Arcade Bank - Providence, RI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 16, 1839
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 970fb5fb0dce2934

Response Measures

None

Description

An adjourned meeting of bank delegates agreed to suspend specie payments (Oct 1839). The Arcade delegation was divided; the article reports a coordinated suspension across state banks. No run or closure is mentioned. I infer a temporary suspension (likely later resumed) but reopening is not explicitly stated in this article.

Events (1)

1. October 16, 1839 Suspension

Cause: Macro News
Cause Details: Statewide agreement among banks to suspend specie payments (coordinated suspension across banks in the state).
Newspaper Excerpt: it was, we understand, agreed to suspend specie payments-fourteen banks voting in favor of this measure...The delegations from the Arcade and City banks were divided.
Source: newspapers

Newspaper Articles (1)

1. October 17, 1839 Herald of the Times Newport, RI

Article from Herald of the Times, October 17, 1839

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Article Text

# BANK MEETING. At an adjourned meeting of delegates from the several Banks in this city, held last evening at the Washington Insurance Office, it was, we understand, agreed to suspend specie payments-fourteen banks voting in favor of this measure, four against, and two divided. The banks opposed to suspending were the Merchants, Mechanics, Blackstone Canal, and Traders. The delegations from the Arcade and City banks were divided. - [Prov. Jour. of yesterday. The Banks in this State generally will, as a matter of course, suspend specie payments. # ANOTHER FIRE AT MOBILE. A letter from Mobile, dated Oct. 3. says:-" Since the 20th of September four fires-one on Saturday night, the 29th, the square above my dwelling burned half down, being old wooden buildings-the loss not heavy. The fire last night destructive-three brick stores on Dauphin street, the large City Hotel on Royal street, and sundry other brick buildings-the loss heavy. It does appear that incendiaries are now at work-by sickness, deaths, and fires, our city is devoted to destruction."