Article Text
Bank Suspended PROVIDENCE, Oct. 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large Western produce house in New York.
Bank of the Republic (Providence, RI)
Episode Information
- Episode UID
3702873190682- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
370287319hash - Start Date
- October 29, 1856
- Location
- Providence, Rhode Island (41.824, -71.413)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6b49514abdfd976a
Response Measures
None
Description
Newspapers report injunction and receiver; reported figures vary slightly across accounts (OCR/rounding).
Events (2)
1.
October 29, 1856
Suspension
- Cause
- Correspondent
- Cause Details
- Suspension attributed to failure of a large Western produce/NY house whose paper the bank held, making assets doubtful.
- Newspaper Excerpt
- The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large Western produce house in New York.
- Source
- newspapers
2.
October 30, 1856
Receivership
- Newspaper Excerpt
- The Bank of the Republic ... has been enjoined and its effects placed in the hands of a receiver. The capital is $112,000 ... its assets are $190,000, and of this some $40,000 is considered good; the rest is doubtful.
- Source
- newspapers
Newspaper Articles (19)
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Article Text
Bank Suspended. PROVIDENCE, October 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large western produce house in New York.
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BANK FAILURE. PROVIDENCE, (R.I.) Oct. 29.-The Bank of the Republie suspended yesterday, owing it is said to the failure of a large produce house in New York. COMMERCIAL
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PROVIDENCE, R. I., Oct. 29.-The Bank of the Republic suspended payment yesterday, owing, it is said, to the failure of some large Western produce house in New York.
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Bank Suspended. PROVIDENCE, Oct. 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large western produce house in New York.
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SUSPENDED. PROVIDENCE, R.I., Oct. 29.-The bank of the Republic suspended yesterday, owing to the failure of a firm in New York, doing an extensive business in Western Providence. PROVIDENCE, Oct. 30.-The Bank of the Republic in this city has placed in the hands of the receiver of capital $112,000 for circulation; $76,000 deposits less than $400,000; assets $190,000, of which $40,000 rests doubtful.
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The Bank of the Republic, of Rhode Island. PROVIDENCE, Oct. 29, 1856. The Bank of the Republic, in this city, has been enjoined and its effects placed in the hands of a receiver. The capital is $112,000, the circulation 76,000, and the deposits less than $400,000. Its assets are $190,000, and of this some $40,000 is considered good; the rest is doubtful, and consists chiefly of the paper of Western produce houses, guaranteed by a New York house that has failed. The private property of the stockholders is holden for the circulation.
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The Bank of the Republic. PROVIDENCE, Co:. 29.-The Bank of the Republic, of this city, has been placed in the hands of a receiver. The capital is $112,000, and the circulation $76,000. The deposits are less than $400,000. The assets are $90 000; of which $40,000 is doubtful.
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BANK OF THE REPUBLIC.-The Bank of the Republic, Providence, has been enjoined, and its effects placed in the hands of a receiver.— The capital is $112,000 ; circulation $76,000; deposits less than $400. Its assets are $190,000. Of this sum $40,000 is considered good. The rest is doubtful, and consists chiefly of the paper of western produce houses, guarantied by a New York house that has failed. The private property of the stockholders is holden for the circulation.
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SUSPENSION OF A RHODE ISLAND BANK.The Bank of the Republic, of Providence K. I., has announced its mability to meet its bills on demaad. It is. says the Providence Journal, a new bank, of small capital, $120,000. The difficulty is owing to the failure of large Western produce house in New York, in whose paper the bank had a large amount of its capital. The circulation of the bank is $80,000. It is said that it has loned $100,000 on the acceptance of New York house.
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PROVIDENCE, R.I., October 29.-The Bank ofthe Republic suspended yesterday, owing to the failure ofa firm in New York doing an ex tensive business in western produce.
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PROVIDENCE, R. I. Oct. 29. is for The Bank of the Republic suspended yesterday, owing to a failure of a firm in New York, doing an extensive business in Western produce. sade
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BANK OF THE REPUBLIC, PROVIDENCE.-In consequence of the failure of a large Western produce house in New York, of whose paper this bank is said to have $100,000, it has failed to meet the payment of its notes. On Tuesday, the Governor placed this bank in commission, and appointed Shubal Hutchins and James G. Authony, Commissioners. On the report of the Commissioners to the Supreme Court, the bank was enjoined, and S. K. Rathbone appointed Receiver The capital of the bank is $125,000. The assets are $190,000, of which about $40,000 may be considered as good. The remainder consists principally of notes and drafts by western produce houses, which are considered very doubtful. The circulation of the bank is about $76,000the deposits are less than $400.
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Bank of the Republic at Providence. PROVIDENCE, Wednesday, October 29. The Bank of the Republic, of this city, has been placed in the hands of a receiver. Its capital is $112,000; circulation $76,000; its deposits are less than $400,000. Its assets are $190,000, of which $40,000 is doubtful.
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Arrival of the Isabel at Charleston. CHARLESTON, October 28.-The steamer Isabel, Captain Rollins, from Havana via Key West, arrived here to-day with dates to Saturday. A royal order had been published that United States gold hereafter would only be received, for landing permits, at such value as the officers may deem correct. Mr. Blythe had not vet assumed the duties of the consulate. Sugars have lightly advanced as the late rains would probably retard the crops. Freights were dull. The bark Joseph Hall had discharged and would be repaired immediately. PROVIDENCE, R. 1., Oct. 29.-The Bank of the Republic suspended payment yesterday, owing, it is said, to the failure of a large Western produce house in New York.
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Financial. PROVIDENCE, R. I., Oct. 29. The Bank of the Republic in this city has been enjoined, and the effects placed in the hands of a receiver: The capital is $412,000 ; circulation $76, 000; deposits less than $400,000; its assets $190,000, and of this some $40,000 is considered good, the rest is doubtful, and consists chiefly of paper of western produce houses guaranteed by a New York house. That has failed. The private property of stockholders is holden for the circulation:
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BANK ITEMS.-The Lancaster Bank, Pennsylvania, has suspended. The China Bank, Me., is reported to be thrown out by the Suffolk Bank, Boston. The State Bank, Sacket's Harbor, N. Y., suspended payment in September, and will probably go into liquidation. It is one of the individual banks, and owned by Mr. Edgar B. Camp. Liabilities, in March last, capital, $20,000; circulation $48,000; deposits, $32,000. The circulation secured by public stocks and real estate. A Receiver has been appointed for the Bank of the Republic, of Providence, R. 1. The Providence Journal thinks that fifty cents on the dollar is about as much as billholders will realize. The circulation is mostly in the West. This will shake confidence in Rhode Island Banks, though it is said the broken Bank is not connected with any other institution in the State. Indiana has dropped a new litter of wildeats, bearing the following names : Bank of Plymouth, Plymouth; New Albany and Salem R. R. Co., New Albany ; Western Exchange Bank, Indianapolis.
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BANK MATTERS.-The Bank of the Republic, Providence, the failure of which was announced some weeks since, appears to be a bad wreck. A letter to Thompson's Bank Note Reporter, under date of Providence, Nov. 13, says, "The Mt. Vernon Bank is paying nothing to-day. The Governor, last evening, sent commissioners in to examine the affairs, who pronounce the bank able to meet all its liabilities, and they will resume payment again in a day or two." The Columbus (Ga.) Enquirer states that an investigation of the affairs of the suspended Manufacturers and Mechanics' Bank was made a few days ago by a receiver appointed for that purpose, and that the resources available for the redemption of its liabilities were found to be very scant. It is said that the amount outstanding is about $20,000. Some sales of its paper have been made as low as 25 cents on the dollar.
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of Providence, R. L-By a decree THE RE REPUBLIC of BILLS of the BANK OF the Supreme Court of the State of Rhode Island, March Term, 1857, in Providence, it is ordered: That the Receiver of the Bank of the Republic, of Providence, 1a hereby authorized and directed to give notice that the Holders of the Bills of the said Bank of the Republic, in order to be entitled to a dividend of the assets of the Bank, are required deposit the same with the Receiver on or before the 1st day October next; and that the Receiver give to such BIM Holds a certificate of such deposit, which shall entitle them to all w idends which may be payable on said bills by any future order of said Court, and that such deposit shall not impair the of the depositors to any claim which they may have upp the Stockholders of said Bank. In accordance with said decree, I hereby give notice to the Holders of the Bills of said Bank to deposit the same with me on or before the 1st day of October next, and receive . certificate therefor; and that I will attend at the American Bank Providence to receive the same, from 11 a. m. to 1 o'olock P. on the business days of said Bank. of the Bank of Providence. S. K. RATHBONE Receiver