Bank of the Republic (Providence, RI)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
October 29, 1856
Location
Providence, Rhode Island (41.824, -71.413)
Bank Type
state

Metadata

Events (2)

1. October 29, 1856 Suspension
Cause
Correspondent
Cause Details
Failure of a large Western produce house in New York whose paper the bank held, causing inability to meet payments.
Newspaper Excerpt
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
2. October 30, 1856 Receivership
Newspaper Excerpt
The Bank of the Republic ... has been enjoined and its effects placed in the hands of a receiver. ... S. K. Rathbone appointed Receiver.
Source
newspapers

Newspaper Articles (19)

Article from Evening Star, October 29, 1856

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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.


Article from Daily American Organ, October 29, 1856

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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.


Article from Richmond Daily Whig, October 30, 1856

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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


Article from The Daily Dispatch, October 30, 1856

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PROVIDENCE, R. I., Oct. 29.β€”The Bank of the Republic suspended payment yesterday, owing, it is said, to the failure of some large Western produce house in New York.


Article from The Daily Union, October 30, 1856

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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.


Article from Wheeling Daily Intelligencer, October 30, 1856

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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.


Article from The New York Herald, October 30, 1856

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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.


Article from Evening Star, October 31, 1856

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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.


Article from Worcester Daily Spy, October 31, 1856

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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.β€” 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.


Article from The Cecil Whig, November 1, 1856

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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.


Article from The Cadiz Democratic Sentinel, November 5, 1856

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PROVIDENCE, R.I., October 29.-The Bank ofthe Republic suspended yesterday, owing to the failure ofa firm in New York doing an ex tensive business in western produce.


Article from The Cadiz Democratic Sentinel, November 5, 1856

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PROVIDENCE, R. I. Oct. 29. is for The Bank of the Republic suspended yesterday, owing to a failure of a firm in New York, doing an extensive business in Western produce. sade


Article from The Westerly Echo, & Pawcatuck Advertiser, November 6, 1856

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BANK OF THE REPUBLIC, PROVIDENCE.-In consequence of the failure of a large Western produce house in New York, of whose paper this bank is said to have $100,000, it has failed to meet the payment of its notes. On Tuesday, the Governor placed this bank in commission, and appointed Shubal Hutchins and James G. Authony, Commissioners. On the report of the Commissioners to the Supreme Court, the bank was enjoined, and S. K. Rathbone appointed Receiver The capital of the bank is $125,000. The assets are $190,000, of which about $40,000 may be considered as good. The remainder consists principally of notes and drafts by western produce houses, which are considered very doubtful. The circulation of the bank is about $76,000the deposits are less than $400.


Article from Weekly Indiana State Sentinel, November 6, 1856

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Bank of the Republic at Providence. PROVIDENCE, Wednesday, October 29. The Bank of the Republic, of this city, has been placed in the hands of a receiver. Its capital is $112,000; circulation $76,000; its deposits are less than $400,000. Its assets are $190,000, of which $40,000 is doubtful.


Article from Wilmington Journal, November 7, 1856

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Arrival of the Isabel at Charleston. CHARLESTON, October 28.-The steamer Isabel, Captain Rollins, from Havana via Key West, arrived here to-day with dates to Saturday. A royal order had been published that United States gold hereafter would only be received, for landing permits, at such value as the officers may deem correct. Mr. Blythe had not vet assumed the duties of the consulate. Sugars have lightly advanced as the late rains would probably retard the crops. Freights were dull. The bark Joseph Hall had discharged and would be repaired immediately. PROVIDENCE, R. 1., Oct. 29.-The Bank of the Republic suspended payment yesterday, owing, it is said, to the failure of a large Western produce house in New York.


Article from The Weekly Minnesotian, November 8, 1856

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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:


Article from The Weekly Minnesotian, December 6, 1856

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BANK MATTERS

-The Bank of the Republic, Providence, the failure of which was announced some weeks since, appears to be a bad wreck. A letter to Thompson's Bank Note Reporter, under date of Providence, Nov. 13, says, "The Mt. Vernon Bank is paying nothing to-day. The Governor, last evening, sent commissioners in to examine the affairs, who pronounce the bank able to meet all its liabilities, and they will resume payment again in a day or two." The Columbus (Ga.) Enquirer states that an investigation of the affairs of the suspended Manufacturers and Mechanics' Bank was made a few days ago by a receiver appointed for that purpose, and that the resources available for the redemption of its liabilities were found to be very scant. It is said that the amount outstanding is about $20,000. Some sales of its paper have been made as low as 25 cents on the dollar.


Article from New-York Daily Tribune, June 27, 1857

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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.


Article from New-York Daily Tribune, August 12, 1857

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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.