6191. State Stock Bank (Peru, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 12, 1857
Location
Peru, Indiana (40.754, -86.069)

Metadata

Model
gpt-5-mini
Short Digest
fda131e4

Response Measures

None

Description

Contemporaneous newspaper reports (1857–1858) list the State Stock Bank of Peru as a suspended Indiana free bank with its notes redeemed by the State Auditor at 85 cents. No article describes a depositor run; suspension and redemption by the Auditor indicate closure/suspension by state authorities and winding up.

Events (1)
1. June 12, 1857 Suspension
Cause
Government Action
Cause Details
Bank suspended and its notes redeemed by the Indiana Auditor of State (redeemed at 85 cents), indicating state-administered redemption/closure.
Newspaper Excerpt
State Stock Bank, Peru, at 85; ... The suspended banks, redeemed at the Auditor's office at 90 per cent, are ... State Stock Bank, Peru, at 85
Source
newspapers

Newspaper Articles (6)
1. June 12, 1857 The New York Herald New York, NY
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.

2. July 9, 1857 Marshall County Democrat Plymouth, IN
Article from Marshall County Democrat, July 9, 1857

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Article Text

Suspended Free Banks. The following is a list of the suspended Free Banks of this State, showing where redeemable, and value: Bank of Attica, at Auditor's office at 80 cents. Bank of America, Auditor's office, at 87 cents. Bank of Albany, Auditor's office, at 90 cents. Atlantic Bank, Auditor's office, at 80 cents. Agricultural Bank, Auditor's office, at par. Bank of Connersville, Auditor's office, at 87 cents. Elkhart County Bank, Auditor's office, at 97 cents. Farmers' Bank, Jasper, Auditor's office, at 91 cents. Kalamazoo Bank, Auditor's office, at 90 cents. Laurel Bank, Auditor's office, at 82 cents. Northern Indiana Bank, Auditor's office, at 83 cents. Orange Bank, Auditor's office at par. Bank of Perrysville, Auditor's office, at par. Bank of Rockport, Auditor's office, at par. State Stock Bank, Peru, Auditor's office at 85 cents. State Stock Bank, Marion, Auditor's office, at 90 cents. Bank of South Bend, Auditor's office, at par. Traders' Bank, Nashville, Auditor's office, at 92 cents. Bank of T. Wadsworth, Auditor's office at 91 cents. Wabash Valley Bank, Auditor's office, at 92 cents. Wayne Bank, Logansport, Auditor's office, at par. Wayne Bank, Richmond, Auditor's office, at par. Bank of North America, Auditor's office, at 90 cents. Savings Bank of Indiana, Connersville, Auditor's office, 90 cents. Bank of Warsaw, Central Bank, Indianapolis, at par.

3. February 10, 1858 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, February 10, 1858

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Indiana Free Banks. The following article from the Chicago Prese, is relation to the Indiana free Banks, will be read with interest : OFFICE OF AUDITOR OF STATE, } Indianapolis, Feb. 1, 1858. The following banks have complied with the amended law of 1855, and have securities deposited with the Treasurer of State, at their market value, to an amount not less than thoasand dollars, and ten per cent. in excess of their circulation: Bank of Goshen, Goshen; Bank of Gosport, Gosport; Bank of Mount Vernon, Mount Vernon; Bank of Paoli, Paoli; bank of Rockville, Wabash; Bank of Salem, New Albany; Bank of Salem, Salem, Bloomington; Cambridge City Bank, Cambridge City; Exchange Bank, Greencastle Farm. ers Bank, Westfield; Indiana Bank, Madison Indiana Farmers' Bank, Franklin ; Kentucky Stock Bank, Columbus; Lagrange Bank, Lima; Parke County Bank, Rock. ville; Prarie City Bank, Terre Haute ; Salem Bank, Goshen ; Southern Bank of Indiana, Terre Haute. The following banks have complied with the amended law, but have since given notice of their intention to withdraw their eirculation. Their notes are payable in coin Bank of Indiana, Michigan City Canal Rank, Evenaville; Central Bank, Indianapols-redeemed by the Treasorer of State; Crescent City Bank, Evansville. The following banks are winding up voluntarily, and are redeeming their notes at par, as specified. The ten per cent excess of securities is retained by the Auditor Bank of Elkhart, redeemed at the bank ; Brookville Bank, do; Hoosier Bank. do Huntington County Bank, do; Indiana Stock Bank, do; Bank of Monticello, redeemed at Branch Bank. Lafayette; Fayette County Bank, redeemed at Branch Bank, Connersville; Merchants' and Mechanics' Bank, redeemed at Branch Bank, New Albany Bank of Syracuse redeemed at Bank of Goshen; Indian Beserve Bank, redeemed at Fletcher's Bank, Indianapolis. SUSPENDED INDIANA FREE BANKS. The notes of the following banks are redeemed by the Auditor of State, viz: Agricultural Bank at par, Bank of Albany at 90 cents, Bank of America at 87 cents, Bank of Brideport at 88 cents, Bank of Per. rysville at par, Bank of T. Wadsworth at 91 cents, Bank of North America, Clinton, at 90 cents, Kalamazoo Bank at 90 eents, Northern Indiana Bank at 83 cents, Orange Bank at par, State Stock Bank of Indiana, Peru, at 85 cents, Savings Bank of Indiana at 69 cents, Wabash Valley Bank at 92 bents, Bank of Warsaw, redeemed at the bank; Atlantic bnak at 80 cents, Bank of Albion at par, Bank of Attica at 89 cents, Bank at Connersville at 87 cents, Bank of South Bend at par, Bank of the Capitol at par, Bank of Rockport at par, Farmers' Bank, Jasper, at 91 cents, Laurel Bank at 82 cents, New York and Virginia State Stock at par, State Stock Bank Marion, at 90 cents, Traders' Bank, Nashville, at 92 cents, Wayne Bank, Richmond, at par, Wayne Bank, Logansport, at par. The notes of the Indiana Stock Bank will be redeemed at Fletcher's Bank in a few days. The notes of all other banks not on the above list are of no value, the circulation to the extent of the securities deposited with the Auditor for the redemption of the notes having been exhausted. JOHN W. DODD, Auditor of State.

4. May 8, 1858 The New York Herald New York, NY
Article from The New York Herald, May 8, 1858

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Article Text

The condition of the canal in commencing business the present seasoa is better than usual. Every part of it has been put in the best repair, and the three additional new inclined planes add very considerably to the capacity for work and to the facility for doing business upon it. After the completion of the two planes now begun there will be but two more to be rebuilt, which it will be the policy of the company to reconstruct at their earliest convenience. The Auditor of the State of Indians publishes a statement of the present condition of the free banks of that State, from which we learn that the following banks have complied with the amended law of 1855, and have securities deposited with the Treasurer of that State, at their market value, to an amount not less than fifty thousand dollars, and ten per cent in excess of their circulation:-- Bank of Goshen, Goshen; Bank of Gosport, Gosport; Bank of Mt. Vernon, Mt. Vernon; Bank of Paoli, Paoli; Bank of Rockville, Wabash; Bank of Salem, New Albany; Bank of Salem, Salem: Bloomington Bank, Bloomington; Exchange Bank, Greencastle; Farmers' Bank, Westfield; Indiana Bank, Madison; Indiana Farmers' Bank, Franklin; Kentucky Stock Bank, Columbus; Legrange Bank, Lima; Parke County Bank, Terre Haute: Salem Bank, Goshen: Southern Back of Indiana, Terra Haute. The following banks have complied with the amended law, but have since given notice of their intention to withdraw their circulation. Their notes are payable in coin:-- Bank of Indiana, Michigan City; Cambridge City Bank, Cambridge City; Canal Bank, Evansville; Central Bank, Indianapolis, redeemed by the Treasurer of State; Crescent City Bank, Evansville. The following banks are winding up voluntarily, and are redeeming their notes at par, as specified. The tea per cent excess of securities is retained by the Auditor: Bank of Fikhart, redeemed at the bank; Brookvilie Bank, redeemed at the bank; Hoosier Bank, redeemed st the bank; Huntington County Bank, redeemed at the bank; Indiana Stock Bank, redeemed at Fletcher's Bank; Bank of Monticello, redeemed at Branch Bank, Lafayette; Fayette County Bank, redeemed at Branch Bank, Connorsville; Merchants and Mechanics' Bauk, redeemed at Branch Bank, New Albany; Bank of Syracuse, redeemed at Bank of Goshen; Indiana Reserve Bank, redeemed at Fletcher's Bank, Indianapolis. The notes of the following suspended banks are redeemed by the Anditor:- Agricultural Bank at par; Atlantic Bank at 80c.; Bank of Albany at 90c.; Bank of Albion at par; Bank of America at 87c.; Bank of Attica at 89c.; Bank of Bridgeport at 88c.; Bank of Connorsville at 87c; Bank of Perryville at par; Bank of South Bend at par; Bank of T. Wadsworth at 91c.; Bank of North America, Clinton, at 90c.; Bank of Rockport at par; Farmers' Bank, Jasper, at 91c.; Kalamazoo Bank at 90c.; Laurel Bank at 90c.; Northern Indiana Bank at 9Bc.; New York and Virginia State Stock Bank at par; Orange Bank at par; State Stock Bank of Indiana, Peru, at 85c.; State Stock Bank, Marion, at 90c.; Savinge Bank of Indiana at 69c.; Traders' Bank, Nashville, at 92c.; Wabash Valley Bank at 92c.; Wayne Bank, Richmond, at par: Wayne Bank, Logansport, at par; Bank of Warsaw redeemed at the bank. The report of the Williamsport and Elmira Railroad fully explains the difficulties which the company encountered last autumn during the financial pressure, and the measures adopted for the extinguishment of its floating debt. The movement was originated and approved by the leading bondholders, who believed that their bonds would be essentially and permanently enhanced in value by finally funding the floating debt. The signatures of more than three fourths of the bondholders have already been secured, and the floating debt itself is almost entirely signed off. The coal business, suspended the past six months, is about being resumed, and the iron and lumber trades are already active. The Northern Central road opens the Williamsport and Elmira gailroad to Baltimore in June, and also by two new routes, the Pennsylvania Central and Lebanon Valley, to Philadelphia; and the completion of the Quakake branch of the Catawissa read in July to the Beaver Meadow, will place New York as near to Buffalo by way of the company's road as by the Hudson River and New York Central roads. The managers express the belief that, with all its opening prospects, and with its finan-

5. May 13, 1858 Marshall County Democrat Plymouth, IN
Article from Marshall County Democrat, May 13, 1858

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New York & Virginia State Stock Bank, at par. Orange Bank, at par. State Stock Bank of Peru, at 85. do Marion, at 90. Savings Bank of Indiona, at 69. Traders' Bank, Nashville, at 92. Wabash valley Bank, at 92. Wayne Bank, Richmond, at par. Wayne Bank Logansport, at par. Bank of Warsaw, redeemed at the Bank. Persons sending notes for redemption, will take notice that all suspended banks, the notes of which are redeemed at this office, are on the above list. JOHN W. DODD, Auditor of State.

6. August 12, 1858 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, August 12, 1858

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State Bank, Newark, bs & up, Manhatten Bk. State Bank, Elizabethtown, és & up, do Somerset County Bank, Summervile; American Exchange Bank. Trenton Banking Co., Trenton, be and up; Man- hattan Bank. # Indiana Free Manks. The following quotations are based upon the Report of the Auditor of the State of Indiana, dated February lat, 1868: EPROIN PAYING. ATI DISCOUAY. Bank of Goshen, Goshen. Bank of Gosport, Gosport. Bank of Mt. Vernon, Mt. Vernon. Bank of Paoli, Paoli. Bank of Rockville, Wabash. Bank of Balem, New Altany.le Bank of Salem, Salem. Bloomington Bank, Bloomington. Cambridge City Bank, Cambridge City. Exchange Bank, Greencastle. Bank of Indiana Michigan City. Canal Bank, Evansville. Central B'k, Indianapolis, rodcemed by Treas- urer of State. Crossunt City Bank, Evansville. Bank of Bikhart. Brookville Bank, Indiana. Cambridge City Bank. Farmers Bank, Westfield. Indiana Bank, Madison. Indiana Farmers'Bank, Franklin. Kentucky Stock Bank, Columbus. Legrange Bank, Lima. Parke County Bank, Rockville. Prairie City Bank, Terre Haute. Bank of Monticello Fayette County Bank. Merch. & Mech. Bk. New Albany. Bank of Byracuse. Indian Reserve Bank." Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. Atlantic Bank. Bank of Albany. Bank of Albion. Bank of Attion. Bank of America. Bank of Bridgeport. Bank of Commersvillä. Bank of Perrysville. Bank of South Bend. Bank of T. Wadsworth. Bank of the Ompitol. Bank of N. America, Clinton Bank of Rockport. Kikhart County Bank. Bavings Bank, Connereville, (secure,) 40 dis. Farmers' Bank, Jasper. Kalamasoo Bank. Laurel Bank. Northern Indiana Bank. N. Y. & Va. St. Stock Bank. Orange Bank. State Stock Bank of Indiana, Peru. State Stock Bauk, Marion. Bavings Bank of Indiana, (secured). 'Traders' Bank, Nashville. Wabash Valley Br. Wayne Bank, Kichmond. Wayne Bank, Logansport. Bank of Warsaw. Huntington County Bank. There is so little cuspended Indians paper now in circulation, and rates are so unreliable, that we do not deem it worth while to give quotations. # Currency not Received, MAINE. The Metropolitan Bank of New York, and Suffolk Bank of Boston rejected, at the latest dates, the following New England and New York Banks, and of course they are not received here: Canton, South China. Exchange, Bangor. Maritime, do Monsum River. Ellsworth, Ellsworth. Hancock, do Hallowell, Halioweil, Sanford, Grocers, Bangor. China Bank, China, NEW HAMPSHIRE. Exeter, Exeter. MASSACHUSETT!. Western, Springßeld. VERMONT. South Royalton. Stark, Bounington. Danby, Danby. CONNECTICUT. Farmer's Bridgeport. Pequonnock do Wooster, Danbury. Hatters, Bethel. Colchester, Colchester. Merchants' Exchange, Bridgeport. North Amer., Seymour. Pawcatuck, Pawcatuck. Woodbury, Woodbury. Uncas. Granite Bank. Litenfield. RHODE ISLAND. Bills of all the Rhode Island Banke, except the following, are now received at the Suffolk Bank, viz: Bank of South County, Bank of the Republie. Farmers' Bank. Hopkinton Bank. Rhode Island Con. Bk. Tiverton " Warwick Bonk. Mt. Vernon " NEW YORK. Agricultural, Herkimer County. Dairyman's, Newport. Hollister, Buffalo. Reciprocity, Buffalo. Sackett's Harbor, Oliver Lee & Co.'s, redeemed in Albany. Ontario, Utica. Buffalo. Bank of Orleans, Albion. Yates County, Penn Yan. Central Bank of New York, Utica. Hamilton, Exchange, Greene. Western Bank, Lockport, Powell Bank, Newburgh, Chemung Co. Bank, Ontario Co. Bank Phelps. Pratt, Buffalo. NEW JERSEY, Commercial, Perth Amboy. Bank of New Jersey, New Brunswiek. Bergen County. Mochanics and Manufacturers', Trenton Morris County. PENNSYLVANIA. Eric City Bank. Warren County Bank. Bank of New Castie. Farmers' and Drovers' Bank, Waynesburgh: Honeedale Bank, Honasdale. Bank of Middletown. Lancaster Bank. MARYLAND. Farmers' and Merchants' Bank, Greensboro". Valley Bank, Hagerstown. Cumberland Savings Bank. Mineral Bank of Maryland, Cumberland. VIRGINIA. Kanawha. Trans-Alleghany. ΟΠΙΟ. City Bank, Cincinnati. Sandusky City Bank. Union Bank, Sandusky. Canal do Cieveland. Seneca County Bank. Miami Valley de Dayton. City Bank of Columbus. Clinton Bank, do Springfield Bank, Springfield. Dayton Bank, Dayton. MICHIGAN.