USA > Rhode Island > Rhode Island : three centuries of democracy, Vol. II > Part 34
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STATE BANKS THAT BECAME NATIONAL BANKS-In the following list of state banks converted into national banks in 1865 the year with each name is the date of incorporation ; bank names were modified only by incorporating the word "national" unless another name is indicated : American of Providence, 1833; Aquidneck of Newport, 1854; Arcade of Provi-
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dence, 1831, became Rhode Island National Bank; Ashaway of Hopkinton, 1855; Bank of Commerce of Providence, 1851; Bank of North America of Providence, 1823; Bank of Rhode Island of Newport, 1795; Blackstone Canal of Providence, 1831; Centreville Bank of Warwick, 1828; Citizens' Bank of Woonsocket, 1851; Citizens' Union Bank of Scituate, 1833, became Scituate National Bank; City Bank of Providence, 1833; Commercial Bank of Providence, 1833; Continental Bank of Providence, 1853, became Fourth National Bank; Coventry Bank of Anthony, 1850; Cumberland Bank of Cumberland, 1823; Eagle Bank of Bristol, 1818; Eagle Bank of Providence, 1818; Exchange Bank of Newport, 1834; Ex- change Bank of Providence, 1801; Freemans Bank of Bristol, 1817; became First National Bank of Bristol; Globe Bank of Providence, 1831; Globe Bank of Smithfield, first chartered as Providence County Bank, 1834, and name changed, 1844, and removed to Woonsocket, 1855, became National Globe Bank of Woonsocket; Granite Bank of Pascoag, first chartered as Pascoag Bank, 1833, and name changed to Granite Bank, 1851, became Pascoag National Bank; Greenwich Bank of East Greenwich, 1856; Hope Bank of Warren, 1822; Landhold- ers Bank of South Kingstown, 1818; Lime Rock Bank of Providence, first chartered as Smithfield Limerock Bank of Smithfield, 1823, removed to Providence, 1847, and name changed to Limerock Bank, 1859, became Lime Rock National Bank of Providence; Manufac- turers Bank of Pawtucket, 1813, removed to Providence, 1831, and became Manufacturers National Bank ; Marine Bank of Providence, 1856, became Third National Bank; Mechanics Bank of Providence, 1823; Mechanics and Manufacturers Bank of Providence, 1827, became Fifth National Bank; Mercantile Bank of Providence, 1854, became First National Bank ; Merchants Bank of Providence, 1818; Narragansett Bank of Wickford, 1805, merged with North Kingstown Bank, 1865, and chartered as Wickford National Bank; National Bank of Providence, 1833, became Old National Bank; New England Pacific Bank of Smithfield, 1818, transferred to Pawtucket, 1832, and became Pacific National Bank of Pawtucket; New- port Bank of Newport, 1803; Niantic Bank of Westerly, 1854; North Kingstown Bank of Wickford, chartered as South Kingstown Bank of South Kingstown, 1818, and removed to Wickford as North Kingstown Bank, 1919, merged with Narragansett Bank of Wickford, and became Wickford National Bank; Peoples Bank of Pawtucket, 1846, absorbed by the First National Bank of Pawtucket ; Peoples Exchange Bank of Wickford, 1853, became National Exchange Bank of Wakefield; Phenix Bank of Providence, chartered as Farmers and Mechanics Bank of Pawtucket, 1823, and reorganized in 1833 as Phenix Bank of Provi- dence ; Phenix Bank of Westerly, 1818; Phenix Village Bank of Warwick, 1856, became Phenix National Bank of Phenix; Producers Bank of Woonsocket, 1852; Providence Bank of Providence, 1791; Railroad Bank of Woonsocket, 1857, became First National Bank of Woonsocket ; Roger Williams Bank of Providence, 1803; Slater Bank of Pawtucket, 1855;
Smithfield Exchange Bank of Smithfield, 1822, became National Exchange Bank of Smith- field; Smithfield Union Bank, 1805, removed to Woonsocket, 1852, and became National Union Bank of Woonsocket; Traders Bank of Newport, 1836, became First National Bank of Newport; Traders Bank of Providence, 1836; Village Bank of Burrillville, first chartered as Burrillville Agricultural Bank, 1818, name changed to Burrillville Agricultural and Manu- facturers Bank, 1818, name changed to Village Bank, 1822, became First National Bank of Smithfield; Wakefield Bank of Wakefield, 1834; Warren Bank of Warren, 1803; Washing- ton Bank of Westerly, 1800; Weybosset Bank of Providence, 1831; Woonsocket Falls Bank, 1828, became Woonsocket National Bank.
The following state banks chartered before 1865 were not organized, and the charters were forfeited in 1919: Atlantic Mediterranean Banking and Navigation Company of Prov- idence, 1854; Coventry Bank of Coventry, 1836; Island Bank of New Shoreham, 1854; Moshausic Bank of Providence, 1856; Mount Hope Bank of Bristol, 1818; Pawners Bank of
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Providence, 1864; Peacedale Bank of Peacedale, 1853; Pokanoket Bank of Bristol, 1856; Rhode Island Agricultural Bank of Johnston, 1823; West Greenwich Farmers Bank of West Greenwich, 1833. The following banks, chartered in Rhode Island, were transferred to Mas- sachusetts because of change of state boundary lines in 1860-1861: Bristol Union Bank of Bristol, removed to Tiverton, 1830, and name changed to Fall River Union Bank, 1831 ; Pocasset Bank of Tiverton, 1854.
The following state banks went into voluntary liquidation about 1865, choosing neither to become national banks nor to continue as state banks without the function of issuing currency : Atlas Bank of Providence, 1854, liquidated 1867; Bank of Bristol, Bristol, 1800, discontinued 1865; Cranston Bank of Cranston, 1818, removed to Providence 1850, and to Olneyville 1865, discontinued 1865; Elmwood Bank of Cranston, 1854, discontinued 1867; Exeter Bank of Exeter, 1833; Franklin Bank of Chepachet, 1818, discontinued 1868; Bank of Kent, Cov- entry, 1818, discontinued 1867; Richmond Bank of Richmond, 1856, removed to Hopkinton 1863, discontinued 1866; Sowamsett Bank of Warren, 1854; Washington County Bank of Richmond, 1856, removed to Charlestown, 1863, discontinued 1865; What Cheer Bank of Providence, 1853, discontinued 1866. The following banks were discontinued earlier than 1865 for the reasons noted: Burrillville Bank of Burrillville, 1818, failed 1832; Farmers' Bank of Wickford, chartered as Wickford Bank, 1854, name changed to Farmers' Bank 1855, receivership 1857; Farmers' Exchange Bank of Glocester, 1804, closed by order of the Gen- eral Assembly, 1809, after exposure of gross fraud and dissipation of assets; Hamilton Bank of Scituate, chartered as Scituate Bank 1818, name changed to Hamilton Bank, 1841, closed by order of the General Assembly, 1849, bank placed in receivership and directors enjoined against further operations : Hopkinton Bank of Hopkinton, 1850, receivership 1857; Mount Vernon Bank of Foster, 1823, removed to Providence 1854, suspended 1859; Bank of New England of East Greenwich, 1853, charter declared null and void 1854; North Kingstown Exchange Bank of Wickford, 1847, charter repealed 1848 on disclosure that bank had no actual capital and was prepared to issue currency in amount exceeding its nominal capital ; North Providence Bank of Pawtucket, 1834, failed 1867, because of defalcation; Bank of Republic of Providence, 1854, closed 1856; Rhode Island Central Bank of East Greenwich, 1805, receivership 1857; Rhode Island Exchange Bank of East Greenwich, 1852, failed 1860 because of defalcation ; South County Bank of Wakefield, 1851, suspended 1857 and wound up by receiver as insolvent; Tiverton Bank of Tiverton, 1855, receivership 1857; Warwick Bank of Apponaug, 1818, discontinued 1859. Of fifteen state banks thus summarily disposed of eight failed in 1857 or so close thereto as to suggest the panic of 1857 as the predominating factor ; two failed because of defalcation, four were closed because of fraud, and one failed just before the panic of 1833.
The following state banks continued to operate as state banks after 1865: Atlantic of Providence, 1853, chartered as Atlantic National Bank, 1882; Bank of America of Provi- dence, 1851, became Bank of America Loan and Trust Company, 1890; Bristol Commercial Bank of Bristol, 1809, receivership 1869; Butchers and Drovers Bank of Providence, 1853, liquidated 1890; Grocers and Producers Bank of Providence, 1853, failed 1878; High Street Bank of Providence, 1828, still doing business ;* Jackson Bank of Providence, 1854, liqui- dated 1895-1904; Liberty Bank of Providence, 1850, closed 1883; Merchants Bank of New- port, 1807, insolvent 1902; New England Commercial Bank, Newport, 1818, liquidated 1914; Northern Bank of Providence, 1856, closed 1882; Pawtuxet Bank of Pawtuxet, 1814, removed to Providence 1845, closed 1882; State Bank of Providence, 1850, liquidated 1893 ; Union Bank of Providence, 1814, liquidated 1890; Westminster Bank, Providence, 1854, liquidated 1924; Rhode Island Union Bank of Newport, 1804, chartered as Union National
*Became trust company, 1930.
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Bank, 1881. The High Street Bank was the only old commercial state bank operating in 1930. Two other banks, the Columbus Exchange,t chartered 1910 and operating a central and three branch banks in Providence; and the Dante State Bank, chartered 1924, were oper- ating under state charters in 1930.
BANKING FACILITIES IN 1865-1866-The distribution of banks in 1865-1866 after the conversion of a majority of state banks into national banks was as follows: Bristol-National Eagle, First National, and Bristol Commercial ; Burrillville-Pascoag National ; Coventry --- Coventry National; Cumberland-Cumberland National; East Greenwich-Greenwich National; Hopkinton-Ashaway National; Newport-Aquidneck National, National Bank of Rhode Island, National Exchange, Newport National, First National, Merchants Bank, New England Commercial Bank, Rhode Island Union Bank; North Kingstown-Wickford National; Pawtucket-Pacific National, First National, Slater National; Providence-First National, Second National, Third National, Fourth National, Fifth National, American National, Blackstone Canal National, City National, Commercial National, National Bank of Commerce, National Eagle, National Exchange, Globe National, Limerock National, Manufac- turers National, Mechanics National, Merchants National, National Bank of North America, Old National, Phenix National, Providence National, Rhode Island National, Roger Williams National, Traders National, Weybosset National, Atlantic Bank, Bank of America, Butchers' and Drovers' Bank, Grocers' and Producers' Bank, High Street Bank, Jackson Bank, Liberty Bank, Northern Bank, Pawtuxet Bank, State Bank, Union Bank, Westminster Bank; Scitu- ate-Scituate National; Smithfield-First National and National Exchange; South Kings- town-National Landholders, National Exchange of Wakefield, Wakefield National; War- ren-National Hope, Warren National; Warwick-Centreville National, Phenix National ; Westerly-Niantic National, Phenix National, Washington National; Woonsocket-Citizens' National, National Globe, Producers National, First National, National Union, Woonsocket National.
SPRAGUE FAILURE-Jay Cooke & Company of Philadelphia, with branches in other finan- cial centres, failed in September, 1873. The house had been established in 1861, and as fiscal agent for the United States government during the Civil War had negotiated loans to the amount of $2,000,000,000. The firm continued as one of the outstanding financial organiza- tions of the country, with such clients as the Northern Pacific Railroad. The failure precipi- tated the national panic of 1873, in the course of which the deflation that should have accom- panied gradually the reduction in prices following the war was accomplished almost at once. The A. & W. Sprague Manufacturing Company of Rhode Island suspended in October after a hopeless effort to maintain itself by extensive borrowing at interest rates that were almost prohibitive. The Spragues were not only the leading cotton textile manufacturers and fin- ishers in Rhode Island, but their wealth had been invested liberally in other enterprises in the State, while outside it their textile mills and water rights extended from Maine to Georgia. The Spragues had expanded their business interests rapidly, using borrowed capital; they were enterprising and adventurous, and the name of one or the other brother, Amasa or Wil- liam, appeared in most subscriptions for new companies. To them principally Providence owed the beginning of its street railway transportation. The Cooke failure had upset confi- dence, and interest rates advanced rapidly, the rates in 1873 being so high as twelve, fourteen, sixteen, eighteen and twenty per cent. in Rhode Island. The Spragues had included with their investments, not only participation in enterprises that were profitable at the time, but also purchases of sites for factories which, in the legitimate development of their command- ing position in Rhode Island as the centre of the textile industry, would have made them mas-
+Columbus Exchange Trust Company, 1930.
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ters of the industry on a national basis. With their millions they seemed invincible, and the firm had behind it traditions of successful manufacturing through almost four generations. The appraisal of the Sprague holdings made after the assignment showed assets of $19,495,000 and liabilities of $11,475,000; but these were valuations based upon going enterprises. When, in the course of liquidation, mill property that had become idle in the depression that followed the panic was sold, the losses were tremendous. The failure was the worst in the history of Rhode Island, and in its wake carried other firms into bankruptcy, and inflicted losses from which the state made a very slow recovery .*
Five Rhode Island banks were affected immediately. The Cranston Savings Bank sus- pended October 30, 1873; its principal assets included $925,000 of Sprague notes without security, and $375,000 of notes with security, the Sprague paper totalling $1,300,000. The depositors eventually received dividends of approximately twenty-five per cent. The Franklin Savings Bank, with $750,000 of Sprague notes, also failed. Three national banks, the Globe, First and Second, held Sprague notes amounting to approximately $2,250,000. These banks were practically reorganized on the basis of capital stock reduction and assessment of stock- holders to comply with the national bank requirement of double liability. The Globe National Bank reduced its capital stock fifty per cent., from $600,000 to $300,000, the holders includ- ing the state of Rhode Island, which had invested part of the permanent school fund in this bank. The Second National reduced its capital stock forty per cent., from $500,000 to $300,- 000; and the First National stock was reduced from $600,000 to $500,000. In the instance of banks prompt readjustments were necessary; hence the liquidation of the savings banks and drastic action by the national banks. As the liquidation of the Sprague property dragged on for a dozen years, however, and the estate was subjected to additional losses because of quarrels and expensive litigation in the courts of half a dozen states, it appeared that the banks fared as well almost in prompt reorganization as did those who delayed accepting the situation as practically hopeless from the beginning.
Other banks felt the Sprague failure not so severely as the five mentioned; but many failures of banks and other corporations in later years might be traced back to initial causes connected with the Sprague failure. One of the incidents of the failure was a shrinkage in land values; the valuation of the city of Providence decreased from $123,628,800 in 1874 to $115,581,700 in 1879, and did not regain the valuation of 1874 until 1885. In the course of litigation and liquidation the estate valued at $19,000,000 in 1873 shrank to little more than $2,000,000, which was not twenty per cent. of the liabilities listed as $11,475,000 in 1873. The failure was accompanied by the closing of factories, and thousands were without employment and suffering from distress. At this period the city of Providence carried through the project known as the Brook Street improvement, whereby "Corky" Hill at the Fox Point end of the lower east side of the city was levelled, new street grades and drainage lines were established, and the earth taken out was dumped into the Seekonk at the east, thus forming Gano Street. The project furnished employment for many during the winter that was long remembered for its severity and the privations endured.
Immediate effects of the Sprague failure on banking appeared in the peremptory closing of two savings banks -- the Franklin and Cranston, both of Providence-and the reorganiza- tion, with capital reduced to offset part of their losses, of three national banks-the First, Second and Globe, all of Providence. Business failures are attended always by cumulative as well as decisive distress, the latter immediate, the former eventual and consecutive, as credi- tors are weakened by insolvency of their debtors and the debtor-creditor pyramid is shaken at its base. Business failures are depressing, as well as distressing, because they destroy confi- dence, and that, in the last analysis, is the essence of sound credit relations. The Sprague insolvency astounded the nation because of its magnitude; it stunned Rhode Island and almost
*See Chapters XXIII, XXIV, XXVI.
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destroyed business enterprise. Stupendous as was the first shock of the suspension of the state's greatest commercial and industrial organization, blow followed blow, as failure fol- lowed failure and the Sprague estate evaporated. Banks and business houses felt the effect of depression, if not in some way involved in the failure as creditors of debtors who were involved. While not all of the failures in Rhode Island in the ten years following 1873 were attributable directly to the Sprague suspension, many were related to it, and most of the banks that were reorganized or liquidated traced the beginnings of their troubles to the chaos that followed 1873. The following banks, besides the two named above, were closed within ten years of the Sprague failure, while the Sprague estate was still being liquidated: Grocers' and Producers' Bank of Providence, failed 1878; Liberty Bank of Providence, closed 1883; Northern Bank of Providence, reorganized first and closed, 1882; Pawtuxet Bank of Provi- dence, closed 1882; National Exchange Bank of Wakefield, 1879; Citizens Savings Institu- tion of Woonsocket, 1882; Pascoag Savings Bank, 1883; Rhode Island Institution for Savings of Providence, 1883; Union Savings Bank of Providence, 1883.
The effect of the Sprague failure on banks, except the two savings banks that were forced into liquidation immediately, is illustrated by the vicissitudes of the Globe National Bank, which had been closely identified with Sprague enterprises and which held a large amount of Sprague notes. The capital stock was reduced one-half in April, 1877, to meet losses on the notes, which were then counted with assets as worth twenty-five per cent. of face value. Fol- lowing this first assessment on stockholders of half their investment, a second assessment of $15 per share was levied in 1881, when the Comptroller of the Currency ruled that the Sprague notes were worthless. The state of Rhode Island held 2000 shares of Globe National Bank stock as part of the securities in which it had invested the permanent school fund. The stock, with bonus, had cost $101,008.19. The state holding was reduced to 1000 shares in 1877, which meant an immediate loss of $50,000, and the General Assembly eventually paid an assessment of $15,000 on the 1000 shares, making the state loss $65,000. Governor Littlefield discussed the situation in his message to the General Assembly in 1881, and recommended, in 1882, that all investments in national bank stocks be changed "as soon as it can advantage- ously be done." The Governor's reason for the recommendation was given as possibility of assessment under the provisions of the federal banking law, which imposed double liability on stockholders, and although he professed "the utmost confidence in the national banking system as a method of doing the business for which it was established," he urged "that the school fund should, if possible, be placed beyond the risks attending the present form of invest- ment." The Globe National Bank stock was sold in 1898 by order of Governor Dyer for $66.25 per share, par value $50, the state regaining thus enough to offset the assessment of $15,000. At the same time all other national bank stocks held for the permanent school fund were sold, except those of the National Bank of Commerce, for which there was no market at the time, following a reduction of fifty per cent. in stock. The Globe National Bank went into liquidation in 1899; the National Bank of Commerce is in active business in 1930. The state loss on investments in bank stocks was $50,487.32 from actual investment, plus 407 shares of National Bank of Commerce, of which the book value was $20,350, making the total shrinkage $70,837.32. Of this $50,000 was chargeable directly to the Sprague failure and the Globe National Bank, and the balance was chargeable probably to the Sprague failure indirectly.
CONSOLIDATION OF BANKS-Two state banks were reorganized as national banks after 1866-the Rhode Island Union Bank of Newport as the Union National Bank, 1881, and the Atlantic Bank of Providence as the Atlantic National Bank, 1883. Besides those already named, the following state and national banks were closed before 1900 :¿ Coventry National Bank of Anthony, closed 1885; Cumberland National Bank, closed 1885; Scituate National Bank, closed 1889; Bank of America of Providence, liquidated 1890, business taken over
#Charters expired ; the banks did not seek renewal.
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by Bank of America Loan and Trust Company; Union Bank of Providence, liquidated 1890; Butchers' and Drovers' Bank of Providence, liquidated 1890; State Bank of Providence, liquidated 1893; Limerock National Bank of Providence, liquidated 1894; Jackson Bank of Providence, liquidated 1895; Traders' National Bank of Providence, liquidated 1896; Globe National Bank of Providence, liquidated 1899. While the reasons for some of the liquidation of banks were bad investments, other reasons were: (I) the slow recovery of business confi- dence after the Sprague disaster and its attendant train of failures; (2) an excessive number of banks, and competition because of it, which tended to reduce the earnings of bank capital; (3) discovery in actual practice that the deposit of bonds of the United States to guaranty currency tended to reduce the working capital of banks ;* (4) increasing deposits, in volume sufficient to suggest the feasibility of conducting a banking business in loans and discounts profitably without recourse to currency ; (5) rise of the state-chartered trust companies,t which, because not hampered by the restrictions imposed on national banks as to the nature of investments, and of privileges not granted to earlier state banks, were becoming active and successful competitors of national banks and state banks of the old type.
Three movements followed a critical survey of the banking situation: (1) Transforma- tion of national banks into trust companies; (2) consolidation of national banks with a tend- ency to reduction in capital commensurate inversely with an estimate of overcapitalization, and (3) absorption of national banks by trust companies. Wakefield National Bank became Wakefield Trust Company, 1890; Manufacturers' National Bank of Providence, the Manu- facturers' Trust Company, 1898; Phenix National Bank of Phenix, the Phenix Trust Com- pany, 1899; Slater National Bank of Pawtucket, the Slater Trust Company, 1900; Washing- ton National Bank of Westerly, the Washington Trust Company, 1902; National Landhold- ers' Bank of South Kingstown, the Kingston Trust Company, 1905. Rhode Island National Bank, National Eagle Bank, Second National Bank, and Fifth National Bank, all of Provi- dence, became United National Bank, 1901; United National Bank absorbed Fourth National Bank, 1907; Providence National Bank absorbed Merchants' National Bank, 1928, removing from its old location on South Main Street to the banking house of the Merchants' Bank temporarily, while a new building for the Providence Bank was in process of construction. The Industrial Trust Company absorbed First National Bank and National Eagle Bank of Bristol, National Bank of Rhode Island of Newport, First National Bank and Pacific National Bank of Pawtucket, Third National Bank and Roger Williams National Bank of Providence, and Woonsocket National Bank, all in 1900; Pascoag National Bank, 1901; Wickford National Bank and First National Bank of Woonsocket, 1902; National Hope Bank of Warren and National Warren Bank, National Niantic Bank of Westerly, 1904; Old National Bank of Providence, 1906; United National Bank, 1916; National Exchange Bank of Providence, 1926. The Union Trust Company absorbed City National Bank of Providence, 1899; Commercial National Bank of Providence, 1903; Wey- bosset National Bank of Providence, 1904. Rhode Island Hospital Trust Company absorbed First National Bank of Providence, 1904; American National Bank of Providence, 1906; Producers' National Bank of Woonsocket, 1926. Other absorptions were: National Bank of Woonsocket, by Woonsocket Trust Company, 1915; Phenix National Bank of Westerly, by Washington Trust Company, 1892; Greenwich National Bank, by Manufacturers' Trust Company, 1900 ; First National Bank of Newport, by Newport Trust Company, 1905. Aquid- neck National and National Exchange Bank of Newport consolidated 1926, as Aquidneck National Exchange Bank and Savings Company. The following national and state banks were closed: Atlantic National of Providence, receivership 1913; Union National Bank of Newport, liquidation, 1912, absorbed by Aquidneck National Bank; National Bank of North
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