Article Text
Bank Suspended PROVIDENCE, Oct. 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large Western produce house in New York.
19682. Bank of the Republic (Providence, RI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- October 29, 1856
- Location
- Providence, Rhode Island (41.824, -71.413)
Metadata
- Model
- gpt-5-mini
- Short Digest
dd28d2c7
Response Measures
None
Description
Contemporary reports (Oct 29–31, 1856) state the Bank of the Republic suspended payment and was enjoined with effects placed in hands of a receiver. Cause repeatedly given as the failure of a large Western produce house (a New York firm) whose paper the bank held—this is recorded as failure leading to suspension and receivership, not a depositor run. I infer state-chartered (pre-National Bank era) rather than national. No article reports a depositor run or reopening; later notices by the receiver (1857) indicate winding up and dividends to bill holders.
Events (2)
1.
October 29, 1856
Receivership
- Newspaper Excerpt
- The Bank of the Republic, in this city, has been enjoined and its effects placed in the hands of a receiver. The capital is $112,000, the circulation 76,000, and the deposits less than $400,000. Its assets are $190,000, and of this some $40,000 is considered good; the rest is doubtful, and consists chiefly of the paper of Western produce houses, guaranteed by a New York house that has failed.
- Source
- newspapers
2.
October 29, 1856
Suspension
- Cause
- Correspondent
- Cause Details
- Suspension attributed to the failure of a large New York produce house whose paper and guaranties the bank held, causing asset doubt and inability to meet demands.
- Newspaper Excerpt
- PROVIDENCE, Oct. 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large Western produce house in New York.
- Source
- newspapers
Newspaper Articles (19)
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Bank Suspended. PROVIDENCE, October 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large western produce house in New York.
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BANK FAILURE. PROVIDENCE, (R.I.) Oct. 29.-The Bank of the Republie suspended yesterday, owing it is said to the failure of a large produce house in New York. COMMERCIAL
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PROVIDENCE, R. I., Oct. 29.-The Bank of the Republic suspended payment yesterday, owing, it is said, to the failure of some large Western produce house in New York.
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Bank Suspended. PROVIDENCE, Oct. 29.-The Bank of the Republic, of this city, suspended business yesterday, owing, it is said, to the failure of a large western produce house in New York.
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BY TELEGRAPH. REPORTED EXPRESSLY FOR THE JOURNAL A Letter from Bombay. NEW YORK, Oct. 29. A letter from Bombay gives the details of preparations making for supplying a naval contingency against Persia. There will be employed 14 steamers, 10 heavily armed gun boats, four schooners, and other crafts for landing troops, besldes 20 or 25 transports. MADRID, Oct. 15. The following additions have been made to the new Ministry : G. Morance, of the Public Works, civil Governor of Madrid G. I Zaroane, Minister of the colonies. Letters from the flag-ship of Admiral Lyons, dated Oct. 8th, announce that they were making preparations to winter within the Golden Horn, and, in consequence of the nonxecution of the treaty of Paris by Russia, their vessels had entered the Black Sea. : The Times' article of Tuesday evening reports a a fall in funds during the day of 3/4, and also says the announcement that the ultimatum was understood to have been sent on Saturday to the King of Naples, and its nonacceptance would be foliowed by a re-call of the English and French representatives, and a dispatch there of the combined fleets, is stated to have created an increased depression in French funds. Letters from Paris to day confirm the more favorable reports regarding the position of the 3 Bank of France. The Bank of England has curtailed their advances upon Government stocks to saven days of the ordinary period of fourteen. NEW YORK, Oct. 29. We have advices from Ragged Island to the 9th of October stating that that Island was vis ted by a hurricane on the 9th of Sept. which unroofed many houses and damaged all the others more or less, and also destroyed a large quantity of salt Many of the salt Boats were wrecked and all the vessels at the Island were delayed in consequence. PROVIDENCE, Oct. 29. The Bank of the Republic suspended yesterday owing to the failure of a firm in New York doing an extensive business in Western produce. BALTIMORE, Oct. 29. One of the parties here victimized by the late Valley Bank explosion, is about taking steps to bring the matter before our courts. Application is contemplated for a writ of requisition on the Governor of New York to bring the Messrs. Leland to trial. NEW YORK, Oct. 29. The Cunard steamship Persia, sailed at noon to-day for Liverpool, taking out nearly a million and a half in specie. The steamship Quaker City from Mobile and Havana has arrived.
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SUSPENDED. PROVIDENCE, R.I., Oct. 29.-The bank of the Republic suspended yesterday, owing to the failure of a firm in New York, doing an extensive business in Western Providence. PROVIDENCE, Oct. 30.-The Bank of the Republic in this city has placed in the hands of the receiver of capital $112,000 for circulation; $76,000 deposits less than $400,000; assets $190,000, of which $40,000 rests doubtful.
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The Bank of the Republic, of Rhode Island. PROVIDENCE, Oct. 29, 1856. The Bank of the Republic, in this city, has been enjoined and its effects placed in the hands of a receiver. The capital is $112,000, the circulation 76,000, and the deposits less than $400,000. Its assets are $190,000, and of this some $40,000 is considered good; the rest is doubtful, and consists chiefly of the paper of Western produce houses, guaranteed by a New York house that has failed. The private property of the stockholders is holden for the circulation.
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TELEGRAPHED TO THE CRESCENT. BANK OF THE REPUBLIC SUSPENDED. [BY THE NATIONAL LINE. I PROVIDENCE, Oct. 30.-The Bank of the Republic suspended payment yesterday. NEW YORK, Oct. 30.-The Quaker City has arrived. Domestic Markets. NEW YORK, Oct. 30.-Flour closed datt. Wheat is dall at $1 65 and $1 72; Red $1 53 and 81 60. Mess Pork closed bonyant at $21 25. Whisky 34c. NEW York, Oct. 30-Cotton closed steady. The sales of today amounted to 7,000 bales. The Atlantic's news had no effect upon the market. NEW YORK, Oct. Flour is unchanged ; Whicat is firm-White is quoted all $1 68 to $1 71; Red $T 56 to $1 60. Corn B a trifle higher; Spirits Turpentina is'dull at 44c ; Rosin firm; Rice is quiet at 4} to 5c in Freights are dull. CINCINNATI, Oct. 30.-Flowr is dull. Whisky is quoted at 27c. River Intelligence, LOUISVILLE, Oct. 30-The river is falling slowly at this point-has fallen 3 inches altogether. VICKSEURG, Oct. 30-The Lizzie Lee passed down at 10 and the North Star at 11 this morning : the Maria Denning at 1, the St.- Charles 26 2 and the Princess at 6 this evening.
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The Bank of the Republic. PROVIDENCE, Co:. 29.-The Bank of the Republic, of this city, has been placed in the hands of a receiver. The capital is $112,000, and the circulation $76,000. The deposits are less than $400,000. The assets are $90 000; of which $40,000 is doubtful.
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BANK OF THE REPUBLIC.-The Bank of the Republic, Providence, has been enjoined, and its effects placed in the hands of a receiver.— The capital is $112,000 ; circulation $76,000; deposits less than $400. Its assets are $190,000. Of this sum $40,000 is considered good. The rest is doubtful, and consists chiefly of the paper of western produce houses, guarantied by a New York house that has failed. The private property of the stockholders is holden for the circulation.
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SUSPENSION OF A RHODE ISLAND BANK.The Bank of the Republic, of Providence K. I., has announced its mability to meet its bills on demaad. It is. says the Providence Journal, a new bank, of small capital, $120,000. The difficulty is owing to the failure of large Western produce house in New York, in whose paper the bank had a large amount of its capital. The circulation of the bank is $80,000. It is said that it has loned $100,000 on the acceptance of New York house.
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The Gate City. SATURDAY MORNING, NOV. 1. 18.1 limited number of Special Notices will be inserted under this head at 20 cents a line for each insertion, or over the editorial head for 30 cents a line. BLANKS. Bills of Lading, and other Blanks for sale at this office; and Blanks of all descriptions neatly, sheaply and expeditiously printed and furnished to order. Tas DES MOINES VALLEY WHIG is issued from this one every Wednesday, has an extensive and increasing circulation throughout the Des Moines Valley, as well - in the rest of the State and the United States, and as amedium of advertising is not surpassed. Subscription price $1, 50 per annum in advance. BUSINESS NOTICE. ALL advertisements for this paper must be prepaid. save those of persons havingregular accounts with this office. This ruleis imperative. Bills For Job WORK are expected to be paid on delivery of the work, unless otherwise specially agreed upon. Accounts with regular customers will be settled quarterly, unless otherwise specially agreed upon. Dr. Harris the Brighton Mouse on Thursday. New BANKING House.-We would call attention to the card of Messrs. Hatch & Thompson, Bankers. Their house will be opened for business on Monday next. Tom CORWIN FOR FREMONT.-Tom Corwin has at last come out full and strong for Fremont. He says there is not the vestige of a hope for Fillmore, and he must go for Fre. mont and Freedom. He has taken the stump, and made the first speech at Hamilton, yesterday. BANK FAILURE.-The Bank of the Republie, Providence, R. I., has been enjoined, and its effects are in the hands of a receiver. A QUEER RESULT.-Two years ago, Hon. Galusha A. Grow was elected in the Wilmot District, Pennsylvania, no candidate being run against him. He has re-elected over his Buchanan opponent, by a large majority than when he ran alone. A pretty good Grow, that! . Curs FOR HICCOUGHS.-Many papers are pulishing a recipe to cure the hiccoughs instantly. Some say look at your thumbs 80 and so-and fix your head so and so. They are all humbugs. Slobber sends us the recipe-warranted effectual or the money refunded. He says, "to cure hie-hic-hic-cups -turn your (hic) self wrong vide (hic) out, and (hic) scrape the gland." He does not mention which gland is to be scraped, but he probably means the first gland you come across. An exchange paper very gravely informs us that a young man who was recently bathing in the Mississippi River, seeing . number of ladies approach, drowned himself from motives of delicacy. THE CHEATING IN PHILADELPHIA.-The Bulletin says of one of the most dangerous form of frauds: "It has been well ascertained that some time previous to the election in this State, elerks in the Philadelphia Custom House, were extensively engaged in making false naturalization papers. Those who intend to vote for Buchanan to prevent the dissolution of the Union, will throw away their votes. That is to happen anyhow, for the South Carolinian of Oct. 11th says: "The success of Buchanan might stave it (the dissolution of the Union) off for a time, but the event is inevitable." A banner was carried in a Buchanan procession in Hartford, containing this significant motto: "Filmore our Friend." For the Gate City. A Card. Having received from the Committee of Managers $500, the net proceeds of the Ladies' Fair, 80 liberally patronized by the citizens generally, I return my most grateful and sincere acknowledgements to the ladies and gentlemen, and especially to Mr. Kelly and family, all of whom"labored indefatigably for the success of the Fair. W. EMONDS, Pastor of St. Peter's Church. GREAT SALE OF LOTS IN MT. AUBURN, WOOD'S ADDITION, CITY OF KEOKUK. THESE ots are located on Kookuk Avenue, one 1 mile from the centre of Kookuk, are pleasantly located without any guileys or breaks, and are all eligible sites for private residences. Persons desirous of procuring a home in a pleas. ant and healthy part of the city and on easy terms, will do well to attend this sale, as they will be sold without reserve to the highest bidder. Day of sale, Tuesday, Nov. 4th, 2 o'clock P. m., at Kendall, Howe & Co.'s. Terms of sale $ cash, balance in four semi-annual payments at six per cent. per annum. Plat of ground may be seen at office of Dr. Wood, or at Kendall, Howe & Co. [oct30
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THE BANK OF THE REPUBLIC OF RHODE Ist.AND.-The Bank of the Republic, at Providence City, has been enjoined, and its effects placed in the hands of a Receiver. The capital is $112,000; the circulation $76,000 ; and the deposits less than $400,000. Its assets are $190,000, and of this some $40,000 is considered good; the rest is doubtful, and consists chiefly of the paper of Western produce houses, guaranteed by a New York house that has failed. The private property of the stockholders is holden for the circulation.
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Financial. PROVIDENCE, R. I., Oct. 29. The Bank of the Republic in this city has been enjoined, and the effects placed in the hands of a receiver: The capital is $412,000 ; circulation $76, 000; deposits less than $400,000; its assets $190,000, and of this some $40,000 is considered good, the rest is doubtful, and consists chiefly of paper of western produce houses guaranteed by a New York house. That has failed. The private property of stockholders is holden for the circulation:
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S. K. RATHBONE. Receiver of the Bank of the Republic, of Providence. OFFICE OF THE HOUSATONIC RAILROAD COMPANY, } BRIDGEPORT, June 26, 1857. OTICE to BONDHOLDERS.-The COUN PONS due on the 1st prox. on the Bonds of this Company will be paid on presentation at the office. of KETCHUM, HOWE & Co., in the City of New-York, or at the Treasurer's office in the City of Bridgeport. At the annual meeting of the Stockholders in February last, it was resolved to pay off in cash $50,000 of the outstanding Bords falling due Jan. 1, 1858, from the net income of the road in 1857, and to create a new issue for the balance, bearing date Jan. 1, 1857, of $250,000, which should retain the same perfect security which had been given for the original Bonds of $300,000, of which new issue it was decided to make $50,000 payable Jan. 1, 1859, $50,000 Jan. 1, 1860, $50,000 Jan. 1, 1361, $50,000 Jan. 1, 1862, and $50,000 Jan. 1, 1368, and thus extinguish the whole mortgage debt within the period prescribed. In pursuance of this resolution the New Bonds have been prepared and already negotiated to the extent. of $159,000, chiefly in and ex. change for the old bonds, which have been canceled charged off, leaving $91,000 yet to be exchanged or otherwise in. disposed of. Holders of the remainder of the old bonds are vited to examine the new issue, and to exchange for them their old bonds, should they feel disposed, and on such terms that the investment will pay them 8 per cent persunum. The New Bonds being payable at sundry dates, it will be seed that those who contemplate exchanging will have a better 8.8 to the time during which they may wish to conchoice the now. investment, than by deferring it to a later period, & tinue Exchanges can be made with Messrs. KETCHUM, HOWE Co., New-York, or with the undersigned st Bridgeport, H. NICHOLS, Treasurer.
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ARINERS' SAVINGS INSTITUTION, 3d. M av, corner 9tb-st, open daily from 9a m to2p m, and 00 WEDNESDAY and SATURDAY from 5ts8p m later. est allowed on deposits. THOS. 6. STILLMAN, President. To HOLDERS of BILLS of the BANK OF THE REPUBLIC of Providence, R I -By a decree of the Supre me Court of the State of Rhode Island, March Term, 1857, in Providence, it is ordered: That the Receiver of the Bank the Republic, of Providence, la bereby authorized and directed to give notice that the Holders of the Bills of the seld Bank of the Republic, in order to be eatitled to a dividend of the maseta of the Bank. are required to de posit the same with the Receiver on or before the 1st day of Oct ber next: and that the Receiver give to such Bill Holders a certificate of such deposit, which shall entitie them to all div. idends which may be payable on said bills by any future order of said Court, and that such deposit shall not impair the rights of the depositors to any claim which they may have upon the Stockholders of said Bank In accordance with said decree, I hereby give notice to the Holders of the Bills of said Bank to deposit the same with me on or before the let day of October next, and receive a certificate therefor: and that I will attend at the American Bank in Providence to receive the same, from 11 B. m. to 1 Clock P. 10., on the business days of said Bank. S K RATHBONE. Receiver of the Bank of the Republic, of Providence.
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PRICE ONE CENT. eboral discount have had to be endured. As thing, the banks are evidencing a CO1 nmend le degree of unanimity in endeavoring to mitigate the adverse influence of the suspension. Nearly, if not all the banks paid out specie yesterday in small sums, when the wants of the applica nt were known to be urgent and made in good faith. SUBTENSIONS AT ST. LOUIS. Dailey & Barksdale and J. J. Anderson & Co., of St. Louis, suspended Monday morning. Both firms are extensive bankers. Mr. Anderson is also owner of the Bank of St. Louis, recently estriblished under the new banking law. He is understood also to have been principal owner of the Rhode Island Central Bank, recer tly failed. These failures produced a great flutte. ing, having been totally unexpected. There is much excitement also in the city and state of Missouri, in consequence of the bank suspensions at Phila lelphia and Baltimore. FAILURE OF A TENNESSE E BANK-EXCITEMENT AT LOUISVILLE. Intelligence has re ached Louisville, Kentucky, that the Bank of Nashville has failed, and made an assignment. The brokers of Louis ville now refuse all issues of the Tennessee Banks. There is great excitement in financial circles in consequence of the recent developments, and the curre ncy market is in a state of utter confusion. The notes of the old State banks of Missouri command a premium here of one per cent. SUSPENSION OF THE RHODE ISLAND BANKS. It is learned that all the Rhode Island banks have suspended specie payments. PROVIDENCE, Sept. 28.-The following are the names of the banks of this city which suspended to-day: The Arcade, American, Atlantic, Bank of America, Bank of Commerce, Atlas Bank, Bank of North America, Bank of the Republic, Blackstone Canal Bank, Butchers' and Drovers' Bank, City Bank, Commercial, Continental, Eagle, Exchange, Globe, High Street, Jackson, Liberty, Lime Rock, Marine, Manufacturers', Mechanics', Mechanics' and Manufacturers', Mercantile, Merchants', Mount Vernon, National, Northern, Pawtucket, Phenix, Providence, Roger Williams, Traders', Union, Westminister and What Cheer and Weybosset Banks. All the other banks in the State are reported as having followed the example and suspended. Their liabilities to the public are not over a quarter of their capital.
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ADRIAN H. MULLER, Auctionser. R EGULAR SALE of STOCKS and BONDS, THIS DAY, at 121 o'clock, at the Merchants' ExchangeNot account of whom it may concern: $5,00 Galene and Chicago Union Railroad 7 per cent First Mortgage Bonds, 1863. $0 shares Knickerbocker Fire Insurance Co., $40 each. 43 shares North American Fire Insurance Co., $50 each. 90 shares Manbattap Fire Insurance Co., $50 each. 50 shares Equitable Fire Insurance Co., $35 each. 40 shares American Fire Insurance Co, $50 each. 50 shares Metropolitan Fire Insurance Co. $100 each. 40 shares Mercantile Fire Insurance Co. $50 each. 25 shares Home Fire Insuance Co., $ 100 each. 40 shares Bull's Head Bank (hypoth.), $25 each. 10 shares Third Avenue Railroad, $100 ash. 70 share Corn Exchange Bank, $100 each 20 shares Bank of the Republic. $100 each. 40 abares Bank of America, $100 each. 60 shares Peter Cooper Fire Insurance Co., $20 each. 40 shares frving Phre Insurance Co., $25 each 26 shares Corn Exchange Insurance Co., $50 each. Regular Sales every Wednesday and Saturday; Special Sale TO-MORROW, Oct. 1; also Special Sales when required. Office, No. 35 Wall-st. (2 264) TOCKS AND BONDS AT AUSTION.-WILAINS & LIVINGSTON will hold their regular weekly sale of S: cks and Bonds THIS DAY (Wednesday). at 12) o'clock, at the Merchants' Exchange. Catalogues can be had at their office, No. 11 Wall-st. DELLEFONTAINE AND INDIANA RAILD ROAD-COUPONS of the SECOND MORTGAGE BONDS of the Bellefontaine and Indiana Railroad Company, due on the 1st of October. will be paid on and after that date st the American Exchange Bank, New-York. HENRY WICK, Treasurer B. and I. Railroad Co. OFFICE OF THE GROCERS' FIRE INSURANCE COMPANY, No. m Wali-et., corner of Pearl, New-York, Sept. 1, 1857. @EMI-ANNUAL DIVIDEND of EIGHT A PER CENT has this day been declared, payable to the Stockbolders on demand. JAMES G. PLATT. Scoretary. NTEREST NOTICE.- - The Coupons for Interest I en the BONDS of the KEROSENE OIL COMPANY, MA turing or the 1st October next, will then be paid on presents tion at the office, No. 50 Beaver-st. G. W. AUSTEN, Treasurer. By order of the Board, ARINERS' SAVINGS INSTITUTION, 3d M sv., corner 9th-st.-Deposits made on or before the 1sto October will be allowed Interest from the 1st of October at th. rate of 6 per cent on sums of $5 to $500. and 5 per cent 13 SHIDE over 500. Bank open daily from 9a. m. to 2 p. m. and on WEDNESDAY and SATURDAY EVENINGS from 5 to ISAAC T. SMITH, Secretary. THE REPUBLIC, of Providence, R I.-By a decree of To HOLDERS of BILLS of the BANK OF the Supreme Court of the State of Rhode Island, March Term, 1887, is Providence, it is ordered: That the Receiver of the Bank of the Republic, of Providence, to hereby authorized and directed to give notice that the Holders of the Bills of the said Benk of the Republic, in order to be entitled to a dividend of the assets of the Bank, are required to deposit the saine with the Receiver on or before the 1st day of October next: and that the Receiver give to such Bill Holders a certificate of such deposit, which shall entitle them to all div. friends which may be payable on said bille by any future order of said Court, and that such deposit shall not impair the rights of the depositors to any claim which they may have upda the Blockholders of said Bank. In accordance with said decree, I hereby give notice to the Holdere of the Bills of said Bank to deposit the same with me on 07 before the lat day of October next, and receive a certificate therefor; and that I will attend at the American Bank in Providence to receive the same, from 11 a. m. to 1 o'alock p. in @ the business days of said Bank. S. K. RATHBONE. Receiver of the Bank of the Republic, of Providence.