21698. Peoples Bank (Petersburg, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 23, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
eddb2fc3

Response Measures

None

Description

Multiple contemporaneous newspapers report Peoples Bank (Petersburg, VA) suspended on Sept 23, 1873 during the Panic of 1873. Later dispatches in early October 1873 state the People's/Peoples Bank resumed operations (reports Oct. 3–8, 1873). No article explicitly describes a depositor run on this specific bank prior to suspension; suspension appears driven by the wider financial panic (macro/systemic news). OCR variants (People's vs Peoples) corrected to match provided bank name; I use 'Peoples Bank' per the prompt.

Events (2)

1. September 23, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred in the context of the national financial crisis/panic of September 1873; newspapers report multiple Petersburg banks suspended and widespread rumors of heavy commercial failures.
Newspaper Excerpt
The Merchants' National bank, the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning.
Source
newspapers
2. October 8, 1873 Reopening
Newspaper Excerpt
The People's Bank resumes operations to-day, and will be prepared to meet the drafts of all depositors who may want their money, as well as to attend to other business.
Source
newspapers

Newspaper Articles (15)

Article from Evening Star, September 23, 1873

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The Quaker City All Right Again. PHILADELPHIA, Sept. 23.-The financial erisis is over. Banks and brokers are transacting business as usual. All the state banks that were under temporary difficulties have resumed except the Union and Citizens. The latter will soon resume. All the national banksstood firm, and no doubts were entertained of their stability. The Situation in Jersey. BAD EFFECTS OF THE CRI818 AT PATERSON. PATERSON. N. J., Sept. 23. In consequence of the financial crists in New York and the general depreciation of new railrosi securities, orders for locomotives for three months ahead at Rogers' locomotive works, in this city, have been canceled, and eighty-five of the workmen were discharged to-day. It is feared that five hundred more will be discharged at the same works, and several hundred at the Danforth and at the Grant works. ALL RIGHT IN TRENTON. TRENTON, N. J., Sept. -There has been no run to-day on the banks of any consequence. There have been no failures in this city. Broke out in a New Place. SUSPENSION OF THE BANKS IN PETERSBURG, VA. RICHMOND. VA., Sept. 23.-The Merchants' National bank. the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning. The Citizens' bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.


Article from Alexandria Gazette, September 23, 1873

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Bank Suspensions in Virgilia. RICHMOND, VA., Sept. 23.---The Merchants National Bank, the Plauters' and Mechanics Bank, the Peoples' Bank and the First National Bank, all of Petersburg, suspended this morn ing. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commércial failures are rife in that city. The bank of Richmond are all quiet. There is considerabie excitement here over the news from Petersburg.


Article from The Wheeling Daily Intelligencer, September 24, 1873

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Bank Suspensions at Petersburg. RICHMOND, VA., Sept. 23.-The Merchants' National Bank, People's and Mechanics' Bank, People's Bank, and the First National Bank, all of Petersburg, suspend this morning. The Citizen's Bank of Petersburg. although not suspended, declines payment. Rumors of heavy.commercial failurs are reported in that city. The banks of Richmond are all quiet, but there is considerable excitement 1 here over the news from PetersSHIUUUU


Article from Nashville Union and American, September 24, 1873

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The Situation Elsewhere. / Four Banks Suspend in Petersburg, Virginia. RICHMOND, VA., Sept. 23.-The Merchants' National Bask, the Planter3' and Mechanics' Bank, the People's Bank and the First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank, of Petersburg, although not suspend ed, declines payment. Rumors of a beavy commercial failure are rife in that city. The banks of Richmond are all quiet, but there is consider able excitement here over the news from Petersburg. Result of the Panic on Locomotives. PATTERSON, N. J., Sept. 23.-In consequence of the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rogers' Locomotive Works in this city, have been cancelled, and five hundred and eighty workmen were discharged to-day. It is fe red that five hundred more may be discharged from the same works and several hundred at the Danforth and at the Grant works. Confidence Unshaken in Canadian Railroads. OTTAWA, Sept. 23-The Government has received advices by cable stating that Mr. Tilley, Finance Minister, has successfully placed on the London market five per cent loan of two millions sterling for Inter-Colonial railways. The bids amounted to four millions sterling, at an average premium of 412 per cent. The interest is to begin from the 1st of October. Trenton Easy. TRENTON, Sept. 23.-There is no run of consequence here and no failures. Poughkeepsie. POUGHKEEPSIE, N. Y., Sept. 23.-Information from Amenia, states that the iron ore men are making & run on the bank there, and that the bank is standing it well. BRE A Reaction at Albany. ALBANY, N. N., Sept. 23.-The run on the Albany Savings Bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. Philadelphia on its Feet. PHILADELPHIA, Sept. 23.-The financial eris 8 here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens'. The latter will soon resume. All the National banks stood firm. Chicago. CHICAGO, Sept. 23.-A report gained circulation here to-day that there were rumors in New York of the failure of heavy grain dealers in this city. There is not the slightest foundation for the report. The slight run which began on some of the savings banks yesterday has entirely subeided, and they are now paying without asking thirty day's notice. LATER-The news of the failure of Clews & Co. had the effect to depress the


Article from Elizabeth Daily Monitor, September 24, 1873

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The slight run that began on some of the savings banks yesterday has entirely subsided, and the banks are now paying those who do call for their deposits without asking any notice. RICHMOND, Sept. 23.-The Merchants National Bank, Planters' and Mechanics' Bank. People's Bank, and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburgh, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. ALBANY, Sept. 23.-The run on the Albany Savings Bank here closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. PATERSON, Sept. 23.-In consequence of the financial crisis in New York, and the general depression of new railroad securities, orders for locomotives for three months ahead at the e Rogers' Locomotive Works, in this city, have been cancelled, and five hundred and eighty-five of the workmen were discharged to-day. It is feared that five hundred more may be discharged at the same works and several hundred at the Danforth and at the Grant Works. PHILADELPHIA, Sept. 23.-T he financial crisis here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens. The latter will soon resume. All the national banks stood firm, and no doubts were entertained of their stability.


Article from The Daily Phoenix, September 24, 1873

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the panic is over. The Stook Exchange will not be opened to-day. The Governing Committee meets again to-morrow morning. The excitement on the street seems wearing itself out. The brokers formed a street market before the Exchange. Western Union, 66 bid, 70 asked. The Government bought $350,000 worth of bonds. The Gold Exchange is open. Latest quotations, 113/4. M.-Proceedings has been commenced to force the Uuion Trust Com pany into bankruptoy. The Bank of the Commonwealth is still closed. The run on the Fourth National has ceased. A moderate run on the savings banks. The clearances at the Gold Exchange are satisfactory. Henry Clews & Co. have suspended; at present they have no statement to make, save that a temporary suspension has been deemed advisable by the firm. PATTERSON, N. J., September 23.-In consequence of the financial crisis in New York and the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rodgers' locomotive works have been cancelled. 585 workmen were discharged to-day, and it is feared 500 more may be discharged. WASHINGTON, September 23.-The President has issued a proclamation, abolishing "discrimination" against French bottoms, commencing October 1. Latest advices do not give an eucouraging view of financial affairs. Federal officials, however, at a late hour seem placid. W. B. Shaw, an old and leading Washington correspondent, has purchased the National Iron Company's works at at Danville, Pa., for $768,000. Probabilities-For the South Atlantic States, winds veering to North and West, with clearing but partly cloudy weather. RICHMOND, September 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg. ST. LOUIS, September 23.-2,000 persons left here for the prize fight. Allen won the fight in nine rounds, in twenty minutes. Telegraplaic-Commercial Reports. COLUMBIA, S. C., September 24.Sales of cotton, yesterday, 86 balesmiddling 153/c. New YORK, September 23-Noon.Cotton quiet and nominal; sales 461 bales-uplands 18; Orleans 18% Futures opened; September 18, 18 1-16; October 175/; December 17% January 175/8. Flour dull. Wheat quiet and steady. Corn dull. Pork quiet-new 17.75. Lard steady-old steam 87.16 @81/2. Freights firm. 7 P. M.-Cotton-net receipts 405 bales; gross 3,370. Futures closed weak and irregular; sales 13,200 bales, as follows: September 17 13.16; October 17 1-16, 17 15-32; November 17 5-16, 1736; December 171.4. Cotton irregular; sales 1,062 bales, at 181/4191/4 Flour in limited request and in buyers' favor. Whiskey steady, at 98. Wheat unsettled and difficulty in selling; exchange checks export; stock accumulate ing-red Western 60@65. Corn heavy and high for yellow Western. No business in groceries. Pork lower-17.25. Lard 81/@89.16. Freights dull. BOSTON, September 23.-Cotton quiet -middling 19 for new; net receipte 373 bales; gross 644; sales 200; stock 9,000. PHILADELPHIA, September 23.-Cotton dull-middling 183/; low middling 181/2; strict good O! dinary 1714. NORFOLK, September 23.-Nothing doing in tton-middling 18; net receipts 670 bales; exports coastwise 365; sales 25: stock 793. WILMINGTON, September 23.-Cotton quiet-middling 171/2; net receipts 99 bales; sales 37; stock 543. SAVANNAH, September 23.-Cotton dull-middling 171/; net receipts 3,536 balee; sales 72; stock 5,667. CINCINNATI, September 23.-Flour dull, at 7.00@7.15. Corn in fair do. mand, at 55. Provisions dull and nominal; transactions somewhat interfered with by general financial disturbances throughout the country. Perk nominally 16,00-bayers demand a reduction. Lard casier and quiet-steam @81/2 for kettle; 814@8% for summer; 7@77/8 for packed. Shoulders 73/; clear rib 81/2; clear 85. Bacon nominal and quiet; business small-shoulders 83/4 clear rib clear 934. Whiskey


Article from New-York Tribune, September 24, 1873

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IN VIRGINIA. SUSPENSION OF FOUR BANKS AT PETERSBURG-EXCITEMENT IN RICHMOND. RICHMOND, Sept. 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet, but there is considerable excitement here over the news from Petersburg.


Article from Ellsworth American, September 25, 1873

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ALBANY. Sept. 23. Tue run on the Auburn Savings Bank here. ceased this noon. and the deposits the close were much larger than the amount paid out. The panic is over here. RICHMOND, VA. Sept. 23. The Merchant- Nat., Bank. Planters & Mechanics Bank. People's Bank, and 1st Nat.. Bank. all of Petersburg, suspended this morning. The Citizens Bank of Petersburg although not su-pended, decline payment. Rumors of heavy commercial failures are rife in that city, There is considerable excitement here over the news from Petersburg. PHILADELPHIA, Sept. 23. The financial crisis is over and bankers and brokers are transacting business as usual. All the State Banks that were under temporary difficulties have resamed, except the Union & Citizens, and the latter willsoon restime. The National Banks stand firm. and nodoubts are entertained of their stabilly, CHICAGO, Sept. 23. A report gained circulation here today that there were rumors from New York of failures among several of the grain dealers in this city. There is not the -lightest foundation for the reports as there has been neither failures nor rumors here.


Article from The Daily Dispatch, September 26, 1873

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PETERSBURG ING PUBLIC OF TIONS CONDITION CITY Dispatch Richmond (Correspondent call, September Payertined the in of held city was Exchange largely merthe merchants of the Tobacco The meeting all the business prominement derable in men ball 1 o'elock only substantial by a count in at tended, not but by trade and from was the stated by call, meeting other chants, lines of moneyer of of deved the meeting, Mr. as M. order, Farrar was ordinary to afford number The and briedv was by called financial panic, relief the whom the the measures moOn fidence. to called to consider no devise public Venable connor Chamberlayne and and to Captain reatore S. Captain W. J. were H. made secreta- put and passed who tion, the chair. E. and S. Gregory was immediately w bether nterest town or in meeting country, of the and ries. Mr. A that motion all had present, taken sufficient, to O attend it, be adcommittee the object the that and a report follow- resomitted A motion to pointed then to appointences the in the W ori ten be ap Chairman some Tunner, R. H. ing com draft E. Hinton R. D. A. Marof aution rinal The W. after Mesar M. Sr., McTiwaine, William R. Mallory, Roper. H. Davis for BartleLt George retired consultation, messenger warnmeat tin, and ommittee delay Febt an a not agree The after an hour to ask that as they could time. Af rer some and the meeting o'clock, before that position to some adbeing to adjourn motion be to had ou until their vision report (the proposit Disted by revailed in is session. now The in time are its this letter journ contlemen) a meeting not reached will send telegraph.com on the is de to-day for purport has by been quiet the people A num- to ber take certified theorything and the conti feeling lent and better arreed number o-day of the those including cide of leading more merciants checks on that a are banks. This wed rene restore the banks the tended greatly to wever, morning that action except has It.is stated, resol red prompt this custom policy confidence. merchants even generall to old and This Principal after the first not to séll for mone) mandoned away is the except sure. will of the be panic of the has situation people will out thrown said some Anothericted trouble OD whom-lia the have working been the or employer prevalent Works large distress numb of of employment of by hands have already but disposed quit, on, trusting pay. yet panic. at the Petersburg that most Iron that of them are ision will soon in suspended report to nor be work Work made for has their factories, not been although as that end it are is been being dis made: the by The best charged. has There people ed the that have spirit city been shown no turbuno to the do necesworking no threat of ening, the to their faith and that can willa with erisi* lence. and if satished be done all possible of the some best -ities, they in this trying Platt. Jr., the president city to-day thor and inade inpatience Hon- James Bank arrived in has of that that in an People's of his directors into the attairs are satisfi fied sound dollar an at ough with examination These gentlemen Sparely safe will and be early paid their -titution. bank is that and every wholders business This in both conditionitors depo that they can resume serious injury some forty was resonable day and time without espec faily city as funds People good news, dol are of ution. epositors The among to thousand deposit at large this line of small means. accommoBank on people had of afforded a comparative large and surplus liberal enabled in money them whom it The bank would bad have It was deposit where with dations. 000, which except ational that Bank, officers of to 817, tide the the crisis, Merchants with other depositive now here are nasuppended it collapsed two Treasury along The two the hands law of bank The inspec banks tors. will be put course into of the the tional in the regular city the nex It of the receivers operation. Alahone agreed is in not to Fair hold unless much the General has been Agricultural a change possible, more even under conditions the financial session decided situation than is now the most ROBIN favorable. ADAIR. telegram Dispatch. [Special an ad September at 6 PETERSBURG, of held men, business meeting journed and after were o'clock, reported, re-olations the exurging debate adopted, in busi and of ercise confidence the Also nest operations on of banks use solvent checks certified also It was citizens among transactions to be visit a that dolled committee appointed of the induce Controller of the colTreasury banks lapsed national to of the capital. being Washington to to allow the to deposits remain here instead removed of the of the meeting stockholders held and Bank, to-night, Mechanics that stated Plummer, of be made the Planters president, exhet Mr. report the could institution, amount but present no of the assets doubt of the whole and be believed the valoe there was no would be waterially paid, inMr. of that of the deposit stock money would not be as prost plummer Anation dethe but was deut stockholders tendered. in full it, to having receive confidence his DANVILLE BANES. relegran (special a A. SUSPENSION of ALL to.the Dispatch.) AS preDANVILLE, September of all the banks Danville is not There suspended our of busi deal among great cautionary before measure excitement noon to-day nesp: men. Second Dispatch. UPON OF THE EFFECT DETAIES BESTNESS. T


Article from The Daily Dispatch, September 27, 1873

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THE FINANCIAL CRISIS. THE SITUATION IN THE PRINCIPAL CITIES YESTERDAY. SCENES ON WALL STREET. GOLD SPECULATIONS. Etc., Etc. NEW YORK. NEW YORK, September 26.-Twenty-four hours' notice is to be given before the Stock Exchange opens. The Sun says that Adams's Express Company to 000, has out scenes on street The been and has the carrying carried United daily Wall States about the Express interior were $500,000 much Company $1,500,- daily. less excited to-day. The crowd of brokers who have hitherto blocked up Broad street in front of the Stock Exchange was much less this morning, owing to the action of the police captain, who directed his men to disperse all groups which threatened to interfere with side-walk traffic. The brokers by this means were driven into the roadway, but they fared no better there, as the police ordered the trucks to be driven through the crowd, and so compelled the brokers to scatter in all directions. The general feeling among them is more hopeful, though there are many who persist in regarding the situation in its blackest aspect. There was wild excitement in the goldroom to-day. The gold speculation, which begun just before noon, was the feature of the day, and at a quarter to 1 o'clock the price was 1123, and at 1 o'clock heavy sales were made at 1133. The great necessity for much of on was a drew the the hoarded, borrowing the speculative gold created gold, the feeling and market large the from demand fact the that really street and in being way of stock, for which there were two sets of prices. The excitement in the Gold-Room was intense, and in a few minutes everybody seemed vild-prices spreading to 1131. Gold closed at 114. WASHINGTON. W ASHINGTON, September 26.-The following suspensions are announced this morning: Wooten, Webb & Co., Indianapolis; Kraus & Smith, Toledo Bank of Ansonia, New Hampshire; Fant, Washington & Co., Washington ; the Union National, Manufacturers National, and SecondNational banks of Chicago. and William Fisher & Sons, Baltimore. The latter complain of delinquencies, and request a short indulgence. The Star says that at the instance of President Grant, Secretary Richardson has appointed Jay Cooke, McCulloch & Co., of London, the fiscal agents for the Post-Office and State Departments, vice Clews, Habetsch & Co., suspended. The Cabinet session to-day was informal. Only Richardson and Williams were present. Finances were discussed, and it was determined to stand by the results of last night's consultation at the White House, and take no further action regarding extra currency disbursements. PETERSBURG. IMPROVED SITUATION-CONDITION OF BANKS-THE FACTORIES-OTHER MATTERS. [Correspondence of the Richmond Dispatch.] PETERSBURG, Septeinber 26, 1873. To any, the least observant eye, the improved situation of finances here, and the heightened tone of public feeling, cannot fail to be readily manifest. For the first time since the Black Tuesday, which will ever be memorable in our local annals, business has to-day worn a really brisk appearance, are while money of course is source, it is gradually creeping back into circulation, while the rigid cash rule which prevailed yesterday has been happily relaxed in many cases, The meeting of yesterday did something to accomplish this result, and the discovery of the favorable condition of the affairs of the People's Bank did perhaps even more, as it had been teared that every cent of the funds of the city had gone to the woodbine. The plan by which it is hoped to rectify matters and to accomplish some abatement of the present pressurema be briefly stated, though the details will of course depend on future developments and A gentleman well in all conditions. leading this mended city capitalists and by Congressman in Richmond and merchants has Platt been and known here recom- by for appointment as receiver. An effort will then be made-and it is only just to say that Mr. Platt is exerting himself in this direction with commendable energy and spirit-to maket the surviving national bank in this city a United States depository, by which the funds of the banks in course of liquidation can be retained here until from time to time they are divided among the depositors, instead of their being removed to the capital. Thus, also, the money collected by the United States revenue officers for this district would be retained here instead of being conveyed elsewhere and deposited in the banks of other cities. The banks here that have not suspended manifest every disposition to accommodate, and their staunchness has done much to allay the excitement. A meeting of the stockholders of the Citizens Bank was held this afternoon, at which the cashier, General D. A. Weisiger, made the following statement of the assets and liabilities of the institution: ASSETS.


Article from The Daily State Journal, September 30, 1873

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Evening State Journal. STATE NEWS. -The county banks of Virginia are generally all right. -Kemper, Withers and John Letcher spoke at Staunton last night. -Dr. Coltman is running for the legislature as an independant candidate in Fauquier. -The People's bank of Petersburg will resume operations on Wednesday or Thursday. -Two hundred students of Washington and Lee University have arrived in Lexington, Virginia. -The animated religious controversv which has been going on for some time in the Norfolk papers between J. D. Blackwell, Methodist minister, and M. O'Keefe, Catholic priest, has been temporarily suspended. -Colonel M. Dulany Ball is prominently spoken of in Alexandria as Conservative candidate for the legislature. It is hoped that a winter at the Exchange hotel would promote his personal pulchritude.-Petersburg Appeal. -Dr. Ralph Schenk, an old and widely known citizen of this county, died at the home of his son-in-law, Mr. Trout, at Troutville, last Wednesday morning, rather suddenly, aged about 84 years.Fincastle Herald. -On Saturday last James P. Christian was shot and killed at the Natural Bridge by A. A. G. May. A dispute arose between them in the settlement of accounts before the magistrate. Christian disregarded May's order for him to keep off, and he shot him. Bailed afterwards in $500 by Judge McLaughlin. -Mr. James Spindle died suddenly at his residence near Loretto, on Wednesday the 17th instant. Mr. Charles Bayne, formerly of Loudoun county, but for the last year or two a resident of this county, died of a congestive chill on the 19th instant; Mr. John Sandy, of this place, died from the same cause on Sunday the 21st instant.-Tidewater Index.


Article from The Daily Dispatch, October 4, 1873

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# Richmond Dispatch. SATURDAY, OCTOBER 4, 1873. # Petersburg. [Correspondence of the Richmond Dispatch.] PETERSBURG, October 3, 1873. There is no more financial news to com- municate, no change having been made in the status quo. There seems to have been a revival of confidence among the people, and trade has resumed its usual placid flow. Money is still tight, but a limited and safe credit business is being done, and everybody looks for an early restoration of the pros- perity that lately prevailed. A meeting of the Executive Committee of the Agricultural Society was held to-day, at which, after considering the question care- fully and maturely, it was determined not to hold any Fair this fall. The committee was induced to come to this conclusion by the fact that the money already placed to their credit, and amounting to some $1,500, has become locked up by the recent suspensions of the banks here, so that it cannot be re- covered for several months. The contribu- tions made by merchants and other private citizens to the Fair cannot readily be collected while the money market is so strin- gent, and some of them would not be got at all. The committee were not unmindful of the advantages to the community that would have probably attended the holding of the regular exhibition; but it occurred to them that the risk necessary to be incurred was too great, and hence their determination to postpone. Mr. D. R. Ruffin, the presi- dent, will publish a card in a few days setting forth officially the reasons of the committee for its conclusion. The following is a statement of the move- ment of cotton at this port for the week ending to-day: Receipts, 220 bales; corres- ponding week last year, 267 bales; total since September 1, 1873, 494 bales; corres- ponding time last year, 570 bales; exports, 15 bales; stock, 155 bales; stock same time last year, 247 bales; receipts at this port for year ending September 1, 1873, 41,504 bales; receipts at all the ports ending Sep- tember 1, 1873, 3,930,508 bales, being an in- crease of 926,007 as compared with the year 1871-72. The Radicals are in a fever of excitement about the great speaking they are to have at the court-house to-night. Chandler, Gra- ves, Sener, and Beckley are all to speak, and Pitt is in the city, though he has not been announced to orate. A brass band is wandering the streets as I write for the purpose of collecting a crowd of the hood sovereigns. It is officially given out that the People's Bank resumes business to-morrow, paying back depositors who want their money, and otherwise meeting all demands made upon it. As an instance of the renewed confidence prevailing in commercial circles, it may be mentioned that a prominent merchant de- posited $6,000 to-day in the Citizens Bank, which is still suspended. The sales of tobacco at Oaks wherehouse during the year which ended on the 30th of September amounted to 4,953 hogsheads. The Radical Nominating Convention at Prince George Courthouse yesterday was a disorderly and noisy body, and the nomina- tion of the present delegate, an ignorant ne- gro named Gilliam, gave great offence to the white Radicals, who wanted the place for one of themselves. There were two white Radical aspirants for the nominations, but Gilliam got a rousing majority on the first regular ballot. The white Radicals are very much disgusted, as they assert that Gil- liam received the nomination last year with the distinct understanding that he was to give way this time for a white delegate. A number of them avow their intention to vote for General Kemper. It was hoped to-day that Mr. W. W. Ber- ry, who was in the city, could be induced to remain and to reply to Hughes to-night. The arrangement was not perfected and Mr. Berry did not stay. Perhaps it could not have been done, as Mr. Hughes has no great inclination to meet such a master of debate before the people. Rev. A. L. Archer, who is cashier of the Merchants National Bank, is quite ill. Colonel Wyatt, crier of the Tobacco Ex- change, is recovering. There is a large revival of religion in pro- gress at the Ettricks Methodist Episcopal chapel under the ministration of Rev. Mr. Bailey. Through the active exertions of Mr. Ke- van, president of the School Board, the teachers employed in the public schools have been paid off for the month just ended. The inspectors of tobacco in the ware- houses in the city have been recommissioned by Governor Walker as follows: Oaks, Bain and Jones; Centre, Martin and Lewis; West Hill, Hinton and Vaughan; Moore's, Branch and Robertson. The preachers have generally returned to the city after their late summer holiday, and the announcements for to-morrow are mostly for the regular incumbents. ROBIN ADAIR.


Article from The Daily State Journal, October 8, 1873

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THE PEOPLE'S BANK OF PETERSBURG.-From - an advertisement elsewhere published, it will be seen that the People's Bank resumes operations to-day, and will be prepared to meet the drafts of all depositors who may want their money, as well as to attend to other business. Mr. Platt deserves credit for the energy and expedition which he has shown in arranging the affairs of this institution, in rescuing them out of confusion, and in placing the bank so soon in a working condition. We doubt not its operations will be of great service in the present financial pressure, easing the stringency that prevails, and returning to healthful circulation a good deal of money now locked up and "salted down. -Petersburg Index and Appeal. The promptaction of this bank in resuming currency payments and business operations generally, is hardly more than what might have been expected from the character of the gentlemen having charge of the saine. Had some of the leading managers of the bank been in Petersburg on the day of the panic, it is more than probable that there would have been no suspension at all in its operations.


Article from The Donaldsonville Chief, October 18, 1873

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bonds, it wasthought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedman's and City Savings Banks, but both held out In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. Special Commissioner Felix R. Brunot has concluded a council with the Utes, the result of which was the ceding by the Indians of some 3,000,000 acres, being most of the land lying between the 37th and 38th degrees of latitude and 107th and 109th degrees of longitude, except a narrow strip on the southern side, on which many of the Utes have farms. It is proposed to gather the Wennihus, Muache and Capote Utes, and a portion of the Jacarilla Apaches now at Tierra Acravilla, and Cimarron agencies at New Mexico. This arrangement disposes of the two troublesome sub-agencies and gathers these wandering bands of the Utes upon their reservation. The price for land most mineral is to be given for the support of the new agency and for those Indians for which there has been heretofore no regular provisions made by the Government. Thearrangement with the Utes is not a treaty, but only an article of agreement entered into in accordance with an act of Congress authorizing negotiations. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the sayings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds disThe a general persed. day closed of with depositors confidence that the crisis was entirely over. The New York Stock Exchange continued closed on Tuesday, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been e summed up in a sentence, Confidence is t restored, the banks are conducting business as usual;" but just as the street was beginning to feel that the end of the panic h had been reached, the pamful rumor starte ed that the house of Henry Clews & Co. y had suspended payment. As soon as the announcementwas made that the doors of this banking had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co. 's failure. The run on the savings banks was continued moderately f throught the day, but the time rule allowing banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London tele11 gram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn n by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' Nao tional Bank, Planters' and Mechanics 8 Bank, Peoples' Bank, and First National all of that city, had suspended: I Citizens' Bank, although not susis declines payment. Rumors of 96 4 heavy mmercial failures were also rife in 4 that city 5 Then Pennsylvania, Railroad Company 58 havereque dediours of work for laborers 00 00 androad men forweight day, and the 00 0 pay rolls will be accordingly. The laborers, it is saideswill strike against al the new rule. n The President has issued a proclamation d exempting French vessels from all dise, criminating duties.


Article from The Daily Dispatch, September 3, 1874

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Letter from Petersburg. [Correspondence of the Richmond Dispatch.] PETERSBURG, September 2, 1874. A protracted meeting of the City Council was held yesterday evening, at which business of importance was transacted. The Finance Committee made a memorandum of the settlement of the city with the People's Bank, of which Congressman Platt is the president, and which suspended some time ago. There was on deposit in this bank to the credit of the city the sum of $14,000, for which the committee had accepted, in compromise, $10.000-three thousand in cash and the remainder in November and January. The agreement was accepted by the Council. Dr. J. N. Pleasants was elected to a position on the School Board made vacant by the resignation of Mr. R. M. Dunlop. The Council assumed the expense of the new grey uniforms with which the police corps has been provided. Mr. J. S. Gilliam, Jr., was elected Councilman from the Second ward vice Munford (negro), who had failed to qualify. The first bale of cotton of the season was received yesterday by Messrs. R. A. Martin & Co., from Mr. Isaac Page, of Wilson, N. C. It was of good ordinary quality, and sold for 18 cents. This morning between two and three hundred ladies and gentlemen left for a picnic excursion to Norfolk and the capes in the new steamer of the Old Dominion line, called The Hampton, which came up for the purpose. The pic-nic is for the benefit of the Washington-street Methodist church, which stands in need of repairs. After a long and lingering illness, Mr. William P. Elam died this morning of cancer in the stomach. His death had been expected for more than two weeks, but his astonishing vitality sustained him against a mortal disease. Mr. Elam was a leading tobacco commission merchant, a native of Prince Edward, and was an officer and prominent member of the Market-Street Methodist Episcopal church. He was about sixty years old, and was highly respected for his many sterling qualities of head and heart. The Merchants' Protective Association met last night at Library Hall and elected officers. It is stated that Mr. J. S. Gilliam, Jr., was elected president. The laying of new rails on the track of the Petersburg and Weldon railroad continues. They are now being laid near the Mount Airy shops, and are being extended towards the city depôt. A Stowell meeting in the Fourth Ward was so disorderly last night that the police had to be called in to preserve the peace. Your correspondent has heard of no movement on the part of citizens "to wipe out the stigma" of the effigy-burning, as referred to by you occasional correspondent a few days since. The matter had been well-nigh forgotten, and no body sees what good results can be expected from a revival of it, especially as the people generally never assumed the responsibility of the act. Two of the police officers of your city who accompanied the pic-nic party to this city on yesterday, fired off their pistols on the street and otherwise behaved so noisy that they were arrested. A large excursion party of city merchants left for North Carolina this morning for a trip intended to combine business and pleasure. The freight and passenger business over the Atlantic, Mississippi and Ohio railroad is at present immense. An extra coach has to be attached almost daily to the mail train going west, and yesterday four freight trains, aggregating one hundred cars, left for the West, all heavily loaded. ROBIN ADAJE.