Commercial National Bank (Petersburg, VA)

Episode Information

Episode UID
176900885
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
17690 national
Charter Number
1769
Start Date
September 23, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
894cac0cee00fb45

Response Measures

Partial suspension, Full suspension

Description

Articles refer to Petersburg banks collectively (no specific mention of Commercial National), describing runs and temporary suspensions during the Panic of 1873.

Events (5)

1. January 16, 1871 Chartered
Source
historical_nic
2. September 23, 1873 Run
Cause
Macro News
Cause Details
Runs triggered by the wider financial panic following the crash in New York (Panic of 1873, Jay Cooke failure).
Measures
Savings banks required notice of intended drafts; conservative measures to limit withdrawals
Newspaper Excerpt
the very unexpected intelligence flashed over the wires yesterday of the suspension of the Petersburg banks ... and caused runs on several of our banking institutions
Source
newspapers
3. September 23, 1873 Suspension
Cause
Macro News
Cause Details
Banks in Petersburg suspended payments amid the nationwide financial crash and consequent local runs.
Newspaper Excerpt
Temporary suspensions have followed.
Source
newspapers
4. September 24, 1873 Other
Newspaper Excerpt
They are all safe and reliable ... will pay dollar for dollar of what they owe and that very soon.
Source
newspapers
5. January 14, 1879 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Daily State Journal, September 24, 1873

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Article Text

Evening State Journal. THE FINANCIAL PANIC. Let us keep cool. This is our advice to stockholders, depositors, presidents, cashiers and directors of banks and banking institutions, as well as to the people at this particular turning point in financial matters. The very unexpected intelligence flashed over the wires yesterday of the suspension of the Petersburg banks reproduced here the uneasy feeling caused by the unexpected crash in New York last week, and caused runs on several of our banking institutions which they have not been stout enough to withstand. Temporary suspensions have followed. This measure, though to be regretted, as it inconveniences the people, is not a good argument against the solvency of any Richmond banking institution. They are all safe and reliable are in the hands of prudent financiers, and will pay dollar for dollar of what they owe and that very soon. If merchants and private individuals will make common cause with the banks, towards staying the panic, all will yet be well. No person who wants to be safe himself can afford to lend the least influence to that senseless crowd who talk of terrible things and are doing their best to fulfill their own gloomy forebodings. The fact that the savings banks have availed themselves of their chartered right to require notice of intended drafts is in no sense to be looked upon as alarming. On the contrary, it is all the more calculated to reassure depositors as to their entire security. Small depositors, we assame, will not be inconvenienced thereby, and the larger depositors will see and recognize the wisdom of this conservative action. There is certainly no occasion for a financial crisis in this city. f


Article from Middletown Transcript, September 27, 1873

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Article Text

The Financial Crash. -It has come at last, though long-looked for and long deferred it has finally come. Many expected it soon after the close of the war, but the engineers of the great financial machine have managed to stare it off from time to time until now, but it has come at last and the appearance now is that it will be all the heavier for its long delay. Beginning with Jay Cooke & Co., the financial and confidential agents of the Government, it extended rapidly to other and less favored houses and a great panic spread among the "brokers and money changers" throughout the country. One after another succumbed until upwards of sixty bankers have given way before the storm. Nor have the suspensions stopped with the brokers, but some of the National Banks, also, have closed their doors and announced their inability to meet the demands upon them. First, the National Bank of Washington gave way, and soon the banks of Petersburg. Va., yielded to the violence of the storm. and where it will stop no one knows. It has already begun to have its effect upon the industries and commerce of the country. Railroad shops and other manufacturing establishments are being closed, and the workmen thrown out of employment, and from different cities the failure of prominent business houses is boing announced. We much fear that the trouble has but begun.Assertions have been made to the effect that no danger would result to the busi node and commercial interests of the country from the faileres of the brokers and bookers of the cities, but the great trouble in that the crash having commenced in the largeet and most trusted houses and these w the credited and endorsed agents of the General Government, the confidence of the people is shaken is the whole eyehous. and these who have funds in the and is the heade of baskers will every and the sisan" on these will be continued, until the