Fletcher & Sharpe's Bank - Indianapolis, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 29, 1887
Location: Indianapolis, Indiana (39.768, -86.158)

Metadata

Model: gpt-5-mini
Short Digest: 19bd038f

Response Measures

None

Description

The articles describe the bank under a receiver, distributions to creditors, sale of bank-owned lots by Receiver Wallace, and periodic receiver reports and dividends. There is no mention of a depositor run or any reopening — the bank is in receivership and being liquidated, consistent with a suspension followed by permanent closure. Dates of initial suspension are not stated in these clippings.

Events (3)

1. April 29, 1887 Receivership

Newspaper Excerpt: Twenty of the lots belonging to Fletcher & Sharpe's Bank have been sold by Receiver Wallace. ... About 1,300 of the 1,500 creditors of Fletcher & Sharpe's Bank have been paid the 10 per cent. dividend now being distributed by the county clerk. A great many of the larger creditors of Fletcher & Sharpe's Bank are loudly complaining because the money in the hands of the receiver is not being promptly disbursed. William Wallace, receiver of Fletcher & Sharpe's Bank, filed his second annual report ... filed his second annual report with Judge Taylor, of the Superior Court, yesterday morning.
Source: newspapers

2. October 28, 1887 Other

Newspaper Excerpt: A great many of the larger creditors of Fletcher & Sharpe's Bank are loudly complaining because the money in the hands of the receiver is not being promptly disbursed. The balance on hand Aug. 26, 1887, according to the report, was $104,848.02. ... Since the report was made there has been paid to Mr. Sullivan $2,400 additional to the last distribution, and the old Atlas works have been sold for $75,000 cash, which would make the sum now on hands nearly $180,000.
Source: newspapers

3. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank placed in receivership and assets being liquidated due to insolvency/claims; funds being distributed to creditors.
Newspaper Excerpt: Twenty of the lots belonging to Fletcher & Sharpe's Bank have been sold by Receiver Wallace.
Source: newspapers

Newspaper Articles (4)

1. April 29, 1887 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, April 29, 1887

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ANOTHER NOTCH HIGHER The City's Wave of Prosperity Continues to Assume Larger Proportions. The Real Estate Transfers Yesterday Numbered Three More than on Any Day During the Year-Capital Still Coming. The transactions in real estate continue steadily to increase. No fabulous prices are being paid for even the most desirable property. A few holders have raised their valuation to enormous figures, but they are the kind that are being passed by by men who are seeking investments. "It is a legitimate boom, in every sense of the word," remarked a real estate agent yesterday. "Property is bound to advance in price, but persons who are buying large tracts with the hope of realizing great profits will be disappointed. Prices will gradually advance, regulated by the law of demand, but Indianapolis people know too much to go crazy over real estate speculation like they did in the seventies. If the 'city is to be permanently benefited by the burning of natural gas here fabulous prices on real estate must be avoided. Cheap land will be the first thing considered by manufacturers who may desire to locate here, and the best way to keep them away will be to buy up all the land surrounding the city and put prices on it that they will not consider." Yesterday was another lively day with the buyers and sellers. As heretofore the realty conveyed consisted almost wholly of small lots. There were more buyers than sellers, and one moneyed man remarked in the recorder's office last evening that he had attempted to purchase ten different lots, and could not get a single man toset price. Many of those who made purchases the latter part of last week and the first of this are selling at fair profit, and vesting. Lots in any of the desirable additions of the city are worth from 10 to 25 per cent. more than they were this time last week, and in many localities they have doubled in valuation. Not all the buyers by any means are speculators. There is a strong desire on the part of nearly all business men to get homes in the suburbs, and a fair per cent. of the number of lots purchased for permanent homes. The encouraging outlook makes it possible to sell down town property at a bargain, and persons who have for several years been kept in the heart of the city are being permitted to move out to purer air and greener fields. The conveyances yesterday numbered three more than on any previous day this year -thirty -four. The total considers was $55,491.26 -a small falling off from that of ednesday The most notable of the transfers was that of two acres of ground in St. Clair's addition by DePauw University, for $11,263.51. The university has invested considerable money in lots, in the last week, and it is understoo the money realized from the sale yesterday will be put in lots east of the city, immediately Two lots in Woodlawn addition sold for $1,235, the purchaser being Ross Bookwalter. Twenty of the lots belonging to Fletcher & Sharpe's Bank have been sold by Receiver Wallace. No sales have been made below the appraisement, and on an average they are 10 per cent. above. Twenty lots in Belmont sold yesterday for $4,000, and trade for thirty more lots there is about completed. The sale of the Schurmann farm, northwest of the city, for nearly $190,000, was consummated, yesterday, but the deeds were not recorded, Two thirds of the purchase- money was paid down. The transfers recorded yesterday are as follows: Albert G. Martin and wife to Sophia T. Brown, lots 9 and 10, in Ruddell's subdivision of block 8. of Johnson's heirs' addition to Indianapolis. $3,000.00 Robert Silver and wife to Alexander C. Clark, lot 6, in Ruddell' subdivision of block 7, in Johnson's heirs' addition to 625.00 Indianapolis Israel Morgan and wife to George W. Potter, lot 6, in G. Schurmann sub300.00 division, in Indianapolis John V. Martin and wife to Eva Hunt, lot 8. in Guerin's subdivision of iot 33, in E. T. Fletcher's second Brookside; also, lot 11, square 18, in Hayden's first subdivision of Johnson's heirs' ad1,200.00 tion to Indianapolis Eva and husband to John Carriger, that lot 8. in Guerin's subdivision, in E. Fletcher' second Brookside addition to 400.00 Indianapolis The Citizens' National Bank to Jay A. Buck. lot 5. in the Citizens' National Bank's subdivision of part of lots 13 and 14, in Johnson' heirs addition to 600.00 Indianapolis Henry Seburmann and wife to Benjamin F. Walker, lots and 117, in Elliott's subdivision of outlet 156, in Indian1,650.00 apolis Simon P. Sheerin and wife to Josephine S. Bronson. lot 107 in Allen & Root's 1,000,00 north addition to Indianapolis Wm. Wallace, receiver, Josephine S. Bronson, lot 54 in Bruce Place East 290.00 addition to Indianapolis. Albert Hitzelberger and wife to Joseph Ludwig, lot 50 in Kappes & Frank adto dition 600.00 Indianapolis. Elizabeth Muir to Julius Adler, part of 6,000.00 lot square 70, in Indianapolis. Johr F. Roe and wife to Washington Alti650.00 son and wife, block 6 in Malott Park. Noah Morgan to Charles D. Fertig, part of 15.00 lot 14 in the town of Castleton. Edward S. Field and wife to John Coxe, lot in Field's subdivision of let in Mayhew's heirs' addition to Indianapo300.00 lis Martha W. Bond and husband ty Lot Lee, partiof loted Johnson et al. subdivision of Johnson's heirs' Addition to 1,100.00 Indianapolis Elizabeth H. Miller et al. to Asher N. Miller part of the northeast quarter of section 27. township 16 north, of range 5,810.00 Zuast, containing 8914 acres Leonard Graves and wife to Amos D. Krewson, lot 25. in Hann & Dawson's subdivision of lot 24, in Johnson's 2.400.00 heirs' addition to Indiana Magdalena Faulstuch et al. to Levi P. Ayres. part of the west half of the southwest quarter of section 9. township 15 north, of range 4 east, one-half 200.00 acre DePauw University to Michael Clune, part of lot 12, in Arthur St. Clair's addition to Indianapolis 11,863.50 Thomas Armstrong et al. to Virginia M. Adair, lot 12. in Wm. Braden's subdivision of Henderson's addition to Indi1,250.00 anapolis Wm. T. Noble and wife to Mary E. Wadley, lot 155 and part of 154, in Mor1,800.00 rison' third addition to Indianapolis Harry J. Milligan. trustee, to Sophia V. Miller. lot 2, in square 15. in S. A. Fletcher, jr.'s, northeast addition to 110.00 Indianapolis Henry Schakel and wife to Christine Kolling, part of the northeast quarter of section 18, township 15 north, of east. 1.00 range Samuel Denny and wife to John L. Wagner, lot 16 and part of 15, in Windsor 375.00 Place. an addition to Indianapolis. Harry J. Milligan, trustee. to John L. Wagner, lot 17. in Windsor Place, an 200.00 addition to Indianapolis Harry J. Milligan. trustee. to John L. agner: lots 12 and 13. in square 12, in S.A. Fletcher. jr.'s, northeast addi400.00 tion to Indianapoli Nicholas McCarty et al. to Catharine Carson, lots 144 and 145 in McCarty's subdivision of part of outlot 120, in In900.00 dianapolis Maria ameson et al. to Wm. Covert, part of the west half of thesoutheastquarter of section 36. township 16 north, range in 5 6,200.00 east. Indianapolis. George B. Yandes, trustee, to Samantha W. Allen, lots 5. 6. and 8 in Chauncey L. Turner subdivision of part of block 15, in Johnson's heirs addition to 1,950.00 Indianapolis Christoph Hilgenberg to Wm. H. English, lots 95 and 96 in Sharpe's Woodside to 36.76 addition Oren S. Hadley and wife to Benjamin D. Miner. lot 48 in Seaton subdivision of block 25, in Johnson heirs' addition to 500.00 Indianapolis David D. Long to Ross Bookwalter. part

2. August 3, 1887 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, August 3, 1887

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o'clock M. MEETING OF STATE ASSOCIATION OF UNION EX PRISONERS OF WAR; Room 27, court-house, 11 o'clock A. M. CELEBR ATION OF EM PROCLAMATION ANNIVERSARY; State Exposition grounds, morning and afternoon. In Brief. A meeting of the Woman's State Fair Association will be held this afternoon at 2:30 o'clock at the State agricultural rooms. About 1,300 of the 1,500 creditors of Fletcher & Sharpe's Bank have been paid the 10 per cent. dividend now being distributed by the county clerk. Marriage licenses were issued yesterday to Bessie Allev and Mary Shampson, Edward Krugan and Viola Thomas, Timothy Connor and Nora Dugan. A fire broke out in C. T. Paul's saw-mill. in the northeastern part of the city. last night, but, after the alarm bad been sounded the flames were extinguished before the department arrived. The loss is small. Councilman Swain. of the Second ward, has reconsidered his determination to not be a candidate again and will contest with D. A. Myers for the nomination at a primary election to be held Saturday evening, Aug. 13. Mrs. Catherine Prewitt has been appointed administrator de bonis non of the estate of Willis Prewitt. Her bond is for $3,600 Frank Ross has qualified as the administrator of the estate of Fred Pyburn, with a bond for $1,300. A MISSING GIRL FOUND. Miss Jessie Lynn, a ward of Gen. Geo F.McGinnis, living with a family at No. 84 West North street, alarmed her friends, Monday night, by disappearing from home in her night clothes. She had been in very low spirits for several days and her friends feared for a time she had drowned herself in the canal near by. After diligent search the police found her last evening in a house on West Georgia street. PERMITS FOR NEW BUILDINGS. The following building permits were issued yesterday: R. Tibbe, frame cottage on Baltimore avenue, near Harlow street, $600; W. H. Carth. frame cottage on Fayette street, near First, $950; George Northway, frame cottage on Vermont street, near Hanna, $750: W. H. Kendrick, briek storeroom on Massachusetts J. avenue, near Peru street, $1,500; Washington Mrs. S. Vail, two-story frame house on street, near McKim avenue, $6,500. FELL ASLEEP ON THE RAILROAD TRACK. John Larrkamp is the name of the man who was killed on the I. B. & W. railroad near Haughville last Monday night. He lived in Haughville and left a family. He had been over to the city to pay his dues in the Center Building Association and the supposition is that he drank considerable before starting for home and sat down on the ties to rest. When the fast express came along it struck him His head was the only portion of his body that was struck. REPORT OF SCHOOL TRUSTEES. T. M. Iden. trustee of Irvington, submitted his annual report to the County Commissioners yesterday. It shows that the tuition fund receipts have been $1,484.57, and the expenditures, $1,112.50. Special school fund receipts, $574.14, and expenditures. $525.09. The report of A. M. Zion, trustee of West Indianapolis, was also filed, showing that the receipts of the special school fund have been $1,134, and the expenditures, $1,121.31; tuition fund receipts, $4,376.04, and expenditures, $2,115. PURSUIT AND CAPTURE OF A THIEF. A month ago a priest was robbed of $800 in a small.town in Michigan by two men who entered his room. The case was put into the hands of the Pinkertons. at Chicago, and they employed Detective Grady to watch for the man here. Ten days ago Grady learned that one of the men had been in this city. He followed the fellow to several towns, and finally to Terre Haute, where he arrested him on Monday The man gave his name as J. H. Reims. He has been turned over to the Pinkertons. SERIOUS INJURY OF A MERCHANT. William C. Dedert, a dry goods merchant, who has a store at No. 142 East Washington street, received a very painful injury last night at 11 o'clock. while closing his store. When sbutting the transom over the front door, the glass fell out and struck him on the head, cutting through his hat a gash four inches long across his head. He was removed to his home, No. 487 East Market street, in an unconscious condition. Dr. Hodges, who dressed the wound, says there is no danger of its proving fatal. BLOODSHED IN A SALOON PREVENTED. Joseph Green, a colored man, went into Louis Tombalina's saloon on East Washington street, last night and after playing several games of poo! refused to pay his bill. When Tombalina attempted to put him out, Green defended himself with a billiard cue, and Tombalina in turn drew his revolver. The police came upon the scene at that time and prevented bloodshed by arresting both persons. Mr. Tombalina was slated for drawing deadly weapons and Green for assaultand battery and disturbing the peace. BURGLARS WORKING IN THE SUBURBS The suburbs of the city have been suffering a great deal from burglars in the last two weeks. Monday night the residence of Will McVey, at Irvington, was entered and a gold watch and some jewelry was taken. At Mr. Parson's house, in the same place, they obtained $12 in money and some valuables. The police believe all the suburban work is being done by a gang of tramps. The residence at No. 126 Blackford street was also burglarized Monday night, and a silver watch and $200 in money carried away. COMING VISIT OF FOREPAUGH'S SHOWS. Mr. Fred Lawrence, advance agent of Forepaugh's shows, was in the city yesterday com pleting arrangements for the exhibition here on the 12th inst. According to an agreement between the two great showmen Barnum is exhibiting in the East this year and Forepaugh is making the Western tour. The latter's show, therefore, is the only one Indianapolis people will have an opportunity of witnessing this season. A feature of the aggregation that is given much prominence is he Wild West show, which is almost exactly similar to the one now being exhibited in London by Buffalo Bill. ARREST OF A PLAINFIELD DOCTOR. Dr. Robert Lewis, of Plainfield, was yesterday arrested by the United States marshal for violating the pension laws. Lewis had a patient to whom a pension had been awarded. but he died before the money was received. According to law, the money was covered back into the Treaury, subject to charges for the pensioner's is medical attendance and funeral expenses. It charged that Dr. Lewis sent in a bill for ninetyone visits, when he, in fact, made only four, and upon this the arrest was made, on the ground that he sought to obtain money from the government on a falsely sworn statement. His case was remanded to the grand jury. COMPLAINTS ABOUT POGUE'S RUN. Many complaints are being received at the city health office about the condition of Pogue's run, between Delaware and South streets. There is now no running water in out the stream odor

3. October 28, 1887 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, October 28, 1887

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# ANXIOUS FOR ANOTHER DIVIDEND. Creditors of Fletcher & Sharpe Complain Because Receiver Milligan Doesn't Disburse. A great many of the larger creditors of Fletcher & Sharpe's Bank are loudly complaining because the money in the hands of the receiver is not being promptly disbursed. The last distribution of $88,000, which began about three months ago, is about over, only a few thousand dollars remaining on hand uncalled for. As yet the clerk has received no notification that there is another dividend in sight. Mr. Milligan was asked yesterday when he would declare another dividend, and his answer was that he did not know. "Will it be this year?" was asked. "No; there will not be another dividend this year," said he, "and I can not say what time next year." "How much money have you on hands?" "That I would not like to say," he replied, "but there is not enough to warrant me in declaring a dividend." The creditors are claiming that there is not less than $100,000 in Mr. Milligan's hands, and are preparing to demand a distribution of it. Mr. Milligan's last report covers his transactions from Aug. 26, 1886, to Aug. 26, 1887. It contains some figures that may be of interest to the creditors. According to it, he had on hand Aug. 26, 1886, $8,372.62. Jan. 11, 1887, the gas stock belonging to the trust was sold for $175,000. May 4, 1887, a note against W. C. DePauw for $18,500 was paid, and during the twelve months up to Aug. 26, 1887, numerous sums of money were received from other sources, making the total receipts for the year $269,129.46. There was paid out on distribution through M. G. McLain $5,471.59; to Harrison, Miller & Elam, attorney's fees, $500; Dan Rausdell, commission on sale of property, $440; distribution through county clerk, J. E. Sullivan, $88,787.92; second distribution through Sullivan, $42,764.02: third distribution through Sullivan, $14,996.22, and numerous small sums for necessary expenses, making the total credit $159,481.44. Mr. Milligan, in a note, states that he had retained $4,800 for services, not in full to date. The balance on hand Aug. 26, 1887, according to the report, was $104,848.02. Since the report was made there has been paid to Mr. Sullivan $2,400 additional to the last distribution, and the old Atlas works have been sold for $75,000 cash, which would make the sum now on hands nearly $180,000.

4. November 4, 1887 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, November 4, 1887

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# RECEIVER WALLACE'S REPORT. He Thinks Enough Will Be Realized to Pay Another Dividend of Five Per Cent. William Wallace, receiver of Fletcher & Sharpe's Bank, filed his second annual report with Judge Taylor, of the Superior Court, yesterday morning. The report shows the condition of the trust on Sept. 1, and covers over 300 pages. The total amount of claims allowed is $1,592,- 401.29. The following summary shows the singinal balances