17049. Commercial National Bank (Providence, RI)

View Charter #1319 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1319
Charter Number
1319
Start Date
June 11, 1897
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
0cdc4f2c2336c98b

Response Measures

None

Description

Articles report that stockholders voted to place the Commercial National Bank of Providence in liquidation (May 7, 1903 article). No run is mentioned; this is a voluntary liquidation/suspension leading to closure. An earlier 1897 article references litigation involving a receiver and a case 'Philip V. Anderson, receiver, vs. Commercial National Bank et al.' — noted as separate receivership-related litigation but the 1903 item is the clear trigger for liquidation/closure.

Events (4)
1. June 21, 1865 Chartered
Source
historical_nic
2. June 11, 1897 Other
Newspaper Excerpt
Philip V. Anderson, receiver, vs. Commercial National Bank et al.; ... These cases are brought to test stockholders' liabilities in the three institutions named.
Source
newspapers
3. May 7, 1903 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to place the institution in liquidation due to heavy losses suffered over recent years.
Newspaper Excerpt
Because of heavy losses suffered during the last few years the stockholders of the Commercial National Bank of Providence, R. I., have voted to place the institution in liquidation.
Source
newspapers
4. June 6, 1903 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. June 11, 1897 The Providence News Providence, RI
Article from The Providence News, June 11, 1897

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Article Text

U. S. CIRCUIT COURT. It Will Open Its Sessions in This City Next Tuesday. Some Important Cases on the Docket to Be Dispos d Of. The regular term of the United States Circuit Court will begin in this city next Tuesday morning. The following cases have been placed on the jury calendar and will be in order at that time: The Society de St. Denis of France vs. S. H. Greene & Sons of River Point. to recover $50,000 damages for breach of contract, the St. Denis Company alleging that the defendants failed to take a certain drug at a stipulated price. This is the case in which Judge Brown handed down an opinion adverse to the Greene & Sons Company. H. W. Leach & Co. vs. City Treasurer of Newport. William Littaner vs. Narragansett Pier Railroad Company. This is a case to recover damages. Littaner was run into by a train on this road while driving near Kingston. At a previous trial the jury awarded him $1000, but a new trial was granted on application by the railroad company. J. W. Goddard & Sons vs. Warren Manufacturing Company. This suit is to recover $10,000 damages from the Warren Company for not insuring goods stored on their premises and which were burned in the fire at the mill in Warren. Emma A. Hall vs. Union Railroad Company. The plaintiff wants $15,0.0 damages for injuries received while going to Roger Williams Park last year. The car on which she was ridi jumped the track and her spine was injured. George Chesterman vs. Louis A. Champlin. Chesterman sues to recover $10,000 damages for false imprisonment in the district of Narragansett. James Garvie vs. Western Union Telegraph Company. Garvie wants $12,000 damages for being injured while in the employ of the defendant company. He alleges that he was injured while unloading poles and he was hurt because the company employed a drunken foreman. Frederick Wilkinson vs. Atherton Machine Company. This is a suit to enforce a contract. Windsor Robinson, receiver, vs. Merchantile Trust Company: Philip V. Anderson, receiver, vs. Commercial National Bank et al.; John P. Smith, receiver, vs. National Bank of Commerce, et al. These cases are brought to test stockholders' liabilities in the three institutions named. These will be the first cases of the kind ever tried in this state and a large sum is involved. Mary J. Garner vs. Second National Bank. This is an old case and it is brought to recover revenue from the American mills at East Greenw ich while they were in possession of the bank and S. W.K. Allen and Christopher Shippee. The suit is for $7500.

2. May 7, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 7, 1903

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Article Text

TRADE AND INDUSTRY. The offerings of three and four per cent. bonds to date under the recent refunding circular of the Secretary of the Treasury aggregate $61,259,650. A dispatch from Osnabruek, Prussia, says a syndicate of American firms, with a capital of $500,000, is erecting a factory there for the manufacture of photographic paper. Reports from State conventions of Modern Woodmen of America in Illinois, Iowa and Wisconsin indicate that sentiment is strong against a readjustment of the rate system. The other New York trust companies, the New York Security and Trust and the Mercantile Trust, have formally decided to withdraw from their clearing house connections. Because of heavy losses suffered during the last few years the stockholders of the Commercial National Bank of Providence, R. I., have voted to place the institution in liquidation. The Commercial Bank, which was founded in 1833, has a capital of $1,000,000. It is stated at New York that negotiations have been almost completed to float a Mexican loan, ostensibly in this country, but really abroad. The amount of the loan will be less than $25,000,000, and will, it is thought, take the form of a 5 per cent. bond. The money will be used for public improvements. Official announcement was made Wednesday that the special meeting of the stockholders of the Detroit Southern Railroad Company to vote on the increase of stock will be held in New York on May 25. The contemplated increase is from $6,500,000 preferred and $10,500,000 common stock to $10,000,000 preferred and $16,000,000 common stock. On a bill filed by Richard Sperry against his partner, Charles H. Jones, a receiver was appointed for the banking and brokerage firm of Sperry, Jones & Co., Baltimore. The firm says the suspension was due to valuable assets that are tied up, and that they were unable to meet obligations on account of a tight money market. The members of the firm state that the assets are over $400,000, and that the unsecured obligations do not exceed $30,000. W. J. Slater, manager of the Louisville office of the Postal Telegraph-Cable Company, has been appointed superintendent of the fifth district of the Postal's Southern division. The appointment will take effect June 1, when the new district will be created, with Louisville as headquarters. The district covers all save one line in Kentucky and a part of Tennessee. Mr. Slater, before going to Louisville, was chief operator at the Washington Postal office. Arrangements have been made to hold the annual- wage conference between the American Tin Plate Company and the Amalgamated Association scale committee in New York next Tuesday. No advance in the general scale is being asked by the workers, but a number of new features have been introduced, which may be opposed by the company. A change in the present system for providing for the reexport trade likely will be made as the present arrangement, which has been in force for several months, has not given general satisfaction. Representatives of process butter manufacturers, including the territory from the Mississippi river east, have organized at a meeting in Toledo and elected the following officers: A. G. Westling, Kenton, O., president; A. S. Kreps, Lima, O., vice president; Thomas F. Walsh, Cleveland, O., secretary and treasurer; J. J. Coon and S. J. Bailey, Toledo: B. F. Murdock, Columbus; C. E. Thomas, Lima, and J. A. Baird, Kenton, directors. They style themselves the Eastern Association of Process Butter Manufacturers. The company will incorporate under the laws of Ohio and will seek to reduce the price of raw stock to maintain steady prices. The strongest efforts will be directed toward the removal of the 2-cent internal revenue tax.