Article Text
INDIANA. And Still Another Failure. Indianapolis, Dec. 20.-The Indianapolis savings bank suspended this morning. Liabilities to depositors, $202,000. The bauk has a surplus of $7,200.
5869. Indianapolis Savings Bank (Indianapolis, IN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- savings bank
- Start Date
- December 20, 1878
- Location
- Indianapolis, Indiana (39.768, -86.158)
Metadata
- Model
- gpt-5-mini
- Short Digest
96a54a8d
Response Measures
None
Description
The bank suspended on Dec 20, 1878 and a receiver (John W. Ray) was appointed. Newspapers report payment of 25% immediate dividend and intent to liquidate; later (1903) final receiver's report shows the bank never resumed and was wound up. Cause cited as bad real-estate securities and bad debts (bank-specific adverse information).
Events (3)
1.
December 20, 1878
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Accumulation of illiquid real-estate securities and bad debts made it impossible to realize cash; trustees suspended and applied for a receiver; statements cite inability to realize on real estate and bad loans/withdrawals of paper since Sept 1877.
- Newspaper Excerpt
- The Indianapolis savings bank suspended this morning.
- Source
- newspapers
2.
December 21, 1878
Receivership
- Newspaper Excerpt
- Colonel Ray has been appointed receiver, and proceeded to pay depositors at once twenty-five per cent., telling them that within ninety days at the furthest a full statement of the condition of the bank would be published, and every one would know just what it would pay.
- Source
- newspapers
3.
May 9, 1903
Other
- Newspaper Excerpt
- John W. Ray, who was appointed receiver of the Indianapolis Savings Bank in 1878, made a final report... The bank closed its doors on Dec. 20, 1878. Dividends have been declared... making in all a dividend of 69.1 percent.
- Source
- newspapers
Newspaper Articles (9)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
KILLED BY A JERSEY BULL. ATLANTA, GA., Dec. 21.-Colonel W. H. Stiles, a prominent Georgian, was gored to death by a Jersey bull yesterday. The anie mal slipped up behind him when he did not suspect it, and catching him on its horns tossed him several feet in the air, tearing the flesh from his leg and killing him almost immediately. KENTUCKY SPECIALS. Items of Interest from the Interior. Specials to the Star. HENDERSON, Dec. 21.-The best price yet paid for tobacco was received by Mr. Chas. Farley, of this county, yesterday, which was $5 90 for lugs and 50 cents for trash. PADUCAH, Dec. 21.-Mr. R. H. Frazer, a tobacco buyer from Hopkinsville, who has been buying on our breaks for the past two weeks, died at the Richmond House Thurs. day night of pneumonia. A man named C. W. Crow was murdered last Tuesday night at Ohio Station, at the house of widow Moss, a prostitute, with an ax Benton Jones, her paramour, is suspected of being the murderer. ELIZABETHTOWN, Dec. 21.-Mack Lee, a negro man employed at Gaither's water tank. two miles below here, got his hand caught in a cogwheel Thursday evening and crushed into a shapeless mass. It was amputated, but fears are entertained of lockjaw. MIDWAY, Dec. 21.-Two colored children, left last evening by their mother locked in a house in the suburbs, took fire and both burned to death. GREENUP, Dec. 21.-Dr. Alfred A. Spalding, a prominent physician, died at his residence in Greenup vesterday. He had been in the practice in Kentucky for thirty-six years. In 1840 and 1841 he was connected with the Commercial Hospital of Cincinnati, and ranked high among the learned Professors of that institution. Another Savings Bank Succumbs. National Associated Press to the Star. INDIANAPOLIS, Dec. 21.-Inquiries at the Indianapolis Savings Bank yesterday revealed the fact that at 11 o'clock, in accordance with a decision of the Trustees, business has been suspended. and application made to the Auditor of State for a receiver to put the bank in process of liquidation. Colonel John W. Ray has been Secretary and Treasurer of the bank, and W. M. Jackson, President, from its organization in 1871, while the Directors and Trustees have been leading citizens, and bankers and capitalists. In consequence the bank has enjoyed the fullest confidence of the public, so that in July, 1877, it had secured 3,818 depositors, aggregating $418,000 of deposits. According to the statement of Manager Ray, it has now about 3,000 depositors, and deposits of $206,000. Colonel Ray has been appointed receiver, and proceeded to pay depositors at once twenty-five per cent., telling them that within ninety days at the furthest a full statement of the condition of the bank would be published, and every one would know just what it would pay.
Click image to open full size in new tab
Article Text
The Indianapolis Savings Bank has suspended. It has 3000 depositors, and its statement shows $260,000 assets and a nominal of $7000. The bank, it is thought, will pay 75 per cent, and it is now paying the depositors 25 per cent of their claims.
Click image to open full size in new tab
Article Text
San Xavier within 20, and Santa Rita, with the famous Toltec and Aztecgroup of ruins, within 30 hours' ride, and the Mexican frontier within the same time. Senator Thurman declines to be the Democratic candidate for Governor of Ohio. Miss Mattie Todd, a niece of Mrs. Abraham Lincoln, is an applicant for the Postoffice at Cynthiana, Ky. The banking-house of C. F. Adae & Co., Cincinnati, suspended on the 18th. Liabilities $780,000, and assets about $400,000. The creditors are mostly Germans. The failure created great excitement, and will doubtless cause much financial distress among the smaller depositors. An aggravated case of grave robbery has recently occurred at Evansville, Ind., where Mrs. Frank M. Murphy discovered the body of her husband, which had been buried only a few days previously, in the college dissecting-room, horribly mutilated, but still recognizable. At Cape Girardeau, Mo., on the evening of the 19th, Wash Ivers, a porter at the Franklin House, shot his wife and then himself. Both shots were instantly fatal. Imtemperance and conjugal unhappiness was the cause. At Cleveland, O., on the 19th, Dr. Geo. W. Angier, a well known veterinary surgeon, was shot and killed by a pistol in the hands of John W. Rice. The parties were intimate friends, and Rice claims that the shooting was accidental. The great Illinois and St. Louis Bridge, built by Captain Eads at a cost of $7,000,000, was sold at auction on the 20th, for $2,000,000. The purchaser was Mr. Anthony J. Thomas, of New York, acting as representative for the bondholders. A new company has been organized, with Solon Humphreys, of New York, as President. Ignatus Donnelly, Democrat, will contest the seat of W. D. Washburn, Republican, returned to Congress from the St. Paul, Minn., District. At Nicholsonville, Ky., on the 21st, Chas. Campbell stabbed James Hawkins in the arm and then cut his throat, causing death in three minutes. Campbell is a negro and was enraged at Hawkins because of the latter's interference in the procurement by Campbell of a license to marry a grass-widow. Campbell made his escape. In a ten-pin alley at Crockett, Texas, on the 21st, W. A. Hall struck James H. Wall in the head with a ten-pin ball, fracturing his skull and causing death. The murderer was arrested and held in $2,000 bail. John W. Rice, who shot and killed, accidentally, as he claimed, his friend George W. Angier, in Cleveland, on the 19th, has been arrested for murder. Angier lived long enough to make a statement, to the effect that Rice had been jealous of his (Angier's) attentions to Mrs. Rice, and that he had on several occasions threatened to shoot him. Stephen D. Richards, who murdered Mrs. Harrison and her three children in Kearney County, Neb., on Nov. 2 last, and subsequently.poisoned Peter Anderson, a neighbor, and then fled the State, was arrested at Mount Pleasant, o., his former residence, on the 21st, and has since been surrendered to the Nebraska authorities. Richards lived with Mrs. Harrison on the Nebraska farm and murdered her and her children in order to gain possession of her homestead. He secreted the remains of his victims in a haystack, and there being no near neighbors the murders were not discovered until the 9th of December, upon which day Richards poisoned Anderson and made his escape. At Fort Smith, Ark., on the 20th, John Postoaks, a Creek Indian, and James Diggs, a negro, were hanged on the same gallows. Postoaks murdered John Ingley, in October, 1877, and Diggs murdered J. C. Gould in August, 1873. The Indianapolis Savings Bank has suspended payment. It is claimed that all indebtedness will ultimately be paid in full.
Click image to open full size in new tab
Article Text
The Indianapolis Savings Bank suspended last Friday. In the course of business real estate securities have accumulated, and it is impossible to realize money on them now. This with bad debts contracted, compelled the bank to suspend. It is paying twenty-five cents on the dollar now, and promises twenty-five cents more in ninety days, and the whole in the course of time.
Click image to open full size in new tab
Article Text
TELEGRAPHIC BREVITIES. The establishments of the Daily Evening Mail, Commercial Indicator, and Holmes' job office, Rhodes and Gaugh, bookbinders, Kansas City, were destroyed by fire Sunday morning. Loss about $10,000. The St. Louis railroad bridge was sold at auction, Friday,for $2,000,000. It was bought by the bondholders, but will be turned over to a new company composed of St. Louis and New York capitalists. The steamer Byzantia from Marseilles for Constantinople, sunk in the Dardanelles by collision with British steamer Rivalo; most of the 90 passengers lost. The Ameer has fled, leaving his son Yakoab Kahn to fight the British. Bayard Taylor's body will be brought home for burial. He was sick but a day. Bismarck scowls over the rejection of his proposed tobacco revenue tax. 200 students arrested at St. Petersburg. Two new iron clads, the Asia and Europe, built for Russia, left Philadelphia Saturday, to be turned over to Russian officers as soon as they were out of Amer ican waters. Dr. Hoyle, grave robber, Zanesville, Ohio, is sentenced to one year in prison and $5,000 fine; Eaton, his accomplice, to four months and$1,000 fine. Iddianapolis savings bank suspended. Ignatius Donnelly will contest the seat of W. D. Washburn, congressman elect from Chicago, charging bribery, fraud, &c. A colored mother at Louisville left her two children in her house Saturday, and found them burned along with the house on her return. A $60,000 fire at Ludington, Mich., and White & Co.'s $40,000 planing mill, Lanesboro, Wis., burned Saturday. A. S. Williams, member of congress from Detroit, Michigan, died in Washington Saturday. Rarus trotted in 2:14 at Oakland Park, San Francisco, Saturday, and next heat in 2:141/2. In Leavenworth, Friday, Eugenie Chapin, 10 years old, daughter of fire marshal Chapin, had her clothing ignited by a hot stove, and burned to death. Cole's flour mill, Rochester, Minn. burned, loss $40,000. Clay female seminary, Liberty, Mo., burned on the 18th; loss $5,000. The Ameer has fled from Cabool to Turkestan. Emperor William is in fine health again, and doing lots of work. The Canadian court will go into mourning over princess Alice till January 29th. At St. Joseph, Mo., Michael Donahue shot and killed Fred Tacke, his employer, for non-payment of wages. Bayard Taylor's funeral took place at Berlin Sunday, in the American chapel, with great ceremony. The emperor and crown prince sent representatives. The men who were burned to death in Custer county, Nebraska, are named Lu. ther Mitchell and Ami Ketchum. They had shot a herder, and his comrades took them from the sheriff, chained them down to stakes, feet nearest the fire, and slowly burned them to death. The governor's reward is $200 for each of the men who carried on the burning, and he will ask the legislature to appropriate $10,000 for their detection and arrest. O'Lary and Campana started Monday, on their great six-day walk in Gilmore's Garden, New York. Heaviest snow storm for years visited Quebec Monday, and Montreal reports it three feet on the level. The Duke of Cumberland,and Princess Thyra of Denmark. were married with
Click image to open full size in new tab
Article Text
ANOTHER Savings Bank has been added to the long list of failures. Last week it was Adoe's bank at Cincinnati. now it is the Indianapolis Savings Bank at Indianapolis. On Friday mornihg last, when depositors present ed themselves, they were informed the bank could only pay 25 per cent of the deposits, but expected to be able to pay ninety per cent; would know within ninety days as all their paper matured within that time. The reason assigned for the suspension of business was that since September, 1877, they had been obliged to withdraw $200,000 of their paper and pay it to depositors, and as there was no longer any money in the business, they found it desirable to quit; if all the bank's outstanding paper was good, they could pay depositors in full and have $7,200 left. And this amount represents the bank's cap ital, or its surplus earnings, and betrays its weakness! And such a result is the common one, when a Savings Bank has concluded its labors, Not one manager out of twenty ever had or expected to have any money of his own embarked in the business. From the first they have preyed upon the people, and from the first the people have been the sufferers, simply because they have permitted themselves to be guiled by a promise of a good rate of interest, but with no security other than the simple memorandum of deposit, which proved no security at all when the bank met with misfortune. And curious as it may seem, many depositors, who could have let their money at a fair rate of interest on excellent security, and so benefitted a neighbor or helped to build up a manufacturer, have prefer red to place their money In such a bank, and have gone down with it under the pressure of failure. We do not say Savings Banks or deposit banks may not be conducted prosperously and safely, and to the benefit of de positors and managers, but under the present system they are the exceptions not the rule. But we do say no bank, however apparently prosperous it may be, can ultimately succeed and pay such rates of interest as are usually paid by such institutions. The bank which pay's eight, ten, or twelve per cent., for money is forced to loan the same at most exhorbitant rates. This they cannot do without taking risks that careful business men would refuse; and the rate demanded reliable men will not pay, except as a temporary expedient. What is the consequence? Forced to make a good income in order to pay interest alone, they "take chances" in hopes of large returns But the chances are frequently against them, and the crach of failure settles down; the depositor has his certificate of deposit, with no security; and is no
Click image to open full size in new tab
Article Text
bor, and then fled the State, was arrested at Mount Pleasant, O., his former residence, on the 21st, and has since been surrendered to the Nebraska authorities. Richards lived with Mrs. Harrison on the Nebraska farm and murdered her and her children in order to gain possession of her homestead. He secreted the remains of his victims in a haystack, and there being no near neighbors the murders were not discovered until the 9th of December, upon which day Richards poisoned Anderson and made his escape. At Fort Smith, Ark., on the 20th, John Postoaks, a Creek Indian, and James Diggs, a negro, were hanged on the same gallows. Postoaks murdered John Ingley, in October, 1877, and Diggs murdered J. C. Gould in August, 1873. The Indianapolis Savings Bank has suspended payment. It is claimed that all indebtedness will ultimately be paid in full. "Buck" Jenkins, an alleged horse-thief, was taken from the custody of an officer, about 16 miles west of Corning, Ark., on the night of the 22d, by a gang of masked men, and hanged to a tree. Jenkins formerly lived in Jefferson County, Ill., where he was arrested by the local officers, a reward of $50 having been offered for his apprehension. At Kansas City, on the morning of the 23d, the offices of the Evening Mail, the Commercial Indicator, and Rhoades & Gough's book-bindery, were completely destroyed by fire, supposed to have been caused by an incendiary. Losses generally covered by insurance. A party of six highwaymen and robbers were recently captured near Rock Creek, Wy. T., with a number of stolen horses and other valuable plunder in their possession. At Menardville, Texas, on the 20th, Green Johnson, colored, was hanged for the murder of his wife in 1878.
Click image to open full size in new tab
Article Text
END OF LONG LITIGATION. John W. Ray and the Indianapolis Savings Bank. I John W. Ray, who was appointed receiver of the Indianapolis Savings Bank in 1878, made a final report to Judge Carter, of the Superior Court, yesterday. The bank closed its doors on Dec. 20, 1878. Dividends have been declared at different times, making in all a dividend of 69.1 per cent. With the final{report the receiver filed a long list of names of people who have not come to claim what is due them. The smallest amoant due is 1 cent and the largest $167.02. The list contains several hundred names. The receiver shows that $1,625 remains to be distributed among Gepositors, and the court ordered this turned over to the county clerk. Those who are entitled to dividends will be paid by applying to the clerk. At the end of two years the money left in the hands of the clerk will be turned over to the State. Judge Carter made the receiver a final allowance of $750. He had previously drawn about $2,500 for his services, but had received no money for nearly ten years.