5928. Traders Bank (Indianapolis, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 12, 1857
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
6364ef96

Response Measures

None

Description

Articles from 1857 show Traders' Bank, Indianapolis withdrawing its circulation and listed among suspended banks during the financial panic of 1857. No explicit contemporaneous report of a depositor run or of a later reopening is provided in these excerpts; therefore treated as suspension leading to closure (suspension_closure). June 12, 1857 note indicates its notes were being redeemed at the Bank of the Capitol earlier in the year, while Oct 3, 1857 reports it has suspended amid widespread bank failures.

Events (3)

1. June 12, 1857 Other
Newspaper Excerpt
Traders' Bank, Indianapolis, redeemed at the Bank of the Capitol.
Source
newspapers
2. October 3, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred in the context of the widespread financial panic and multiple bank failures in autumn 1857 (many banks listed as suspended or broken).
Newspaper Excerpt
The Bank of Galena, Illinois, Traders' Bank Yo Indianapolis, Indiana, Union Bank of Frenchtown, N. J., and Bank of Greensborough, Georgia, have suspended.
Source
newspapers
3. October 9, 1857 Other
Newspaper Excerpt
Those marked with a star are withdrawing their circulation. *Traders' bank, Indianapolis.
Source
newspapers

Newspaper Articles (3)

Article from The New York Herald, June 12, 1857

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Article Text

The specie paying banks that are winding up and redeeming their circulation at par areBrookville Bank, Bank of the Capitol, Bank of Elkhart, Hoosier Bank, Indiana Stock Bank, Huntington County Bank, Indiana Reserve Bank, Bank of Monticello, redeemed at Branch Bank, Lafayette; Fayette County Bank, redeemat Branch Bank, Connersville; Merchants' and Mechanics' Bank, redeemed at Branch Bank, New Albany; Bank of Syracuse, redeemed at Bank of Goshen; New York and Virginia State Stock Bank, redeemed at Crescent City Bank; Traders' Bank, Indianapolis, redeemed at the Bank of the Capitol. The suspended banks, redeemed at the Auditor's office at 90 per cent, areBank of Albany, Kalamazoo Bank, State Stock Bank, Marion, and Bank of Clinton. Those at 87 per cent are-Bank of America and Bank of Connersville. At 92 per cultureTraders' Bank, Nashville, and Wabash Valley Bank. Those at par are-Agricultural, Orange, Bank of Perryville, Rockport, South Bend, Wayne Bank, Logansport and Bank of Warsaw. The Atlantic Bank at 80 per cent; Elkhart, 97; Farmers' Bank, Jasper, at 91; Laurel Bank at 82; Nerthern Indiana at 832 State Stock Bank, Peru, at 85; Bank of T. Wadsworth at 91; Bank of North America, Clinton, at 90; Savings Bank of Indiana, Connersville, 69.


Article from New-York Daily Tribune, October 3, 1857

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Article Text

From The Detroit Free Press, Sept. 30. The Fox River Bank, of Green Bay, Wis., has failed. Capital, $50,000; circulation on the 1st of July last, $25,000; securities, $10,000 Virginia 6s, $14.000 Tennessee 6e, $3,000 Missouri 63, $500 specie; total, $27,500. The Badger State Bank, of Javesville, Wis., sts. pended on Saturday. Circulation on the 1st of July last, $22,379; securities, $17,000 Missouri 68, $9,000 Tennessee 6s; total $26,000. The People's Bank, of Milwaukee, W's., close its doors on Saturday afternoon. Circulation, $19,907; securities, $20,000 Georgia 7s. $3.000 Virginia 63; total. $23,000. Total liabilities, $90,927 59. The President of the bank assures The Sentinel that the assets of the institution are amply sufficient to meet all its liabilities. The resources of the Rock River Bank, of Beloit, Wis., recently failed, are stated at $169,823 85, liabilities, $146,787 51. The Milwaukee Sentinel of Monday states that "at a meeting of the officers of our city banks, held on Saturday evening, it was decided to receive and pay out the bills of the suspended banks in this State, precisely as other currency." The Bank of Galena, Illinois, Traders' Bank Yo Indianapolis, Indiana, Union Bank of Frenchtown, N. J., and Bank of Greensborough, Georgia, have suspended. The Chicago Tribune of Monday saye: "We learn of the suspension of two pominent backing-houses in Burlington, Iowa. Our own banks stand firm, and there was not the least disposition manifested to run upon any of them." The Banks of Chambersburg, Honesdale and Middletown, Penneylvaria, are discredited at Pittsburgh.


Article from The Daily Gate City, October 9, 1857

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Article Text

furnishes the following list of specie paying banks in that state, and also the value of the notes of suspended banks. The issues of banks not included in the list are worth little or nothing; SPECIE PAYING BANKS. Bank of the State of Indiana and branches. Brookville bank, Brookville. Bank of the Capitol, Indianapolis. Bank of Elkhart, Elkbart. Bank of Goshen, Goshen. Bank of Gosport, Gosport. Bank of Indiana, Michigan City. Bank of Monticello, Monticello. Bank of Mt. Vernon, Mt. Vernon. Bank of Paoli, Paoli. Bank of Rockville, Wabashtown. *Bank of Syracuse, Syracuse. Bank of Salem, Salem. Bank of Salem, New Albany. Bloomington bank, Bloomington. Crescent City bank, Evansville. Canal bank, Evansville. Cambridge City bank, Cambridge. Central Bank, Indianapolis. Exchange bank, Greencastle, *Fayette Co. bank, Connersville. Farmers' bank, Westfield. Moosier bank, Logansport. "Huntington county bank, Huntington. Indiana bank, Madison. Indian Reserve bank, Kokomo. Indiana Farmers' Bank, Franklin. *Indiana Stock bank, Laporte. Kentucky Stock bank, Columbus. Lagrange bank, Lima. *Merchants' & Mechanics' bank, N. Albany. *New York and Virginia State Stock bank, Evansville, Parke county bank, Rockville. Prairie city bank, Terre Haute. Southern bank of Indiana, Terre Haute. Salem bank, Goshen. State bank of Indiana and branches. *Traders' bank, Indianapolis. Tippecanoe bank, Logansport. NOTE.-The above list embraces the State bank and branches, the bank of the State of Indiana, and branches, and such of the speeie-paying free banks as are now doing, or have been doing, a legitimate business in regular banking houses. Those marked with a star are withdrawing their circulation. The notes of the bank of Monticello are redeemed at the branch bank, Lafayette; of the bank of Syracuse, at the bank of Goshen; of the Fayette county bank, at the branch bank, Connersville; Merchants' and Mechanics' bank, at the branch bank, New Albany New York and Virginia Stock bank, at the e Crescent city bank, Evansville. SUSPENDED AND BROKEN BANKS. The following list embraces the suspended free banks of Indiana, whose issues are rer deemed by the auditor at the rate affixed to each, except where another place of redemption is named in the list : bank M. Stanling