19643. Rhode Island Central Bank (East Greenwich, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 26, 1857
Location
East Greenwich, Rhode Island (41.660, -71.456)

Metadata

Model
gpt-5-mini
Short Digest
f9f0ba3d

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Aug–Sep 1857) list the Rhode Island Central Bank of East Greenwich among banks that 'failed', 'suspended', or were 'broken' during the financial panic triggered by the Ohio Life & Trust failure. No article in the provided set reports a subsequent reopening or receivership assignment; therefore I classify this as a suspension leading to closure. Cause is systemic financial panic (macro news).

Events (1)

1. August 26, 1857 Suspension
Cause
Macro News
Cause Details
Listed as failed/suspended amid the nationwide financial panic sparked by the failure of the Ohio Life & Trust Company and other high-profile suspensions (August 1857). Newspapers group it with other banks said to be 'broke' or 'suspended.'
Newspaper Excerpt
the reported failure of the Rhode Island Central Bank of East Greenwich
Source
newspapers

Newspaper Articles (9)

Article from The New York Herald, August 26, 1857

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The steamship America. now due at Halifax with European news to the 15th inst., three days later than previous advices, had not made her appear. ance up to nine o'clock last evening. The financial panic in Wall street was increased yesterday by the announcement of the failure of De Launay, Iselin & Clarke John Thompson and E. S. Monroe, bankers and stock brokers, and the reported failure of a Hartford bank; the Rhode Island Central Bank of East Greenwich: the Tiverton Bank, of Rhode Island: the Farmers' Bank, of Wickford: the Warren Bank, of Pennsylvania; the Bank of Kanawha, Virginia, and the Hancock Bank, of Maine. The semi annual meeting of the American State Council was held at Gothic Hall, Brooklyn, yesterday, about one hundred and twenty delegates being present. The President, J. C. Dann. of Buffalo, delivered an address on the state of the Order, from which it would appear tnst the party in the State are in a living condition, notwith standing their overwhelming defeat last fall. He also advises the adjournment of the State Council sine die, after the manner of the National Council at Louisville ; and thinks it would be well for the Order in this State to throw open their doors and abolish all secrecy. The President prophesies the atter downfall of the republican party in the country at no distant day, and in proof of it cites the recent disastrous defeats experienced throughout the portions of country in which elections have recently been held; also their eagerness to hold fast to the ekirts of the candidates of other parties. The Council fixed the time for holding the State Nominating Convention at Syracuse on the 15th of September, and resolved that any change in the organization of the American party of this State it the present time was inexpedient. Several important amendments were made to the constitution also; one of which was to hold but one yearly ses sion of State Council hereafter, instead of two; and others regulating the order for the working of councils During the day several rather spicy debates occurred on the several questions before the Council, a sketch of which may be found in another column. The Council finally, at twenty minutes at ter SIXO clock, acjourned, to meet at Albany on the fourth Tuesday of August, 1858. The Board of Excise Commissioners met yesterday, and after receiving several applications for 11. cense. adjourned till Tuesday next. when they will continue their sessions for thirty-six consecutive days. It is understood that the Temperance Alliance will at the same time commence prosecutions against Liquor dealers, selecting those who are able to pay whatever penalty may be imposed. The Excise Board have nothing to do with these prosecutions, although the suits are brought in their name. The question as to the disposition of the books of the Street Commissioner's Department was to have been argued yesterday before Judge Peabody, of the Supreme Court, but after some conversation be tween counsel the case was postponed un September 1. The argument with regard to the Conover contempt was also postponed till the 1st of September. The Board of Ten Governors met yesterday, and indulged in a little genteel plug aglyism, all about the discharge of one of the deputy superintendents of the workhouse, named Reynolds, who, it is al leged, offered resolutions at a republican meeting condempatory of Simeon Draper's course when Po lice Commissioner. The matter was finally referred to a select committee, who will investigate the facts. There are now 6,526 persons in the public institutions-an increase of 116 since last week. The first Regiment New York Volunteers met last evening and had a stormy session. Provision was made for the reception of the Pennsylvania Volun teers on their coming visit by the appointment of a Committee of A rrangements. A series of resolutions were adopted, after a stormy debate, disapproving of the action of the committee of the Common Council in awarding the Jackson gold box to Garrett W. Dyckman, and recommending General Ward B. Burnett as most entitled to it. Major Dyckman made B epeech in his own behalf occasioning considerable excitement. At the meeting of the Health Commissioners yes. terday, Mr. O. A. Ferris made some interesting remarks, showing the unfitness and inconvenience of the quarantine regulations this year. The Central Park Commissioners yesterday pass ed a resolution offering four thousand five hundred dollars for four plans for laying out the Central Park. as follows:- For the best plan, $2,000: for the second best, $1,000; for the third best, $750: for the fourth beet, $500. The General Superintendent of Police yesterday issued orders for the stoppage of organ music after ten Velock and for the policemen to report the names of all junk dealers and pawnbrokers. It appears that the investigations as to the means of saving life on the various steamboats originated with Mayor Wood about two years since, and the blame for the neglect to remedy the evils rests with the District Attorney. A special committee of five was appointed in the Board of Councilmen on Monday, to report upon the expediency of establishing a ferry to run from Jackson street to Hudson avenue, Brooklyn. There was a large amount of business transacted n the Court of Special Bessions yesterday, but the cases were of the usual unimportant character. The despatch from Washington in Monday pa per should have read: "Mr. Meek, of Pennsylvania. declines the appointment of Superintendent of in dian Affairs in Utah. The sales of coston yesterday were confined to about 300 a 400 bales, the marketciosing Arm. Flour was in good supply, with A light demand and more pressure to sell and the market closed at a decline of about 15c. a 20c. per bbl, chiefly on the common and lower grades Wheat also namier with more doing in new Red Tennessee sold at $1 10 $1 42 a $1 45, and common white Southern at $1 65, and prime do at $1 70. Corn was in light sup ply, and, with a good Eastern demand, was Armer with sales of Western mized at 86c. a 85%c., and Southern yellow at 86,400 a 90c. Pork was in moderate req :est at $26 18 & $26 for meas, and 821 75 & $22 for prime. Su gara closed at about ye decline on the lower grades. The saies embraced about 700 a 800 abds. Cuba muscovados, nearly all reasing grades, with 50 bhis. Porto Rico at prices given is another column. Freights were inactive and eacharged Among the engagements were 1,000


Article from Richmond Enquirer, August 28, 1857

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THE MONEY PANIC IN NEW YORK. [Correspondence of the National Intelligencer NEW YORK, Aug. 25-P. M. The failure of the Ohio Life and Trust Company has had an injurious effect on the stock market, and other failures have created A senection. The truth is stock gambling has become one of the prominent vices of the times, and reform must be brought about by 8A vere suffering, as well upon the innocent and confiding as upon the adventurous portion of the community. The Journal of Commerce, in desoanting upon the above failure, cautions the public against yielding to the effect of a sudden penic, and says "Speculation has carried prices above their aver. age value, and by a natural swing of the pendulum they have in many cases been brought again very low, many of them doubtions for below their proper equilibrium. We have no idea that there will be an ectipse because the cashier of the Obio Life and Trust Company has carried that company beyond its depth, or that business in New York will come to n dead stand in consequence. Let us all take a long breath; there is nobody chasing us; and what we took for an enemy is nothing, after all, but our own shadows." The Post cays: "The real stringency of money that now exists is not in the best established circles of trade, but almost entirely in the more speculative branches; and these will continue to fedi is growing stringency until the annual financial tide reaches in ebb, which is generally within 8 fortnight of New Year's day, before or after. Our banking system is H great conservative element in this emergency, And if its administration will be dispreet, the failure of the Obio Life and Trust Company may result in & public benefit. Indeed, it can only be converted into a pub lic injury by the loss of self possession, and by the sacrifices that Attend a state of anarchy and panic." The financial panic occasioned by the suspension of the Ohio Trust Company was increased by the announcement of the surpension of the houses of DeLannay, Iselin & Clarke, Jno. Thompson and E S. Monroe, bankers and stock brokers, and the reported failure of 8 Hariford bank; the Rhode Island Central Bank of East Greenwich; the Tiverten Bank of Rhode Island; the Farmers' Bank of Wickford; the Warren Bank of Pennsylvania; the Bank of Kanawha, Virginia, and the Hancock Bank of Maine. It is expected that the shock will be seriously telt throughout the West. The Cincinnati Gazette, of Tuesday, 8AV9 the announcement of the suspension of the New York branch of the Ohio Life Insurance and Trust Com pany fell upon the citizens of Cincinnati like a clap of thunder in 8 clear sky. The company, it *says, had been regarded 88 among the safest and most substantial banking institutions in the country, Its business in Cincinnati had been carefully managed and yielded 8 fair profit. On the fourth of July 8 semi-annual cash dividend was declared of four and a-half per cent. A


Article from Delaware Democrat, August 29, 1857

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and hail, accompanied by thunder and lightning, came on, causing a great deal of consternation to the nervous, and quite an excitement ameng all classes of our citizens. Some of the hail stones were as large as hen eggs, and many windows have suffered in consequence. Several accidents happened in the bay, during the progress of the squall, and it is feared lives have been lost. THE FAILURE OF THE OHIO LIFE INSURANCE AND TRUST COMPANY The failure of the Ohio Life Insurance and Trust Company on Monday, began to produce its effects yesterday in Wall street. There was quite a financial panic there, and was further increased by the announcement of the failure of De Launcy, Iselin & Clark, John Thompson and E. S. Monroe, bankers and stock brokers, and the reported failure of the Hartford bank; the Rhode Island Central Bank, of East Greenwich; the Tiverton Bank, of Rhode Island; the Farmers' Bank, of Wickford; the Warren Bank, of Pennsylvania; the Bank of Kanawha, Virginia, and the Hancock Bank, of Maine; and this afternoon there is a bulletin out, of four other banks having gone down. In fact Eastern bank bills will not be taken in New York to-day at all. That blessed baby! is still en exhibition at Barnum's Museum; its real mother has often to retire behind the scene, from an old Kentuckian, who is noted for his droll and very inquisitive questions to her. If Mrs. Cunningham could manufacture another now, while she is in the Tombs, and set it on exhibition too, the proceeds would assist not a little; now that her finances are exhausted and her exchequer in a tottering condition. No news of the telegraph fleet here yet. T. M. G.


Article from True American, September 2, 1857

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Dyes Wall Street Broker. Office Dye's wall Street Broker, New York, Aug., 26, 1857. We hasten to announce that the Ohio Life and Trust Company, of Cincinnati has failed; the amount of its liabilities not exactly known, but supposed to amount to at least $7,000.000.-Extended loans on Railroad Bonds is the immediate cause of its failure. This institution has long been looked upon as a bulwark of financial strength, and has always been managed by men of great respectability. But they have been dealing largely in stocks of late, and the great decline in their value has caused the shipwreck. STILL ANOTHER. Hardly had the news of the above failure ceased vibrating on the telegraph wires, than they were immediately employed in announcing the failure of Mr. JOHN THOMPSON, Banker and Publisher of Thompson's Reporter, 2 Wall Street. Mr. Thompson's liability will not exceed $250,000, he having paid up as long as he could command funds. But the Trust Company's failure completely shook all confidence, and Mr. Thompson was unable to negotiate. He had been too kind to his friends, and in the great whirlwind was left to weather the storm alone, as each man has enough to do these days in S Wall Street to take care of himself. We are sorry to see such great financial men e make shipwreck. But no one can carry the great railroad interest of the country 1 when there has been such a heavy decline. BANK FAILURES. Rhode Island Central Bank. East a Greenwich. f Tiverton Bank, Tiverton, R. I. Farmers Bank, Wickford. The connection of the Ohio Life and Trust Co., was very close with the Bank of Kanhawa, Va., and we would advise = the refusal of its paper until the next issue of the Broker. 0 DeLaunay, Iselin and Clark, 63 Wall e St. have also suspended. JOHN S. DYE.


Article from Grant County Herald, September 5, 1857

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From Dye's Wall Street Broker. Failures. New York, August 26, 1857. We hasten to announce that the Ohio Life & Trust Company, of Cincinnati has failed; the amount of its liabilities not exactly known, but supposed to amount to at least $7,000,000. Extended loans 01 Railroad Bonds is the immediate cause of its failure. This institution has long been looked upon as a bulwark of financial strength, and has always been managed by men of great respectability. But they have been dealing largely in stocks of late, and the great decline in their value has caused the shipwreck. ST'LL ANOTHER.-Hardly had the news of the above failure ceased vibrating ON the telegraph wires, than they were immediately employed in announcing the failure of Mr. John Thompson, Banker and Publisher of Thompson's Reporter, 2 Wall Street. Mr. Thompson's liability will not exceed $250,000, he having paid up as long as he could command funds. But the Trust Company's failure completely shook all confidence, and Mr. Thompson was unable to negotiate. BANK FAILURES.-Rhode Island Central Bank, East Greenwich; Tiverton Bank, Tiverton, R. I.; Farmers Bank, Wickford. The connection of the Ohio Life & Trust Co. was very close with the Bank of Kanhawa, Va. and we would advise the refusal of its paper until the next issue of the Broker. DeLaunay, Iselin & Clark, 63 Wall St. have also suspended. MATTERS IN NEW York.-The telegraph, Saturday, reporte I more failures in New York, and private despatches added to the list names not found in the public accounts. Stocks continue to tumble, and it would seem that some of them cannot well get much lower. Confidence in nearly all Railroad securities is gone for the time being, and it will require the best of management, on the part of Railway Di rectors, to regain even a portion of what they have lost. Since the crash had to come, it has come in good time: just as the immense crops of the country are about to be marketed. They will help materially to adjust balances and settle things. Had the break up occurred at the close of navigation, the evil effects would have been much greater and more wide spread.[Milwaukee Sentinel, 31st ult. MONEY MATTERS EAST.-The Hollister Bank, Buffalo, suspended yesterday, causing much excitement and a heavy run on the other Butfalo banks. In New York, the money market is still very stringent, and the panic in stock continues. Michigan Southern fell yesterday to 10 &; La Crosse and Milwaukee to 15½, and Milwankee to 36. State Stocks begin to share the depression and show a marked decline. It is confidently believed, how. ever, that matters will mend in a few days and business resume its customary course. -[Milwankee Sentinel, Sept. 1st.


Article from Holmes County Republican, September 10, 1857

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Banks in bad Repute. The paper of the following Banks has been thrown out of the Eastern Banks, and they are reported "broke." It is altogether probable, though, that as soon as the present panic has subsided a little, that most or all of them will resume business again: Bank of Hallowell, Hallowell, Maine. Exter Bank, Exter, N. H. South Royalton Bank, South Royalton, Vt. Rhode Island Central Bank, E. Greenwich, R. I. Farmers' Bank, Wickford, R.I. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Tiverton, R.I. Wooster Bank, Danbury, Ct. Commercial Bank, Perth Amboy, N.J. Bergen, County, N.J. Sacketts Harbor (or Reciprocity.) Buffalo Hollister Bank, Buffalo. Chemung County Bank, Horseheads.


Article from The Star of the North, September 16, 1857

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Broken Banks. The following is a list of banks that are said to have either failed or suspended, which the public would do well to refuse until something more definite is known about them: Rhode Island Central Bank, East Greenwich. Tiverton Bank, Tiverton, R. I. Farmers' Bank, Nickford, " Warren Co. Bank, Warren, Pa. Kanawba Bank, Virginia. Hancock Bank, Maine. Waverly Bank, Waverly, N. Y. Winstead Bank, Winstead, Ct. Farmers' Bank, Saratoga, N. Y. Henesdale Bank, Pa. Mercantile Bank, Ct. Perth Amboy Bank, N.J. Woosters Bank, Ct. Chemung Co. Bank, Horseheads, N. Y. Hollister Bank, Buffaloe, N.Y. Owego Bank, N. Y. Buffaloe City Bank, N. Y. Reciprocity Bank, " White, Oliver, Lee & Co.'s Bank, Buffaloe N. Y. Farmers' Bank of Providence, R. i.


Article from The Star of the North, September 16, 1857

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Broken Banks. The following is a list of banks that are said to have either failed or suspended, which the public would do well to refuse until something more definite is known about them: Rhode Island Central Bank, East Greenwich. Tiverton Bank, Tiverton, R.I. Farmers' Bank, Nickford, " Warren Co. Bank, Warren, Pa. Kanawba Bank, Virginia. Hancock Bank, Maine. Waverly Bank, Waverly, N.Y. Winstead Bank, Winstead, Ct. Farmers' Bank, Saratoga, N. Y. Honesdale Bank, Pa. Mercantile Bank, Ct. Perth Amboy Bank, N. J. Woosters Bank, Ct. Chemung Co. Bank, Horseheade, N. Y., Hollister Bank, Buffaloe, N. Y. Owego Bank, N. Y. Buffaloe City Bank, N. Y. C Reciprocity Bank, White, Oliver, Lee & Co.'s Bank, Buffaloe N.Y. Farmers' Bank of Providence, R. I.


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

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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.