5862. Indianapolis Bank (Indianapolis, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 20, 1878
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
e0f30149

Response Measures

None

Description

Multiple newspapers (Dec 20, 1878) report the Indianapolis Bank 'suspended' after an investigation; condition poor (doubtful paper), paying 25% and 'able to pay 90 per cent' if doubtful paper excluded. No explicit reopening or receiver mentioned; articles call it a 'broken bank' indicating permanent failure, so classified as suspension leading to closure.

Events (1)

1. December 20, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Investigation found many doubtful paper; bank had to call in large amounts previously and lacks sufficient sound assets; condition poor so suspended operations.
Newspaper Excerpt
the investigation into the affairs of the Indianapolis Bank ... resulted to-day in the suspension of the bank.
Source
newspapers

Newspaper Articles (4)

Article from The New Orleans Daily Democrat, December 21, 1878

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Article Text

Indianapolis Broken Bank Ninety Per Cent to be Paid. INDIANAPOLIS Ind. Dec. 20.-The Indianapolls Bank. which suspended this morning. claims to beable to pay 90 per cent. throwing out all doubtful paper. The amount of deposite is $202. 000. and the bank has a surplus in paper of $72,000. Twenty-flvo per cent of the deposits are now being paid to all who demand It.


Article from Daily Kennebec Journal, December 21, 1878

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Article Text

Death from Starvation. It is said that Mrs. Mary Barrett of Ports. mouth, N. H., died of voluntary starvation Thursday night, though she had considerable money at interest. INDIANA. Bank Matters. CINCINNATI, December 20. Advices from Indianapolis are that the investigation into the affairs of the Indianapolis Bank, which has been going on for several days past, resulted to day in the suspension of the bank. Itscondition is such, however, that throwing out all doubtful paper, the bank will be able to pay 90 per cent. The amount of deposits is $200,000, and the bank has a surplus in paper of $70,000. Twenty-five per cent. of deposits is now being paid out to those who demand it. The bank's difficulties date back to last year, during the last three months of which it was compelled to call in $100,000 of its paper to pay depositors.


Article from New-York Tribune, December 21, 1878

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Article Text

A BANK SUSPENDS IN INDIANA. INDIANAPOLIS, Dec. 20.-The investigation into the affairs 01 the Indianapolis Bank, which has been going on for several days past, resulted to-day in the suspension of the bank. Its condition is such, however, that throwing out all doubtful paper, the bank will be gole to pay 90 per cent. The amount of deposits 18 $200,000.


Article from The Daily Dispatch, December 23, 1878

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Article Text

as follows: Democrats. 140 Republicans, 130; Greenbackers, 10; thus giving the Democrats a clear majority of nine votes over the other two parties combined. California has still to elect her four members.-Washington Post. The medical students at St. Petersburg are in trouble. Having a grievance to complain of, they marched in procession to the Czarowitch's palace to present a petition, when one hundred and forty-two were arrested by the military guard, charged with making an illegal demonstration. On a second offence, two hundred others were taken into custody, and the city thrown into a tumult. The Cossacks making the arrests used whips upon the offenders. The draw-bridge of the bridge over the Neva was removed to prevent the students from crossing. The lecture-halls have been closed, and the students' meetings interdicted. Nine years ago Miss Emma Abbott sang in a hotel parlor in Fort Wayne, Ind., and took up a collection after the performance, from which she realized eighteen dollars. Last week she sung in the same city to the largest audience that ever assembled in the place. Major Atwood, of the United States army, stationed at San Antonio, Texas. was married in St. Louis recently to the daughter of Richard King. the cattle king" of the West. The bride's father presented the groom with 30,000 head of cattle. The great St. Louis bridge was sold Friday under foreclosure of the first an 1 second mortgage bonds. It was purchased in the name of Anthony G. Thomas, of New York, at $2,000,000, and $50,000 in gold was paid as earnest-money, Prince Bismarck has met with a rebuff in the rejection of his scheme with regard to the tobacco monopoly by the commission inquiring into the matter, which was composed of eight Government delegates and three experts. Mme. Rose Hersee has accepted an engagement to sing in Australia for a twelvemonth. She is to give a series of concerts and operatic performances, her stipulated terms being £5,000. Joaquin Miller's former wife has separated from her second husband. Joaquin's daughter Maud, who is about fifteen years old, is with her mother from choice. They have gone from Oregon to San Francisco. If Governor Hampton lives to take his seat in the Senate, South Carolina will be represented in that body by two cripples, Senator Butler having lost a leg in a cavalry charge during the late war. The Indianapolis Bank which suspended Friday will be able to pay 90 per cent. The deposits amount to $200,000, and 25 per cent. is being paid to all who demand it.