19719. Green & Cranston (Providence, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 18, 1875
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
f316cac6

Response Measures

None

Description

The banking firm Green & Cranston (described as a 'banking firm') suspended payment and made an assignment to James Y. Smith on Dec 18, 1875. Multiple articles state the suspension and assignment (i.e., insolvency/closure). Cause is inability to realize on large advances to the Providence Tool Company. OCR inconsistencies in dollar amounts across articles (reports show $40,000, $400,000, and varying liabilities $675,000 or $665,000 or $1,675,000 due to OCR/error); I used the consistent date and assignment language to infer permanent closure/receivership.

Events (3)

1. December 18, 1875 Other
Newspaper Excerpt
made an assignment to James Y. Smith.
Source
newspapers
2. December 18, 1875 Receivership
Newspaper Excerpt
suspended payment ... and made an assignment to James Y. Smith
Source
newspapers
3. December 18, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure/embarrassment of the Providence Tool Company which owed large advances to the firm; inability to realize on advances to the arms/tool company precipitated suspension.
Newspaper Excerpt
The banking firm of Green & Cranston, of this city, suspended payment, this morning, and made an assigument to James Y. Smith.
Source
newspapers

Newspaper Articles (7)

Article from Wilmington Daily Commercial, December 18, 1875

Click image to open full size in new tab

Article Text

FIFTH EDITION. Rhode Island. FAILURE OF THE BANKING FIRM OF GREEN & CRANSTON. Associated Press Special Telegram PROVIDENCE, R. I., Dec. 18. The banking firm of Green & Cranston, of this city. suspended payment, this morning, and made an assigument to James Y. Smith. The liabilities are represented to be $675,000. The assets of the firm and its individual members are said to be $300,000. The cause of the suspension is believed to be inability to realize on advances made to the Alan Arms Manufacturing Co., amounting to $40,000.


Article from The Cincinnati Daily Star, December 18, 1875

Click image to open full size in new tab

Article Text

Latest News in Brief. MONTREAL, Dec. 18.-The Bien newspaper has suspended. SAVANNAH, GA., Dec. 18.-Nick Thompson was hanged here yesterday. COLUMBUS, o., Dec. 18.-The Noyes index case was postponed till next week. PROVIDENCE. R. I., Dec. 18.-Messrs. Green & Cranston, leading bankers of this city, have suspended. LONDON, Dec. 18.-Robert Henry Hurst, Liberal, was yesterday elected a member of Parliament from Horsham. Sussex. CONCORD, N. H., Dec. 18.-A farmer named Calvin C. Robinson, at Bow, N. H., fell dead from his cart. Death from heart disease. NEW YORK, Dec. 18.-A velocipede race for the long distance championship was commenced at the rink at 9 o'clock last night. between A. P. Messenger and W. E. Hard.ng. They finish at y o' 'clock to-night. Messenger is now ahead.


Article from The Portland Daily Press, December 20, 1875

Click image to open full size in new tab

Article Text

Suspension of a Providence Banking Firm. PROVIDENCE, Dec. 18.-The suspension of the banking firm of Green & Cranston is announced. Liabilities $675,000; assets of the firm and individuals is said to be $800,000. The immediate cause is the failure of the Providence tool company. The latter company say their embarrassment is only temporary. PROVIDENCE, Dec. 19.-The Providence Tool Company will issue a statement to-morrow showing it has a contract with the Turkish government for the manufacture of 600,000 rifles, with the option of accepting an additional order of 200,000. That large expenditures have been made in the prepation of builings, machinery and tools, SO that the present capacity for manufacture is 4000 rifles per week, employing 1800 men. During the past year the company has reduced the debt incurred in making preparations $600,000 and added $300,000 to its general assets. A combination of unfortunate circumstances, which are explained in the circular, has put the company under financial embarrassment and compels it to ask its creditors to grant such extension as will enable it to carry to a successful issue the enterprise in which it is engaged. A committee will be invited to examine the company's affairs and report forthwith. The statement represents that the assets of the company at a low value exceed over and above its liabilities one and a quarter millions. Under the existing accepted contracts the company has already manufactured 220,000 rifles, leaving 380,000 in process or yet to be made in fulfilment of the present contracts. Probably 100,000 of this number can be completed from materials on hand now in various stages of progress,and in the production of which one half of the cost of labor to fully complete them has been already paid, and no further outlay is required for machinery, tools or buildings. Itlis not the purpose of the officers or principal stockholders of the company who are personally liable for the indebtedness of the company to make any assignment of their private estates, but they intend to employ their utmost resources to aid in the extrication of the company from what they believe to be its temporary embarrassments. It is thought that if this statement had been issued four weeks ago serious embarrassment would bave been avoided. The private property of the stockholders of the company is estimated at about $5,000,000.


Article from Daily Kennebec Journal, December 20, 1875

Click image to open full size in new tab

Article Text

RHODE ISLAND. Suspended. Providence, December 18. The banking firm of Green & Cranston of this city, suspended payment this morning and assigned to James Y. Smith. Their liabilities are represented to be $675,000. The cause of the suspension is believed to be inability to realize on advances made to an arms manufacturing company amounting to $400,000. The immediate cause of Green & Cranston's suspension was the failure of the Providence Tool Company, which has large contracts with the Turkish government for arms, to meet maturing obligations at the banker's. It is supposed that delay in expected remittances from Turkey is at the bottom of the trouble. LATER. The Providence Tool Co. will issue a statement to-morrow showing that it has a contract with the Turkish government for the manufacture of 600,000 rifles, with the option of accepting an additional order for 200,000. That large expenditures have been made in the preparation of buildings, machinery and tools, so that the present capacity of manufacture is 4000 rifles per week, employing 1800 men. During the year the company has reduced the debt incurred in making preparations $600,000 and added $300,000 to its general assets. A combination of unfortunate circumstance (explained in the circular) has put the company under financial embarrassmentsand compels it to ask its creditors to grant such extension as will enable it to carry to a successful result the enterprise in which it is engaged. A committee will be invited to examine the company's affairs and report forthwith. The statement represents that the assets of the company, at a low valuation, exceed over and above its liabilities $1,250,000. Under the existing accepted contracts the company has already manufactured 220,000 rifles, leaving 380,000 in process or yet to be made in fulfilment of the present contracts. Probably 100,000 of this number can be completed from materials on hand now in various stages of progress, and in the production of which 1-2 of the cost of labor to fully complete them has been already paid, and no further outlay is required for machinery, tools or buildings.


Article from Wilmington Daily Commercial, December 20, 1875

Click image to open full size in new tab

Article Text

MISCELLANEOUS. (From our Late Editions of Saturday.] Rhode Island. FAILURE OF THE BANKING FIRM OF GREEN & CRANSTON. Associated Press Special Telegram PROVIDENCE, R. I., Dec. 18. The banking firm of Green & Cranston, of this city. suspended payment, this morning, and made an assigument to James Y. Smith. The liabilities are represented to be 665,000. The assets of the firm and its individual members are said to be $800,000. The cause of the suspension is believed to be inability to realize on advances made to the Alan Arms Manufacturing Co., amounting to $40,000.


Article from The St. Cloud Journal, December 23, 1875

Click image to open full size in new tab

Article Text

LATE NEWS ITEMS. -R. A. Ross & Co., a heavy lumber firm at Detroit, have failed. Liabilities, $300,000 assets, $400,000. -Ex-Mayor Hall, of New York, appeared's an actor Saturday night in one of the theatres of the metropolis. -One hundred and ten miners were killed Thursday by a coal-mine explosion at Belgium, caused by firedamp. -The banking house'of Green & Cranston, of Providence, Rhode Island, suspended Saturday. Liabilities, $675,000. -The number of disasters of all kinds on the lakes the past season is stated at 1,031, of which 562 occurred on Lake Michigan. -The Trustees of Howard University have unanimously elected Mr. Smith, late Commissioner of Indian Affairs, President of the University. -Senator Jones of Nevada, has had a private car built for the exclusive use of himself. It is a richly furnished house on trucks, and cost $11,000. -It 18 said that the orange crop of Los Angeles, Cal., will not be more than one-half as large as last year. The lemon crop is also small, and the trees are said to be dying fast. -The potato bug cleaned out the potato crop of Salem county, N. J.; last season, and now, instead of having several thousand bushels to sell, the people are obliged to buy that important esculent. -The court house, one of thefinest in Arkansas, at Camden, was consumed by fire early Sunday morning. The books, records, and all the paper pertaining to the clerk's office, were destroyed. -A Cincinnati jury has found that Egner, who knocked down another man, beat him until he was senseless, and then threw him into a furnace, was only guilty of murder in the second degree. It would now be interesting to know whether anybody can tell how in Ohio murder in the first degree could be committed. -London can lay claim to the youngest of the habitual drunkards. Mr. Henry Cleasby, aged six years, was found helplessly drunk the other night in Pentonville road, Clerkenwell. He was without father or mother, both having deserted him, and his grandmother was unable to keep him within bounds. He was put where he would do the least harm. -W. J. Young was until recently the fortunate owner of 3300 fat mutton sheep, with fleece still on, that were being herded near the Stanislaus river, Cal. During a dark night, about two weeks since,the herder was taken sick and the flock broke away, and on attempting to enter the bottom near Burneyville they got into the Stanislaus river and were carried away, causing a total loss. A large force of men are at work trying to save the pelts. -Chas. Miller and Chas. Trumbull, Crescent, Iowa, became engaged in a quarrel on the streets, Monday evening, which resulted in the shooting of Trumbull by Miller, the shot taking effect in the abdomen, and there is little hope of his recovery. Both are boys about fourteen years of age, and sons of well-to-do tradesmen of that city. Miller was taken into custody by the sheriff, and expresses no regret, but says it is something he has owed him for ome time.


Article from The Stark County Democrat, December 23, 1875

Click image to open full size in new tab

Article Text

TEST NEWS. There are eighteen inches of snow at Jamestown, N.Y. The Court of Commissioners of the Alabama Claims has adjourned till the 19th new will Had of January. The number of hogs packed in Cincinnati to the 20th is $295,971; the number packed the same time last season was 295,557. RH Messrs. George P. Rowell & Co.,state that during the week ending Saturday thirty-three newspapers of all sorts have suspended in the United States and the British Provinces. Of these four were daily, fifteen weekly, three semi-monthlly, eight monthly, and three quarterly. During the same period twenty newspapers and periodicals were established, including one daily, sixteen weeklies, one semi-monthly, and two monthlies. The banking firm of Green & Cranston, of Providence, R. I., suspended payment on the 18th inst., and made an assignment to James V. Smith. The liabilities are represented to be $1675,000. The assets-firm and individual-are said to be $800,000. MONTREAL, Dec. 18,- The Recorder sentenced four of the rioters at the City Hall, this morning, to six months' imprisonment each, at hard labor. The police are kept on guard and the desti. tute working men are prevented from gathering in crowds. Work is promised some of them on Monday. HAVRE, Dec, 17 -The American fish ing schooner, Abby M. Heath was recently abandoned at sea. "The crew were picked up and safely landed at this port to-day. Ex-Senator Richardson, of Illinois, is dangerously ill at his home in Quincy. Mr. Charles O'Conor, of New York, is recovering. A grand dinner was given in Philadelphia to the President, Supreme Court, M. C's, &c. MacDonald, the convicted Ringster, says, "Babcock is as innocent as I am, The small-pox has broken out in the Penitentiary at Columbus. Naples, December 21.-Mount Vesuvius shows a gradual increase of fire and smoke. The instruments in the Observatory are in motion, and Prof. Palmieri predicts a long period of eruption. London, December 21.-Henry Wainwright, convicted of the murder of Harriet Lane, in White Chapel road, was hanged at Newgate to-day. Two hunting parties of Cheyennesand Arapahoe Indians, 50 miles west of Camp Supply, had a fight the other day, wounding several on each side. Fraudulent school bonds have been discovered in Kansas, and the Governor had demanded the resignation of the State Treasurer, Samuel Lappiet. At Meadville, Pa., on Monday, James Pease vasinstantly killed, and five others seriously injured, by the falling of an iron bridge over French creek, on which they were working. Near Wellington, Ohio, on the 20th, David M. Tennant, a farmer, accidentally shot himself about daylight. He was at the barn trying to shoot an owl. The ball passed through his lungs. At Berea, on Saturday, two young men, Joseph Hulse and Asher Wellington, were out hunting, the latter walking ten feet or so in advance, when Hulse's gun went off, the ball entering Wellington's leg, below the knee. He died Monday. Cincinnati, December 20.-At a meeting of Methodist preachers to-day, a resolution was offered censuring Bishop Haven and the Boston preachers for their expression about the third term. The resolution was the subject of a long discussion, and themeeting adjourned without taking action upon it. Detroit, Mich., December 20.-H. D. Winsor, who was arrested et Buffalo in June, for forging the name of Bernard, Stroh &E. W. Hudson to a large amount of paper, the proceeds of which were used in the Utah mining speculations, was acquitted by the jury without leaving their seats, on the ground that Winsor had auhority to sign the name. Milwaukee, December 20.-In the U. S. Circuit Court to-day Babcock, convicted of conspiracy to defraud the revenue, was sentenced to eight months imprisonment and a fine of $2,000, and one-half the cost of the trial. Sentence was suspended in the case of Reynolds, his partner. St. Louis, December 20.-It is pretty definitely ascertained that the amount of money obtained by the express robbers Saturday morning was $8,000. Had the robbery been committed before the train reached Mexico, Missouri, the amount would have been much larger, as it would have included all the western remittances to Chicago. Philadelphia, Dec. 19.-Three immense meetings were held to-day by Moody and Sankey. Mr. Moody preached on the good effect of using the little word "No" at the proper time. Mr. Sankey sang some of his sweetest hymns. Elyria, Ohio, December 19.-William Schumch, of Amherst, Ohio, while walking on the track to this place last evening, met two tramps, who attempted to rob him. In the struggle he was thrown under the fast mail which was passing at the time. One arm was cut off, and he received other bad injuries. The tramps escaped. Sandusky, Ohio, December 19.-Otto Bauman, 14 years of age, was drowned on Saturday while skating on the lake, Dear here. He resided here. His body was not recovered. General Babcock did not reach St. Louis on Saturday, as he was expected to. His counsel, Chester A. Krum and Judge Medill, appeared before the court, and after some discussion notice was ordered to be served on Babcock to appear and plead to the indictment against tim on January 11th. Louisville, December 20.-The escape of sixteen prisoners from the Henderson county jail, 80 worked upon the mind of Mr. Denton, the jailer, that he committed suicide by shooting himself through the head with a revolver. He left a note saving "I make this, my last state-