Fletcher & Sharpe (Indianapolis, IN)

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THE INDIANAPOLIS BANKS

Heavy Liabilities of The Broken Concern. INDIANAPOLIS, July 15.-All of the banks withstood the run made upon them to-day by their depositors as to the result of the suspension of Fletcher & Sharpe. Tonight they are in receipt of assurances that all the assistance needed to carry through the crisis will be -supplied. The receiver of Fletcher & Sharpe states that the liabilities of the suspended institution are $1,800,000 and the assets of the bank and individual partners are estimated at over $2,200,000. It is doubtful if the bank ever resumes business.

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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.

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Another Bank With Closed Doors

INDIANAPOLIS, July 15. The banking houso of Fletcher and Sharpe, the oldest financial institution in the city did not open its doors this mornA notice was posted on the doors stating ing. the suspension was the result of inability to realize on securities, and adding that the property when converted would be ample to pay all depositors. Wm. Wallace was appointed assignee. The firm is composed of Ingram, Fletcher, Thos. H. Sharpe, and Albert E. Fletcher. The suspension caused a good deal of excitement, and runs are progressing on other banks, none of which are specially serious, except that on Retzinger's banking instution, which has large number of small depositors. The suspension of Fletcher & Sharpe was an absolute surprize, even to bankers. and is generally supposed to be the result of large advances to grain and pork dealers and inability to realize on securities east,

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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.

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BANKING FIRMS

INDIANAPOLIS, July 16.-Receiver Wallace, in charge of the suspended banking house of Fletcher & Sharpe, is busily at work straightening out affairs of the firm, but it will be several days before a detailed statement of the assets and liabilities can be made. The Pendleton Banking company at Pendleton, Madison county, closed its doors today, the suspension being the result of Fletcher & Sharpe's failure.

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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.

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The Story of a Banker

INDIANAPOLIS, Ind., July 30.-Banker Harrison is still under arrest at his house. He was interviewed this morning by a reporter for the Indianapolis News, to whom he said in substance that last fall when he placed the funds of the Indiana Banking company in his own bank he believed his bank to be perfectly sound and safe and at no time thought otherwise and did not dream of danger till the Fletcher & Sharpe failure precipitated a run on him; also that he acted in perfect good faith and had made over more than enough property to secure his bondsman.

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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.

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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.

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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.

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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.

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Receiver's Statement

INDIANAPOLIS, IND., August 23.William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed examination of the affairs of the firm. The report shows liabilities, $1,942,801; actual assets, $1,301,000. To the asssets must be added $300,000, which which will be realized from property assigned by S. A. Fletcher, jr. The nominal assets largely exceed the amount stated above. The receiver's estimates of the value of the assets is thought to be quite low, and the probability is depositors will be paid at least 85 per cent.

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William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, Indianapolis completed his examination of the affairs of the firm. His reportshows liabilities of $1,942,801, and actual assets of $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher.

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RECEIVER'S SALE

OF REAL ESTATE.

In pursuance of the order of the Superior Court of Marion county, Indiana, the undersigned, receiver of Fletcher & Sharpe, will, on

Monday, October 27, 1884,

At 10 o'clock a. m., at the south door of the Court house, 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 parcel 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 receiver 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.

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Sale of Fletcher & Sharpe's Building. The Fletcher & Sharpe bank building will be sold by Receiver Wallace this afternoon, at 2 o'clock, if a fair bid is received. The receiver has been offered $200,000 for the building, but the proposition included a commission of $4,000 and other expenses, reducing the bid to $192,000, which was given no consideration.