8312. Bank of Commerce (Baltimore, MD)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 28, 1855
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
061fadef

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Several contemporaneous newspaper items (late March 1855) report rumors and a brief/slight run on the Bank of Commerce in Baltimore. The run was small, quickly met by the cashier, and the bank's credit was reported restored; there is no mention of suspension, receivership, or permanent closure. I infer 'state' chartered (common for mid-19th-century city banks) though the articles don't state charter type explicitly.

Events (1)

1. March 28, 1855 Run
Cause
Rumor Or Misinformation
Cause Details
Circulating rumors and reports of large defalcations led bank notes to be refused by some bankers and depositors to present notes for redemption; newspapers call the damaging reports 'erroneous' or 'prejudicial rumors.'
Measures
Cashier and bank officers publicly denied rumors and stated they were prepared to redeem notes in gold and silver and to pay deposits on demand; paid presented circulation (about $2,000) at the counter.
Newspaper Excerpt
There was a slight run ... about $2,000 ... Some depositors also closed their accounts ... the panic is over, and the credit of the institution is fully restored.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Dispatch, March 27, 1855

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Article Text

LETTER FROM BALTIMORE. BALTIMORE, March 25. A cowhiding affair took place in the vici nity of the Merchants' Exchange yesterday morning, which created considerable excitement., A difficulty has for some past existed between William McCann, a Coach maker, and Charles R. Taylor, President ofthe Bank of Commerce. The parties met on Saturday morning, and after some exchange of words, Mr. McCann attacked the other with & cow. hide, inflicting several severe blows before they were separated. Mr. Ault, who undertook to commit suicide the other day by cutting his throat, is much better. and hopes are entertained of his recovery. He was undoubtedly laboring under mental aberration, and is not now aware of the act he committed. Capt. Robert Walker, one of the oldest and most respected shipmasters of Baltimore, died yesterday, after a short illness. His age was 55 years. Rumors were afloat on Saturday, calculated seriously to affect the character and standing of the Bank of Commerce, growing out of the fact that the bills of that institution were refused by two of our city Bankers.Indeed, the notes of the Bank of Commerce were in consequence refused to such an extent yesterday, that there can searcely fail to be a run on it to-morrow. It is stated that the Cashier of the Bank, a reliable man, pronouncès all prejudicial rumors with regard to the Bank unfounded, and says that he will be prepared, an Monday morning, to redeem in gold and silver every dollar of its circulation, and pay all its deposits on demand.


Article from The Daily Union, March 29, 1855

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Article Text

THE BANK OF COMMERCE.-There was a slight run (says the Baltimore Patriot of Tuesday) on this bank yesterdayabout $2,000, or less than 7 per cent. of its circulation, having been presented for redemption. Some depositors also closed their accounts with the bank; but, so far as we can judge, the panic is over, and the credit of the institution is fully restored.


Article from New-York Daily Tribune, March 29, 1855

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Article Text

@5,500; do. 1847, $48,400; do. 1848, $9,100. Total, $85,500. Mr. Hoxsey bas introduced into the Senate of New. Jersey & further supplement to the act respecting anand Reports to the Legislature of Reilroad and Ca. nal Comparies It makes it the duty of the Nw. York end Erie Railroad Company, occupying and using the Paterson and Remapo Road, and of the Paterson and Hudson River Railrodd Company, to make annual reports to the Legislature; and in case of the refusal or neglect of the said Erie Company to make such annual statement, they shall be tubject to the penalties imposed by law upon the Canale and Bailroads of that State by existing laws for neglect or refusal 80 to report. About $23,000 of traudulent drafts on New Bedford, Fairbaven, &e., houses, have appeared, drawn at Honolulu. About $5,000 were paid previous to the discovery of the fraud. Tae drafts, although all drawn in favor of different persons, are filled up, with the exception of the payee's name, by the same individual. Speaking of the rumor in regard to the Bank of Commerce, at Baltimore, The Sun of that place says: " Yesterday there was a brisk run upon the Bank, but everything went off" satisfactorily. The institution has but $30,000 in circulation, and of that amount $2,000 was yesterday presented at the counter and psid. Some few depositors, also, withdrew their accounts. Should the entire circulation be sent in, Mr. Miller, the Cashier, is fully prepared to meet it promptly. The rumors of defalcations to the extent of sixty or seventy thousand dollars are erroneous. The difference bet ween the account of the Bank and the President will be about $7,000 or $8,000, which may be nearly all secured by the Bank." About two millions of dollars were due In dividends, this week, at Boston. The Bank dividends were as follows: Atlantic, 4 per cent ; Atlas, 4 per cent; Bank North America, 31 per cent.; Bank Commerce, 4 per cent.; Blackstone, 4 per cent.; Boston, 4 per cent.; Boylston 41 per cent; Broadway, 4 per dent. City, 31 per cent; Columbian, 31 per cent; Eagle, 4 per cent Eliot, 4 per cent.; Exchange, 4 per cent.; Faneuil Hall, 4 per cent.; Freeman's, 5 per cent ; Globe, 4 per cent Grocers', 4 per cent; Hamilton, 4 per cent.; Howard Banking Co., 4 per cent; Market, 5 per cent.; Massachusetts, (8 per share,) 3 1-5 per cent; Maverick, 3 per cent ; Mechanics', 4 per cent.; Merchants', 4 per cent.; National, 4 per cent.; New England, 4 per cent North, 4 per cent; Shawarut, 4 per cent Shoe and Leather, 4 per cent State, 31 per cent,; Suffolk, 5 per cent ; Traders', 4 per cent Tremont, 4 per cent ; Union, s per cent ; Washington, 31 per cent.; Webster, 31 per cent. The aggregate of these dividends is $1,236,650. The Appleton Bank, of Lowell, has declared a semi-annual dividend of 5 P cent. Also the Lowell Bank. The Railway Committee of the Massachusetts Leg. islature have reported a bill to the House in favor of loaning the credit of the State to the Vermont and Massachusetts to the amount of one million of dollars. The Michigan Central Railroad earnings show a very handsome increase since the commencement of the new financial year, as compared with those of the corresponding period in the previous year. The statement up to the second week in March, inclusive, is as follows: