Bank of Albany (New Albany, IN)

Episode Information

Episode UID
1969060990661
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
196906099 hash
Start Date
January 10, 1855
Location
New Albany, Indiana (38.286, -85.824)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b431224852b91f8a

Response Measures

None

Description

State auditor selling the bank's Indiana stock suggests the bank was suspended and being liquidated.

Events (1)
1. January 10, 1855 Suspension
Cause
Government Action
Cause Details
Listed among Indiana 'suspended banks' and accepted at heavy discount by other banks; later state auditor sold its Indiana state stock at auction.
Newspaper Excerpt
THIRTY PER CENT. DISCOUNT. Bank of Albany, New Albany.
Source
newspapers

Newspaper Articles (3)
1. January 18, 1855 Plymouth Banner Plymouth, IN
Article from Plymouth Banner, January 18, 1855

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Article Text

From the State Journal. Indiana Free Banks. CORRECTED WEEKLY. WEDNESDAY Evening, Jan. 10. The Bank of the Capitol and the Farmers and Mechanics' Bank to-day receive on deposit at 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 Elkhart, Elkhart. Bank of Mt. Vernon, Mt. Vernon, Bank of Warsaw, Warsaw, Cambridge City Bank, Cambridge. Central Bank, Indianapolis. Central Bank, Evansville. Crescent City Bank, Evansville. Farmers Bank, Westfield. Farmers & Mechanics Bank, Indianapolis. Fayette County Bank, Connersville. Grammercy Bank, Lafayette. Government Stock Bank, " Hoosier Bank, Logansport. Indiana Bank, 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 Haute. 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. Bank 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 Bk, Jamestown. State Stock Security Bk, Newport. State Stock Bk, Marion. Syracuse Bk, Syracuse. Trader's Bk, 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 Second comprises those which have, at times, declined to pay Brokers and "Bank runners," but which are based on 5 per cent. 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 specie, will be rejected as uncurrent. The following named Banks are those which, it is understood, make no payment of their notes to any one, and 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 Farmers' 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, Wabash. Wayne Bank, Logansport. Wayne Bank, Richmond. Great Western Bank, Terre Haute. Starke Co. Bank, Knox. The following named have been received on deposit to-day at the Bank of the Capitol and the Farmers' and Mechanics' Bank, at THIRTY PER CENT. DISCOUNT. Bank of Albany, New Albany. Bank of T. Wadsworth, Michigan City. Bank of North America, Newport. Bank of Auburn, Auburn. Atlantic Bank, Jackson. Bank of Albion, Albion. Bank of Connersville, Connersville. Bank of America, Morocco. Bank of Bridgeport, Bridgeport. Drovers' Bank, Rome. Merchants' Bank, Springfield. Merchants' Bank, Lafayette. Northern Indiana Bank, Logansport. Orange Bank, Poseyville. Plymouth Bank, Plymouth. State Stock Bank, Logansport. State Stock Bank, Peru. Traders' Bank, Terre Haute.

2. June 26, 1855 The New York Herald New York, NY
Article from The New York Herald, June 26, 1855

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Article Text

R. W. LATHAM, AUCTIONEER.—SPECIAL SALE.—By order of Hon. H. E. Talbott, Auditor of the State of Indiana, for account of Indiana suspended banks, J. THOMPSON'S stock auction sales. On Thursday, June 28, at the Merchants' Exchange, at 12½ o'clock, For account of the Bank of Attica, Indiana:— $21,000 Indiana State 2½ per cent stock. 8,000 Indiana State 5 per cent stock. Atlantic Bank, Jackson:— 6,000 Indiana State 2½ per cent stock. Orange Bank, Poseyville:— 1,000 State of Indiana 5 per cent stock. Bank of Albany, New Albany:— 7,000 Indiana State 5 per cent stock. State Stock Bank at Peru:— 25,300 Indiana State 5 per cent stock. Bank of Bridgeport:— 2,000 Indiana State 5 per cent stock. Bank of America, Morocco:— 6,500 Indiana State 5 per cent stock. Public Stock Bank, Newport:— 7,000 Indiana State 5 per cent stock. Elkhart County Bank:— 40,000 Indiana State 2½ per cent stock. 5,000 Louisiana State 6 per cent Bonds, int. from 1st June, 1855. 2,000 Louisiana State 6 per cent Bonds, int. from 1st April, 1855. 500 Virginia State 6 per cent Bonds, int. from 1st April, 1856. Traders' Bank, Nashville:— 16,500 Indiana State 5 per cent stock. Per Individual Order:— 7,000 Great Western R. R. Co. (Illinois) 7 per cent mortgage and convertible bonds. Int Feb. and Aug. in N. Y.; due 1865. 10,000 Memphis City (Tennessee) 6 per cent Bonds. Interest Jan. and July in N. Y.; due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city, 10 per cent will be required on the day of sale, and six days' grace given (adding interest) on the balance. The accrued interest will go to the purchaser (the same as at the Board of Brokers), except the Indiana State stocks, which are sold interest off. Office No. 2 Wall street. JOHN THOMPSON.

3. June 28, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 28, 1855

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Article Text

R. W. LATHAM, Auctioneer. SPECIAL SALE—By order of the Hon. H. E. Talbott, Auditor of the State of Indiana for account of Indiana Suspended Banks.—J. THOMPSON'S STOCK AUCTION SALES—On THURSDAY, June 28, at the Merchants' Exchange, at 12 1/2 o'clock. For account of the Bank of Attica, Ind.: $21,000 Indiana State 2 1/2 per cent Stock. 8,000 Indiana State 5 per cent Stock. Atlantic Bank, Jackson: 6,000 Indiana State 2 1/2 per cent Stock. Orange Bank, Poseyville: 1,000 State of Indiana 5 per cent Stock. Bank of Albany, New-Albany; 7,000 Indiana State 5 per cent Stock. State Stock Bank at Peru: 25,300 Indiana State 5 per cent Stock. Bank of Bridgeport: 2,000 Indiana State 5 per cent Stock. Bank of America, Morocco: 6,500 Indiana State 5 per cent Stock. Public Stock Bank, Newport: 7,000 Indiana State 5 per cent Stock. Elkart County Bank: 40,000 Indiana State 2 1/2 per cent Stock. 5,000 Louisiana State 6 per ct. Bds., int. from 1st June, 1855. 2,000 Louisiana State 6 per ct. Bds., int. from 1st April, 1855. 500 Virginia State 6 per ct. Bds., int. Traders' Bank, Nashville: 16,500 Indiana State 5 per cent Stock. Per Individual Order: 7,000 Great Western Railroad Company (Illinois) 7 per cent Mortgage and Convertible Bonds. Int. February and August in New-York, due 1865. 10,000 Memphis City (Tennessee) 6 per cent Bonds. Interest January and July in New-York. Due 1884. All purchases must be paid for on or before 1 o'clock of the day after the sale. When purchases are made for account of parties out of the city 10 per cent will be required on the day of sale, and six days' grace given (adding Interest) on the balance. The Accrued Interest will go to the purchaser, (the same as at the Board of Brokers,) except the Indiana State Stocks, which are sold interest off. Office No. 2 Wall-st. JOHN THOMPSON.