Bank of Petersburg - Petersburg, VA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: May 19, 1884
Location: Petersburg, Virginia (37.205, -77.392)

Metadata

Model: gpt-5-mini
Short Digest: 5e319880

Response Measures

Accommodated withdrawals

Description

The article (dated 1884-05-19 correspondence) reports a run on the Bank of Petersburg triggered by the suspension of the Planters and Mechanics Bank. The Bank of Petersburg met all demands and continued business the same day, so no suspension or closure occurred for this bank.

Events (1)

1. May 19, 1884 Run

Cause: Local Banks
Cause Details: Run was triggered by the suspension of the Planters and Mechanics Bank and ensuing local contagion/nervousness.
Measures: Bank had abundance of money on hand and promptly met every demand; wealthier customers deposited large sums which helped restore confidence.
Newspaper Excerpt: the run again commenced this morning ... and gave rise to a vigorous run of several hours upon the Petersburg Saving and Insurance Bank and the Bank of Petersburg. These banks were fully prepared and promptly met, dollar for dollar, every demand made upon them.
Source: newspapers

Newspaper Articles (1)

1. May 20, 1884 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, May 20, 1884

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Article Text

THE STATE AT LARGE. PETERSBURG AND VICINITY. Suspension of the Planters and Mechanic Bank-Other Banks Meet Promptly All De mands-Confidence Restored. [Correspondence of the Richmond Dispatch. PETERSBURG, May 19, 1884. The Planters and Mechanics Bank, of thi city, suspended payment and closed it doors this morning at half-past 9 o'clock a half-hour after opening for business The following paper, which was posted o the front door, explained the situation : NOTICE.-Owing to the stringency in the mone market. caused in great part by the present finan cial crisis. this bank is forced temporarily to sus pend operations. A statement of the condition o the bank is now weing prepared, which will 1 made public as soon as possible, and we assure it will prove satisfactory to the most scrutinizing By order of the Board of Directors. J. T. YOUNG, President. There was a sharp run on this bank o Saturday, which it was hoped and believe would be withstood. The run again com menced this morning as soon as the door were opened, and it was deemed necessar to suspend. The suspension caused a goo deal of feeling and uneasiness upon th streets, and gave rise to a vigorous run o several hours upon the Petersburg Saving and Insurance Bank and the Bank of Peters burg. These banks were fully prepare and promptly met, dollar for dollar, ever demand made upon them. It was notice able that the run was made by the smalle depositors. These banks have an abun dance of money on hand to meet all thei obligations, and while small amounts wer being withdrawn large sums were being deposited by the wealthier class. Thi fact restored confidence and gave assuranc of the perfect solvency of these banks, and by 1 o'clock the run had stopped, all ex citement had ceased, and business at thei counters had resumed its healthful routine It 18 said that the suspënsion of the Plan ters and Mechanics Bank will be only temporary, and that business will be re sumed as soon as the securities it holds car be realized upon. This bank was one o the depositories of the State as well as o the city. It is understood that the city ha on deposit with it to-day a very insignifi cant sum, if any. The suspension of this bank caused th assignment during the day of the large and well-known liquor-house of Messrs. Strat ton & Co., on Old street. All feeling of uneasiness and furthe trouble has disappeared this afternoon, and confidence is expressed that no furthe complications will result. In the Mayor's Court this morning the case of young George C. Orgain, who wa arrested here on Saturday on suspicion o having stolen a horse and buggy valued a $350, the property of W. H. Cosby, o Richmond. was called for examination It was shown in the evidence that the voung man had bured the horse and bugg