Article Text
A Richmond Bank Suspension. RICHMOND, VA., June 29.-The Bank of Commeree suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000 and will be able to pay 50 cents on the dollar.
Bank of Commerce (Richmond, VA)
Episode Information
- Episode UID
7041305690990- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
704130569hash - Start Date
- June 29, 1882
- Location
- Richmond, Virginia (37.554, -77.460)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
610eacb9cafc2361
Response Measures
None
Description
Stockholders called a creditors' meeting to close affairs, indicating permanent closure.
Events (1)
1.
June 29, 1882
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy losses sustained on bonds and stocks (declines after Garfield assassination and other shocks) that greatly impaired capital.
- Newspaper Excerpt
- The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000 and will be able to pay 50 cents on the dollar.
- Source
- newspapers
Newspaper Articles (11)
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Article Text
Suspension of a Richmond Bank. RICHMOND, Va., June 29.-Bank of Commerce suspended payment to depositors to-day. The cashier states the bank does not owe over $40,000 and will be able to pay fifty cents on a dollar.
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Article Text
SUSPENSION OF A BANK IN RICHMOND. RICHMOND, Va., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank doca not owe over $40,000, and will be able to pay 50 cents on the dollar. An exhibit of the condition of the bank shows that heavy losses have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly impaired.
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Failure. Richmond, Va., June 29.-The Bank of Commerce has suspended. It will pay 50 cents on the dollar.
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THE BANK or COMMERCE.-Pursuant to a notice published in the Dispatch yesterday the stockholders of the Bank of Commerce held a meeting at their office yesterday at noon for the purpose of taking such measures as might in their wisdom be deemed proper in closing up the affairs of the institution. They decided to issue a call for a meeting of the creditors of the bank, to be held on the 5th July for the purpose of making such disposition of the assets as they may deem best. The bank owes about $40,000, and it is believed that it will certainly pay 50 per cent., if not 75 per cent. on the dollar. The Bank of Commerce was gotten up by the friends of the late firm of Isaacs, Taylor & Williams after they failed in 1873, and was intended to succeed to their business in all its branches, and hence by its charter was authorized to deal in bonds, stocks, coin, and sterling. The capital stock of the bank was $50,000, of which $42,100 was owned by Messrs. Taylor and Williams; paid-upcapital, $20,000. The business of the bank was fairly successful, and paid dividends regularly up to last January. The cause of the failure is due, it is said, to the fact that the bank at the time of Garfield's assassination was a large holder of stocks in New York. The panic which ensued caused a heavy decline in these stocks, which was augmented by other causes, such as failure of crops, the French panic, &c.; so that the bank, when finally compelled to sell, did so at a heavy loss. Messrs. Taylor and Williams held on, hoping that they could sell their real estate and make other arrangements that would
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SUSPENSION. RICHMOND, June 29.-The Bank of Commerce suspended. It will pay 50 cents on the dollar.
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RICHMOND (Vai), June 29th.-The Bank of Commerce has suspended. It will pay fifty cents on the dollar. Hanged for Murder. TA n
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TOT A Bank Suspends. r Associated Press dispatch to the Gazette.] RICHMOND, VA., June 29.-The Bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe over $40,000 and will be able to pay 50 cents on the dollar.
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A Bank Goes Under. RICHMOND, VA., June 29.-The Bank of Commerce has suspended. It will pay tifty cents on the dollar.
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Article Text
Richmond, June 29.-The - Bank of Commerce suspended payments to depositors to-day. The Cashier states that the bank does not owe over $40,000 and will be able to pay fifty cents on the dol. lar. An exhibit of the condition of the bank showes that heavy losses have been sustained during the current year on bonds and stocks which had been carried over from last year, whereby the capital of the bank had been greatly impaired.
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Article Text
RICHMOND, VA., June 29 -The bank of Commerce suspended payments to depositors to-day. The cashier states that the bank does not owe ove $40,000 and will be ablo to pay 50 conts on the dollar. An exhibit of the condition of the bank shows. that heavy losses have been sustained during the current year on bonds and stooks, which had been carried over from last year, whereby the capital of the bank had been greatly impaired.