4788. Commercial Bank (Brazil, IN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
258f11c78532cbdf

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (late July 1884) report a 'slow but steady run' for several days on the Commercial Bank of Brazil, Ind., followed by suspension/closure and appointment of a receiver. The bank is repeatedly described as a private banking company. Assets and liabilities reported; receiver appointed and no reopening mentioned.

Events (3)
1. July 28, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Persistent withdrawals over several days; reports of refusal to cash checks and problematic assets (hypothecated securities, coal company stocks) indicate bank-specific insolvency concerns.
Measures
Nothing successful to stem withdrawals reported; shortly thereafter the bank suspended and a receiver was to be appointed.
Newspaper Excerpt
A slow but steady run had been going on for several days.
Source
newspapers
2. July 29, 1884 Suspension
Cause Details
Bank suspended after ongoing run and apparent insolvency; articles state liabilities and nominal assets and note depositors will likely lose; suspension led to receiver appointment.
Newspaper Excerpt
The Commercial bank has suspended. The Commercial bank closed its doors yesterday. A receiver will be appointed at once.
Source
newspapers
3. July 31, 1884 Receivership
Newspaper Excerpt
The statement of the receiver of the Commercial Bank ... Liabilities, $153,000; assets, $123,000; making a deficit of $30,000. ... A receiver will be appointed at once (reported earlier).
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 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.

7. 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.

8. 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.

9. July 30, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 30, 1884

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Article Text

Bank Suspension. Brazil, Ind., 29.-The Commercial Bank has suspended. Liabilities about $140,000, assets nominally $170,000. It is said the entire county school fund is in the bank. New York, 29-Winslow, Lanier & Co. state that the effect of the Bozil failure will be entirely local, as the bank was a small concern and only kept very light accounts here.

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. October 3, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 3, 1884

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Article Text

Commercial Bank of Brazil. Special to the Indianapolis Journal. BRAZIL, Oct. 2.-The appraisers appointed to appraise the assets of the Commercial Bank, of this place, which recently passed into the hands of a receiver, have made their report, from which it appears that the total appraised value of the assets amount to about $91,000. A part of this is in the shape of stocks in various coal companies and in the Central Iron and Steel Company. Itis not expected to realize over fifty cents on the dollar from these stocks. The liabilities of the concern are about $161,000. The exact amount that the creditors of the bank will receive cannot now be known, and will depend on the amount realized from the sale of assets, but it is the opinion of the receiver that the institution will pay about thirty-five cents to the dollar.

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

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Article Text

# 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.