Warwick Bank - Warwick, RI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1859*
Location: Warwick, Rhode Island (41.700, -71.416)

Metadata

Model: gpt-5-mini
Short Digest: 21b5e742

Response Measures

None

Description

Article explicitly states The Warwick Bank failed January, 1859. No mention of a depositor run; a receiver is referenced elsewhere for Rhode Island banks. Cause of failure not specified in the excerpt, so classified as suspension leading to permanent closure/receivership.

Events (2)

1. January 1, 1859* Receivership

Newspaper Excerpt: The Receivers of the Rhode Island Banks are the special friends of the stockholders, and the laws of Rhode Island abrogate all legal proceedings against a bank the instant the Receiver is appointed, ... The Warwick Bank failed January, 1859.
Source: newspapers

2. January 1, 1859* Suspension

Cause Details: Article only reports the bank failed in January 1859; no specific triggering cause given in the excerpt.
Newspaper Excerpt: The Warwick Bank failed January, 1859.
Source: newspapers

Newspaper Articles (1)

1. February 19, 1859 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, February 19, 1859

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Article Text

These figures are certainly encouraging, when the continued falling off of the past year is remembered, and appear to be the faint first indications of a return of railroad prosperity. M. Felix Belly announces in the Paris journals that his organization of the Nicaragua Canal Company is completed, that the money necessary is secured, that & vessel has been freighted to carry out the engineering material, and that this vessel, with himself, a part of the engineers and clerks-60 persons in all-will sail from Havre for Greytown in three weeks. The private letters by the America are less warlike than the printed accounts, but the writers appear to be in considerable doubt 88 to the result. The Paris correspondent of The Commercial says: I have no reason to regret to-day the assurances I have constantly given you in favor of peace. The probabilities in this direction increase in force every day. As proof of the celerity with which broken Rhode Island Banks areclosed up, Thompson's Reporter gives the following ets: Bank of the Republic, failed Oct., 1856. The Receiver has paid 8 dividend of 50 ₽ cent. Rhode Island Central Bank, failed Aug., 1857. The Receiver has made no progress-not even a report of the assets or liabilities. Tiverton Bank, failed Aug., 1857. Nothing done. Farmers' Bank, Wickford, failed Aug., 1857. Nothing done. Bank of South County, failed Sept., 1857. The Receiver has issued three hitalutin circulars, and made one report of the same character to the Court. In bis last be says I see no chance for & dividend immediately or very soon." Hopkinton Bank failed September, 1857. The Receiver is confident that as soon 88 a certain man in Illinois, who is the largest stockholder in the bank, can borrow $25,000, the bank can resume, and he deems it canwise to endanger the stockholders by any precipitate action for the benefit of the bill holders. The Warwick Bank failed January, 1859. A real F. F. Q. called on us only a short time before this concern failed, and assured us it was good, because the stockholders were individually liable, and they were all friends of his. The Receivers of the Rhode Island Banks are the special friends of the stockholders, and the laws of Rhode Island abrogate all legal proceedings against a bank the instant the Receiver is appointed, and a stockholder cannot be called upon until the assets are entirely exhausted. Hence a broken bank is never entirely wound up. The machinery in use at the tunnel at Bergen Hill is to be sold under foreclosure on the 21st inst. After the sale, Mr. Cumming, the new contractor, will proceed with the work, which is to be completed in ten months. Mr. Satterthwaites circular, by the America says: Our Stock market has been unsettled during the past week, consequent upon the distrust felt as to the course of European politics, the effect has been to cause intending purchasers to suspend operations, and to induce speculators to close accounts open as much as possible; hence we have an increased supply of money offering on Loans. Money cannot be lent on Consols, even at 1 P cent, and 2@4 P cent is freely accepted by lenders on Railroad Securities. In the discount market the rate is 21@1 P cent. Consols close 961801 for money and account. We have had a steady market during the past week for American Securities; no large amount of Bonds or Shares are pressing, and we note an increasing disposition to take the best class of railway bonds for investment; 201 has been freely paid for Pennsylvania 1st Mortgage; New-York Central 7 P cent have brought 94), and the 6 P cent 85f. The Michigan Central Company having put itself into a financially sound position, confidence in its bonds is becoming more manafest, and we note purchases at $6, with but few bonds offering. Illinois Shares remain without alteration, at 34 dis., notwithstanding the advance to 28 dis., reported from New.York. Free Land Bonds are in demand at 84, butsellers are asking higher rates. From the annual report of the Delaware, Lackawanna and Western Road, made to the stockholders on the 25th of January last, we gather the following acts: TRANSPORTATION DEPARTMENT. The gross income from this department was as follows: