6374. Upper Wabash Bank (Wabash, IN)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
state
Start Date
November 7, 1854
Location
Wabash, Indiana (40.798, -85.821)

Metadata

Model
gpt-5-mini
Short Digest
9d28c116

Response Measures

None

Description

Contemporary newspapers (Nov 1854–Jan 1855) report the Upper Wabash Bank (Wabash, IN) among Indiana free banks that suspended payment / refused to redeem notes and were being classed as non-paying. No article indicates a subsequent reopening; thus classified as suspension leading to permanent closure/insolvency. Corrected OCR pension to suspension in Article 1 context (telegraphic dispatch).

Events (1)

1. November 7, 1854 Suspension
Cause
Local Banks
Cause Details
Part of a broader wave of failures among Indiana 'free banks' β€” multiple local banks suspended/refused redemption; systemic/local banking distress in Indiana free-banking system rather than a single misinformation event.
Newspaper Excerpt
a telegraphic despatch from Indianapolis reports the pension of the Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; and the Upper Wabash Bank, Wabash.
Source
newspapers

Newspaper Articles (3)

Article from The New York Herald, November 8, 1854

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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


Article from The Kalida Venture, November 24, 1854

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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.


Article from Plymouth Banner, January 18, 1855

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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. :