Commercial Bank (Brazil, IN)

Episode Information

Episode UID
3033735391015
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
303373539 hash
Start Date
July 28, 1884
Location
Brazil, Indiana (39.524, -87.125)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8a7700257ffb31ed

Response Measures

None

Description

Receiver appointed and receiver's statement shows deficit, indicating permanent failure.

Events (4)
1. July 28, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Persistent withdrawals over several days tied to the bank's inability/refusal to pay checks and concerns about solvency.
Newspaper Excerpt
A slow but steady run had been going on for several days.
Source
newspapers
2. July 29, 1884 Receivership
Newspaper Excerpt
A receiver will be appointed at once.
Source
newspapers
3. July 29, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after steady withdrawals and apparent insolvency; liabilities exceeded readily available assets and it refused to cash checks.
Newspaper Excerpt
The Commercial bank has suspended. The Commercial bank closed its doors yesterday.
Source
newspapers
4. July 31, 1884 Other
Newspaper Excerpt
Receiver's statement: liabilities $153,000; assets $123,000; deficit $30,000.
Source
newspapers

Newspaper Articles (16)
1. July 29, 1884 Evening Star Washington, DC
Article from Evening Star, July 29, 1884

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Article Text

An Indiana Failure. A BANK AT BRAZIL PUTS UP ITS SHUTTERS. BRAZIL IND., July 29.-The Commercial bank has suspended. Liabilities about $140,000. Assets nominaliy $170,000. it is said the entire county school fund is in the bank. The Commercial bank closed its doors yesterday. It is a private banking company, having a capital of $100,000, and deposits to the same amount. Among the deposits are funds of nearly every township in the county. Indignation is felt because deposits were received after the refusal to cash checks. A slow but steady run had been going on for severaldays, A receiver will be appointed at once.

2. July 29, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 29, 1884

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Article Text

Bank Failure. BRAZIL, Ind., July 29.-The Commercial Bank closed its doors yesterday. It is a private banking company, having a capital of $100,000 and deposits to thesame amount. A slow but steady Tita had been going on for several days. A receiver will be appointed at once.

3. July 29, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 29, 1884

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Article Text

Bank Suspension at Brazil. Special to the Indianapolis Journal. BRAZIL, July 28.-The Commercial Bank, of this place, owned by Brighton & Teter, suspended payment this morning and as a result there are quite a number of disappointed depositors. An application is being made by Mr. Ray, of Saline, to have a receiver appointed. Nothing is known concerning the assets and liabilities of the concern, but it is hoped they will pay out.

4. July 30, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 30, 1884

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Article Text

Another Indiana Bank Suspends. BRAZIL, Ind., July 29.-The Commercial Bank, of which Hiram Teker is president, and Arthur Dillon cashier, has suspended, with liabilities of about $140,000, and assets nominally $170,000. It is said that the entire school fund of Clay county is deposited in the bank. The bank's capital is $70,000. The Commercial Bank closed its doors yesterday. It is a private banking company, having a capital of $100,000 and deposits to the same amount. Among the deposits are funds of nearly every township in the county. Indignation is felt because deposits were received after the refusal to cash checks. A slow but steady run has been going on for several days. A receiver will be appointed at once.

5. July 30, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 30, 1884

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Article Text

FINANCIAL A Bank Closen Doorn-Serious Com. plications. FRAZIL, IND., July 29.-The Commercial Bank of Brazil has closed its doors. It is a private banking company, with a capital of $100 000 and deposits to the same amount. Hiram Teter is President and Arthur Dillon Cashier. Among the deposits are funds of nearly every township in the county. Indignation is felt because deposits were received after their refusal to cash checks. A slow but steady run has been going on several days. A receiver will be appoint. d at once. The liabilities are about $10 000; a nominally $170,000. A New York dispatch savethat Winslow, Lanier & Co. state the effect of the Brezil bank failure will be entirely local, 29 the bank is a small concern and only kept a very light account here. SERIOUS COMPLICATIONS. NEW YORK, July 29 -In relation to the suspension of Dewolf & Swan, 8 member of the law firm of Lord, Day & Lord says the irregularities of their employe, W. E. Seoville, do not affect the firm one dollar, and that thes curities off-red for hypothecation and retransfer, which were the individual property of Mr. Day, will all prob. ably be recovered. W. H. Brown & Co. warn all against negotiating any certificates of stock in the name of Henry Day in the following companies, the same having been stoler: Rochester and Pittsburgh R alroad, Iron River Company, Horn Silver, United States Trust Company and American Ca. ble Company. The detectives are looking for Scoville, who s'ole securities from his employers, Lord, Day & Lord, and depcsited them with Dewon & Swail, causing their failure.

6. July 30, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, July 30, 1884

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Article Text

Suspensions and Assignments. A telegram from Detroit says that the Barnum Wire Works Company, " one of the most extensive plants of ornamental iron and wire works in this country," has made an assignment. "This action was precipitated by some of the stockholders, who became frightened and levied attachments on the property to secure the advances made by them." Five hundred persons are thrown out of employment by the suspension. The Commercial Bank of Brazil, Indiana, suspended on Monday. It is a private concern, having a capital of $100,000 and deposits to about the same amount, The total liabilities are $140,000; assets nominally $170,000. It is said that the deposits included the entire county school fund and the funds of nearly every township in the county. Carmichael & Emmons, iron manafacturers and dealers, of 30 Cedar street, New York, yesterday filled a schedule in insolvency, showing liabilities amounting to $538,696, and actual assets $82,383.

7. July 30, 1884 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, July 30, 1884

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Article Text

Suspension of the Commercial Bank. Brazil, Ind., July 29.-The Comercial Bank suspended to-day. Their liabilities are about $140,000. Their assets are nominally $170,000. It is said that the entire county school fund is in the bank.

8. July 30, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 30, 1884

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Article Text

BUSINESS TROUBLES. Bank of The Come Closes Its Doors. BRAZIL, IND., July 29.-The Commercial Bank of Brazil has closed its doors. Itis a private banking company, with a capital of $100,000 and deposits to the same amount. Hiram Teter is President and Arthur Dillon Cashier. Among the deposits are funds of nearly every township in the county. Indignation is felt because do posits were received after their refusal to cash checks. A slow but steady run has been going on several davs. A receiver will be appointed at once. The liabilities are about $50,000; assets nominally $170,000. A New York dispatch save that Windlow, Lanier if Co. state the effect of the Prasil bank failure will be entirely local, as the bank is a small concern and only kept a very light account here.

9. July 30, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, July 30, 1884

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Article Text

ANOTHER HOOSIER SMASH. Failure of a Bank at Brazil, Indiana. BRAZIL, Ind., July 30.-The Commercial bank has suspended, with liabilities of about $140,000. The assets are nominally $170,000. It is said the entire county school fund is in the bank. TERRE HAUTE, Ind., July 30.-The Commercial Bank of Brazil was a private bank. ing company with 8 capital of $100,000 and with deposits to the same amount. Hiram Teter is president and Arthur Dillon cashier. Among the deposits are the funds of nearly every township in the county. Indignation is felt because the deposits were received after the refusal to cash checks. A slow but steady run has been going on several days. A receiver will be appointed at once.

10. July 30, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, July 30, 1884

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Article Text

The Commercial Bank, of Brazil, Suspends. Brazil, IND., July 29.-The Commercial bank suspended. Liabilities, about $140,000; assets, nominally $170,000. It is said the entire county school fund was in the bank. TERRE HAUTE, IND., July 29.-The Commercial bank, of Brazil, is a private banking company; capital, $100,000, deposits same amount; Hiram Teter, President: Arthur Dillon, Cashier. Among the deposits was the fund of nearly every township in the county. Indignation is felt because deposits were received after refusal to cash checks. A slow but steady run has been going on several days. A receiver will be appointed at once.

11. July 30, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, July 30, 1884

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Article Text

BUSINESS FAILURES. BANK FAILURES. BRAZIL, IND., July 29.-The Commercial bank suspended to-day. Liabilities, about $140,000; assets nominally $170,000. It is said that the entire county school fund was in the bank. The Commercial bank is a private banking company. Capital $100,000, deposits same amount. Hiram Tetter, president; Arthur Dillon, cashier. Among the deposits was the fund of nearly every township in the county. Indignation is felt because deposits were received after the refusal to cash checks. A slow but steady run has been going on for several days. A receiver will be appointed at once.

12. July 31, 1884 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, July 31, 1884

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Article Text

A BANK SUSPENDS. The Commercial Bank of Brazil, Ind., Closes Its Doors-Liabilities, $140,000. BRAZIL, Ind., July 29. - The Commercial Bank has suspended, with liabilities of about $140,000. The assets are nominally $170,000. It is said the entire county school fund is in the bank. TERRE HAUTE, Ind., July 99.-The Commercial Bank of Brazil was a private banking company, with a capital of $100,000 und with deposits of the same amount. Hiram Teter Is President and Arthur Dillon cashier. Among the deposit funds is nearly every township In the county. Indignation is felt because the deposits were received after refusal to cash checks. A slow but steady run has been going on several days. A receiver will be appointed at once. NEW YORK, July 20.--Winslow, Lanier & Co. state the effect of the Brazil bank failure will be entirely local, as the bank is a small concern and only kept very light accounts here.

13. July 31, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, July 31, 1884

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Article Text

The Commercial Bank, of Brazil, Suspends. BRAZIL, IND., July 29.-The Commerdal bank suspended. Liabilities. about 1140,000; assets, nominally $170,000. It is aid the entire county school fund was n the bank. TERRE HAUTE, IND., July 29.-The 'ommercial bank, of Brazil, is a private anking company; capital, $100,000, deosits same amount; Hiram Teter, Presdent; Arthur Dillon, Cashier. Among he deposits was the fund of nearly ivery township in the county. Indignation is felt because deposits were rereived after refusal to cash checks. A $low but steady run has been going on several days. A receiver will be appointed at once.

14. August 1, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 1, 1884

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Article Text

INDIANA AND ILLINOIS NEWS Belief that Depositors Will Lose Heavily by the Brazil Bank Failure. Iew Theory as to the Killing of Bethell at Taylorsville-Murder at Orleans-News Gleanings in Two States. INDIANA. Indications that Depositors Will Lose Heavily by the Brazil Failure. Special to the Indianapolis Journal. BRAZIL, July 31.-The statement of the reseiver of the Commercial Bank of this place will show: Liabilities, $153,000; assets, $123,000; making a deficit of $30,000. To make up this deficit Mr. Teter, one of the partners, to-day deeded to the receiver, in trust for the benefit of the creditors, 800 acres of land, valued at $28,000, and Mr. Brighton deeded 300 acres in the same way. This is the way the statement on its face presents the status of the affairs of the bank. But a large part of the assets have been hypothbeated and have thus passed out of the control. of the receiver, unless he redeems them; but there is no money to redeem with, and no way of raising it. About $24,000 of assets have been disposed of in this way. Over $15,000 of nominal assets consist of stock in the Brazil Block Coal Company, several thousand dollars of Central Iron & Steel Company stock, and some thousands more consist of investments in the Wheeler Coal Company. Added to this about $53,000 of the assets of the bank consist of real estate, which will not be readily realized on. About $12,000 of old, and many of them noncollectible, notes were found in the vaults, and $145 in money. The best judges of the affairs of the bank are of opinion that if the receiver manages to pay 50 cents on the dollar he will do well.

15. August 7, 1884 The True Northerner Paw Paw, MI
Article from The True Northerner, August 7, 1884

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WESTERN. Some days ago the dead bodies of seven horse-thieves were found hung from trees near the mouth of the Mussel-shell River in Montana Territory. Two of the bodies have been recognied as those of Felix and Downer, noted desperadoes of the Northwest. The other men were subordinates in all probability. It is reported that twenty owboys are in pursuit of another gang of horse-thieves who have sought refuge in the Woody Mountains. The cowboys are well armed, and if they capture the thieves they probably will not wait for the formality of an indictment and trial. The Barnum wire works at Detroit has made am assignment, throwing 500 men men out of employment. The Commercial Bank of Brazil, Ind., has suspended, its liabilities being about $140,000, with assets nominally reaching $170,000. It is alleged that the concern took in deposits after refusing to pay checks. The report of John S. C. Harrison, receiver of the Indiana Banking Company is to the effect that he holds certificates of deposit for $6,205 as his only credit against $101,817 with which he is chargeable, and has mortgaged all his property to secure his bondsmen. He was arrested and held to bail in $60,000. Lightning struck the farm-house of Nathan Miller, near Maryville, Kan., killing his four daughters while asleep. Their ages were 17, 13, 9, and 7, respectively. A boy of 5 was bad'y hurt. The mother is in a oritical condition from the shock of the bereavement. Charles Wright, a 16-year-old boy, fatally shot his step-father, Joel Laws, a farmer living near Shelbyville, Ind. Laws had quarreled with his wife and tried to get into a house where she was staying. Wright resisted Laws, and in doing so fired the fatal shot. At her residence in Cincinnati, Mrs. Upmeler assisted her boy in breaking open a six-pound rocket by striking it with a hatchet. The explosion which followed mortaly wounded the woman and her little daughter, injured two children, and wrecked the premises. The school census of Chicago, just completed, indicates a population of 622,985, an increase of 12½ per cent. within a year. The Chinese number 237 and the colored people 7,517. A boy named Bentley, 12 years old, fell from a flag-staff seventy-five feet to the ground at Flint, Mich., and was not fatally injured. The Grand Central Depot at Cincinnati, which cost $800,000 was opened by a reception to President Ingalls by the Order of Cincinnatus. It is estimated that the wheat yield of Minnesota for this year will exceed that of last year by 4,110,000 bushels, an increase of 10 per cent.: the entire corn crop will yield from 20,000,0 0 to 25,000,000 bushels; the barley crop will produce 7,000,000 busbels, the largest ever known in the State: and the oats erop will be about 35,000,000 bushels, 10 per cent. more than the crop of 1883.

16. March 21, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 21, 1885

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# THE HOUSE. The Bill for the Reorganization of the Knightstown Institution Finally Enacted. Representative Smith, of Tippecanoe, opened the morning session of the House, yesterday, with prayer. Eighty-six members responded to roll-call. The call of counties for the introduction of bills was resumed, and the following were introduced: By Mr. Klaas [H. R. 541], to protect laborers; by Mr. McClelland [H. R. 542], concerning the cancellation of mortgages; by Mr. French [R. R. 543], concerning the compensation of county treasurers, and collecting delinquent taxes; by Mr. Robinson [H. R. 544], to relieve John Hutchinson, a school trustee of Corban, who lost money by the suspension of the Commercial Bank at Brazil; by Mr. Engle [H. R. 545], concerning the building of water-works; by Mr. McMichael [H. R. 547], to reduce the salaries of clerks of the General Assembly to $4 per day; of the employes to $3; and pages to $1.50; by Mr. Vickrey [H. R. 549], to legalize the town of Windfall; by Mr. Sears [H. R. 550], concerning the distribution of money in unincorporated towns in Vermillion county; by Mr. Dale [H. R. 551], concerning abstracts of titles; by Mr. Staely [H. R. 552], that an applicant for liquor license shall live in the ward where he applies; by Mr. Taylor [H. R. 553], regarding the division of estates. Mr. Kellison withdrew a joint resolution which he had offered, making the number of Supreme Court judges not less than three nor more than nine, and substituted a resolution that the number shall be not less than six nor more than nine, and that they shall serve six years. It also amends section 3, article 7, dividing the State into three districts, to be elected by the electors at large. A resolution by Mr. Staley that the appropriation bill be made a special order for 7:30 o'clock in the evening was defeated. Mr. Passage offered a resolution providing that the time of speeches in discussions shall be limited to five minutes, and explanations of votes to one minute. The resolution was passed to a second reading. A resolution offered by Mr. Jameson, complimenting Frank L. Denny for his valiant services as a lieutenant of the United States navy at the bombardment of Alexandria, was adopted. Mr. Smith of Tippecanoe offered a joint resolution [H. R. 105] to amend the State Constitution by adding to article 17 a provision abolishing the contract labor of convicts. The resolution was passed to a second reading. Mr. Frazee's bill [H. R. 75] to allow gravel road companies to extend their charters, was defeated by yeas 33, nays 53. On motion of Mr. Engle, the vote defeating the bill was reconsidered and the bill was recommitted. Mr. Hoban called up Mr. Moody's bill [H. R. 291] to pay John W. Pullen $750 for services in guarding prisoners during the war. Mr. Moody explained that he introduced the bill by request. When in 1881 the Legislature made allowance to the Indiana Legion, Mr. Pullen was in Illinois and his claim was not audited. Testimony from the captain of his company showing that Mr. Pullen was entitled to an allowance, was read. The bill passed by yeas 57, nays 29.