First National Bank (Indianapolis, IN)

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Episode Information

Episode UID
5501004
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
550 national
Charter Number
55
Start Date
August 9, 1883
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
09e21dd1b34c1c99

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension

Events (5)
1. August 8, 1863 Chartered
Source
historical_nic
2. August 9, 1883 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals (notably State Treasurer Cooper drawing $500,000) triggered heavy depositor withdrawals and nervousness.
Measures
Directors convened syndicate; bank paid out small checks and extended hours to pay depositors; organized syndicate to increase capital to $800,000.
Newspaper Excerpt
There was a run to-day on the First National Bank ... and a large amount has been drawn from both institutions.
Source
newspapers
3. August 10, 1883 Reopening
Newspaper Excerpt
At 10 minutes before 8 p. m. the doors were thrown open ... Mr. English invited the crowd of depositors ... to come in and get their money. ... all checks presented were paid.
Source
newspapers
4. August 10, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continued heavy withdrawals following the run left the bank unable to continue normal payments until reorganization measures were arranged.
Newspaper Excerpt
The First National Bank of Indianapolis ... suspended yesterday in consequence of a run upon them by depositors begun the day before.
Source
newspapers
5. November 11, 1886 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (21)
1. August 10, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 10, 1883

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Run on an Indianapolis Bank. INDIANAPOLIS, Ind., Aug. 9.-There was a run to-day on the First National Bank and the Indianapolis Banking Co., and a large amount has been drawn from both institutions. The president of the First National Bank says the bank is sound with good assets, but must have time in which to realize. A meeting of the directors was held to-night, continuing in sessien until a late hour. Another meeting will be held to-morrow morning at 8 o'clock with several of the largest capitalists of the State, when it will be determined what action will be taken. It is known that State Treasurer Cooper recently drew $500,000 from the First National Bank, which he says was deposited theae temporarily.

2. August 10, 1883 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, August 10, 1883

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Failure of TWO Iudianapolis Banks. INDIANAPOLIS, Aug. 10. - The first national bank of Indianapolis and the In diana banking company have suspended. The syndicate formed to pay off the liabilities of the first national bank has been unable to accomplish its purposes. Large crowds were gathered around the two banks this morning.

3. August 11, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 11, 1883

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Trying to Save the Indianapolis Bank. INDIANAPOLIS, Ind., Aug. 10.-The board of directors of the suspended First National Bank adopted a resolution at their meeting this morning to double the stock of the bank to $800,000 instead of $400,000, provided a syndicate headed by Messrs. Depauw and English, was formed to take the management and a controlling amount of the stock. A paper was drawn to this effect, which was signed by all the directors. Both banks are still closed. A Chicago despatch says that prices are steadily but slowly declining, owing to financial disturbances at Indianapolis. Other banks held meetings and offered to help the First National.

4. August 11, 1883 Daily Republican Wilmington, DE
Article from Daily Republican, August 11, 1883

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Bank Suspensions. The First National Bank of Indianapolis and the Indiana Banking Company of the same city suspended yesterday in consequence of a run upon them by depositors begun the day before. The Directors of the First National Bank, at a meeting held in the morning, resolved to double their capital stock by making it $800,000, provided a syndicate headed by MesHTS. Depairw and English would take the management and controlingamount of stock. It was believed the consent of the stockholders not present would be obtained, and the bank relieved of its embarrassment. It was also believed the Indiana Banking Company would be able to resume soon. There was no run upon the other banks. A later despatch states that the First National Bank resumed payments to depositors in the afternoon.

5. August 11, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 11, 1883

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A PROSPECT OF RELIEF. First National and the Indiana Banking Company Suspend Payment, But the Former Resumes, and Is To Be Reorganized, with Increased Capital and W. H. English as President.

6. August 11, 1883 Evening Star Washington, DC
Article from Evening Star, August 11, 1883

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A SYNDICATE RELIEVES THE INDIANAPOLIS NATIONAL BANK-The directors of the First National Bank of Indianapolis, on which a run was made on Thursday, formed a syndicate yesterday, and increased the stock to $800,000, Mr. W. H. English and Mr. Depaw becoming responsible for the management. At 10 minutes before 8 p. m. the doors were thrown open, and Mr. English invited the crowd of depositors who had gathered on the outside to come in and get their money. The bank was kept open an hour after the closing time, and all checks presented were paid. But few of the larger depositors drew their money. The Indiana Banking company has not resumed.

7. August 12, 1883 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 12, 1883

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The Worried Banks. Indianopolis, 11.-First National Bank opened this morning at the usual hour and had paid out money on small chicks but has not cashed any large draft, but will be able to honor all demanded by Monday. The Indiana Banking Company is still closed. The following notice was pasted on the door this morning "This bank will not open to-day, and the determination arrived at will be announced on Monday." It is generally conceded that with the assets of the bank and the personal responsibility of individual members of the firm there will be sufficient to cover all liabilities and prevent loss to depositors. Indianapolis, 11. - The suspended bank ofthis city is the Indiana Banking Company, a private corporation and not an Indiana national bank. the latter is in no wise afflicted.

8. August 12, 1883 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, August 12, 1883

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# SSED THE CRISIS. the Firsational Bank of In- bols Opened-De; ositors Paid in Full. Dolis, August 10. The con- tween the directors of the onal bank and the English- Indicate ended between two o'clock this evening. At utes before three o'clock the e bank were opened, and lish appeared inviting de- come in and get their he crowd outside rushed e checked by the police were given preference. Th nued open for an hour or the closing hour, and al resented were promptly at few of the larger deposi- heir money. It is under- reliminaries for reorgan- the bank with double its tal has been fully agreed will be perfected as speedily with English as pres!- er banks were fuily pre- heet any emergency that but there has been no ex- runs during the entire Indiana Banking Company med.

9. August 15, 1883 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, August 15, 1883

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BANKS SUSPENDING. Two of Them Go Unaer at Indianapolis. INDIANAPOLIS, August 10.-The opening of the doors of the First National Bank and Indiana Banking Company offices was awaited by large crowds of depositors this morning. The directors and large capitalists were in consultation, and it was announced that the doors would not be open before noon. No reasons for the delay have been made public. INDIANAPOLIS, August 10.-The efforts of a syndicate to relieve the First Natienal Bank from its cembarrassments have failed. Two banking establishments here have suspended, the First National and the Indiana Banking Company.

10. August 16, 1883 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, August 16, 1883

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News in Nuggets. RUN ON A BANK. INDIANAPOLIS, Aug. 10-The First National bank was forced out in a run which started yesterday.

11. August 16, 1883 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, August 16, 1883

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FAILURES. THE INDIANAPOLIS BANK. INDIANAPOLIS, August 11.-The First National bank opened this morning at the usual hour, and has paid out money on small checks, but has not cashed any large drafts. The suspended bank is the Indiana banking company, a private corporation, and not the Indiana National bank. The latter is nowise affected. STOCK BROKERS GO UNDER. PHILADELPHIA, August 11.-W. H. Miller & Co., stock brokers, have suspended. ANOTHER FAILURE. ST. LOUIS, August 11.-The drug firm of Dalton Bros. has assigned. Assets, $20,000; liabilities unknown.

12. August 17, 1883 Daily Globe Saint Paul, MN
Article from Daily Globe, August 17, 1883

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UNDER A CLOUD. Ind.. Closes A Stedman Bank at Richmond, Failure in New mi Morse's Assignment. Doors-The York-The Clement-Shaw Failure-SalBANK SUSPENSION. was Ang.16-Itwas reported RICHMOND, Ind., that the Farmers' emyesterday afternoon of this city, promptly was private institution all demands were but hour of up to the the bank not understood its doors to-day, that The and directors it had are open to noon. and it is believed barrassed, a paid was up regular bank. closing. would They done they now not so holding a meeting affairs of the farmers, and wind up principally of full. The by James will be in paid 1877 in E. by Thomas, Stanley & Its depositors are to between depositors ier. will are and was composed established managed the amount principally $40,000 farm- cash- bank hold Co., ers. and $50,000. on which the regarded bank as shaky The bank has and been its suspension comment. at any est. certificates, Deposits time, The depositors mostly paid interfor a long would have caused to no have been bad it. The other suspension time management. is supposed None of the caused banks by are affected FAILURE. by of other STEDMAN story NEW YORK, THE Aug. 16. of -In the newspapers, the Street," in one "Edmund C. Stedparagraph: Co., was visited Cecil, would lose for man "The this them they Ward son." & It Monday, nothing was and the assared dealings of his not reveal the operareason they With this for a the young man. "Of all the Stedman of the firm I went this made tions by Mr. by unpardonable. one writes: did It afternoon named, is true, assertions this to make is text, to most Monday friend with an of the assured investigation, office on taking rest of a the statement is absolutely matter whom whole that The their whole no hurt, false. the I the exposure bottom. affair them me. might be probed to of his counsel, My should son, made at a full the and request frank Ward statement & Co. of his I has with Cecil, impress transactions It bears the to have just received its face, it. and will be given the public." Stedman's by On inquiry at statement the to the would be stock exchange of ascertained truth upon submitted prepared office made governing to-mor- it wub- was his son committee of the would not be he had row morning, and Stedman said $67,000 he lic obtained until afterward. from which Cecil, had Ward been & Co. had deposited been to of securities them by his son, securities but amounting his office. unable with $30,000, to trace which other were missing from of the THE CLEMENT SHOE FAILURE. meeting BOSTON, Aug. 16.-At W. Clement, that Decem- gencreditors said of Charles he started business Shaw in as special ber tleman 1881, His with business Fayette has been relations prosper- with ous, partner. Shaw and but Brothers, for peculiar to-day. he would The have financial a strong of the house liabilities statement and $559,400. solvent There presented books is also shows of an Shaw item advanced Brothers against on Clement on and the merchandise The assets for money te $215,480. rated at notes the stock and salable was MORSE are visory $302,290, amounting committee value. SALMI An investigating appointed. 16. being ASSIGNS. -Salmi Morse ad- its YORK, Aug. George D. Roberts the NEW assignment to the lease of made Albert an G. Eaves for of the production five of and built by him lease is for years theater the Passion at $15,000 play. a year, The with the privilege PRESIDENT. REORGANIZED of renewal. WITH H. ENGLISH 16. The AS reorgan- this INDIANAPOLIS, Aug. bank of ization was of completed the Frst National from this evening. $400,000 The to $800,- stock a list city increased is in capital. W.JH. English, of 'officers and Glaypool, vice has 000 president; been paid E. F. directors: The cashier. following Directors: president, Jno. O. McCutheon, F. Claypool, H. English, W. W. ReyWright, A. B. of New Albany; Simon Gandes, Terre and W. Jno. W. W. nolds, C. Depew, of Robt. Conduit, Browning, Haute; E. letter Jno. to Johnston, the A. pub Jar- J. P. Shipp, W. H. English in a recent trouble in lic says at the time Bank of in the First stock or in it, I had neither no pecuniary interest to arrest what bank and I did what I fearful widespread vies. ever. National a of |could the deposits Indianapolis disinter- what- that camight have been entirely from direclamity and I am urged of the ested motives. did it presidency in every bank imtion to am accept told that the my acceptance doubt is an this reand necessity. with extreme perative and accept great care, worry he necessity knowing the In closing inluctance strain of that position. best to protect the and I shall do my care and promote the says: terest confided to my of banking and It will correct principles the community. bank fairly time to get as well as aid is lic under take prosperity a little way and of forbearance depositors the and the pubon the needed part of and the will be appreciated. AH SIN'S MISTAKE

13. August 18, 1883 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, August 18, 1883

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BUSINESS AND FINANCE. A Great Sugar Refluery Firm Fails, Alexander & Teussig, sugar refiners, of Chicago, who did business of about one million a year, failed vesterday morning, in consequence of the decline in the prices of sugar. Their failure caused Taussig & Hammerschlag, of New York to make an assignment. The liabilities of the latter firm are estimated at $235,000. At a meeting of the creditors of Hersey, Whittier & Wyman, tanners, in Boston, Friday, the firm's liabilities were stated at $634,575; assets, $420,325. A statement of Hersey & Co., showed liabilities of $212,000 assetts, $107,000.-Batchford & Co.'s liabilities are placed at $142,328 ; essetts, 43,500. The Leavenworth national bank, of Leavenworth, Kansas, has been authorized to begin business with a capital of $100,000.-The reorganization of the first national bank of Indianapolis was completed on Tuesday night, its capital stock being increased to $800,000, paid in. W. H. English was elected president-The City national bank of Lawrenceburg, Ind., will go into voluntary liquidation.-The supreme court at Boston Friday author ized the receivers of the barnstable saving bank to declare a final dividend of 12 per cent., making 82 per cent. in all. The bank failed in May, 1878. The second national bank of Warren, Ohio suspended last evening. K. M. Fitch, its cashier, is reported to be a defaulter for over $70,000.

14. August 18, 1883 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, August 18, 1883

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THEY have a peculiar system of banking in Indiana. A run was precently made on the First National bank of Indianapolis. The bank paid out to depositors the first day of the run, but did not open the following morning until after hours, probably awaiting the arrival of currency from Cincinnati and Chicago. When it did open it paid all depositors who desired their money, and announced to the public that the bank had increased its capital from four to eight hundred thousand dollars. The depositors at once became convinced that that they could not burst the bank, and put their money back for safe keeping.

15. June 2, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 2, 1884

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A Receiver Wanted. A motion asking for the appointment of a receiver for the First National Bank, of Indianapois (No. 55), which suspended in 1881. at the expiration of its charter, was filed in the United States Court last Saturday. The bank is insolvent, and its affairs, it is claimed, are confused with the new First National and the defunct Indiana Banking Company. The suit of Mr. Wishard involves a claim of $10,000, which he holds as receiver of Woollen. Webb & Co. A denial to the complaint was filed by A. B. Conduitt, president of the old First National, who says that he is settling the affairs of the bank in a way by which the greatest amount possible may be realized from its assets, and that it is not in solvent

16. May 14, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 14, 1885

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# To Quiet Title. Yesterday the papers in a case relative to the estate of the wife of Deloss Root were filed, praying for injunction and the quieting of title in certain lots which she gave by will to her son, Henry Bennett Root. In 1875 Mrs. Kate Root agreed with George and Samuel Yandes that if judgments, amounting to $65,000, held against her husband were given to her she would convey to them her separate property, provided that the property acquired by the sale to satisfy their judgments should be hers. This agreement was fulfilled, and gave to Mrs. Root 220 pieces of land, mostly city lots. In 1878 her husband went into bankruptcy, but sometime later other judgments held principally by the First National Bank of Indianapolis, were taken, and it is sought to satisfy the judgments by the sale of the property in question. Henry Bennett Root, Deloss Root, executor et al., brings this suit against Joseph Montgomery, William F. Green, the First National Bank and its receiver, Henry J. Milligan, to restrain them from levying on the property and to make Henry Bennett Root's title good.

17. September 10, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 10, 1885

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OTICE-SALE OF ASSETS OF BANK-The N undersigned hereby gives notice that, in pursuance of the order of the Circuit Court of the United States for the District of Indiana, entered at Indianapolis September 2, 1885, he will, on Saturday, Octo. ber 31, 1885, at 10 o'clock a. m., offer for sale at public auction at the south door of the Court-house of Marion county, Indiana, all the claims. notes, accounts, judgments choses in action (including any claim against the United States growing out of the deposit of funds in the Treasury of the United States to secure or redeem circulation on account of lost or destroyed bills or otherwise), and all other property of sa a bank or said receivership, except claims against stockholders on account of statutory liability or their appropriation of assets of said bank. For list of said assets and information touching terms of sale, the conditions upon which creditors of bank may apply dividends in payment of bids, etc., apply to undersigned, HARRY J. MILLIGAN, Receiver of the (Old) First National Bank of Indianapolis, Ind. Wright's Block, Indianapolis, September 4. 1885.

18. September 10, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 10, 1885

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OTICE TO CREDITORS-Circuit Court of the N United States. District of Indiana. Lippencott and others vs. Shaw Carriage Company and others. No. 7002. Receivership of the First National Bank of Indianapolis, Ind., No. 55. Notice is hereby given that on the 2d day of September, 1885, an order was entered by the court in the above-entitled cause, That all claims against the (Old) First National Bank of Indianapolis, Ind., No. 55. and the trust represented by the receiver of said bank, be filed by the holders thereof with the Clerk of said Court by the 10th day of October, 1885. The statement of the claims so filed to contain a full account of such claims and to be verified by the oath of the party making the claim, or some person thereunto authorized. It was further ordered by the Court that all claims not filed within the time limited as above should be barred. HARRY J. MILLIGAN, Receiver of (Old) First National Bank of Indianapolis, Ind. Wright's Block, Indianapolis, September 4, 1885.

19. September 12, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 12, 1885

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OTICE TO CREDITORS-Cirenit Court of the N United States, District of Indiana. Lippencott and others vs. Shaw Carriage Company and others. No. 7002. Receivership of the First National Bank of Indianapolis. Ind., No. 55. Notice is hereby given that on the 2d day of September, 1885, an order was entered by the court in the above-entitled cause, That all claims against the (Old) First National Bank of Indianapolis, Ind., No. 55, and the trust represented by the receiver of said bank, be filed by the holders thereof with the Clerk of said Court by the 10th day of October, 1885. The statement of the claims SO filed to contain a full account of such claims and to be verified by the oath of the party making the claim, or some person thereunto authorized. It was further ordered by the Court that all claims not filed within the time limited as above should be barred. HARRY J. MILLIGAN, Receiver of (Old) First National Bank of Indianapolis, Ind. Wright's Bloek, Indianapolis, September 4, 1885.

20. November 13, 1886 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 13, 1886

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An Abundant Supply of Banking Capital. The closing of the First National Bank has caused some fear among business men that the six remaining banks will not be able to furnish enough capital for the ordinary demands of trade. Mr. V. T. Malott, president of the Indiana National, in speaking of the effect of the First National's suspension, said yesterday that it would not take money out of the city or the banking channels. The money market is now abundantly supplied. Money is easily obtained, and good paper is freely taken.

21. March 28, 1888 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 28, 1888

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Notes from the Dockets. After being on the dockets of a dozen different courts for nearly a quarter of a. century the suit of Thomas Wren against the city of Indianapolis for damages will be called for trial before a jury in Judge Howe's room nex: week. The long-pending bank case of Milligan, receiver of the First National Bank, against Rand, receiver of the Indiana Banking Company, has been set for trial on April 3, in Judge Howe's court. The case, it is thought, will consume a month's time or more. Arthur Gillette and George Moore, dealers in grain. yesterday instituted attachment proceedings against William Baxter, an Illinois grain merchant, for $75, which they claim is due them from him. They say that several months ago Mr. Baxter drew a draft on them for $750, money for wheat which he was to ship them. When the wheat was shipped, as they alleged it