5828. Fletcher & Sharpe's Bank (Indianapolis, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 15, 1884
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
15828687

Response Measures

None

Description

The bank suspended payment on 1884-07-15 and went into the hands of a receiver (Receiver Wallace). Subsequent reporting documents insolvency/overdrafts by the principals, sale of assets by the receiver, and periodic dividends to creditors — consistent with a suspension that became a permanent failure/receivership rather than a temporary run-and-reopen. No contemporaneous run is described; cause of suspension is bank-specific adverse information (inability to realize securities and large overdrafts by the Fletchers).

Events (4)
1. July 15, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on securities; bank compelled to suspend payment. Later revelations showed large overdrafts by Ingram and Albert Fletcher (over $700,000) and assets largely in illiquid real estate.
Newspaper Excerpt
Fletcher & Sharpe's Bank suspended this morning. ... NOTICE WAS POSTED: Owing to our inability to realize on our securities we regret to say that we are compelled to suspend payment.
Source
newspapers
2. July 16, 1884 Receivership
Newspaper Excerpt
Receiver Wallace, of Fletcher & Sharpe's Bank, has made the following summarized report of the condition of his trust: Assets- ... (reporting and later actions by receiver).
Source
newspapers
3. October 5, 1884 Other
Newspaper Excerpt
An Order Issued for the Fletcher & Sharpe Property To Be Sold at Auction. Judge Taylor yesterday issued an order granting the petition of Receiver Wallace ... to dispose of the real estate of his trust at auction, and to take claims against the bank to the extent of 40 per cent. of their face value in payment.
Source
newspapers
4. January 22, 1885 Other
Newspaper Excerpt
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 on Thursday morning. Jan. 22. WM. WALLACE, Receiver.
Source
newspapers

Newspaper Articles (16)
1. July 16, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, July 16, 1884

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Suspension of an Indianapolis Bank. INDIANAPOLIS, IND., July 15.-Fletcher & Sharpe's Bank suspended this morning. The announcement fell like a thunderclap from a clear sky. The bank has a paid-up capital stock of $200,000, and the principal holders are Ingram Fletcher, Albert E. Fletcher, and Thos. H. Sharpe, whose aggregate wealth is not less than $1,000,000. The following NOTICE WAS POSTED: 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 belief is that the bank will in time pay out in full, as it is supposed to be the most solvent in the city. It is lenpossible to get any statement, as the officers of the bank have looked everybody out.

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

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TRADE AND COMMERCE. The Home Commercial Circle Demoralized by the Suspension of a Bank. INDIANAPOLIS, July 15. Business matters were somewhat demoralized over the suspension of Fletcher & Sharpe's Bank, but when the situation became fully understood the excitement gradually died away. Trade has just begun to improve and bank troubles are not pleasant to contemplate, but in this case it is hoped the trouble is but temporary, and should not affect trade. There is cerminly much which is encouraging in the situation. The present outlook of our crops promses an increase in our national wealth this year of probably not less than $500,000,000. This means increased trade everywhere; it means a revival of our manufacturing interests. People will have money to spend, and will spend it. Wholesale merchants will find orders from retailers largely increased, for the latter will be compelled to increase their stocks and replenish them as they are reduced by the demands of consumers. Railroads will enjoy increased traffic in carrying products from the West and merchandise of all kinds from the East. The credit of corporations will be improved, and the work of building new lines will suddenly become active. All this is the promise of the enormous corps now maturing or about to mature all over the country. There is no guess-wörk about it; the experience of every man tells him it is a certainty. The exports from New York are now showing a favorable increase, while there has been a falling off in imports, so the balance of trade is turning in our favor. This is encouraging, as it not only assures no further exports of gold, but promises to bring that metal back to us which we sent away a few months ago, and probably more, too. The movement of grain and cotton, which must be largely in excess of last year, will enhance railroad earnings and remove all doubts as to their financial soundness. Certainly these prospects, which are far from being hampered by doubtful contingencies, jutify no apprehension regarding the future. The grocers report sugars a little offish. The coffee market is

3. July 21, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 21, 1884

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THE FINANCIAL OUTLOOK. Judge Robert N. Lamb Appointed Receiver for Mr. Harrison's Bank. The Real Condition of Its Affairs Yet Unknown-The Proposed Plan for Reorganizing Fletcher & Sharpe's. Upon petition of numerous depositors, Judge Walker, of the Superior Court, on Saturday ap pointed Judge Robert N. Lamb receiver of Harrison's Bank, fixing his bond at $100,000, a reduction of $200,000 from the amount originally proposed. Judge Lamb consented to accept the trust, and during the afternoon gave the required bond, his sureties being I. N. Pattison, N. N. Morris, W. G. Wasson, J. E. Robertson and Ralph Hill. The appointment gives general satisfaction, for Mr. Lamb is known to be a man of excellent judgment and ability. He is at present receiver of the Central Bank, whose failure was at the time thought to be most disastrous. He managed its affairs so admirably that he has already paid 75 cents on the dollar, and he is now about to declare an additional dividend of 10 per cent. Judge Lamb took possession of Harrison's bank Saturday evening, and an examination of the vaults showed that the amount of cash on hand was just $63.25, mostly in nickels and other fractional currency. Mr. Lamb will this morning begin an examination of the books and papers, and he thinks he will be able to make public a statement of assets and liabilities by to morrow or Wednesday. Mr. Harrison still declines to make any statement to the reporters. MORE LEGAL PROCEEDINGS. On Saturday afternoon an amended complaint was filed by Alfred Harrison in the SuperiorCourt, reciting the facts set forth in the petition for the appointment of a receiver and setting forth in addition that he is the owner in his individual right of certain real and personal property and that the defendant, John C.S. Harrison, is the owner in his individual right of certain real and personal property, that the partnership assets of the firm are not sufficient to pay their liabilities, wherefore the plaintiff surrenders all his individual property, saving the amount legally exempt from execution, and asks the court to take possession of the property by the receiver and apply it to the payment of the partnership debts in the same manner as the receiver takes possession of the assets of the partnership. The complaint further avers that the plaintiff is informed and believes that the defendant, John C. S. Harrison, is willing to surrender his individual property for the payment of partnership debts of the firm, and the plaintiff asks that the defendant be required to answer the complaint, and in case he consents to such surrender of his individual property, the court to direct the receiver to take possession of the individal property of the defendant in the same manner and for the same purpose as that of the plaintiff. To this an answer was formally made by J. C. S. Harrison, admitting the allegations made. Later in the day three mortgages were placed on record by the Harrisons, conveying the residence property of Alfred and John C. S. Har rison and the Parker Block on North Delaware street. They are executed to Charles Mayer, William Haueisen, William Haerle. George W Stout and George Mannfeldt, sureties on John C.S. Harrison's bond as receiver of the Indiana Banking Company, for the purpose, as stated, 'to secure and indemnify the mortgagees against any and all loss on account of their liability as sureties of John C. S. Harrison, re ceiver of the banking company, and to secure the mortgages on account of any money they may be required to pay as such sureties. The mortgage on the Parker Block is also "to secure the mortgagees against any indebtedness of Alfred and J. C. S. Harrison. PROPOSED REORGANIZATION OF FLETCHER & SHARPE, Exclusive mention was made in the Journal of Saturday of the proposed scheme to reorganize Fletcher & Sharpe's Bank, which is meeting with much favor from depositors, and there now seems to be a probability of its consummation. The plan of reorganization is detailed as follows in a circular sent out to depositors: It is very desirable, and unquestionably to the interest of all depositors in the bank of Fletcher & Sharpe, that their affairs be taken out of the hands of the court, and the bank continue business. and to this end it is now proposed to form stock company, under the name of Fletcher & Sharpe's Banking Company. each depositor being stockholder to the amount of his or her deposit, and with limited liabil ity, Messrs. Fletcher and Sharpe holding all stock above the amount due to depositors This will make a bank with capital of about $1,750,000 paid up and out of debt. The plan is as follows: 1. Fletcher & Sharpe convey to said company all of their real estate and turn over, also, all notes, bills, cash and other assets. now held by the receiver, estimated to amount to $1 800,000. 2. The depositors hold stock to the amount due them, being about 1,550,000, leaving $250,000 for Fletcher & Sharpe. 3. The said banking company to be managed by a board of directors, to be composed of nine members, four of whom shall be the members of the firm of Fletcher & Sharpe, who shall continue in charge of the details of the business, and the remaining five, elected by the depositors, as their representatives; this management to continue for five years. The advantage of this plan would be: 1. Saving of cost of litigation, lawyers's fees, forcing of real estate on the market at an unfavorable time, and sacrifice of assets as IS always the case under receivership, because, the bank being entirely out of debt, would have ample time to convert its assets, instead of being compelled to sell, in order to close such large estate. 2. Each depositor being a stockholder. would be interested in the success of the bank, and by continuing his or her business at the bank, in which he or she would then be interested would be adding to the profits of the institution, by providing funds with which to make discounts and accommodate borrowers. 3. The sales of real estate would be made at more satisfactory prices, and money would thus be constantly added to the business, and eventually a very large capital provided with which to carry loans; and the larger the profits the more rapidly would the stock appreciate in value. 4. Dividends on stock would be made in the following order, viz.: That held by depositors would be entitled to a dividend first; after that, the stock held by Fletcher & Sharpe should participate, the depositors' stock being considered preferred stock. It is believed that this is the best course to pursue, as any one can see at a glance the necessity of saving the assets, instead of allowing them to be frittered away through court and attorneys fees, and all the attendin costs of winding up so large a business. It is also believed that, within two years, dividends on the stock could be made, and such as would make the stock a very desirable investment for any one. With in five years the stock would be worth its face, and the strongest bank in Indiana would be the Fletcher & Sharpe Banking Company The undersigned agree to the above arrangement, and request a able response from you. Please reply promptly as it is desired to reopen the bank by the 15th day of August. This places in the hands of the depositors the entire means of the firm and the management of the business, and there would, therefore, be no waste, but the entire benefit over the actual running expenses would to the depositors, who are then participating stockholders, as there would

4. July 25, 1884 The Kenosha Telegraph Kenosha, WI
Article from The Kenosha Telegraph, July 25, 1884

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West and South. IN the Fourth Minnesota District O. C. Merriam has been nominated for Congressman by the Democrats. THE National Teachers' Association held its closing exercises at Madison, Wis., on the 17th. Fifty of the teachers had arranged for a trip to Alaska. KANSAS Republicans met in State Convention at Topeka on the 17th and nominated Colonel John A. Martin for Governor; A. P. Riddle for Lieutenant-Goveruer, and Albert H. Horton for Chief Justice of the State Supreme Court. The platform recalls the triumphs of the Republican party, indorses the nomination of Blaine and Logan, and commends the platform adopted by the National Republican Con vention. IN W ilson's saw-mill, near Ellenboro, W. Va., the boiler exploded the other morning, killing a boy and fatally wounding a young man and woman. The engine was thrown forty feet, and the mill structure destroyed by fire. AT Baltimore recently Valentine Fritz was prostrated by heat. His idiot son slipped into the room where he lay and drove a long nail into his head, a fact which was only discovered by accident two days afterward. THE suspension of the private bankinghouse of A. & J. C. S. Harrison, at Indianapolis, was announced on the 18th, and by order of the local court was placed in the hands of the Sheriff. The liabilities were estimated at $500,000. THE other day Thomas Johnson was about to whip his step-son at Clifton Forge, Va., and had tied the boy's hands behind his back preparatory to the castigation. The boy loosed himself and rushed to a river close by, into which he plunged. His step-father followed, and both were drowned. ON the 18th the completion of the Canton, Aberdeen & Nashville Road from the Illinois Central was celebrated at Aberdeen, Miss., a gold spike being driven, with a banquet, speech making;and a military parade. THE Democrats of the Third District of West Virginia have renominated C. P. Snyder for Congressman. IT was agreed on the 18th by creditors representing $250,000 to reorganize Fletcher & Sharpe's Bank at Indianapolis on the basis that the principal creditors take stock for their claims, the smaller depositors to receive fifty per cent. cash and the balance in six and twelve months. EXECUTIONS for murder took place on the 18th as follows: Robert Hunt and Daniel Parker, both colored, at Greenville, Miss.; C. Nelson, at Mouma, La., and Samuel Williams (colored) at Waynesboro, Ga. AT the recent session of the National Educational Association at Madison, Wis., Prof. Louis Soldau, of St. Louis, was elected President. EARLY on the morning of the 20th at Chicago, Clement Sudkemp killed Ada Harvey and then took his own life. Jealousy was the cause. A MAN named Nunes recently shot his wife at Canon City, Ore., and her dead body fell over her babe, who sat in her lap at the time the fatal shot was fired, and crushed it to death. Nunes then shot himself through the head. A HAIL and rain-storm of great violence swept through Eastern Nebraska the other night. The rain did serious damage at Omaha, and at North Platte hail-stones as large as hens' eggs fell. NEAR Canton, O., a few evenings ago a railway wreck caused serious injuries to twenty persons, but none of the passengers were killed. AT Mount Vernon, O., two tramps were killed the other day by the explosion of a boiler used in sinking a gas well near which they were sleeping. THE death of Frank Calvert, the divorced husband of the second wife of ex-Governor Sprague, occurred in a Cincinnati hotel on the 21st under circumstances which indicated that he took his own life. His friends said he died of a broken heart. A DECISION was rendered by Judge Blodgett at Chicago on the 21st that foreign corporations doing business in this country are liable to an internal-revenue tax on the amount of the capital which they employ in the transaction of their business. AT Jackson, Miss., Green's Bank, one of the oldest institutions in that region, where nearly every Sheriff in the State kept his funds, suspended on the 21st, with liabilities of $250,000. IN a wheat field near Modesto, Cal., fire started on the 21st and before it was got under control six thousand acres and many large dwellings were consumed, causing a loss of $150,000. KANSAS Democrats will hold their State Convention at Topeka, August 20, to nominate candidates for State offices. LABORERS, while sinking an artesian well at West Point, Miss., the other day struck a large poplar tree at a depth of 550 feet, the wood of which was in a perfect state of preservation. THE other night a hurricane swept over Dakota in the vicinity of Spring Valley, Sioux Falls and Dell Rapids, unroefing many houses and injuring fruit and shade trees.

5. July 30, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, July 30, 1884

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SWINDLERS, ALL. How the Depositors of Fletcher & Sharpe's Bank Were Robbed. INDIANAPOLIS, IND., July 29.-A confidential statement, made by the receiver to a few creditors of the Fletcher & Sharpe's Bank, which failed recently, is to the effect that Albert and Ingram Fletcher had overdrawn their accounts to the tune of over $700,000, and that the assets would not net more, if as much as fifty cents on the dollar; and, furthermore, it would be a very long time before the assets, which are mostly in real estate could be converted into cash. This statement gave an entirely new coloring to the whole business, and now a good many people are unable to see any material difference in the method used by Harrison and those used by Fletcher and Sharp.

6. August 25, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 25, 1884

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Indianapolis. The superintendent of police has secured a petition from numerous business men asking him to suppress the policy shops. George H. Culbertson has brought suit against Charles Soehner, jr., to set aside a judgment, and for a new trial of a suit, which he claims was previously decided when he was of unsound mind. Dan Mountz, who escaped from the House of Refuge and afterward stole a horse and buggy, was arrested on Saturday. He expresses a preference for the penitentiary rather than the Plainfield institution. The clearances of the associated banks of Indianapolis for the past week were as follows: Monday, $278,625.77; Tuesday, $210,337.88; Wednesday, $179,118.08; Thursday, $176,610.59; Friday, $145,020.01, and Saturday, $148,362.80; total, $1,153,075.21. Mr. Harry C. Norton has applied for a divorce from Elizabeth Norton, alleging abandonment, cruel treatment and frivolous conduct, and Ruhama Hall has filed a petition for a divorce from Nathan Hall, who deserted her in 1879, after ten years of married life. # RECEIVER WALLACE'S REPORT. Receiver Wallace, of Fletcher & Sharpe's Bank, has made the following summarized report of the condition of his trust: Assets-

7. August 28, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 28, 1884

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Why it Was Withheld. To the Editor of the Indianapolis Journal: I notice in this morning's Journal a few lines with reference to receiver Wallace's report of Fletcher & Sharpe's Bank-that Judge Taylor thought that the publication of the itemized report would do more harm than good. Is there something among these items that we victimized depositors are not entitled to see? A DEPOSITOR. Indianapolis, Aug. 27. The reason assigned for withholding the re port is that the affairs of the bank's creditors are dealt with in it, and it would, in the opinion of the court, be unjust to them to have the details made public. The main facts have been given fully and nothing has been withheld that would be of interest or benefit to depositors.

8. October 5, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 5, 1884

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THE RECEIVER'S PETITION GRANTED. An Order Issued for the Fletcher & Sharpe Property To Be Sold at Auction. Judge Taylor yesterday issued an order granting the petition of Receiver Wallace, of Fletcher & Sharpe's Bank, asking that he be allowed to dispose of the real estate of his trust at auction, and to take claims against the bank to the extent of 40 per cent. of their face value in payment. The terms and conditions of the sale are set forth by the order of the court as follows: Stoughton A. Fletcher vs. Thomas H. Sharpe. Come now the parties, also the receiver, and now, this being the day appointed for the consideration of the petition of the receiver, asking authority to sell real estate at public auction, and receive in payment therefor claims against said estate to the amount of 40 per cent. of such claims; and it appearing that notice of the pendency and time of hearing of said petition has been given as provided by the court, said matter is now heard, and the court being satisfied that it is for the interest of said estate that said petition be granted; It is now ordered and adjudged that said receiver be, and he is hereby authorized to offer for sale any and all of the real estate belonging to said trust at public auction, at the door of the court-house, to the highest bidder, (no bid, however, for less than the appraised value of said property,) said property to be offered in parcels as appraised, or where several parcels constitute a farm, they may also be offered together and sold in parcels or in bulk, as they will sell best in the discretion of the receiver. In payment for any property so sold, the receiver is authorized to accept claims against said estate to an amount not exceeding 40 per cent. of the face of the certificate; any balance over such 40 per cent. to be paid in cash or in payments of one-third cash and the balance in nine and eighteen months, evidenced by notes of the purchaser drawing 6 per cent. interest, secured by mortgages on the property. It is further ordered that claims so used in payment shall be deemed to have received a dividend of 40 per cent., and shall not be entitled to further dividends until other claims shall have received dividends to a like per cent., after which all claims shall have dividends alike. Before offering such property for sale, the receiver shall give notice of the time, place and terms thereof, by publication two weeks in each of the daily papers of Indianapolis, and in the Indiana State Journal and the Weekly Sentinel, and by printed circulars sent by mail to the creditors of said bank, so far as reasonably practicable. N. B. TAYLOR, Judge.

9. October 31, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 31, 1884

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FLETCHER & SHARPE'S AFFAIRS. The Special Committee of the Depositors Report the Results of Their Investigations. Shortly after the failure of Fletcher & Sharpe's Bank a special committee, consisting of Michael O'Connor, William R. Watson and A. W. Hatch, was appinted by the depositors to fully investigate the affairs of the bank and report the results of their researches at an adjourned meeting. That meeting was held in the Circuit Court room last night, and there was an attendance of about three hundred, many of whom were ladies. F. J. Van Vorhis was called to the chair and A. W. Hatch was made secretary. The committee made quite a lengthy report, many of the facts given by them being already generally known. The principal points of interest are contained in the following extract: "The bills receivable account of the bank amounts to $1,286,322.52: of this amount Ingram Fletcher owes $448,286.74 and Albert Fletcher $221,831.28, and they jointly, $79,806.96, making a total of $749,574.98; and in consideration of this indebtedness they have deeded all their property to the bank, amounting to and appraised at $404,055. The remainder of the bills receivable account, $536,747, is appraised at $260,790. To the best of our knowledge and information a dividend of about 25 per cent. will eventually be realized by the depositors on their deposits from the assets of Stoughton Fletcher. "The business methods and policy of this bank, wherein its resources have, through four or five parties alone, become fixed in real estate and manufacturing corporations, contrary to the banking maxims of all ages, are not to be approved; but we may say that in the course of our investigations we have discovered nothing which can in the least degree criminate the management of the bank in question. * * "On the 31st of December, 1878, the indebtedness of Ingram Fletcher was $141,731.76, and that of Albert Fletcher was $87,093. When asked to explain the large increase of his indebtedness since that date, Ingram Fletcher said: 'I paid interest on this amount at rates of 12, 10 and 8 per cent. My city tax was from $1,500 to $1,700 a year, and my county tax $2,500 a year.' When the cost of the repairs, improvements, etc., made upon his property, is added to the amount of interest and taxes as above, it may readily be seen how his-account reached such proportions." The report goes on to commend the economy of Receiver Wallace, in the administration of his trust. and contains lengthy affidavits from W. T. Fenton, and T. P. Haughey. to the effect that all the transactions between Fletcher & Sharpe and the Indianapolis national banks were bona fide, and for proper consideration. The report of the committee was variously discussed by the creditors present, and many questions were asked and answered. No action was taken further than to add to the committee W. F. Christian and Hiram Seibert, with directions for them to continue their re: searches and report at another meeting, to be held in two weeks:

10. November 14, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 14, 1884

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FLETCHER & SHARPE'S AFFAIRS. The Depositors Agree to the Compromise Regarding S. A. Fletcher's Assets. A meeting of about seventy-five of the creditors of the defunct Fletcher & Sharpe's Bank was held last night, in the Circuit Court room, and the compromise offered by Mrs. Stoughton Fletcher was generally discussed. W. C. Griffith presided over the meeting, and a verbal report was presented by the special committee appointed to make an investigation in relation to the condition of the assets and the possibility of realizing the cash from them at an early day. The value of the Atlas Works stock, the committee stated, depended wholly upon the caution of the bank creditors in not proceeding in a way to prevent the managers of the business from making it profitable. It was thought advisable, however, to dispose of the gas stock at its present market value, and it was believed that enough could be realized from it to enable the receiver to make a dividend among the depositors of 15 per cent. within the next three or four weeks. In relation to the proposed compromise, Levi Ritter offered the following resolution, which was adopted as an expression of the depositors present: "Resolved, That we recommend that the court approve the compromise offered by Mrs. Stoughton Fletcher to Mr. Milligan, trustee of her husband, and by him reported to the *court, with this additional clause. that such settlement only covers such property as is set out in the assignment of Stoughton Fletcher, and as is set out in such proposition of compromise, and that any other property is left open for future adjustmentand settlement according to law." Mr. Ritter thought that it would be advisable to havea thorough examination of Mrs. Stoughton Fletcher in relation to the ownership of the Atlas Works stock, and a number of the depositors concurred n the opinion. A motion was adopted requesting the court to interrogate the members of the bank firm under oath in regard to the property owned by them. It was decided to hold another meeting in two weeks.

11. January 21, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 21, 1885

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# Another Fletcher & Sharpe Dividend. Receiver Wallace, of Fletcher & Sharpe's Bank, yesterday reported to the court that he was ready to declare an additional dividend of 5 per cent., and Judge Taylor accordingly issued an order authorizing the payment.

12. January 22, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, 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 on Thursday morning. Jan. 22. WM. WALLACE, Receiver.

13. January 23, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, January 23, 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,

14. January 24, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, January 24, 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,

15. April 24, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, April 24, 1885

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# A Clerk's Funds Not Exempt. The Supreme Court yesterday affirmed the decision of the lower court in the case of Moses G. McLain against Receiver Wallace, of Fletcher & Sharpe's defunct bank. When the bank closed, McLain, as Clerk of Marion County, had something over $15 000 in the bank, and he brought suit, holding that it was a special trust, and therefore should be paid in full. The decision of the court puts McLain on the same footing with other depositors.

16. November 3, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 3, 1885

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MUNICIPAL LEGISLATION The Proceedings of the Common Counc at Last Night's Session. Treasurer Pattison Asks the City to Acce] His Collateral Security for the Money Lost in the Suspended Banks. The City Council met last night. The cor mittee on contracts recommended that August Bruner, as the lowest and best bidder, be a lowed the contract for the market-house an city hall sewer connections, which was adopte The city treasurer reported balances on han Nov. 1, as follows: In the general fund, $20 117.95; Tomlinson estate, $18,821.83; addition city hall fund, $63,878.92; sinking fund, $46 457.87; sewer fund, $27,687.61. The city clerk reported orders drawn on tl treasurer for October amounting to $59,097.54. The Mayor presented the following resolutio Resolved, That the Board of Commissioners Marion county be, and they are hereby, requested receive and admit into the Marion county wor house the prisoners from the mayor's court con mitted under the penal inances of the city of I dianapolis, and that upon the granting of said 1 quest by said Commissioners, said prisoners so con mitted shall be confined and kept in said work-hous Provided, That the city shall be at no expense f the maintenance of said prisoners. and the coun shall pay nothing for the work and labor of said pr oners. The resolution was adopted, Councilman Co alone voting in the negative. The city clerk reported the official bond Caleb S. Denny, mayor-elect, who has otherwi qualified by filing with the clerk his certificate election and oath of office. The bond bears penalty of $3,000, with James P. Baker, Mos G. McLain and David V. Burns as sureties. The usual monthly appropriation ordinan was passed. The ordinance included provisie for the payment of the expenses attending tl city election, which amount, in the aggregate, $2,000. An ordinance was introduced by Mr. Thalm investing the Electric Lighting. Gas, Heating a Illuminating Company, or assigns, with t privilege of erecting and maintaining towers ai masts necessary for the purpose of supplying the city with electric lights and power. FROM THE CITY TREASURER. To the Honorable Mayor, Board of Aldermen a Common Council of the City of Indianapolis: Gentlemen-Up the 14th day of July, 1884, Flete er & Sharpe's Bank, of Indianapolis, closed its door suspended payment. and went into the hands of a , ceiver. And afterwards, upon the 16th day of t same month, Harrisons' Bank, of said city, al closed its doors, suspended payment, and went in the hands of a receiver. At the time of the suspe sion of said banks. I had on deposit. to my credit treasurer of the city of Indianapolis. in Fletcher Sharpe's Bank, the sum of $1,825.51, and in Har sons' Bank the sum of $41,360.78. I respectful ask to submit to your consideration the following facts in relation to said deposits: There was no pr vision of the statutes of Indiana nor ordinance of t. City Council and Board of Aldermen directing whe the funds of the city should be deposited, and no pr vision had been made by the city for their safe-kee ing in the office of the treasurer. It has always been the habit of my predecessors office to deposit the funds in their hands in the diffe ent banks in the city, and when I went into the office received from my predecessor the funds of the cit then deposited in different banks in this city. T fact that the different city treasurers, including m self. have kept the funds on deposit in the differe banks of the city for years was well known to t. Common Council and officials and the public genera ly. I have had in my hands large sums, varying times from $50,000 to $450,000. In the ausence some place designated by you for me to deposit t funds I was compelled to exercise my jodgment their safe-keeping. I could not, with safety, ke them in my office or at my home. and it was therefo necessary that I should select some of the banks us or recognized by the citizens of Indianapolis as sa places of deposit. In order that I might exercise di and reasonable diligence in the safe-keeping of t funds in my hands, I did not select one bank alon but have distributed them around in the following d ferent banks of this city: The First National Ban the Indianapolis National Bank, Fletcher's Ban the Indiana National Bank, the Meridian Nation Bank, Ritzinger's Bank. the Merchants' Nation Bank, Fletcher & Sharpe's Bank, and Harrison Bank. In selecting Fletcher & Sharpe's Bank and Har sons Bank I took into consideration at the time th they were recognized by the public as safe and solve institutions, and that they had done business so loi and that their credit was not disputed. At the tir of the failure of Fletcher & Sharpe they had mo than four thousand depositors. and a deposit of mo than $1,800.000. As to Harrisons' Bank th had among their depositors the Vandalia Railro Company, Charles Mayer & Co., Mr. Haueisen. Geor W. Stout, William Haerle, John T. Pressly a others, having a total deposited at the time of the failure UI about $600,000. In order to secure the deposit in Harrisons' Bank received from A. and J. C. S. Harrison $51,00 capital stock of the United States Encaustic T Company of Indianapolis. This was theonly securi of any kind that I was able to get for the deposit said bank. I considered that it was not my fault th the