Article Text
A Richmond Bank Suspension. RICHMOND, VA., June 29.-The Bank of Commeree 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.
Bank of Commerce (Richmond, VA)
Episode Information
- Episode UID
7041305690990- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
704130569hash - Start Date
- June 29, 1882
- Location
- Richmond, Virginia (37.554, -77.460)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
e99ea403ccc7d5fc
Response Measures
None
Description
Directors suspended and stockholders called creditors' meeting to close up affairs, indicating permanent failure.
Events (1)
1.
June 29, 1882
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy losses on bonds and stocks carried from prior year greatly impaired capital; business unprofitable; capital largely depleted.
- 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 50 cents on the dollar.
- Source
- newspapers
Newspaper Articles (11)
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Article Text
BANK OF COMMERCE.-A - meeting of the directors of the Bank of Commerce was held yesterday afternoon. An exhibit of the condition of the bank was made, showing that heavy losses had been sustained during the current year on bonds and stocks carried over from last year, whereby the capital of the bank had been SO greatly impaired as to make its business unprofitable. The Board of Directors decided to suspend business and call a general meeting of the stockholders for to-day at 12 o'clock, as will be seen by the published notice in another column.
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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.
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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.
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Failure. Richmond, Va., June 29.-The Bank of Commerce has suspended. It will pay 50 cents on the dollar.
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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
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Suspended. RICHMOND, VA., June 29.-The Bank of Commerce suspended payment 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. 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. The stockholders of the bank are now holding a meeta ing.
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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.
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A Bank Goes Under. RICHMOND, VA., June 29.-The Bank of Commerce has suspended. It will pay tifty cents on the dollar.
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HOME. Eight persons have been killed by the cable cars in Chicago, during five months.-- At Richmond, Va., the Bank of Commerce has suspended.In St. Louis 400 lottery cases are down for trial next month. All the gambling houses are closed. Michael Davitt is addressing large crowds in various cities Five railroad laborers of the States. were drowned on Wednesday night at Bismarck, Dakotah Territory. Half the population of Patrick County, Va., are famished, but, it is expected, the harvest will soon bring relief. - Ben Butler and Roscoe Conkling visited the Wilson President on Wednesday. Guiteau has had an interview with the President respecting his brother's alleged insanity. The majority for the prohibition constitutional amendment in Iowa is variously estimated The Postfrom 40,000 to 60,000. master-General opposes the reduction of letter postage from three to two cents, but favors the idea that postage on newspapers should be abolished. A cloud burst near Frenchburg, Ky., the other day, drowing a Mrs. Thomas and her two daughters. A man named Henry C. Cole, an attorney, and at one time U. S. Deputy Marshall, living on Milton St., Cincinnati, murdered his wife and only daughter on Wednesday morning. He then committed suicide.
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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.