Fletcher & Sharpe (Indianapolis, IN)

Episode Information

Episode UID
4789743991015
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
478974399 hash
Start Date
July 15, 1884
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3bd192531a0df3b9

Response Measures

None

Description

Receiver appointed promptly; bank remained in receivership and assets were liquidated.

Events (2)
1. July 15, 1884 Receivership
Newspaper Excerpt
William Wallace was appointed assignee (receiver) and took possession of the bank.
Source
newspapers
2. July 15, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on securities following large advances to grain and pork dealers.
Newspaper Excerpt
Owing to our inability to realize on our securities we regret to say that we are compelled to suspend payment.
Source
newspapers

Newspaper Articles (19)
1. July 16, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 16, 1884

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FINANCIAL. The American Electric and Illumiaating Company. (Special to Press.) BOSTON, July 15.-Considerable inquiry is being made regarding electrical securities of all kinds, and as the time draws near for the next semi-annual dividend to be paid by the American Electric and Illuminating Company of this city, attention naturally centres on that company. Careful inquiry to-day from sources considered reliable develops the fact that the directors will declare the regular four per cent. semi-annual on the preferred stock due September 1st, and a two per cent. extra semi-annual on the preferred and common, thus keeping up the same dividends as heretofore paid of twelve on the preferred and four on the common, which makes the stock of this company one of the most desirable investment stocks on the market. [To the Associated Press.] Suits from the Grant & Ward Failure. NEW YORK, July 15.-In the Supreme Court arguments were begun on motion to continue the injunction suit of Geo. F. Cummings against the New York Concert Co., Radolph Aaronson, James D. Fish, Ferdinand Ward and other directorsof the company, restraining them from leasing the Casino, and also restraining Aaronson, president of the company, from receiving any of the moneys. Another Banking House Collapses. INDIANAPOLIS, Ind., July 15.-The banking house of Fletcher & Sharpe, the oldest financial institution in this city, suspended this morning. Notice posted on the doors stated that the suspension was the result of inability to realize on securities and added that the property when converted would be smple to pay all depositors. William Wallace was appointed assignee. The suspension was an absolute surprise, even to bankers, and is generally supposed to be the result of large advances to grain and pork dealers, and their inability to realize on securities.

2. July 16, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, July 16, 1884

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FAILURES. CATHOLIC PUBLISHERS. BALTIMORE, July 15.-A receiver has been appointed for J. B. Piet & Co., Catholic publishers. Liabilities, $40,000. SHORT ON PETR LEUM. NEW YORK. July 15.-C.S. Henry, petroleum broker, has failed. He was short about 6,000,000 barrels at nearly the lowest prices of the recent depressions. He was a member of the governing committee of the Petroleum exchange. SUSPENSION OF FLETCHER & SHARPE. INDIANAPOLIS, July 15.-The banking house of Fletcher & Sharpe, the oldest financial institution in the city, did not open doors this morning. Notice posted on the doors, stated the suspension was the result of inability to realize n securities, and adding that the property, when coaverted, would be ample to pay all depositors. William Wallace was appointed assignee. The firm was composed of Inuram Fletcher, Thomas H. Sharpe and Albert E. Fletcher. The suspension caused a good eal of excitement and runs wore made on other banks, none of which were specially serion inst a us, tution, exce ot which that has the Rysingers large number Bank of small depositors. The suspension of Fletcher & Sharpe was an absolute rise, even to the bankers, and is genorally supposed to be the result of large ev nees to grain and pork dealors, and inability to realize on security. During the Torenoon Messrs. Harrison, Miller & Co. and Elam Lawyors appeared before Judge Taylor and thelr petitions A. Fletcher, Jr., made application for the appointment of a Recriver t Flet her & Sharpe. The (ourt point d Willian Wallaco and fixed obond at $300,000. Wallace filed his and and took possession of the bank evening. He is unable as yet to if It IL statement of the liabilities and assets, but stated to an Associated Press reporter that a very cursory examina lion shows the liabilities to be about $1,800,000, with assets of $2,200,000. It will be several days Lefore a detailed statement can be made. The individual wealth of the members of the firm is estimated at $1,000,000, and it is stated they will make personal assignments. J. K. ARMSBY & CO. CHICAGO, July 15.-G. R. Newell & Co., of Minneavolis, took charge of the business of J. K. Armsby & Co., of this city, to-day, one of the largest firms in the canned goods business, as successors. The firm was embarrassed by the a failure, last week, of J. M. Smith & Co., of St. Paul, and endeavored to take possession of that business, but the law in Minnesota would not permit it. Liabilities, $250,000, of which $100,000 is secured. The firm has been rated at $200,000.

3. July 16, 1884 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, July 16, 1884

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Big Pork Failure. The banking house of Fletcher & Sharpe, of Indianapolis, suspended yesterday, and William Wallace was appointed assignee. The failure is ascribed to " large advances to grain and pork dealers, and inability to realize on securities." The failure caused a 110 on the other Indianapolis banks.

4. July 16, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 16, 1884

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BANK FAILURE. An Old and Supposably Solid Indianapolis Bank Fails. INDIANAPOLIS July 15. - Fletcher & Sharp's bank suspended this morning. In ability to realize on securities is the cause given. The failure causes surprise here, as the firm has enjoyed the conOdence of business men generally. Their transactions were always conservative Mr. Fletcher is an old and despected citizen and a member of the Methodist church. Nothing can be had definitely as to the condition of the firm, but the liabilities are said to be about a million dollars. The bank was the second largest private bank in the city. It was a complete surprise, as everybody possessed the fullest confidence in the managers, who areamong toe wealthiest and most conservotive business men in the city. The have never speculated as far as known. The following notice was posted on the door: "To depositors:-Owing to an inability to realize on our own securities, we regret to say we are compelled to suspend payment." Fletcher & Sharpe say that the property when converted will be ample to pay all depositors. Win. Wallace was appointed assignee. The firm is composed of Ingram Fletcher. Thomas H. Sharpe and Albert E Fletcher. The suspension caused a good deal of excitement. Runs were made on other banks none of which are especially serious except that on Ritaingers Bank an institution which has a large number of small depositors. The suspension of Fletcher & Sharpe was an absolute surprise, even to bankers and is generally supposed to be the result of large advances to grain and pork dealers, and inability to realize on security. The bank owns two hundred thousand dollars of stock in the Indianapolis National Bank and is also largely interested in the new National bank at Helena, Montana, both of which are prosperous institutions. Being a private bank they make no sworn statement of their present condition, but deposits are not less than $700,000.

5. July 16, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, July 16, 1884

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An Old Indiana Firm Goes to the Wall. f Shrinkage in - Real Estate Values the Cause. Mrs. Hendricks Nails a Vicious Campaign Lie. t Y An Old Firm Suspends. INDIANAPOLIS, July 15.-The banking : house of Fletcher & Sharpe, the oldest S financial institution in the city, did not a open its doors this morning. A notice ( was posted on the doors stating the susÉ pension was the result of inability to o realize on securities and adding that the property when converted would be ample to pay all depositors. William Wallace I was appointed assignee. The firm is 1 composed of Ingram Fletcher, Thomas H. V Sharpe and Albert E. Fletcher. The e suspension caused a good deal of excite( ment and runs are progressing on other a banks, none of which are specially serious \ except that on Petzinger's Bank, an inS stitution which has a large number of r small depositors. The suspension of Fletcher & Sharpe was an absolute surprise even to bankers and is generally supposed to be the result of large advances f to grain and pork dealers and inability to e realize on securities. a Wm. Wallace was appointed receiver, a with a bond of $500,000. He took poso session of the bank this afternoon, but is I unable as yet to furnish a statement of the t liabilities, and assets. He stated to an Ast sociated Press reporter that a very eursory I examination shows the liabilities to be 1 $1,800,000 with assets $2,220,000. It ( will be several days before a detailed statement can be made. The individual wealth of the members is estimated at F $1,000,000, and it is stated that they will W make personal assignments. There are p many surmises of the cause of failure. t Among others it is stated that during the I panic of 1873 the firm was compelled to e take possession of a large amount of real it estate which it held as security, and n which has since shrunk in value. o The effect of the suspension was to I cause a run on two or three other banks. e The run, however, did not assume the h nature of a panic. There was a large crowd at the counters of Rilizinger's bank during the day demanding and receiving money. The depositors of this W bank are largely composed of the working a classes, and the amounts paid S are generally small. There was 1 also a considerable run on Fletcher P & Churchman, but all demands were go promptly met. Both Rilizinger and Flet1 cher & Churchman received more money a on deposit than was paid out. Ingram 6 Fletcher, of the suspended firm, is seris iously ill and the other partners decline to a talk. V There is some anxiety as to the outcome to-morrow. The general feeling in financial circles is less panicky than during 1 the bank suspensions last August.

6. July 16, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, July 16, 1884

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FORCED TO SUSPEND. Flet cher & Sharpe, of Indianapolis, Close Their Doors. Something of a Panic In the Hoosier Capital-Three-Quarters of a Million in Deposits Involved. INDIANAPOLIS, Ind., July 16.-Fletcher & Sharpe, the second largest private bank in this city, has closed its doors. It was a com plete surprise, as everybody had the fullest confidence in its managers, who were considered very wealthy and conservative business men. They have never been engaged in speculations of any kind, SO far as known. The following notice is posted on their door: "To depositors: Owing to our inability to realize on our securities we regret to say that we are compelled to suspend payment. Our property is ample to pay all depositors as soon as it can be converted." The bank owns $200,000 stock in the Indianapolis National bank of this city. It is also largely interested in a new national bank at Helena, Mt. Both of these institutions are in a prosperous condition. Being a private bank the suspended concern did not make regular sworn statements of business, and consequently no statement of their present condition can be had; but their deposits are not less than $700,000. The partners are all men of high character and large owners of the best real estate in the county. No one entertains a doubt of their ability to ultimately pay dollar for dollar. William Wallace, a prominent attorney, has been appointed receiver of Fletcher & Sharpe. A run has been commenced on Ritsinger's, a small private bank, whose depositors are principally Germans. There is considerable checking on the Indianapolis National from small depositors, and there are fears of a general run on all banks.

7. July 16, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, July 16, 1884

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More Suspensions, The banking house of Fletcher & Sharpe, of Indianapolis, suspended on Tuesday, and William Wallace was ap. pointed assignee. The failure is ascribed to "large advances to grain and pork dealers, and inability to realize on securities." The failure caused a run on the other Indianapolis banks. The failure of C. S. Henry, petroleum broker of New York, was announced on Tuesday. He was "short" about five hundred thousand barrels of oil at nearly the lowest prices during the recent depression. Mr. Henry is a member of the Governing Committee of the New York Petroleum and Mining Exchange. The failure of A Lexow, another operator, was announced. A receiver was appointed on Monday for the firm of John B. Piet & Co., Catholic book publishers, of Baltimore. Their liabilities and assets are estimated at about $40,000 each. Benison, Liebmann & Co., dry goods merchants, of Oakland, California, made an assignment on Tuesday, Liabilities $80,000 ; assets, $70,000.

8. July 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 16, 1884

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THE BANK SUSPENSION. The suspension of the banking house of Fletcher & Sharpe was a surprise to our citizens, not so much on account of the amount of business done by the firm as because of the age of the concern and its connection, by name, with the earlier banking business of this city. As a matter of fact, several of our city institutions have for years outstripped this old house in the aggregate of business. The firm has enjoyed good credit until a recent date, and their failure is a misfortune, not only to themselves, but also to their oldtime friends who have been their customers for years, and'who sincerely regret their present misfortune. The public will note with pain the disappearance of these honored names from amongst the list of business houses of Indianapolis. The failure of Fletcher & Sharpe, however, should not cause a panic or create distrust in the public mind, or cause the patrons of other banking-houses to lose confidence. The firm has no such connection with any other banking institution in the city as to give rise to alarm. The other banks of Indianapolis are in nowise involved in their failure, and merit and will receive the confidence of their patrons. As a matter of course no bank can pay its depositors should they all call in one day or in one week, and the failure of one banking house should not create a panic, any more than the burning of one house should make other householders in the same city sell their property at a sacrifice. Panics caused by individual failures are as senseless as distrusts from earthquakes or deaths by lightning. A fire in a city destroys half a million dollars' worth of property, yet people go on building houses as though no fire had ever occurred. So a mercantile house or a bank goes down by over-extended credit, yet their next door neighbor, in the same business, goes on prospering and making money. As we have said, the banks of this city are safe and in good credit, and unless a foolish and senseless panic ensues from this single failure, within a week's time the trouble will be forgotten and business will be proceeding as usual. The trouble about bank failures arises generally from the distrust of their small depositors, usually inspired by the crowd of those who hang about the doors of a concern, who never had a dollar on deposit in that bank or any other. This was manifested esterday by the idle loungers about the doors of several banks which had never refused a check, and that had paid and continued to pay every demand made upon them. The idlers caused more trouble than the depositors, and but for the senseless clamor of such, there would have been little disturbance of the ordinary course of business, save by those small depositors who are the first to stampede in such a time. There is no cause for distrust of our city banks; and it is to be hoped all citizens will be reasonable, that they will give no heed to idle rumors and the street gossip of those who have no interest in the suspended bank and none in those that are going on in the even tenor of their way, and doing business as usual.

9. July 17, 1884 The Emporia Weekly News Emporia, KS
Article from The Emporia Weekly News, July 17, 1884

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345 Superior Street, Cleveland, Ohio. Closed Its Doors, INDIANOPOLIS, Ind., July 15.-The banking house of Fletcher & Sharpe, the oldest financial institution of the city, did not open its doors this morning but notice was posted on the door stating that the suspension was the of result to inabilty realize on securities, adding that the property when conveyed would be ampie to pay all depositors. Wm. Wallace was appointed assignee. The firm is composed of Ingram Fletcher, Thomas H. Sharpe and Albert E. Fletcher. The suspension caused a good deal of excitementeand runs are progressing on other banks, none of which are specially serious except that on Ritzinger's bank,an institution which has a large number of small depositors.

10. July 17, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 17, 1884

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thought best and wisest. Even the depositors are not disposed to be as bitter and exacting as is usually the case under such circumstances, and much sympathy is expressed, even among them. In brief talks with the other bankers and leading business men, yesterday, the opinion seemed to prevail among them that while the suspension of Fletcher & Sharpe would cause considerable distress and depression in certain quarters, it was not likely to be followed by general financial disaster. The worst is thought to be over. Drafts drawn on Fletcher & Sharpe by Farmers' and Merchants' Bank, of Winchester; Farmers' Bank, of Frankfort; Citizens' Bank, of Noblesville; Jason Willson's Bank, of Marion; Samuel Hamilton's Bank, of Shelbyville; First National Bank, of Lebanon, will be protected by the Indiana National Bank. A REMINISCENCE. An old resident of the city told a Journal reporter yesterday that in 1857 the house of Winslow, Lanier & Co., suspended business, but only for a few hours, as, when the senior partner came down and heard of it, he promptly ordered the doors to be opened. Winslow and Lanier were both Indiana men, and it is said that at this time they were helped through their financial troubles by Calvin Fletcher and Thomas H. Sharpe, who were the principal officials of the Indianapolis Branch of the Bank of Indiana.

11. July 19, 1884 National Republican Washington, DC
Article from National Republican, July 19, 1884

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Plan for Fletcher & Sharpe to Resame. INDIANAPOLIB, IND., July 18.-A plan for reorganizing the suspended bank of Fletcher & Sharpe was made public to-day It is proposed that the principal creditors. take stock to the amount of their claims and the smaller creditors be paid 50 cents cash, and receive certificates of deposit for the balance, payable in six and twelve months. The proposal met with considerable favor, and in a few hours creditors representing $250,000 agreed to the plan. If the arrangement be perfected Ingram Fletcher will be manager of the reorganized bank.

12. July 24, 1884 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, July 24, 1884

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LATEST TELEGRAMS. GENERAL NOTES. A DYNAMITE conspirator has been arrested at Glasgow, and upon him were found evidence implicating others. FOR the thirty-six hours up to Tuesday morning there were 101 deaths from cholera at Marseilles. A Toulon dispatch says.the epidemic is extending "in the country." THE estimated Joss by June rains on the wheat crop in California is placed at 135,000 tons, and of barley 80,000 tons. The hay crop was injured 40 per cent. C. S. MENRY and A. E. Luxow, heavy petroleum traders at New York, failed Tuesday. Henry was short 600,000 barrels. The oil market at Pittsburg opened at 601. went as high as 661, and closed at 621, the day 's salesreaching 10,000,000 barrels. CLAIMS for $3,000 bounty were presented at Freeport, Ill., Tuesday by citizens who enlisted in September, 1864, two weeks prior to the offering by Stephenson County of $200 for recruits. The State's Attorney holds that the claimants are not ertitled to the bounty. FLETCHER & SHARPE, bankers at Indianapolis, closed their doors Tuesday morning, owing to inability to realize, but claims that the assets are ample to pay all claims. The failure caused runs on other banks. The receiver places the liabilities at $1,800,000, with assets of about $2,200,000. THE brewers of Iowa are preparing to contest the question of the validity of the prohibition law of that state, on the ground that under the constitution of the United States a state legislature can not destroy or confiscate private property without just compensation. In the mean time the law is being openly defied and disregarded in the border and river towns of the state, where public sentiment is strongly opposed to its enforcement.

13. August 24, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 24, 1884

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Not a Bad Failure. INDIANAPOLIS, Ind., Aug. 28.-William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report shows the liabilities to be $1,942,801, actual assets $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher Jr. The nominal assets largely exceed the amount stated above. The receiver's estimate of the value of the assets is thought to be quite low, and the possibility is the depositors will be paid at least 85 per cent.

14. August 24, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, August 24, 1884

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Condition of a Broken Bank. INDIANAPOLIS, Aug. 22. - William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report snows: Liabilities, $1,942,801; actual assets, $1,301,000. To the assets must be added $300,000 which can be realized from property assigned by S. A. Fletcher, Jr. The nominal assets largely exceed the amount stated above. The receiver estimates the value of the assets to be quite low and the probability is depositors will be paid at least 85 per cent.

15. August 24, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, August 24, 1884

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THE RECEIVER'S REPORT. INDIANAPOLIS, IND, Aug. 23. William Wallace, the receiver of the suspended banking-house of Fletcher & Sharpe, to-day completed his examination of the affairs of the firm. His report shows the liabilities to be $194,280; the actual assets $1,301,000. To the assets must be added $800,000, which will be realized from the property assigned by S. A. Fletcher, Jr. The nominal assets largely exceed the amount stated above. The probability is that the depositors will be paid at least 85 per cent.

16. August 25, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 25, 1884

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Not a Bad Failure. INDIANAPOLIS, Ind., Aug. 28.-William Wak lace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report shows the liabilities to be $1,942,801, actual assets $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher Jr. The nominal assets largely exceed the amount stated above. The receiver's estimate of the value of the assets is thought to be quite low, and the possibility is the depositors will be paid at least 85 per cent.

17. October 10, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 10, 1884

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Monday, October 27, 1884, At 10 'clock a. m., at the south door of the Courthouse, in Indianapolis, offer for sale by public auction all the real estate now held by him as receiver of Fletcher & Sharpe. The description, character and appraisement of this real estate is contained in a pamphlet catalogue issued by the receiver, which may be had on application at his office at the bank. Of the improved property, parcels numbered 8, 9, 10, 12. 16, 17. 20. 22. 23, 24, 25, 26, 27, 28, 29, 32, 33, 34, 35, 36 in the catalogue have been sold; parcel No. 4 is not yet in a condition for sale. Of the vacant lots, lots 3 and 5 Vater's sub.; parcel No. 7; lots 1, 2, 3, 4, 5, 6 and 7 in pareel No. 24, lots 1, 2, 3 and 4 in parcel No. 28; lots 1, 2, 3, 4, 7. 8 and 9 in parcel No. 31; lots 14 and 46 in parcel No. 32; lots 42, 43, 78, 79 and 80 in parcel No. 35 have been sold. Of the farms, the 6 83-100 acres in parcel No. 1. appraised at $900, has been sold, and parcels Nos. 2 and 8 are not yet in condition for sale, the Receiver not yet having entire title. No parcel will be sold for less than the appraised value. In payment for any parcel sold the reciever will accept claims against the receivership to the extent of 40 per cent. of such claims, any balance of the price to be paid one-third in cash and the balance in two installments, due in nine and eighteen months respectively, evidenced by notes of the purchaser, secured by mortgage on the premises, with interest at 6 per cent., with attorney's fees and without relief. Claims used in payment as above will be regarded as having received a dividend of 40 per cent., and will not be entitled to further dividends until other claims have received a like per cent.. after which all claims will share further dividends alike. The sale will be continued from day to day, at the same hour and place, until all of the property is offered. All sales are subject to confirmation by the court. The property to be offered consists of Indianapolis city property and improved farms in Marion, Clinton, Hamilton, Knox. Porter and Monroe counties. WILLIAM WALLACE, Receiver of Fletcher & Sharpe.

18. January 22, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, January 22, 1885

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Notice of Dividend. The Superior Court has directed me to pay a 5 per cent. dividend to the creditors of Fletcher & Sharpe. Payment will be made at Fletcher & Sharpe's Bank, commencing Thursday morning, January 22. WILLIAM WALLACE, Receiver,

19. July 20, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 20, 1885

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Fletcher& -- OFFICE OF RECEIVER OF Sharpe, No. 10 Fletcher & Sharpe's Block. In pursuance of an order of the Superior Court of Marion county, the receiver of Fletcher & Sharpe will, on and after Wednesday, the 29th day of July, A. D. 1885, offer for sale any of the real estate belonging to said trust at not less than the appraisement, and stock of the Indianapolis National Bank at not less than par, and will receive in payment claims against said trust to the amount of 25 per cent. of their face. Claimants offering to buy said stock in a larger amount than 25 per cent. of these claims will pay for such excess cash in hand, and for real estate so in excess of said 25 per cent. one third of such excess cash in hand and the balance in nine and eighteen months, with interest. WILLIAM WAL. LACE, receiver of Fletcher & Sharpe.