Commercial Bank (Selma, AL)

Episode Information

Episode UID
6222683691164
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
trust
Bank ID
622268369 hash
Start Date
December 30, 1896
Location
Selma, Alabama (32.407, -87.021)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
07e2919e1bbec11b

Response Measures

None

Description

Some papers OCR as 'Commercial National' but several sources state it was a state institution and it assigned on Dec 30, 1896.

Events (3)

1. December 30, 1896 Run
Cause
Correspondent
Cause Details
Investigation by New York correspondent/banks prompted withdrawals; arrival of attorney prefaced large withdrawals.
Measures
Officials enforced $100 limit then reduced to $50; depositors signed agreement to withdraw one-third in 3, 6 and 9 months.
Newspaper Excerpt
The cause of this action was the heavy run made on the bank in the last few days.
Source
newspapers
2. December 30, 1896 Suspension
Cause
Correspondent
Cause Details
Board made assignment after run triggered by investigation/visit of representatives of New York banks to examine affairs.
Newspaper Excerpt
The Commercial bank of Selma failed to open its doors today; a notice was posted saying the board had decided to make an assignment.
Source
newspapers
3. January 21, 1897 Receivership
Newspaper Excerpt
depositors of the Commercial bank at Selma, Ala., which failed, and is now in the hands of a receiver, will get 60 cents on the dollar.
Source
newspapers

Newspaper Articles (20)

Article from Rock Island Argus, December 30, 1896

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Failures of the Day. Birmingham, Ala., Dec. 30.-The Commercial bank, of Seima, Ala., failed to open its doors this morning. The capital is $300,000; the undivided profits $50,000. West Superior, Wis., Dec. 30-The Anchor Grain company, operating on the Superior board of trade has assigned. Minneapolis, Dec. 30.-,The Bankers' Exchange bank announced the suspension of payment for a few days. It has only $30,000 capital. There has been a run on the bank. The Northern Trust company has applied for a receiver. The hearing was postponed one week.


Article from Evening Star, December 30, 1896

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DOORS FAILED TO OPEN. Suspension of the Commerical Bank of Selma, Ala. BIRMINGHAM, Ala., December 30. -The Commercial Bank of Selma, Ala., failed to open its doors today. The Commercial was established in 1880, and has a paid-up capital of $300,000; undivided profits of $50,000. The New York correspondent is the American Exchange National. and the Chicago correspondent the First National. R. M. Nelson, president of the Commercial, Is well known in Alabama, and has for many years been prominent in financial circles. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern. The other is the City National Bank, which is regarded as the most substantial financial institution in the state.


Article from The Daily Morning Journal and Courier, December 31, 1896

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CLOSES ITS DOORS, The Commercial Bank of Selma, Ala., Goes to the Wall. Montgomery, Ala., Dec. 30.-The Commercial bank of Selma, a state institution, failed to open its doors this morning and soon afterward it was announced it had assigned. The bank is one of the two leading ones in Selma, and its failure caused some excitement. General R. M. Nelson is president and E. A. Baker cashier. The bank is the principal financial institution of the place. Its liabilities in 1896 included $300,000 capital stock; $38,286 surplus and undivided profits, $487,572 deposits, and $107,377 re-discounts. Its assets were: Loans and discounts, $668,289: bonds and real estate, $82,116; cash and exchange, $182,827. R. M. Nelson, the president, was also president of the Alabama Loan company, with an accredited capital of $70,000.


Article from The Morning News, December 31, 1896

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BANK FAILS AT SELMA. Investigation Begun by New York Banks Caused a Run. Montgomery, Ala., Dec. 30.-The Commercial Bank of Selma failed to open its doors for business to-day. Instead a notice was posted saying that the board of directors had decided to make an assignment. The cause of this action was the heavy run made on the bank in the last few days. The bank was a heavy debtor to New York banks, among them the Chemical, American Exchange, National City, Third National, Bank of Montreal and National Bank of the Republic, and they sent an attorney some days ago to investigate its condition. The knowledge of the attorney's presence had a great deal to do with the run. The board of directors arrived at the conclusion to assign after a long and continued session, lasting until after midnight last night. The officers of the bank are R. M. Nelson, president; George A. Wilkins, vice president, and A. E. Baker, cashier. The patrons of the bank have confidence that it will soon resume business, and are signing an agreement to withdraw their deposits, one-third in three months, one-third in six months and one-third in nine months. There is no public statement as yet of the assets and liabilities. The business men feel hopeful that the failure will not be detrimental to their interests.


Article from The Salt Lake Herald, December 31, 1896

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Caused By Excitement. Montgomery, Ala., Dec. 30.-The Commercial Bank of Selma closed this morning, and later assigned. The bank is one of the two leading ones in Selma. The failure was caused by excitement. The capital stock was $300,000.


Article from The News & Observer, December 31, 1896

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A SELMA BANK GOES. / The Commercial With a Paid-up Capital of $300,000 and Undivided Profits of $50,000. Birmingham, Ala, Dec. 30.-The Commercial bank of Selma, Ala., failed to open its doors to-day. The Commercial was established in 1880 and has a paid-up capital of $300,000, undivided profits of $50,000. The New York correspondent is the American Exchange National and the Chicago correspondent the First National bank. R. M. Nelson, president of the Commercial, is well known in Alabama, and has for many years been prominent in financial circles. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern. The other is the City National bank, which is regarded as the most substantial financial institution in the State. A CLOTHIER ASSIGNS. Newport News, Va., Dec. 30.-D. V. Iseman, one of the leading clothiers of Liabilities this city, assigned to-day. $15,000; assets about the same. A GRAIN COMPANY ASSIGNS. West Superior, Wis., Dec. 30.-The Anchor Grain Company, operating on the Superior Board of Trade, made an assignment this morning.


Article from Evening Journal, December 31, 1896

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TELEGRAPHIC ITEMS. Alexander of Servia and his father, exKing Milan, have become reconciled. and the latter will return to Helgrade soon. Representatives of the sugar interests appeared before the ways and means committee in Washington and asked for increased tariff duties. John Gaybor, 16 years old, of 2208 Sec. ond avenue, New York, was accidentally stabbed through the heart and killed by his playmate, John Summers. Martin Leonard, who has served time for countorfeiting, was arrested in New York with several men and women who are believed to be his confederates in a counterfeiting scheme The Bankers' Exchange bank of Miane apolis suspended payment and an application was made for the appointment of a receiver for the Northern Trust company of the same city The Commercial bank of Selma, Ala 3 failed Miss Elia Collin, daughter of Peter Collin. a tailor of 377 Fourth avenue, New York, became queen of the cannibal islands of Illika. of the New Hebrides group, by her marriage with Colonel John F. Hobba, who enjoys supreme rule of the barbaric South Sea islands,


Article from The Houston Daily Post, December 31, 1896

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FINANCIAL DISTURBANCES. Commercial National Bank of Selma, Ala., Suspends. ASSIGNMENTS ARE MADE IN TEXAS. Jewelry Firm In Austin and a Foun. dry in Tyler on the List-Many Other Small Failures. Birmingham, Ala., December 20.-The Commercial oank of Selma, Ala., failed to open its doors today. The Commercial was established in 1880 and has a paid up capital of $300,000; undivided profits, $50,000. The New York correspondent is the Amerloan Exchange National and the Chicago correopondent is the Form National. R. M. Nelcon, president of the Commerclal, in well known in Alabama, and has for many years been prominent in financial affairs. He was regarded as a conservative banker. There are two other banks in Selma, one a very small concern, the other the City National, which is regarded as the most substratial institution in the State: The Commercial bank of Selma has had a career of more than a quarter of a ceatury. The bank hus been hard pressed for some time, owing to its inability to realize on loans fast enough to meet me. turing paper. Its uncessy condition was f transm. to its patrons Monday. when Mr. Well, representing many banks to which the Commercial was indebted came here. His arrival prefaced large withdrawals, which only yesterday developed into a run on the bank, and in an hour after opening the cash surpius was reduced $50,000. In the afternoon a meeting of the stockholders and directors was held. which lasted until long after midnight, when an agreement was reached and notices posted on the closed doors this morn. 20g. stating that the bank had made am assignment, but that negotiations were pending to resume. The deposits do not exceed $100,000. The capital stock is $300.000, Depositors today signed an agree. ment to withdraw deposits in three. six and nine months. It's thought that New York banks and stockholders will furnish sufficient funds for reorganization and that the bank will resume within ten days.


Article from Birmingham State Herald, December 31, 1896

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SELMA FAILURE. The Commercial Bank Fails to Open Its Doors for Business-Heavy Run the Past Few Days. Montgomery, Ala., Dec. 30.-The Commercial bank, of Selma, Ala., failed to open its doors for business today. Instead a notice was posted stating that the board of directors had decided to make an assignment. The cause of this action was the heavy run made on the bank in the last few days. The bank was a heavy debtor to New York banks, among them the Chemical, American, Exchange, National City, Third National of Montreal, and National Bank of the Republic, and they sent an attorney some days ago to investigate its condition. The knowledge of the attorney's presence had a great deal to do with the run. The board of directors arrived at the conclusion to assign after a long and continued session lasting until after midnight last night. The officers of the bank are R. M. Nelson, president; George A. Wilkins, vicepresident; A. E. Baker, cashier. The patrons of the bank have confidence that it will soon resume business and are signing an agreement to withdraw their deposits, one-third in three months, onethird in six months and one-third in nine months. There is no public statement as yet of assets and liabilities. The business men feel hopeful that the failure will not be detrimental to their interests.


Article from La Voz Del Pueblo, January 2, 1897

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Mas Q febras. Un teleg ma de Birmingham, Ala., fechado el 30 de Diciembre, dice: "The Commercial National Bank, de Selma, Ala., no abriΓ³ sus puertas hoy Este banco fuΓ© establecido en 1880, y tenia un capital de $300,000." Otro telegrama de Lane County, Kansas, fechado el 29 del mes pasado, dice: El cuerpo de comisio nados del condado de Lane han declarado finalmente que el condado estΓ‘ insolvente, y expidieron Γ³rdenes al tesorero de condado ordenandole que no pague mas rΓ©dito sobre la deuda del condado. El presidente del cuerpo de comisionados ha dicho que esa ac. cion fuΓ© tomada porque el conda do no puede recoger suficiente dinero por medio de tasaciones con que pagar sus obligaciones. En la cindad de Chicago otras instituciones menores han cerrado sus puertas Γ‘ consecuencia de la suspension del Banco de Illinois, de cuyo acontecimiento informamos Γ‘ nuestros lectores la semana pasada. La lista de las quiebras de mas importancia en esa ciudad es como sigue: Banco Nacional de Iliinois, capital, $1,000,000; pasivo, $11, 000,000. E. S. Dreyer y Cia., banqueros, corredores de hipotecas y nego0 ciantes en bienes raices; pasivo, $1,150,000; activo nominal, $1. 650,000 Wasmandorff y Heineman, Dan queros y corredores de hipotecas;


Article from The Atlanta Constitution, January 4, 1897

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BLOWS HIS BRAINS OUT IN CHURCH Banker Wilkins, of Selma, Kills Himself In the Early Morning. BLOOD FLOWS AT THE ALTAR Wife Grows Uneasy and a Search Is Made-Just as He Is Found He Pulls the Trigger. Selma, Ala., December 30.-(Special.)-The Commercial bank, after a career of more than a quarter of a century. assigned today, naming as assignees Lewis Jeffries and E. Gillman, of Selma, and S. Well, of New York. The bank has been hard-pressed for some time, owing to its inability to realize on loans fast enough to meet maturing paper. Its uneasy condition was transmitted to its patrons on Monday. S. Weil, represe ting eight New York banks to which the Commercial is indebted $450,000, reached the city. His arrival prefaced large withdrawals, which on yesterday developed into a run on the bank, and an hour after opening, the officials enforced the one hundred-dollar limit, reducing it later to $50. In the afternoon a meeting of stockholders and directors was held which lasted until long after midnight, when an agreement was reached and a notice was pasted on the closed doors this morning stating that the bank had made an assignnient, but that negotiations were pendIng The to deposits resume. do not exceed $100,000. No statement of assets and liabilities can yet be secured. The capital stock is $300,000. Depositors today signed an agreement to withdraw deposits in three. six and nine months. It is thought that New York banks and stockholders will furnish sufficient funds for reorganization, and that the bank will resume within ten days. He Seeks a Church at Night. Salma, Ala., December 31 -(Special.)George A. Wilkins, vice president of the Commercial bank, which assigned yesterday, shot himself ct St. Paul's church at an early hour this morning. after spending the night in the altar alone. He died shortly after 2 o'clock this afternoon. Last night at 7:30 o'clock Wilkins, H. H. Stewart, Jr., and Fred Peterson were None in the bank, when Wilkins suggested that all go home and get some rest and return to work at 9:30 this morning. He was first to leave, saying that he was going home and to bed. Ho spoke cheerfully as he walked out and closed the door behind him. A short time after leaving the bank Wilkins stepped into E. A. Scott's store, on Broad street. He and Mr. Scott have been intimate friends for years. and they had a long conversation tegether about the bank. Mr. Scott. in order to cheer him up, told him of the pleasant things he had heard said about the bank and the faith and confidence he had heard expressed in the officials. From the first of the conversation until he bid his friend goodnight he seemed more cheerful than he had for three weeks up company his Intention going home and to bed, he left the store about 9 o'clock. What transpired between 9 o'clock and 3:30 this morning no one knows. The eircumstances indicate that something happened between the store and St. Paul's church that turned his thoughts from their hopeful path and that his overtaxed brain became unbalanced. He was for many years a member of St Paul's choir as well as of the vestry of the church, and he earried a key to the door leading to the choir Through this he went into the darkness W thin and there throughout the long hours of the night he remained. His will sharing her husband anxiety, sat up forlorn, walting for his footsteps. At o'clock he had not turned and growing uneasy she awakened her brother-inlaw Julian Park, and requested him to go to the bank and see if Mr. Wilkins was there He found the bank in darkness and filled with fear lest something had happened he hurried to the home of Captain R. M Nelson, president of the bank, thinking perhaps he was there or that Captain Nelson knew his whereabouts. Getting no news from him there he continued the search in company with Police Officer Holt. Knowing his attachment for the church, he went there, but could not get in, all of the doors being locked He left and tried to obtain a key, but failed, and securing a light the two returned to the church, determined to force an entrance. Going to the window back of the organ they succeeded in foreing it open. Mr. Park mounted to the window sill and peering into the darkness called, "George! George!" Answers with Pistol Shot. At the same Instant there was the report of a pistol near the altar, and jumping in Mr. Park, with light in hand, rushed toward it. to find the object of his search lying full length upon the floor inside the chancel railing. A pistol ball wound behind the right ear, and the pistol with which the net was committed still smoking and grasped in hand his firmly No sooner had the pistol fired than the policeman blew his whistle, and a moment later J. H. Lumpkin, who lives across the street from the church, was on the scene. Drs. King, Furniss, Gay and Harper were hastily summoned. The gas was lighted. He was breathing heavily and was unconscious, the brain oozing from the wound. Soon the family who had heard the report of the pistol, for the home is but a block away hastened into the church, and at 4:30 clock, an hour after the shooting. he was removed to his home. By this time hacks had been sent for various friends, and quite a number were on hand. anxious to render any assistance possible. From the first the wound was pronounced fatal. All through the morning the house was thronged with anxious men and ladies. Death came at 2:10 o'clock, the wounded man not having regained consclousness from the time the fatal shot was fired. He spoke no word or left no writing giving the reason for the fatal step, but it is believed that It was the result of the in tense mental strain through which he has passed. Mr. Wilkins was born in Virginia forty years ago, and has been a resident of Selma dne his boyhood. In 1881 he married Miss Emma Me ord this He leaves IL widow and a daughter Carrie, twelve years age. He has been connected with the bank of which he was elected vice president lest year, for fifteen years, and throughout his life has proven true to every trust. Piles and Fistula


Article from The Greenville Times, January 6, 1897

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Shot Himself in a Church. George A. Wilkins, vice-president of the Commercial bank at Selma, Ala., which recently assigned, committed suicide by shooting through the head, after spending the night alone and in darkness in a church. He was treasurer of the Episcopal diocese of Alabama, of St. Paul's parish, of the St. Andrew's brotherhood, of the odd fellows and of the Young Men's Christian association. More or less funds belonging to each of these offices were deposited in the bank when the crash came.


Article from The Bolivar Bulletin, January 8, 1897

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# Shot Himself in a Church. George A. Wilkins, vice-president of the Commercial bank at Selma, Ala., which recently assigned, committed suicide by shooting through the head, after spending the night alone and in darkness in a church. He was treasurer of the Episcopal diocese of Alabama, of St. Paul's parish, of the St. Andrew's brotherhood, of the odd fellows and of the Young Men's Christian association. More or less funds belonging to each of these offices were deposited in the bank when the crash came.


Article from Macon Beacon, January 9, 1897

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Shot Himself In a Church. George A. Wilkins, vice-president of the Commercial bank at Selma, Ala., which recently assigned, committed suicide by shooting through the head. after spending the night alone and in darkness in a church. He was treasurer of the Episcopal diocese of Alabama, of St. Paul's parish, of the St. Andrew's brotherhood, of the odd fellows and of the Young Men's Christian association. More or less funds belonging to each of these offices were deposited in the bank when the crash came.


Article from Oxford Eagle, January 21, 1897

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Hope for Sixty Cents on the Dollar The hope is now entertained that depositors of the Commercial bank at Selma, Ala., which failed, and is now in the hands of a receiver, will get 60 cents on the dollar.


Article from Macon Beacon, January 23, 1897

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Hope for Sixty Cents on the Dollar. The hope is now entertained that depositors of the Commercial bank at Selma, Ala.. which failed, and is now in the hands of a receiver, will get 60 cents on the dollar.


Article from New-York Tribune, February 5, 1897

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BUSINESS EMBARRASSMENTS. Selma, Ala., Feb. 4.-Maas & Schwartz, cotton commission merchants, and S. Maas & Co., kindred firms, doing a wholesale grocery business, made an assignment this morning, naming M. S. Smith as assignee: liabilities, $300,000. The creditors are NewYork banks, who rediscounted paper for the defunct Commercial Bank of Selma, the failure of which made necessary the assignment. Assets are not stated. Cincinnati, Feb. 4.-The Consumers' Ice Company assigned this morning without preferences, owing to a disagreement among stockholders. The assets are placed at $107,000 and the liabilities at $81,000, and the persons interested say that the concern is solvent. Boston, Feb. 4.-George C. Dickson, assignee, says with respect to the failure of E. C. Hodges & Co.: "I have ascertained that the liabilities of the firm in round numbers are between $225,000 and $250,000. generally secured by collateral. The statement of assets cannot yet be made. There will be a creditors' meeting on February 13."


Article from The Bryan Daily Eagle, March 14, 1897

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Cotton Mills to Be Sold, SELMA, Ala., March 13.-By an order made in chancery, the Matthews cotton mills of this city will be sold within 60 days, under a foreclosure, the upset price being placed at $150,000. The mills have been doing a prosperous business for several years. The company was involved by the failure of the Commercial bank. The mills employ 400 hands. They will continue to run with. out interruption.


Article from The Daily Morning Journal and Courier, July 7, 1897

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BIG COTTON MILL FAILURE. A Rich Negro Will Buy it and Run it With Negro Operatives. Selma, Ala., July 6.-The Matthews cotton mills are to be sold at foreclosure soon. This has been brought about by the failure of the Commercial bank. Three hundred persons will be thrown out of employment. A rich negro has arranged to buy the mill and run it with negro operatives.


Article from The Selma Times-Journal, December 30, 1928

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In Selma From The Selma Times fhis Date 1896 The Commercial Bank failed to open it's doors yesterday morning and notice was posted on the door to the effect that it was closed by order of the Board of Directors. The assignment was made because run on the bank. On Tuesday morning the bank officials saw that they were going to run short of funds and they to pay each $100 on demand. As soon as the depositor news got out that the bank was embarrassed run commenced and hundreds of people filed in all day with checks, demanding deposits. The hundred dollar limit was then cut down to $50 and great many checks for that were presented and paid. The officials of the bank, in the meantime, were in telegraphic with the banks in New York, and it was hoped by many that fresh loan would be forthcoming to tide them over. On that account the city papers suppressed the fact that there had been run, feeling that was better to suppress the news than to run the risk of breaking up negotiations then pending. -The and directors were in session until late hour Tuesday night and not getting the expected relief from New York it was resolved to make an assignment and Messrs. Gillman, Jeffries, and Weill, of New York, were named as the assignees. The assignees were seen yesterday and asked for statement. They said they could not possibly get up statement of the assets and liabilities of the bank today and until that is prepared The Times thinks it best not to write any more about the bank's affairs, as it would in all probability be guess work. There was a great deal of suppressed excitement in the city yesterday over the suspension of the Commercial Bank. John Morgan Burns was able to be out yesterday and is fast recovering from the gun shot wounds that he received on Christmas day. The Bank closed it's doors for ten days in 1873. to be hoped that it will be able to resume and do good business again. Mr. James Davidson and his beautiful daughter, Miss Lyle Davidson, young woman greatly ad. mired, returned yesterday morning to their home in Selma, after brief Maj. and Mrs. James Gazett