Phenix Savings Bank (Phenix, RI)

Episode Information

Episode UID
3408068191167
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
340806819 hash
Start Date
March 20, 1897
Location
Phenix, Rhode Island (41.720, -71.533)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
626c50a1c4f9380c

Response Measures

None

Description

Cause inferred from reports of suspension, inability to pay depositors, and later dividend payments; no explicit run described.

Events (3)
1. March 20, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payment and refused deposits for the first time in its history, indicating insolvency/financial inability to meet withdrawals
Newspaper Excerpt
THE Phenix Savings bank, of Phenix. R. I., has suspended payment.
Source
newspapers
2. June 15, 1897 Other
Newspaper Excerpt
A number of the depositors in the defunct Phenix Savings Bank who had given the required ninety days' notice of their intention of withdrawing their deposits visited the bank this morning but didn't get their money.
Source
newspapers
3. November 15, 1898 Reopening
Newspaper Excerpt
The Phenix Savings bank commenced paying its second dividend since its suspension this morning.
Source
newspapers

Newspaper Articles (4)
1. March 20, 1897 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, March 20, 1897

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Article Text

LATER. 'THE Phenix Savings bank, of Phenix. R. I., has suspended payment. THE sugar refinery in Williamsburg, N. Y., belonging to the American Sugar Refining Co., after a shut-down of over five months has opened with a force of nearly 500 men. THE First National Bank of Sioux City, Ia., which suspended payment November 19, 1896, and was placed temporarily in the hands of a receiver, has been permitted to resume business. THE Rhode Island republican state convention met at Providence on the 16th and nominated Elisha Dyer, of Providence, for governor. A BILL introduced in the senate on the 16th by Senator Elkins, of West Virginia, provides for a discriminating duty of 10 per cent. on all goods imported into this country in vessels other than those of the United States. It also provides for the same duty on the importation of such goods by land means of transportation. JUDGE BROWN, of the United States district court at New York City, on the 16th declined to take bail in the case of Turkish Consul Iasigi, who is wanted in Boston on a charge of embezzlement, but granted a motion to place him in enstody of the United States court. Iasigi was taken to Ludlow street jail. Gov. BLACK'S legal adviser, Charles Z. Lincoln, has completed the preparation of the two anti-trust bills which are intended to carry out the recommendations of the Lexow trust investigating committee. THE archbishop of Manila, the capital of the Phillippine islands, has cabled to the authorities at Madrid that 20,000 additional troops to reinforce the Spanish soldiery there are imperatively necessary. JUDGE MORROW, of the United States circuit court at San Francisco, has denied the application made by Butler, 2 the alleged Australian murderer, for an appeal to the supreme court of the United States. GEORGE H. COE, the old-time minstrel, died at his residence in Cambridge, Mass., on the 16th, aged 68 years. IN the senate on the 16th one pension bill was passed. and several hundred bills, public and private, were introduced and referred. There was hardly one of them which had not been on the calendar or on committee files b in the last congress. The senate spent over e two hours in discussion of the credentials of John A. Henderson, appointed by the governor S of Florida to fill the vacancy caused by the expiration on March 4 of the term of Senator Call. Finally the matter was referred-as were 1. the like cases this session from Kentucky and Oregon-to the committee on privileges and elections. Then the senate adjourned until the 18th The house was not in session

2. March 26, 1897 The Union Times Union, SC
Article from The Union Times, March 26, 1897

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Article Text

All About the North. Representative Lambert charges gross corruption in the Iowa Legislature. The Speaker of the House has resigned, and demands an investigation. The Pacific Loan and Homestead Association, of Chicago, has gone under, the stockholders charging that the secretary of the concern got away with $232,000. Engineer Monroe Ray and Fireman John Cody were killed in a railroad wreck near Danville, III. Chicago (III.) plumbers have demanded an increase of twenty-five cents a day, and if refused will strike. The Phenix Savings Bank of Phenix, R. I., suspended payment and refused deposits for the first time in its history. William E. Harding, sporting writer for the New York Daily News, died of pneumonia. He was about 55 year old and was born in Canada. The sugar refinery at Williamsburg, N. Y., belonging to the American Sugar Refining company, after a shut down of over five months, has opened with a force of nearly 500 men. The firm of Whithman & Keith of Brockton, Mass., shut down their shoe factory Tuesday afternoon, summarily discharging its 250 employes. Rumors that a strike would occur in a few days was the cause of the lockout. Unemployed men and women to the number of several hundred held a mass meeting in Chicago, at which they launched a "declaration of independence" against "King Plutocracy." Chas. Z. Lincoln, of Albany, N. Y., Governor Black's legal adviser, has completed the preparation of the two anti-trust bills which are intended to carry out the recommendations of the Lexow trust investigating committee. At Fort Wayne, Ind., W. E. Colerick, a prominent young lawyer, and his fiancee took carbolic acid. He was found dead and she in an unconscious condition in the hall of her home. Miscellaneous. The Australian steamer Oceanic, from Sydney to Melborne, was robbed of $25,000 in gold. The Crown Prince of Japan is dead. The Railway Mail Service Mutual and Benevolent Association met in San Francisco. Judge Brown of the United States Circuit Court declined to take bail in the case of Turkish Consul Iasigi, who is wanted in Boston on a charge of embezzlement, but granted a motion to place him in the custody of the United States District Court. The family of Consul-General Lee will return to the United States within two weeks. This is thought to be preparatory to a change in the consulship.

3. June 15, 1897 The Providence News Providence, RI
Article from The Providence News, June 15, 1897

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Article Text

PAWTUXET VALLEY. Representatives of an insurance Company Lose Their Jobs. Failed to Get Their Money-Notes From the V.llages. The New York, New Haven and Hartford Railroad Company has a large gang of men and a constructing train at work near the Clyde depot filling in alongside of the present bank so as to allow teams to reach freight cars standing on the outer end of the spur track. Mr. Euclive Lapalme and Miss Marie Theroux. both of River Point, were united in marriage at St. Johns church at Aretic Centre yesterday, Rev. Father Ryan officiating. Mr. and Mrs. Lapalme will reside at River Point. The children of the Sunday school of the Church of Notre Dame de Bon Conseil enjoyed, or rather tried to enjoy, a picnic in Treat's grove, near Centreville, yesterday afternoon. The heavy shower about"half, past three put an end to the festivities and the party boarded the special electrics which were held in readiness for them and returned to Phenix. It is reported in the valley today that there is war in another of the insurance companies which have been doing business in the valley on the ten cents a week principle, which will discount that of the company that had trouble with the widow of Bartley Gaffney about a year ago and was called down and compelled to fulfill its contract through the efforts of a number of friends of the widow, who proposed to fight the case to the last ditch. The Gaffney case only resulted in the discharge of one of the agents, but the trouble in the opposition company has resulted in the decapitation of all of the most prominent local officers of the company, one of whom is member of the Town Council. The trouble commenced some time ago when Dr. Andrew Forest was appointed collector for the company and found on looking over the books that there was something peculiar in the methods of his predecessor. As he could get no satisfaction in regard to the matter from the local superintendent he notified the home office in New York and as the result an inspector shortly made his appearance and after a few days of investigation concludea that he had not been summoned to "Little Rhody" for nothing. As the result of his investigations the official axe was set at work and as the result there are several desirable vacancies in the staff of the company in this vicinitv. It is reported that James Agnew is to erect a new hotel on the lot which he recently purchased of Robert Caswell, on the Providence "Pike" at Lippitt. A new timetable is to go into effect on the Pawtuxet Valley branch of the New York, New Haven and Hartford railroad next Sunday and it is reported that an extra train will be put on the road on week days. A number of the depositors in the defunct Phenix Savings Bank who had given the required ninety days' notice of their intention of withdrawing their deposits visited the bank this morning but didn't get their money. whereat they are very wroth.

4. November 15, 1898 The Providence News Providence, RI
Article from The Providence News, November 15, 1898

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Article Text

PAWTUXET VALLEY. Those interested in collecting postage and revenue stamps are requested to meet this evening at the residence of Mr. J. Lester Kent at Clyde for the purpose of organizing a club. The cadets' fair will be held again this evening in Temperance hall, Lippitt. Several organizations, including the Natick band and Natick and Phenix fire departments, will be present in a body. The culvert on Main street, Lippitt, near the brook, is in a dangerous condition and should be repaired at once. Officer Hernando Rounds of Hope was painfully injured in that village Sunday night while returning home from Kent. At the foot of the hill. near Andrew's store, repairs had been done to the culvert, and as it was unfinished the workmen placed some barrels around it for the night. They neglected to place lanterns near the spot, however, and Mr. Rounds, being unaware of the presence of the barrels, collided with them. bruising him about the face and shoulders quite badly. The benevolent society of the Phenix M. E. church will give an entertainment and supper in the vestry of the church tomorrow evening. An interesting program has been arranged. The Phenix Savings bank commenced paying its second dividend since its suspension this morning. The Country Social club will hold another of its interesting entertainments in Odd Fellows hall, Anthony, this evening. Court Warwick, F. of A., will celebrate its 11th anniversary in Foresters hall, Riverpoint, Thursday evening. The curved rails for the Clyde-Providence electric car route arrived in Riverpoint yesterday, and the work of placing them in position was commenced this morning. It is expected that the entire route will be completed by Thanksgiving Day.