21706. Planters and Mechanics' Bank (Petersburg, VA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
May 19, 1884
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
82fb5226

Response Measures

Full suspension

Other: Board posted notice; trustees later appointed and deed of trust executed; trustees paid dividends to creditors in 1885.

Description

Newspapers report heavy runs on May 19, 1884 and the bank 'temporarily suspended' that day. Directors made a deed of trust/assignment the same day; trustees later administered assets and paid a dividend (Feb 1885), indicating the bank remained closed and its affairs were wound up. Cause of the run/suspension is tied to heavy runs affecting other local banks and a general money-stringency/financial crisis.

Events (4)
1. May 19, 1884 Other
Newspaper Excerpt
The Directors of the Planters and Mechanics' Bank in Petersburg, Virginia, which suspended on Monday, yesterday made a deed of trust to McIlwaine & Gwilliam, on the assests. The liabilities of the bank are estimated at $200,000.
Source
newspapers
2. May 19, 1884 Run
Cause
Local Banks
Cause Details
Heavy withdrawals came both on this bank and other banks in Petersburg amid a broader money-stringency/financial crisis.
Measures
Board posted notice; bank prepared statement of condition; subsequently suspended operations (same day).
Newspaper Excerpt
In consequence of the heavy runs made on it, as well as on other banks here, the Planters and Mechanics' Bank this morning temporarily suspended operations.
Source
newspapers
3. May 19, 1884 Suspension
Cause
Local Banks
Cause Details
Temporary suspension was announced due to heavy runs on this and other local banks and a stringency in the money market; notice claimed the bank was believed solvent and could pay its debts.
Newspaper Excerpt
In consequence of heavy runs, as well as on other banks, the Planters and Mechanics' Bank has temporarily suspended.
Source
newspapers
4. February 13, 1885 Receivership
Newspaper Excerpt
The trustees of the bank will execute the order of the court as soon as practicable, probably within the next 30 days. The trustees have on hand about $90,000, which is sufficient to pay a dividend of 22 per cent. to the creditors.
Source
newspapers

Newspaper Articles (13)
1. May 19, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 19, 1884

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SUSPENSION. PETERSBURG, Va., May 19.-In consequence of the heavy runs made on it, as well as on other banks here, the Planters and Mechanics' Bank this morning temporarily suspended operations. The following notice signed by the board of directors and the president of the bank was posted on the door: "Owing to the stringency in the money market caused, in great part, by the present financial cricis, this bank is forced, temporarily, to suspend operations. A statement of the condition of the bank is now being prepared, which will be made public as soon as possible, and we feel assured it will prove satisfactory to the most scrutinizing." The bank is believed to be perfectly solvent and able to pay every cent it owes.

2. May 20, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 20, 1884

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A Virginia Bank Closes Temporarily. PETERSBURG, Va., May 19.-In consequence of heavy runs, as well as on other banks, the Planters and Mechanics' Bank has temporarily suspended. The notice by the board of directors and president says it is believed the bank will be able to pay every cent.

3. May 20, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, May 20, 1884

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Closed Its Doors. PETERSBURG, va., May 19.-The Planters and Mechanics' Bank closed its doors to-day. A heavy run is being made on the Petersburg Savings Bank, but it is thought the bank will be able to withstand it.

4. May 20, 1884 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, May 20, 1884

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LATE TELEGRAMS. (SPECIAL TO THE HEKALD.] Recovery of the Hodies of Hayes and Chapelle. GRASS VALLEY, May 19. The bodies of Hayes and Chapelle have been recovered from the cave-in at Forest Spring which took place on Saturday last. The other two bodies of Walace and Lawrence were recovered on\the day of the accident. Veterans Moving for Eight Dulare San FRANCISCO, May 19. The U. army veterans of this city have deeidd to petition Congress to pass the Loga bounty bill which gives to each soldir who served in the war $8 per month fr every month served. Washington Nummary - Nev Bills. WASHINGTON, May The contered election caso of Wallace vs. McKeley was posiponed, and Raudall attembed to secure the passage of the three ap propriation bills agree to 10 the cm miftee of the Whole on Friday last. To this Collins objected and the Specer proceeded to call the Sites for the bill. The following wasintroduced and referred: By Wiler authorizing the Secretary of he Treasury of the United States, as ion as may be possible, to use the surus money iu the treasury for the redepon of bonds outstanding at a pricept / above par. By King, directing the retury of the Treasury to allow rete of tea per cent. on all goods importe(u vessels of American register. National Bicycle Conclave at Parade. fi WASHINGTON, May 19.-The annual meeting of the League of Am can Wheelmen commenced its seas this morning. Unusual interest utta es to the meeting OH account of the ported intention of some unsatisfi once who have made a move to dissol the League. It is stated that from 15 to 1700 bicyclists will take part in parade to-morrow. Mass Meeting et Weel Grower CHICAGO, May -The national m meeting of wool growers of the Uni States was called to order at this morning. One hundred and thi four delegates were present, fifty whom were from Ohio, thirty eight Pennsylvania. Twenty-one States Territories are represented. J.S. diug, of Kausas. was elected tempoy Chairman. A committee on permait organization was appointed before A Negro Brakeman Shot. HOUSTON, Tex., Charles T* a colored brakeman on the Texas Cal Hailroad, who has been conspicuon the movement to secure negroes sion to first-class coaches, was shood instantly killed this morning by an known person, who fired through in dow of the car. Hi action in that ter of negroes is believed to haven the cause, Suspension or the Planternd Mechanics' Bank. PETERSBTRG, Va., May 19. -Inse quence of heavy runs on otheaks the Planters and Mechanics' Behas temporarily suspended. A notice lhe Board of Directors and the Prent says satisfactory arrangements be made. The bank is believed table to pay every cent. Failure of the Eric Country Inge Bank Ease, Pa., May 19 -TiErie County Savings Bank of this ans pended this morning Capital, $000; liabilities, $300,000. It is said President has been dabbling in oi has lefs the city. M. Morton Failed for exp. a NEW YORK, May 19 M. M. dealer in china, failed for $25.06 all Street is quiet. No statementous pended firms yet. Respension or W. B NeolCo NEW YORK, May 19. W. Hit & Co., brokers, have suspended. Recumption or Donnell, ben &simpson. NEW YORK, May 19. -The athy extended to Donnell, Lawson &ason has induced them to submit absi tion their creditore which will in their resumption in a few days. Gould and Nage Agreed tesse the Bears. New YORK, May 19. Gouldage had a long conference yesterdayey agreed to stand by each other us every necessary means to arrestat. tempt on the part of the bears ther depress stocks. Mulcide of Alexander n UTICA, N. Y., May 19 .-Ner White, creamery operater and Rapids, Mich shot himselfais mother's home at Sherbwin thn ing. He lost $125,000 in Weet last fall and had other business Dr. Pilts Kills Br. Wa CRESFULA, Md., May 19. -Aler Island, Va., on Saturday Lts called Dr. Walter, arival physido office and sbot him dead. le attempted to lynch Pitts but to. vented. The murderer was jail The Remains of MeGal CONSTANTINOPLE, May the United States steamer, Quinh, will sail on Wednesday from Gi nople with the remains of Mn, the distinguished newspaper cod. out. Disastrous Fire in Asiar CONSTATINOPLE, May 19.-ei Basar City, Asia Minor, 950 <<, 544 warehouses and shops, 11 16 school, 9 khans, and 144 oth ings were burned. Eleven perrished. Death of Nam War LONDON, May 19 Mr. Srd died at Peglie, Italy, this morde passed away peacefully surroy loving friends.

5. May 20, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 20, 1884

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Planters and Mechanics' Bank. PETERSBURG, Va., May 19.-In conse quence of heavy runs 80 well as on other banks, the Planters. and Mechanics' bank has temporarily suspended. A no ice by the board of directors and president says: "If satisfactory, an at empt will be made and the bank is believed will be able to pay every cent." The cashier of the Bankers & Mechanics bank says the suspension was mainly due to the fact that last week a large number of certificates ofdeposit, on which the bank requires from ten to thirty days notice, were paid without the requisite notice. Within the past few days $64,000 state funds have been checked out. He thought the bank would resume business in a few days.

6. May 21, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, May 21, 1884

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PRICE ONE CENT NEWS SUMMARY. THE WOOL GROWERS' DEMANDA BICYCLE ACCIDENT-DE. STRUCTIVE FIRES. The National Convention of Wool Growers, in Chicago, yesterday, adopted the report of the committee apointed Spe to prepare an address to the wool growera of the country. The address which is long and exhaustive, charges the present depression in the wool trade SPRING 0 to adverse legislation by Congress, and demands the restoration of the tariff of 1867, the repeal of which it says was brought about wholly through the ef y -OF forts of importers and others interested t in securing in the United States a market for foreign wools. Judge Simonton, at Harrisburg, yesb terday, filed an opinion in a case involving the taxation of the municipal bonds of the city of Philadelphia. In Refrigerato one case the city is held liable for $98, e 078.23, and in the other for $92,343.76, covering taxes for a period of nearly six years, from 1877 to 1882. The claim of the State was for nearly $700,000. I S. H. Keeler, postmaster at Medford, t Wisconsin, shot at his wife on Monday Refrige after reading an into rcepted letter sent to her by Dr. S. B. Hubbell, President of the Exchange Bank and County t Treasurer. The same evening Hubbeii, made frantic by the discovery of his scoundrelism, committed suicide by shooting himself in the head. Refrig Violent wind and rain storms prevailed at Lancaster, Circleville and Tarleton, Ohio, on Monday. At Lan. easter, several buildings were unroofed and the amphitheatres at the fair grounds and race course were dedemolished. At Tarleton thirty houses and a number of barns were unroofed. Baby Carria In the African Methodist Episcopal General Conference at Baltimore, yes terday, the report of the Committee on the Book Concern, which recommended the removal of the publication headquarters from Philadelphia, was finally adopted by a vote of 67 to 56. Baby Can The Security Warehouse on Julia street, New Orleans, was destroyed on Tuesday with its contents, including 573 hogsheads of sugar, 3,482 barrels of molasses, a quantity of cotton seed oil BABY CAR and other articles. Loss $150,000 fully insured. The 100tbanniversary of the Mecklenburg Declaration of Independance was celebrated yesterday at Charlotte, North Carolina. The main features of the MATT CANTON celebration were a procession two miles long and an oration by Senator Pen dleton. The Directors of the Planters and Mechanics' Bank in Petersburg, Vir ginia, which suspended on Monday, MA CANTON yesterday made a deed of trust to McIlwaine & :Gwilliam, on the assests. The liabilities of the bank are estimated at $200,000. A tramp found an old hitro-glycerine can at Warren, Pa., on Saturday, and CANTON took it to boil coffee in. He built a fire and sat near it on the can, which soon exploded, wounding him so bid that his death is expected. He is said to be respectably connected. A first class dr William C. Palmer, the champion bicycle rider of Connecticut, was thrown rator with porc from his vehicle by striking a tence ce cooler combine rail in a park at Bridgeport on Monday He struck his head, and serious injury 18 feared. The cases against the members of the Cincinnati Base Ball Club for playing $12.0 on Sunday at Indianapolis were called yesterday morning, but postponed, owing to the absence of the defendant's lawyer. The Cincinnati Dramatic Festival which you can ha Association has made an assessment of ing $2 cash and $ 50 per cent. on the guarantors to cover a deficiency of $42,7000 The total re -0 ceipts of the Festival were only $10,700. The United States Brewers' Associa tion will begin its 24th annual convenA handsome ba tion in Rochester to-day. The license a d Sunday closing questions will be carriage upholster discussed. ton or raw silk, fo The 65 employees of R. Rothschild's Sens, furniture manufacturers of Cinand lace parasol c cinnati, have struck against the abolition of the half hour allowed them for lunch. The surviving members of the Twenty-eighth New York Volunteers left Lockport yesterday for Staunton, Virginia, to attend a re-union of the $10.0 Fifth Virginia Confederates. Morrison & Wood ward's planing mill, at Chattanooga, and several ad Which we will ( joining buildings were burned yesterday. Loss $50,000. payment of $1.00 A fire at Ottsville, New York, yester $1.00 weekly. A day morning, destroyed five stores and two dwellings, cansing a loss estimated line of 25 differen at $40,000. rattan and reed, C Joseph Frazer, accused of the murder of Wesly Hupp, hanged himself in the ingly low in price. jail at Anderson, Indiana, on Monday night. A complete asse

7. May 26, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 26, 1884

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About 73 per cent. were those of small traders whose capital was less than $5,000. The following were the important suspensions during the week: W. B. Scott & Co., bankers and brokers, C. McCulloch, Beecher & Co. and Benner & Pinkney, shipping and commission, New York city; Planters and Mechanics' Bank, Petersburg, Va.; Brennan & Co., bankers, Charlottesville, Va.; Ellett, Drewry & Co., wholesale dry goods, and S. Blanchard, wholesale grocer, Richmond, Va.; Erie County Savings Bank, Erie, Pa.; L. F. Phelps, banker, Westfield, N. Y. In the principal trades they were as follows: Grocers 25, general stores 23. shoes 12, clothing 12, liquors 12, manufacturers 10, tobacco and cigars 7, millinery 6, drugs 5, dry goods 5, jewelry 5, grain and flour 4, hotels and restaurants 4, stationers, etc., 4, oil brokers 4, bankers 3, banks 3, stockbrokers 3, carriages and wagons 3, coal and wood 3, commission 3, fancy goods 3, hardware and agricultural implements 3, oils and paints 3, produce and provisions 3, brewers and maltsters 2, furniture 2, hats and caps 2, hides and leather 2, harness 2, lumber 2, men's furnishing goods 2, rubber goods 2, shipping and commission 2. FLORIDA. Jacksonville.-H. Weiskoff, paints, asks an extension. GEORGIA. Darien.S. Steinshine, general store, assigned. Macon.-R. B. Evans, grocer, sold out. SOUTH CAROLINA. Florence.-C. Phillips & Son, general store, offer 30 cents. Liabilities $15,930; assets $14,775.

8. July 19, 1884 New-York Tribune New York, NY
Article from New-York Tribune, July 19, 1884

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troubles OF BANKERS AND merchants. PETERSBURG, Va., July 18.-The Grand Jury has been engaged te-day in examining witnesses in refcrence to the affairs of the Planters and Mechanics' Bank, which made a deed of trust on May 19. One of the witnesses testified that he had given an important paper containing certain facts in reference to the condition of the bank in 1874, to a promisent lawyer of this city. Application W88 made by the Grand Jury for this paper, but the lawyer refused to deliver it. The matter was then taken before Judge E. M. Mans. of the Hustings Court, but as the court is engaged with the trial of a murder case the jury were sent back to their room to examine other witnesses until the court can look into the matter. Indianapolis, July 18.-Tue banking-àguse of A. & J. C.S. Harrison did not open its doors this merning. A petition was filed by Alfred Harrison. the senior partner, asking for the appointment of a receiver, and the court appointed John Claypeol, son of Solomon Claypool, who who is atterney for J. C. S. Harrison in the receivership of the Indiana Banking Company. Mr. Claypool filed a bond at once and took charge of the bank. No statement of the affairs of the bank is obtainable at present. The bank had about 400 depositors, some for considerable sums, The city has $60,000 on deposit there. CAIRO, Ills., July 18.-Private advices from Murphysboro, Ills., report the failure of the Savings Bank in that place. The liabilities are not stated. The nominal assets are $50,000. The people are irritated because the bank received deposits up to the hour of closing. Trouble IS apprekended. MANCHESTER, N. H., July 18.-The stock. fixtures and real estate of George S. Clough & Co., wholesale pork dealers. were attached yesterday afternoon by the Manchester National Bank, which holds the firm's paper to the amount of $2,500. It is thought the firm's liabilities are $30,000.

9. August 18, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 18, 1884

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# VIRGINIA NEWS. Virginia Martin, colored, has been sent to the grand jury, charged with burning the barn of Carr B. White, in Fauquier county, on Thursday. The common council of Warrenton have in contemplation the erection of a large reservoir upon Lee's ridge, a mile from town, to be supplied by water forced from Kettle run with which to supply the town. The State is pressing its claims against the Planters and Mechanics' Bank, in which, at the time of the failure, it had a deposit of $135,000 and suit is to be brought at the next term of the Hustings Court of Petersburg to upset the deed of assignment made by the board of directors and to make the State a preferred creditor. At the instance of the State, several of the late directors, who made assignments of their property, are to be subjected to interrogatories under oath as to the disposition of that property. On Saturday night, as the Philadelphia and Norfolk freight train was coming over the new road in Accomac county, near Guilford, it ran from the track, injuring the engineer, a brakeman, and badly mutilating the leg of a colored man. It was discovered upon examination that some malicious person had taken up a part of the road. In the neighborhood there is a very strong feeling against the road from the fact of its turning all the farmers' cattle and hogs upon the commons, and the authorities seem to take no precaution to remedy this.

10. December 4, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 4, 1884

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Bail Refused. William R. Smith, late chief clerk in the First Auditor's office, charged with the embezzlement of State funds, had a partial hearing in the Police Court in Richmond yesterday. The case was continued until to-day. Bail was refused, and Smith was committed to jail. There were two warrants-one charging him with unlawfully and feloniously on or about the 14th of April, 1883, embezzling and feloniously converting to his own use a sum of $62 the money and property of the Commonwealth of Virginia. The other warrant charged him with unlawfully and feloniously, on or about December 13, 1883, embezzling and feloniously converting to his own use the sum of $1,552 87, the money and property of the Commonwealth of Virginia. Major Poe swore out the warrants upon the strength of letters from certain clerks of courts. These letters showed that the amounts had been receipted for by Mr. W. R. Smith, and there was no credit for the same on the books in the Auditor's office. Mr. Smith, in company with several friends, and under the custody of an officer came down from the Auditor's office, entered the court room, and took a seat in the bar by Judge Crump. The Judge asked the court to hear testimony as to bail. The testimony of the Auditor revealed the fact of the discovery by Mr. Smith yes. terday morning among the papers which he had charge of a certified check for the $1,552.87. This check was shown in court, and was dated December 13, 1883. It was made payable to the Treasurer. As to the $62.32, $38 of it was accounted for, and Judge Crump in this connection said that he had no doubt but that the balance could easily be accounted for. The police justice, however, said he did not think it was a proper case for bail. He did not give his reasons. The Dispatch of to-day says: "The cer. tified check for $1,592, which Mr. Smith has found, and which covers the amount in question in the Petersburg case, was drawn by Mr. Armistead, December 13, 1883. on the Planters and Mechanics' Bank, which bank suspended the past summer. Mr. Smith, after its suspension, opened a correspondence with Mr. Armistead with the view of having the latter prove this claim against the bank on behalf of the Commonwealth, and Armistead had taken steps in that direction, but Mr. Marye said yesterday that this proceeding was wholly unauthorized. The check was not made payable to the Auditor, but to the Treasurer. There is a question as to whether or no the claim the State had against Mr. Armistead is thus discharged."

11. February 13, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, February 13, 1885

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TRIPPED UP BUSINESS MEN. No Appeal in the Virginia Bank CaseWard Again Indicted. PETERSBURG, VA., Feb. 12.-In the Hustings Court to-day Judge Mann handed down his opinion in the case of the suit of the State of Virginia against the Planters and Mechanics' Bank, and, as it appears from the opinion that no suspending order was asked by the counsel for the State, no appeal will be taken to the Supreme Court of Appeals. The trustees of the bank will execute the order of the court as soon as practicable, probably within the next 30 days. The trustees have on hand about $90,000, which is sufficient to pay a dividend of 22 per cent. to the creditors. ANOTHER INDICTMENT AGAINST WARD. NEW YORK, Feb. 12.-The United States grand jury brought in another indictment against Ferdinand Ward, the former partner of Gen. Grant, for crookedness in connection with the Marine Bank. The court issued another bench warrant for Ward. The latter is still in custody in Ludlow street jail under another indictment.

12. February 13, 1885 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, February 13, 1885

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VIRGINIA NEWS. The Conference of School Superintendents in session in Richmond are in favor of paying school trustees a per diem. The conference also adopted a resolution memorializ ing Congress to pass the Blair educational bill now before the House of Representa. tives. Mr. John Pad. Reumond, for many years a prom inent business man of Norfolk, died yesterday after a lingering illness. He was sixty-eight years of age, a native of the New England States, but had resided in Norfolk since his early manhood. He was prominently identified with Masonry, being a Knight Templar and a thirty second degree Mason. The Auditor of the State has declined to accept coupons in payment of taxes in compliance with the decision rendered by Judges Bond and Hughes, of the United States Circuit Court, at Norfolk. His reasons for refusing to do 80 are that he has not yet been served with the order of the court, and because a law of the State requires that all revenues shall be paid into the banks designated as State depositories. In the Hustings Court of Petersburg yesterday, Judge E. M. Mann handed down his opinion in the case of the suit of the State of Virginia against the Planters and Mechanics' Bank, and as it appears from the opinion that no suspending order wasasked by counsel for the State, no appeal will be taken to the Supreme Court of Appeals. The trustees of the bank will execute the order of the court as soon as practicable, probably within the next thirty days. The trustees have on hand about $90,000, which is sufficient to pay a dividend of 22 per cent. to the creditors.

13. February 14, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, February 14, 1885

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MERCANTILE COLLAPSES. Dun & Co.'s Report Affected by the Storm in the West. NEW YORK, Feb. 13.-The business failures throughout the country occurring during the last week, as reported to the mercantile agency of R. G. Dun & Co., number for the United States 239 and for Canada 31, a total of 270, against 346 last week and 354 the week previous. This large decrease is probably more apparent than real. Railroad and telegraphic communication in the West and Northwest has been so much interrupted by snow that doubtless many failures in remote localities have not been reported. FICTITIOUS PREFERENCES ALLEGED. Judge Ingraham, in the Superior Court to-day, rendered a decision, holding that the assignment of F. Mayer & Co. is null and void. The firm, which did a large wholesale clothing business in White street, was composed of Ferdinand and Benjamin Mayer, father and son. The firm failed in September, 1884, for over $2,000,000 and their actual assets were about $1,000,000. Both members of the firm have since been indited for perjury and are now out on bail. The assignment is set aside on the ground of the assignors having made fictitious preferences. A STORE CLOSED. YAZOO CITY, MISS., Feb. 13.-The store of Holmes & Fowler, general merchants, has been closed by attachment and a receiver appointed. The liabilities are $5,000. The assets are ample but not immediately available. THE 22 PER CENT. DIVIDEND. PETERSBURG, VA., Feb. 13.-The trustees of the defunct Planters and Mechanics' Bank will commence tomorrow the payment of the first dividend to the creditors of the bank. s dividend of 22 per cent. is to be paid to all who have proved their claims before the commissioners appointed by the court.