21708. 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: 5687d1a4

Response Measures

Full suspension

Other: Deed of trust to McIlwain & Gilliam placed assets in trust for creditors; trustees later paid dividend.

Description

Heavy runs amid the national financial crisis (May 1884) led the board to suspend on May 19, 1884. Directors later placed assets in a deed of trust (May 20) to secure creditors; the bank remained defunct and trustees paid dividends in 1885 — consistent with permanent closure after suspension. Bank type not explicitly given in articles.

Events (4)

1. May 19, 1884 Run

Cause: Macro News
Cause Details: Runs were caused by the general financial crisis and stringency in the money market (panic news and runs on other banks).
Measures: Board of directors and president suspended operations; statement of condition to be prepared and posted.
Newspaper Excerpt: In consequence of the heavy runs made on it, as well as on other bank here, the Planters' and Mechanics' Bank this morning temporarily suspended operations.
Source: newspapers

2. May 19, 1884 Suspension

Cause: Macro News
Cause Details: Board suspended payments citing stringency in the money market caused largely by the present financial crisis.
Newspaper Excerpt: Owing to the stringency in the money market caused in great part by the present financial crisis this bank is forced temporarily to suspend operations.
Source: newspapers

3. May 20, 1884 Other

Newspaper Excerpt: The Board of Directors ... to-day made a deed of trust to McIlwain & Gilliam of this city on the assets and property of the bank to secure its creditors without priority. The liabilities of the bank are estimated at $200,000 and the assets are unknown. (May 20, 1884).
Source: newspapers

4. February 9, 1885 Other

Newspaper Excerpt: Judge Mann rendered his opinion as to the validity of the deed made on May 19 last by the directors of the defunct Planters' and Mechanics' Bank...the trustees have on hand $90,000, sufficient to pay creditors a dividend of 20 per cent. (Feb 9, 1885)
Source: newspapers

Newspaper Articles (11)

1. May 19, 1884 Evening Star Washington, DC

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Suspension of a Petersburg, Va.. Bank. PETERSBURG, VA., May 19.-In consequence of the heavy runs made on it, as well as on other bank here, the Planters' and Mechanics' Bank this mor ning temporarily suspended operations. The tol. lowing notice, signed by the board or directors and 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 crisis this bank is forced temporarily to suspend opera tions. A statement of the condition of the bank 1c 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 pas every cent it owes."

2. May 20, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 20, 1884

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CRASHES IN THE COUNTRY A FEW AFTER-CLAPS OF THE COLLAPSES IN NEW YORK. Banks in Trouble at Petersburg, Va., Erie, Pa., and Charlottesville, Va.Scott & Co., New York Stock Brokers. Suspend - Rumors That President Dodd will get all his Money from Fisk & Hatch. PETERSBURG, VA., May 19.-In consequence of the 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 crisis, 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 that it will prove satisfactory to the most scrutinizing. The bank is believed to be perfectly solvent and able to pay every cent it owes.

3. May 20, 1884 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, May 20, 1884

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nota inserted as Job Work done to compete Hat Francisco Ice style and elegance of workmanship LATE TELEGRAMS. (SPECIAL TO THE HESALD.] Recovery et the Bodies 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 Dulars SAN FRANCISCO, May 19 -The U army veterans of this city have decide to petition Congress to pass the Loga bounty bill hich gives to each soldie who served in the war $8 per month fr every month served. Washington Nummary New Bills. WASHINGTON, May 19. The conteed election c of Wallace vs. McKeley was postponed, and Randall attembed to secure the passage of the three appropriation bills agree to 10 the m miftee of the Whole on Friday last. To this Colline jected and the Speker proceeded to call the Stos for the bill. The following wasin troduced and referred: By Wiler authorizing the Secretary of he Treasury of the United States, as ion as may be possible, to use al the suius 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 a rete of ten per cent. on all goods importelu vessels of American register. National Bleyele Conclave at Parade WASHINGTON, May 19.-The annual meeting of the League of Am can Wheelinen commenced its seasi this morning. Unusual interest atta es to the meeting OR account of the ported intention of some unsatish ones who have made move to dissol the League. It is stated that from 15 to 1700 bicyclists will take part in t parade to-morrow. Mass Meeting of Weel Grower CHICAGO, May 19. The national m meeting of wool growers of the Uni/ States was called to order at 10 o'cl this morning. One hundred and this four delegates were present, fifty whom were from Ohio, thirty eight Pennsylvania. Twenty-one States Territories are represented. J. 8. ding. of Kausas, was elected tempoy Chairman. A committee on permait organization was appointed before res. A Negro Brakeman shot, HOUSTON, Tex., 19 Charles T# a colored brakeman on the Texas Cel Kailroad, who has been conspicuon the movement to secure negroes sion to first-class coaches, was shoad instantly killed this morning by all known person, who fired through in dow of the car. His action in that ter of negroes is believed to haven the cause. Suspension or the Planterma Mechanics' Bank. PETERABTRO Va.. May 19. -Inse quence of heavy runs on othepks the Planters' and Mechanics' Bibas temporarily suspended. A notice he 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. ingo Bank Exis, Pa. May 19 TiErie County Savings Bank of this ans pended this morning. Capital, $000; liabilities, $300, 000. It is paid 'res ident has been dabbling in oil has left the city. M. Morton Failed for exp. NEW YORK, May 19 -M.M. dealer in china, failed for $25,0Vall Street is quiet. No statementouspended firms yet. Suspension of w. B. NeotCo NEW YORK, May 19 W. Htt Co., brokers, have suspended. ben Recumption of Donnell, simpson. New YORK, May 19. The sthy extended to Donnell, Lawson &ison has induced them to submit absi tion their creditors which wills in their resumption in a few days Could and Mage Agreed toest the Bears. New YORK, May 19 Gouldage had long cont ference yesterdayey agreed to stand by each other use every necessary means to arrestat. tempt on the part of the bears depress stocks. Mulcide or Alexander ml UTICA, N. Y., May 19.-Ner White, creamery operater and Rapids, Mich shot himselfais mother's home at Sherbwin the ing. He lost $125,000 in Weet last fall and had other business Dr. Pilts Killa Dr. We CRESFULA, Md., May 19. Aler Island, Va. on Saturday Its called Dr. Walter, arival physido bis office and sbot him dead le attempted to lynch Pitts but to vented. The murderer was jail The Remains or Metal CONSTANTINOPLE, May the United States steamer, Quinh will sail on Wednesday from nople with the remains of Mn. the distinguished newspaper cold ent. Disastrons Fire in Asiar CONSTATINOPLE, May 19 Hei Basar City, Asia Minor, 950 514 warehouses and shops, 11 16 school, 9 khans, and 144 oth inge were burned. Eleven petr ished. Death of Nam War LONDON, May -Mr. Std died at Peglie, Italy, this mord passed away peacefully surroy loving friends The Buhach Plant. One of the most useful plants covered is Buhacb, the inof

4. May 21, 1884 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 21, 1884

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TELEGRAPHIC TICKS. / The French government has decided to introduce a bill for the taxation of imported cattle. The Pall Mall Gazette says the "English bought last week more American stocks than in the whole twelve months previous." The Massachusetts democrats of the eighth district. Tuesday. elected Butler delegates to the national conuention. The officers of the Newark. N. J. Savings bank state that they expect to receive full puyment from Fisk and Hatch, in which case depositors will receive dollar for dollar. The laving of the corner stone of Memorial Hall at Milford, Mass., will be postponed to Saturday May 31st. The widow of Captain Matthew Webb is at suspension bridge. Niagara Falls, having accepted the position of cashier of Whirlpool Rapids Park. The liabilities of the Planters' and Mechanics' Bank at Petersburg. Va., which suspended Monday, are $200,000. The security warehouse, Julia street, New Orleans, was burned Tuesday, with contents. The loss is $150,000. Morrison and Woodward's plaining mill at Chattanooga, Tenn., was burned Tuesday. Loss. $50,000. Judge Simonton, at Harrisburg, Pa., filed an opinion Tuesday, in the case involving the taxing of the municipal bonds of Philadelphia. The city is held liable for $198,000. The claim of the State was for nearly $700,000. The remainder of the provisions for the Arctic fleet will be forwarded in a short time to Siberia. The steamer Alert is to return next September and bring any information learned in regard to the Greely party. The establishment of J. Emery Byram, Tucker street, Philadelphia, was seized today and the proprietor arrested on the charge of carrying on a distillery without a license. The Governor and Council Tuesday evening refused to pardon Blye, the Epping, N. H., burglar, whose case was left over at the last meeting. H. E. Woodward & Co., fish dealers, Fort Hill wharf, Boston, have failed.

5. May 21, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 21, 1884

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The Petersburg Collapse. PETERSBURG, VA., May 20.-The Board ef Directors of the Planters' and Mechanics' Bank, which suspended yesterday, to-day made a deed of trust to McIlwain & Gilliam of this city on the assets and property of the bank to secure its creditors without priority. The liabilities of the bank are estimated at $200,000 and the assets are unknown.

6. May 22, 1884 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, May 22, 1884

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A Busted Bank. PETERSBURG, Va., May 19.-In consequence of heavy runs, as well as on other banks, the Planters' and MeMechanics' bank was temporarily suspended by the board of directors and president. The bank is believed to be able to pay every dollar.

7. May 23, 1884 The New North-West Deer Lodge, MT

Article from The New North-West, May 23, 1884

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THE FINANCIAL SQUEEZE. List of Bankers That Were Thrown Down. NEW YORK, May 14.-The following failures of Banks are announced: Nelson Robinson & Co., Goff & Randall, Metropolitan National Bank, J. C. Williams, Hatch & Foote, Donnell, Lawson & Simpson, Hotchkiss and Burnham, Atlantic States National Bank. A. M. Bogart & Co., Bankers, have suspended. J. C. Williams, Broker, says he will announce his suspension later in the day. NEW YORK, May 17.-The morning passed quietly. Confidence seems restored. There is no trace of excitement. Affairs are progressing in a fair way toward a speedy recovery of values in stocks. The advance this morning was well maintained, the movement being merely checked at intervals by the usual sale of small holders to secure profit. The bank statement is favorable showing an excess above the legal requirements of over $3,000,000. Leading financiers say there is a gradual improvement and entertain no danger of another backward step. The run on the Howard Savings and Dime Savings Banks here continue. The managers are ready to pay dollar for dollar. Bank statement-loans decrease, $6,784,000; specie decrease, $2,527,000; legal tenders decrease, $1,956,000; deposits decrease, $12,621,000; speculation unchanged; reserve decrease, $1,328,000. The Banks hold $3,127,000 in excess of the legal requirements. The run on the Brooklyn Savings Bank has ended. Seney conveyed his Brooklyn mansion to the Metropolitan Bank to day for $175,000, and other property for $8,000. J. Steelman, merchant, assigned; preferences, $18,000. Bonuer Pinckney, shipping merchant, assigned ; preferences, $20,000. Assignee Weems states the liabilities of Donnell, Lawson & Simpson are $3,000,000. The assets will exceed the liabilities one million. LONDON, May 17.-The rush to-day on American stocks is undiminished. The bankers are cabling New York, offering a ship-load of gold on security of Governments. NEW YORK, May 18.-McCullough & Beecher, who made an assignment to day, are shipping merchants. Beecher is a nephew of Henry Ward Beecher. The firm was at one time agents of the United States & Brazil mail steamship line. Its assets are $300,000 and liabilities between $250,000 and $300,000. The suspension was caused by the currency of Brazil having been heavily depreciated, and the decline in coffee for the last three months. NEW YORK. May 19.-M. Morton, dealer in china, failed for $25,000. Wall Street is quiet. No statement of suspended firms. The run on the other savings banks ceased to-day. W. B. Scott & Co., brokers, suspended to-day. ERIE, PA., May 19.-The Erie County Savings Bank, of this city, suspended this morning. Capital $150,000, liabilities $300,000. It is said the president has been dabbling in oil. He has left the city. PETERSBURG, VA., May 19.-In consequence of heavy runs, as well as on other banks, the Planters' and Mechanics' Bank has temporarily suspended.

8. August 6, 1884 The Home Journal Winchester, TN

Article from The Home Journal, August 6, 1884

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- Mayor Smith. of Philadelphia, has asked the Councils for $10,000 to enable the Quaker City to make a good showing at the New Orleans Exposition. --The defunct Manufacturers' Bank, of Milwaukee, offers twenty-five cents cash, and seventy-five cents in equal payments at one, two and three years. -The Grand Jury of Petersburg, Va., have I not concluded their inquiry into the failure of the Planters' and Mechanics' Bank. -Green's Bank, at Jackson, Miss., makes an excellent showing by the receiver's report,

9. August 22, 1884 The Times Owosso, MI

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No one can be ill if the blood is pure, Yellow Dock and Sarsaparilla have long been rcognized by physicians as a blood purifier. Don't be humbugged by the advertisements of the many quack nostrums, but occasionally use Dr. Guysott's Yellow Dock and Sarsaparilla, and you will live to a good old age. Many of our best citizens who suffered from bad blood indicated by weak kidneys, indigestion, ets, owe their recovery to this remedy. The French Government has decided to introduce a bill in the chamber of deputies providing for the taxation of imported cereals and cattle. A chronic rheumatism which has paining and disturbing a system of ten years is a mighty ugly enemy to attack. It is like a fiend behind a barricade-hard to hit and harder to dislodge. But Athlophoros don't seem to fear even such a desperado. It works its way into his fastness in the system, and ousts him without ceremony. Says Mr. H. Charley, Muskwonago, Wis.: "My brother has been taking Athlophoros for chronic rheumatism of ten years standing. It is doing all you claim. His pain is gone, and his limbs are warm and lifelike. Owing to a determined run on all the financial institutions at Petersburg, Va., the Planters' and Mechanics' Bank closed its doors, with a promise to attempt payment in full. Dr. Henry Baxter's Mandrake Bitters are purely vegetable, the product of the hills and valleys, they are natures own restorer. Price 25 cents per bottle. Warranted to give satisfaction or money refunded.

10. February 10, 1885 Savannah Morning News Savannah, GA

Article from Savannah Morning News, February 10, 1885

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VIRGINIA'S DEFUNCT BANK. Judge Mann Declares Valid the Deed Made by the Directors Last May. PETERSBURG, VA., Feb. 9.-In the Hustings Court to-day Judge Mann rendered his opinion as to the validity of the deed made on May 19 last by the directors of the defunct Planters' and Mechanics' Bank. The deed was assailed by the State of Virginia, which had on deposit in the defunct bank $130,000, and by the Union National Bank of the city of New York, and other judgment creditors. Judge Mann renders the opinion that the deed is a valid one, and decrees that the funds now in the hands of the trustees of the bank be distributed pro rata among the creditors. The trustees have on hand $90,000, sufficient to pay creditors a dividend of 20 per cent. The petition of J. R. Wagesdale, Treasurer of the Commonwealth of Virginia, which has been treated as a cross bill, IS dismissed, and the demurrer to the bill of the Union National Bank of the city of New York is sustained. The counsel for the State asked for a suspension of the order with a view to taking an appeal to the Supreme Court of Appeals, which was granted.

11. February 15, 1885 The Indianapolis Sentinel Indianapolis, IN

Article from The Indianapolis Sentinel, February 15, 1885

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CONDENSED TELEGRAMS. The Mayor of Collingwood, Ont, has volunteered to raise a colored regiment for active service in the Soudan. At Portland, Ore., three Senatorial ballote were taken yesterday. Hirsch received 29, a gain of 1; George received 14, Boise, 7. The trustees of the Petersburg, Va., defunct Planters' and Mechanics' Bank, to-day paid the depositors a dividend of 22 per cent. The trains on the Obio and Mississippi Railroad have been and are now running regularly on schedule time. No snow blockade on the road. James Kane, of Philadelphia, who was recently convicted of shooting and killing his brother, was brought into court yesterday and sentenced to death. The final match between the Montreal and Ottawa Curling Clubs, for the Governor General's medal, took place yesterday, Ottawa winning by four goals. Francis Baum, arrested at London, Ontario, on a charge of Jorgery committed at Dallas. Tex., has been remanded until Saturday next to allow of witnesses from Dallas. The new flint glass factory of King, Son & Co., of Pittsburg, which is the largest in the country, will start up on Monday. giving employment to over 250 men. Natural gas will be used exclusively.