5598. Elkhart County Bank (Elkhart, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 24, 1854
Location
Elkhart, Indiana (41.682, -85.977)

Metadata

Model
gpt-5-mini
Short Digest
8b932f9c

Response Measures

None

Description

Contemporary reports (Oct 1854) list Elkhart County Bank among banks supposed to have failed and as a suspended/broken stock bank. No article describes a depositor run or any reopening; classification as a suspension leading to closure is the best-supported interpretation. The bank is identified in the papers as a state/stock bank (Free Banks/Stock Banks).

Events (2)

1. October 24, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Contemporary market reports and brokers treating the bank's notes as discounted/defaulted; described as supposed to have failed and treated as suspended by brokers; indicates bank-specific insolvency/distress rather than a mere rumor or correspondent failure.
Newspaper Excerpt
All other Free Banks in Indiana except the Bank of Connersville, Eikhart County Bank and Northern Indiana Bank will be taken antilfurther notice at 15 cent. discount. The three above named Banks supposed to have failed, and are selling at 50 to 60 cents on the dollar.
Source
newspapers
2. October 26, 1854 Other
Newspaper Excerpt
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, ... they cannot lose, as for every dollar of their issues, there are State Stocks pledged for their redemption.
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, October 25, 1854

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Article Text

SECOND BOARD R R Erie 74g $8,000 Frie Con. Bds. 71 46 #80 do 50 694 500 ILL Cen R.R. Bds b8 46 do 50 .860 294 100 Cumberland Coal b80 46 500 do 299 do 100 40g al5 50 do 68 do 100 aGO 45g do b60 29 100 do 200 see 452 do 100 Rg 500 Penn & Lehigh Zinc b8 403 do 100 b8 728 200 Reading R. R 08 80 N. Y. Central R. R #8 72 do 100 bao 881 300 do 14 do 100 15 Clave C & Cip. R. R 101 b5-72 do 100 5 Chic & Rook Lald. R.R. 78 95 15 Mich So. R. * TUESDAY, Oct. 24-P. M. There was & better feeling prevailing at the Morning Board to-day, but at the Second Board the quotations were not sustained. The closing prices, however, show generally an improvement on yesterday. losed at 45%, an advance of Erie which touched 461 V cent.; Reading was I P cent. better; Hudson I River improved 1: Central was active but fell off I # cent.: a bear sale of 100 shares was made at 871, seller 6 months; Harlem, Canton, Cumberland, &sc., were steady; Delawaresold at 116; Lebigh Zinc sold at 21, a further advance; Nicaragua was firm at 23. In Railroad Bonds the market is rather firm. The loading bear made a sale of $25,000 Erie's, 1883, at 821, seller 12 months, and offered the new unissued loan at 80 on the same terms. Illinois Central sold at 691 Erie Incomes 92, which is an improvement of 1 . cent. There is some inquiry for the m from parties who propose to bid for the new loan, for which they are taken in payment. Convertibles sold at 741; New-York Centrals 872, and the Real Estate Bonds 80. Virginia 6a sold at 95 which was the only transaction in State Stocks. Governments were held strongly and there were no transactions. The market for Exchange has been heavy for this steamer, and as some concession in rates was made there have been some large transactions. Sterling ranges from 9 to 22 et., but first-class bills other than bankers have been sold at 9j@9f. A considerot. able lot of Canadian bank bills sold at 91 Francs have been plenty at 5.15@5.121. The market generally has been very irregular Freights continue dull. To Liverpool about 10,000 bush. Corn, 4@4jd.; 200 or 300 bales Cotton, jd.; Resin, 10@12d.; 350 bbls. Oil, and 50 tuns Bacon, 15/. To London, 700 bble. Oil, 17/6. To Ireland, a direct port, B charter was made at 7jd. To Bremon, 5,000 gale. and 1,000 bble. Oil were taken on private terms. To Havre, small engagements Cotton, 4c.; Ashes, $6@$8. A charter was made to Attakapas and back at 87, for Sagar and Molasses. The receipts at the Sub-Treasury were $327,088; paid, $14,616; balance, $6,551,343. Of the receipts, $200,000 were from the Bank of America on a transfer draft to New-Orleans, and was 6 portion of the balance of the Mexican fund. The Bank of Commerce also paid out $500,000 of the Mexican fund remaining in that bank, of which $100,000 was in coin. The whole remaining balance of the Mexican fund will probably be drawn from the banks in a few days. There are some small amounts of coin coming in from the West, but there are also remittances to the West of about the same amount. About $200,000 will go over to Boston for the steamer to-morrow. The Knickerbocker Savings Institution advertises that that institution will probably not meet with any loss through the suspension of the Knickerbocker Bank. The bulk of the deposits, it is stated, is secured by bonds and mortgages, and the managers counsel patience upon the part of the depositors The National Exchange Bank project, and the Empire City Bank, have been merged. Mr. A. M. Binninger, who was President of the former institution, has been elected to fill the vacancy of President of the Empire City, and the latter Bank will be removed to the building intended for the occupancy of the National Exchange. The new Board consists of A. M. Binninger, Elijah F. Pardy, William Adams, Leonard H. Church, Jonathan Purdy, William J. Staples, Isaac 0. Barker, Samuel Leggett, Jasper W. Hughes, George F. Nesbitt, Dennis Harris, Robert L. Mabey, and Joseph 0. Dorr. Mr. Barker, Vice-President, who has been acting President, has resigned, and the Cashier, Mr. L. H. Charch. fills the vacancy. Mr. R. T. Creamer has been elected Cashier. Thenew banking-house is on the corner of Greenwich and Duane-streets. Mr. Thompson furnishes the annexed information in relation to Indiana Banks: The following Indians Free Banks are 2 $ cent. discount, vis: Bank of Auburn, Aabura;" Bank of Bridgeport, Bridgeport; IndianaStock Bank, Laporte; Kalamazoo Bank, Albion; Merchants Bank, Springfield: New-York and Virginia State Stock Bank, Evansville; Plymouth Bank Plymouth Southern Indiana Bank, Terra Haute; Wabash Valley Bank, Logansport. All other Free Banks in Indiana except the Bank of Connersville, Eikhart County Bank and Northern Indiana Bank will be taken antilfurther notice at 15 cent. discount. The three above named Banks supposed to have failed, and are selling at 50 to 60 cents on the dollar. Any changes that may take place from day to day I will communicate to THE TRIBUNE


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.