gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
17fd8332f32708dc
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension
Receivership Details
Depositor recovery rate
61.0%
Date receivership started
1893-08-03
Date receivership terminated
1900-05-03
OCC cause of failure
Fraud
Share of assets assessed as good
41.9%
Share of assets assessed as doubtful
24.9%
Share of assets assessed as worthless
33.3%
Description
Receivership date reported in newspapers and matches federal appointment; suspension followed an immediate heavy run tied to other regional bank failures.
Events (5)
1.November 21, 1864Chartered
Source
historical_nic
2.July 25, 1893Run
Cause
Local Banks
Cause Details
Withdrawals and panic aggravated by failures at Louisville, New Albany and publication of other local bank failures, reducing correspondent and country balances.
Measures
Borrowed $50,000 from other banks; bank officials consulted peers and attempted to raise funds to meet withdrawals.
Newspaper Excerpt
At 11 o'clock a heavy run was being made on the Indiana National.
Source
newspapers
3.July 25, 1893Suspension
Cause
Local Banks
Cause Details
Management concluded that stringency caused by other regional bank failures and heavy withdrawals made suspension necessary.
Newspaper Excerpt
The Indianapolis National bank ... did not open their doors this morning ... it was thought best to suspend.
Source
newspapers
4.August 3, 1893Receivership
Source
historical_nic
5.August 3, 1893Receivership
Newspaper Excerpt
Controller Eckels today appointed Edward Hawkins ... receiver of the Indianapolis National Bank, which closed its doors to business July 25.
Source
newspapers
Newspaper Articles (23)
1.May 19, 1893The Columbia HeraldColumbia, TN
Click image to open full size in new tab
Article Text
MISERY loves company, so we of Columbia, who have "been through the mill" ourselves are able to bear with equanimity the numerous bank failure+ that have been occurring at other places It makes us feel that it is not in Columbia alone, or in Tennessee alone that there is friction in the financial machinery. But it is worthy of remark all the same, that the other numerous bank suspensions seem to result more from the fact that a general lack of confidence has caused such a withdrawal of funds that a really temporary suspension was advisable, and that they are not permanent. Toe Columbia Bank of Chicago and the bank in Indianapolis are both expected to resume business in a few days. In other words the money does not seem to be all gone, or exchanged for collateral of little or n value.
2.July 26, 1893The HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
AT INDIANAPOLIS. Two of the Leading Banks of the City Closed. INDIANAPOLIS, July 25.-The Indianapolis National bank and the Bank of Commerce did not open their doors this morning. The Indianapolis National was considered one of the strongest banks in the city, and was designated the depository of the United States. Its president, Theodore Haughey. last night consulted with the other banks, having previously secured $50,000 to tide him over yesterday. He said the failures at Louisville and New Albany had aggravated the local situation, and it was thought best to suspend. The Bank of Commerce has not been one of large deposits, and the failure will not have much effect locally. Its indebtedness is said to be $150,000. A heavy run was made on the Indiana National. The statement of the Indianapolis National bank, July 12th, showed: Resources, $2,313,154; liabilities-due depositore, $1,194,586; United States deposits, $193,100; deposits of United States disbursing officers, $106,900; due other national banke, $146,403; due state banks, $73,579; notes and bills rediscounted, $51,137; bille payable, $58,000: capital stock, $300,000; surplus, $100,000; undivided profits, $44,446. While the Indianapolis National bank was a United States depository, but $3439 was tied up. Cashier Rexford was asked if the withdrawal of funds by country banks was not largely responsible for the BUSpension. "The stringency of the times, he replied, "has greatly reduced those balances. At this time of year they have heretofore been large." The real trouble of the Bank of Commerce began at the failure of the Premier Steel company. There have been drafts on the bank ever since then. The publication of Depauw's failure hurried things along. The failure of the Indianapolis National shut off their chances of getting help and the bank had to close.
3.July 26, 1893The Daily Morning AstorianAstoria, OR
Click image to open full size in new tab
Article Text
WRECKS IN INDIANAPOLIS. Indianapolis, July 25,-The Indianapolis National bank, and the Bank of Com merce failed to open their doors this morning: The Indianapolis National was considered one of the strongest banks in the city and was the desig nated depository of the United States. At eleven a heavy run was begun on the Indiana National.
4.July 26, 1893The Seattle Post-IntelligencerSeattle, WA
Click image to open full size in new tab
Article Text
An Indianapolis Bank Suspends. INDIANAPOLIS, July 25.-The Indianapolis National bank failed to open its doors this morning. The president after consuiting with other bankers thought it best to suspend temporarily.
5.July 29, 1893The Superior TimesSuperior, WI
Click image to open full size in new tab
Article Text
PROTECTING DEPOSITORS. Two Indianapolis Banks Temporarily Close Their Doors. Indianapolis, Ind., July 25.-The Indianapolis National Bank and the Bank of Commerce did not open for business this morning. President Theodore Haughey, of the Indianapolis National, yesterday afternoon came to the conclusion that he should consult some of the officials of other banks in regard to the situation, and a meeting was held last night. Mr. Haughey prepared a statement in which he said that the Louisville & New Albany failures had aggravated the local situation. Fifty thousand dollars was borrowed from the other banks but it failed to carry the bank further than yesterday's transactions. It was finally concluded that the tide that had set in was too strong to stem and it would be best for all concerned to suspend. While the crowd was clustered about the suspended Indianapolis National, a few were watching the doors of the Bank of Commerce across the street. At 9 o'clock the curtains remained up and soon a white paper was posted announcing that the bank would not open to-dav. The stringeney of the money market IS the reason given for closing. The Bank of Commerce has not been one of large deposits. and its failure will not have much effect on the money market. Its indebtedness is said to be only $150,000. The suspensions caused considerable excitement on the streets and at 10:30 a heavy run was being made on the Indiana National. The Indianapolis National was the designated depository of the United States. The statement of the Indianapolis National, issued July 12. shows loans and discounts of $1,545,854.16 and other assets amounting to $2,313,153.56. The capital stock is $800,000: individual deposits, $826,570.50: demand certificates, $344,235.50. SANDUSKY. O., July 25.-The G. B. Hodgman Company, manufacturers of cooperage of all descriptions and bridge timber. and wholesale dealers in lumber. has gone into the hands of a rereiver. The application for the receivership was made by Henry Knight, of Chicago, treasurer of the company. and a large stockholder, and it is generally understood that the action was taken to protect the conern and to secure an extension of time and not from any insolvency. The establishment is the largest here and its plant covers several acres of ground and employs several hundred men. LOUISVILLE, Kv., July 25.-The Louisville Deposit Bank has suspended. The Merchants' National Bank of Louisville also suspended. The Fourth National Bank has also suspended. Sr. Louis, Mo., July 25.-Ripley & Bronson, iron merchants and dealers in all kinds of iron. made an assignment this morning. Liabilities. $150,000: assets not given. but probably close to the mount of liabilities. The usual reason. stringency in money circles, is given as the cause. CHICAGO, III., July 25.-Following a confession of judgunent for $87,175 in favor of the Continental National Bank of Chicago, Parkhurst & Wilkinson. iron merchants. 148-164 Kinzie Street. made an assignment acter the courts closed last night. The concern's assets are estimated at $1,000.*** The confession of judgment was madeon notes which the firm was un-
6.August 2, 1893The Portland Daily PressPortland, ME
Click image to open full size in new tab
Article Text
THE CLOSURES OF A DAY. Factories Forced by Financial Stringency to Close Their Doors. Indianapolis, Ind., August 1.-Yesterday a receiver was appointed for the Eagle Machine Works. The firm's liabilities are $100,000, assets nominally $150,000. The failure was precipitated by the closing of the Indianapolis National Bank.
7.August 4, 1893Evening StarWashington, DC
Click image to open full size in new tab
Article Text
Receiver for the Indianapolis Bank. Controller Eckels today appointed Edward Hawkins of Indianapolis, ex-United States marshal for Indiana, receiver of the Indianapolis National Bank, which closed its doors to business July 25.
8.August 4, 1893Idaho County Free PressGrangeville, ID
Click image to open full size in new tab
Article Text
FURTHER FINANCIAL TROUBLES. Banks at Indianapolis and Milwaukee Close Their Doors. Indianapolis, Ind., July 25.-The Indianapolis National bank and Bank of Commerce failed to open their doors this morning. The Indianapolis National was considered one of the strongest in the city, and was designated as a depository of the United States. At 11 o'clock a heavy run was being made on the Indiana National.
9.August 10, 1893The Seattle Post-IntelligencerSeattle, WA
Click image to open full size in new tab
Article Text
BUSINESS TROUBLES. A receiver has ibeen appointed for the Nail City Stamping Company, of Wheeling, W. Va. Proceedings have been instigated against the officers who wreeked the Indfamapelis National bank. Fuller Bres. & Co., commission merchants of New York, assigned on Wednesday to C. B. Mulligan. J. L Hartman bas been appointed receiver of the Northwest Loan and Trust Company. of Portland. The statement of the Lasarus Silverman bank, of Chicago, shows liabilities of $1,691,079, and assets $2,521,241. The Broadmoor Casino Company. of Colorado Springs, has gone into the hands of a receiver. Assets are $500,000 and liabilities $275,000. Robert H. Colman, the iron millionaire of Lebanou, Ps., and wife have assigned. Liabili. ties; $3,500,000. The assets are claimed to exceed that amount. Judgments aggregating $60,000 have been ontered against the Linden Steel Company, of Pitisburg, one of the largest concerns in Pennsylvania. Several government cruisers will be delayed in building and receiving repairs, as the Lindens had the contracts for the armor plate.
10.August 18, 1893The HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
Perjury Committed. INDIANAPOLIS, Ind., Aug. 17.-Receiver Hawkine, of the Indianspolia National bank, filed a sworn statement today, which indicates that perjury was committed by the bank's officials in making tax returns.
11.August 18, 1893The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
Officials Charged with Perjury. INDIANAPOLIS, Aug. 17.-Receiver Hawkins of the Indianapolis National bank, filed a sworn statement today which indicates that perjury was committed by the bank's officers in making tax returns.
12.November 6, 1893The Waco Evening NewsWaco, TX
Click image to open full size in new tab
Article Text
THE EVENING NEWS. MONDAY, NOVEMBER 6, 1893. Bank Officers in Court. Special to The News. INDIANAPOLIS, Ind., Nov. 6,The federal grand jury for the November term was impanelled today. Among those who were in 2 DELIVERY WE court in response to summonses Local Time Card. were President Haughey and his son Schuyler of the bankrupted Missourt, Mansas a Texas. Indianapolis National bank, and Passenger Trains-South Bound Francis and Percival Coffin, the No. Iarrives book keeper and treasurer respec10:40 p. No. 1 leaves 10:00 p. tively of the wrecked institution. To, 8 arrives 10:40 a. No. Sleaves 10:50a They have been at liberty under bonds of $10,000 each in the case of North Bound. 5- G W THE TRA the Haugheys, and of $5,000 each No. 2 arrives 6:30 No. 2 leaves 6:40 s, m for the salaried tools. Expert No. 4 arrives 6 10 p. Hayes has completed his examina. No. 4 leaves 6 20 P, m J. H. SMITH tion of the books, and a dupli. Ticket Agent, No. 119 South Fourth Street cate of his report is in the hands of United States The Cotton Belt Attorney Burke. The expert and Has increased her service to double daily Receiver Hawking will be the two trains. principal witnesses, while addiTrain No. 4 leaves 7.00 8. II Great rain No. 1 arrives 8:45 tional evidence will be vouchsafed carin No. 1 leaves 10:00 a. Train No 2 arrives 6.40 p.m to the grand jury by depositors who Irain No. 2 leaves 7:40 p. n. intrusted their funds to the bank liNo. 2 carries through sleer er for St, Louis via A within a few hours of its collapse. Iron Mounta'n. No 4 carries through sleeper to Cairo All trains through to Memphis and The two Haugheys have been just Cairo without change. as much in evidence around the For further particulars call on W. 8. GILLESP R Agent, town since the collapse of the bank 112 South Fourth St. as at any time in the heyday of H.&T.C. their popularity, and judging from No. 88 Arr 8:15 2. m the greetings that they receive on of BANI 38 L'v 6:80 a. Vest bound 81 Arr the streets their friends may still be 8:45 p. of numbered by the legion. The venerable ex president has a figure of 11:45 a. 82 L'v Monday Gast bound 34 Arr 8:20 p. just as erect, a step just as firm, in 84 L'v 8:40 p. I and just as clear a complexion as will W.E. OWENS. Ticket Agent, when he was one of the most popDress Under Pacific Hotel Block. Opposite Postomer ular and trusted citizens of Indiana polis, while his son Schuyler connSan Antonio and Aransas Pass. Between tinues to attire himself with all the fastidiousness that characterized his 10UTH BOUND--NO. 82.--NORTH BOUND--NO 8 appearance while ducks and drakes Lv Waco at 7 a. m. I Arrives 9:30 D. n ir were being played with the money Will of the unfortunate depositors. NIN AUANIA porte
# Says He Was Deceived.
INDIANAPOLIS, Nov. 22. - The Indianapolis National bank investigation was resumed during the day. National Bank Examiner Jameson of Urbana, O., was examined. He is the man who visited the bank eight days before it suspended and reported it in good condition. He says he was deceived by President Haughrey of the bank.
14.November 24, 1893The Portland Daily PressPortland, ME
Click image to open full size in new tab
Article Text
The Bank Was Rotten. Indianapolis, Ind., November 23. - The United States Grand Jury has finished its investigation into the failure of the Indianapolis National bank, and it has leaked out that a number of indictments are contemplated in addition to those against the men now under bond, T. P. Haughey, Schuyler C. Haughey, Francis and Percival Coffin and A.S.Reed. The in vestigation, it is declared in the district attorney's office, has developed the rottenest and most criminal practices in the history of banking operations under the national system, not even excepting the Fidelity of Cincinnati and the Maverick of Boston. The other indictments contemplated are supposed to be against employes of the Indianapolis Curled Hair and Indianapolis Glue Works, who signed worthiess notes which were cashed at the bank. Receiver for John F. Zebley. New York, November 23.-Orrin D. Person was today appointed receiver for John F. Zebley, banker, No. 3 Broad street. in supplementary proceedings brought by the Calumet Fire Clay company. Mr.Zebley is president of the Louis Mercer company and the consolidated Electric company.
15.November 25, 1893Red Lodge PicketRed Lodge, MT
Click image to open full size in new tab
Article Text
Says He Was Deceived. INDIANAPOLIS, Nov. 23.-The Indianapolis National bank investigation was was resumed during the day. National Bank Examiner Jameson of Urbana, O., was examined. He is the man who visited the bank eight days before it suspended and reported it in good condition. He says he was deceived by President Haughrey of the bank.
16.February 13, 1894The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
Glue Works Sale Approved. The recent sale by receiver Hawkins of the Indianapolis glue works, part of the assets of the defunct Indianapolis National Bank, was yesterday approved by Judge Baker, of the federal court.
17.June 5, 1894Morning Journal and CourierNew Haven, CT
Click image to open full size in new tab
Article Text
Bank Wreckers Sentenced. INDIANAPOLIS, June 4.-F. A. Coffin, P. B. Coffin and Albert S. Reed, the convicted bank looters, were arraigned in federal court here today for sentence. Francis Coffin got ten years and Percival Coffin five years, while Reed, who was merely a tool of the Coffins, was released on suspended sentence, mercy being shown in his case. The three men accused are as officers of the Indianapolis Cabinet company, with aiding President Hnghey in wrecking the Indianapolis National bank, of which the latter was president.
18.June 8, 1894The Scranton TribuneScranton, PA
Click image to open full size in new tab
Article Text
COURT WAS LACHRYMOSE. Afficting Scenes at the Sentencing of a Bank President. ILDIANAPOLIS, Ind., June 7.-Theodore P. Haughey, the aged ex president of the wrecked Indianapolis National bank, was given six years in the penitentiary this morniny. A few months ago he pleaded guilty to misapplying the funds of the bank and thereby avoided a public trial. In passing sentence Judge Baker broke down and cried like a child. He said that it was the most painful duty of his life. The prisoner was taken to the northern penitentiary at noon today. He will be assigned to the hospital department, and will be granted every free dom possible under the prison rules. Haughey was a member of one of the prominent churches of this city and a well known Mason. His beautiful suburban home at Mapleton is all that has been saved. His mother, nearly 90 years of age, knows nothing of her son's downfall.
19.June 22, 1894The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
Haughey's Bank Furniture Sold. Receiver Hawkins, of the Indianapolis National Bank, yesterday reported to the federal court that he had sold the bank furniture for $250, its full value. The report was approved.
20.February 27, 1895The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
# Ruled Out the Ledger.
The suit of Newton Todd against the Indianapolis Cabinet Company, on the intervening petition of Edward Hawkins, receiver, was continued yesterday in the Circuit Court. Albert S. Reed, the late secretary of the Indianapolis Cabinet Company, was on the witness stand yesterday afternoon. An attempt was made to show by the witness that at the time of the failure of the Indianapolis National Bank Frank and Percival Coffin, with their wives, had possession of all of the cabinet company's stock. Judge Brown would not allow the stock ledger of the company to be introduced. It appeared to be a private
21.May 10, 1895The Black Hills UnionRapid City, SD
Click image to open full size in new tab
Article Text
To Give Coffins a New Trial. Indianapolis, Ind., May 2.-The new trial of Francis and Percival Coffin for participating in the wrecking of the Indianapolis National bank during the panic of 1893 will be set to-day, when the May term of the federal court meets. Theodore P. Taughey, president of the bank, is now in Michigan City prison on a plea of guilty, serving a nine-year sentence. Francis Coffin is too ill in New York to be in court, but Percival Coffin has arrived from New Mexico.
22.April 15, 1896The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
Elevator Stock to Be Sold. Judge Baker has ordered Receiver Hawkins, of the Indianapolis National Bank, to sell 200 shares of stock in the Indianapolis Elevator Company, which is a part of the assets of the bank.
23.December 14, 1901The Broad AxChicago, Salt Lake City, IL
Click image to open full size in new tab
Article Text
citizen of Indianapolis. This man was acting as a trustee during the panic of 1893 and had the trust fund on deposit in the Indianapolis National bank. A day or two before the bank closed its doors the man received a warning that the institution was doomed. He accordingly hastened over to the bank and drew out the money which he held in trust for another. When he received the money, which was in bills, he rolled it up and placed it in his coat pocket, where he carried it for several days. One day Harry C. Adams came into his place of business and said: "Have you such a thing as a hundred dollar bill about you? I need one right away." The man reached in his pocket pulled out the roll of bills, and taking off the top bill handed it to Mr. Adams. "Great heavens!" ejaculated Mr. Adams when he observed that the bill called for $1,000, "you surely don't carry thousand dollar bills around in your pocket, do you?" "I have no thousand dollar bill," retorted the man. "I'd like to know what you call that," said Mr. Adams, holding up the bill so as to show plainly the figures 1,000 on its face. The scene changes to the Indianapolis National Bank. The man enters carrying the thousand dollar bill in his hand. "Did you find any shortage in your cash the other day?" he asked of Cashier Rexford. "Did I?" exclaimed Mr. Rexford. "Well, I should say I did. I was short $900 and have lost hours of sleep ever since trying to locate that shortage." "Well, you can take a little rest now," answered the man, "for here is your money. You paid me a thousand dollar bill for a hundred dollar bill the other day." The cashier suddenly found that he had "business outside," and it is said that money was put into circulation at a neighboring refreshment stand, although this part of the story is not clearly substantiated.Utica Globe.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
