6042. Wayne 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
52d850ae

Response Measures

None

Description

Multiple contemporary reports (Nov 1854) state Wayne Bank, Logansport, suspended specie payment and was protested; no article describes a depositor run or later resumption. Context: these are free banks in Indiana that stopped specie payment and were protested — interpreted as suspension leading to effective failure/closure.

Events (1)
1. November 4, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension of specie payment and protests tied to insolvency/weakness of free banks in Indiana (owners disowning banks, inaccessible offices, inability to redeem notes).
Newspaper Excerpt
The latest bulletin in regard to the Indiana Banks ... Wayne Bank, of Logansport ... nearly the whole of them have suspended specie payment, and many of the accessible ones already protested.
Source
newspapers

Newspaper Articles (5)
1. November 8, 1854 The New York Herald New York, NY
Article from The New York Herald, November 8, 1854

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL. MONEY MARKET. TURSDAY, Nov. 7-6 P. M. There was a heavy market this morning, both in exont of transactions and in prices. At the first board, Rimois Central Bonds fell off % per cent; Delaware and Budson, 3/2; Canton Company, %; Nicaragua Transit, 1/4; Reveland, Columbus and Cincinnati Railroad, 16; Erie allroad, %; Harlem. 1/2. In Erie to-day the sales were on eller's option and for cash-in Reading Railroad, all for ash. There were very few buyer's option to-day in any f the fancies. The heaviest security on the list to-day ras Illinois Central Bonds. Bank stocks continue to be reely offered, and sell freely in small lots Rithout affect. Pg prices much. There were no transactions in Cumerland at the first board, and but one in Nicaragua ransit. The market appears to have taken a downward arn since the complexion of the last bank statement scame known, but we do not see anything in these rearns calculated to produce a depression like that ralized. The amount of specie in hand shows on inrease in the face of large shipments, and the dividend epartment shows a moderate falling off in amount This ovement is certainly one of additional strength, and by means calculated to create additional apprehension lative to the future course of financial afairs. The fincipal cause of the low prices ruling for most of the ading fancy stocks is the absence of purchasers. There tually no buyers in the market, and there are very w sellers. Occasionally a bear will make his appearnee, and put out a few contracts and then retire. A all sometimes comes out and buys pretty freely, and en disappears. In this way the market is kept alive. few strong determined bears would depress prices soously, while on the other hand a few bulls would cause tite an inflation. The bears are afraid to put out long d large contracts at currentrates. and the bulls have t the means to enter the market as purchasers. There very little doubt but that many stocks on the list are eap at our quotations; but as no one has Tale capital, one troubles them, and they *** therefore much glected. After the adjournment of the board the ing sales stocks and bonds were made by Sinson Drape: 70 Shares Del., Lackaw & Western 30 do. Third Avenue MR Co St do. Market Fire Ins. Co, 71 do. Park Fire Ins. Co. 82 do. Central Bank, New York 000 7 per cent Bonds of nion Co., Ohio, maturing 70 1865, int. payable in New York At the second board there was no change in the arket worth noticing. There were only 2 few sales ade. The number of cash transaction at both boards -day was comparatively large. The tendency this ternoon was slightly upwards. It is with pleasure that we announce the resumption the house of Blatchford & Rainsford, brokers, of all street, and the fact that'the senior partier, James Blatchford, Esq., has taken his eat again at the ard. This house suspended last July under elvenic. inces which created a great deal of sympathy in the blie mind. The frauds of Robert Schuyler came upon community like a thunderbolt in the midst of sun ine, carrying destruction in its course. Connected AN at stupendous swindler was with nearly every house n street, of extensive business, there were numero avy losses, and many were compelled to suspend. We understand that the Michigan Central Railroad mpany will pay the next semi-annual dividend in bon tead of cash. The net earnings will be used for Imovements, &c. This appears to be the policy of the The Pennsylvania Coal Company have declared a se it. nual dividend of five per cent; the,New York Floating Dock Company, a semi-annual dividend of seven per at; the Boott Mills, of Lowell, four per cent. The Mechanics' Bank has given notice that that porn of the new stock not subscribed for by the old stoc' ders on or before the first of November, is required sold at public auction; and that S. Draper will sell, Merchants' Exchange, at 12 o'clock, noon, on Friday 10th inst., sixteen hundred and sixty-six shares of d new stock, (being chiefly small parcels, which could be subscribed by executors, trustees, &c.) The capi is $2,000,000, divided into 80,000 shares, of $25 each terms of sale are, twenty-five per cent cash on the of sale, (on which day the purchaser will be re red to sign the articles of association,) and the ance on the 30th December next. Cleveland and Toledo Railroad receipts for $85,079.00 Detober were 59,608 00 ainst October last year Increase, (45 per cent) $25,471.00 receipts of the Cleveland, Columbus and incinnati Railroad for August, September nd October were $339,640.00 334,269 00 ne time last year Increase. $5,371 00 October gave $120,000 against $113,897 last year. telegraphic despatch from Indianopolis reports the pension of the Wayne Bank, Logansport; State Stock ik of Indiana, Peru; and the Upper Wabash Bank, bash. These are the only ones named in the deseh, but the fact is there is not a solvent bank in that te, formed under the free banking law. The only safe rse to pursue is to refuse every bank bill that has adiana " upon it; and it will be necessary to look FP to discover that. In getting up the plates for the of the free banks of that State, the word Indi" has been placed upon it so that it would not be lily seen. The object of this was to deceive. The cinnati Gazette of a late date says:gentleman who returned from Indiana yesterday, rmed us only six of the free banks are now pay coin for paper. The notes of such as will not em promptly cannot be made to circulate as money

2. November 9, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 9, 1854

Click image to open full size in new tab

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.

3. November 18, 1854 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, November 18, 1854

Click image to open full size in new tab

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,

4. November 24, 1854 The Kalida Venture Kalida, OH
Article from The Kalida Venture, November 24, 1854

Click image to open full size in new tab

Article Text

bas Latest Banks Failed. The Bank of Circleville, Ohio, is said to have failed-also The Farmers' Bank, of Chicago, Ill. The Exchange Bank, Buffalo, N. Y. The Canal Bank, Cleveland, Ohio. The City Bank of Columbus, Ohio, suspended this morning. The Woodbury Bank, Woodbury, Con nec:icut, thrown out at the Suffolk Bank Seven more Indiana Banks under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry county Bank, Cannelton; Steuben county Bank, Angola; Traders Bank, Terre Haute; Great Western Bank, Terre Haute, Look out for more soor!-Dye's Bank Mirror, Nov. 15th, 1854.

5. January 18, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, January 18, 1855

Click image to open full size in new tab

Article Text

The Bank of the Capitol and the Farmers and Mechanics' Bank to-day receive deposit par, only the bills of the following named Banks: CLASS NO. 1. Bank of Indiana, Michigan City, Bank of Syracuse, Syracuse. Bank of Rockville, Rockville, Bank of the Capitol, Indianapolis, Bank of Salem, (south.) Salem. Bank of Brookville, Brookville. Bank of Monticello, Monticello. Bank of Goshen, Goshen. Bank of Eikhart, Elkhart. Bank of Mt. Vernon, Mt. Vernon, Bank of Warsaw Warsaw, Cambridge City Bank Cambrdge. Central Bank Indianapolis. Central Bank Evansville. Crescent City Bank Farmers Bank Westfield. Farmers & Mechanics Bank Indianapolis. Fayette County Bank Connersville. Grammerey Bank Lafayette. Government Stock Bank Hoosier Bank Logansport. Indiana Bink Madison. Indiana Stock Bank Laporte. Kalamazoo Bank Albion. Kentucky Stock Bank Columbus. Lagrange Bank Lima. Laurel Bank Laurel. Merchants and Mechanics Bank New Albany. New York and Virginia State Stock Bank Evansville. Prairie City Bank, Terre Haute. Salem Bank, (north) Salem. Southern Bank of Indiana Terre Hiute. Savings Bank Connersville. Traders bank Indianapolis, CLASS NO. 2. Agricultural Bank Mt. Sterling. Bank of Rochester Rochester. Bank of Rensselear Rensselear. Bank of Rockport, Rockport. Bank of Perrysville Perrysville. Bank of Attica Attica. Bink of North America Clinton. Delaware County Bank Muncie. Farmers and Mechanics Bank Rensselear Green County Bank Bloomfield. Huntington county Bank Huntington. Indiana Reserve Bank Kokomo. N.Y. State Stock Bank Vincennes. Perry Co. B'k Cannelton. Pub. Stock Bk, Newport. People's Bk, Lima, Lima. Shawnee Bk, Attica, State Stock k.Jamestown. State Stock Security Bk,Newport. State Stock Bk Marion. Syracuse Bk Syracuse. Trader's Nashville. Tippecanoe Bk. Winnemac. Wabash River Bk. Jasper. Wabash River Bk Newville. Wabash River Bk.New Corrydon. Wabash Valley Bk,Logansport. Western Bk Plymouth. The First Class embraces those which redeem their bills in coin, The cond comprises those which have, at times. declined to pay Brokers and "Bank runners." but stocks, and whose proprietors give care and attention to them, Many of our business men have restricted their receipts to the First Class. Others are gradually curtailing the Second Class, and it is probable that, in a short time, all which are not by their owners made equal to those in the First Class by prompt redemption of their notes in spe. cie, will be rejected as uncurrent. The following named Banks are those which, it is understoon, make no pay. ment of theirnotes to any one. ana which are, most of them. secured by 5 per cent. Indiana Bonds. The discount at which their paper will be received, will depend on the selling price of their stocks in New York. The following portion of the Third Class have been taken to day on deposit at the Bank of the Capitol and the Farm ers' and Mechanics' Bank, at FIFTEEN PER CENT. DISCOUNT. Bank of Covington, Covington. Bank of South Bend, South Bend. Bank of Fort Wayne, Fort Wayne. Elkhart Co. Bank, Goshen, Farmers' Bank, Jasper, Northwestern Bank, Bloomfield. Steuben Co. Bank, Angola. Upper Wabash Bank, Wabush. Wayne Bank. Logansporte. Wayne Bank, Richmond Great Western Bank, Terre Haute. Starke Co. Bank, Knox. The following named have been re ceived 0.1 deposit to-day at the Bank of the Capitol and the Farmers' and Mechan ics' Bank, at THIRTY PER CENT. DISCOUNT, Bank of Albany, New Alb&oy Bank of T. Wardsworth, Michigan City, Bank of North America, Newport. Bank of Auburn, Auburn. Atlantic Bank, Jackson. Bank of Albion. Albion. Bank ofConnersville, Connersville. Bank of America, Morocco. Bank of Bridgeport, Bridgeport. Drovers' Bank, Rome, Merchants' Bink, Springfield. Merchants' Bank, Lafayette. :