21739. Bank of Commerce (Richmond, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 29, 1882
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
3b6623c6

Response Measures

None

Description

Multiple contemporaneous dispatches (June 29–30, 1882) report the Bank of Commerce, Richmond, VA suspended payments on June 29, 1882 due to heavy losses on bonds and stocks that impaired capital. Stockholders called a creditors' meeting to close up the affairs (July 5), indicating permanent closure rather than a temporary suspension and eventual reopening.

Events (1)
1. June 29, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses sustained during the year on bonds and stocks carried over from prior year, which greatly impaired the bank's capital; forced sale at heavy loss after panic following Garfield's assassination and other shocks. Stockholders called a creditors' meeting to close up affairs.
Newspaper Excerpt
The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000, and will be able to pay fifty cents on the dollar.
Source
newspapers

Newspaper Articles (11)
1. June 29, 1882 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, June 29, 1882

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TELEGRAPHIC TAPS, News of the Alternoon Condensed, Bark Iris from Havana arrived at Pensacola with yellow fever. Wabash cotton and wollen mills, Manayunk, burned. Loss, $19,000 ; insured. There were sixteen graduates at West Chester normal school commencement today. Lord Clanricard's agent Mr. Blake and his steward Mr. Keene have been murdered in Ireland. The Bank of Commerce, Richmond, Va., has suspended. Judging from external indications Guiteau is to-day less concerned about his execution than any person about the jail. Two men named Graham and Noland quarrelled at Havana, Ill., with an axe and a hatchet and both will die. John Roach surrend red himself in New York to-day and confessed to the murder of John Mitchell at Ursina, Somerset county, Pa., in 1872. Telegraphic information states that such a murder was committed at the time men. tioned and that one man, whom Roach mentions as an accessory in his crime, still lives in the town.

2. June 30, 1882 Savannah Morning News Savannah, GA
Article from Savannah Morning News, June 30, 1882

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Bank Failure in Richm nd. RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000, and will be able to pay fifty cents on the dollar. Anexhibit of the condition of the bank shows that heavy losses have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly impaired. The stockholders of the bank are now holding a meeting.

3. June 30, 1882 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, June 30, 1882

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Commercial STOCKS. NEW YORK, June 29.-The stock market opened generally strong, 1-8 to 3-4 higher than at yesterday's close, the latter for Hannibal & St. Joe preferred. In the early trade a slight decline in some shares was followed by a general advance of 1-8 to 1, in which Michigan Central. Denver & Rio Grande and Wabash preferred were conspicuous. FUTURES. NEW YORK, June 28.-The Post's cotton report says: There was no falling off in the demand for future deliveries to-day, and prices for the old crop advanced rapidly. at 1:20 p. m. they reached the highest point, when June sold at 14-100, July and August 18-100, September 12-100, October 8-100 above yesterday'st closing quotations. Shortly afterward August fell from 12.90 to 12.85, advanced again to 12.89, declined to 12.84, rose to 12.87, but then the market was left without any support and August declined at 2 p. m. to 12.78. At third call June broughty12.70, July 12.72, August 12.80, September 12.38, October 11.74, No. vember 11.56, December 11.57, March 11.94. SUSPENDED. RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank owes not over $40,000, and will be able to pay 50 cents on the dollar. An exhibit of the condition of the bankers shows that HEAVY LOSSES have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly im. paired. The stockholders of the bank are now holding a meeting.

4. June 30, 1882 New-York Tribune New York, NY
Article from New-York Tribune, June 30, 1882

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SUSPENSION OF A BANK IN RICHMOND. RICHMOND, Va., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank doca not owe over $40,000, and will be able to pay 50 cents on the dollar. An exhibit of the condition of the bank shows that heavy losses have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly impaired.

5. June 30, 1882 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 30, 1882

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THE BANK or COMMERCE.-Pursuant to a notice published in the Dispatch yesterday the stockholders of the Bank of Commerce held a meeting at their office yesterday at noon for the purpose of taking such measures as might in their wisdom be deemed proper in closing up the affairs of the institution. They decided to issue a call for a meeting of the creditors of the bank, to be held on the 5th July for the purpose of making such disposition of the assets as they may deem best. The bank owes about $40,000, and it is believed that it will certainly pay 50 per cent., if not 75 per cent. on the dollar. The Bank of Commerce was gotten up by the friends of the late firm of Isaacs, Taylor & Williams after they failed in 1873, and was intended to succeed to their business in all its branches, and hence by its charter was authorized to deal in bonds, stocks, coin, and sterling. The capital stock of the bank was $50,000, of which $42,100 was owned by Messrs. Taylor and Williams; paid-upcapital, $20,000. The business of the bank was fairly successful, and paid dividends regularly up to last January. The cause of the failure is due, it is said, to the fact that the bank at the time of Garfield's assassination was a large holder of stocks in New York. The panic which ensued caused a heavy decline in these stocks, which was augmented by other causes, such as failure of crops, the French panic, &c.; so that the bank, when finally compelled to sell, did so at a heavy loss. Messrs. Taylor and Williams held on, hoping that they could sell their real estate and make other arrangements that would

6. June 30, 1882 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, June 30, 1882

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SUSPENSION. RICHMOND, June 29.-The Bank of Commerce suspended. It will pay 50 cents on the dollar.

7. June 30, 1882 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 30, 1882

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ALEXANDRIA GAZETTE AND VIRGINIA ADVERTISER. LOCAL BREVITIES. The Richmond Bank Failure. TAYLOR & HUFTY. The failure of the Bank of Commerce of Miss Hettie Strauss has returned from a two months' visit to friends in Baltimore. Richmond" was announced in yesterday's GASPECIA The County Court adjourned this evening ZETTE. The bank owes about $40,000, and till court in course. it is believed that it will certainly pay fifty TAYLOR& HUFTY Another case of those W Miss Rebecca Strauss, of Baltimore, is visper cent. if not seventy-five per cent. on the A case of beautiful FIN dollar. iting at the residence of Alderman Henry Strauss in this.city. in ten days. 933 PENNSYLVANIA AVENUE, The bank was gotten up by the friends of The Conservative Committee will meet to 20 pieces INDIA LINE the late firm of Isaacs. Taylor & Williams, night to call a meeting in the Second ward CHOICE STRIPED MA to nominate a candidate for the Common after they failed in 1873, and was intended WASHINGTON, D. C. Another small Lot of Fl Council from that ward. to succeed to their business in all its branchNEW HENRIETTA CI The temperance people of this city are juOur stock of Linen I es, and hence by its charter was authorized bilant over the adoption of the prohibitory Percales, &c., &c., will be fo to deal in bonds, stocks, coin and sterling. amendment to the constitution of Iowa, and The capital stock was $50,000, of which $42.a jolification meeting is proposed. JNO. E. T 100 was owned by Messrs. Taylor and WilMr. Lewis Stein has sold out his stock of liams ; paid-up capital, $20,000. The busigoods, and will remove with his family to ness of the bank was fairly successful, and Baltimore next week. Alexandria will lose paid dividends regularly up to last January. in Mr. Stein a good citizen. The cause of the failure of the bank is said CLOTHING MARINE NEWS. to be due to its having been a large holder of stocks in New York in July, 1881, the PORT OF ALEXANDRIA, JUNE 30, 1882. MY LARG time of the assassination of President GarSun rises 7 25 142 Sun sets field, and the panic which followed that ARRIVED. BRACING event, caused a heavy depression in the valStr Jane Moseley, Norfolk, to F A Reed & Co. ue of the stocks, which was augmented by MUST BE S Str Mattano, lower Potomac, to John Lannon. the failure of crops and the French panic. Str T V Arrowsmith, lower Potomac, to PotoThe bank was finally compelled in the last mac Ferry Co. IN ORDE few months to sell these stocks at a ruinous Schr. Laura E. Messer, Windsor, plaster to Wm. sacrifice. Messrs. Taylor and Williams held A. Smoot & Co. HAVE RED SAILED. on. hoping that they could sell then real estate and make other arrangements that Str'p EC Knight, New York, by F A Reed & Co. PRICE. CA would enable them to pay up in full and Str Jane Moseley, Norfolk, by F A Reed & Co. ARRIVED AT WASHINGTON. wind up the affairs of the bank, but being unsuccessful, and the busines of the bank Schrs R B Spedden, Norfolk. lumber; Green M.J. WATER not paying its current expenses, it had to Hill. Suffolk. number: A T Bateman, lumber; TAYLOR & HUFTY, suspend. The failure will not embarrass Somerset, Norfolk, lumber: John Masser, cement: Delhi. stone: W-L Walker, Kennebec any business house in Richmond city. river Crebhs Wve W Olivar and Dor

8. June 30, 1882 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, June 30, 1882

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TOT A Bank Suspends. r Associated Press dispatch to the Gazette.] RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000 and will be able to pay 50 cents on the dollar.

9. June 30, 1882 Daily Republican Wilmington, DE
Article from Daily Republican, June 30, 1882

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NEWS SUMARRY. The Prohibtion Question-Other Items. The New York State Trades Assembly last evening closed a two days session in Albany. It was decided to call conventions in September to nominate Legislative candidates in large cities-through the local labor organizations. George Biair, of New York, was chosen President of the Assembly for the ensuing year. The President yesterday nominated as Judges of the new Court of Alabama Claims Hezekiah G. Wells, of Michigan (Presiding Judge); James Harlan, of Iowa, and Asa French, of Massachusetts. Daniel M Fessenden, Maine, was nominated for Clerk of the Court. I A lock-out has occurred t the Chester, Penna., Rolling Mill, "on account of a diesatisfaction between the superintendent and the workmen, who are members of the Amalgamated Association of Iron and Steel Workers." It was stated at a meeting of the striking freight handlers, in Jersey City, yesterday, that their Executive Committee had been approached by representatives of the railroads with a view to a settle ment. The brakemen on the New York Central Railroad refused to bring their train down from Albany last night, unless they were promised increased wages. It is rumored that they will be dismissed. Since the end of January eight deaths have occurred in Chicago from collisions with the cable cars on State street. The last casualty ascribed to the care lessness of a conductor, who was ar rested yesterday. The Harvard Yalecontest takes place on the Thames river course to day. Harvard was the favorite, but her bow oar has had an attack of vertigo, which may imperil her chances of success. The prohibition State Convention of Michigan met in Jackson yesterday and nominated a State ticke; headed by Daniel P. Sagendolph for Governor of the State. The assassin, Guiteau, is to behanged in the jail in Washington to day. He was banged in effigy last night by crowds in Renovo, Penna, and Bridge. port, Conn. IThe striking freight handlers on the Boston, Lowell and Concord and East ern railroads, at Boston, resumed work, their wages being raised to $1.50 per day. The Bank of Commerce, of Richmond, Virginia, suspended payments yesterday. Itowes about $40,000, and is ex. pected to pay 50 cents on the dollar. The bark Iris, from Havana, Las arrived at Pensacola, with a case of yel. low fever on board, and bas been put in quarantine. John Parish committed suicide yes terday morning in Lancaster, Pa., by taking morphine. Domestic trouble was the cause. Five houses in Cashton, Wisconsin, were demolished by a tornado on Wed. nesday. Several persons were injured, none fatally. There were 44 deaths from yellow fever in Havana last week.

10. July 4, 1882 Semi-Weekly Interior Journal Stanford, KY
Article from Semi-Weekly Interior Journal, July 4, 1882

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NOTES OF CURRENT EVENTS. -The Champion Saw Mill in Louisville burned Friday. Loss $65,000. -The Bank of Commerce, of Richmond, Va., has suspended and will pay 50 cents on the dollar. --Congressman R. M Hawk, of the 5th Illinois district, died in Washington Friday morning of apoplexy. -The cheapest excursion yet leaves Cincinati to day via the N. Y. P & O. R R. Only $4.75 to Niagara Falls and return with privilege of stopping over at Lake Chautauqua. -An Illinois mob shamefully mistreated and hung a Kentucky negro, named John Tulley, pretending to be of the opinion that he had insulted a white woman, of which he was entirely innocent. The guilty parties are being hunted by the ofticials. -Alvin Duvall, generally conceded to have been the best man named for the Superior Court Judgeship in the Second distriet, made no speeches, indulged in no extra hand-shaking, spent no money and of ourse got left.-[Covington Commonwealth.

11. July 5, 1882 The Wellington Enterprise Wellington, OH
Article from The Wellington Enterprise, July 5, 1882

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E. C. Newell; Attorney General, J. H. Tatem; Auditor, J. H. Osborn; Superintendent of Public Instructions, N. H. Walbridge; Member of State Board of Education, J. W. McKeever. The platform thanks the members of the Legislature who favored the Prohibition amendment. The ballot is demanded for women. THE Bank of Commerce, of Richmond, Va., has suspended. It is thought that fifty cents on the dollar will be paid. ONE-FOURTH of the town of Larrimore, D. T., was destroyed by fire on the 29th ult. Reports say several persons were burned to death. Loss, $50,000. A PREMATURE discharge of fire-works at Minneapolis, Minn., about which several hundred persons were congregated, injured thirteen persons, one fatally. ST. MARY'S CathelieChurch, at Columbus, Ohio, has been robbed of $200 worth of gold and silver chalices, ciboria, censor boats and other articles. THE Indians murdered three children and eleven adults at Redfield, Dakota, on the 28th ult. REPORTS from Minnesota say there is quite an epidemie of small-pox in various parts of the State.