New Albany Banking Company (New Albany, IN)

Episode Information

Episode UID
2684696191122
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
268469619 hash
Start Date
June 7, 1893
Location
New Albany, Indiana (38.286, -85.824)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
aa35b398cd10803e

Response Measures

None

Description

A deed of assignment/assignment to John H. Stotzenberg is reported, implying permanent closure/insolvency.

Events (1)

1. June 7, 1893 Suspension
Cause
Local Banks
Cause Details
Run on the Bedford Bank (Bedford, IN) the prior day forced that bank to close, triggering depositor panic and suspension at New Albany; principal stockholders were identical.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (12)

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.


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.


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.


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.


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.


Article from Wheeling Register, June 8, 1893

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CONCERNING BUSINESS AND FINANCE. NEW YORK, June 7.-The direct liabilities of Erastus Wiman as scheduled are stated at $501,000; contingent liabilities $315,000. The assignees estimate the real estate in his possession as sufficient to pay the direct indebtedness unsecured by collateral and the surplus of collateral, together with interests in various companies can be applied to the liquidation of such contingent liabilities as may be found to exist after realization upon the assets which these represent. NEW YORK, June 7.-Direct liabilities of Thomas M. Barre & Co., coffee merchants, as scheduled, are $948,680: contingent llabilities $30,330; nominal assets $965,335; actual assets $308,697. CHICAGO, June .-Joseph Rathbone & Co., lumber dealers, made a voluntary assignment this morning. Assets are scheduled at $500,000, and liabilities at $250,000 Robert F. Shanklin, the assignee, is now in possession of the company's property. Inability to realize on commercial paper is given as the cause of the assignment. CLEVELAND, O., June 7.-A runis in progress on the St. Clair Street Branch of the East End Savings Bank Company. Many depositors were promptly paid. Offers from other city banks were received, but refused by the oficers 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. NEW ALBANY, 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. It is claimed the assets are $212,000: its liabilities $100,000. A deed of assignment was today made to John H. Stotzenberg. WASHINGTON, D. C., June 6.-Comptroller Eckels to day appointed Charles S. Winslow receiver of the Evanston National Bank of Evanston, Illinois. A telegram from Chicago received this afternoon by Mr. Eckels states the financialsituation there "is more cheerful.' MINNEAPOLIS, MINN., June 7.-A rnmor gained circulation to-day that two of the best known Elevator companies in the Northwest, the Northern Pacific and the Red River Valley, were temporarily embarrassed. 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 Pacitic Elevator Company, that that corporation will ask for the appointment of a receiver. The capital stock of the Northern Pacific Elevator Company is $650,000 and of the Red River Valley Company, $250,000. The interests of both concerns are held largely by the same men. A later telegram from Wheatland, N. D., says the Northern Pacific Elevator was closed to-day on an attachment for the Canadian Bank of Montreal. KOKOMO, IND., June 7.-Warrants for the arrest of ex-Governor Chase, Paris and Walden, who were yesterday indicted by the Howard county grand jury in the Greentown bank matter, are in the hands of the sheriff but will not be served before to-morrow on those in reach of service. The courtremoved the bar of secrecy from the grand jury this morning, and they talk freely. They allege that -Governor Chase took intending depositors into the bank a short time before the failure, and showed them "piles of monev," and the few good securities held by the concern. The bad ones. of which they say Gov. Chase had knowledge, were not brought out. Paris and Walden have drawn $15,000 from the bank on their personal notes, the funds going to Paris. Chase knew if this paper when he was recommending the bank as a safe place of deposit. CHICAGO, June -The flurry among savings bank deporitors had about run its course this morning. At the saving institutions where there was still enough of a gathering to be called a crowd, there was no sign of the panicky unreasoning alarm which beset the depositors Monday, and before the closing hour this afternoon it is thought the run will have subsided.


Article from The Herald, June 8, 1893

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EMBARRASSED BANKS. A Material Falling Off Im the Number of Failures. ASHLAND, Wis., June 7.-The bank of Waehburn. closed ita doore this morning. The officersclaim the suspension is only temporary, on account of the financial stringency, and will reopen in a few days. It.is a private institution with a stated capital of $25,000; surplus, $12,000; d'eposite, about $40,000. A. C. Probert is president, and states the depositors will be paid in full. CHICAGO, June 7.-The private bank of C. L. Niehoff & Co. was placed in the hands of the sheriff this evening on attachment's eued out by a number of depositore, who became alarmed for the safety of their money- No statment is obtainable tonight. W ASHINGTON, June7. / -The comptroller has directed Bank Examiner E. T.. Wilson to take charge of the Citizene" National bank and the Washington National bank of Spokane, state of Washington, which closed their doors yesterday. NEW ALBANY, Ind., June 7.-The New Albany Banking company has suapended payment, as the result of the run on the New Bedford, Ind., bank yesterday, both having substantially the same stockholders. It is claimed the assets are $212,000; liabilities, $100,000. W. L. Greyfogle, one of the principal stockholders in the bank, executed a deed. of trust of $366,000 for the benefit of the depositore of the two banks. It is claimed the depositors will be paid in full.


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.


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.


Article from The World, June 8, 1893

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New Albany Bank Breaks. NEW ALBANY, Ind.: June 7-The New Albany Banking Co. suspended payment Wednesday morning The sus pension was caused by the run made on the Bedford durals. at Bedford Ind. Tuesday. The assets are $312,000 and liabilities $100,000 The directors claim that the depositors will be paid 100 cents on the dollar W. L Breyfogle, ex-president the Monon. of Chicago, Tuesday executed a deed of trust of $300,000 worth of unencumbered real estate in Chicago for the benefit of the depositors V


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.


Article from Semi-Weekly Interior Journal, June 9, 1893

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NEWSY NOTES. I -The New Albany Banking Co, has . assigned with liabilities of $100,000. 3 -The Louisville Southern is to be. come a part of the E.T., V. & G. and e Richmond Terminal systems. -Harry Boone, a boy ten years of age, e was drowned in a creek in Bourbon county, into which he waded for fun. -The bill giving unidentified dead ) bodies to medical students for dissection was passed by the House at Frankfort. $ -The Kentucky House passed the bill providing for a Court of Appeals composed of seven judges, by a vote of 52 to 26. -George Dolph, of Valparaiso, Ind., awallowed a lizzard while drinking at a spring and is slowly dying from the effects of it. -Aaron Wells, a blacksmith, struck Robert Doty with a hammer and was fatally stabbed by him in the lung. in Madison county. -More than half of Fargo, N.D. was destroyed by fire. Over 3,000 people are homeless and no more than $3,000,000 of prgperty destroyed. -Three persons, a son and daughter of John Redding, of Franklin county, and a young man named Barbour, were killed by the same thunderbolt Monday. -Ex Treasurer J. A. Jenkins, of Clark county, Ind., did not resign because of ill health, as was at first given out, but because he was short about $12,000. -Sapion Martello was killed by elec tricity in Dannemora prison, New York. He killed another Italian named Giovanna Parello, in Saratoga, stabbing him repeatedly and cutting his throat. The current had to be turned on him twice. -Cholera has appeared in many dis tricts of Asiatic Turkey and the people are dying by thousands. The survivors are panic-stricken and are fleeing, ,spreadr ing the epidemic with frightful rapidity. It is estimated that 70,000 persons have P fled from Bassora province alone. t -Dynamite was placed under the y Hustler office, a paper published in n Breathitt county, and it was blown to E atoms. The Hustler was credited with t carrying the county for local option and it It is thought the dirty work was done by y advocates of the license system. c -A cloudburst at Hinton, W. Va., n destroyed eight miles of the track of the h C. & O. railroad, a number of bridges L being also washed away. The loss to m the railroad company is estimated at ver $250,000. Trains had to run at through by way of the Norfolk and in Western. M -Thomas Nelson Page, the Virginia H novelist, and Mrs. Henry Field, of Chiri ago, were quietly married Tuesday th uorning at Elmhurst, near Chicago. h They will make their home in Washingb on City. He has the fame and is 40, ba he is 34 and has the fortune, be ing It worth four millions. 81