21673. Mercantile Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 4, 1875
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
f8fcd918

Response Measures

None

Description

Multiple newspapers report the Mercantile Bank of Norfolk suspended payments on Sept 4, 1875. Reports state assets will cover liabilities and a stockholders' meeting was called, indicating a temporary suspension with intention to remedy — no runs, no receivership, and no evidence of permanent closure in the provided clippings.

Events (1)
1. September 4, 1875 Suspension
Cause Details
Articles give no specific cause for suspension; simply report suspension and that assets are claimed to cover liabilities. A stockholders' meeting was called to consider the situation.
Newspaper Excerpt
The Mercantile Bank of this city suspended this afternoon. It is claimed the assets will cover the liabilities.
Source
newspapers

Newspaper Articles (10)
1. September 5, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, September 5, 1875

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ing the discharge of the remaining prisoners. All prisoners not indicted were discharged. PORT MONROE, Va., Sept. 4.-Capt. E. Smith, sailing master of the schooner yacht Eva, of the New York Yacht Club, was lost on Thursday, September 2, at 2:30 A. M., about forty miles south of Cape Henlopen. There was a gale of wind at the time, with a he avy sea. The yacht was ranning before the wind, and Capt. Smith, sitting on the rail, lost his balance, and fell overboard. The yacht was immediately hove to and a boat lowered, but in the darkness and heavy sea it was impossible to save him. DENVER, Sept. 4.-Particulars have been received of an engagement, on the 15th of August, between the Gardner and Genett party, of Hayden's survey, and a band of Sierra Lasal Utes, near the line, between Colorado and Utah, and near the line of New Mexico. The fight listed twenty-one hours, and resulted in a loss to the Gardner and Genett parties of all their baggage and nearly all their provisions. They all escaped without injury. PORT COLLURN, Ont., Sept. 4.-A propeller today carried away four gates of the Alianburg Lock. on the Welland Canal. I: will take several days to repair the break. NORFOLK, Va., Sept. 4.-The Mercantile Bank of this city suspended this afternoon. It is claimed the assets will cover the liab.lities. ALBANY, N. Y., Sept. 4.-A petition for pardon for Edward S. Stokes has been sent to Gov. Tlden. MONTREAL, Sept. 4.-Mr. Joseph Doutre, Q.C., has prepared an affidavit declaring the pub ic peace threatened. This, with another affidavit of similar effect, has been submitted to a magistrate in order to secure the presence of a force of volunteers at the burial of Guibard, which has been postponed until some day next week. Further trouble is apprehended, and with the ill feeling on both sides it will be fortunate if no more serious result follows the second attempt at a burial.

2. September 5, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 5, 1875

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FINANCIAL. Ralston a Defaulter to an Amount Somewhere Between $3,000,000 and $4,000,000. A Large Overissue of Stock Discovered and Provided for. Failure of 8 Bank at Norfolk, Va. SAN FRANCISCO, Sept. 4.-The Bulletin published an editorial this evening in which, after referring to the course of the paper with regard to the Bank of California and Ralston, it says: " When the bank suspended last woek we thought it our duty to protect as far as possible the depositors and other creditors of that institution. We published just 80 many fscts as we believed would best serve the purpose, and no more. We then said that the failure was owing to the mismanagement of the late President, and that this mismanagement was, in short, within the knowledge of the Directors. For these statements we were roundly abused. The vicious press undertook to marshal all corrupt elements against us. We were in possession of facts which we could not state, because no wero most anxious that the Directors should if possible contrive some way of extricating themselves. We preferred to suffer the assaults of enemies rather than to give the facts at a time when they might furnish complete vindication of our attitude towards the bank, but might at the same time hinder and possibly defeat the plans which the Directors were devising for the protection of the creditors of that institution. The Directors. some of whom have alwave been stanch friends of the Bullelin, and are so now, have perfected their plans, and have seltled on a basis of action wheroby every creditor of the bank will be fully paid. We have full confidence both in the amity and in the good faith of these men. They will redeem their pledge, and may ultimately make the bank stronger even than the one which suspended. It was time that the Bulletin should be relieved from secrets which it has been abused for keeping. We therefore propose to ask consent of the Board of Directors to r8lieve us from anv further obligation to keep secret some facts within our knowledge. Having done our best to protect others. it is part of our duty to protect ourselves. We are now authorized by D. O. Mills to say that the late President did, without the knowledge of the Directors. use privately from $5,000,000 to $4,000,000 of the bank's resources, which amount remains unpaid. This was the cause of the recont failure. Probably elsowhere this would have been set down as a defalcation. We are also authorized by the same authority to say that there was an overissue of stock, which overissue has now been provided for, The partienlar use which was made of this large sum of money it is not our dnty to mention. When these discoveries were made. the connection of the late President with the institution was at once severed. Between $3,000,000 and $4,000,000 of money had gone not of the bank without the knowledge of a single director." It has been reported that the Bank of England was largely indebted to the United States Mint hero. The Mint had been refining for the Bank. and the supposed indebtedness (it was thought) was incurred through that channel. The Superintendent of the Mint states to-day that. on the contrary. the Mint owes the Bank $125,000, payable on demand. There is nothing new to report in financial circles this morning. Quiet and confidence prevail. Business is moving in the usual manner. WASHINGTON, Sept. 4.-The total amount of gold that has been transferred to San Francisco banks and business men is $2,501,000. Another $500,000 may be transferred on Monday, from the bullion account of the Mint. NORFOLK, VA. NOREOLK, Sept. 4.-Tbe Mercantile Bank of this city suspended this afternoon. I:is claimed

3. September 5, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 5, 1875

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NORFOLK, VA. NOREOLK, Sept. 4.-Tbe Mercantile Bank of this city suspended this afternoon. I: is claimed that the assets will cover the liabilities.

4. September 6, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 6, 1875

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Ne WS and Other Items. Married women are not permitted to teach school in Buffalo. Another Polish "count" has left a little bill unpaid at Cape May. Grasshoppers have invaded central Illinois, but have done no damage as yet. Dr. Helmbold has been released from the insane asylum at Philadelphia. The compositors on the Cleveland Leader have struck, owing to a reduction in their wages. The Mercantile Bank of Norfolk, Va., has suspended. It is claimed the assets will cover the liabilities. An incurable disease, of a contagious na. ture, is carrying off many fine horses in Kansas. Senator Jones' income from a single source, his Kentville mine, last month, is said to have been $165,000. Pin money, about enough for Mrs. JOLES the rest of the year. It is reported in Madrid that General Campos is asking the generals commanding the Army of the North to join him in a pronunciamento restoring ex-Queen Isabella to the throne. Gardiner and Gennett's party of Hayden's expedition was attacked by a band of Sierra Lasol Utes on the 15th of August and lost all their baggage. No member of the party was injured. Victor Hugo, replying to an invitation to visit Philadelphia during the Centenary festival, states that he is uncertain whether be will be able to avail himself of the invitation. If, however, his engagements permit, he will visit Philadelphia during the Exposition. It is said that evidence is daily growing stronger that England is determined to make the Margery murder a pretext for seizing and annexing Burmah. Large bodies of British Indian troops are concentrating on the fron. tier. A number of American-built cars now being shipped for Russia are for the St. Petersburg Tramway Company and are sent on trial. This company is also making trial of cars manufac. tured in England and Belgium. The final contract will be for about 500 cars. The Memphis Appeal says that the "one great question which above all others will agitate the people of Tennessee next year will be the dog law. The funding bill, state credit the senatorial contest and the election of doorkeepers will be mere side issues, not engaging the great minds of cross-roads politicians." Rapid progress is making in the centennial buildings in Philadelphia. The framework of the structure is up. and the main building (the Memorial Hall) and the machinery departments are enclosed. From George's Hill in Fairmount Park the visitor can obtain a bird's-eye view of the entire grounds and judge at a glance of the magnitude of the undertaking. Guibord, the attempt to bury whose. remains in consecrated ground, is creating so much disturbance, died six years ago. He was a Catholic but a member of the Canadian Institute, a society which had been placed under the ban by the bishop. At his death the priest, Rousselot, refused to bury him in consecrated ground, when the widow applied to the courts, and after several years of litigation the Privy Council issued a peremptory order to bury the remains in the consecrated ground. Whether the order can be enforced or not remains to be seen. A remarkably intelligent and energetic family, of the name of Tupper, has its home at Des Moines, Iowa. The mother, Mrs. Helen S. Tupper, is the author of a work of recognized authority on bee culture, and her sister is an eloquent preacher. Her daughter, Catharine, is studying medicine, having taken a full course at an Agricultural College, where she supported herself by her own work, and another daughter, Madge, who is but sixteen years old, is a famous poultry raiser and an officer of the State Poultry Association, and has made money enough in her occupation to defray her expenses through a full collegiate course.

5. September 6, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 6, 1875

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BY TELEGRAPH. Bank Suspension. [Special telegram 20 the Dispatch.] NOEFOLK, VA., September 4.-The Mercantile Bank of this city suspended this after. noor. A meeting of the stockholders will be held on Thursday. Theassets will cover liabilities, 30 it is reported.

6. September 6, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 6, 1875

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Bank Suspension at Norfolk. NORFOLK, September 4.-The Mercantile Bank of this city suspended this alternoon. It in claimed the assets will cover the liabilities.

7. September 6, 1875 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, September 6, 1875

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GENERAL NEWS. The Mercantile Bank, of Norfolk, Virginia, suspended payments on Saturday. Gen. Fitzhugh Lee, the Confederate commander, arrived at the West End Hotel, Long Branch, Saturday, with a party of about thirty citizens of Virginia. The printers in the office of theLesder, at Cleaveland, Ohio, struck on Saturday against a reduction of the wages. The paper is published as usual. The printers in the Cleveland Leader office struck on Saturday on account of a reduction of the rates of composition. The strike will not interfere with the publication of the paper. Ex-Governor Wells, of, Virginia, recently appointed United States Attorney for the District of Columbia, was sworn into office on Saturday. He appointed H. H. Wells, Jr.. as his as. sistant. The extensive hotel and barn of Ash Warner, at Cuba, Allegehany county, N. Y., were destroyed by fire Saturday. Loss $20,000. A young man named Kelly, who was asleep in the barn, was burned to death. In Washington, on Saturday, Dennis Gorman, being drunk, quarrelled with a bar-keeper in a restaurant, and drawing a pistol, fired at him. The ball missed the barkeeper, but went through the heart of a German named Lide, who was sitting at a table, and killed him instantly. Gorman is in jail. There was a riot at a Republican meeting at Clinton, Miss., on Saturday, in which three whites and three negroes are said to have been killed, and several of both colors wounded. About one hundred and fifty armed whites from Vicksburg, and fifty from other places, arrived in Clinton on Saturday night, "to protect the town." The negroes were reported to be arming and threatening another fight.

8. September 6, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 6, 1875

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The Mercantile Bank of Norfolk suspended Saturday afternoon. It is claimed the assets will cover the liabilities.

9. September 6, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 6, 1875

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VIRGINIA. Failure. Norfold, September 4. The Mercantile bank, of this city, suspended this afternoon. It is claimed that the assets will cover the liabilities.

10. September 7, 1875 Evening Star Washington, DC
Article from Evening Star, September 7, 1875

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17 The Mercantile bank of Norfolk suspended Saturday afternoon. It is claimed the assets will cover the liabilities,