6038. State Stock Bank (Logansport, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 4, 1854
Location
Logansport, Indiana (40.754, -86.357)

Metadata

Model
gpt-5-mini
Short Digest
396af167

Response Measures

None

Description

Contemporary reports (Nov 4, 1854 letter reprinted) say the State Stock Bank of Logansport had 'stopped specie payment', could find no office or owner, and its notes were protested. No explicit run is described; the bank appears suspended and effectively inaccessible, consistent with a closure/suspension without reopening reported in these articles.

Events (1)

1. November 4, 1854 Suspension
Cause
Macro News
Cause Details
Part of a broader collapse of 'Free Banks' in Indiana; bank had stopped specie payment and could not be located or contacted; notes protested.
Newspaper Excerpt
Of the State Stock Bank of Logansport I could find no office, no owner, nor anybody that knew anything about it... nearly the whole of them have suspended specie payment
Source
newspapers

Newspaper Articles (3)

Article from New-York Daily Tribune, November 9, 1854

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Article Text

The latest bulletin in regard to the Indiana Banks The latest bulletin in regard to the Indiana Banks is the fellowing letter from Indianapolis: INDIANAPOLIS Sistarday, Nov 4 1854. JOHN THOMPSON, Eq No. Wall-st., New York. Dear Sir: Having during the last two weeks visited most of the priccipal towns of this State, to ascertain the position of the Free Banks, I am sorry to have to state that nearly the whole of them have suspended specie payment and many of the accessible ones already protested. Of the owners of the Free Banks large number of whom are in this city, I regret to say that some entire ly disown any connection with banks that are currently reported to belong to them, and as some of these banks are incossible and others have only a nominal place of business, it becomes almost an impossibility to get the notes protested, and as it is well known that the banks have stopped specie payment, what ecourse have the bill holders? The following banks have protested to my certain knowledge, and others I will report to you as fast 88 I learn the fact. Merchants Bank. of Lafayerte: Wayne Bank. of Logansport; State Stock of Pean.; Eikhard's Co. Bank; Batk of Connersville. &c. Of the State Stock Bank of Logansport could find no office, no owner, nor anybody that know suything aboutit. The Cashier of the Northern Indians Bank . Lo. gansport I had heard asserted would redeem 183 to tos, but n presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Ofthose banks situated in the remote swampy diatriets of the State, such as the Bank of America, as Morocco, the Wabash River Bank, at Jasper, see., I am not yet able to say anything, nobody, to my knowledge, having yet penetrated to them. I presume, however, they have stopped ment; the 0 wner of one of these, residing in this city, and declining to take up his notes, favors this conviction. The bonks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. Atpresent I know of only about twelve banks that redeem. The Auditor has declared that notes protested in packages will not ereceived by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, hich were deno in packages. Of the Delaware County Bank, said to be at Muncio, I can discover no officer nor owner. Banks of this class are numerous, as are also those like Wayne Bank, which we were recommended to a saw-mill to find, and the Newport Banks, three of which are in the County Clerit's office. There is now scarcely a dellar in the State except Free Bank paper, all else being engerly seized to reS. C. THOMPSON. Yours, mit East. Mr. John Rice has been elected President of the Atlantic Bank of this City, vice Mr. Isaac Otis, resigned. Mr. J. W. Baker was elected Vice-Prosident. Mr. Patchin, we understand, promises to pay the Coupons on the Bonds of the Buffalo and New-York City Road, due in July, within the next thirty days. There is no important change in the Money market, but if any, it is not in greater ease. The Banks continue to contract their loans, and while this continues but little relief can be looked for. Exchanges, however, are in favor of this City from all the prominent potnis, and but for the trouble among the Western Banks, we should expect a let up to some extent within a week or two. The rates for paper are without change. At Boston, the Money market continues easier. At Baltimore, The Sun says: The hopes of some improvement in money metters this week stimulated speculators to make time purchases of stocks to 8 rather greater extent at the close of last week, and that helped the market somewhat. The effect of last week's stringency and the heavy payments on Saturday led to the suspension of three or four houses in Baltimore, some of which, however, showing ample assets, may only need an extension whereby to continue the conduct of their businees." At Detroit, according to The Journal The difficulty of obtaining money has never been 80 great as at present. Banks and brokers have nearly stopped discounts, and accommodations are not to be had at any price. The best securities are mostly refused, and every one is content to let his neighbor take care of himself, if possible. Heavy speculations are consequently out of the reach of most dealers, and operations have been restricted to such as will bring the quickest return. The Chronicle, of Pittsburgh, says: The Money market during the last week was probably more stringent than has been experienced in this city for four or five years. The rate for money now on the street may be set down at 11 P month for strictly No. 1, and various rates for other grades. The discount on currency fluctuates between 11@2. Eastern Exchange and par funds are very searce. The report against the Commercial and Farmers Bank at Paducah, Ky., we have reason to think, was without foundation, and the brokers generally are receiving it on deposit." The following semi-annual dividends have been declared by the Philadelphia banks. The Bank of North America and the Pennsylvania Bank divide in January and July. Northern Liberties Bank, 6 P cent.; Philadelphia Bank, 5; Mechanics' Bank, 6: Commercial Bank. 5; Kensington Bank, 6; Manufacturers' and Mechanics' Bank, 5; Bank of Commerce, 5; Girard Bank, 3; Western Bank, (extra5, 10; Penn Township Bank, 5; Farmers' and Mechanics' Bank, 5; Tradesmen's Bank, 4; Southwark Bank, 5. The Oswego Palladium says: " We are gratified to hear the report that Mr. E.G. Merrick, whose recent suspension has been anDounced, has made arrragements to resume again. We believe it has not been presumed that Mr. W. was not-able to meet all his obligations, with sufficient time." The Obio banks follow up the attacks upon the position taken by Auditor Dunn of Indians. The Cincinnati Commercial indulges in pleasantries on Mr. Dunn, who may be called " Anti-Ounn." It says: If anything was needed to complete the discredit and demolishment of all existing concerns organized under the free banking law, and out a check upon the creation of any new ones, Mr. Dunn's letter is ample to meet the demand. We have recently heard & great deal about ultimate security. What ultimate security is. Mr. Dunn has defined with great clearness and elegance. It means that the circulating notes of the stock banks are to be paid some time or other-if ever. From the annual report of the President of the Baltimore and Ohio Railroad, for the fiscal year ending Sept. 30, we have the following statement of receipts and expenditures: $3,645,600 45 Revenue as per ledger balance Expenses under the following accounts via: 8872 805 51 Expenses of transportation 579 240 96 Repairs of railway 179 . Renairs bridges.


Article from Semi-Weekly Standard, November 18, 1854

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Article Text

INDIANA BANKING. The latest bulletin in regard to the Indiana banks i. the following letter from Indianapolis: INDIANAPOLS, SATURDAY, Nov. 4, 1854. John Thompson, Esq., No. 2 Wall street, N. N.: DEAR SIR Having during the last two weeks visited most of the principal towns of the State to ascertain the position of the free banks, I am sorry to state that nearly the whole of them have suspended specie payment, and many of the accessible ones already protested. Of the owners of the free banks, a large number of whom are in this city, I regret to say that some entirely disown any connection with banks that are currently reported to belong to them, and as some of these banks are inaccessible, and others have only a nominal place of business, it becomes almost an impossibility to get the notes protested, and as it is well known that the banks have stopped specie payment, what recourse have the billholders? The following banks have been protested to my certain knowledge, and others I will report to you as fast as I learn the fact: Merchants' Bank, of Lafayette; Wayne Bank, of Logansport; State Stock, Pennsylvania; Elkhard's Company Bank; Bank of Connersville, &c. Of the State Stock Bank of Logansport I could find no office, no owner, nor anybody that knew anything about it. The cashier of the Northern Indiana Bank at Logansport, I had heard asserted would redeem its notes, but on presentation be very liberally offered me fifty cents on the dollar for them, which I declined. Of these banks situated in the remote swampy districts of the State, such as the Bank of America, at Morocco, the Wabash River Bank at Jasper, &c., I am not yet able to say anything; nobodoy, to my knowledge, having yet penetrated to them. I presume, however, they have stopped payment; the owner of one of these residing in this conviction. The banks of this city still continue to redeem, although the owner of one last night said he intended to stop redeeming to brokers. At present I know of only about twelve banks that redecm. The auditor has declared that notes protested in packages will not be received by him, as the only legal way is to protest them singly, thus rendering useless the protests on some of the banks above mentioned, which were done in packages. Of the Delaware County Bank, said to be at Munote, I can discover no offier nor owner. Banks of this class are numerous, as are also those like Wayne Bank, which we were recommended to a saw-mill to find, and the Newport Banks, three of which are in the county clerk's office. There is now scarcely a dollar in the State, except free bank paper, all else being seized to remit East. S. C. THOMPSON. Yours,


Article from The Daily Minnesota Pioneer, January 11, 1855

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Article Text

From the Crawfordsville Review. The Free Banks of Indiana. The following list of Free Banks of Indiana were reported in the recent Convention at Indianapolis, as specie paying banks: Hoosier Bank, Logansport; Prairie City Bank; Indiana Stock Bank, Laporte; Gramercy Bank; Western Bank, Plymouth; Canal Bank, Evansville; Fayette County Bank; Lagrange Bank; Bank of Indiana, Michigan City; Bank of Syracuse; Cambridge City Bank; Bank of Rockville; Salem Bank; Bank of Monticello; Crescent City Bank; Central Bank, Indianapolis, Indiana Bank, Madison; Bank of Goshen; Bank of Salem; Farmer's Bank of Westfield; Keutucky Stock Bank; Kalamazoo Bank; Bank of Warsaw; Bank of Mount Vernon; Bank of Paoli; Bank of Elkhart; Merch. and Mechanic's Bank, N. Albany. Bank of the Capitol; Trader's Bank, Indianapolis; N. Y. & Virginia Steck Bank, Evansville; Farm's & Mech's Bank, Indianapolis. The following resolution among others was adopted: Resolved, That we will receive and pay out the notes of the banks represented in this Convention as specie paying banks in all business transactions, and that we will in no case treat as par funds, the issues of any suspended bank whatever. The above list comprises all the banks covered by the foregoing resolution. It is thought that twenty or thirty more banks will acquiesce in the arrangements in a :week or two. Here is a list of those which the Indianapolis Journal says "have no place of doing business,-no owners in fact that anybody can find,-and don't redeem their paper in coin, currency, or exchange." Bank of America, Morocco; Bank of Connersville, Connersville: Drover's Bank, Rome; Elkhart county Bank, Goshen; Merchant's Bank, Lafayette; Orange Bank, Poseyville; Merchant's Bank, Springfield; Northern Indiana Bank, Logansport; Plymouth Bank, Plymouth: State Stock Bank, Logansport; " Peru; Trader's Bank, Terre Hante.