Wabash Valley Bank (Logansport, IN)

Episode Information

Episode UID
6626657790661
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
662665779 hash
Start Date
January 10, 1855
Location
Logansport, Indiana (40.754, -86.357)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f08f6ddb1963fb54

Response Measures

None

Description

The bank was part of the Indiana Free Bank system and was liquidated by the State Auditor following the 1854-55 banking crisis.

Events (2)
1. January 10, 1855 Other
Newspaper Excerpt
Wabash Valley Bk, Logansport... The Second comprises those which have, at times, declined to pay Brokers and 'Bank runners'
Source
newspapers
2. June 11, 1855 Suspension
Cause
Government Action
Cause Details
The bank was closed and its circulation was being cancelled by the State Auditor for a pro rata dividend distribution.
Newspaper Excerpt
The State Auditor of Indiana notifies holders of the circulating notes of the... Wabash Valley Bank at Logansport, to return the same to the office for cancellation... and a pro rata dividend thereon declared.
Source
newspapers

Newspaper Articles (2)
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 11, 1855 The New York Herald New York, NY
Article from The New York Herald, June 11, 1855

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Article Text

I Total $63,245,655 63,373,976 128,321 The cash receipts of the Morris Canal for the week ending on Saturday, 2d inst., were $8,816, against $7,570 for the corresponding work last year, being an increase of $1,276. The receipts for the year up to the 26th alt. were $51,312. against $45,458 to same date last year, being an increase thus far this year of $5,854. At a meeting of the Western Railroad stockhold ers, held on Tue day, the 5th inst., it was decided, by the large majority of two to one, not to accept the act of the Legislature which authorizes the company to issue six per cent bonds, to pay for the purchase of the Hudson and Berkshire Railroad, and construct a second track from Springfield to Albany. After this vote was decided, a reconside. ration was called for, on a "stock vote," and carried. The question or acceptance was then taken and decided in the affirmative. The Courier says:The opponents of this measure have used great exer. tionsto defeat it, but finding themselves in the minority, submit to the result in the cheerful spirit of true republicanism. doubtedly more The increasing. than c line un. formed without the completion of the second track, and the managers express the confident belief that there will be no curtailment of the regular dividends. The sinking fund already amounts to $30 per share, and the stock ought fetch par, including the July dividend. The state Treasurer of New Jersey has given no. nce that an injunction having been issued from the Court of Chancery restraining the Americau Exchange Bank at Cape May Court House from exerclaing any of the privileges or franchises granted under the State act, the notes will be redeemed at the Treasury office at Frenton. on and after July 20. The gross receipts of the Hudson River Railroad Company during the eight months ending May 31, 1855, amounted to $1,345,252 05, against $1,199,954 53 for the corresponding period the previous year, showing an increase of $145 297 52. The Newark Advertiser gives the following sy nopsis of the decision of the Chancellor of New Jersey in the case of the Morris and Essex Railroad. The company will probably appeal, as the points at issue are of the greatest importance:The Chancellor appears to have given much time and attention to the subject, which is not only important to this city, but of very general importance, inssmuch as it is deemed to settle the law in the case. The opinion, we are informed, is very erudite, and exhausts the subject. The court comes to the conclusion that no railroad company, in the absence of legislative permission, has a ight to lay its railway along any public highway, in town or country, with the consent of the proper authorities-it indeed, any other than legislative authority can effectually be given in the premises. If a company does, without such authority. thus lay down its track, the track becomes at once a public nuisance or obstruction to the street or highway, and as such may forth with be removed. The Chancellor, we understand, retains the injunction for a short time, to afford the complainants an opportunity to appeal from the decision, if they shall see fit to do so. The opinion and judgment of the court fully sustain the action of the city authorities in the matter and but . short time will elapse before the final adjudication of the matter will have taken place, even though an appeal be taken. Should no appeal be taken, however, in & rea. sonable time, the injunction will be removed. of course, and the Common Council permitted to remove the track. In this case it may be done, in fact, at the expense of the parties claiming to own the track, for it is provided, we believe, by section 5 of the ordinance, entitled "An ordinance to remove obstructions from the streets and for other purposes." that the Street Commissioner, Mayor. or any or either of the members of the Common Council, may order any article or thing whatsoever which they may deem an obstruction or nuisance in or upon any street of the city, to be removed, and if it be not removed forthwith, then to remove and seil the same, and out of the proceeds of the sale reimburse the city for the expense of the removal of the obstruction. We understand that the Chancellor has made no order yet to remove the track, and the city will not move fur. ther in the matter till official authority to do so is recoived. The receipts of the Beaver Meadow Railroad and Coal Company, since the commencement of the sea$54,429 58 son to the 2d inst, amount to 36,022 To correspending date last year $18,406 79 Increase (over 50 per cent) The coal tonnage for the past week was 14,641 tons, against 11,072 tons in the corresponding week last year. The State Auditor of Indiana notifies holders of the circulating notes of the Merchants' Bank at Lafayette, Merchants' Bank at Springfield, Greene County Bank at Bloomfield, Government Stock Bank at Lofayette, Laurel Bank at Laurel, Bank of Connersville at Connersville, Wabash Valley Bank at Logansport, Bank of T. Wadswortb, of Hartford, at Michigan City, to return the same to the office for cancellation, on or before the 15th day of July next, that the outstanding circulation may be determined as accurately as possible, and a pro rata dividend thereon declared. Certificates for the amount returned will be issued, and the dividend on the respective banks paid upon presentation of the certificates at the Auditor's office, after the 15th of August next. The Lancaster Daily says, in relation to the failure of the Lancaster Savings Instititution, through its Treasurer, Mr. Boughter:The amount of defalcation is reported to be $300,000. Before his arrest Mr. Boughter had assigned over to the trustees all his real estate and other property, amounting in value to $120,000, leaving an unbalanced deficit estimated at $180,000. The capital stock of the institution was $50,000, all paid which, taken from $180,000, leaves $130,000 to be lost by the depositors. The depo. aits are set down at $550,000; and from this statement it is estimated that the depositors will realize from 75 to 80 per cent on their deposits. Some seem inclined to believe that they will eventually realize the whole, and that the institution will be again put into operation. The Auditor of the State of Obto has just issued his report for the last fiscal year. The revenue and expenditures were as follows:-FINANCES OF OHIO-RECEIPTS AND DISBURSEMENTS. Receipts. Taxes of 1853, and delinquencies of pre$2,851,571 vious years. 477,264 26 Canal tolls, fines, water remts, &e 39,813 13 Dividends on railroads and other stocks 106,250 82 Surplus revenue-principal and interest 149,748 51 Proceeds of sales of school lands 93,455 Other sources 762,830 57 Balance in State Treasury Nov. 15, 1853