Providence National Bank (Providence, RI)

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Episode Information

Episode UID
130200940
Episode Type
Run Only
Bank Type
national
Bank ID
13020 national
Charter Number
1302
Start Date
April 30, 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
3e5b2c11889a8b85

Response Measures

Accommodated withdrawals, Public signal of financial health

Events (2)
1. June 17, 1865 Chartered
Source
historical_nic
2. April 30, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
General panic among depositors leading to heavy withdrawals; described as a run on the banks with no specific solvency trigger given.
Measures
All checks are being cashed; continuous supply of funds arriving and paid out; officials indicated they might refuse to receive much of the money back after the panic.
Newspaper Excerpt
The run on the banks is still kept up with the same activity as yesterday. Up to this time all checks are cashed in the Providence National Bank.
Source
newspapers

Newspaper Articles (3)
1. May 1, 1878 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, May 1, 1878

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Article Text

Continued Run on the Providence Banks. PROVIDENCE, April 30. The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police, on account of the advent of a circus with its attendant professional thieves. The depositors are guarded against pickpockets. Up to this time all checks are cashed. In the Providence National Bank are piled up great quantities of bills of all denominations, and a continuous supply of funds is arriving daily and is as rapidly paid out. The panic-striken people will not be assured of the safety of the bank, and many of the women are carrying largesums in the bosoms of their dresses, being afraid to deposit it or leave it in any place for fear of losing it. The bank officials will probably refuse to receivea great portion of the money again on deposit after the panic is over.

2. May 2, 1878 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, May 2, 1878

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Article Text

PANIC AT PROVIDENCE. NO ABATEMENT OF THE RUN ON THE BANKS. PROVIDENCE, R. I., April 30.-The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police on account of the advent of a circus, with its attendant professional thieves, and the depositors are guarded against pickpockets. Up to this time all checks are cashed in the Providence National Bank. In this bank are piled up great quantities of bills of all denominations. A contiuous supply of funds is arriving daily and is as rapidly paid out. will not asbe The panic-stricken peop sured of the safety of the bank, and many of the women are carrying large sums in the bosom of their dresses, being afraid to deposit or leave the same at any place for fear of losing it. The bank officials will probably refuse to receive a great portion of the money again on deposit after the panic is over.

3. May 10, 1878 The Emporia News Emporia, KS
Article from The Emporia News, May 10, 1878

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Article Text

PROVIDENCE, R. I., April 30.The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police on account of the advent of a circus, with its attendant professional thieves, and the depositors are guarded against pickpockets. Up to this time all checks are cashed in the Providence National bank. In this bank are piled up great quantities of bills of all denominations. A continuous supply of funds is arriving daily and is as rapidly paid out. The panic-stricken people will not be assured of the safety of the bank, and many of the women are carrying large sums in the bosoms of their dresses, being afraid to deposit or leave the same at any place for fear of loosing it. The bank officials will probably refuse to receive a greater portion of the money again on deposit after the panic 18 over. Such a spectacle is a shameful commentary on the financial legislation of this country. A postal savings bank law, as is proposed by Congressman Phillips, or the interconvertible bond and currency plan, would stop all such scenes as the above. Yet Congress, governed by bankers, refuses to legislate for the protection or the accomodation of the people, and the latter, though they have the power by their votes to protect their rights and intereste, seem incapable of exercising the intelligence necessary to effect those objects.