Planters National Bank (Danville, VA)

Episode Information

Episode UID
198500885
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
19850 national
Charter Number
1985
Start Date
September 25, 1873
Location
Danville, Virginia (36.586, -79.395)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
380fbf8a1f128d82

Response Measures

None

Description

Articles describe a precautionary suspension during the 1873 panic but do not state a reopening; additional local follow-ups would confirm resumption.

Events (2)

1. May 18, 1872 Chartered
Source
historical_nic
2. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Precautionary suspension amid the wider 1873 financial panic and regional banking disturbances
Newspaper Excerpt
the banks in the town of Danville, including the Planters' Na. tional bank, have suspended
Source
newspapers

Newspaper Articles (5)

Article from The Daily Dispatch, September 26, 1873

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Article Text

PETERSBURG ING PUBLIC OF TIONS CONDITION CITY Dispatch Richmond (Correspondent call, September Payertined the in of held city was Exchange largely merthe merchants of the Tobacco The meeting all the business prominement derable in men ball 1 o'elock only substantial by a count in at tended, not but by trade and from was the stated by call, meeting other chants, lines of moneyer of of deved the meeting, Mr. as M. order, Farrar was ordinary to afford number The and briedv was by called financial panic, relief the whom the the measures moOn fidence. to called to consider no devise public Venable connor Chamberlayne and and to Captain reatore S. Captain W. J. were H. made secreta- put and passed who tion, the chair. E. and S. Gregory was immediately w bether nterest town or in meeting country, of the and ries. Mr. A that motion all had present, taken sufficient, to O attend it, be adcommittee the object the that and a report follow- resomitted A motion to pointed then to appointences the in the W ori ten be ap Chairman some Tunner, R. H. ing com draft E. Hinton R. D. A. Marof aution rinal The W. after Mesar M. Sr., McTiwaine, William R. Mallory, Roper. H. Davis for BartleLt George retired consultation, messenger warnmeat tin, and ommittee delay Febt an a not agree The after an hour to ask that as they could time. Af rer some and the meeting o'clock, before that position to some adbeing to adjourn motion be to had ou until their vision report (the proposit Disted by revailed in is session. now The in time are its this letter journ contlemen) a meeting not reached will send telegraph.com on the is de to-day for purport has by been quiet the people A num- to ber take certified theorything and the conti feeling lent and better arreed number o-day of the those including cide of leading more merciants checks on that a are banks. This wed rene restore the banks the tended greatly to wever, morning that action except has It.is stated, resol red prompt this custom policy confidence. merchants even generall to old and This Principal after the first not to sรฉll for mone) mandoned away is the except sure. will of the be panic of the has situation people will out thrown said some Anothericted trouble OD whom-lia the have working been the or employer prevalent Works large distress numb of of employment of by hands have already but disposed quit, on, trusting pay. yet panic. at the Petersburg that most Iron that of them are ision will soon in suspended report to nor be work Work made for has their factories, not been although as that end it are is been being dis made: the by The best charged. has There people ed the that have spirit city been shown no turbuno to the do necesworking no threat of ening, the to their faith and that can willa with erisi* lence. and if satished be done all possible of the some best -ities, they in this trying Platt. Jr., the president city to-day thor and inade inpatience Hon- James Bank arrived in has of that that in an People's of his directors into the attairs are satisfi fied sound dollar an at ough with examination These gentlemen Sparely safe will and be early paid their -titution. bank is that and every wholders business This in both conditionitors depo that they can resume serious injury some forty was resonable day and time without espec faily city as funds People good news, dol are of ution. epositors The among to thousand deposit at large this line of small means. accommoBank on people had of afforded a comparative large and surplus liberal enabled in money them whom it The bank would bad have It was deposit where with dations. 000, which except ational that Bank, officers of to 817, tide the the crisis, Merchants with other depositive now here are nasuppended it collapsed two Treasury along The two the hands law of bank The inspec banks tors. will be put course into of the the tional in the regular city the nex It of the receivers operation. Alahone agreed is in not to Fair hold unless much the General has been Agricultural a change possible, more even under conditions the financial session decided situation than is now the most ROBIN favorable. ADAIR. telegram Dispatch. [Special an ad September at 6 PETERSBURG, of held men, business meeting journed and after were o'clock, reported, re-olations the exurging debate adopted, in busi and of ercise confidence the Also nest operations on of banks use solvent checks certified also It was citizens among transactions to be visit a that dolled committee appointed of the induce Controller of the colTreasury banks lapsed national to of the capital. being Washington to to allow the to deposits remain here instead removed of the of the meeting stockholders held and Bank, to-night, Mechanics that stated Plummer, of be made the Planters president, exhet Mr. report the could institution, amount but present no of the assets doubt of the whole and be believed the valoe there was no would be waterially paid, inMr. of that of the deposit stock money would not be as prost plummer Anation dethe but was deut stockholders tendered. in full it, to having receive confidence his DANVILLE BANES. relegran (special a A. SUSPENSION of ALL to.the Dispatch.) AS preDANVILLE, September of all the banks Danville is not There suspended our of busi deal among great cautionary before measure excitement noon to-day nesp: men. Second Dispatch. UPON OF THE EFFECT DETAIES BESTNESS. T


Article from Alexandria Gazette, September 26, 1873

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THE FINANCIAL SITUATION.-Dispatches from Washington state that a consultation was Department yesterday between Secretary held morning at the Treasury Richardson financial and Attorney General Williams on the situation. The main point under discussion was whether or not the Government had not already done all that it could, in a legitimate way, to relieve the pressure. The conference lasted about an hour, and was adjourned to await the arrival of the President, and was renewed again at the White House shortly after o'clock and lasted until 9 p. m. The conference was result of the p. m., immediately telegraphed to Assistant Treasurer Hillhouse at New York. The Washington Republican says:--"The President and his family returned to Washington last night, and immediately proceeded to About 8 o'clock Richardson called upon the cretary Executive Mansion. him, and after Sea consultation of more than an hour they came to the conclusion, and it is announced as their decision. that all the relief necessary to be afforded had been afforded by the Treosury for the legitimate business of the country, and that the Treasury will pay out no more currency than may be required in its ordioary disbursements; that is, it will buy no more bonds at present, nor sterling exchange." The Washington Republican also says: "Gov. Shepherd called upon Secretary Richardson yesterday morning, and suggested an anticipation of a few days in the payment of the monthly salaries of the employees of the Treasury Department, as the placing of so large an amount of money in circulation at once would go far to relieve the financial pressure under which the city and people are laboring just now. Secretary Richardson concurred in the wisdom of the request, and gave the necessary directions to that end. The payment of salaries for the month of September accordingly commenced to-day. Upon the request of Gov. Shepherd, and with a view to relieve the stringency of the money market in the District, the Navy Department also paid off yesterday all its employees for the present month." A dispatch from New Orleans dated yesterday says:- "The New Orleans banks, with the exception of the Southern, have suspended currency payment. At a meeting this morning of all the bank presidents in this city except two, it was resolved to pay no ehecks for more than $100. All large checks are to be certiffed. This arrangement is to continue thirty days. This action they consider precautionary to prevent a drain. The merchants generally approve the course the banks have taken. It is understood that a meeting of the Cotteo Exchange will be called to-morrow to approve of their action. Nothing is doing on 'Change. There is DO unusual excitement about the banks." Dispatches from Richmond state that the panic has entirely subsided, and there is no visible excitement on the street. A meeting of bank officers unanimously resolved to adopt the system of issuing loan certificates as now in operation in New York, Philadelphia and Baltimore, SO as to give relief to the community. The reported failure of McLain & Co., of Petersburg is contradicted. Specials to the Dispatch announce that the banks in Danville, including the Planters' Na. tional bank, have suspended, they say as a precautionary measure. The Planters' bank and the Commercial Bank in Fannville have suspended. he English and American bank of Farmville is still paying. A public meeting was held in Petersburg today, urging forbearance and recommending the use of certified checks on solvent banks among the citizens. Lancaster & Co. of Richmond have suspended in consequence of the failing of Brown, Lancas. ter & Co., of Baltimore.


Article from The Wheeling Daily Intelligencer, September 26, 1873

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ADDITIONAL TELEGRAPH. checking. The Governor was requested to favor the banks and people. RICHMOND, VA, Sept. 25.-Specials to the Dispatch announce that the banks in the town of Danville, including the Planters' and National, have suspended. They say it is done as a pecuniary measure. The Planters' Bank and Commercial Bank, in the town of Farmviell, have suspended. The English and German Bank of Farmville in still paying. A public meeting was held in Peters. burg urging forebearance, and recommending the use of the certified checks. Lancaster & Co., of this city, suspended in consequence of the failure of Brown, Lancaster & Co., of Baltimore. LONDON, Sept. 25.-The Telegraph in another article on the American crisis, says it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists is not affected by the trouble in New York. The Daily News remarks that in the absence of long credit the materials among American trading houses It is do for not papic exist. believed bullion to the the worst amount is over. It is said that of 500,000 pounds sterling will be withdrawn from bank to be sent to America by next Saturday's steamer. Henry James has accepted the Solicitor Generalship.


Article from New-York Tribune, September 26, 1873

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IN VIRGINIA. THE PANIC OVER .AT RICHMOND-A PETERSBURG FAILURE DENIED. RICHMOND, Sept. 25.-The panic has entirely subsided and there 18 DO visible excitement on the street. At a meeting of bank officers this morning it was unanimously resolved to adopt the system of issuing loan certificates now in operation in New-York, Philadelphia, and Baltimore, so as to give relief to the community. The reported failure of McIlwaine & Co. of Petersburg is contradicted. A GROUP OF SUSPENSIONS. RICHMOND, Sept. 25.-Special dispatches to The Dispatch announce that the banks in the town of Danville, including the Planters' and National, suspended, they say as a precautionary measure. The Planters' Bank and Commercial Bank in the town of Farmville have suspended, the English and American Bank of Farmville still paying. A public meeting was held in Petersburg urging forbearance and recommending the use of certified checks. Lancaster & Co. of this city suspended in consequence of the failure of Brown, Lancastor & Co. of Baltimore. The Tredegar Iron Works Company have discharged between 600 and 700 workmen employed in ear building.


Article from The Fairfield Herald, October 1, 1873

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News Items. CAIRO, September 28.-An unand two on by known reaching woman Columbus, drowned Kentucky, children, while the Mobile road, were attempting to jump aboard the doparting steamer. PHICADELPHIA, September 28.The bank presidents assured the stook brokers that they will do nothing to cause a decline of sceuriti at the st. ok board, until the bondholders are earing for themselves. Meanwhile the products of the country will rotat the depots. Washington, September 28. United States Coupons, maturing Novembr 1st, will be paid on and af ter Monday, September 29th, upon a rebate of interest at the rate of six per cent. per annum. a The banks and bankers held meeting to-night aud confirmed the action of last night. A committee of six was appointed, who will certify the checks of each. The bank holding aloof are the Bank of Washington, Bank of the Republic, Farmers' & Mechanics' Bank, of Georgetown, and Riggs." The members of the com. bination are confident that the above banks will be forced into a compromise before Monday night. CHARLESTON, September 28.-A better feeling prevailed at the close of business Saturday. The national banks having received a larger amount of greenbacks on deposit than they paid out in checks, no suspension has occurred beyond those announced on Friday. NEW YORK, Sept. 25.-The panic is the But the seriously affooting aggregate dry goods sales for are far in those of last are now business, the season only purchasing year. Country advance what bayers they of for actual the any require trade, depressing necessities purchase becomes of of their stocks until money more The mer determined to by large chants plenty. have Dry Goods stand eachother during the crisis. The day in Wall Street and in business circles generally, closed quiet. The Loan Committee Clearing House issued to-day 4,000,000 more certificates, making 17,000,000 thus for issued. Howes & Macy will resume busi. ndas immediately. The feeling on Wall Street is generally improved less excitement than any day since the panio commeneed. Richardson's action in stopping the purchase of bonds and refusing to anticipate the 5 per cent due January 1st 1874, meets with little approval. The Stock Exchange will probably remain closed until Monday. The foreign news is more discour aging than it has been since the panie began. Foreign banks which do heavy exchange business are seriously affeeted. The gold loan was very quiet today. The banks are cashing small checks, and certifying large oues. The bankers invited Secreary Rich ardson to visit the city and examine into the condition of affairs. He declined. Did not have time to go. The banking h uses are quiet, but apprehensions of suspensions are still felt. The deadlock in foreign exchange continues, and may be productive of serious trouble. The banks are gaining in deposits, which is an encouaging sign. RICHMOND, Sept. 25.-Messrs. Lancaster & bankers, and stock bankis the are feel that as far as ers, Many satisfied persons Co., only suspension depositing. National to-day All and State Banks are concerned, the erisis is over. To-day the Presidents of the several banks hold a meeting and determined to adopt the plan of the Baltimore banks, and issue clearance certificates, as the most effective means of sustaining each other in the present crisis. DANVILLE, Sept. 25.--All the barks suspended to-day as a precautionary measure. Very little excitement exists here. LYNCHBURG, Sept. 25.-Tho - banks hereare still undistubed. There is no run as in other places. The great. est confidence is manifested by do positors in the safety of their funds. NORLOLK, Sept. 25.-Financial matters still remain quiet. No citcment. PETERSBURG, Sept. 25.-No suspensions. Matters look much brighter. The excitement has subsided. NEW YORK, Sept. 23.-The rumorwa started at 2:30 this evening hat Henry Clews & Co., had suspended payment. This rumor was too soon verified. A large crowd collect. their banking house. had on almost since ed house immense before run continued the beginning their An of the panic, but had increased rather