Indianapolis Savings Bank (Indianapolis, IN)

Episode Information

Episode UID
2496866690885
Episode Type
Run Only
Bank Type
savings
Bank ID
249686669 hash
Start Date
September 25, 1873
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b47199f3f53f409b

Response Measures

None

Events (1)
1. September 25, 1873 Run
Cause
Local Banks
Cause Details
Excitement triggered by suspensions and returns of drafts at New York and other banks (Woollen, Webb & Co.; Trust Company of New York) leading depositors to withdraw funds.
Measures
Banks remained open longer and met withdrawals; city banks collectively took precautionary measures.
Newspaper Excerpt
there was quite a heavy run on Ritzinger's bank,and on the Indianapolis sayings bank,by a class of generally small depositors.
Source
newspapers

Newspaper Articles (4)
1. September 26, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 26, 1873

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Article Text

ceiver of taxes at Verdan this morning paid the sure claimed. HENRY NLEWS & Co. state that the liabilities which their London house describe as "incurred account for New York house, are largely acceptances under commercial conditions for the account of various merchants in thiscity and elsewhere, to whom the drafts will be returned and who will meet them. being prepared so to do by having goods placed in their possession against which the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances under these conditions are provided for by parties OR whose account they were issued. AT INDIANAPOLIS INDIANAPOLIS, September 25.-Consid erable excitement was caused here this forenoon by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended. This excitement was heightened at noon by the suspension of the private banking house of Woolen. Webb & Co., owing mainly to the return of their drafts on the suspended Trust company of New York, and public confidence became so shaken that there was quite a heavy run on Ritzinger's bank,and on the Indianapolis sayings bank, by a class of generally small depositors. Some few persons have withdrawn their money from other banks. The First National bank, instead of closing at the usual hour. kept open an hour, to give any depositors an opportunity to withdraw their money if they wished, and when it closed, it received more money than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to haye sent home the crowds who thronged the streets. AT NEW ORLEANS. New ORLEANS, September 25.-There was a meeting this forenoon of all the bank presidents in the city, except two It was resolved to pay ao checks for more than one hundred dollors, all the larger checks to be certified. This arrangement is to continue for thirty days. This ac. tion they consider precautionary to preventa drain. AT SAVANNAH, GA. SAVANNAH, September 25.-A run commenced early this morning on the savings department of the Savannah Bank, and the Trust company and the Southern Bank of Georgia. Large crowds are congregated. Banks are paying dollar for dollar, and business is at a complete standstill for want of currency. AT WASHINGTON WASHINGTON, September 25.-The navy department is paying all employes to-day in anticipation of usual pay day,in order to lessen the stringency of the money market caused by the scarcity of currency. AT MEMPHIS. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks, caused by inability to realize on securities in New York. The following named banks have closed to-day First National bank. DeSoto bank, and it is reported the Freed. man's savings bank and the Trust company. There are heavy runs on other banks. I: is expected that all will re. open after the panic subsides. The exeitement at present is intense.

2. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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Article Text

that it was unnecessary to take any special action; nevertheless all are agreed that there is no possible fear of a panic here, of a run on the banks, or of any inconvenience at all. Indeed, one of the Presidents thinks the worst effect it can have directly is to create temporarily a slight uncertainty in the matter of taking New-York drafts on deposit, as the banks in this city have always received New-York funds without charging any discount or percentage, no matter how the rates of exchange stood. Of course, so long as the present feeling continues, people will be anxious to get rid of their New-York funds, and the banks may find them on their hands to excess. As New-York is largely indebted to us the banks cannot send on checks and get greenbacks. Indeed, one cashier goes so far as to say there is but one bank in New-York independent enough to have it in its power to send Boston checks for greenbacks. There is another point in this regard where our banks are strong in comparison with the New-York institutions. Their country correspondents are all New-England banks, and form but a very small proportion of their depositors. Nevertheless there have been rumors, and unpleasant ones, too. One rumor prevailed here to-day that checks to a very large amount had been sent on to be cashed, but it proved to be entirely unfounded. One banker said to an Advertiser reporter: "We cashed in one check one-third of the whole amount that was called for yesterday." This was a check which was by no means hastened on account of the panic. The gentleman continued: "We do business on an entirely different basis from that of the New-York and Cincinnati banks, which were at first reported as having totally suspended, and the excitement was heightened at noon by the suspension of the private banking-house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became so shaken that there was a heavy run on Ritzinger's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed. IN MISSOURI. GENERAL SUSPENSION OF THE BANKS OF ST. LOUIS—FLOUR SHIPMENTS IMPEDED. ST. LOUIS, Sept. 25.—A slight run having been made on the banks of this city, it was decided at a meeting of bankers, held last night, to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the East subsides and the former condition of the markets is restored. Shipments of flour to the East in large quantities are impeded by the refusal of the banks to buy drafts. The grain market is also affected. The general feeling is that the suspension will be of short duration. Liverpool for New-York to-day. Of this amount the steamship City of Brussels took £150,000, and the steamship Adriatic £35,000. A STORMY ERIE MEETING—PRESIDENT WATSON THANKED—HE WANTS THIRTY MILLIONS. LONDON, Sept. 25.—The meeting called by Mr. Watson to consider the affairs of the Erie Railway Company took place to-day, and was attended by 1,600 persons, including many Americans. The session is described as stormy. A resolution of thanks to Mr. Watson was unanimously adopted. The names of Bischoffsheim and Henry were greeted with a storm of mingled hisses and cheers. Mr. Watson, in an explanation of the affairs of the Company, said there was some apparent dubiousness about the accounts, but he believed they were correct. They wanted $30,000,000 immediately to finish improvements already begun and to lay a third rail. COMMENTS OF THE LONDON PRESS—FIVE HUNDRED THOUSAND POUNDS TO BE SENT TO AMERICA. LONDON, Sept. 26.—The Daily Telegraph, in another article on the American crisis, says it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists is not affected by the trouble in New-York. The Daily News remarks that in the absence of a system of long credits, the materials for a panic among American trading houses do not exist. It believes the worst is over. It is said that bullion to the amount of £500,000 sterling will be withdrawn from the Bank to be sent to America by next Saturday's steamers.

3. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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Article Text

and Cincinnati banks, which were at first reported as having totally suspended, and the excitement was heightened at noon by the suspension of the private banking-house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became so shaken that there was a heavy run on Ritzinger's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed.

4. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

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Article Text

The Panic in Indianapolis. INDIANAPOLIS, Sept. 25, 1873. Considerable excitement was caused here this morning by the announcement of precautionary measures adopted by Chicago and Cincinnati banks, which were at first reported as having totally suspended, and the excitement was heightened at noon by the suspension of the private banking house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York. Public confidence became 80 shaken that there was quite a heavy run on Ritzinger's Bank and on the Indianapolts Savings Bank by a class of generally small depositors, and some few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour kent ORGA BA