The Providence news. (Providence [R.I.]) 1891-1906, 1899-08-23
THE BANKS Of PROVIDENCE.
HeooIIsoIons Of Some Of The Changes Sncs The
AdVsni OF The National Bank no Az,


AT the time when the National Rank.
. ! ing act became operative there were in
, providence 3S banks doing business
| one IN ElmwoOd, now a part OF the
city and one al Knigbtsvlle i'm Grams
ton The names of these institutions
were as follows:
american, Lime Rock
AiCdue' Manufacturers,
Atiahtlc, Marine,
! Atlas Mechanics
Bank Of America, Mecbs ana Mfgs
| Bank OF Commerce Mercantile
Blk OF N. America, Merchants.
Blackstone Canal, National
Butchers and DroV. Northern
| city. Pawtuxef
| Commercial pheniv
continental Providence.
ESeha Roger Williams,
| ENchange, State,
! Glooe, Traders,
! Grocers and Prod, Union.
IMiisn M street, Westminster,
| Jdchsoh' WeybosSet,
Liberty, What Cheer.
The Bank of Elmwood was called the
Eiinwood Bank and that at Knights
Vile was the Crangton Bank
Two new banks, the First National
anu the Second National were at once
organized under the act the Marine re-
organized as the Third National the
Alle FDufVn National
ana the Mechanics and Manufacturers
as the Fifth National The Law vas
then amended or interpreted so as 10
enable any bank then i'm existence and
wlshing 10 come under the act TO retain
It's name, but ii must adopt as q nart
Oh lts title the word National" This
was TO overcome the obiections 20
banks TO parting with their oriyirai
names and the change from STATE 90
Natlohal Banking associations was
ialrly IN progress. A tax of 10 ,,r,.
cent upon the circulation OF tho s.ata
oahks was part OF the law and n ac-
oeierdteu the change for il taxed the
circulating notes Of the state banks out
OF existence as IL was Intended 10 a.
There was then no government cnr
rency except gold and silver which
were Dulky and troublesome. and The
notes issued by the state banks uare %
sreat convenience as they had readily
passeu as currency, but could do so no |
longer. Currency must be had how.
ever. and the banks were forcad H., |
the national system, which provided q |
circulation for the national hanks 80 |
cureu Dy ponds of the United Stat.. |
Whicn banks desiring to issue notes for
cirvufatioh were compelled to buy.
RMS created a stable and convenient
currency for circulation which was ac'
cepted at par the country over wbt,a
tne notes heretofore in circulation wore |
usualiy at a discount unless circuIa,a5 |
In the vicinity OF the point of their is-
sue. AZ these advantages became an
pareht tne national banking system be-
came popular the Banks largely adont-
ed IL and came under its provisjons
Other than those above named tho
reorganizations were as follows. Tho
Arcade Bank became the Rhode Isl-
ana a,sl Na'ional' the National held its
nrnsxsd name name win the word "Old"
prenNeu ana the American. the Allan
tic, the Bank of Commerce tha pan,-
ol North America, the Blackstone Ca
MAJ, the city, the CommerciaI tho Ea-
gle. the Exchange. the Globe. the I,jnn.
isock, the Manufacturers, the Mechan-
,s, ~ MerChants' the Phenix. the ,
inrrovldence. the Roger Williams tho
traders. and the Weybosset reoroan
@ @ine1 as national banking associafinns '
uuusr tnelr original names with tho l
WORD National added or preaxsd
VI the others two, viz. the High h
49,. ana the Westminster remain i'm \
business as banks Of discount a,,d DO a
posit under their state charters ~ g
sank or America has reorg,nIzea %, g
ne Union Trust Company ana eIevon n
nave gone into liquidation ami b,,a ri
'Iosed or are closing up their affairs. | y
nese are the Atlas. the Butchers and | Is
SroNeTs the Grocers and Producers ~
ne jackson, the Eber.y. tho Nercan, u
ne. the Northern. the Pawtuxet the a.
tate, the Union and the What Cheer N
Three or these banks which rooryan- D,
.ed as national banks arc closino tbair -,
Hairs IN liquidation. These ore tbe | \,
iobe. the Lime Rock and the Traders =,
INC trust Company is comparatively -,
new institution I'm Providence Tbc ~ ~
rst one-the Rhode Island Hosnifol ~ ~
as plganlIcd IN 1861. These corpora- | ~.
ons IN ADDITION 20 being banks OF dis vi
'unt ana deposit. are authorized hv
elr charters 90 act as savings banks w w
iardlans' receivers. executors admin S'
traitors, trustees and in other ndu- pI
ary positions and such officers as ~
ose above named as deposit funds as tu
"a by them IN such capacities with ~
ese companies are relieved by law ! n
n wrong doing no
These features have made tbese In IN
tWions popular There are three such WI
npanles Ia Provdence-that above nc
med tho Industrial and the Union te
Ilch was formerly the Bank or Amer. he
'hcre have been eleven savings hanks nc
froNidence. They were the provi- ers
nee institution which was the plop
p tne feouleS. tho CITY. tho Mech1n- vh
/. The 'lilzens. the Franklin. tho w;
anston. the Union. the Rhnd r.i,n1 ia,
Me'chnnts ana tn Jarksun pf ! str
'se the PrnNideuce the Ptopias IA, Re
'hahics the CITY. and the Cftjyaae OF
now IN successful operation. Tn. tha
anslon AMI the Fflnlliiu went down -
tne plnlc oi 1873. The Union ami fho TO
'oue is,ahd also received their death deo
w on 'hhr panic. The Merchants ana | ,,b1
Jackson continued for aoroe 80. -. -
,r !, nut were finally forced 90 tho vait sns
d closed their Doors q. n "a" IN,