Warwick Bank (Warwick, RI)

Episode Information

Episode UID
5445799090693
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
544579909 hash
Start Date
September 12, 1857
Location
Warwick, Rhode Island (41.700, -71.416)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5a1eb9b031149125

Response Measures

None

Description

Sources list suspension in Sept 1857 but later articles describe failure in Jan 1859 and receiver notices in 1862; dates are somewhat inconsistent.

Events (3)
1. September 12, 1857 Suspension
Cause
Macro News
Cause Details
Listed among many banks suspended during the 1857 financial crisis/panic.
Newspaper Excerpt
Warwick, Sept. 12 Bank of the South County 24 ... Warwick Bank, Warwick, R. I.
Source
newspapers
2. January 1, 1859* Other
Newspaper Excerpt
The Warwick Bank failed January, 1859. (New-York Daily Tribune, Feb 19, 1859)
Source
newspapers
3. July 10, 1862 Receivership
Newspaper Excerpt
all pe SODE bolding bills of the WARWICK (R. 1.) BANK must deposit the same with him ... Providence, R. I., on or before the 1st day of January, A. D. 1863 ... WINGATE HAYES, Receiver.
Source
newspapers

Newspaper Articles (7)
1. September 24, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, September 24, 1857

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Article Text

Suspended Banks. Thompson's Bank Note Reporter, of Saturday, says: The Reciprocity Bank, alias the Sackett's Harbor Bank, Buffalo, gives no evidence of resuscitation, and the better opinion seems to point to going into liqiudation. There is no market price for the notes. The Hollister Bank, it is believed by those conversent with its situation, will ultimately resume. The security of the bills is ample, if it should not. The Oliver Lee & Co. Bank, Buffalo, N. Y., is in the hands of wealthy men, and there was a disposition to go on, but some of its paper having gone to protest, there is a fear it will go into liquidation. The notes will be paid in full. The Bergen County Bank, New Jersey, it is said will be closed up with small loss to the bill holders. The Danby Bank, Danby, Vt., is in bad credit; its notes not saleable at any price, The notes of the Niagara River Bank, New York, are not purchased at present. Interested parties say the Bank will resume. A correspondent says that the Farmers' Bank of Wickford, R. I., has thus far met all its liabilities at home. The Tiverton Bank has been enjoined, and will have to go into liquidation. The Warwick bank, which was sold to parties out of the State, has been transferred again to Rhode Island men, and we presume that it will be conducted as heretofore upon sound principles. The Rhode Island Central Bank, it is confidently expected, will resume. The owners are said to be rich. If so, they ought not to have permitted even a temporary suspension. Bank of Kanawha, Va., was, owned by the Ohio Life Insurance aud Trust Co. A dead failure. The Farmer's Bank of Saratoga has gone into liquidation. The bills will be paid in full. ACT SEPT. 9.- The Ontario County Bank, N.Y., has been thrown out in this city. KT SEPT. 10.-The Bank of New Jersey, N. Brunswick, N. J., thrown out by our city Banks. Also, the Bank of Orleans, Albion, New York.

2. September 26, 1857 Columbia Democrat and Bloomsburg General Advertiser Bloomsburg, PA
Article from Columbia Democrat and Bloomsburg General Advertiser, September 26, 1857

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Article Text

W. A. J. BRITTAIN, Sec'y. Suspended and Broken Banks. For the information of our readers, and in order to guard them against receiving worthless money, we publish the following list of recently suspended and broken Banks, which has been carefully compiled and compared with the list of the brokers in the city. It is gratifying to note that thus far in the present financial crisis, not a single Pennsylvania Bank is included in the list It is to be hoped they will be able to ride out the storm. Mechanics' Banking Association, N. Y. Farmers' Bank of Saratoga county, N. Y. Sacketts Harbor Baok, Buffalo, Reciprocity Bank, Buffalo. Chemung County Bank, Horseheads, N. Y. Ontario Bank, Vica, N. Y. Ontario County Bank, Phelps, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. V. Hollister Bank, Buffalo. Niagara River Bank, Towanda, N. Y. Bank of Orleans, Albion, N. Y. Huguenot Bank, New Paltz, N. Y. New-York County Bank, N. Y. Farmers' Bank, Wickford, B. I. Mount Vernon Bank, Providence, R. I. Rhode Island Central Bank, East Greenwich, R. I. Bank of South County, Wakefield, R. I. Warwick Bank, Warwick, R. I. Tiverton Bank, Tiverton, R. I. Bank of Hallowell, Maine. Hancock Bank, Ellsworth, Maine. Danby Bank, Danby, Vt. Bergen County Bank, Hackensack, N. J. Bank of New Jersey, New Brunswick, N. J. Merchants Exchange Bank, Bridgeton, Ct. Wooster Bank, Wooster, Ct. Sanford Bank, Sanford, Maine. Monson River Bank, Monson, Mass. Kanawha Bank, Virginia. Miama Valley Bank, Dayton, Ohio. S Bank of West Tennessee, Memphis, Tenn. a Agricultural Bank, Brownsville, Tenn, d Bank of Commerce, Georgetown, D.C. Colchester Bank, Connecticut.

3. October 1, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 1, 1857

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Article Text

Broken and Suspended Banks. A friend sends us the following complete and reliable list of Bank suspensions and failures of recent date, which will undoubtedly be of service to many of our readers: Hancock Bank, Maine. Bank of Hallowell, Maine. Exchange Bank, Maine. Exeter Bank, N. H. South Royalton Bank, Vermont. Danby Bank, Vermont. Wooster Bank, Connecticut. Merchants Exchange Bank, Bridgeport, Ct. Mercantile Bank, Hartford, Conn. Bank of North America, Seymour, Ct. Colchester Bank, Conn. Farmers' Bank, Wickford, R. I. Tiverton Bank, R. I. Arcade Bank, Providence, R. I. Warwick Bank, Warwick, R. I. Mt. Vernon Bank, Providence, R. I. Rhode Island Central Bank, R. I. " Bank of the South County, " Bank of Kent, Farmers' Bank of Saratoga, N. Y. " Ontario Bank, Utiea, " Fort Plain Bank, Ft. Plain, " Hollister Bank, Buffalo, " Reciprocity Bank, Buffalo, " Sacketts Harbor Bank, " Oliver Lee & Co's Bank, " Chemung County Bank, " Niagara River Bank, " Ontario County Bank, " Chemung Canal Bank, " Buffalo Bank, " Tonawanda Bank, " Phelps' Bank, " New Palt Bank, " Western Bank, Lockport, " Yates County Bank, .. Niagara County Bank, " International Bank, Buffalo, " New York Security Bank, " Unadilla Bank, " State Bank, Sacketts Harbor, " Huguenot Bank, " Bank of Albion, " " Corning, " " Lima, " " Orleans, Albion, Island City Bank, New York city. Mechanics' Banking Association, New York city. American Bank, Trenton, New Jersey. " Bergen County Bank, " Cataract City Bank, Paterson, " Iron Bank, Rockaway, " Haversack Bank, " Commercial Bank, " Bank of New Jersey, Trenton, " " " New Brunswick, Warren County Bank, Pennsylvania. " Farmers' and Drovers' Bank " Honesdale Bank, " Erie City Bank, Erie, " Bank of Middletown, Seneca County Bank, Tiffin, Ohio. " Sandusky City Bank, " Miami Valley Bank, " City Bank of Cincinnati, Bank of Kanawha, Virginia. Trans-Alleghany Bank, " Zimmerman Bank, Canada. Agricultural Bank, Tennessee. " Ocoe Bank, " Shelbyville Bank, Bank of West Tennessee, " " Bank of America, " Bank of East Tennessee, Peninsular Bank, Detroit, Mich. " Bank of Tecumseh, Rock River Bank, Wis. Farmers' Bank of Hudson, Wis. Bank of Elgin, Illinois. Bank of Naperville, Ill. Cumberland Savings Bank, Maryland. " Cecil Bank, " Hagerstown Bank, Farmers and Mechanics, Kent co, Md. Farmers and Marchants Greenshe

4. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 9, 1857

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Article Text

LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.

5. October 22, 1857 The Wyandot Pioneer Upper Sandusky, OH
Article from The Wyandot Pioneer, October 22, 1857

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Article Text

SUSPENDED BANKS. Rhode Island. Farmer's Bank Wickford, failed Aug., 25. de " Rhode Island Central, " " Tiverton Bank, " " Warwick, " Sept. 12 Bank of the South County " " 24 Hopkinton Bank, Refuse all Rhode Island money as it is at a discount from 10 to 15 per cent in N.Y. New York City, and State. Sacket Harbor Bank, Failed Aug. 26. Denk

6. February 19, 1859 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 19, 1859

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Article Text

These figures are certainly encouraging, when the continued falling off of the past year is remembered, and appear to be the faint first indications of a return of railroad prosperity. M. Felix Belly announces in the Paris journals that his organization of the Nicaragua Canal Company is completed, that the money necessary is secured, that & vessel has been freighted to carry out the engineering material, and that this vessel, with himself, a part of the engineers and clerks-60 persons in all-will sail from Havre for Greytown in three weeks. The private letters by the America are less warlike than the printed accounts, but the writers appear to be in considerable doubt 88 to the result. The Paris correspondent of The Commercial says: I have no reason to regret to-day the assurances I have constantly given you in favor of peace. The probabilities in this direction increase in force every day. As proof of the celerity with which broken Rhode Island Banks areclosed up, Thompson's Reporter gives the following ets: Bank of the Republic, failed Oct., 1856. The Receiver has paid 8 dividend of 50 ₽ cent. Rhode Island Central Bank, failed Aug., 1857. The Receiver has made no progress-not even a report of the assets or liabilities. Tiverton Bank, failed Aug., 1857. Nothing done. Farmers' Bank, Wickford, failed Aug., 1857. Nothing done. Bank of South County, failed Sept., 1857. The Receiver has issued three hitalutin circulars, and made one report of the same character to the Court. In bis last be says I see no chance for & dividend immediately or very soon." Hopkinton Bank failed September, 1857. The Receiver is confident that as soon 88 a certain man in Illinois, who is the largest stockholder in the bank, can borrow $25,000, the bank can resume, and he deems it canwise to endanger the stockholders by any precipitate action for the benefit of the bill holders. The Warwick Bank failed January, 1859. A real F. F. Q. called on us only a short time before this concern failed, and assured us it was good, because the stockholders were individually liable, and they were all friends of his. The Receivers of the Rhode Island Banks are the special friends of the stockholders, and the laws of Rhode Island abrogate all legal proceedings against a bank the instant the Receiver is appointed, and a stockholder cannot be called upon until the assets are entirely exhausted. Hence a broken bank is never entirely wound up. The machinery in use at the tunnel at Bergen Hill is to be sold under foreclosure on the 21st inst. After the sale, Mr. Cumming, the new contractor, will proceed with the work, which is to be completed in ten months. Mr. Satterthwaites circular, by the America says: Our Stock market has been unsettled during the past week, consequent upon the distrust felt as to the course of European politics, the effect has been to cause intending purchasers to suspend operations, and to induce speculators to close accounts open as much as possible; hence we have an increased supply of money offering on Loans. Money cannot be lent on Consols, even at 1 P cent, and 2@4 P cent is freely accepted by lenders on Railroad Securities. In the discount market the rate is 21@1 P cent. Consols close 961801 for money and account. We have had a steady market during the past week for American Securities; no large amount of Bonds or Shares are pressing, and we note an increasing disposition to take the best class of railway bonds for investment; 201 has been freely paid for Pennsylvania 1st Mortgage; New-York Central 7 P cent have brought 94), and the 6 P cent 85f. The Michigan Central Company having put itself into a financially sound position, confidence in its bonds is becoming more manafest, and we note purchases at $6, with but few bonds offering. Illinois Shares remain without alteration, at 34 dis., notwithstanding the advance to 28 dis., reported from New.York. Free Land Bonds are in demand at 84, butsellers are asking higher rates. From the annual report of the Delaware, Lackawanna and Western Road, made to the stockholders on the 25th of January last, we gather the following acts: TRANSPORTATION DEPARTMENT. The gross income from this department was as follows:

7. October 24, 1862 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 24, 1862

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Article Text

ARWICK BANK, R. I.-Pursuant to a decretal order of the Supreme Court of the State of Rhode Island, the subscriber gives notice that all pe SODE bolding bills of the WARWICK (R. 1.) BANK most deposit the same with him, at this office, Government Building Provi. dence, R. I., on or before the 1st day of January, A. D. 1863, in order to be entitled to any dividend that may be declared out of the assets of said Bank. The owner of each bill must write his name on the back thereof before the same will be rece lived or Receiver's certificate issued therefor.-Providence R. I., July 10. 1862. aul Zawtojan.1 WINGATE HAYES, Receiver.