Commercial Bank (Bristol, RI)

Episode Information

Episode UID
4334131690835
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
433413169 hash
Start Date
July 30, 1869
Location
Bristol, Rhode Island (41.677, -71.266)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bcbd58236bf9a62c

Response Measures

None

Description

Closure and receivership followed discovery of cashier irregularities/defalcation.

Events (3)

1. July 30, 1869 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Temporarily closed for investigation after discovery of cashier's irregularities and overdrafts.
Newspaper Excerpt
The Commercial Bank of Bristol, R.I., is temporarily closed to-day for an investigation of its affairs.
Source
newspapers
2. September 20, 1869 Receivership
Newspaper Excerpt
The Commercial Bank of Bristol...has been enjoined by the Supreme Court, and a receiver appointed to wind up its affairs.
Source
newspapers
3. December 1, 1872* Other
Newspaper Excerpt
Notice by William R. Taylor, receiver, calling for presentation of circulation of the Bristol Commercial Bank for redemption by March 1, 1873.
Source
newspapers

Newspaper Articles (11)

Article from New-York Tribune, July 30, 1869

Click image to open full size in new tab

Article Text

ceipts. In February last The Insurance Times of this city exposed the condition of the Company, which induced Mr. Barnes, the Superintendent of the Insurance Department, to make a personal examination of its affairs. This resulted in disclosing a deficiency of over $80,000, or an impairment of over 40 per cent of its capital. The stock having been unproductive for the last five years, and the Company having been almost entirely dependent on the brokers for patronage, the stockholders refused to invest any more money, and concluded to retire from the field. The Commercial Bank of Bristol, R.I., is temporarily closed to-day for an investigation of its affairs. The cashier confesses that he has allowed certain parties to overdraw to a considerable extent, but they deny the charges of making overdrafts, and say that if any defal'cation exists it is attributable to other causes. The bank 8 a State institution, with a capital of only $50,000. The regular weekly statement of the Bank of England is made public to-day. The amount of bullion in the vault has increased ยฃ92,000 sterling. There has been a heavy flow of specie to the Bank of France this week. The amount on hand is 4,600,000 francs greater than last week. The report that the Tenth National Bank had passed into the control of members of the Erie direction caused a sensation in financial circles. The capital of the Bank is $1,000,000. and the amount purchased by the new direction is about $700,000 on which a payment of $100,000 has been made. The Bank was started as a satellite of the Shoe and Leather Bank which at the outset owned one-half the capital stock, but afterward sold out to cap. italists having intimate connection with the direction. It is stated that the city deposits will be removed from the Broadway Bank to the Tenth National. The bank is a member of the Clearing House, but its stock has never been distributed and the transfer of the sole control was made by two or three holders. The attention of savings depositors is directed to the card of the new West Side Savings Bank, on Eighth-ave. near Thirty-fourth-st. The President is Mr. George Moore, and the Cashier Mr. J. W. B. Dobler, late of the Sixth National Bank. The earnings of the Milwaukee and St. Paul Road compare as follows with last year 1869. 1868. $92.301 $140,254 Third week in July 406,212 300,646 July rto July 24 2,784,906 3,382,209 Jan. 1 to July 24 $597,302 Increase since Jan. 1 The earnings of the Marietta and Cincinnati Railroad Company for the third week in July were: 1869 $24,179 $24,451 1868. The Pittsburgh Commercial of Wednesday says: A meeting of railroad officials was held in this city today. to discuss the prospects of the Fort Wayne, Muncie and Cineinnati, and Grand Rapids and Indiana Railroads. The connection, right of way, location, and other importhant points were the objects of the nieeting, but the result of their deliberations cannot now be made public, but it is known to be favorable to the two roads, and will tend to their speedy reconstruction. The Pottsville Journal says: The deficiency in coal shipments as compared with last year is only 266,927 tuns. The suspension last year lasted until the 22d of August, before the trade was fully under way again. In the ensuing four weeks, if nothing occurs in the trade, we will increase the supply of anthracite at least 700,000 tuns over the supply of last year for the same period, which would give a surplus of about 450,000 tuns of anthracite to August 24. After August 24 to the 30th of November, when all the regions were in full blast, the quantity sent for the fourteen weeks was an average of 380,000 tuns a week, giving a supply of 5,300,000 tuns in round numbers. We shipped this week 359,000 tuns, which is only 21,000 tuns per week behind last year's shipments. This 21,000 tuns. and more too, we believe, we can make up even if the two companies in the Scranton region should remain idle. All the transporting companies are increasing their rolling stock as rapidly as possible, and the bituminous regious are also largely increasing their supply. Under these circumstances we believe the market can be fully supplied with coal this year without any further advance in prices except what is put on in freights. The Kansas City Journal of the 23d says: The Louisiana and Missouri Railroad, now being built. starts from the town of Louisiana, Pike County, Missouri, on the Mississippi River, asits Eastern terminus, intersects the North Missouri Road at Mexico, Audrian County; passing through Boone County, crosses the Missouri River at Glasgow, Howard County, and thence continues westwardly through Saline, Lafayette, and Jackson Counties to Kansas City, its Western terminus. The main line to Mexico, and the branch to Jefferson City, 100 miles in all, are under contract. and the work is in progress, to be completed in May, 1870; while surveys are making of the balance of the line to Kansas City, with a view to putting the whole under contract by the 1st of August. The distance to be traversed by the line of rail between this place and Louisiana will be about 200 miles. The authorized capital of the Company is $10,000,000. The stock of the Company has been subscribed for by the counties along the line (including individual and municipal subscriptions) to the amount of about $2,750,000 ($11,000 a mile), as follows: Pike, $300,000; Audrian, $275,000 ($75,000 to the Jefferson City Branch); Boone, $50,000; Howard, $400,000; Saline, $500,000; Lafayette, $500,000; Jackson, $250,000; Calloway, $500,000; Jefferson City, $250,000 A meeting of the stockholders of the Pittsburgh, Mount Vernon, Columbus, and London Railroad was held at Orrville, Ohio, on Tuesday. The Company was organized, and R. C. Hurd of Mount Vernon was elected President. The stock required along the line of the road 18 nearly all subscribed, and the Company feels confident of success. The completion of this link from Millersburg to London will open up a new route from Pittsburgh and Cleveland to Columbus and Cincinnati, through the great coaband mineral fields of Wayne, Holmes, and Knox counties.


Article from New-York Tribune, September 20, 1869

Click image to open full size in new tab

Article Text

GENERAL TELEGRAPHIC NEWS. The receipts for the past five days at the Mechanics' Institute Fair, in San Francisco, were over $20,000. James M. Clark, recently appointed U. S. Judge for the District of Rhode Island, has declined the appointment. Vice-President Colfax and party have returned to San Francisco from Oregon, in good health, after a most pleasant trip. The Rev. Benjamin Darr, D. D., Rector of Christ Church, Philadelphia, died on Saturday at Germantown. He was 73 years of age. The fishing schooner Willie S. Swett. before reported as capsized and all hands lost, arrived at Wellfleet. Me., on Saturday. The report of her loss was without foundation. Stephen Sullivan of New-York, a deckhand on the steamer Thetis, plying between Providence and New-York, fell overboard when off Wyckford on the last trip, and was lost. The stables of the Missonri-st. Railroad Company of St. Louis were burned on Saturday, and from 12 to 15 horses and mules perished in the flames. The loss is about $10,000; insured. Capt. Decatur Oakes, a packet-master between Providence and New York, feli through the batchway of his schooner, Matilda Brooks, at Port Jefferson, on Wednesday night, and died the next day. P. P. Harris, manager of the Quebec Branch of the Montreal Bank, and a broker named Banderson, have absconded, taking with them a large amount of funds of the bank, reports any $150,000. A reward of $500 has been offered by the Mayor of Philadelphia for the arrest of Hogh Maree, Neft Dougherty, and John McLoughlin, parties who are believed to have shot revenue officer Brooks. This reward is offered on the strength of affidavits made. The Commercial Bank of Bristol, R. I., which has been under control of the State Commissioners because of the cashier's irregularities, has been enjoined by the Supreme Court, and a receiver appointed to wind up its affairs. Is is a State Institution, and has so circulation. One of the largest churches in Charleston, 8. C., was crowded with people yesterday, to listen to is aerman by the Rev. Dr. Hicks on the subject of political and socal charity fu connection with the A vondale dieaster. A handsome contribution was made for the outferers.


Article from Public Ledger, September 20, 1869

Click image to open full size in new tab

Article Text

RHODE ISLAND. PROVIDENCE, September 20.-The Commercial Bank of Bristol, which has been under the control of the State Commissioners because of the Cashier's irregu. larities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from The New York Herald, September 20, 1869

Click image to open full size in new tab

Article Text

RHODE ISLAND. Trouble in a State Bank. PROVIDENCE, Sept. 19, 1869. The Commercial Bank of Bristol, which has been under control of State Commissioners because of the cashier's irregularities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from Memphis Daily Appeal, September 21, 1869

Click image to open full size in new tab

Article Text

MISCELLANEOUS. PENSION AGENTS. WASHINGTON, September 20.-Certain pension agents in Pennsylvania recently appealed from instructions of Commissioner of Pensions regulating agents' fees and paying pensions by a check on the Treasury to the order of the pensioner; the Secretary of the Interior sustains the action of the Commissioner, and instructs that officer, in case any agent deelines to receive and transmit checks to the Treasurer, to regard all powers of attorney given him as annulled, and to communieate direct with the Commissioner himself. BUTLER ON RETPENCHMENT. NEW YORK, September 20. It is stated that Butler will, early in the coming session of Congress, deliver a speech on the extravagancies of Congressional Committees. His remarks are expected to apply particularly to the Ways and Means Committee, of which Schenek is Chairman. Schenck is prepared, having received some most damaging faets against Butler in connection with some manufacturing institution. NIAGARA FALLS VICTIM. BUFFALO, September 20.-On Saturday morning last a man who had registered his name at the Cataract House, of Niagara Falls, as Carl Schurz, New York, proceeded to the Table Rock at the falls, placed his coat, watch and money in charge of a boy who was standing by, and walked into the water a few feet from the brink. He was soon carried over the precipice and dashed to pieces in the whirlpool below. BANK EMBROGINO. PROVIDENCE, September 20.-The Commercial Bank of Bristol, which has been under the control of the State Commissioners because of the Cashier's irregularities, has been enjoined by the Supreme Court and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from Nashville Union and American, September 21, 1869

Click image to open full size in new tab

Article Text

PROVIDENCE, R. I., Sept. 20.- - The Commercial Bank of Bristol, which has been under the control of the State Com. missioners, because of the cashier's irregularities, has been enjoined by the Supreme Court, and a receiver appointed to wind up its affairs. It is a State institution and has no circulation.


Article from New-York Tribune, December 16, 1872

Click image to open full size in new tab

Article Text

financial. To all PERSONS HOLDING any of the CIRCULATION of the BRISTOL COMMERCIAL BANK of BRISTOL. - Whereas, a petition was presented to the Supreme Court, sitting at Bristol, within and for the County of Bristol, in the State of Rhede Island on the second Monday of September, A. D. 1972, by Wil. liam R. Tarlor of said Bristol, receiver of all the evidences of debt. goods, effects and property of every description belonging to the Bristol Commercial Bank. praying, for reasons therein stated. that a de ree of said court might be made limiting the time within which the circulation of said bank should be presented to him for redemption. And whereas. the said court, sitting at Providence. within and for the County of Providence, on the first Mondar in October, A. D. 1372, on the first day of the term thereof, ordered the following decree. viz.: .. Upon the petition of William R. Taylor of Bristol, receiver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank, it is ordered. adjudged and decreed by the court as follows, viz: That the bank bills of the circula tion of said bank now outstanding be presented by any holders thereof to said receiver, for redemption. on or before the first day of March, A. D. 1873, and not later: and said receiver shall receive the same as evidence of indebtedness against said bank on or before said lastmentioned date, and not later: after which time all claims upon the same shall be barred: and said receiver is hereby directed to give notice of this order and decree by publishing forthwith & notice embodying this decree, once a week for three months prior to said 1st day of March. 1873, in The Bristol Phenix, a newspaper published in said Bristol : in The Providence Daily Journal, a newspaper published in Providence, R. and in The New-York Daily Tribune, a newspaper published in the City of New-York." Therefore, notice is hereby given to all persons holding any of the circulation of said bank to present the same to the undersigned for redemption, at his office in Bristol, on or before the first day of March. A. WM. R. TAYLOR, Receiver. D. 1873. JOHN TURNER, No. 2 College-st., Providence, R. I., Attorney for Re. seiver.


Article from New-York Tribune, December 23, 1872

Click image to open full size in new tab

Article Text

financial. To all PERSONS HOLDING any of the CIRCULATION of the BRISTOL COMMERCIAL BANK of BRIS TOL, -- Whereas, & petition was presented to the Supreme Court, sitting at Bristol, within and for the County of Bristol, in the State of Rhode Island on the second Monday of September, A. D. 1872, by William R. Taylor of said Bristol, receiver of all the evidences of debt, goods, effects ard property of every description belonging to the Bristol Commercial 'Back. praying, for reasons therein stated, that a de ree of said court might be made limiting the time within which the circula. tion of said bank should be presented to him for redemption. And whereas, the said court, sitting at Providence within and for the County of Providence, on the first Monday in October, A. D. 1872, on the first day of the term thereof. ordered the following decree, viz.: Upon the petition of William R Taylor of Bristol, receiver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank, it is ordered, adjudged and decreed by the court as follows. viz.: That the bank bills of the circulation of said hank now outstanding be presented by any holders thereof to said receiver, for redemption. on or Defore the first dar of March, A. D. 1873, and not later: and said receiver shall receive the same as evidence of indebtedness against said bank on or before said lastmentioned date, and not later: after which time all claims upon the same shall be barred; and said receiver is hereby directed to give notice of this order and decree by publishing forthwith & notice embodying this decree, once a week for three months prior to said 1st day of March, 1873, in The Bristol Phenix, a newspaper published in said Bristol; in The Providence Daily Journal, a newspaper published in Providence, and in The New-York Daily Tribune, a newspaper published in the City of New-York." Therefore, notice is hereby given to all persons holding any of the circulation of said bank to present the same to the undersigned for redemption, at his office in Bristol, on or before tue first day of March. A. WM. R. TAYLOR Receiver. D. 1873. JOHN TURNER, No. 2 College-st., Providence, II. L, Attorney for Re. ceiver.


Article from New-York Tribune, December 30, 1872

Click image to open full size in new tab

Article Text

financial TO all PERSONS HOLDING any of the CIRCULATION of the BRISTOL COMMERCIAL BANK of BR18 TOL. hereas, 8 petition was presented to the Supreme Court. litting at Bristol. within and for the County of Bristol, in the State of Rhode Island on the second Mor day of September, A. D. 1872, by Wil. ilam R. Paylor of said Bristol. receiver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank praying, for reasons therein stated that a decree of said court might be made limiting the time within which the circula. ion of said base should be presented to him for redemption. And whereas, the said court, sitting at Providence within and for the County of Pror dence. on the first Monday in October, A. D. 1872, on the first May of the term thereof. ordered the following decree, viz: Upon the petition of William R Ta lor of Bristol, receiver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank. it is ordered. adjudged and decreed by the court as follows viz.: That the bank bills of the circulation of said bank now outstanding be presented by any holders thereof to said receiver, for redemption. on or before the first day of 1873, and not later: and said receiver shall receive the March same as evidence of indehtedness against said bank on or before said lastmentioned date. and not later: after which time all claims upon the same shall be barred: and said receiver 18 hereby directed to give notice of this order and decree by publishing forthwith a notice embodying this decree. once 2 week for three months prior to said 1st day of March. 1873, an The Bristol Phenix, a newspaper published in said Bristol ; in The Providence Daily Journal a newspaper published in Providence, R. I.; and in The New York Daily Tribune, a newspaper published in the City of New-York." Therefore, notice is hereby given to all persons holding any of the circulation of said bank to present the same to the undersigned for redemptio at his office in Bristol, on or before the first day of March. A. WM. R. TAYLOR Receiver. 30. JOH TURNER, No. 2 College-st. Providence, R. I., Attorney for Re. reiver.


Article from New-York Tribune, January 6, 1873

Click image to open full size in new tab

Article Text

To all PERSONS HOLDING any of the CIRCULATION of the BRISTOL COMMERCIAL BANK of BRIS TOL, L-Whereas, & petition was presented to the Supreme Court, sitting at Bristol, within and for the County of Bristol, in the State of Rhode Island. on the second Monday of September, A. D. 1872, by Wil liam R. Taylor of said Bristol, receiver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank, praying, for reasons therein stated, that a decree of said court might be made limiting the time within which the circulaMon of said bank should be presented to him for redemption. And whereas, the said court, gitting at Providence. within and for the County of Providence on the first Monday in October, A. D. 1872, on the first day of the term thereof, ordered the following decree, vis.: Upon the "petition of William R. Taylor of Bristol, recel ver of all the evidences of debt, goods, effects and property of every description belonging to the Bristol Commercial Bank it is ordered, adjudged and decreed by the court as follows. viz.: That the bank bills of the circulation of said bank now outstanding be presented by any holders thereof to said receiver, for redemption. on or before the first day of March, A. D. 1873, and not later: and said receiver shall receive the same as evidence of indebtedness against said bank on or before said lastmentioned date, and not later; after which time all claims upon the same shall be barred; and said receiver is hereby directed to give notice of this order and decree by publishing forthwith a notice embodying this deeree, once a week for three months prior to said 1st day of March, 1873, in The Bristel Phenix, a newspaper published in said Bristol; in The Providence Daily Journal, & newspaper published in Providence, R. I.; and in The New-York Daily Tribune, A newspaper published in the City of New-York." Therefore, notice is hereby given to all persons holding any of the circulation of said bank to present the same to the undersigned for re. demption, at his office in Bristol, on or before the first day of March. A. WM. R. TAYLOR, Receiver. D. 1873. JOHN TURNER, No. 2 College-st., Providence, Attorney for Receiver.


Article from New-York Tribune, February 17, 1873

Click image to open full size in new tab

Article Text

financial, To all PERSONS HOLDING any of the CIRCULATION of the BRISTOL COMMERCIAL BANK of BRIS TOL. I. - W hereas, a petition was presented to the Supreme Court, sitting at Bristol, within and for the County of Bristol, in the State of Rhode Island on the econd Monday of September A. D. 1872, by William R. Taylor of said Bristol, receiver of all the evidences of debt. goods. effects and property of every description belonging to the Bristol Commercial Bank. praying, for reasons therein stated. that a decree of said court might be made limting the time within which the circulation of said bank should be presented to him for redemption. And whereas. the said court, sitting at Providence within and for the County of Providence. on the first Monday in October, A. D. 1872, on the first day of the term thereof, ordered the following decree. viz.: it Upon the petition of William R. Taylor of Bristol, receiver of all the evidences of debt. goods, effects and property of every description belonging to the Bristol Commercial Bank, it 18 ordered adjudged and decreed by the court as follows. viz.: That the bank bills of the circuls. tion of said bank now outstanding be presented by any holders thereof to said receiver, for redemption. on or before the first day of March, A. D. 1973, and not later: and said receiver shall receive the same as evidence of indebtedness against said bank OB or before said last. mentioned date. and not later: after which time all claims upon the same shall be barred: and said receiver is hereby directed to give notice of this order and decree by publishing forthwith a notice embodying this decree, once 3 week for three months prior to said 1st day of March. 1873, in The Bristol Phenix, a newspaper published in said Bristol : in The Providence Daily Journal. a newspaper published in Providence, RL and in The New-York Daily Tribune, a newspaper published in the City of New-York." Therefore, notice is hereby given to all persons holding any of the circulation of said bank to present the same to the undersigned for redemption, at his office in Bristol, on or before the first day of March. A. WM. R. TAYLOR Receiver. D. 1873. JOHN TURNER, No. 2 College-st., Providence, R. 1., Attorney for Receiver.