Commercial National Bank (Roanoke, VA)

View Charter #4026 on SPMC View balance sheet

Episode Information

Episode UID
402601164
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
40260 national
Charter Number
4026
Start Date
December 28, 1896
Location
Roanoke, Virginia (37.271, -79.941)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
59f36d165723ce19

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined

Description

Bank suspended and then went into liquidation with funds raised to pay depositors without need for a receiver.

Events (5)
1. May 4, 1889 Chartered
Source
historical_nic
2. December 28, 1896 Run
Cause
Rumor Or Misinformation
Cause Details
Public disclosure of Cashier J. C. Davenport's resignation and departure precipitated depositor panic and heavy withdrawals.
Newspaper Excerpt
a general run was made on the bank and it was compelled to go to the wall.
Source
newspapers
3. December 29, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure ordered after heavy run drained funds; board suspended payments and Bank Examiner Sands was sent to take charge.
Newspaper Excerpt
The Commercial National bank of this city closed its doors this morning by order of the board of directors.
Source
newspapers
4. January 7, 1897 Other
Newspaper Excerpt
has raised sufficient funds with which to go into liquidation without the intervention of a receiver.
Source
newspapers
5. February 16, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (24)
1. December 29, 1896 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 29, 1896

Click image to open full size in new tab

Article Text

night to discuss the outlook and gave it out that the First National would be able to meet all demands today. ASSETS AND LIABILITIES. Batavia, III., Dec. 29-The liquidation of the Atlas Bank, Chicago, precipitated the suspension of the Van Nortwick. The liabilities are said to aggregate two million dollars. The assets, largely in paper mills,aggregate $2,500,000. THE WASHINGTON BANK CLOSED. MINNEAPOLIS, Dec. 29.-The Wash. ington bank, a state institution, closed Its deorathis noon. It had a capital of $100,000 and by its last statement at the close of business, December 17th, had $507,104 loans and discounts; $14,228 overdraits secured; $20,165 in stocks and bonds; $14,475 real estate and $88,272 cash on hand; deposits, $363,132; certified deposits, $112,587; bank deposits, $84,937. A. C. Haugan, city treasurer, was one of the founders of the bank and one of the directors. O. E. Breecke is cashier. A GENERAL RUN CAUSED A FAILURE ROANOKE, Va., Dec 29.-The Commercial National bank of this city closed its doors this morning by order of the board of directors. On December 9th, J. C. Davenport, cashier, resigned and bis successor was elected. The matter was kept quiet until Sunday night when Davemport left the city for his home in Charleston, W. Va,, and it is stated as scon as this became known a general run was made on the bank and it Was compelied to go to the wall. The officials say the depositors willbe paidin rull.

2. December 30, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 30, 1896

Click image to open full size in new tab

Article Text

Roanoke Commercial National. ROANOKE, Va., Dec. 29.-The Commercial National Bank of this city closed its doors this morning by order of the board of directors. The cause of the trouble was a heavy run on the bank yesterday by the depositors. On Dec. 9 J. C. Davenport, cashier, resigned, and his successor was elected. The matter was kept quiet until Sunday night, when Davenport left the city for his home, in Charleston, W. Va., and it is stated that as soon as that became known a general run was made on the bank, and it was compelled to go to the wall. The officials say that depositors will be paid in full. Bank Examiner Sands is in charge. Controller Eckels does not regard the failure as a serious one. A Washington dispatch says. The last report to him, made Nov. 21, showed the assets of the bank to be $263,704, including its bonds for circulation; stock, $100,000; surplus, $25,000; undivided profits, $6,000; owing depositors, $75,000; other liabilities, $35,000. The failure is attributed by Mr. Eckels in part to the speculation and boom tendencies which prevailed in that locality.

3. December 30, 1896 New-York Tribune New York, NY
Article from New-York Tribune, December 30, 1896

Click image to open full size in new tab

Article Text

A ROANOKE BANK FAILS. THE COMMERCIAL NATIONAL CLOSES ITS DOORS ON ACCOUNT OF A RUN. Reanoke, Va., Dec. 29.-The - failure of the Commercial National Bank, which closed its doors this morning, was caused by a run on the bank yesterday. Cashier Davenport resigned on December 20. and turned over the bank's books In good shape to his successor, and returned to his old home in Charlestown, W. Va. This fact did not become known until yesterday. and is said to be the cause of the run. it is believed that all liabilities will be paid in full. No other banks are affected. Washington, Dec. 29.-The failure of the Commercial National Bank of Roanoke, Va., was made known to the Controller of the Currency by telegraph to-day and Mr. Eckels immediately instructed Bank Examiner Sands to take charge. inThe failure is attributed partly to speculation eldent to the Roanoke boom. Mr. Eckels says that the failure is not important.

4. December 30, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 30, 1896

Click image to open full size in new tab

Article Text

TWO FAILURES IN MINNEAPOLIS. Columbia National and the Washington Close Doors. MINNEAPOLIS Dec. 29.-The Columbia National bank. a small Institution of comparatively recent establishment and $200.000 capital, closed this morning and is in the hands of the bank examiner. According to the last statement. December 17. its affairs stood: Loans and discounts, $348.145: bonds to secure circulation, $50,000; real estate and mortgages, $48,728; due from other banks. $42,897; cash reserve, $34,872; other cash items. $11,852. Liabilities are: National bank notes outstanding. $45,000 due other banks. $136,579 deposits subject to check. $101.157; certificates of deposit, $63,594 certified and cashiers' checks, $3,313; bills payable, $15,000. Cashier Joseph Bobleter said: 'We could have stood the pressure a little longer, but to protect the majority we closed this morning. We have $33,000 cash. and inside of sixty days expect to have fully $100,000 more collected. Our total liabilities are only $247,000. There is no doubt that we will be able to pay depositors in full and to effect a fair settlement with the stockholders. Recent withdrawals of city and state funds, and by country correspondents, caused the trouble." The officers are: President. Charles Kittleson; vice president, H. Thorson; cashier, Joseph Bobieter. The bank is in charge of George H. Coffin, deputy comptroller. "I believe," said he. "that the suspension will not cause any further trouble. The national banks of this city are strong financially, as we have satisfied ourselves by examination. The Washington bank. a state Institution, closed its doors at noon. It had a capital of $100,000. and in its last statement at the close of business, December 17. had $706,104 in loans and discounts, $14,228 overdrafts secured, $20,165 in stocks and bonds, $14,475 real estate, and $88,272 cash on hand. Deposits were $363.132. certifled deposits, $112,587 bank deposits, $84,937 A C. Haugan, city treasurer, was one of the founders of the bank. and one of the directors. O. E. Breecke is cashier. The suspension of the Washington bank was due to the fact that its clientele, being the same as that of the suspended Columbian National bank and Scandia bank, became alarmed and began to draw out deposits this morning at such & rate that the management decided that the best interests of all would be served by closing the bank. Its condition is most excellent, the assets being $600,000. and the liabilities $500,000. There is little real estate among the former. and they can be quickly converted into money. The following anouncement was made by the clearing house committee this afternoon The clearing house committee deem it their duty to announce that their investigations warrant them in advancing whatever sum of money may be needed by the Scandia bank to meet promptly any calls upon them by the depositors. This bank has an unusually large available cash reserve, amounting to about 55 per cent. of its obligations, and its bills receivable are of such a class that we have no hesitation in saying we will make them the necessary advances to meet all demands, and that we do not Book for further trouble among the banks of this city." A Virginia Bank Succumbs. ROANOKE Va. Dec. 29. The Commercial National bank of this city closed Its dcors this morning by order of the board of directors On December 9. J.C. Davenport. the cashier, resigned, and his succersor was elected. The matter was kept quiet until Sunday night. when Davenport left the city for his home at Charleston. W Va. As soon as this became known a general run was made on the bank. and it ofwas compelled to go to the wall. The ficials say depositors will be paid in full. The liabilities are about $65,000. while the valuable assets are estimated to be worth double that amount The last report November 1 showed the assets of the bank to be $263,704. including bonds for circulation: stocks. $100,000; surplus, $25,000; undivided profits $6,000: owing depositors, $75,000: other liabilities $35,000. The failure is attributed by Mr. Eckeis in part to speculation. New Cashier Chosen. DENVER Col. Dec. 29 Dr. D. H. Dougan, president of the Carbonate National bank. of Leadville, has been chosen cashter of the Bank of Commerce in this city. He says the Carbonate bank will probabiy liquidate gradually during the next year. as Leadville in no longer a profitsbie field for so large an Institution. The Batavia Assignment. A. CHICAGO. Dec. -Attorney W. Green who drew up the assignment papers for the Batavia bank. disclosed the principal causes which led up to the assignment in an interview today. Aside from the Atlas bank liquidation, the most important factor that caused the Van Nortwick crash, he said, was the recent failure to dispose of $300,000 worth of bonds in the

5. December 30, 1896 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, December 30, 1896

Click image to open full size in new tab

Article Text

What Eckels Says About It. Washington, Dec. 29-Comptroller Eckels said this afternoon that he feels no apprehension over the bank failures which have occurred of late. Two more failures, the Commercial National of Roanoke and the Columbian National of Minneapolis were added to the list to-day. They are comparatively small institutions, however, and under ordinary circumstances their failure, it is said, would attract only passing attention. Mr. Eckels, when asked to-day by a representative of the associated press as to the general banking situa. tion, said: "Of course bank failures are more or less disquieting but those which have occurred recently have little or no significance attached to them. They were due largely to local causes, wholly unconnected with the general condition of the banks throughout the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation every depositor being paid in full. The two failures to-day are of minor importance, in each case the bank's capital being only $200,000. "As against these few failures, based on local causes, the general conditions of the banks is excellent Under the last call on Dec. 17, uniformly favorable reports were received and show an average reserve of considerably above 25 per cent., required by law. One of the last reports that of the Brooklyn banks, shows the average reserve held to be 34.2 per cent. and most of the reports run 5 or 10 per cent. above legal requirements In each case, too, the assets in detail make an entirely satisfactory showing as compared with the liabilities On the whole it is evident that the national banks to-day are as stable as they ever were, and the spasmodic failure of a bank here and there through defects peculiar to the failing banks of small im. portance is wholly without general sigalficance. I am advised from Minneapolls that the failure there has occasioned no disturbance beyond the institution concerned."

6. December 30, 1896 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 30, 1896

Click image to open full size in new tab

Article Text

N BANK FAILS. The Commercial Closes Its Doors-All Liabilities will Be Paid. Roanoke, Va., Dec. 29.-The Commerelal National Bank closed its doors this morning. The failure was caused by a run on the bank yesterday. Cashier Davenport resigned on the 20th instant and turned over the books in good shape to his successor, and returned to his old home in Charlestown, W. Va. This fact did not become known until yesterday, and is said to be the cause of the run. The deposits were slightly over $50,000. and it is believed that all liabilities will be paid in full. Bank Examiner Sands Is en route here to take charge. No other banks are in the least affected. Washington, D. C., Dec. 29.-The failare of the Commercial National Bank of Roanoke. Va., was made known to the Comptroller of the Currency by telegraph this morning; and Comptroller Eckels immediately wired Bank Examiner Sands to take charge. The failure is attributed partly to speculation Incident to the Roanoke boom. Mr. Eckels says the failure is not important. On November 21st, the date of the last report on the condition of the bank, the assets were $263,704, in-

7. December 30, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, December 30, 1896

Click image to open full size in new tab

Article Text

COMMERCIAL NATIONAL BANK Of Roanoke, Va., Closes Its Doors-A Wild Run Made On the Bank. Richmond, Va., Dec. 29.-A Roanoke special to the Dispatch says: The Commercial National bank, of this city, closed its doors this morning because of a run on that institution yesterday. This run, it is believed, was caused by the resignation of Cashier Davenport and his departure for West Virginia on Sunday. The resignation was tendered on the 13th, but did not go into effect until the 20th, and for some reason the matter was kept from the genral public for a week or more. Mr. Davenport had been in the employ of the bank for some years, and his books on settlement were correct in every particular. When it was known that he had resigned the people became uneasy and the run followed. The total liabilities of the bank amount to about $80,000, and the estimated assets exceed this by about $90,000. The amount due depositors, according to the statement of the bank's condition published last Saturday, was $61,587, but at least $12,000 of this sum was withdrawn in the run of yesterday. The capital stock of the bank is $100,000, and at least 75 per cent. of the stock is held by men of large means, and they are believed to be able to meet all liabilities and pay depositors in full. This is the feeling among business here, and it is safe to say the suspension has caused but little excitement. Bank Examiner Sands is expected here tomorrow from Washington.

8. December 30, 1896 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 30, 1896

Click image to open full size in new tab

Article Text

SMALLER FAILURES. The Roanoke Commercial National Bank Closes. ROANOKE, VA., Dec. 29.-The Commercial National Bank of this city closed its doors to-day. WASHINGTON, D. C., Dec. .-The failure of the Commercial Bank of Roanoke, Va., was made known to the Comptroller by telegraph, and he immediately wired Bank Examiner Sands to take charge. The failure is attributed partly to speculation incident to the Roanoke boom. Eckels says the failure is not important. SIOUX CITY, Iowa, Dec. 29.-On application of W. T. Honsinger, vice-president and a large shareholder in the Farmers' Trust Company of this place, G. H. Hollister was to-day appointed receiver for the institution. The tightness of the money market made it impossible for the company to meet its debentures. Receiver Hollister estimates assets of $238,000 and liabilities of $135,000.

9. December 30, 1896 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 30, 1896

Click image to open full size in new tab

Article Text

Domestic. Van Northwick Brothers' bank in Batevia, III., assigns, Columbia National bank of Minneapolis closes its doors. The Commercial National bank at Roanoke, Va., suspends. Silk and cotton manufacturers heard be. fore the ways and means committee. Changes made in the rules of the pension bureau. The civil service extended to include penitentiary employes.

10. December 30, 1896 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 30, 1896

Click image to open full size in new tab

Article Text

DEPOSITORS WILL NOT LOSE A Henvy Run Causes a Roanoke Bank to Close Its Doors. ROANOKE, Va., Dec. 29-The Commercial National Bank, of this city, closed Its doors this morning by order of the board of directors. The cause or the trouble was a heavy run on the bank yesterday by the depositors. On December 9. J. C. Davenport. cashier. resigned and his successor was elected. The matter was kept quiet until Sunday night, when Davenport left the city for his home in Charleston, W. Vn., and It is stated that as soon as this became known, " general run was made on the bank. and It was compelled to go to the wall. The officials say that depositors will be paid in full.

11. December 30, 1896 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 30, 1896

Click image to open full size in new tab

Article Text

Commercial Bank of Roanoke. Washington. December 29.-Comptroller Eckels received telegraphic notice today that the Commercial National bank of Roanoke, Va., has closed Its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution. The failure is not regarded as a serious one. The last report. made November 21, showed the assets of the bank to be $263,704. including its bonds for circulation: stock $100,000; surplus $25,000; undivided profits $6000.

12. December 30, 1896 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 30, 1896

Click image to open full size in new tab

Article Text

ECKELS ON THE SITUATION. He Feels No Apprehension on Account of Recent Failures. Washington, December 29.-Comptroller of the Currency Eckels said this afternoon that he feels no apprehension over the bank failures which have occurred of late. Two more failures, the Commercial National bank of Roanoke, Va., and the Columbia National bank of Minneapolis, were added to the list today. They were comparatively small institutions, however, and under ordinary circumstances their failure, it is said, would attract only passing attention. Mr. Eckels when asked today by a representative of the Associated Press as to the general banking situation said: "Of course bank failures are more of less disquieting, but those which have 00curred recently. have little or no general significance attached to them. They were due largely to local causes, wholly unconnected with the general condition of the banks through the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation, every depositor being paid in full. The two failures today were of minor import$200,000. ance, in each case the assets being only "As against these failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call, that of December 17, are uniformly favorable and show an average reserve held of considerably above the 25 per cent required by law. "One of the last reports, that of the Brooklyn banks, show the average reserve held to be 34.02 per cent and most of the reports run 5 or 10 per cent above the 10gal requirements. "In each case the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole it is evident that the National banks today are as stable as they ever were, and the sporadic failures of a bank here and there through defects poculiar to the failing bank is of little importance and wholly without general significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."

13. December 30, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 30, 1896

Click image to open full size in new tab

Article Text

VIRGINIA BANK CLOSED. ROANOKE, Va., Dec. 29.-The Commercial National bank of this city closed its doors this morning by order of the board of directors. The trouble was a heavy run on the bank yesterday. On December 9 J. C. Davenport, cashier, resigned and his suecessor was elected. The matter was kept quiet until Sunday night, when Davenport left the city for his home in Charleston, W. Va., and it is stated that as soon as this became ki ownia general run was made on the bank and It was compelled to go to the wall. The officials said that depositors will be paid in full. The liabilities are about $65,000, while the valuable assets are estimated to be worth more than double that amount. H. S. Trout, president of the First National bank, and T. T. Fishburn, president of the Mercantile exchange, both express themselves as being of the opinion that the depositors will not lose a dollar. This opinion is concurred in by business men generally. The paid-in capItal stock of the bank is $100,000 and nearly three-fourths of the stock is held by men of large means, which will further insure the depositors against Ices. WASHINGTON, Dec. 29.-Comptroller of the Currency Eckels received notice today that the Commercial bank of Roanoke, Va., has closed Its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution. Mr. Eckels does not regard the failure as a serious one. The last report to him, made November 21, showed the assets of the bank to be $263,704. including its bonds for circulation. stocks, $100,000; surplus, $25,000; undivided profits, $6,000; owing depositors, $75,000; other liabilities. $35,000. The failure is attributed by Mr. Eckels in part to speculation and boom specialties in the local country. DENVER, Colo., Dec. 29.-The trial of the

14. December 30, 1896 The Providence News Providence, RI
Article from The Providence News, December 30, 1896

Click image to open full size in new tab

Article Text

NOT APPREHENSIVE. Comptroller of the Currency Says National Banks Are All Right. Washington, Dec. 30.-Comptroller of the Currency Eckels said yesterday afternoon that he feels no apprehension over the bank failures which have occurred of late, Two more failures-the Commercial National bank of Roanoke, Va., and the Columbia National of Minneapolis-were added to the list yesterday, They are comparatively small Institutions, however, and under ordinary circumstances their failures, it is said, would attract only passing attention. Mr. Eekels, when asked as to the general banking situation, said: "Of course bank failures are more or less disquieting, but those which have occurred recently have little or no general significance attached to them. They were due largely to local causes wholly disconnected with the general condition of the banks to the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation, every depositor being paid in full. The two failures yesterday are of minor importance. As against these few failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call-that of Dec. 17-are uniformly favorable and show an average reserve held of considerable above the 25 per cent required by the law. One of the last reports, that of the Brooklyn banks, shows the average reserve held to be 34.02 per cent, and most of the reports run 5 or 10 per cent above the legal requirements. In each case, too, the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole it is evident that national banks are as stable as they ever were, and the sporadic failure of a bank here and there through defects peculiar to the failing banks is of small importance, wholly without significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."

15. December 30, 1896 The Evening Tribune Pawtucket, RI
Article from The Evening Tribune, December 30, 1896

Click image to open full size in new tab

Article Text

BANK FAILURES. Views of Comptroller Eckels Relative to the Matter. There Will Be No General Panic Resulting From Their Downfall. Recent Failures Were of Small InstitutionsNational Banks are as Strong as Ever. Washington, Dec. 30.-Comptroller of the Currency Eckels said yesterday afternoon that he feels no apprehension over the bank failures which have occurred of late. Two more failures-the Commercial National bank of Roanoke, Va., and the Columbia National of Minneapolis-were added to the list yesterday. They are comparatively small institutions, however, and under ordinary circumstances their failures, it is said, would attract only passing attention. Mr. Eckels, when asked as to the general banking situation, said: "OI course bank failures are more or less disquieting, but those which have occurred recently have little or no general significance attached to them. They were due largely to local causes wholly disconnected with the general condition of the banks to the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation, every depositor being paid in full. The two failures yesterday are of minor importance. As against these few failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call-that of Dec. 17-are uniformly favorable and show an average reserve held of considerable above the 25 per cent required by the law. One of the last reports, that of the Brooklyn banks, shows the average reserve held to be 34.02 per cent, and most of the reports run 5 or 10 per cent above the legal requirements. In each case, too, the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole it is evident that national banks are as stable as they ever were, and the sporadic failure of a bank here and there through defects peculiar to the failing banks is of small importance, wholly without significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."

16. December 31, 1896 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, December 31, 1896

Click image to open full size in new tab

Article Text

ECKELS NOT APPREHENSIVE Failures Due to Local Canses-General Banking Conditions Excellent. Washington, Dec. 29.-Comptroller of the Currency Eckels said this afternoon that he feels no apprehension over the bank failures which have occurred of late. Two more failures, the Commercial National bank of Roanoke, Va., and the Columbia National bank of Minneapelis were added to the list today. They were comparatively small institutions, however, and under ordinary circumstances their failure, it is said, would attract only passing attention. Mr. Eckels, when asked today by a representative of the Associated Press as to the general banking situation, said: "Of course, bank failures are more or less disquieting, but these which have occurred recently have little or no general significance attached to them. They were due largely to local causes, wholly unconnected with the general condition of the banks through the country at large. The case of the Atlas bank was not a failure at all, but a mere voluntary liquidation, every depositor being paid in full. The two failures today were of minor importance. in each case the assets being only $200,000. "As against these failures, based onlocal causes, the general condition of the banks is excellent. The reports received under the last call, that of December 17, are uniformly favorable and show an average reserve held of considerably above the 25 per cent required by law. "One of the last reports, that of the Brooklyn banks, show the average reserve held to be 34.02 per cent and most of the reports run 5 or 10 per cent above the legal requirements. In each case, the assets in detail make an entirely satisfactory showing, as compared with the liabilities. On the whole it is evident that the national banks today are as stable as they ever were and the sporadie failures of a bank here and there through defects peculiar to the failing bank is of little importance and wholly without general significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."

17. January 3, 1897 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, January 3, 1897

Click image to open full size in new tab

Article Text

Atlanta, Jan. 2. —The Journal this afternoon prints the following signed statement from Comptroller of the Currency Eckels: "Washington, Jan. 2. "To the Atlanta Journal: "The bank failures which have occurred have been entirely due to local conditions and in almost every instance defects peculiar to the institutions failing. This is strikingly so in the case of the Commercial National Bank, at Roanoke, Va., and as much so in the failed bank in Texas some weeks since. "The same may be said of all the national banks failing since November 1, and I imagine the same thing will hold good in the State and private banking houses which have ceased to do business. "The banking institutions of the South made, with here and there an exception, a remarkably good showing during the panic of 1893 and the financial distress then was general and acute. No such condition now exists nor will occur upon the one hand, while on the other during the years since then liquidation has gone on, bad paper has been weeded out, and the banks are stronger in cash means. There is no basis for any expectation that either now or in the future the South or any other section of the country will suffer from more than the ordinary number of bank failures incident to the accumulation of slow assets and bad methods of banking. I certainly do not apprehend any difficulty beyond that due to the causes I have stated. "If the attention of the country could be directed towards attending to business affairs in a business way, undisturbed by "wars and rumors of wars" and promises of renewed and continued agitations, the country would enter upon an era of prosperity which in the largest measure would fall to the lot of the people of the South. "The South to-day offers a marvelously rich field for investment, and the capital is at hand to be invested but it will not go there or elsewhere when disquieting rumors are to be met with an uncertainty as to gaining a return for it, confronts the investor. "The opportunity presented to Americans to become rich, prosperous and happy by confining themselves strictly to the immediate needs of their own country was never so great as at this present moment. "JAMES H. ECKELS, "Comptroller of the Currency."

18. January 8, 1897 The News & Observer Raleigh, NC
Article from The News & Observer, January 8, 1897

Click image to open full size in new tab

Article Text

TELEGRAPHIC BRIEFS. Atlanta, Ga., Jan. 7.-The State Railroad Commission to-day adopted an order refusing to change the recent circular reducing the railroad rates on fertilizers 20 per cent. San Francisco, Jan. 7.-The steamship Coptica arrived to-day from Hong Kong and Kokohama and Honolulu. Minister Willis, who has been very ill at Honolulu, is reported to be slightly improved in health. Jacksonville, Fla., Jan. 7.-Special to the Citizen from Tampa says: Senatorelect Money arrived to-night from Cuba, and soon afterwards left for Washington, He refused to talk on the issues of the Cuban war. Lynchburg, Va., Jan. 7.-J. H. Valentine, formerly of this city, but now of Norfolk, made an assignment here today for the benefit of his creditors to H. D. Flood, trustee. The amount of liabilities is $23,725.79. Augusta, Me., Jan. 7.-The inauguration of Governor Llewellyn Powers and other State officials took place to-day. The exercises were witnessed by an unusually large gathering and were attended with the usual formalities. Washington, Jan. 7.-The Comptroller of the Currency has received information that the Commercial National bank of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver. Bismarck, N. D., Jan. 7.-The election of Hansbrough to the Senate from this State is practically accomplished. His supporters have the pledges of a majority of the Republican members of the Legislature and unless these pledges are broken Hansbrough will win on the first ballot. Baltiore, Md., Jan. 7.-Miss Ida V. Hoagland, private secretary to Miss Mary Garrett, fell down the elevator shaft at Miss Garrett's house, 101 West Monument street, to-day and died from the effect of the injuries she received. Miss Hoagland fell from the third floor to the basement, a distance of about 40 feet. Lansing, Mich., Jan. 7.-The two houses of the Legislature convened in joint session this afternoon and listened to the addresses of the retiring and incoming Governors. Governor Pringree's address at the outset recomemnded abolishment of party conventions, which he asserted, have become the mediums of trickery, bribery and fraud. He advocated instead the direct vote and the Australian ballot system in nominating candidates. London, Jan. 7.-In view of the statement made to United States Ambassador Bayard last year (regarding alleged violations of the provisions of the Bering Sea Treaty,) by Herman Liebes, of the North American Commercial Company, Mr. Bayard made certain representations to the State Department. Mr. Liebes has now made further statements to the Ambassador concerning this year's catch and the matter will doubtless be brought to the attention of the Washington authorities. Havana, Jan. 7.-Dr. Casper Betancourt, a naturalized American citizen, and a well-known dentist, who was arrested here on December 7th as a political suspect, is said to have been one of the leaders of the insurgents during the tenyears' war. It now appears that he is charged with conspiring against the government in handling mail matter intended for the insurgents, in connection with Gustavo Martinez. the collector of the Revolutionary Junta, the agent of Aguirre, the insurgent Pleader and Jose Maria Diaz, the agent of Castillo, also leader of the insurgents.

19. January 8, 1897 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, January 8, 1897

Click image to open full size in new tab

Article Text

GOOD NEWS. Commercial National Depositors Will be Paid in Full. Washington, Jan. 7.-The comptroller of the currency has received information that the Commercial National Bank, of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver.

20. January 8, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 8, 1897

Click image to open full size in new tab

Article Text

RECEIVERS NAMED. Pending the Resumption of Suspended National Banks. WASHINGTON Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blading temporary receiver of the First National Bank, of Sioux City, and Examiner Anheirr receiver of the Citizens National of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner Turtilot has been appointed receiver of the Second National Bank, of Grand Forks, N. D. The comptroller has re eived information that the Commercial National Bank, of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver. Denver, Col., Jan. 7.-The American National Bank reopened today under new management, with $600,000 cash on hand to meet the liabilities and conduct business. There remains but $200,000 of liabilities to be provided for out of all the other assets of the bank. Eau Claire, Wis., Jan. 7.-The Commercial Bank of Eau Claire, capital $30,000, closed today. The failure is due to the suspension of the Allemannia bank, of St. Paul. President Allen states that the Eau Claire institution will wind up affairs, and that depositors will be paid in full.

21. January 9, 1897 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, January 9, 1897

Click image to open full size in new tab

Article Text

A SETTLED FACT. The Commercial Depositors to be Paid Within Two Weeks. The depositors of the Commercial National Bank, of this city, are now assured that they will get all their money back dollar for dollar in the course of the next ten days or two weeks. It has been an open secret here for nearly a week that the National Exchange Bank and the First National Bank were making are rangements to purchase the assets of the Commercial National and assume enough of the liabilities to make good to depositors the payment of all the money they had in the bank when its doors were closed. This agreement has been reached between the officers of the two first mentioned banks and the directors and stockholders of the Commercial National: but as nothing could be done without the approval of Comptroller Eckels, it was necessary that he be made acquainted with the proposed arrangement before any further steps were taken. This was done and as was announced in the dispatch from Washington published in yesterday's Times, the proposal met with the approval of the comptroller, who has authorized that liquidation of the bank's affairs be commenced at once. According to the agreement, the National Exchange and the First National Banks have loaned the Commercial an equal amount each, with which to pay all depositors, and as soon as the papers have been signed, the depositors will be notified as to which of these banks will pay them their money. The securities given the other banks by the Commercial are believed to be ample to indemnify them against loss, but as the stockholders of the Commercial are responsible for the full amount of their stock until the entire obligation is discharged the investment is regarded as a perfectly safe one in all respects. It is not, however, believed that the stockholders will be called upon to help out the liquidation, as it is thought that the assets of the bank will be amply sufficient to meet all its obligations. As the Commercial National Bank had on hand when it closed its doors $22,000 in cash assets and good collateral, it would seem that there never was any reason for closing its doors in such a hurried manner. It developed the fact, however, that the management of the bank had

22. January 9, 1897 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, January 9, 1897

Click image to open full size in new tab

Article Text

The announcement from Washington that the Commercial National Bank, of this city, will go into liquidation without the intervention of a receiver is gratifying intelligence; but Is fully in accord with the information published heretofore in The Times. Those well informed concerning the matter predict that all depositors will be paid in full in a short time.

23. January 9, 1897 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, January 9, 1897

Click image to open full size in new tab

Article Text

The News Condensed. Important Intelligence From All Parts. DOMESTIC. The visible supply of grain in the United States on the 28th was: Wheat, 521,443,000 bushels; corn, 18,893,000 bushels; oats, 13,476,000 bushels; rye, -usnq 48875000 barley Isreqsnq 000'966 els. William M. & J. S. Van Nortwick, bankers and manufacturers, made an assignment at Batavia, Ill., with liabilities of $2,000,000. At the opening day in Washington of the hearings before the ways and means committee in preparation for the framing of a tariff bill representatives of hundreds of millions of dollars made brief statements of their views. Eleven cracks in the bicycle world entered a six days', eight hours a day, international bicycle contest in Washington. Statistics from 1,388 industrial establishments in 46 states show that 52,448 less hands were employed in those establishments in 1896 than in 1892, and that $19,214,448 less was paid out in wages. Frank E. Clark. for 18 years editor of the Grayville (III.) Independent, committed suicide by taking poison. No cause is known. The Scandia bank at Minneapolis suspended payments with liabilities of $300,000. Will Robinson (colored), who killed his sweetheart in a church in Pike county, Mo., was taken to the penitentiary for 102 years. The large furniture house of Julius Lansburg in Washington was destroyed by fire, the loss being $160,000. The McCoy Banking company of Independence, Mo., went into voluntary liquidation with liabilities of $125,000. One thousand Chicago saloon keepers have been compelled during the last three months to retire from business because of hard times. The state of Iowa celebrated its 50th birthday. The Bank of Superior at Superior, Wis., closed its doors with liabilities of *000'00I$ By the explosion of a lamp Gregor Kirchbaum and his wife were burned to death in their home at Johnston, R.1. At Stamford, Conn., Mrs. Henry Ward Beecher fell and broke her hip and may be forced to use crutches for the rest of ber life. She is 84 years old. Gov. R. M. Harris, of Indian territory, has called the legislature to meet in extraordinary session at Tishmingo Jan'G Area At the annual meeting in Chicago of the Northwestern Traveling Men's association William H. Cribben was elected president. The death payments for the year amounted to $169,400. Lane county, Kan., has formally been declared insolvent by the county commissioners. A new counterfeit ten dollar national bank note on the Union national bank of Detroit, Mich., is in circulation. One distinguishable feature is that the back of the note is upside down. It is announced that Gov. Bradley intends to resign the office of governor of Kentucky at an early date because of failing health. The wedding of Count Adam de Moltke Huitfeldt, of Denmark, and Miss Louise Eugenie Bonaparte, daughter of the widow of the late Jerome Bonaparte, fook place in Washington. The People's Electric Light & Power SUM "f 'N Newark 18 plant s,Suuduos burned, the loss being $175,000. The Columbia national bank in Minneapolis closed its doors with liabilities of $247,000, and the Washington bank, a state institution in the same city, also suspended. The Commercial national bank of Rounoke, Va., closed its doors with liabilities of $100,000. William W. Whaley and wife, living near Seaviersville, Tenn., were murdered in their home by unknown per'suos Henry F. Strauss, aged 72. county clerk of Langlade county, Wis., committed suicide at Antigo. He was a defaulter to the amount of $3,770.

24. January 10, 1897 The Times Richmond, VA
Article from The Times, January 10, 1897

Click image to open full size in new tab

Article Text

tership and superintendent of schools are being solicited at a lively rate.' J. W. Bond and W. H. Mosby are the principal applicants for the former position. Mr. Bond was formerly chairman of the Republican party in this county, and Mr. Mosby has been a member of the State Committee for a number of years. As far as numbers of signers is concerned, Mr. John S. Riley, of Otterville, has the llead of the applicants for the office of School Superintendent and seems to be securing the unqualified endorsement of nearly evry man in the county N. D. Hawkins, the present incumbent, has not yet publicly announced his candidacy, but if he concludes to run will have a strong showing, and the fight will be between him and Riley, though perhaps half a dozen other applicants are also after the place. Along with the cold wave there came a grip wave and quite a number of citizens have been suffering with mild attacks, including Mayor Campbell, who is now, however, much improved. Henry Taylor (colored), a brakeman on the Norfolk and Western railroad was killed at Thaxton, Thursday morning. He slipped from the train, which had broken in two and come together with a great deal of force. His body was fearfully mangled, one side being crushed into a shapeless mass, The remains were sent to Crewe, where the unfortunate man had lived. The bank cases have been set for January 25th. Colonel John S. Mosby, who arrived last week on a visit to his mother and brother, is still in the city. Hon. John Goode, receiver for the First National Bank, left Thursday for Washington, where he will probably be for some time. Major S. Griffin, who has been appointed receiver of the Commercial National Bank, of Roanoke, is a resident of Bedford City, and is also receiver of the Liberty Savings Bank, of this place,