5868. Indianapolis Savings Bank (Indianapolis, IN)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 25, 1873
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
4194ed92

Response Measures

Accommodated withdrawals

Description

Multiple papers (Sept 25–26, 1873) report a heavy run on Indianapolis Savings Bank by small depositors following the suspension of other institutions (Woollen, Webb & Co. and the Trust Company of New York). No suspension, receivership, or permanent closure of Indianapolis Savings Bank is reported; banks remained solvent and the panic subsided.

Events (1)
1. September 25, 1873 Run
Cause
Correspondent
Cause Details
Run followed suspension/return of drafts on the Trust Company of New York and the suspension of Woollen, Webb & Co.; distress of correspondent/related banks sparked withdrawals
Measures
No specific remedial measures by Indianapolis Savings Bank reported in the articles
Newspaper Excerpt
there was a heavy run on Ritzinger's Bank and on the Indianapolis Savings Bank by a class of generally small depositors
Source
newspapers

Newspaper Articles (4)
1. September 26, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 26, 1873

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Article Text

ceiver of taxes at Verdan this morning paid the sure claimed. HENRY NLEWS & Co. state that the liabilities which their London house describe as "incurred account for New York house, are largely acceptances under commercial conditions for the account of various merchants in thiscity and elsewhere, to whom the drafts will be returned and who will meet them. being prepared so to do by having goods placed in their possession against which the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances under these conditions are provided for by parties OR whose account they were issued. AT INDIANAPOLIS INDIANAPOLIS, September 25.-Consid erable excitement was caused here this forenoon by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended. This excitement was heightened at noon by the suspension of the private banking house of Woolen. Webb & Co., owing mainly to the return of their drafts on the suspended Trust company of New York, and public confidence became so shaken that there was quite a heavy run on Ritzinger's bank,and on the Indianapolis sayings bank, by a class of generally small depositors. Some few persons have withdrawn their money from other banks. The First National bank, instead of closing at the usual hour. kept open an hour, to give any depositors an opportunity to withdraw their money if they wished, and when it closed, it received more money than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to haye sent home the crowds who thronged the streets. AT NEW ORLEANS. New ORLEANS, September 25.-There was a meeting this forenoon of all the bank presidents in the city, except two It was resolved to pay ao checks for more than one hundred dollors, all the larger checks to be certified. This arrangement is to continue for thirty days. This ac. tion they consider precautionary to preventa drain. AT SAVANNAH, GA. SAVANNAH, September 25.-A run commenced early this morning on the savings department of the Savannah Bank, and the Trust company and the Southern Bank of Georgia. Large crowds are congregated. Banks are paying dollar for dollar, and business is at a complete standstill for want of currency. AT WASHINGTON WASHINGTON, September 25.-The navy department is paying all employes to-day in anticipation of usual pay day,in order to lessen the stringency of the money market caused by the scarcity of currency. AT MEMPHIS. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks, caused by inability to realize on securities in New York. The following named banks have closed to-day First National bank. DeSoto bank, and it is reported the Freed. man's savings bank and the Trust company. There are heavy runs on other banks. I: is expected that all will re. open after the panic subsides. The exeitement at present is intense.

2. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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NEW-YORK DAILY TRIBUNE, FRIDAY, SEPTEMBER 26, 1873. Liverpool for New-York to-day. Of this amount the and Cincignati banks, which were at first reported as that it was unnecessary to take any special action; NOVsteamship City of Brussels took $150,000, and the steamhaving totally suspended, and the excitement was hightortheless all are agreed that there is no possible fear of a ship Adriatic £35,000. ened at noon by the suspension of the private bankingDanie here, of a run on the banks, or of any inconventence A STORMY ERIE MEETING-PRESIDENT WATSON house of Woollen, Web. & Co., owing mainly to the reat all. Indeed, one of the Presidents thinks THANKED--HE WANTS THIRTY MALLIONS. turn of their drafts on the suspended Trust Company of the worst effect it can have directly is to New-York. Public confidence became 80 shaken that LONDON, Sept. 25.-The meeting called by create temporarily a slight uncertainty in the Mr. Watson to consider the affairs of the Erie Railway there was a heavy run on Ritzinger's Bank and on the matter of taking New-York drafts on deposit. as Indianapolis Savings Bank by a class of generally small Company took place to-day. and was attended by 1,000 the banks in this city have always received depositors, and a few persons withdrew their money persons, including many Americans. The session is New-York funds without charging any discount or perfrom other banks. The First National Bank, instead of described as stormy. A resolution of thanks to Mr. centage, no matter how the rates of exchange stood. Of closing at the usual hour, kept open an hour later to give Watson was unanimously adopted. The names of Biscourse, 80 long as the present feeling continues, people depositors an opportunity to withdraw their money if choffsheim and Henry were greeted with a storm of will be anxious to get rid of their New-York funds, and they wished, and when it closed it had received more mingled hisses and cheers. Mr. Watson, in an explanathe banks may find them on their hands to excess. money than it had paid out. The unquestionable soltion of the affairs of the Company, said there was some As New-York is largely indebted to us the banks cannot vency of all the city banks, together with the fearless apparent dubiousness about the accounts, but he besend on checks and get greenbacks. Indeed, one cashier way in which they met the excitement, seems to have lieved they were correct. They wanted $30,000,000 imgoes 80 far as to say there is but one bank in New-York sent home the crowds, who througed the streets until mediately to finish improvements already begun and to independent enough to have it in its power to send Bosafter the banks had closed, in a better state of feeling, lay a third rail. ton checks for greenbacks. and it is not thought that there will be any further COMMENTS OF THE LONDON PRESS-FIVE HUNDRED There is another point in this regard where our banks trouble. Previous to the excitement, the banks in conTHOUSAND POUNDS TO BE SENT TO AMERICA. are strong in comparison with the New-York instituference had decided to go ahead in the usual way, and tions. Their country correspondents are all New-EnLONDON, Sept. 26.-The Daily Telegraph, in this determination will still be followed. gland banks, and form but a very small proportion of another article on the American crisis, says it cannot be their depositors. Nevertheless there have been rumors, too strongly enforced that there is nothing radically unIN MISSOURI. and unpleasant ones, too. sound here or in the United States. The great mass of GENERAL SUSPENSION OF THE BANKS OF ST. LOUISOne rumor prevailed here to-day that checks to a very capitalista is not affected by the trouble in New-York. large amount had been sent on to be cashed, but it FLOUR SHIPMENTS IMPEDED. The Daily News remarto in the adsance of a aya. proved to be entirely unfounded. One banker said to an St. Louis, Sept. 25.-A slight run having tem of long credits, the materials for a panic among Advertiser reporter: cashed in one check one-third of been made on the banks of this city, it was decided at a American trading houses do not exist. It believes the the whole amount that was called for yesterday." This worst is over. meeting of bankers, held last night, to suspend the paywas a check which was by no means hastIt is said that bullion to the amount of £500,000 stel ment of checks or drafts, ither in currency or exchange, and former the ened on account of the panic. The genuntil the excitement in the East substuce ling will be withdrawn from the Bank to be sent to tleman continued: "We do business on an condition of the markets is restored. Shipments of nour by next Saturday's steamers. entirely different bagis from that of the New-York

3. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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and Cincignati banks, which were at first reported as having totally suspended, and the excitement was-hightened at noon by the suspension of the private bankinghouse of Woollen, Web: & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became 80 shaken that there was a heavy run on Ritzing er's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed.

4. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

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Article Text

The Panic in Indianapolis. INDIANAPOLIS, Sept. 25, 1873. Considerable excitement was caused here this morning by the announcement of precautionary measures adopted by Chicago and Cincinnati banks, which were at first reported as having totally suspended, and the excitement was heightened at noon by the suspension of the private banking house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York. Public confidence became 80 shaken that there was quite a heavy run on Ritzinger's Bank and on the Indianapolts Savings Bank by a class of generally small depositors, and some few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour kent ORGA BA