Fletcher Savings & Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: November 13, 1930
Location: Indianapolis, Indiana (39.768, -86.158)

Metadata

Model: gpt-5-mini
Short Digest: 8556e04b

Response Measures

Full suspension, Books examined

Other: Receiver recommended and appraisal committee mentioned; state examiner testified assets could pay depositors in full.

Description

Article (Nov 13, 1930) states heavy withdrawals and lack of ready cash led to the bank being closed; assets/liabilities and recommendation to employ a receiver are discussed. Closure appears permanent with receiver involvement. Cause attributed to business depression lowering asset values and triggering withdrawals.

Events (3)

1. November 13, 1930 Receivership

Newspaper Excerpt: Miller urged the court to employ a receiver on a monthly salary basis, and to instruct the receiver to employ an attorney only when necessary.
Source: newspapers

2. November 13, 1930 Run

Cause: Macro News
Cause Details: Business depression and depreciation of bond/stock/mortgage values led to loss of confidence and heavy withdrawals
Newspaper Excerpt: Lack of ready cash to pay operating expenses, due to heavy withdrawals, led to the closing
Source: newspapers

3. November 13, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure due to inability to meet withdrawals and pay operating expenses after asset depreciation; receiver recommended/asked for by counsel and examiners testified on assets/liabilities
Newspaper Excerpt: the institution was not insolvent when it was closed. Lack of ready cash to pay operating expenses, due to heavy withdrawals, led to the closing
Source: newspapers

Newspaper Articles (1)

1. November 13, 1930 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, November 13, 1930

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Article Text

Statement Is Bolstered This statement was bolstered by assertions of witnesses that the institution was not insolvent when it was closed. Lack of ready cash to pay operating expenses, due to heavy withdrawals, led to the closing, according to testimony. Names of William P. Flynn, chief examiner of the Indianapolis Clearing House Association. and Evans Woolen, president of the Fletcher Savings and Trust Company, were suggested to Chamberlin as probable members of the appraisal committee. Dick Miller. president of the trust company, and Dwight A. Murphy, secretary, testified assets could be liquidated in such a manner as to pay depositors in full. State Bank Examiner Testifies Miller urged the court to employ a receiver on a monthly salary basis, and to instruct the receiver to employ an attorney only when necessary. Samuel P. Good, state bank examiner in charge of the examination of the trust company's books, testified assets were $2,400,904, and liabilities $2,055,330. The difference of $345,573, based on book value of assets, is subject to depreciation, he said. Good declared business depression was responsible for the depreciation of values in bonds, stocks and mortgage assets. Good testified he examined the bank's books in June, and found them in the same condition as at the time of closing. He agreed the assets can be liquidate to pay depositors in full.