224. Commercial Bank (Selma, AL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 29, 1896
Location
Selma, Alabama (32.407, -87.021)

Metadata

Model
gpt-5-mini
Short Digest
4dc908d1160e4aee

Response Measures

None

Description

Multiple contemporaneous articles (Dec 30, 1896) report a heavy run on the Commercial Bank of Selma that led the bank to fail to open and to 'make an assignment' (i.e., suspend and assign for benefit of creditors). Depositors agreed to extensions but New York creditors would not, and assignees/receivering followed; later reporting (Jan–May 1897) indicates receivers/assignees and permanent failure. OCR variants call it Commercial National in some papers, but local reporting identifies it as a state institution.

Events (3)
1. December 29, 1896 Run
Cause
Correspondent
Cause Details
Arrival of attorney/representative from New York banks to investigate the bank's condition precipitated large withdrawals; knowledge of this investigation contributed to panic.
Measures
Officials imposed limits on withdrawals ($100 limit then reduced to $50); depositors later signed extension agreements to withdraw one-third in three, six and nine months.
Newspaper Excerpt
the heavy run made on the bank in the last few days
Source
newspapers
2. December 30, 1896 Suspension
Cause
Correspondent
Cause Details
Following the heavy run driven in part by New York banks' investigation and refusal of some New York creditors to agree to extensions, the board decided to assign (suspend and assign for creditors).
Newspaper Excerpt
failed to open its doors today ... board of directors had decided to make an assignment
Source
newspapers
3. January 21, 1897 Receivership
Newspaper Excerpt
the Commercial bank at Selma, Ala., which failed, and is now in the hands of a receiver
Source
newspapers

Newspaper Articles (19)
1. December 30, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 30, 1896

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WEATHER THE GALE. Banks of Minneapolis Well on Their Feet After the Past Few Days Financial Flurry. ONLY ONE SMALL BANK Goes to the Wall There Today and a Trust Company. Big Bank at Selma, Ala., Closes Its Doors. Minneapolis, Minn Dec.30.-The financial situation is much easier here today and no apprehensions are felt as to the security of any of the large banks. The announcement that the Banker's Exchange bank had suspended payment for a few days caused scarcely a ripple as the institution is very small, with only $30,000 capital. There has been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiners' advice before making further payments. The Northern Trust company,through its vice president, George Maxwell, applied to the district court this morning for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business. Birmingham, Ala., Dec.30.-The Commercial bank of Selma, Ala., failed to open its doors today. The Commercial was established in 1880 and has a paidup capital of $300,000, undivided profits of $50,000. The New York correspondent is the American National and the Chicago correspendent the First National. R. M. Nelson, president of the Commercial is well known in Alabama and has for many years been prominent in financial circles. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern. The other is the City National bank, which is regarded as the most substantial financial institution of the state. West Superior, Wis., Dec. 30.-The Anchor Grain company, operating the Superior board of trade, assigned this morning. Appleton, Wis. Dec. 30.-John S. Vanortwick has made an individual assignment of his Fox River interests, naming Postmaster John Baer of this city as assignee. The latter has given bonds for $250,000. The principal properties in the assignment are the plants of the combined paper company of the Appleton Paper and Pulp company. Mr. Vanortwick assigned to protect himself.

2. December 30, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, December 30, 1896

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MORE BUSINESS DISASTERS Commercial National Bank of Selma, Ala., Failed to Open Its Doors This Morning. SITUATION EASIER AT MINNEAPOLIS Two Failures Scarcely Cause a Ripple in Business Circles-Grain Operators Go to the Wall in Wisconsin-Assignment in Texas. Birmingham, Ala., Dec. 30.-The Commercial National bank of Selma, Ala., failed to open to-day. It was established in 1880, has a paid up capital of $300,000 and undivided profits of $50,000. R. M. Nelson, president of the Commercial, has for years been prominent in financial circles. GETTING USED TO FAILURES. Minneapolis.-The financial situation is much easier to-day. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple, as the institution is small with only $30,000 capital. A run has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money, but preferred to await the bank examiner's advice before making further payments. The Northern Trust company applied to the district court this morning for a receiver. It suspended payment in 1893, but afterward resumed. GRAIN DEALERS ASSIGN. West Superior, Wis.-The Anchor Grain company, operating on the Superior board of trade, assigned this morning. AN ASSIGNMENT IN TEXAS. Austin, Texas.-N. A. Bahn, Austin's leading jeweler, made an assignment this morning, naming preferred creditors to the amount of $300,000. MINOR FAILURES. Fort Wayne, Ind.-The retail dry goods firm of M. Frank & Co. has failed. The firm's indebtedness to local creditors amounts to $70,000. There is also a heavy indebtedness to eastern creditors. Cincinnati, Ohio.-Frank Duhme and Herman Duhme, jr., trading in jewelry and silverware as the Duhme company, have failed. The concern has issued stock since its organization four years ago amounting to $440,000. The assets and liabilities are not known, but the company's affairs are said to be badly involved.

3. December 30, 1896 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 30, 1896

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Failures of the Day. Birmingham, Ala., Dec. 30.-The Commercial bank, of Seima, Ala., failed to open its doors this morning. The capital is $300,000; the undivided profits $50,000. West Superior, Wis., Dec. 30-The Anchor Grain company, operating on the Superior board of trade has assigned. Minneapolis, Dec. 30.-,The Bankers' Exchange bank announced the suspension of payment for a few days. It has only $30,000 capital. There has been a run on the bank. The Northern Trust company has applied for a receiver. The hearing was postponed one week.

4. December 30, 1896 Evening Star Washington, DC
Article from Evening Star, December 30, 1896

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DOORS FAILED TO OPEN. Suspension of the Commerical Bank of Selma, Ala. BIRMINGHAM, Ala., December 30. -The Commercial Bank of Selma, Ala., failed to open its doors today. The Commercial was established in 1880, and has a paid-up capital of $300,000; undivided profits of $50,000. The New York correspondent is the American Exchange National. and the Chicago correspondent the First National. R. M. Nelson, president of the Commercial, Is well known in Alabama, and has for many years been prominent in financial circles. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern. The other is the City National Bank, which is regarded as the most substantial financial institution in the state.

5. December 31, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, December 31, 1896

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CLOSES ITS DOORS, The Commercial Bank of Selma, Ala., Goes to the Wall. Montgomery, Ala., Dec. 30.-The Commercial bank of Selma, a state institution, failed to open its doors this morning and soon afterward it was announced it had assigned. The bank is one of the two leading ones in Selma, and its failure caused some excitement. General R. M. Nelson is president and E. A. Baker cashier. The bank is the principal financial institution of the place. Its liabilities in 1896 included $300,000 capital stock; $38,286 surplus and undivided profits, $487,572 deposits, and $107,377 re-discounts. Its assets were: Loans and discounts, $668,289: bonds and real estate, $82,116; cash and exchange, $182,827. R. M. Nelson, the president, was also president of the Alabama Loan company, with an accredited capital of $70,000.

6. December 31, 1896 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 31, 1896

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IN HARD STRAITS. The Farmers' and Mechanics' bank issued a notice this morning requiring all depositors to give sixty days' notice before being permitted to draw deposits. The bank issued a statement saying it had $800.000 in its vaults. The Clearing House Association resolved to stand by all of the ten banks which are members of the organization. There was a heavy run on St. Anthony Fall bank. of this city, this forenoon. All demands were paid, and the excitement quieted down. A Bank Assigns. Montgomery. Ala., Dec. 30.--The Commercial Bank of Selma failed to open its doors this morning, and soon afterward it was announced that it had assigned. The local depositors agreed to an extension. but it is understood that several New York banks, which were creditors for large sums, would not agree, and hence the assignment. The bank is one of the two leading ones in Selma, and its failure has caused great excitement. General P. M. Nelson is president and A. E. Baker cashier.

7. December 31, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 31, 1896

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ALABAMA BANK ASSIGNS. The Commercial, of Selma. the Institution-New York Pressure, MONTGOMERY ALA., December 30.The Commercial Bank, of Selma, failed to open its doors this morning, and soon atterwards it was announced that it had assigned. The local depositors agreed to an extension, but it is understood that several New York banks, which were creditors for large sums, would notagree, and hence the assignment. The bank is one of the two leading ones in Selma, and its failure has caused great excitement. General P. M. Nelson is president and A. E. Baker cashier.

8. December 31, 1896 The Morning News Savannah, GA
Article from The Morning News, December 31, 1896

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BANK FAILS AT SELMA. Investigation Begun by New York Banks Caused a Run. Montgomery, Ala., Dec. 30.-The Commercial Bank of Selma failed to open its doors for business to-day. Instead a notice was posted saying that the board of directors had decided to make an assignment. The cause of this action was the heavy run made on the bank in the last few days. The bank was a heavy debtor to New York banks, among them the Chemical, American Exchange, National City, Third National, Bank of Montreal and National Bank of the Republic, and they sent an attorney some days ago to investigate its condition. The knowledge of the attorney's presence had a great deal to do with the run. The board of directors arrived at the conclusion to assign after a long and continued session, lasting until after midnight last night. The officers of the bank are R. M. Nelson, president; George A. Wilkins, vice president, and A. E. Baker, cashier. The patrons of the bank have confidence that it will soon resume business, and are signing an agreement to withdraw their deposits, one-third in three months, one-third in six months and one-third in nine months. There is no public statement as yet of the assets and liabilities. The business men feel hopeful that the failure will not be detrimental to their interests.

9. December 31, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 31, 1896

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UBLES IN BANKING CIRCLES. ncial Situation in Minneapolis Much Improved. NNEAPOLIS Minn., Dec. 30.-The finansituation is much easier here today and oprehensions are felt as to the security y of the large banks. The announcethat the Bankers' Exchange bank had ended payment for a few days caused ely a ripple, as the institution is a small one, with only $30,000 capital. has è has been a run on the bank, which Cashn $35,000 from it in three weeks. ready ield declared that he had plenty of y in the vault, but preferred to await bank examiner's advice before making er payments. The Northern Trust comthrough its vice president, this George vell, applied to the district court ing fo: a receiver. The hearing R. was oned one week. Ex-Governor A. III is its president. It suspended payduring the panic of 1893, but afterward business. pou RMINGHAM, Ala., Dec. 30.-The Comial bank of Selma failed to open its today. The Commercial was estab- of d in 1880 and has a paid-up capital 000 and undivided profits of $50,000. The York correspondent is the American ange National and the Chicago corndent the First National. R. M. Nelpresident of the Commercial. is welt n in Alabama and has for many years prominent in financial circles. He was ded as a conservative banker. There wo other banks in Selma, one a Na- very 1 concern. The other is the City 1 bank, which is regarded as the most tantial financial institution of the state. ASHINGTON, Dec. 30.-Examiner Talwho was ordered to Chicago, will sucMr. McKeon as the regular examiner ational banks for the Chicago district. Talbet was formerly examiner for the Paul and Minneapolis district. Mr. Mc's appointment as permanent receiver of National Bank of Illinois will occupy is time: hence the appointment of his essor in the examination district of ago. ICAGO, Dec. 30.-As the result of a erence this afternoon between William Nortwick, Congressman A. J. Hepkins urora, Charles Quarles of Milwaukee Attorney A. W. Green of this city, it agreed that the Batavia bankers, whose re on Monday afternoon affected so y institutions in Kane county and elsee, would ask their creditors for more in order that they may be able to pay ull their obligations. No creditors of insolvent bankers were admitted to the erence. What properties would be dis1 of first and how much they would but 5 was one of the matters talked of, rrangement was made. It is believed, ver, that the Western Paper Bag comwill go first and that the Combined Paper company on Fox river will fol:W YORK, Dec. 30.-Everett's hotel, y and Barclay streets, one of the oldest best known establishments of its kind is city, was closed today. Its proprietor, for iel H. Everett, has been in trouble time. STIN, Tex., Dec. 30.-G. A. Bauhn, Ausleading jeweler, made an assignment morning, naming preferred creditors is to amount of $30,000, of which $5,000 diseastern creditors and the balance is ted here, three national banks being credht for some $10,000. The eastern full are secured by real estate to the int. EST SUPERIOR, WIS., Dec. 30.-The or Grain company, operating on the rior Board of Trade, assigned this mornVADA, Mo., Dec. 30.-The James-Jessie nission company closed its exchange here , because of the failure of a commisfirm at Chicago yesterday. Liabilities not known. N FRANCISCO, Dec. 30.-Levin Bros., ers, operating two stores here and two akland, have failed. Liabilities, $80,000. W YORK, Dec. 30.-Charles G. as Ross, goods commission merchant, d today. About $50,000 is involved. UVENEUR, N. Y., Dec. 30.-James C. proprietor of the Edgewood hotel at in the Adirondacks, and largely ested Lake, in ssignment today. several The other liabilities ventures, will be Denver made y. Mr. Lee owned property in Buffalo and at Murray Hill Park, the resort on the St. Lawrence. ATTSBURG, N. Y., Dec. 30.-A rer has been appointed for Witherbee man & Co. owners of extensive iron mines and furnaces at Port Henry. property is valued at over $2,000,000. firm has no indebtedness and the rership is for the purpose of selling the erty and terminating the partnership. PLETON, Wis., Dec. 30.-John S. Van wick has made an individual assign of his Fox River property, naming naster John Beer of this city as ase. The latter has given bonds for $250.The principal properties in the assignare the plants of the combined Locks r company and the Appleton Nortwick Paper took and he

10. December 31, 1896 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 31, 1896

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FINANCIAL DISTURBANCES. Commercial National Bank of Selma, Ala., Suspends. ASSIGNMENTS ARE MADE IN TEXAS. Jewelry Firm In Austin and a Foun. dry in Tyler on the List-Many Other Small Failures. Birmingham, Ala., December 20.-The Commercial oank of Selma, Ala., failed to open its doors today. The Commercial was established in 1880 and has a paid up capital of $300,000; undivided profits, $50,000. The New York correspondent is the Amerloan Exchange National and the Chicago correopondent is the Form National. R. M. Nelcon, president of the Commerclal, in well known in Alabama, and has for many years been prominent in financial affairs. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern, the other the City National, which is regarded as the most substratial institution in the State: The Commercial bank of Selma has had a career of more than a quarter of a ceatury. The bank hus been hard pressed for some time, owing to its inability to realize on loans fast enough to meet me. turing paper. Its uncessy condition was f transm. to its patrons Monday. when Mr. Well, representing many banks to which the Commercial was indebted came here. His arrival prefaced large withdrawals, which only yesterday developed into a run on the bank, and in an hour after opening the cash surpius was reduced $50,000. In the afternoon a meeting of the stockholders and directors was held. which lasted until long after midnight, when an agreement was reached and notices posted on the closed doors this morn. 20g. stating that the bank had made am assignment, but that negotiations were pending to resume. The deposits do not exceed $100,000. The capital stock is $300.000, Depositors today signed an agree. ment to withdraw deposits in three. six and nine months. It's thought that New York banks and stockholders will furnish sufficient funds for reorganization and that the bank will resume within ten days.

11. December 31, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, December 31, 1896

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SELMA FAILURE. The Commercial Bank Fails to Open Its Doors for Business-Heavy Run the Past Few Days. Montgomery, Ala., Dec. 30.-The Commercial bank, of Selma, Ala., failed to open its doors for business today. Instead a notice was posted stating that the board of directors had decided to make an assignment. The cause of this action was the heavy run made on the bank in the last few days. The bank was a heavy debtor to New York banks, among them the Chemical, American, Exchange, National City, Third National of Montreal, and National Bank of the Republic, and they sent an attorney some days ago to investigate its condition. The knowledge of the attorney's presence had a great deal to do with the run. The board of directors arrived at the conclusion to assign after a long and continued session lasting until after midnight last night. The officers of the bank are R. M. Nelson, president; George A. Wilkins, vicepresident; A. E. Baker, cashier. The patrons of the bank have confidence that it will soon resume business and are signing an agreement to withdraw their deposits, one-third in three months, onethird in six months and one-third in nine months. There is no public statement as yet of assets and liabilities. The business men feel hopeful that the failure will not be detrimental to their interests.

12. January 4, 1897 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 4, 1897

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BLOWS HIS BRAINS OUT IN CHURCH Banker Wilkins, of Selma, Kills Himself In the Early Morning. BLOOD FLOWS AT THE ALTAR Wife Grows Uneasy and a Search Is Made-Just as He Is Found He Pulls the Trigger. Selma, Ala., December 30.-(Special.)-The Commercial bank, after a career of more than a quarter of a century. assigned today, naming as assignees Lewis Jeffries and E. Gillman, of Selma, and S. Well, of New York. The bank has been hard-pressed for some time, owing to its inability to realize on loans fast enough to meet maturing paper. Its uneasy condition was transmitted to its patrons on Monday. S. Weil, represe ting eight New York banks to which the Commercial is indebted $450,000, reached the city. His arrival prefaced large withdrawals, which on yesterday developed into a run on the bank, and an hour after opening, the officials enforced the one hundred-dollar limit, reducing it later to $50. In the afternoon a meeting of stockholders and directors was held which lasted until long after midnight, when an agreement was reached and a notice was pasted on the closed doors this morning stating that the bank had made an assignnient, but that negotiations were pendIng The to deposits resume. do not exceed $100,000. No statement of assets and liabilities can yet be secured. The capital stock is $300,000. Depositors today signed an agreement to withdraw deposits in three. six and nine months. It is thought that New York banks and stockholders will furnish sufficient funds for reorganization, and that the bank will resume within ten days. He Seeks a Church at Night. Salma, Ala., December 31 -(Special.)George A. Wilkins, vice president of the Commercial bank, which assigned yesterday, shot himself ct St. Paul's church at an early hour this morning. after spending the night in the altar alone. He died shortly after 2 o'clock this afternoon. Last night at 7:30 o'clock Wilkins, H. H. Stewart, Jr., and Fred Peterson were None in the bank, when Wilkins suggested that all go home and get some rest and return to work at 9:30 this morning. He was first to leave, saying that he was going home and to bed. Ho spoke cheerfully as he walked out and closed the door behind him. A short time after leaving the bank Wilkins stepped into E. A. Scott's store, on Broad street. He and Mr. Scott have been intimate friends for years. and they had a long conversation tegether about the bank. Mr. Scott. in order to cheer him up, told him of the pleasant things he had heard said about the bank and the faith and confidence he had heard expressed in the officials. From the first of the conversation until he bid his friend goodnight he seemed more cheerful than he had for three weeks up company his Intention going home and to bed, he left the store about 9 o'clock. What transpired between 9 o'clock and 3:30 this morning no one knows. The eircumstances indicate that something happened between the store and St. Paul's church that turned his thoughts from their hopeful path and that his overtaxed brain became unbalanced. He was for many years a member of St Paul's choir as well as of the vestry of the church, and he earried a key to the door leading to the choir Through this he went into the darkness W thin and there throughout the long hours of the night he remained. His will sharing her husband anxiety, sat up forlorn, walting for his footsteps. At o'clock he had not turned and growing uneasy she awakened her brother-inlaw Julian Park, and requested him to go to the bank and see if Mr. Wilkins was there He found the bank in darkness and filled with fear lest something had happened he hurried to the home of Captain R. M Nelson, president of the bank, thinking perhaps he was there or that Captain Nelson knew his whereabouts. Getting no news from him there he continued the search in company with Police Officer Holt. Knowing his attachment for the church, he went there, but could not get in, all of the doors being locked He left and tried to obtain a key, but failed, and securing a light the two returned to the church, determined to force an entrance. Going to the window back of the organ they succeeded in foreing it open. Mr. Park mounted to the window sill and peering into the darkness called, "George! George!" Answers with Pistol Shot. At the same Instant there was the report of a pistol near the altar, and jumping in Mr. Park, with light in hand, rushed toward it. to find the object of his search lying full length upon the floor inside the chancel railing. A pistol ball wound behind the right ear, and the pistol with which the net was committed still smoking and grasped in hand his firmly No sooner had the pistol fired than the policeman blew his whistle, and a moment later J. H. Lumpkin, who lives across the street from the church, was on the scene. Drs. King, Furniss, Gay and Harper were hastily summoned. The gas was lighted. He was breathing heavily and was unconscious, the brain oozing from the wound. Soon the family who had heard the report of the pistol, for the home is but a block away hastened into the church, and at 4:30 clock, an hour after the shooting. he was removed to his home. By this time hacks had been sent for various friends, and quite a number were on hand. anxious to render any assistance possible. From the first the wound was pronounced fatal. All through the morning the house was thronged with anxious men and ladies. Death came at 2:10 o'clock, the wounded man not having regained consclousness from the time the fatal shot was fired. He spoke no word or left no writing giving the reason for the fatal step, but it is believed that It was the result of the in tense mental strain through which he has passed. Mr. Wilkins was born in Virginia forty years ago, and has been a resident of Selma dne his boyhood. In 1881 he married Miss Emma Me ord this He leaves IL widow and a daughter Carrie, twelve years age. He has been connected with the bank of which he was elected vice president lest year, for fifteen years, and throughout his life has proven true to every trust. Piles and Fistula

13. January 8, 1897 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, January 8, 1897

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# Shot Himself in a Church. George A. Wilkins, vice-president of the Commercial bank at Selma, Ala., which recently assigned, committed suicide by shooting through the head, after spending the night alone and in darkness in a church. He was treasurer of the Episcopal diocese of Alabama, of St. Paul's parish, of the St. Andrew's brotherhood, of the odd fellows and of the Young Men's Christian association. More or less funds belonging to each of these offices were deposited in the bank when the crash came.

14. January 21, 1897 Oxford Eagle Oxford, MS
Article from Oxford Eagle, January 21, 1897

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Hope for Sixty Cents on the Dollar The hope is now entertained that depositors of the Commercial bank at Selma, Ala., which failed, and is now in the hands of a receiver, will get 60 cents on the dollar.

15. February 5, 1897 New-York Tribune New York, NY
Article from New-York Tribune, February 5, 1897

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BUSINESS EMBARRASSMENTS. Selma, Ala., Feb. 4.-Maas & Schwartz, cotton commission merchants, and S. Maas & Co., kindred firms, doing a wholesale grocery business, made an assignment this morning, naming M. S. Smith as assignee: liabilities, $300,000. The creditors are NewYork banks, who rediscounted paper for the defunct Commercial Bank of Selma, the failure of which made necessary the assignment. Assets are not stated. Cincinnati, Feb. 4.-The Consumers' Ice Company assigned this morning without preferences, owing to a disagreement among stockholders. The assets are placed at $107,000 and the liabilities at $81,000, and the persons interested say that the concern is solvent. Boston, Feb. 4.-George C. Dickson, assignee, says with respect to the failure of E. C. Hodges & Co.: "I have ascertained that the liabilities of the firm in round numbers are between $225,000 and $250,000. generally secured by collateral. The statement of assets cannot yet be made. There will be a creditors' meeting on February 13."

16. March 14, 1897 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, March 14, 1897

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Cotton Mills to Be Sold, SELMA, Ala., March 13.-By an order made in chancery, the Matthews cotton mills of this city will be sold within 60 days, under a foreclosure, the upset price being placed at $150,000. The mills have been doing a prosperous business for several years. The company was involved by the failure of the Commercial bank. The mills employ 400 hands. They will continue to run with. out interruption.

17. May 29, 1897 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, May 29, 1897

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Gold Standard Times. The Louisville, Ky., Chair Company has assigned with $60,000 liabilities. and assets much larger. Judgnient for $6,200 has been taken against Luke D. Ralph, dealer in clothing, at Ogdensburg, N. Y. He has been in business thirty years. The estimated liabilities of Martin, Wise & Fitzhugh, cotton buyers, who failed at Paris, Texas, is $800,000, largely in Liverpool. A deed of trust, covering the clothing store of O. O. Connor, Paris, Texas, amounting to $32,100, has been filed. R. P. Monaghan, general store at Sumter, S. C., has been closed by the Sheriff on judgments for $4,048. He has been in business many years. The Farmers and Mechanics' Bank of Paris, Texas, has made an assignment. A bill for receiver of the Christopher Columbus Building and Loan Association was filed in Chicago by the president of the association. S. M. Young & Son, grocers at New Castle, Pa., have made an assignment. Breeden, Talley & Co., dealers in dry goods at Richmond, Va., have made an assignment. A statement by the assignees of the suspended Commercal Bank at Selma, Ala., places the liabilities at $1,000,000; assets, $52,266; subject to a reduction of $25,000 deposited during the three days prior to the closing of the bank. The books show deposits to be $174,000, almost double the amount heretofore estimated. The depositors will not realize over 20 per cent. The firm of Knowles & Poole, shoe manufacturers, of Pittsfield, N. H., who informed their employes that business would be suspended if Bryan was elected, have made an assignment for the benefit of creditors for $75,000. Ex-Gov. Tuttle, manufacturer of custom clothing, of Pittsfield, N. H., made his first reduction in wages during a business career of thirty years by a cut down of 25 per cent. since election.

18. July 7, 1897 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, July 7, 1897

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BIG COTTON MILL FAILURE. A Rich Negro Will Buy it and Run it With Negro Operatives. Selma, Ala., July 6.-The Matthews cotton mills are to be sold at foreclosure soon. This has been brought about by the failure of the Commercial bank. Three hundred persons will be thrown out of employment. A rich negro has arranged to buy the mill and run it with negro operatives.

19. December 30, 1928 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, December 30, 1928

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In Selma From The Selma Times fhis Date 1896 The Commercial Bank failed to open it's doors yesterday morning and notice was posted on the door to the effect that it was closed by order of the Board of Directors. The assignment was made because run on the bank. On Tuesday morning the bank officials saw that they were going to run short of funds and they to pay each $100 on demand. As soon as the depositor news got out that the bank was embarrassed run commenced and hundreds of people filed in all day with checks, demanding deposits. The hundred dollar limit was then cut down to $50 and great many checks for that were presented and paid. The officials of the bank, in the meantime, were in telegraphic with the banks in New York, and it was hoped by many that fresh loan would be forthcoming to tide them over. On that account the city papers suppressed the fact that there had been run, feeling that was better to suppress the news than to run the risk of breaking up negotiations then pending. -The and directors were in session until late hour Tuesday night and not getting the expected relief from New York it was resolved to make an assignment and Messrs. Gillman, Jeffries, and Weill, of New York, were named as the assignees. The assignees were seen yesterday and asked for statement. They said they could not possibly get up statement of the assets and liabilities of the bank today and until that is prepared The Times thinks it best not to write any more about the bank's affairs, as it would in all probability be guess work. There was a great deal of suppressed excitement in the city yesterday over the suspension of the Commercial Bank. John Morgan Burns was able to be out yesterday and is fast recovering from the gun shot wounds that he received on Christmas day. The Bank closed it's doors for ten days in 1873. to be hoped that it will be able to resume and do good business again. Mr. James Davidson and his beautiful daughter, Miss Lyle Davidson, young woman greatly ad. mired, returned yesterday morning to their home in Selma, after brief Maj. and Mrs. James Gazett