21618. Bank of Rockbridge (Lexington, VA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: October 1, 1857*
Location: Lexington, Virginia (37.782, -79.444)

Metadata

Model: gpt-5-mini
Short Digest: 32911ef6

Response Measures

Accommodated withdrawals, Full suspension

Other: Multiple short suspensions in Oct 1857, one triggered by a false rumor which was corrected. Bank later resumed specie payments by May 1858.

Description

Contemporary reports (Oct 1857) describe a suspension triggered by a rumor that Richmond banks had closed; correction arrived and the bank resumed specie payments within days. Later reports (Oct 16) confirm directors suspended following other local banks' suspensions. By May 1858 the Bank of Rockbridge is listed among independent banks that have redeemed (resumed specie). Sequence: run (rumor) → suspension → reopening.

Events (3)

1. October 1, 1857* Run

Cause: Rumor Or Misinformation
Cause Details: A report that the Richmond banks had closed prompted withdrawals and a suspension; the report was later corrected.
Random Run: Yes
Random Run Snippet: Report Richmond banks had closed; correction received and resumed specie.
Measures: Resumed specie payments after correction of the rumor.
Newspaper Excerpt: The Bank of Rockbridge, at Lexington, suspended on Monday, on the strength of a report that the Richmond banks had closed. On Wednesday, however, a correction of the rumor was received, and it resumed specie payment.
Source: newspapers

2. October 16, 1857 Suspension

Cause: Local Banks
Cause Details: Directors suspended operations in response to suspensions of the Farmers' and Exchange Banks in the same city/area.
Newspaper Excerpt: In consequence of the suspension of the Farmers' and Exchange Banks of your city, the Directors of the Bank of Rockbridge met this morning, and determined to follow suit.
Source: newspapers

3. May 1, 1858 Reopening

Newspaper Excerpt: The Banks resumed specie payment on Saturday last... Bank of Rockbridge, Lexington: ... redeemed in this city ... are received in the old Banks on deposit.
Source: newspapers

Newspaper Articles (5)

1. October 3, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 3, 1857

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Article Text

Money Matters--Depression In Manufactures. The money market is quiet. In Philadelphia, Thursday, the banks were doing a moderate business. Specie commanded four per cent. The Bank of Rockingham, at Harrisonburg, Va., has suspended. The Bank of Rockbridge, at Lexington, suspended on Monday, on the strength of a report that the Richmond banks had closed. On Wednesday, however, a correction of the rumor was recelved, and it resumed specie payment. The unprecedented scarcity of change has induced the Corporation of Alexandria, Va, to issue its due bills of the denominations of $1 and $2 in settlement of small claims on the treasury. Heavy failures continue to occur in Boston, and the well known and extensive Bay State Mills, in Massachusetts, are to suspend under the failure of their agents. The Baltimore Clipper learns that a former officer of the Farmers' Bank of Maryland, will be put on his trial in Annapolis early in the present month, for having, as is alleged, defrauded the said bank of the sum of about forty-five thousand dollars. The New York Tribune of yesterday says: "Here the banks have already acted to some extent upon the resolve of yesterday, to expand, and although they could not meet all the demands of their dealers, have materially assisted the commercial community. A sale of French goods, amounting to $194,000, made by Van Wyck, Townshead & Warren, which fell due yesterday, was promptly met to the extent of $190,000-certainly a favorable sign.: The promptness with which the payments of our merchants are met, is certainly most remarkable, under the circumstances. Trade, however, is quite dull among the jobbers, and many descriptions of goods are selling at a heavy loss.— The stock carried over will probably be large, and the spring importations light, a consummation most devoutly to be wished. Land warrants are entirely unsaleable, and have been for some time past. Our city banks keep on the even tenor of their way, and feel abundantly able to sustain themselves. Their specie reserve will be largely increased in a short time. The specie reported to be'coming by the Vanderbilt, $90,000, if coming at all, is probably in deubloons for Havana." The greatest decline in stocks In New York, on Wednesday, was in Milwaukie and Mississippi Railroad, which fell off to 16 from 21, under a suspension of payment of its floating debt and interest in income bonds.

2. October 7, 1857 Staunton Spectator Staunton, VA

Article from Staunton Spectator, October 7, 1857

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Article Text

THE VIRGINIA BANKS.-The following Banks in this State have suspended specie payments: The Bank of the Valley at Winchester and all its branches at Staunton, Charlestown, Christiansburg &c.; the independent Bank of Winchester and the branch of the Farmers' Bank at the same place; the Central Bank of Virginia, at Staunton ; the Monticello Bank, at Charlottesville; the Bank of Rockbridge, at Lexington; the Bank of Rockingham, at Harrisonburg; the Banks at Alexandria, Fredericksburg, Lynchburg, Wheeling and other places. The Banks at Richmond and Norfolk, with most of their branches, including those at Petersburg, have stood out against the pressure.

3. October 19, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 19, 1857

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Article Text

Suspension of the Bank of Rockbridge. [CORRESPONDENCE OF THE EJOHMOND DAILY DISPATCH.] LEXINGTON, Va., Oct. 16th, 1857. In consequence of the suspension of the Farmers' and Exchange Banks of your city, the Directors of the Bank of Rockbridge met this morning, and determined to follow suit. Referring to the card of the President of this Bank published recently in your paper, this resolve is rather humiliating, especially as it is known that no demand for specie of any consequence has been made. It is said that a draw of some six or seven hundred dollars, was made yesterday from the "Mountain City," but surely this would not be a sufficient reason for shutting down so suddenly. JOE.

4. October 30, 1857 Cooper's Clarksburg Register Clarksburg, WV

Article from Cooper's Clarksburg Register, October 30, 1857

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Article Text

THE VIRGINIA BANKS.-The following Banks in this State have suspended specie payments: The/Bank of the Valley at Winchester and all its branches at Staunton, Charleston, Christiansburg &c.; the independent Bank of Winchester and the branch of the Farmers' Bank at the same place; the Central Bank of Virginia, at Staunton, the Monticello Bank, at Char: Jottesville; the Bank of Rockbridge, at Lexington; the Bank of Rockingham, at Harrisonburg; the Banks Alexandria, Fredericksburg, Lynchburg, Wheeling, adidas and other places, The Banks at Richmond and Norfork, with most of their branches, including those at Petersburg, have stood out against the pressure.

5. 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