5400. State Stock Bank of Indiana (Peru, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 7, 1854
Location
Peru, Indiana (40.754, -86.069)

Metadata

Model
gpt-5-mini
Short Digest
d5827e80edfa858b

Response Measures

None

Description

Multiple mid-1854 to 1856 newspaper items report the State Stock Bank at Peru (Indiana) as suspended among many free Indiana banks. Later notices from the Indiana Auditor (1855–1856) place the bank's notes in liquidation and call for return/redemption, indicating the suspension led to permanent winding up. No article describes a depositor run; instead the bank appears to have been suspended and later liquidated under state processes for 'free banks.' Dates chosen are from contemporaneous dispatches and auditor notices.

Events (4)
1. November 7, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reported among a cluster of Indiana 'free banks' that suspended in late 1854; suspension appears tied to insolvency/problems under the free-banking system rather than a discrete rumor or single correspondent failure.
Newspaper Excerpt
telegraphic despatch from Indianopolis reports the suspension of ... State Stock bank of Indiana, Peru
Source
newspapers
2. July 27, 1855 Other
Newspaper Excerpt
The Auditor of State notifies those holding the circulating notes of ... State Stock Bank of Indiana, at Peru, to return the same to the Auditor's Office, Indianapolis, for cancellation ... and a pro rata dividend thereon declared. (Indiana American, 1855-07-27).
Source
newspapers
3. August 22, 1855 Other
Newspaper Excerpt
The Auditor of the State of Indiana notifies those holding the circulating notes of the ... State Stock Bank of Indiana, at Peru, to return the same to the Auditor's office, Indianapolis, for cancellation ... and a pro rata dividend thereon declared. (Grand River Times, 1855-08-22).
Source
newspapers
4. April 23, 1856 Receivership
Newspaper Excerpt
The Auditor of the State of Indiana gives notice that the notes of the following Free Banks have been placed in liquidation ... State Stock Bank of Indiana at Peru; ... (Daily Gate City, 1856-04-23)
Source
newspapers

Newspaper Articles (10)
1. October 26, 1854 Glasgow Weekly Times Glasgow, MO
Article from Glasgow Weekly Times, October 26, 1854

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Article Text

Broken Banks. The St. Louis brokers decline taking the notes of the following banks: Bank of Connersville, Indiana. Kentucky Trust Company. Lafayette Co. Bank of Connersville. Newport Safety Fund, Ky. State Stock Bank at Peru, Ind. To this may be added the Elkhart County Bank, which the Chicago papers say has also failed. We believe these banks are all "Stock Banks," and although they are reported as broken, note holders should not suffer a heavy shave. They are not "broken," but "suspended," and it is thought the holders of notes on them cannot lose, as for every dollar of their issuess, there are State Stocks pledged for their redemption.

2. November 8, 1854 The New York Herald New York, NY
Article from The New York Herald, November 8, 1854

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FINANCIAL AND COMMERCIAL. MONEY MARKET. TURSDAY, Nov. 7-6 P. M. There was a heavy market this morning, both in exont of transactions and in prices. At the first board, Rimois Central Bonds fell off % per cent; Delaware and Budson, 3/2; Canton Company, %; Nicaragua Transit, 1/4; Reveland, Columbus and Cincinnati Railroad, 16; Erie allroad, %; Harlem. 1/2. In Erie to-day the sales were on eller's option and for cash-in Reading Railroad, all for ash. There were very few buyer's option to-day in any f the fancies. The heaviest security on the list to-day ras Illinois Central Bonds. Bank stocks continue to be reely offered, and sell freely in small lots Rithout affect. Pg prices much. There were no transactions in Cumerland at the first board, and but one in Nicaragua ransit. The market appears to have taken a downward arn since the complexion of the last bank statement scame known, but we do not see anything in these rearns calculated to produce a depression like that ralized. The amount of specie in hand shows on inrease in the face of large shipments, and the dividend epartment shows a moderate falling off in amount This ovement is certainly one of additional strength, and by means calculated to create additional apprehension lative to the future course of financial afairs. The fincipal cause of the low prices ruling for most of the ading fancy stocks is the absence of purchasers. There tually no buyers in the market, and there are very w sellers. Occasionally a bear will make his appearnee, and put out a few contracts and then retire. A all sometimes comes out and buys pretty freely, and en disappears. In this way the market is kept alive. few strong determined bears would depress prices soously, while on the other hand a few bulls would cause tite an inflation. The bears are afraid to put out long d large contracts at currentrates. and the bulls have t the means to enter the market as purchasers. There very little doubt but that many stocks on the list are eap at our quotations; but as no one has Tale capital, one troubles them, and they *** therefore much glected. After the adjournment of the board the ing sales stocks and bonds were made by Sinson Drape: 70 Shares Del., Lackaw & Western 30 do. Third Avenue MR Co St do. Market Fire Ins. Co, 71 do. Park Fire Ins. Co. 82 do. Central Bank, New York 000 7 per cent Bonds of nion Co., Ohio, maturing 70 1865, int. payable in New York At the second board there was no change in the arket worth noticing. There were only 2 few sales ade. The number of cash transaction at both boards -day was comparatively large. The tendency this ternoon was slightly upwards. It is with pleasure that we announce the resumption the house of Blatchford & Rainsford, brokers, of all street, and the fact that'the senior partier, James Blatchford, Esq., has taken his eat again at the ard. This house suspended last July under elvenic. inces which created a great deal of sympathy in the blie mind. The frauds of Robert Schuyler came upon community like a thunderbolt in the midst of sun ine, carrying destruction in its course. Connected AN at stupendous swindler was with nearly every house n street, of extensive business, there were numero avy losses, and many were compelled to suspend. We understand that the Michigan Central Railroad mpany will pay the next semi-annual dividend in bon tead of cash. The net earnings will be used for Imovements, &c. This appears to be the policy of the The Pennsylvania Coal Company have declared a se it. nual dividend of five per cent; the,New York Floating Dock Company, a semi-annual dividend of seven per at; the Boott Mills, of Lowell, four per cent. The Mechanics' Bank has given notice that that porn of the new stock not subscribed for by the old stoc' ders on or before the first of November, is required sold at public auction; and that S. Draper will sell, Merchants' Exchange, at 12 o'clock, noon, on Friday 10th inst., sixteen hundred and sixty-six shares of d new stock, (being chiefly small parcels, which could be subscribed by executors, trustees, &c.) The capi is $2,000,000, divided into 80,000 shares, of $25 each terms of sale are, twenty-five per cent cash on the of sale, (on which day the purchaser will be re red to sign the articles of association,) and the ance on the 30th December next. Cleveland and Toledo Railroad receipts for $85,079.00 Detober were 59,608 00 ainst October last year Increase, (45 per cent) $25,471.00 receipts of the Cleveland, Columbus and incinnati Railroad for August, September nd October were $339,640.00 334,269 00 ne time last year Increase. $5,371 00 October gave $120,000 against $113,897 last year. telegraphic despatch from Indianopolis reports the pension of the Wayne Bank, Logansport; State Stock ik of Indiana, Peru; and the Upper Wabash Bank, bash. These are the only ones named in the deseh, but the fact is there is not a solvent bank in that te, formed under the free banking law. The only safe rse to pursue is to refuse every bank bill that has adiana " upon it; and it will be necessary to look FP to discover that. In getting up the plates for the of the free banks of that State, the word Indi" has been placed upon it so that it would not be lily seen. The object of this was to deceive. The cinnati Gazette of a late date says:gentleman who returned from Indiana yesterday, rmed us only six of the free banks are now pay coin for paper. The notes of such as will not em promptly cannot be made to circulate as money

3. November 24, 1854 The Kalida Venture Kalida, OH
Article from The Kalida Venture, November 24, 1854

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bas Latest Banks Failed. The Bank of Circleville, Ohio, is said to have failed-also The Farmers' Bank, of Chicago, Ill. The Exchange Bank, Buffalo, N. Y. The Canal Bank, Cleveland, Ohio. The City Bank of Columbus, Ohio, suspended this morning. The Woodbury Bank, Woodbury, Con nec:icut, thrown out at the Suffolk Bank Seven more Indiana Banks under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry county Bank, Cannelton; Steuben county Bank, Angola; Traders Bank, Terre Haute; Great Western Bank, Terre Haute, Look out for more soor!-Dye's Bank Mirror, Nov. 15th, 1854.

4. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

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suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

5. January 18, 1855 True American Steubenville, OH
Article from True American, January 18, 1855

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FREE BANKS OF INDIANA.-At a convention of thirty of the specie paying free Banks of Indiana, held at Indianopolis, lately, the following resolution, among others, was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention, as specie paying banks in all business transactions, and that we will in no case treat as par funds the issues of any suspended bank whatever. The Indianopolis Journal gives a list of the following shaving shops which have no place of doing business, no owners that any body can find, and which do not redeem their paper in coin, currency or exchange: Bank of America, Morocco; Bank of Connersville, Connersville; Drover's Bank, Rome; Elkhart Co. Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchants' Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth; State Stock Bank, Logansport; State Stock Bank, Peru; Traders' Bank, Terre Haute.

6. June 26, 1855 The New York Herald New York, NY
Article from The New York Herald, June 26, 1855

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W. latham, AUCTI ONEER-SPECIAL SALE.By order of Hon. H. E. Talbott. Auditor of the R. State of Indiana. for account of Indiana suspended banks. J. THOMPSON'S stock auction sales. On Thursday, June 28, at the Merchants' Exchange, at 12½ o'clock, For account of the Bank of Attica, Indiana:$21,000 Indiana State 2½ per cent stock. " " 5 per cent stock. 8,000 Atlantic Bank, Jackson:6,000 Indiana State 2½ per cent stock. Orange Bank, Poseyville1,000 State of Indiana 6 per cent stock. Bank of Albany, New Albany:7,000 Indiana State 5 per cent stock. State Stock Bank at Peru:25,300 Indiana State 5 per cent stock. Bank of Bridgeport:2,000 Indiana State 5 per cent stock. Bank of America, Morocco:6,500 Indiana State 5 per cent stock. Public Stock Bank, Newport:7,000 Indiana State 5 per cent stock. Elkart County Bank:40,000 Indiana State 2½ per cent stock. 5,000 Louisiana State 6 per cent Bonds, int. from 1st June, 1855. 2,000 Louisiana State 6 per cent Bonds, int. from 1st April, 1855. 500 Virginia State 6 per cent Bonds, int. from 1st April, 1856. Traders' Bank, Nashville:16,500 Indiana State 5 per cent stock. Per Individual Order:7,000 Great Western R. R. Co. (Illinois) 7 per cent mortgage and convertable bonds. Int Feb. and Aug. in N. Y.; due 1865. 10,000 Memphis City (Tennessee) 6 per cent Bonds. Interest Jan. and July in N. Y.; due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city, 10 per cent will be required on the day of sale, and six days' grace given (addirg interest) on the balance. The accrued interest will go to the purchaser (the same as at the Board of Brokers), except the Indiana State stocks, which are sold interest off. Office No. 2 Wall street. JOHN THOMPSON.

7. June 28, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 28, 1855

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R. W. LATHAM, Auctioneer. PECIAL SALE-By order of the Hon. H. E. Talbott, Auditor of the State of Indiana for account of Indiana Suspended Banks.-J. THOMPSON'S STOCK AUCTION SALES-On THURSDAY, June 28, at the Merchants' Exchange, at 12} o'clock. For account of the Bank of Attica, Ind.: $21,000 Indiana State 21 per cent Stock. 8,000 Indiana State 5 per cent Stock. Atlantic Bank, Jackson: 6,000 Indiana State 21 per cent Stock. Orange Bank, Poseyville: 1,000 State of Indiana 5 per cent Stock. Bank of Albany. New-Albany; 7,000 Indiana State 5 per cent Stock. State Stock Bank at Peru: 25,300 Indiana State 5 per cent Stock, Bank of Bridgeport: 2,000 Indiana State 5 per cent Stock. Bank of America, Morocco: 6,500 Indiana State 5 per cent Stock. Public Stock Bank, Newport: 7,000 Indiana State 5 per cent Stock. Elkart County Bank: 40,000 Indiana State 21, per cent Stock. 5,000 Louisiana State 6 per et. Bds., int. from 1st June, 1855. 2,000 Louisiana State 6 per ct. Bds, int. from 1st April, 1855. 500 Virginia State 6 per et. Bds., int. Traders' Bank, Nashville: 16,500 Indiana State 5 per cent Stock. Per Individual Order: 7,000 Great Western Railroad Company (Illinois) 7 per cent Mortgage and Cenvertible Bonds. Int. February and August in New-York, due 1865. 10,000 Memp) is City (Tennessee) 6 per cent Bonds. Interest January and July in New-York. Due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city 10 per cent will be required on the day of sale, and six days' grace given (adding Interest) on the balance. The Accrued Interest will go to the purchaser, (the same as at the Board of Brokers,) except the Indiana State Stocks, which are sold interest off. JOHN THOMPSON. Office No. 2 Wall-st.

8. July 27, 1855 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, July 27, 1855

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SUSPENDED INDIANA FREE BANKS.The Auditor of State notifies those holding the circulating notes of the Traders' Bank of Nashville, Elkhart County Bank, Bank of Attica, Atlantic Bank, at Jackson, Orange Bank, Bank of Albany, State Stock Bank of Indiana, at Peru, Bank of Bridgeport, Bank of America, at Morocco, and the Public Stock Bank at Newport, to return the same to the Auditor's Office, Indianapolis, for cancellation, before the first day of October next, that the outstanding circulation may be determined as accurately HS possible, and a pro rata dividend thereon declared. Certificates for the amount returned will be issued, and the dividend on the respective banks paid upon the presentation of the certificate at that office, after the ffrst day of October next.

9. August 22, 1855 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, August 22, 1855

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SUSPENDED INDIANA FREE BANKS.-The Auditor of the State of Indiana notifies those holding the circulating notes of the Trader's Bank at Nashville, Elkhart County Bank, Bank of Attica, Atlantic Bank of Jackson, Orange Bank, Bank of Albany, State Stock Bank of Indiana, at Peru, Bank of Bridgeport, Bank of America, at Morocco, and the Public Scock Bank, at Newport, to return the same to the Auditor's office, Indianapolis, for cancellation, before the first day of October next, that.the outstanding circulation may be determined as accurately as possible, and a pro rata dividend thereon declared. Certificates for the amount returned will be issued, and the dividend on the respective banks paid upon the presentation of the certificate at that office after the first day of October.

10. April 23, 1856 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, April 23, 1856

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News of the Morning. ARRIVAL OF THE AFRICA.-The Africa arrived on the 19th. Peace Conference still sitting, considering minor details. Paris has been illuminated in honor of the peace, and the Orleanists and Legitimists took a part in the illumination. No news of importance from any quarter. Markets active. Iron in good demand. Provisions unchanged. The President and several members of the Cabinet visited Annapolis on the 18th.They were received by citizens in the Senate Chamber of the State House. Mr. Pierce replied in a happy manner. The next day, in company with the Governor and Secretary of State of Maryland, with other officials, they inspected the Naval Academy. Milton L. Latham was unanimously confirmed Collector of San Francisco on the 19th. The South Americans have carried the city of Augusta, Ga, at the charter election. SPECIAL Tax.-The City Council has ordered a vote to be taken on the 30th inst., to authorize the levying of a special tax. We are requested to state that this order was passed not because the Council has determined upon, or even contemplates, any unusual or extraordinary appropriations for any purpose, during the ensuing year. The object is to provide against contingencies. It may happen that the Council will need more means than are at present provided, and in such case the law makes it necessary that the election ordered should be held by the time specified. If the vote should be in the affirmative, the Council will then be clothed with the necessary power, and can then exercise its discretion. We observe that the Mayor's proclamation does not prescribe the form of the ballots. The Auditor of the State of Indiana gives notice that the notes of the following Free Banks have been placed in liquidation, and gives notice to the holders of the notes of said banks to have them at his office for redemption on or before the first day of Oetober next: Traders' Bank at Nashville: Elkhart Co. Bank: Bank of Connersville: Bank of Attica; State Stock Bank of Indiana at Peru; Wabash Valley Bank : Bank of America, at Morocco: Bank of Albany; Bank of Bridgeport; Laurel; Orange Bank Green County Bank; Atlantic Bank; Bank of T. Wadeworth; Traders' Bank at Terre Haute; Drovers' Bank at Rome: Farmers' Bank at Jasper; New York Stock Bank at Vincennes; Plymouth Bank. The Keokuk Post (Republican) comes to us with triumphant rejoicings over a great victory gained over the Democracy of that city, who insisted upon running a ticket at the municipal election, upon strict party grounds. The Independent or opposition ticket was elected by a strong majority.[Dubuque Republican. The Keokuk Post pretends to be independent, but is at least anti-Republican, whatever else it may be, and didn't rejeice very much over the election. The Times is the regular, and the Post is the irregular, Locofoce paper in this city. The Gate City is the only "Republican" journal.