New Albany Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 25, 1895
Location: New Albany, Indiana (38.286, -85.824)

Metadata

Model: gpt-5-mini
Short Digest: be49b4ce

Response Measures

None

Description

Article (May 25, 1895) describes the failure of the New-Albany Banking Company with indictments for embezzlement; depositors received 25 cents on the dollar. No run is mentioned; bank appears to have failed/closed and investigators/receivers were involved.

Events (2)

1. May 25, 1895 Receivership

Newspaper Excerpt: Nineteen indictments were returned ... charging them with embezziement in connection with the failure of the New-Albany Banking Company ... The depositors ... have received 25 cents on the dollar.
Source: newspapers

2. May 25, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement by officers/agents (indictments returned against cashier J. S. Winstanley and others; alleged large loans to Dr. Breyfogle).
Newspaper Excerpt: the failure of the New-Albany Banking Company ... The depositors, who had over $100,000 in the bank, have received 25 cents on the dollar.
Source: newspapers

Newspaper Articles (1)

1. May 26, 1895 New-York Tribune New York, NY

Article from New-York Tribune, May 26, 1895

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Article Text

INDIANA BANK-WRECKERS INDICTED. ONE OF THEM IS DR. BREYFOGLE FORMER PRESIDENT OF THE "MONON" ROAD Louisville, Ky., May 25.-Nineteen indictments were returned to-day by the New-Albany, Ind., Grand Jury against Dr. William Breyfogle, J. S. Winstanley and Clarence J. Frederick, charging them with embezziement in connection with the failure of the New-Albany Banking Company Dr. Breyfogle is well-known in business and railroad circles. and was at one time president of the Louisville, NewAlbany and Chicago Railroad Dr. Breyfogle was not an officer of the banking company. but borrowed a large amount of money from it through the Influence of his brother-in-law J. S. Winstanley, who was the cashier. Clarence Frederick, one of the indicted men, was a clerk in the bank The depositors, who had over $100,000 in the bank. have received 25 cents on the dollar. but were promised much more by Dr. Breyfogle, who agreed to turn over certain land to them. The feeling is particularly strong against Dr. Breyfogle, because it was thought he caused the failure of the bank. All of the leading lawyers in New-Albany, except two or three were engaged by the defence. There are about 400 depositors of the bank in New-Albany.