Union Bank (Providence, RI)

Episode Information

Episode UID
4116493390940
Episode Type
Run Only
Bank Type
trust
Bank ID
411649339 hash
Start Date
April 27, 1878
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
f13d1f9f01e33c38

Response Measures

None

Events (1)

1. April 27, 1878 Run
Cause
Macro News
Cause Details
General run on Providence savings banks/panic affecting multiple institutions; stronger banks experienced heavier withdrawals.
Measures
Required sixty days' notice for withdrawals
Newspaper Excerpt
The savings banks here are subjected to a run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice.
Source
newspapers

Newspaper Articles (4)

Article from The Rock Island Argus, April 27, 1878

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Article Text

RHODE ISLAND. PROVIDENCE, April 27.-The savings banks here are subjected to run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice. Pascog Savings Bank in Burrellville is temporarily enjoined.


Article from The Cheyenne Daily Leader, April 28, 1878

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Article Text

RHODE ISLAND. Run on the Banks. Providence, April 27.--The savings banks here are subjected to a run today, and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice. The Passog savings bank in Burrelville is temporarily enjoined.


Article from Daily Los Angeles Herald, April 28, 1878

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Article Text

coal dealer; Treasurer, B. Haas, jeweler; Justice of the Peace, B. Flansburg, upholsterer. Corgressional. WASHINGTON, April 27.-The House went into Committee of the Whole on the Indian Appropriation bill, Potter in the Chair. A New Public Building. WASHINGTON, April 27.-The House Committee on Public Buildings and Grounds has agreed to report favorably on a bill providing for the erection of a new building for the Bureau of Engraving and Printing. General Gibbon was before the House Committee on Military Af. fairs again to-day. Against Woods's Tariff Bill. WASHINGTON, April 27.-A canvass of the House on Woods's tariff bill shows a majority of 21 against the bill. Jersey City to be : Port of Entry. WASHINGTON, April 27.-The House Committee on Commerce has agreed to report favorably a bill constituting Jersey City a Port of Entry and providing for the appointment of a Collector of Customs. D. tegation of Southern Congressmen san Boston. BOSTON, April 27.-A delegation of Southern Congressmen, including Senators Gordon, Morgan and Jones, and Representatives Carlisle, Ellis, Yeates, Whitthorne, Clark, Hooper, Young, Morey and Goode, arrived to-day. They are guests of the Boston Commercial Club. Box on Providence Savings Banks. PROVIDENCE, April 27.-Savings banks here are subjected to a run to-day and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice. The Pascog Savings Bank in Burrelville is temporarily enjoined. Hendrickson the Confessions. NEW YORK, April 26.-Ex-Governor Hendricks says that the Florida confessions are no surprise to him. He intimated that legal proceedings based on them will be instituted, but not immediately. Trouble Among the Brazilian Kallroad Force. PHILADELPHIA, April 27th.-A gentleman just returned from Brazil reports dissatisfaction among the laborers who sailed from here. The Italians, as soon as they arrived on the Marmon river, began to strike for more wages. The demonstration was suppressed by the older laborers and the refractory ones were imprisoned. Hayes IN Pennsylvania. PHILADELPHIA, April 27.-President Hayes and party started this morning for a tour of the coal and iron regions of Lehigh and Schuylkill Valleys. The most prominent industrial establishments on the route will be inspected. They will return to the city this evening. On reaching Bethlehem the party was met by a large delegation of citizens. The President addressed the large assemblage and was cheered lustily. After a visit to the establishment of the Bethlehem Iron Co., Lehigh Zinc Works and Lehigh University, the cars were again taken and the train proceeded to Mauch Chunck. Memorial Day in Georgia. MACON, April .-Memorial day is celebrated with great solemnity here and in other parts of the State. More Indian Raid* on the Border. SAN ANTONIO, April 27.-More Indian raids on the border are reported. The English Strikes. LONDON, April 27.-The firms represented at the spinners' meeting in Oldham, yesterday, run four million spindles. The meeting decided that each employer must follow his own course in regard to the reduction of time. Although it is stated that the strike of cotton operatives at Preston is ended, that appears to be the case only so far as operative spiners are concerned. The weavers, winders and warpers are still out, and no likelihood of a settlement at present. Enthusism in Military Circles. LONDON, April 27.-Great enthusiasm was manifested in military circles last night on its becoming known, that the whole of the staff and commissioned officers at Aldershot had received orders to hold themselves in readiness for immediate active service. It was also stated that all the principal officers had received important secret instructions for certain contingencies. It is said that orders will be shortly issued for the formation of the second army corps and the raising of battalions of that corps to a war establishment. The Late War Frontier. BELGRADE, April 27.-Disturbances have broken out at Niscb and Piriot between the inhabitants and the Servian authorities, in consequence of Russia's summons for recruits. A famine is raging at Vranja,


Article from The Wheeling Daily Intelligencer, April 29, 1878

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Article Text

Bank Troubles. NEW YORK, April 27.-The runs on the Dry Dock and the German Savings Bank were sensibly diminished to-day. The German continues to pay all deposits on demand. Its liabilities are $10,000,000, and the surplus in January was $600,000. PROVIDENCE, April 27.-The Savings Banks here are subjected to a run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require the sixty days' notice. The Pascog Savings Bank in Burellville is temporarily enjoined. POTTSVILLE, April 27.-A dispatch from Mahanoy city says, Charles E. Suburg, Receiver Teller of the First National Bank for seven years, and who resigned in February, was arreated on two charges, brought by President Silliman, of embezzlement, altering, and mutilating and falsifying the books and papers of the bank. INDIANAPOLIS, IND., April 27.-We learn from Salem, Ind., that the abscond. ing cashier Baynes, abandoned his horse, turning him loose ten miles west of here and afterward obtained a seat in a passing wagon. When last heard of he was at Prospect, some 30 miles west, and 15 to 20 miles away from the railroard or telegraph. Mr. C. Winstanley, President of the Bedford Bank, is conducting an examination of the Salem Bank's condition, and is unwilling to give information till the examination is completed. A stockholder says that a deficiency of $30,000 is already discovered, and that a reward is to be offered for Baynes' capture. The impression prevails on the street that Baynes' bond will probaby cover his deficiency.