17085. Mechanics & Manufacturers Bank (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 19, 1850
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
2246670c18b81cb9

Response Measures

None

Description

Multiple contemporary newspapers (Oct 19–Nov 1850) report the Mechanics' and Manufacturers' Bank of Providence was enjoined, suspended payment and its affairs placed in the hands of a receiver after its cashier, Albert W. Snow, was discovered a defaulter (embezzlement) of roughly $70,000–$80,000. No article describes a depositor run or later reopening; receiver appointed and bank closed by authorities.

Events (2)

1. October 19, 1850 Receivership
Newspaper Excerpt
The Mechanics' and Manufacturers' Bank of Providence ... was enjoined yesterday, and its affairs placed in the hands of a receiver. The cashier, Albert W. Snow, is a defaulter to the amount of $70,000 or $80,000.
Source
newspapers
2. October 19, 1850 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Albert W. Snow discovered to have defalcated/embezzled approximately $70,000–$80,000, prompting injunction and suspension.
Newspaper Excerpt
The Mechanics' and Manufacturers' Bank of this place was enjoined yesterday, and its affairs placed in the hands of a receiver.
Source
newspapers

Newspaper Articles (11)

Article from New-York Daily Tribune, October 21, 1850

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Article Text

Another Defalcation of a Rhode Island Cashier. PROVIDENCE, Saturday, Oct. 19. The Mechanics' and Manufacturers' Bank of this place was enjoined yesterday, and its affairs placed in the hands of a receiver. The Cashier, Albert W. Snow, is a defaulter to the amount of $70,000 or $80,000. He has been arrested and held to bail.


Article from The Republic, October 22, 1850

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Article Text

DEFALCATION OF A CASHIER. - The Mechanics' and Manufacturers' bank, of Providence, Rhode Island, was enjoined on Friday, and its affairs were placed in the hands of a receiver. The cashier, Mr. Albert W. Snow, is a defaulter to the amount of $70,000 or $80,000. He has been arrested and held to bail.


Article from Richmond Enquirer, October 22, 1850

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Article Text

HEAVY DEFALCATION OF A CASHIER PROVIDENCE OCT. 19. The Mechanics' and Manufacturers' Bank of this place wasenjoined yesterday, and its affairs placed in the hands of a receiver. The cashier, Albert W. Snow, is a defaulter to the amount of $70,000 or $80,000. He has been arrested and held to hail


Article from The Daily Union, October 22, 1850

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Article Text

Another Defalcation of a Rhode Island Cashier. PROVIDENCE, Oct. 19-The Mechanics and Manufactu rers' Bank of this place was enjoined yesterday, and its affairs placed in the hands of a receiver. The cashier, Albert W. Snow, is a defaulter to the amount of $70,000 or $80,000. He has been arrested and held to bail.


Article from The Rutland Herald, October 24, 1850

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Article Text

BANK FAILURE.-The Mechanics and Manufacturers' Bank, of this city, has been closed by the proper authorities, and Lewis P. Childs, Esq ap pointed receiver. The Cashier, Al. bert W Snow, is, we learn, a defaulter to the sum of $80,000 and a writ was yesterday afternoon placed in the hands of the High She riff for his arrest. 11. is charged with embezzlement. The affair creates quite a sensation out of doors. The capital of the Bank is $186,000. The Bank was enjoined on the application of Messrs. Allen O Peck and 11. W. Lothrop. Esq., who were on Thursday appointed by the Governor special commissioners to examine into the affairs of the Bank.The commissioners found that the Cashier's book did not truly represent its condition. The commissioners " quested him to make over his proverty. which he said would fully indemnify the Bank, which it will not do. The sonal property of the stockholders is liable. It is the opinion of the com missioners that bill holders will not eventually suffer. The Cashier has been arrested and held to bail in the sum of $10,000 for his appearance for examination.-Providence Mirror.


Article from Jeffersonian Republican, October 24, 1850

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Article Text

Heavy defalcation of a Cashier.-Providence R Oct. 19.-The Mechanics' and Manufacturer's Bank, of this place, was enjoined yesterday and its affai rs placed in the hands of a receiver. The Cashier, Mr. Albert W Snow, is a defaulter to the amount of $70,000 or $80,000. He has been arrested and held to bail.


Article from Weekly National Intelligencer, October 26, 1850

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Article Text

The Mechanics' and Manufacturers' Bank of Providence (R. I.)' has suspended payment, and its affairs have been placed in the hands of a receiver. The cashier, Mr. Albert W. Snow, is said to be a defaulter to the amount of seventy or eighty thousand dollars. He has been arrested and held to bail.


Article from Richmond Palladium, October 30, 1850

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Article Text

Albert W. Snow, cashier of the Mechanics and Manufacturers Bank. Providence. R. I., is declared a defaulter to the amount of about $80,000. The Bank is in the hands of a receiver and the cashier arrested and held to bail.


Article from Burlington Hawk-Eye, November 7, 1850

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Article Text

Oct. Items. 19th.-South Carolina of ConCOLUMBIA, All the old members Election.- have been returned without district, opposi- as gress tion, except David in the Wallace, Charleston Jos. A. Woodfollows Arm:stead : Burt, Wm. F. Colcock, The ward, L. Orr, John McQueen. of the James names are arranged in the order district. following is the vote in the Charles- vote:The For Congress, city 881; ton district: Aiken, 1,676; 1. E. Holines, Aiken, Wm. Smith Rhett, 194; majority for of the J. from other parts or district, 795. Returns make Aiken's majority 1,000 more. was the ..joud-voiced Col. disunion- John Rhett whom lately quoted. been elecCarew, majority ist," E. of we the Mercury, has of twelve hundred led State votes Senator over his R.I. by a Oct. competitor. 19th.-Henry Mechanies' PROVIDENCE, of Cashier.- place, Defalcation Manufacturers a Bank, and of this its affairs and enjoined yesterday, receiver.were was placed in Mr the Albert hand of W. a Snow. is or a The Cashier, the amount of $70,000 held to defaulter $80,000. to He has been arrested and bail. The Loco candidate defeated by for Senate Drums, Clarion county, Penn., is to be beaten. from are made the 84 votes. The New Drums York correspondent of Philadelphia Inquirer, of this city, says 1 am informed, will seA gentleman that if Gen. Kossuth of residence has offered. York his place one lect New he will as give him a deed in the of vihundred and exile, acres of beautiful It is probable land he will, will cinity of and this that city. the brave Magyar before long, be among editor of the accept, Tows.-The us. Boyle PaA NICE speaks of Perryville, square ducah Journal, and the ten miles extravagant county, Ky., in the following of around it, He says that, in that scope seen, manner. ugly woman was never in clusand country, beautiful, "an buxom around lassies every grow chimney lowly ters, corner, like whether roses, of stately mansion or JUDSON cot.' of singers, of the on at Tuesday, Hutchin- the Inson family at Worcester says, the sane in state Hospital of insanity. aggravated, The Spy if not malady a was greatly by excitement in regard said to the in the originally fugitive induced slave law. Insanity is be career no to The hereditary Parliamentary family. He had of Mr small Ma- of He caulay was could a failure. not "rise on the nothing spur of the was quite for the "facts," talk. moment." reserved He ignorant himself knew of "manage- great even ment." He of debate, and ethics, overdid as well occasions He considered the and as Reviews at those. politics of each subject, opposition. Quarterly the of Ritchie's the remaining promising talked in the that he has The Washington explanation Uuion, after that he to go, service" on the is ascertained printing to "escape" contract, into and "owes should he undertake secured, ironed, brought and Virginia, back might under be the Fugitive Slave Bill. editor of the New York "the Herald counThe that next to the Herald, Cass, Dickinson, try says, is indebted to and Clay. to Providence, for the Foote, Dawson, of the Slave question. settlement IN CONNECTICUT... HartLAW large AND meeting ORDER of the at citizens that city of on Sat- of ford, A Conn, last, to was express held their Congress approbation for out the of the urday adjustment measures of passed the difficulties by growing slavery Phillip : Ripley was resolutions chosea pres- was Hon. and a series of all the measures the in ident, approving of the thanks of adopted, and tendering advocates of all the distinction meeting Congress, to without it to be them in They also out the question, declare leading provi- de- the of duty party. of Congress constitution to carry relative to the and livering sion of the up of fugitives has from not service, the unconstitutional that the present features law attributed to it. he what asked the even And system. bad. thought Tom Tea of Toper "Hat hot the and punch effects coffee, drinks was of sir, when sir," hot are drinks said very hurtful.- he hot-I on "are


Article from Litchfield Enquirer, November 7, 1850

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Article Text

The Cashier of the Mechanics' and Manufacturers' Bank at Providence is discovered to have appropriated some $75,000 to his own use. He has been arrested and held to bail, and the Bank placed in the hands of a Receiver to settle up its affairs. The capital of the bank is 186,150, and the personal property of the stockholders is liable for its debts.


Article from The Yazoo Democrat, November 20, 1850

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Article Text

The Mechanic's and Manufacturer's IC Bank of Providence, R. I. has suspended payment. ob o) 6W 010 sadV7