Bedford Bank (Bedford, IN)

Episode Information

Episode UID
2511535491122
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
251153549 hash
Start Date
June 6, 1893
Location
Bedford, Indiana (38.861, -86.487)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
95a8fed41701b898

Response Measures

None

Description

An assignment/assignee was reported after the suspension, indicating permanent closure.

Events (3)
1. June 6, 1893 Run
Cause
Macro News
Cause Details
Heavy withdrawals triggered by runs on Chicago banks and the attendant loss of promised assistance
Newspaper Excerpt
in consequence of recent heavy withdrawals of deposits, the bank was forced to suspend
Source
newspapers
2. June 6, 1893 Suspension
Cause
Macro News
Cause Details
Suspension caused by the run (linked to runs on Chicago banks and withdrawal contagion)
Newspaper Excerpt
The Bedford Bank this morning closed its doors. The president claims that owing to an unprecedented heavy run on the Chicago banks... the bank was forced to suspend.
Source
newspapers
3. June 8, 1893 Receivership
Newspaper Excerpt
An assignment was made yesterday, and Robert Palmer was appointed assignee.
Source
newspapers

Newspaper Articles (20)
1. June 7, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 7, 1893

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know nothing of his whereabouts. 1218 stated that he left his business affairs in bad condition. His property has been attached in a suit brought by Mrs. Charlotte Baker to recover $12,000 given to Mr. Merrill to urchase shares of stock for her. but since that time he has failed to turn them over to her. Other attachments are: Sarah A. Cohen. $40,000; Hepsebeth Fenton, $5,000; Susan D. B. Webber, $10,000; Robert M. Morse, $25,000; Lucia A. D. Long, $100,000. John F. Hooper. Mr. Merrill's private secretary, said to-day that Mr. Merrill had gone away for rest, on the advice of a physician. His financial affairs, his secretary says, are in good condition. and all claims against him will be promptly paid when he returns. Winthorp M. Merrill said to-day: "1 think it would be safe to estimate that after all my father's liabilities are met he would be worth from $100,000 to $200,000." Three More Spokane Banks Closed. SPOKANE, Wash., June 6.-As a result of the suspension of the Pank of Spokane Falls yesterday, three other banks in this city closed their doors to-day. They are the Washington National, the Washington Savings and the Citizens' National. A. M. Cannon, president of the Bank of Spokane Falls, is vice president of both the Washington National and Washington Savings Bank and the failure is due directly to the failure of the Bank of Spokane Falls. There great excitement during the run occurred on day and was a Washington nearly every Nabank in the city. The tional has a paid-up capital of $100,000, and according to a recent statement has deto $326,000. posits amounting The capital Wash- of 1D g ton Savings has a paid-up $50,000 and deposits of $100,000. The Citiof $150,000 and to about zens' deposits National amounting has a capital $400,000. It is believed all the banks are perfectly solvent and will resume in a few days. The Palonse City Bank of Palouse City, also closed its doors to-day. Bedford Bank Forced to Suspend. Special to the Indianapolis Journal BEDFORD, Ind., June 6.-The Bedford Bank this morning closed its doors. The president claims that owing to an unprecedented heavy run on the Chicago banks yesterday, which had promised assistance, the bank was forced to suspend. Depositors are promised to receive full value for every dollar. The bank 18 one of the oldest in the State. The exact amount of deposits 18 not known at present, but are supposed to be large. Packing House Attached. WICHITA, Kan., June 6.-The Laclede and Third National Banks, of St. Louis, and the Bank of Commerce, of Kansas City, to-day sued out attachments for $50.000 and $25,000, and $50,000, respectively, against the Francis Whittaker & Sone house. Late this evening N. packing of the property. The sheriff is in possession W. Levy, president of the Wichita National Bank, was appointed receiver. The plant here is valued at $200,000. Assignment of New England Publishers. BOSTON, June 5.-Potter & Potter, publishers of the New England Magazine, the Yankee Blade, the Woman's Home Journal, the American Vehicle and the Amesbury, have assigned to W. J. Clark, of this city. Isaac J. Potter said that the New England Magazine had broken the firm. and that the other publications were in good condition. The liabilities are between $75,000 and $100,000. A Wisconsin Bank Suspends. Lane The State

2. June 7, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, June 7, 1893

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EARLY BIRD DEPOSITORS A LONG RUN ON A CHICAGO BANK. The Doors Kept Open Till 2 a m. To Pay Ont Money To Depositors-The Fever Spreads To Other Banks. CHICAGO, ILLS., June 7.-It was uot until after two o'clock yesterday morning that the Illinois trust and saving banks closed its doors after paying the last depositor that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock, however, another batch of depositors bad made their appearance, and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings bank, the Union Trust,aud the Hibernian bank the same scenes were being enacted. By ten o'clock it was apparent that Monday's experiences would be repeated at each institution. At some of them there were double lines of depositors extending for a couple of blocks. Another large crowd (extended out into the middle of the street and those composing it pushed their way inside as best they could. Officers of all the institutions insisted that they were able to weather the storm and with the exception of the Dime Sayings bank, not one has so far found it necessary to enforce even the thirty days' notice rule, while this latter institution is paying from 20 to 80 per cent. in cash, according to the needs of the various applicants and requiring only the usual thirty days' notice for the remainder. At the various national banks it is said that the Illinois Trust, which has savings deposits subject to notice, to a total of $10,500,000 and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution say that they can pay off every depositor in the savings branch and still haye several millions left for an emergency. Joseph Rathbone & Co., lumber dealers. made a voluntary assignment this morning. Assets scheduled at $500,000; liabilities at $250,000. KALAMAZOO, Mich., June 7.-The Winans-Pratt Carriage company made an assignment yesterday. BEATRICE, Neb., June 7.-The State bank at Cortant, this county, closed vesterday. It was a small bank. DALLAS, Tex., June 7.-The Times Herald, the only afternoon newspaper in the city, was sold at receiver's sales yesterday to Dr. c. M. Rasser for $16,000. The paper was anti-Cleveland and for free silver. It will be continued as a Democratic daily. SPOKANE, Wash., June 7.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors yesterday. Both have plenty of assets. BEDFORD, IND., June 7.-The Bedford bank suspended yesterday.

3. June 7, 1893 The Herald Los Angeles, CA
Article from The Herald, June 7, 1893

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An Indiana Bank Suspends. BEDFORD, Ind., June 6.-The community was startled this morning when the Bedford bank failed to open its doors. President Winstanley explained that in consequence of recent heavy withdrawals of deposits, the bank was forced to suspend for a few days. It is one of the oldest and most reliable banks in the city.

4. June 7, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 7, 1893

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Two Banks Suspended. BEATRICE, Neb., June 6.-The State Bank of Cortland, this county, closed this afternoon. It is a small institution. Liabilities $50,000, assets unknown. BEDFORD, Ind., June 6.-The Bedford bank failed to open its doors this morning. The run on Chicago banks caused the failure of promised assistance from that city.

5. June 8, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 8, 1893

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MADE A DEED OF TRUST. Holder of Bank Stock Thus Aids Frightened Depositors. NEW ALBANY, Ind., June 7.-The New Albany Banking Company suspended payment this morning, and closed its doors, The suspension was caused by a run on the Bedford Bank of Bedford, Ind., yesterday, which forced it to close. W. L. Breyfogle, one of the principal stockholders, executed a deed of trust for $300,000 worth of unencumbered real estate in Chicago for the benefit of the depositors of the two banks here. It 18 claimed the assets are $212,000, and the liabilities only $100,000. The depositors will be paid 100 cents on a dollar. Two Big Concerns in Trouble. MINNEAPOLIS, Minn., June 7.-Two of the best known elevator companies in the Northwest, the Northern Pacific and the Red River Valley, are financially embarrassed. The capital stock of the Northern Pacific elevator Company is $650,000, and of the Red River Valley Company $230,000. Both concerns are controlled largely by the same men. The trouble is attributed to the prevailing uncertainty and lack of confidence felt by the banks.

6. June 8, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, June 8, 1893

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New Albany Bank Suspends. NEW ALBANY, Ind. June 7.-The New Albany Banking company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford bank at Bedford, Indiana. yesterday, which forced it to close. It is claimed that the assets are $212,000. the liabilities 8100, 000, and that the depositors will be paid 100 cents on the dollar. A deed of as signment was today made to John H. Stotzenberg.

7. June 8, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 8, 1893

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Bank Closes at New Albany. NEW ALBANY, IND., June 7.-The New Albany Banking Co. suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank at Bedford, Ind., yesterday which forced it to close. It is claimed the assets are $212,000; its liabilities $100,000. A deed of assignmont was to-day made to John H. Stotzenberg.

8. June 8, 1893 The Times Richmond, VA
Article from The Times, June 8, 1893

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Banking Company Suspends. NEW ALBANY, IND., June 7.-The New Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank at Bedford, Ind., yesterday, which forced it to close. The principal stockholders in the two banks are identical. It is claimed the assets are $212,000 and liabilities $100,000, and that depositors will be paid one hundred cents on the dollar.

9. June 8, 1893 The Morning News Savannah, GA
Article from The Morning News, June 8, 1893

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A New Albany Bank Suspends. New Albany, Ind., June 7.-The New Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank, at Bedford, Ind., yesterday, which forced it to close. The principal stockholders in the two banks are identical. It is claimed that the assets are $217,000 and the liabilities $100,000, and that depositors will be paid 100 cents on the dollar.

10. June 8, 1893 The Morning News Savannah, GA
Article from The Morning News, June 8, 1893

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A Bedford Bank Suspends. Bedford, Ind., June 7.-The Bedford Bank suspended yesterday.

11. June 8, 1893 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, June 8, 1893

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Latest Bank Failures. SPOKANE. Wash., June 8.-As a result of the suspension of the Bank of Spokane three other banks in this city have closed their doors. They are the Washington National, the Washington Savings and the Citizens' National. Other banks which have just suspended payment are: First National bank, of Palouse, Wash.: the Bedford bank, Bedford, Ind.; New Albany Banking company, New Albany, Ind.; the State bank, Cortland, Neb.

12. June 8, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 8, 1893

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BUSINESS TROUBLES. / Joseph Rathbone & Co., lumber dealers of Chicago, assigned June 7. with liabilities of $2.0,000 and assets of $500.000. They had been usable to realize on commercial paper. The New Albany (Ind.) Banking Company has suspended as a reaul of the run on the Bedford, Ind. bank on June 6, both banks having the saino stockholders. Liabilities, $100,000; assets (caimed). $212,000. Depositors will probably be paid in full. W. L Greyfoll, one of the principal stockholders, having filed a deed of trust to the brake for $300,000. The officers of the New Albany bank are: I. S. Windstadley, president; C. J. Frederick, cashier: capital, $100,000; chartered in 1832

13. June 8, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 8, 1893

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MORE WESTERN BANKS SUSPEND. New-Albany. Ind.. June T.-The New-Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank, at Bedford, Ind., yesterday, which forced it to close. The principal stock. holders in the 186 banks are T. S. Windsley, of this city; W. S. Windsley, of Bedford, and W. L. Breyfogle, of Chicago, formerly of this city. Yesterday W. L. Breyfogle executed a deed of trust of $200,000 worth of upencumbered real estate in Chicago for the benefit of the depositors of the two banks here. 11 is claimed the assets are $212,000; its liabilities $100,000: and that the depositors will be paid 100 cents on the dollar. A deed of assignment was to-day made to John H. Stotzenberg. Indianapolis, June 7.-A Bedford dispatch to "The Sentinel" says: "The community was-startled to find yesterday that the Bedford Bank did not open Its doors. The president, Mr. Wind day, explained that in consequence of recent heavy withdrawals of deposits the bank would be forced to suspend for a few days. It is one of the oldest banks of the section." Beatrice, Neb., June 7.-The State Bank, at Cortland, this county, closed yesterday morning. It is a small institution. Deposits are about $18,000; assets unknown. Palouse, Wash., June 7.-The First National Bank, of this city, closed Its doors this morning. The suspension is due to the failure of the rank of Spokane. The bank has a capital and surplus of $100,000, and deposits of about 30,000.

14. June 8, 1893 The Sun New York, NY
Article from The Sun, June 8, 1893

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ELSEWHERE. FINANCIAL TROUBLES A Number of Failures, Mostly Among Small Banks, BEATRICE. Neb., June 7.-The State Bank at Cortland. this county. closed yesterday morning. It is a small institution. Deposits are about $18.000. PALOUSE. Wash.. June 7.-The First National Bank of this city closed its doors this morning. The suspension is due to the failure of the Bank of Spokane. The bank has a capital and surplus of $100,000 and deposits of about $30,000. WICHITA. Kan., June 7.-The Laclede and Third National banks of St. Louis and the Bank of Commerce of Kansas City. Mo., yesterday. sued out attachments for $50,000. $25,000. and $50,000 respectively against the Francis Whittaker & Sons' packing house. The Sheriff is in possession of the property. Late last evening W. N. Levy. President of the Wichita National Bank. was appointed receiver. A with is bond of $100,000. which he gave. representative of the firm said they did not owe anything in Kansas City. The plant here is valued at $200,000. most of which was donated to the firm by the city under contract to operate the plant a certain number of years The firm has done little business for some time on account of the high prices of hogs. and the Board of Trade was preparing to sue them for a breach of contract in failing to run the plant to its full capacity. the contract still being in force. BEDFORD, Ind.. June The community was startled when the Bedford Bank did not pen its doors yesterday morning. The President, Mr. Winstandler. soon appeared and explained that in consequence of recent heavy withdrawals of depos its the bank would be forced to suspend for a few days. It is one of the oldest banks of this section. NEW ALBANY. Ind.. June 7.-The New Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank at Bedford. Ind.. yesterday. which forced it to close. The principal stockholders in the two banks are T. S. Windslay of this city. W. S. Windslay of Bedford. and W.L. Breyfogle of Chicago. formerly of this city. Yesterday W. L. Breyfogle executed a deed of trust of $300.000 worth of unencumbered real estate in Chicago for the b. nefit of the depositors of the two banks here. It is said the assets are $212. 000. liabilities $100,000. and that depositors will be paid 100 cents on the dollar. deed of assignment was to-day mado to john H. stotzenberg. MILWAUKEE. June 7.-A telephone message from Kankauna this afternoon FRYS that there was a run this morning on the First National Bank of Kaukauna. It quickly died out. however. and confidence is fully restored. As far as can be ascertained the bankers in this city feel no uneasiness over the condition of the country banks. BOSTON. June -The liabilities of Henry A. Bond Co., dealers in hides and leather. who are financially embarrassed. are about $125, 000. The firm were on the paper of Richardson & Dennie. who lately assigned. CLEVELAND, June 7.-Arun was made on the St. Clair street branch of the East End Savings Bank Company. It began yesterday afternoon. and was opened this morning with increased vigor. Many depositors were promptly paid. Offers from other city banks were received. but refused by the officials. who said their bank was entirely solvent and able to care for itself. The depositors are confined almost exclusively to workingmen. No cause is assigned except rumors due to failures in other cities. MINNEAPOLIS June 7.-A rumor gained eirculation -day that two of the best-known elevator companies in the Northwest, the Northern Pacific and the Red River Valley. were temporarily embarrassed. and the subsequent events proved that although the crash is not absolute. the predicament in which these corporations find themselves is a serious one The situation is attributed to the prevailing uncertainty and the lack of confidence which is felt by the banks. The facts in the case as yet will not warrant the assertion that it is a business failure. although the statement comes direct from the general manager of the Northern Pacific Flovator Company that that corporation will ask for the appointment of a receiver. This means that the Red River Valley Company will do the same. as the capital interested in each is mostly mutual. The capital stock of the Northern Pacific Elevator Company is held mostly outside of the city. principally in Duluth. George Ruplev President of the Northern Parific Elevator Company. resides in the latter city. and until his arrival morrow no statement as to llabilities or Assets or the financial difficulties of the companies will be forthcoming. The capital stock of the Northern Pacific Elevator Company is $650,000 and the Red River Valley Company $250,000. The interests of both concerns are held largely by the same men.

15. June 8, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 8, 1893

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Another Indiana Bank Suspends. NEW ALBANY, Ind., June 7.-The New Albany Banking company has suspended payment as a result of a run on the Bedford, Ind., bank yesterday, both having substantially the same stockholders. Claimed assets are $212,000; liabilities, $100,000. W. L. Greyfogle, one of the principal stockholders in the two banks, executed a deed of trust for $300,000 for the benefit of depositors in the two banks. It is claimed depositors will be paid in full.

16. June 8, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 8, 1893

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A HUNDRED CENTS ON THE DOLLAR. New Albany, Ind., June 7.-The New Albany Banking company suspended payment this morning and closed its doors. The suspension was caused by a run made on the Bedford bank at Bedford. Ind., yesterdny, which forced it to close. It is claimed the assets are $212,000; liabilities, $100,000; and that the depositors will be paid one hundred cents on the dollar.

17. June 8, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 8, 1893

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MORE BUSINESS TROUBLES. Nervous Depositors Start a Run-A Bank Shuts Down. CLEVELAND, Ohio, June 7.-A run Is in progress on the St. Clair street branch of the East End Savings Bank. It began yesterday afternoon, and was opened this morning with increased vigor. Many depositors were promptly paid. Offers from other city banks were received but refused by the officers, who said their bank was entirely solvent and able to care for itself. Depositors are confined almost exclusively to workingmen. No cause is assigned except uneasiness due to failures in other cities. NEW ALBANY, Ind., June 7. -The New Albany Banking Company suspended payment this morning, and closed its doors. The suspension was caused by a run made on the Bedford bank at Bedford, Ind., yesterday, which forced it to close. The principal stockholders in the two banks are identical. The assets are $212,000; liabilities, $100,000. Depositors will be paid in full.

18. June 9, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 9, 1893

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Bedford Failure Worse than Reported. Special to the Indianapolis Journal. BEDFORD, Ind., June 8.-The suspension of the Bedford Bank appears to have a more serious outlook than was at first announced. An assignment was made yesterday, and Robert Palmer was appointed assignee. The exact situation as to the amount involved cannot be ascertained. The assets are supposed to be large. Mr. Windstandley, president of the bank, is the owner of several hundred acres of land and other property. which will probably meet the extent of the liabilities. Mr. Winstandley went to Chicago yesterday, and it is impossible at the present to obtain a reliable report of the matter.

19. June 10, 1893 Albuquerque Weekly Citizen Albuquerque, NM
Article from Albuquerque Weekly Citizen, June 10, 1893

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Mexican Telegraphte Brevities Gov. Waite of Colorado 18 seriously 111. Failures yesterday were numerous. The hat includes many chan of business. The State bank of Cortland, Neb. closed. Deposits are about $18,000. 88 sets unknown. The direct liabilities of Erastus Wiman are $591,000; contingent habili tree, $315000 The Bedford, Ind., bank failed to open. The run on Chicago banks 18 the cause. The bank is solvent and no one will lose. The Free Trade club of Cieveland, Ohio, held a meeting and pretend to be pleased with the situation of affairs in this country. The direct liabilities of Thomas M. Barr & Co. coffee merchants, are $818. 680, contingent habilities $50,330; nominal assets, 8965,335 actual assets, $408,697 As a result of the suspension of the Bank of Spokane Falls, Wash. three banks in Spokane, Washington National, Washington Savings and National Bank of Spokane Falls, have closed. I: is be. lieved they are all solvent and will resame The Laclede and Third National banks of St. Louis, and the Bank of Commerce of Kansas City, Mo., have filed attachments aggregating $125,000 Whittaker & Son's packing house. Michael McGinne, junior part. ner. wants the partnership dissolved.

20. June 15, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 15, 1893

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General News. The Bedford bank at Bedford, Ind., has suspended. Rains have improved crop prospects in Kansas. Morris Schwerin, a trunk dealer at New York, has failed, owing $250,000. The Palouse City Bank of Palouse, Wash.. has suspended. The senatorial reapportionment bill was passed by the Illinois senate. A Finback whale forty feet long was killed by fishermen off Sandwich, Mass. J. T. Wiggins, 2 Long Branch, N. J., civil engineer. died from a fly bite received in a Texas bayou. A mortgage for $8,000,000 has been placed on the property of the Whisky Trust to secure an issue of bonds The New York authorities refuse to permit a bull fight to take place in that city. Fifty-seven waiters in John Wanamaker's restaurant at Philadelphia are on a strike for better food. W. W. Johnson & Co., whose plant is cne of the largest in Cincinnati, will withdraw from the whisky trust. Judge Woods, in Chicago, ref ses to grant an injunction restraining Sunday opening at the fair. The Carnegie Land company of Johnson, Tenn., has failed. The assets, consisting of notes, are $500,000, and the liabilities $100,000. Capt. Henry Bartlett, of the sealer Algerine, will command the steamer Falcon, which will this year convey the Peary expedition north. The addresses of Cardinal Gibbons in favor of the restoration of the temporal power of the pope have drawn a message of thanks from the Vatican. Samuel F. Prince, owner of the steam marble works in Philadelphia and Rutland, Vt., has failed, with liabilities of $100,000 and nominal assets of $250,000. Stringency of the money market is the cause. The suit of William R. Laidlaw against Russell Sage for $50,000 damages has been dismissed. Laidlaw alleged that Sage used him as a shield at the time the bomb was exploded in Sage's office. The supreme court of Nebraska, by a vote of two to one, has declared Secretary of State Allen, Attorney General Hastings and Commissioner of Public Lands and Buildings Humphrey innocent of the charges brought against them by the legislature. Chief Justice Maxwell was the dissenter. He held that the three men were guilty of misdemeanor in office and should be forever debarred from holding positions of trust in the public service