5791. A. & J. C. S. Harrison (Indianapolis, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
July 17, 1884
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
83f83bcf

Response Measures

Accommodated withdrawals, Full suspension

Description

Contemporary reports describe a small run (July 17–18, 1884), partial payments/refusal of clearing-house checks, failure to open July 18, and appointment of a receiver (July 19). Sequence indicates a run led to suspension and receivership (permanent closure).

Events (3)
1. July 17, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank reportedly 'in distress' leading depositors to seek payment; crowd assembled and partial payments made; refusal of clearing-house checks.
Measures
Harrison made payments in proportion to immediate needs (percentage payments); announced checks would be honored next day if not for full face; refused payment of clearing house checks (~$26,741-$27,000).
Newspaper Excerpt
There was a mild renewal of the financial excitement here to-day, resulting in a small run on the private banking house of A. & J. C.S. Harrison.
Source
newspapers
2. July 18, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open for business after run and payments were inadequate; clearing-house checks protested and bank ruled out of association, prompting suspension and sheriff taking possession pending receiver appointment.
Newspaper Excerpt
The private banking house ... did not open its doors this morning. A petition was filed by Alfred Harrison ... asking the appointment of a receiver.
Source
newspapers
3. July 19, 1884 Receivership
Newspaper Excerpt
Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust, filed a bond in the sum of $100,000 and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.
Source
newspapers

Newspaper Articles (10)
1. July 18, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 18, 1884

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The Indianapolis Banks. INDIANAPOLIS, July -There was a mild renewal of the financial excitement here to-day, resulting in a small run on the private banking house of A. & J. C.S. Harrison. It was understood the bank was in distress, and a meeting of the clearing house was held for the purpose of determining whether assistance should be extended. Before action could be taken J.C.S. Harrison arose and in positive terms declined assistance. He then returned to his place of business, where quite a crowd of depositors had assembled. Harrison made an address, saying the bank's resources were ample to pay all debts, avowing wiilingness to pay percentage demands where money was absolutely needed, and declaring he would not be driven to the wall. Payments were made during the day in accordance with this rule, and while unsatisfactory the depositors were compelled to be content. During the afternoon Harrison announced that to-morrow all checks will be honored. If not for their full face, at least sufficient for immediate needs. Harrison to-day refused payment of clearing house checks to the amount of $26,741. The checks were provested, and the bank ruled out of the association. The bank is comparatively a small concern.

2. July 18, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 18, 1884

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The Indianapolis Banks. INDIANAPOLIS, July 17.-There was a mild renewal of the financial excitement here to-day, resulting in a small run on the private banking house of A. & J. C.S. Harrison. It was understood the bank was in distress, and a meeting of the clearing house was held for the purpose of determining whether assistance should be extended. Before action could be taken J. C. S. Harrison arose and in positive terms declined assistance. He then returned to his place of business, where quite a crowd of depositors had assembled. Harrison made an address, saying the bank's resources were ample to pay all debts, avowing willingness to pay percentage demands where money was absolutely needed, and declaring he would not be driven to the wall. Payments were made during the day in accordance with this rule, and while unsatisfactory the depositors were compelled to be content. During the afternoon Harrison announced that to-morrow all checks will be honored. If not for their full face, at least sufficient for immediate needs. Harrison to-day refused payment of clearing house checks to the amount of $26,741. The checks were protested, and the bank ruled out of the association. The bank is comparatively a small concern.

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

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MORE BANK FAILURES. Another Indianapolis Firm Goes Under-Chicago Brokers Get Left on Corn. INDIANAPOLIS, IND., July 18.-The private banking house of A. & J. C. S. Harrison, notwhithstanding the assurances given by the latter gentleman yesday, did not open its doors this morning. Before the hour for opening the sidewalk in front of the building was blocked by a crowd of depositors seeking payment of the balance due. them, but they were disappointed. Duting the morning Atfred Harrison, by his attorneys, appeared before Judge Walker and asked for the appointment of a receiver. Judge Walker named John Claypool, but he declined to act. The name of John S. Shann was then proposed, but he also declined, and under orders from the court the sheriff took possession pending the appointment of a receiver. The bank has from 300 to 400 depositors, and the amount of the deposits is variously estimated at from $500,000 to $600,000. A considerable portion of this money is trust and municipal funds, City Treasurer Pattison having $40,000 on deposit with the firm. Mr. Pattison, it is understood, will be fully secured. Friends of Mr. Harrison say that he confidently expected assistance this morning, and claim that he depositors was honest that yesterday they would in lose assuring nothing. the There is a general belief that the failure is a bad one and that the depositors will realize but little. The failure has had effect upon the other city banks, the effect of it having been discounted by the partial suspension yesterday. J. C. Harrison is receiver for the Indiana Banking company, which failed last August for $750,000. Up to April 1 he had collected $123,000. and since that date a 10 per cent. dividend has been paid. There is an impression that the accounts of this receivership and of the Harrison bank are badly confused. Harrison is supposed to have at present about $60,000 in money belonging to the depositors of the banking company. CHICAGO, July 18.-Harmon Spruance & Co., one of the oldest and most conservative houses on the board of trade, announced its suspension this afternoon, and stated that the differences against it would be adjusted as soon as its trades could be transferred. The firm is understood to have been short about 1,000,000 bushels of corn, and to have lost both on the ascending and descending market. It declines to make any statement, but the liabilities are estimated at $100,000. The firm has been in existence twentyfive years. Harmon Spruance, the head of the house, was once the president of the board of trade, and wasrated as worth $200,000.

4. July 19, 1884 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, July 19, 1884

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EASTERN Blaine's Letter of Acceptance Sent to the Press. MORE FAILURES IN NEW YORK AND INDIANAPOLIS. Mrs. Ferdinand Ward Will Spend the Summer at East Haddam. HER HUSBAND WILL SPEND THE SUMMER IN A NEW YORK JAIL. The Report of Cholera in New York Not Well-Founded. [SPECIAL TO THE SENTINEL.| Queer Sensation. CLEVELAND, July 18.-A lady, with her face closely veiled, was seen sitting in the Union Depot here yesterday. She was accompanied by an elderly couple, and attracted much notice. Through her evident efforts to conceal herself, inquiry disclosed the fact that her name was Morgan and her home in Philadelphia. Some time ago she was remarkable among her acquaintances for her unusually clear complexion, which her parents discovered was the result of using arsenic. They at once stopped her dangerous indulgence, when the young lady was taken ill. As she recovered, her face became covered with yellow spots, which deepened in color until they became as black as the skin of a negro. The physicians were unable to do anything for her, and she was sent to the Hot Springs. Even this treatment was of no avail, and now, accompanied by her parents, she is on her way home. Pedagogic Business. MADISON, Wis., July 18.-At the last day of the convention of the National Teachers' Association the Committee on Nominations recommended the renominstion of President T. W. Bicknell, who declined the honor. F. Louis Soudon of St. Louis was then recommended as Bicknell's successor, with W. E. Sheldon of Boston as Secretary. A resolution was unanimously adopted that the thanks of the convention be tendered to Senator Blair of New Hampshire for his successful labors in behalf of Federal aid for the common schools of the country. Supt. Swain of Indiana was congratulated for the successful exposition of the educational exhibit, being the greatest of the kind ever seen in America. Blaine's Letter. AUGUSTA, Me., July 18.-Mr. Blaine's letter of acceptance has been mailed to the press. It opens with the discussion of the differences between the Republican and Democratic parties on the tariff question, and the importance of the protection of American labor. This takes up one-half of the letter. The subject of American commerce and Civil Service receive atten tion. The policy of & friendly union between the States of North and South America is defended as a policy of peace and humanity. The style of the letter is plain, simple and direct. It contains about 6,000 words. Out of Sight Out of Mind. WHEELING, W. Va., July 18.-William Scholes, a stock dealer, with a beautiful wife and 11-months-old child, who lived in Pottsville, Ohio, left home to purchase cattle, leaving everything in charge of a young man whom he employed as foreman. He returned Wednesday. Finding his house closed he forced a shutter open and entered. His child lay on the floor starved to death, and the body half decomposed. The wife and the young foreman had disappeared. There were also $2,000 in bonds and money, which he left in his wife's care. More Lightning. INDIANAPOLIS, July 18.-The banking house of A. & J. C. S. Harrison did not open its doors this morning. A petition was filed by Alfred Harrison, senior partner, asking the appointment of & receiver, and the Court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C. S. Harrison in the receivership of the Indiana Banking Company. Mr. Claypool filed a bond at once and took charge of the bank. No statement is obtainable yet. There are about 400 depositors-some for considerable sums. Among them is $60,000 city funds. Mrs. Ferdinand Ward. NEW YORK, July 18. -The Herald's New Haven special says: Mrs. Ferdinand Ward, will, in a few days arrive at the Champion House, at East Haddam, where she will spend the Summer months, while her husband the partner of young Grant] remains in Ludlow Street Jail. She has alreadv sent her horses and carriage. and

5. July 19, 1884 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 19, 1884

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Monetary Troubles in Indianapolis. (By telegraph to the Dispatch.] INDIANAPOLIS, July 18.-Ingram & A. E. Fletcher & Sharpe have deeded property to trustees, for the benefit of their creditors. to the amount of $450,000. There was a run yesterday on the small banking-house of A. & J. C. S. Harrison. Depositors were paid only a portion of their checks. Harrison refused the payment of clearing-house checks to the amount of $27,000 and was ruled out of the Association. The house did not open its doors this morning. A petition has been filed by Alfred Harrison, the senior partner, asking the appointment of receiver. The court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C.S. Harrison in the receivership of the Indiana Banking Company. Claypool filed his bond at once and took charge of the bank. No statement is obtainable yet. There are about four thousand depositors, some for considerable sums. among them $60,000 of city funds.

6. July 19, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 19, 1884

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Another Indianapolis Banking House INDIANAPOLIS, Ind., July 18.-The banking house of A. & J. C.S. Harrison, did not open its doors this morning. A petition has been filed by Alfred Harrison the senior partner, asking the appointment of a receiver, and the court has appointed John Claypool son of Hon. Solomen Claypool, who is attorney for J. C. S. Harrison in the receivership of the Indian a banking company, Mr. Claypool filed his bond at once and took charge of the bank. No statement is obtainable yet. There are about four hundred depositors, some for considerable sums, -among them $60,000 of city funds.

7. July 20, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, July 20, 1884

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A Receiver for Harrison's Banking House. INDIANAPOLIS, July 19.-Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust, filed a bond in the sum of $100,000 and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.

8. July 20, 1884 The Sun New York, NY
Article from The Sun, July 20, 1884

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A Receiver Appointed. INDIANAPOLIS, July 19.-Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust. filed a bend in the sum of $100,000, and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.

9. August 8, 1884 Wessington Springs Herald Wessington Springs, SD
Article from Wessington Springs Herald, August 8, 1884

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Bank Fa.lure. INDIANAPOLIS, July 18.-The bankinghouse of A. & J.C. S. Harrison did not open its doors this morning. A petition was filed by Alfred Harrison, the senior partner asking for the appointment of a receiver, and the Court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C. S. Harrison, in the receivership of the Indiana Banking Company. Mr. Claypool filed a bond at once, and took charge of the bank. No statement is obtainable yet. There are about four hundred depositors, some for considerable sums, among them $60,000 of city funds.

10. September 6, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 6, 1884

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Suit in New York Against the Harrisons. The following dispatch came from New York last night: "The Indianapolis Brush Electric Light and Power Company to-day obtained from the Superior Court an attachment against the property in this city of Alfred Harrison and John C. S. Harrison, comprising the firm A. & J. C. S. Harrison, of Indianapolis, who suspended payment last July. Plaintiff had their bank. ing account with Harrisons. It is charged that the defendants are about to dispose of their property and defraud creditors, and to this end made an assignment."