5483. Brazil Bank (Brazil, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 7, 1883
Location
Brazil, Indiana (39.524, -87.125)

Metadata

Model
gpt-5-mini
Short Digest
ba9ecabf

Response Measures

Full suspension

Other: Bank appears to have been allowed to wind up without receiver; no litigation

Description

Contemporary articles (Sept 7 and Sept 8, 1883) report the Brazil Bank suspended payment after a steady drain of $90,000–$100,000 in deposits following the failure of the Indiana Banking Company (a heavy stockholder). The coverage indicates heavy withdrawals (a run) precipitated the suspension; a later Sept 20 item says the Brazil Bank has been forced to suspend and that its affairs are being settled without litigation, with assets sufficient to pay liabilities (other than stockholders) and that its affairs will be closed — indicating a suspension that leads to winding up/closure rather than reopening. Bank type not specified in articles, so set to unknown.

Events (3)
1. September 7, 1883 Run
Cause
Local Banks
Cause Details
Withdrawals triggered by the failure of the Indiana Banking Company (a heavy stockholder) causing a steady drain of about $90,000–$100,000 in deposits.
Newspaper Excerpt
The Brazil Bank has suspended payment. The Indiana Banking Company was a heavy stockholder in it, and since the failure of the latter there has been a steady drain on the bank until about $90,000 to $100,000 on deposit has been drawn out.
Source
newspapers
2. September 7, 1883 Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy withdrawals after the failure of the Indiana Banking Company, which had been a large stockholder in Brazil Bank.
Newspaper Excerpt
The Brazil Bank has suspended payment.
Source
newspapers
3. September 20, 1883 Other
Newspaper Excerpt
Said receiver is informed that said Brazil bank has been forced to suspend, but that a settlement of its debts is being rapidly made without litigation or the intervention of any receiver, and that the assets thereof are more than sufficient to pay its liabilities to other than stockholders ... when the affairs of said Brazil bank shall have been closed. (partial report regarding Indiana Banking Company's holdings).
Source
newspapers

Newspaper Articles (3)
1. September 7, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 7, 1883

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Article Text

Minor Notes. The city council of Rising Situ have awarded the contract for building an iron bridge across Dry branch. Captain Lexington Wolfe, a well-known New Albany river man, died on Tuesday evening after a lingering illness. A Terre Haute man took the money given him by his neighbors on Tuesday night to bury his dead baby, and got drunk on it. Among the county newspapers of southern Indiana none have improved more rapidly than the Salem Press in the past two or three months. Nancy Hinkle, about eighteen years of age, committed suicide by taking morphine, at the residence of Mrs. Partmann, at Peru. She leaves a babe. Mr. Tip Kerr, of Raccoon township, Parke county, sold yesterday eighty-two head of hogs that averaged 386 pounds. They were shipped to Indianapolis. The second day of the fair at Aurora, on Wednesday, was a success. The attendance was 8,000. and premiums were awarded in the various departments. Purdne University opened its fall term yesterday, under the administration of President J. H. Smart. There is increased attendance, and the term opens most favorably. At Bedford. on Tuesday night. at the depot of the L., N. A. & C. road, a brakeman, while coupling, was caught between the cars and crushed to such an extent that ne died before reaching Salem. The farmers of Delaware county report that a great deal of the Kansas corn planted last spring will be too late to properly rig U. It is feared that the greater part will be only valuable for fodder. The man struck by Dave Kurts, at Otterbein. was not killed, but knocked out of time-an hour's time. He was the instigator of the affray and only got his deserts, as did a pal who rushed to his assistance. While George McFerren, of Huntington, was examining a revolver on Tuesday night, he shot and instantly killed Tightman Heiney. Heiney was exhibiting the weapon to his friends, and McFerren supposed it was not loaded. Abraham Love, one of the oldest citizens of Jack. son county. died at his residence. on Chestnut Ridge, on Wednesday night. Deceased came from Tennessee in early times, having purchased the land upon which he lived from the government. John Scantlin was shot and killed by Elijah Craig at Otwell, Scantlin having bounced him in Boyd's saloon for going to see a girl in the Scantlin neighborhood. Craig is in the Petersburg jail, though it is probable that he will soon be released, as the shooting was in self-defense. Captain A. T. Bliss, of Lanorte, left, the latter part of July, to attend to some legal business in Nebraska. and has not yet returned. He was seen at Pueblo, Col., Aug. 14, but since that time nothing has been heard of him, and his friends are alarmed. He has a number of cases for trial in the circuit court, now in session, awaiting his appearance. The Brazil Bank has suspended payment. The Indiana Banking Company was a heavy stockholder in it, and since the failure of the latter there has been a steady drain on the bank until about $90,000 to $100,000 on deposit has been drawn out. Liabilities, $76,000; assets, $100,000. The general impression is that the bank will be allowed to wind up without litigation. A post of the G. A. R., to be known as Gar. field Post, No. 254, was organized at Uniontown, Vernon township, Jackson county. on Wednesday night. Following are the officers: William Marion Brooks, P. C.; D. B. Bedel, S. O. C.; Edward Lester, J. O. C.: A. J. Robinson, O. D.; W. H. Thomas, O. G.; James W. Bedel, chaplain; T. S. Bard, surgeon; W. M. Robins, quartermaster: I. H. Johnson, adjutant.

2. September 8, 1883 National Republican Washington, DC
Article from National Republican, September 8, 1883

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Article Text

THE MARKETS. A Feverish and Excited Day in Stocks on Wall Street. A General Advance, Followed by an A1most Equally General Decline. GOSSIP OF THE STREET. Special Dispatch. NEW YORK, Sept. 7.-The feeling continued very favorable toward and a stiff opening, as predicted this morning. Buying orders from country and outsiders had increased considerably yesterday, and the tone was certainly better than béfore since spring. It was admitted that a good many long stocks were sold on the afternoon's advance, also an immense number of shorts covored. There is every evidence that Gould, Sage, Keene, Osborne, and the Mills party are bulling the general market, and the foreign houses are free buyers of the Vanderbilt stocks. The Osborne people are understood to be boosting Lackawanna and are great bulls on St. Paul. Robert Waller, of Kendall, Waller & Co., one of the oldest members of the stock exchange, has sold his seat to A. E. Bateman, of Washington. The price paid was $25,000. The Woerishoeffer bear crowd declare the rise is mostly artificial and for purposes of Roating stock. They say the result has been a tremendous covering of shorts, but there is no outside support. There is a rumor that the Lackawanna will join the trunk line pool, but not to participate in the through business, which is to be given to Erie. The Brazil bank of Indiana suspended yesterday. In New York Central Frank Savin was the largest seller; E. M. Cox was the buyer. In Lake Shore A. J. Nicholas sold; Wormser bought. In Reading Wormser bought for London account. In Lackawanua Fanshawe & Dickinson were sellers, and Sheldon & E1lison bought. In Erie Berdan bought 2,500, and Josephson bought 1,000. Slayback sold 1,200. Other prominent sellers were Gutman, Harding, and Oppenheim. At 11 o'clock brokers reported increased telegraphic orders to buy stocks. In Lake Shore, Coombs bought considerable; Thorne also bought. In Louisville, Davis & Tileston bought. In Kansas and Texas, Davis & Tileston bought the most. S. V. White bought 5,000 Delaware and Lackawanna, Bissell sold 5,000, and Kirkner sold 3,000. In Oregon Transcontinental, Walter Bound sold 8,000, and is still selling (supposed to be for Osborne's account). Sternberger & Fuld sold the general market. In Western Union, Amory bought 5,000. The sellers were Boyd, James, and Foster. In New York Central, Van Emburgh, Prentice, and Cox bought. A Philadelphia dispatch says the retail coal trade has greatly improved, the western demand being large. Strong parties in the Philadelphia stock exchange were buying Jersey and Reading to-day. Wm. L. Scott, Osborne, and Lovejoy have been in consultation to-day on Denver matters, and the advance in stock is supposed to be due to the competition of Scott's programme for a new board and a new president. A call has been issued for a special meeting of stockholders of the Denver at Colorado Springs Oct. 6 to vote upon a new financial plan to be submitted by the board of directors. It is stated that negotiations are being resumed to place a block of Western Union in London. REVIEW. Stocks opened feverishly active, a good deal of realizing going. on, strong, and higher. During the early forenoon the market was fluctuating, excited, and irregular, though in the main tending toward higher figures, with Denver leading in the advance. Denver rose 28, Louisville 18, New York Central 1, and Northwestern 1. At noon these gains, except on Denver, were about lost. The coal shares did not share in the advance. Jersey and Reading, being weak spots in the fractional gains during the morning, were noted in the general list. Money 2t@3. General loaning rate for stocks unchanged. The weather in the west was warmer to-day, but there is a cold wave approaching Minnesota, and frost is expected to morrow morning. Prices were easier on the second call. The Twenty-third street bears have been selling the market to-day, and there have been no marked indications of outside buying. Bell sold Reading *this afternoon and hammered Lake Shore. Johnes sold Northern Pacific preferred down. Cox sold Louisville and Nashville. J. M. George sold St. Paul. Oregon Transcontinental was sold by Vyse, Dominick, Decker, and Howell. Vyse bought Denver. Early in the last hour the general tone was firm, but Denver was the leading feature, seiling as high as 30g. From 2:30 to the close the market reacted, Denver leading in the decline, selling to 291. The closing bids were not so strong, and prices ranged 1/8 to 1 below the opening. LONDON, Sept. 7, 12:30.-United States bondssteady and unchanged; Erie, 11 higher New York Central, 18 higher; Illinois Central, 1 higher; Reading, 1 higher; Ontario and Western, 3 higher; St. Paul, 11 higher. STOCKS. The following are the opening, highest, lowest, and closing prices of the principal stocks for the day, as corrected by special wire reports received by Bateman & Co., bankers, No. 1411 F street northwest:

3. September 20, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 20, 1883

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Article Text

All Prices in Plain Figures. PETTIS BASSETT & CO. THE BANKING CO,'S AFFAIRS, Receiver Landers Files a Partial Report of Collections-That Brazil Bank Stock. Tanders, receiver of the Indiana Banking John Company, has made a partial report to the court, showing what collections he has made and what exponses have been incurred The report is made 80 as to give a definite idea of the amount of money on hand. It shows that when Mr. Landers first took charge of the bank's affairs, $35,214.52 in cash was turned over to him, and since that time $39,337.76 has been collected from bills receivable and other sources, and $4,521.44 has been paid out, leaving a balance on hand of $70,934.82. The following statement is made regarding certain bank stock owned by the company: "Said receiver says that on the schedule of stocks appears an item of 252 shares of stock in the Brazil bank. Said receiver is informed that said Brazil bank has been forced to suspend, but that a settlement of its debts is being rapidly made without litigation or the intervention of any receiver. and that the assets thereof are more than sufficient to pay its liabilities to other than stockholders, and that said stock was not appraised, but said receiver hopes there may be from said Brazil bank some addition to the assets of said Indiana Banking Company when the affairs of said Brasil bank snall have been closed. As Soun as your receiver shall have an onnertunity he proposes making a Serul investigation of this matter, Biga to file a special report thereon."