The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-07-16

to Flether & Shapes, feeling that their money
was perfectly secure there. 1t had number OF
correspondents among country banks, and many
Of its customers were farmers and dealers in a
| small way. 1t probably had more depositors than
any other bank in this city, and the num-
Der is variously estimated at from 300
/ to $500 In the various mercantile agencies
/ the standing of the bank was quoted very high,
and the last statement made in November, 1882,
/ showed a capital of 100000 and an average
monthly deposit of 81, zoe, 500. The business has
been constantly increasing since then.
HOW THE OUTLOOK IS REGARDED.
During the early part of yesterday the fnan-
cial outlook was regarded with much apprehen-
sion by business men, but by evening they
were much more hopeful, and even confident
There seems to be but little probability that
| any of the other city banks will be forced TO
suspend, and it is not at all likely that any pro
/ longed runs will be made on any of them Be
fore the close of banking hours, yesterday, the
excitement at Fletcher & Churchman's and
! Ritzingers had greatly died out, and many OF
the creditors who had withdrawn their money
earlier in The day, came back and redeposlted It.
THE PARTNERS HAVE NOTHING To SAY.
A representative of the journal called at the
residences of the partners yesterday afternoon,
to obtain a statement from them if possible.
Mr.. Ingram Fletcher was completely Frustrated
and confined to his bed. His physician had
given positive orders that he was not to be
allowed to talk, and that no one should be per-
mitted to disturb him. Mrs. Fletcher came
down, however, and explained the circum-
stances preventing Mr.. Fletcher's appearance.
Everything we have has been decided over TO
the bank said Mrs. Fletcher sthe residence
property, and everything got from my fathers
estate, even to our personal property The only
things have retained are few pictures painted
by the wife of my husbands brother. These /
hope to be able to sell for small consideration
to our personal friends"
The reporter also called at the residences of
Albert E. Fletcher and Thomas H. Sharpe, the
other partners, but both residences were closed
and repeated pulls at the bells met with no
response. A reporter of the News was more
i successful i'll finding Mr.. Sharpe, but met with
no satisfactory results, as is seen by the follow
ing interview, which passed between them
Mr.. Thomas II. Sharpe was found at home
and the reporter asked him for statement rela-
tive to the suspension. Il have nothing to
say was his brusque reply. but can't you
tell the public what caused you to closer Not
word, not word . said he els it simply a
suspension or failurep persisted the reporter
1T is a suspension he answered Then you
expect to resume business2o Il don't know" he
rejoined, shaking his head doubtfully, and clos
ing the door against further inquiry.
WHAT THE OTHER BANKERS SAY.
The other bankers unite in saying that the
suspension was entirely unlocked for by them,
and was in the nature of complete surprise
Hon. William H. English made the following
statement in writing, which he furnished the
newspapers as his view:
1.-THE closing of Fletcher & Sharpe,s bank will
undoubtedly have a bad effect on the other banks,
and on the business of Indianapolis generally,
and this may be greatly aggravated by getting
up unnecessary excitement about it. The thing
a.
away from crowds on the Streets and especially
about the doors of the banks and discourage
everything like run. "A bank may be perfectly
sound, and yet not be able to pay general de-
mand for currency by depositors, occasoned by
panic. In such cases, reasonable time must be
given to convert assets into currency. Even
exchange could not be made available to meet
a run, because it is not currency, and the other
banks, that usually give currency for exchange,
would not do it in the present feeverish condi-
ton of affairs, not knowing but they may be I'M
expectedly called on for the currency themselves.
That is, bank with large credit balance in
New York, could not convert it into currency
to-day, and the only way would be, to have it
shipped here, which would take time. 1t would be
harder and require longer time to realize on
other assets even when of the best character,
| especially as to good paper given for money
loaned. These things will be duly considered
by thinking people 1t is a great misfortune
that Fletcher & Sharpe did not inform the other
banks that they were in trouble, and ask for
!. 4
were not consulted with or advised with at all
As it is, the business of Indianapolis will be in
jured, but the injury will be infinitely greater if
there be anything like general panic, and every
one should try to avoid it. There has not been
the slightest run on the First National Bank,
and the bank up to this hour has received more
in deposits than has been drawn out
STOCKTON K. FLETCHER.
At the banking house of S. A. Fletcher & Co.,
perhaps as generally known as Fletcher &
Churchman, the Journal representative found no
trouble in obtaining statement from both the
principal partners. Mr.. Fletcher said:
The suspension could not have been more un-
expected to us. We had no reason in the world
to suspect anything of the kind, and, had we
been called upon to do So would unhesitatingly
have furnished funds for continuing the business
of the bank. at least temporarily. The fact that
the name of Fletcher is so prominently identi-
fed with both banks doubtless caused the
run upon US to-day; people, associated
became panic stricken without reason. The run
upon us has been made wholly by small deposit
ors and has not perceptibly depleted our vaults.
Many large depositors have deposited with us
withdrawn their balances We have
ample means at hand to meet all contin-
gencies, and if we deemed it necessary we could
draw on New York and Chicago, in both of which
ClUioS W nave q F0Iy drSe amount OF ready cur
rency of our own on deposit However, do not
think that viii be at all necessary. We have
paid every demand made upon us and can con
tinue to do so if every dollar of our deposits were
checked out
THEODORE P. HAUGHEY,
President of the Indianapolis National, said:
Somehow the impression seems to prevail with
some who have been misinformed that our bank
has a direct connection with that Of Fletcher
6 Sharpe. Such is not the case at all The
two houses have no connection whatever ex-
cept, indeed, that Fletcher g Sharpe own some Of
the stock The Indianapolis National has no
great number of small depositors and its busi-
ness is chiefly with a class of neonle who ara M