19728. Jackson Bank (Providence, RI)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
April 27, 1878
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
2af0e721

Response Measures

Partial suspension

Other: Savings banks in Providence experienced runs; stronger banks faced heavier withdrawals.

Description

Multiple contemporaneous newspaper dispatches (Apr 27–29, 1878) report runs on Providence savings banks; the Union and Jackson banks were requiring sixty days' notice but there is no mention of a full suspension or closure or receivership. Classified as a run only (bank remained operating, invoking notice). Cause attributed to contagion among local savings banks (runs across multiple banks).

Events (1)

1. April 27, 1878 Run
Cause
Local Banks
Cause Details
General run affecting Providence savings banks; contagion/withdrawals from multiple local savings banks led to heavy withdrawals at Jackson Bank.
Measures
Required sixty days' notice for withdrawals (invoked notice rule)
Newspaper Excerpt
The savings banks here are subjected to run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice.
Source
newspapers

Newspaper Articles (4)

Article from The Rock Island Argus, April 27, 1878

Click image to open full size in new tab

Article Text

RHODE ISLAND. PROVIDENCE, April 27.-The savings banks here are subjected to run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice. Pascog Savings Bank in Burrellville is temporarily enjoined.


Article from Daily Los Angeles Herald, April 28, 1878

Click image to open full size in new tab

Article Text

coal dealer; Treasurer, B. Haas, jeweler; Justice of the Peace, B. Flansburg, upholsterer. Corgressional. WASHINGTON, April 27.-The House went into Committee of the Whole on the Indian Appropriation bill, Potter in the Chair. A New Public Building. WASHINGTON, April 27.-The House Committee on Public Buildings and Grounds has agreed to report favorably on a bill providing for the erection of a new building for the Bureau of Engraving and Printing. General Gibbon was before the House Committee on Military Af. fairs again to-day. Against Woods's Tariff Bill. WASHINGTON, April 27.-A canvass of the House on Woods's tariff bill shows a majority of 21 against the bill. Jersey City to be : Port of Entry. WASHINGTON, April 27.-The House Committee on Commerce has agreed to report favorably a bill constituting Jersey City a Port of Entry and providing for the appointment of a Collector of Customs. D. tegation of Southern Congressmen san Boston. BOSTON, April 27.-A delegation of Southern Congressmen, including Senators Gordon, Morgan and Jones, and Representatives Carlisle, Ellis, Yeates, Whitthorne, Clark, Hooper, Young, Morey and Goode, arrived to-day. They are guests of the Boston Commercial Club. Box on Providence Savings Banks. PROVIDENCE, April 27.-Savings banks here are subjected to a run to-day and the stronger the bank the heavier the run. The Union and Jackson banks require sixty days notice. The Pascog Savings Bank in Burrelville is temporarily enjoined. Hendrickson the Confessions. NEW YORK, April 26.-Ex-Governor Hendricks says that the Florida confessions are no surprise to him. He intimated that legal proceedings based on them will be instituted, but not immediately. Trouble Among the Brazilian Kallroad Force. PHILADELPHIA, April 27th.-A gentleman just returned from Brazil reports dissatisfaction among the laborers who sailed from here. The Italians, as soon as they arrived on the Marmon river, began to strike for more wages. The demonstration was suppressed by the older laborers and the refractory ones were imprisoned. Hayes IN Pennsylvania. PHILADELPHIA, April 27.-President Hayes and party started this morning for a tour of the coal and iron regions of Lehigh and Schuylkill Valleys. The most prominent industrial establishments on the route will be inspected. They will return to the city this evening. On reaching Bethlehem the party was met by a large delegation of citizens. The President addressed the large assemblage and was cheered lustily. After a visit to the establishment of the Bethlehem Iron Co., Lehigh Zinc Works and Lehigh University, the cars were again taken and the train proceeded to Mauch Chunck. Memorial Day in Georgia. MACON, April .-Memorial day is celebrated with great solemnity here and in other parts of the State. More Indian Raid* on the Border. SAN ANTONIO, April 27.-More Indian raids on the border are reported. The English Strikes. LONDON, April 27.-The firms represented at the spinners' meeting in Oldham, yesterday, run four million spindles. The meeting decided that each employer must follow his own course in regard to the reduction of time. Although it is stated that the strike of cotton operatives at Preston is ended, that appears to be the case only so far as operative spiners are concerned. The weavers, winders and warpers are still out, and no likelihood of a settlement at present. Enthusism in Military Circles. LONDON, April 27.-Great enthusiasm was manifested in military circles last night on its becoming known, that the whole of the staff and commissioned officers at Aldershot had received orders to hold themselves in readiness for immediate active service. It was also stated that all the principal officers had received important secret instructions for certain contingencies. It is said that orders will be shortly issued for the formation of the second army corps and the raising of battalions of that corps to a war establishment. The Late War Frontier. BELGRADE, April 27.-Disturbances have broken out at Niscb and Piriot between the inhabitants and the Servian authorities, in consequence of Russia's summons for recruits. A famine is raging at Vranja,


Article from The Wheeling Daily Intelligencer, April 29, 1878

Click image to open full size in new tab

Article Text

Bank Troubles. NEW YORK, April 27.-The runs on the Dry Dock and the German Savings Bank were sensibly diminished to-day. The German continues to pay all deposits on demand. Its liabilities are $10,000,000, and the surplus in January was $600,000. PROVIDENCE, April 27.-The Savings Banks here are subjected to a run to-day, and the stronger the bank the heavier the run. The Union and Jackson banks require the sixty days' notice. The Pascog Savings Bank in Burellville is temporarily enjoined. POTTSVILLE, April 27.-A dispatch from Mahanoy city says, Charles E. Suburg, Receiver Teller of the First National Bank for seven years, and who resigned in February, was arreated on two charges, brought by President Silliman, of embezzlement, altering, and mutilating and falsifying the books and papers of the bank. INDIANAPOLIS, IND., April 27.-We learn from Salem, Ind., that the abscond. ing cashier Baynes, abandoned his horse, turning him loose ten miles west of here and afterward obtained a seat in a passing wagon. When last heard of he was at Prospect, some 30 miles west, and 15 to 20 miles away from the railroard or telegraph. Mr. C. Winstanley, President of the Bedford Bank, is conducting an examination of the Salem Bank's condition, and is unwilling to give information till the examination is completed. A stockholder says that a deficiency of $30,000 is already discovered, and that a reward is to be offered for Baynes' capture. The impression prevails on the street that Baynes' bond will probaby cover his deficiency.


Article from Middletown Transcript, May 4, 1878

Click image to open full size in new tab

Article Text

NEWS OF THE WEEK. MONDAY the The Anglo- Russian controversy is still theme of criticism and speculation Todleben has been appointed commander-in chief of the Bussian army in Turkey The U S Senate was not urday In the House the Indian tion was passed at $4 772, $575 70 winners in the races at New Orleans in day were Conrad, mile and 1.56} Mary mile and half in .43 Jack .44 one in Judge Hancock mile. Hardy 7.41. in beating Typhoon, heats, four mile who WAS withdraw on second heat, lame deluging snows Melting The court Dead Hills Black the of wood adjourned Saturday or the into the ter flowing and papers had to be Dakota, vesterday, Deadwood, killed Ed shot Durwas and Hoffman in the former place of There on run was dispute in SaturR Providence, banks savings day The Union and Jackson decided to en force the sixty -day notice The Postoffice Marshall, Texas, was invaded by masked bers day or two since, the pelled to open the safe, and $2,000 in off John carried Mor Senator and stamps rissey was stricken with paralysis Troy to on Sunday, and not expected from HamThe Cimbria, steamer burg with 600 passengers, put into South await Harbor, Me on Sunday ders from Russia TUESDAY Germany, it is said. negotiating a league with Denmark and Russia to close the Balti against the British fleet The Turks nder Shumla Varue and Batoum Eighty thousand vol unteers have so far been enrolled in England East India troops warlike and for trip to Europe. In the United States Senate was adout the resolution to the Senate dent the touching formation it insurgents, and the future policy of Spain island Cuba the House the government the resolution appropriating joint the monument of a of grave erection House Thomas Jefferson passed the 177. 35, navs a bill yeas was passed, of United States retirement the further ding U the S notes Court at tender legal Francisco Judge Saw has decided white not is person Chinaman fire of the disastrous meaning out in Columbia, Tenn last night Nashvill "he for telegraphed have dispatched another ican raiders Indian mail carrier between Forts Davis and Stock killed Texas This is the sixth person ten within The days vicinity the Free Press main leading Detroit, and the the ignited morning, into almost and flames $50,000 The the legal the Nationa amount being 80 month the bank during amount will be disbursed in silver dollars for currency obligations. WEDNESDAY still are Eastern to fresh said is nite of the and Russian forces from near In the United States B Allison William from United Mr the suspending Fund, tion the charged from its further Utica, Ithaca and Elmira a bought English bondholders for $50,000 recognized Hon Thos Simmons member of the Charleston (S. C. one of the most prominen democrats Two Frenel lads resterday South,d young named Ward. who went Chicopee river at Jenksville swept the Mass drow Burgla broke the house of Ephraim Otis, at South clock Mass esterday half it carried took out the house, open, and got off and bank stock books railroad from $65 telegran party of Young from concert in suburbs the of that city on Monda night. they tacked at Wellington Bridge by a party who ambust Unionists lay 'Catholic More than one hundred shots were fired with the result of killing John Callahar and man ously wounding Johanna Meehan and named Mullio. THURSDAY There is great political excitement in Eng land. but status of the controversy tween that country and Russia is unchange ed The Paris Exposition opened yesterday and was the principal European event of the da In the U. S. Senate Mr Blaine called up his resolution declaring zainst any change in the tariff The bill repea the Bank rupt came up in order and was amended so to make the day of repeal January 1st 1879. Various other amen dments were offer ed. and finally the bil! and amendments were the referred to the Judiciary Comm In House bill introduced by Mr Crittenden. of New York, for the exchange of fractional silver coin for United States notes The editor of the Volkstimme, the organ of the Socialists in Louis. coefirms the of the Socialistic party are with rifles Springfiel drilling to their their protect and with ings from The towboat Warner from New Orleans for St Louis ith barges in tow, exploded her boiler opposite Memph yesterday morning caught fire. and in five minutes suck men, Six including the the Dawson, lost George captain. number, saved, rest, eleven eight Dr them being injured, but none fatall the -known Henry drug gist, found in the streets of New York acting was and The Hospital ph of one acute short time with may New of York John at died Senator Morrissey of last paraly of Maryland yesterday Governor signof warrant death Edward Cost of the his of convicted cousin He will be hanged on the 25th June FRIDAY and The negotiations ween England Russia are now regarded as favorably that three Russian gressing cruis United the States of view in The English Malta for the reception their Sepoy troops In the United States Senate yesterday, Mr from the Committee the Bankrupt repeal Act the perfect its iate motion Mr Voorhees the printed and laid to agreed was to-day until providing reported verninent for the of form District Life the of