state of suspension. The State Bank at New Brunswick, and the Bergen County Bank, the only two which suspended, resumed almost immediately, and none others are now likely to go down." The following is a list of the Virginia independent banks which have suspended: Monticello Bank, Charlottesville; Bank of Commerce, Fredericksburg; Valiey Bank, Charlestown: all in Winchester, Staunton and Alexandria, and Manufacturers' & Mechanics' Bank in Wheeling; Bank of Berkely, Martinsburg; the Bank at Howardsville, and Bank at Rockingham, Harrisonburg. The Peninsular Bank of Detroit was enjoined on the 29th. The charter requires that its securities, which are United States and State stocks, shall be kept in market valuation at a certain rate with the issue of the bills. Michigan State stocks having fallen to 75 cents, the State Treasurer required the surrender of $40,000 of the circulating notes, which the bank refused. The Attorney General, as authorized by the Revised Statutes, filed a bill in chancery, and obtained an injunction against the bank. VIRGINIA POLITICS. The Richmond Enquirer states that Gov. Wise is not a candidate for the United States Senate in opposition to Senator Hunter. It sustains this assertion by submitting sundry reasons why Gov. Wise should not enter upon such a canvass. He is a condidate for the Presidency in 1860, and a contest with Senator Hunter, whether successful or not, could not fail to weaken his prospects by arraying against him strength which he will need in his support. Mr. Hunter's re-election, it is urged, with Gov. Wise's co-operation, will "by no means injure the Presidential prospects of the latter."

10. January 9, 1858 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 9, 1858

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Bank of Commerce. This institution in the report made out for the quarter ending the 31st Dec., ultimo, is reported as having over twenty-two thousand dollars of gold in its locker, notwithstanding the illalike figure it cut in the Governor's expose of the condition of the various banks in the State. We believe the Governor's statement showed a circulation of about $24 in notes for each $1 of specie in its vaults. Unexplained this certainly betokened a dilapidated state of affairs, to use no barsher term. But the true state of the case was this: The Bank had some $4,000 or $5,000 of specie drawn from its vaults just before its quarterly report was made out, and in addition had gold lying in the city of Baltimore, in the express office. to the amount of $15,000. This. with the $5000 in hand, would have run up the specie fund to $25,000. As the Bank suspended, and had no present need for the gold lying in Baltimore, it was not thought necessary to have it brought on in time to be embraced in the Bank's quarterly report of Oct. 1, 1857-hence the very questionable position and condition of the Bank as exhibited in the report from whence Gov. Wise obtained his data. We learn that a Stockholder's meeting of the Bank will be held on the 13th, and an early resumption is predicted. The policy of the Bank will doubtless be changed. Heretofore, large loans have been made in remote quarters, whilst little or no accommodation has been Afforded our citizens. Indeed, for all practical purposes, as far as this community was benefitted, the Bank of Commerce might just as well have been located in Kamshatka as in Fredericksburg. Oa the 1st of October, when the Bank suspended, it had a circulation of $149,605.Now, it has a circulation of $108,870-a decrease of nearly 41,000. When it 8uspended its deposits amounted to $40,737 now they amount to only $8,047-decrease over $32,000-or a total decrease of liabilities of over $73,000 within the last three months. -Fred. Herald.

11. May 7, 1858 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 7, 1858

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THE DISPATCH. MAY 1, 1858. FRIDAY MORNING Financial and Commercial. The amount of capital stock necessary to be obtained for the Bank of Danville to begin operations has been subscribed. The subscriptions at this time amount to $102,000, which to two thousand beyond the minimum prescribed. Sales in New York, Wednesday. of $4000 Virginia at 93 $4000 Tennessee 6's '90 at 90; $1000 North Carolina at 94% and 8300 de at 95. At C W PURCHLL & Co's regular auction sale on Thursday, 6th inst, Stocks hold at the following prices: Virginia States Stock 90@ 101/2 and interest. Virginia Central R R Bonds 0% and interest. Bank of Virginia Stock 72%. Alexandria Fish Market, May 5. The arrivals to-day about equal those of yester. day There was an actival from Chapman's Point of 20,500 Herring. Prices are without material change Sales of Shad at $10@11 per hundred: Herring $9%@10 per thousand The demand continues very active, and greater than the supply. Northern Markets BALTIMORE, May -Flour dull and unchanged heat steady good prime Red $1 1.05@1 10: W hite $1.20@1 Corn-White 62@65c; Yellow 65@68c NEW York. May itted as@ 4.18:0hio $4 25@ 50; Southera $4 45@1 75. Wheat lower Southern reported. Corn dell and nominal. Stocks dull and lower. Virginia 6's 92%. Richmond Markets, May 6. GENERAL REMARKS- has been little alteration in the breadstuffs market since last week Flour and Wheat are dull with very moderate re coipts. Two or three of the heaviest mills have cansed grinding. There is slight advance to note in Sugars. The Banks resumed specie payment on Saturday last, and no shock to business was apparent On the first day, the Brokers made a partial run on some of the interior institutions. In Lynchburg, $60,000 in specie was drawn. and in Staunton, $80,000. No incon enience, however, has resulted. The following is a list of the Independent Banks redeemed in this city Bank of the Valley at Staunton, Central Bank at do.; Monticello Bank, Charlottesville; Merchants Bank, Lynchburg: Bank of Commerce, Fredericksburg: Bank of Scottaville; Bank of Howardsville: Old Dominion Bank, Alexandria; Bank of Rock bridge, Lexington: Bank of Rockingham, Harrison burg. All other independent Bank notes, save those issued by the Banks named above, are at 1/2 per ct discount. Those Banks named as here, are received in the old Banks on deposite. APPLES.-Dried Apples $1 25@1 50 P bushel of 28 BACON lbs. dull. We reduce our quo tations: Sides 10% Shoulders 8X@8%c; Hams 12c: Bagged BAGS 12/60 Seamless Bags 25c.; Manchester Bags 250.; Baga12@14c Gunny hite $1.373/@1 50 per bushel, BEESW AX Mb. in demand BUTTER. quote Mountain 20@25c for firkin: 22@27 for roll; Goshen 23@27c. Supply not large. BROOMS $2@3 according to quality BUCKETS. Painted Buc $2 dozen; three hoop Painted Pails $3 a dozen; heavy Cedar Tubs neat, $3.50@5 P nest; heavy Cedar Feed Buckets $3@ 3.25 CANDLES dozen -Tallow 16c. P 1b.: Jackson's 16@17c Hull's 19c.; Adamantine 22@23c.; Sperm 450.; Patent Sperm CEMENT -James River .80 * bbl.: Hudson River $1.80@1 .85: Hoffman 1.80@1.85; Lawance $1.80 @1.85. COAL White and Red Ash Anthracite Coal, for grates. $7.00 73 load 2000 lbs., ton of 2240 lbs. $7.50; Foundry do. 50 ton of 2240 lbs. Bitumi nous Lump $5.75 * load of 25 bushels: Hail $5 * load: Smiths' Bitumit Coal 13@14c OFFEE -Market firm. quote Rio 11@12 cts as to quality and quantity: Laguay ra 12,2c; Java 20c; 20c to Mochs COKE city consumption $5.50 per cart load of 25 bushels. for noft Lump: soft Hail $5. Hard $4.75 Hail and Lump CORN. Market steady at 65 to 70c., the latter for limited lots. CORN MEAL 95@70c . bushel. Transactions in Meal mostly in the retail way. COTTON- 12c. b. COTTON YARNS, &c.-Cotton Yarns 27@28c.; Cottoo Cordage 240.; Seine Twine 27c.; Carpet W arp 22c.: 22c. Wrapping FLOUR. Twine The Flour market during the week has been dull, with very moderate receipts. Last sales were made at $5@5 12½ for Superfine. FERTI Peruvian Guano, with cash in hand, can be bought $55; xican scarce at $25 ton; Patagonian $35: Sombrero $34; De Berg's Manipulated Guano $40; Reese $50; De Berg Super Phosphate Lime $40 * ton; Rhodes' Super Phosphate $46.50 P Lime ton. of FEATHERS -Stock light; demand light. Sales at 40@45, in quality an quantity FISH SI@ for No. Nova Scotia Cut Her rings, from wharf, last sales; no N. Carolina in market. MACKEREL $11: No. in kits $2.25. PLAXSEED 20@1 30 P bushel. FRUITS. ORANGES. Havana $8.50@10 * bbl.; 8i city, $3.50@3.. B box LEMONS- $3.50 P box. RAISINS Bunch, in boxes, $3 3.25: Layer $3.50@ 3.75 FiGs- 15@20c. *D. PRUNES 19 to 40c. B. accord style. ing FLOUR BARRELS cts. GRASS SEEDS We quote Clover Seed 50 to 5.75; and Timothy 50@3 per bushel. Season over and no demand for Grass Seeds GINSENG. We quote crude 43@45 cts., last sales for small parcels. The quotations are nominal in this market. RR.-Dupont's and Hazard's Sporting $5.25@6.75: do do. Blasting $3@3.50 P keg. HAY -75(@80 ets # cwt. from store; 65@70 cts from wharf. HOOP bbl. $6@7; hhd. $17@18 per thousand IRON AND NAILS.-Pig Iron $32 50 and 33.50 Swedes $120 to 125 per ton. English refined and Tre degar $85; Common English $75; American country $100. Cut Nails to 1 & C LARD new Lard in bble 11%@12c in kegs 12@17%c. quote cents P tb for Pig. and 6½ cts for Bar LIME. sales at 90c. from vessel. From store We quote for Northern $1.25@1 30; Virginia 90c @$1 LIQUORS. BRANDY, Otard, Dupuy & Co., $3@5.00 * gallon; A. Seignette, $2.25@4.50; Sazerac, $3.25@ 4.50; Hennessey $3.95@5.00; Peach, searce at $1. 25@2 Virginia Apple 60@85c.; do. old, 50; northern do., 55@75c; imitation, 45@47 cents. RUM -New England, 50@52cts., for mixed; 55% for pure. GIN.Holland 20@1.75. The above quotations of foreign liquors have been unchanged for some time. culars from leading importing houses intimate that the reduction of the tariff will not effect the quotagood liquors of tions -Wequote good stamp, weight 20@22c TD: middle weights 23@25c; light 220024 good dam aged 30@21c; poor 14@16c; upper leather 50@3.25 in size, weight and qualit the latter price only superior heavy sides. Harness 25@28c; Skirting in the rough, 22@24c; finished, 25@28c. There is an Leather in upward tendency LUMBER. Clear W hite Pine, $45: refused do $29 merchantable, $20@25 # M. One inch yellew pine plank 10@12; three-quarter do. 9@11: 1½ do. $14@16; do. $13@14; do. $12.50@15. Flooring, $18@20.00 face measure antling, $11@13 for heart and sap: all heart, $16@20, according to size Garden Rails. heart and sap, 12% each; all heart, 1s@25c Shingles, $5(a)6 M. eather Boarding, $13@16.Inch Oak Plank, $30@35. Buttonwood % inch, $25@ $30. Inch Cherry, $35; % Poplar, $20@25 # Dressed Flooring. Virginia, $25@28 Dressed Floor ing. Southern, the 28@30. Laths, $2.25 to 2.37 a M. for on whar! sawed. -New Orleans 37 to 40c; Cuba 25@30c: P. Rico 30@35e. OATS- 30@35c per bushel. OFFAL. Bran 12½ cts. per bushel; Shorts 18 cts.: Brownstuff cts. Shipstuff cts. PEAS Clay and Black $2.50 . bag of bushels. PLASTER. Small receipts have at 75(a)5 a ton: Northern Ground $7.75@8; Claiborne's do. $9 * ton. Calcined $2.37 4@2 bbl. ATOES Stock of Northern large. We quote 85c to according to quality; Virginia 60 to 70c. ROSIN 70@1 75 bbl. RICE.-4%@4%c. YE-Couatry 70c per bushel. drop and buck 2C, cash and time as to quantity, for Prime Corn 8 cents STAV ES-Good oak, for flour barrels, we quote at $8 per thousand for green: $8.50 to $8.75 for seasoned 16(a)20 cents per D. SENECA ROOT 30@35c, nominal $1.50@1.55 SALT-By cargo, from wharf, $1.40: from store. BUGARS. quote New Orleans %@7% ets.: P. Rico and Cubs, none in market Loaf 12c "rushed and Powdered n@n Coffee 93(c; B Coffee 91/2: Coffee 8%0: Extra 834c. TOBACCO. receipts of Tobacco have not been so large for the last few days, but the breaks are very full. Asregards the quality of the Tobacco, we say that the breaks for the last week have been com posed mostly of inferior Lugs and common Leaf, and very soft order, much of it warm and funked quote Inferior Lugs $3603.75@4 good $5@ $5.75; dry Shipping $6@6 500 Interior Leaf $6 75@ 7.75: good $8@9@9.50 fine Stemming $11@ Some few dry Maglish hhds have been sold this week at from $10 -order fine, but quality not. Good Manufacturing $9@10.50 fine 50(@)17 .25. Imperial and Gunpowder 55c.@31 20. WHEAT -Wheat still arrives in moderate lots and the quotations remain unaltered $1.20@1 25 for to prime Red: $1 30 to 35 for good to prime White. The mills of Hazail and Crenshaw & Fisher finish their stocks and close operations wi h the present week The Gallego Mills and Dunlop, Moncure Co will likel) the middle latter of Those wheat