5824. Fletcher & Churchman (Indianapolis, IN)

Bank Information

Episode Type
Run Only
Bank Type
private
Start Date
July 15, 1884
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
469479b9

Response Measures

Accommodated withdrawals

Description

The articles describe a considerable run on Fletcher & Churchman on July 15–16, 1884 triggered by the suspension of the similarly named Fletcher & Sharpe. Fletcher & Churchman met all demands and remained open; no suspension or receivership is reported for this bank.

Events (1)
1. July 15, 1884 Run
Cause
Local Banks
Cause Details
Run was triggered by the suspension/failure of the similarly named Fletcher & Sharpe; depositors confused the institutions and drew funds.
Measures
All demands were promptly met; the bank paid depositors in full and received net inflows/deposits that exceeded withdrawals.
Newspaper Excerpt
There was also a considerable run on Fletcher & Churchman, but all demands were promptly met.
Source
newspapers

Newspaper Articles (8)
1. July 16, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 16, 1884

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OUR NEXT.] "FAILURE TO REALIZE." An Indianapolis Bank Compelled to Close Its Doors-Effect of the Failure. INDIANAPOLIS, IND., July 15.-The Banking house of Fletcher & Sharpe did not open theirs doors this morning. The following WES posted on the door: "To OUR DEPOBITORS:-Owing to inability to realize on securities, we regret to say, we ara compelled to suspend payments. Our property is ample to pay all depositors as BOON as it can be converted. FLETCHER & SHARPE." (Signed) A great deal of excitement was created by the announcement, and in a short time large crowd of depositors gathered on the side walks around the bank building. Admission to the bank was refused the depositors and reporters alike, and all kinda of absurd reports were current. The bank is the oldest financial institutionin the city, and the firm consists of Ingram Fletcher, Thos. Sharpe. Stoughton A. Fletcher, Jr., and Albert E. Fletcher. The last statement of the bank for the six months ending November 30, 1883, showed a capital of $200 000 with monthly average deposits of $1,700,500. During the forenoon, Measrs. Harrison, Milier and Elam, lawyere, appeared before Judge Taylor, and on the petition of F. .H. Fletcher, Jr., made an application for the appointment of a receiver for Fletcher & Sharpe. The court entertained the motion and appointed William Wallace and fixed his bond at $500,000. Wallace filed his bond and took poesession of the bank this afternoon. He is unable as yet to furnish a statement of the liabilities and assets, but he stated to an Associated Press reporter that a very cursory examination showed liabilities to be $1,800,000. with agests of $2,200,000. It will be several days before a detailed statement can be had. The individual wealth of the owners is estimated at $1,000,000, and it is stated they will make a personal assignment. There are many surmises as to the cause of the failure, Among others it is stated that during the panic of 1873 the firm was compelled to take possession of a large amount of real estate which it held as security and which since has shrunk in value. It is also said the firm made large advances to grain and provision dealers. The Indiana National Bank will protect checks drawn by the Farmers and Mercbants' Bank of Winchester, Indiana, on Fletcher & Sharp. It will also protect the drafts drawn by the First National Bank of Lebanon, Indiana, on Fletcher & Sharp, The effect of the suspension WAS the cause of a run on two or three other banks. The run, however, did not assume the nature of a panic. There was a large crowd at the counters of Ritzinger's bank during the day demanding and receiving money. The depositors of this bank are largely of the working classes, and the amounts paid were generally small. There WAB also a considerable run on Fletcher & Churchman, but all demands were promptly met. Both Ritzinger and Fletcher & Churchman received more money on deposit than was paid out. Ingram Fletcher, of the sus pended firm is seriously ill, and the other partners decline to talk. While there is is some anxiety as to the outcome the general feeling in financial circles is less panicky than during the bank suspensions last August.

2. 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.

3. July 16, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, July 16, 1884

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EASTERN NEWS. ASSOCIATED PRESS DISPATCHES. Fatal Boller Explosion. (Ind.), July 15.-The south eq: 01 this county, exploded last west West part of blew the mill to atoms evaning and men were in the structure Over John Carter, Wesley Carat the time. Graves and G. C. Keever were eiem others the IIª pus 'pelliN "M 193 seriously injured. sentenced to Death. CHABLESTON (W. Va.), July 15.-At 1 morning Judge Guthrie -ues pus uned 10 special sith 10010.0 held Charles Spurlock, and member teaced Hill leovs (Jesse James gang), total pus spooM UIL(V eqs 10 Albona 18 reen spoot your одм his father, county, the latter part of Aprif. "!H 04 BI siq: of Spurlock request when sentenced WAS to be only Notwithstanding his conbaptized. of murder in the first degree. fession brought out for trial, he said last night when that be confessed through fear of petits BUIARY 10A0 seruep pus qoal am any one. Wm Coleman (colored), who shot killed Fenton Hill (colored) at a and night dance last October, was eq 01 espor small eqf 4q Seturity Spendork as eq: uo persual It has been many years since there was legal hanging here. Coleman's case 8 will be taken to the Supreme Court. Refuses to Support Cleveland. ROCHESTER (N. Y.), July 15.-Hon. Wm. Purcell, editor of the Union, was granted leave of absence until after November at his own request, because, em 01 Service quite cannot by SADE eq party, credit to the paper, or honor to himself, conduct the Union during the present political campaign. He has BY siq questions fet Presidential Elector to Chairman Manning, of the Democratic State Committee. Failure of an Indianapolis Bank INDIANAPOLIS. July 15.-The banking house of Fletcher & Sharpe, the oldest iou pip ene u! open its doors this morning. A notice the 1841 Bulling влоор eq: no persod SEA suspension was the result of inability *** supper pus securities no reside 01 the property when converted would be Mallace william depts. II* And 01 althe NUM may euror requires a SEAL composed of Ingram Fletcher, Thomas H. Sharpe and Albert E. Fletcher. The X0 10 leep queet B pesneo sitement, and runs are progressing on the other banks, none of which are cially serious, except that on Retzinger's ] # sig vition NE number of small depositors. The sus uv STM Sharge P 10 absolute surprise even to bankers, and 10 lineer eq: eq 04 peroddus 1 # large advances tograin and pork deal noes uo realize 01 invoice DV puu 1420 Wm. Wallace was appointed receiver, °H '000 0098 18 peovid build pusq siq took possession of the bank this after noon, but is unable as yet to furnish a statement of liabilities and assets, but responder Pross ASSOCIATED ne 01 stated eq: smoqs AJOBIDO V 1892 11/ 010889 9714 '000'008'1 eq 04 -eq days eq IIIM 1I reputo eq THE 1000008 details 0101 The individual wealth of members of 80 puw '000'000'1$ 18 1 st may ent office personal male 111M Aeth ments. There are many surmises as to others Buomy eus JO 08010 em 1873 JO crund eq: 1893 pers sessod Ink) on perjedmoo FBM may on JO junomy [ # JO nots seq pus HR pley 11 since shrunk in value. The Indiana National Bank will pro tect checks drawn by the Farmers and Merchants Bank of Winchester, IndiNational 18214 eq: Jo pue 'RUE Bank of Lebanon, Indiana, on Fleteher noisuadens the 10 100ge 7 10 OM3 DO uns osneo 01 BEM NW you PIP JOASMON UUJ eq.L NUM Lhore JO Intire eqs ewins alarge crowd at the counters of Retzinger's bank during the day, demand-sodep one Aenour puu 201 eq: JO 0.18 bank siq1 JO влод pivd signomy our puv 0818 BVM Libre suall considerable run on Fletober & Churchman, but all demands were promptly "jett 7 pay Retzing Both Churchman received more money on deposit than was paid out. Ingram -08 si may pepuedsns our 10 riously ill and the other partners decline to talk. There is some anxiety as to the ontcome tomorrow. The general feeling in financial circles is less pan icky than during the bank suspensions last August. Individually Liable. CHICAGO, July 15.-In the Circuit Court today Judge fally decided that those who were stockholders in the Re public Life Insurance Company of Chieago, at the time of its failure are individually liable to the fall amount of their stock, notwithstanding the motion eqs JO Ivnuue our 18 peadops stockholders in 1873, authorizing hold ers of the stock to surrender certificates pay piud useq had queo tad 06 quick uo to receive instead paid up certificates. The Judge holds that the action of the creditors eqs uo pnerj V SUM and valid stockbolders. This was the case in which Ward, the receiver of the bankrupt company in order to provide -ue holders Polloy em enp 000'006$ 203 tered suit against the stockholders for the amount of stock unpaid. Seven hundred and fifty usand dollars of 'A T JO SUM was *191 B BW puv " SW umoux 1100 equal THAT 10 before extent of the financial liability of J. V. " SV areq pens NEM oqa eq: JO President se pus 10A 81 'Soud To be Closed. NEW YORK, July 15.-The Executive Committee has decided to close the New York office of the Union Pacific except 101 transfers. The 110 on "I Failure 0.8. Henry, petroleum broker, has je junome our 01 short SWM "H Petter 600,000 barrels at nearly the lowest prices of the recent depression. He is member of the Governing Committee of the Petroleum Exchange. Tae Wall XO puv NI 110 state oqa 'moxer] a 'V JO pene peonnous 81 manket our uo short YES vition "110 up repuas havey . SEA moxes puw 99 04 0802 1891 %09 19 pasole reacted to 61% On Wall Street. NEW York. July 5.-Governments strong for 4 per cents stocks opened strong on prompt denial of further faileys se puv topus spood A2P em up seen :here quefonq equived ресиваре Avp 49 directises havey 9198 up persoder brokers puu creased orders from small classes of traders. The crop situation is still the chief topic of diseussion, and the favor able character of advices from the grain

4. July 17, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, July 17, 1884

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A Better Feeling Financially. INDIANAPOLIS, July 16.-The financial situation is much improved to-day. Runs on Retzinger S and Fletcher & Churchman continued this morning, but the number of people demanding money was smaller than yesterday and the runs entirely ceased by noon. It was feared that the country banks might become alarmed and draw the balances held by the banks in the city, but all fears of danger from this source are now allayed. Letters have been received from the officers of country banks leaving balances here, expressing the utmost confidence in the bank and stating that they will draw as light as possible on their balances. While feeling still very nervous confidence is steadily growing, and from the present outlook there is nothing to warrant the apprehension of any further trouble with the city banks.

5. July 17, 1884 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, July 17, 1884

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BIG FAILURE. Scenes of Excitement Which Recall the Dark Days of 1873. Indianapolis, July 15.-This morning the doors of the banking house of Fletcher & Sharpe were not opened, but upon the window "&S posted the following notice : To our Depositors: Owing to our inability to realize on our securities, we regret to say that we are compelled to suspend payments. Our property is ample to pay all depositors as soon as it can be converted. FLETCHER & SHARPE. The members of the firm are Thomas H. Sharpe, Ingram Fletcher, Albert E. Fletcher and Stoughton A. Fietcher, Jr. The latter is now at his summer home in budlow, having very poor health. The other members of the firm were in the office at an early hour in consultation with their attorneys. But as BOOD as the determination to suspend was reached they all went home, leaving the bank in charge of subordinates. As soon as the aunouncement was known the greatest excitement was created throughout the city. The blow was utterly unexpect. d. Only one banker in the Clearing House had the faintest idea of the embarrass. ment of the firm. Had the bank asked for assistance all that might have been necessary would have been readily forthcoming Mr. English of the First National, say 8 he would rather hav loaned them $200,000 of their personal security than to have had the su-pension. The Hon William Wallace was appointed receiver on the petition of Stoughton A. Fletcher, Jr., and took charge of the bank at noon. He reports that on an examination he estimates the liabilities at $1,800,000 and the assets at $2,000,000. The assets include the personal estates of the partners, which are estimated at $1,000,000. The receiver says this is a low estimate, but the assets are principally real estate, upon which realization will be slow. The suspension caused a run on nearly all the other banks of the city, to whom, as stated, the failure was a complete surprise. The heaviest run was on Riszin ger's, & bank where small depositors— Germans and workingmen-have their accounts. There was a great crowd here all day, but the amount of money drawn was comparatively small, and by deposits from leading German citizens the bank was stronger at the close of business hours. A heavy ran was also made 6 on Fletcher & Churchman, the similarity of the names causing the impression that this bank was y 00 related in St me way to the suspended institation. But business men made their deposits as usual, and the bank had y more money at night than in the morne ing. Fletcher & Churchman have also ts large credits both in New York and in Chloago, which have been called in. The runs on the other banks were not serious, but there was a steady draw all d day While there was a much better ae feeling in the city late in the aiternoon is and to-night, there is yet great anxiety y on the part of bankers and the 00 business public for the results to of to morrow. All the bankers, 731 however, express confidence that there by will be no further suspensions. There AB has been no such scene of excitement he since the panic of 1873. There are many ns women in the crowds about one or two of he the banks, and in the crush a number as were hurt and several maimed. Mr. ts Thomas A. Sharpe and Mr. Ingram st Fletcher are both confined to their houses ly il, the latter quite seriously prostrated. nNone ot the partners has anything to say nd for the public. The effect of the suspen. is sion throughout the state 18 greatly al teared, 89 the bank WIS such an old and of well known one, and bad such wide d. spread business rela tous he

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

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THE FINANCIAL OUTLOOK. As detailed in our local columns, the financial situation in this city has not been materially affected by the suspension of Fletcher & Sharpe. The slight runs on the banks of Fletcher & Churchman and Ritzinger Brothers ceased at an early hour yesterday morning, after the few panic-stricken depositors had had their checks promptly cashed. These banks knew their strength, and were indifferent to any demands that were or could be made, and to-day stand even higher, if that were possible, in the confidence of the community than they did before. They were never in any real danger; but if they had been, they have demonstrated their strength in such manner that they will hereafter have no occasion to fear flurries or panics. The national banks of the city, without exception, have had no trouble and will not have any. They are all prepared to meet the demands that may be made upon them in the course of business. There are no weaklings amongst them, and they deserve and will receive, by merit, the confidence and support of the people of the city and of the State. Indianapolis should be the financial, as it is the geographical and political center of the State. In helping Indianapolis the people of Indiana help themselves. Occasional failures occur in every community, and will continue to occur as long as business is done on credit-and commerce means credit by all laws of trade since the world was made— but these occasional failures give no cause for general distrust. There is absolutely no occasion for any further disturbance in Indianapolis.

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

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THE FINANCIAL OUTLOOK, Public Confidence Restored and the Run on the Banks Stopped. Further Details of Fletcher & Sharpe's Suspension-What the Partners SayFeeling in Business Circles. The failure of the banking house of Fletcher & Sharpe has not caused that general demoralization of financial matters that was apprehended on Tuesday morning, and the developments of yesterday show that public confidence has been restored to an unexpected degree, and that no wide-spread disaster may be expected. The run which commenced on Fletcher & Churchman's and Ritzengers' banks after the announcement of the suspension, was renewed at the opening of business yesterday morning, but it was not long continued. All demands were met promptly, and all depositors were paid in full. As on the preceding day, it was mostly the creditors for small amounts, principally women, who caused the trouble, but the crowd was not so great and the excitement much less. By 11 o'clock the run was over, and after that the business resumed its usual aspect. Both of the banks had secured large accessions of currency during the night and morning, but they were not needed. Indeed, a balancing of the books showed that at Ritzingers' the deposits of Tuesday exceeded the withdrawals $7,400. Messrs. Fletcher & Churchman expected large demands from country banks who were their correspondents, and even in this they were agreeably disappointed, as only one bank asked for a settlement of their account, which was promptly given them. Yesterday afternoon, after the excitement had died out, many of the creditors of both these concerns who had drawn out their money, came back and re-deposited it. At the Indianapolis National matters were unusually quiet during the day. President Haughey was in receipt of numerous offers of assistance from Eastern financiers, and many heavy deposits were made with him by local capitalists. In response to circular letters sent out to his country correspondents on Tuesday morning, favorable responses were received to the effect that they would draw out nothing at present, and a few saying that they wanted only what was needed for the transaction of their routine business. The managementof this bank has always been conservative to the extreme of caution, and to-day stands, as it always has deservedly stood, second to none, and sound as a gold dollar. No contingency can affect its credit. At all the other banks in the city there was not a murmer of discontent or anxiety among depositors, and their deposits and withdrawals varied but slightly from those of ordinary days. THE FLETCHER & SHARPE SUSPENSION. From the best information that can be obtained the causes that led to the suspension of Fletcher & Sharpe seem to be about as follows: The bank had been embarrassed, to a greater or less extent, since the panic of 1873, on account of being compelled to take real estate for money loaned out. By management the necessity for suspension was avoided, with the hope that ultimately they would be able to get their affairs on a sound basis. The closeness of the money market caused many unexpected demands to be made upon them. For a week or ten days from $30,000 to $60,000 has been drawn out daily without a corresponding increase in the deposits. As a temporary expedient it was suggested that they increase their indebtedness to Winslow, Lanier & Co., whom they already owed. Mr. W. H. Jones, of that firm, came here on Sunday, and not only declined to make the additional loan but insisted upon further security for that already made. This Fletcher & Sharpe were unable to give. A con ference of the partners was called and the matter discussed at length. It was finally decided that it was injudicious and dishonorable to increase their indebtedness further, without any hope of being able to repay it when promised, and that the interests of all the creditors demanded that an immediate suspension of the business should be made. This decision was arrived at on Tuesday morning, when Mr. Jones definitely announced that the $75,000 loan would not be continued without additional security, and the doors were closed. No aid was asked from the other banks. As Mr. Ingram Fletcher expressed it, "They could not have afforded to loan us money at this time, and even if they had advanced us even a large amount, it would only have postponed the crisis, which seemed to us to be inevitable." WHAT THE PARTNERS SAY. In interviews, yesterday, Mr. Fletcher denied the current rumors that the bank had invested largely in either margins or grain transactions, or mining stock. He said that the indebtedness on the bank building had been generally overestimated. It really was $135,000, and the interest had always been promptly met, and not defaulted, as reported. The gross receipts of the building were over $25,000, and it yielded a net income of about $15,000. He expressed the utmost conndence that the assets would be more than enough to pay all obligations in full. Mr. Albert E. Fletcher said that the whole matter had been carefully considered before a suspension was decided upon. The firm had not asked for aid from the other capitalists of the city for the réason that their experience had tuught them that every bank in this city must rely upon its own resources. He said that he and his partners had turned over all their property, both personal and real, for the benefit of their creditors, and on this there was not one cent of incumbrance. Their respective wives had joined with them in this, even in turning over property which rightfully belonged to them alone. The bank had met all its obligations promptly up to Tuesday, and had not defaulted in the interest on the mortgage on the building. For himself and the others, he said they would be amply satisfied if the depositors were paid in full, even if they were left paupers. WHAT RECEIVER WALLACE SAYS. Mr. William Wallace, the receiver of the bank, was busy all day yesterday in straightening out its affairs. He said that a definite statement of the assets and liabilities could not be given before Saturday, and probably not this week. Approximately, they were as reported on Tuesday: As-

8. July 24, 1884 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, July 24, 1884

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Situation at Indianapolis. INDIANAPOLIS, July 16.-Thefinancial situation is much improved today. The runs on Retzinger's and Fletcher & Churchman continued this morning, but the number of people demanding their money was smaller than yesterday, and the runs entirely ceased by noon. It was feared that the country banks might become alarmed and draw the balances held by the banks in the city, but all fears of danger from this source are now allayed. Letters have been received from officers. of the country banks having balances here, expressing utmost confidence in the security of the city banks, and stating that they will draw as lightly as possible on their balances. While the feeling is still very nervous, confidence is steadily growing, and from the present outlook there is nothing to warwant apprehensions of any further trouble with the city banks.