The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-07-19

stock Of SCI, 600. year later the building in
present use was erected for them, and few
years later the capital stock was increased to
$l00, 600, at which figure it has since remained
The bank has never done particularly large
business, but it has had a great many heavy
depostors and has been the custodian of many
trust funds. Nearly all the Catholic societies
and orders had their funds here and
fo WAS the favot place and q GRSs
counties. For several years past Mr.. Harrison
has gone on the bonds of a large number of adj
illustrators, guardians and other custedlans OF
trust funds the presumption being that by doing
this he secured the money for his bank 1t IS
known that there are a great many creditors OF
this kind among his depositors, aud the failure
on this account will cause increased hardship
Several treasurers of ont counties had their ac-
counts here, and City Treasurer Pattlson had
$3S, 900 on deposit He claims, however, that he
is amply secured, and it is known that within
the past forty eight hours he has been given col
lateral equal in amount to his claim It is said
that this is in the shape of tileIworks stock
which is regarded as good property
AFFAIRS OF THE INDIANA BANKING COMPANY
A peculiar complication of the present trouble
arises from the fact that Mr.. J. c. s. Harrison is
receiver Of the Indiana Banking Company,
which failed about year ago with liabilities of
about $T5O,00O. In report made to the court of
in March, Mr.. Harrison stated that he had
$123, 600 in cash on hand and dividend Of ten
per cent was ordered and paid This amounted
to about $4,000, and it is claimed that since
that Mr. Harrison has paid out about $15, 900 to
protect various securities but is not known how
much he may have collected 1t isprobable that
at least $50,00 in cash is now in his hands and
1T is supposed that the money is in this bank
The securities on his bond, which is
for 100000, are Charles Mayer, Will
lam Haueisen William Haerle, George
w Stout George Manifold and Alfred
Harrison. A private consultation between Mr.
Harrison and these gentlemen was held on
Thursday night but it's result has not been made
public. One of the hendsInen gave this assur-
ance to Journal reporter yesterday; You can
say positively that the money and assets of the
Indiana Banking Company are all right and that
the depositers will not lose one cent through Mr.
Harrison's failure. This is authentic In CON
nection with this matter various rumors are cur
rent and some of them seem to have foundation
in fact, It is said Mr.. Harrison gave his bonds
men indemnifying security in the shape of tile
works stock and mortgages on certain property.
but the latter had not been placed on record in
the county recorders Office up to late hour last
night. From what several of the depositors
said yesterday, it is certain that they have re-
ceived some assurances or security against
possible loss, but what they are remains TO be
developed Some have talked about
asking for the appointment of a
new receiver, but Mr.. Harrison cannot
be removed during the vacation of court unless
H.
best think that there is little probability Of him
doing this.
POSSIBLE REORGANIZATION OF FLETCHER &
sHARPE's.
Al scheme was developed yesterday regarding
the proposed Reorganization of Fletcher &
Shapes bank, and it met with considerable
favor. Mr.. Joseph Al. Moore is leading the
movement, and he thinks it will be
successful It is, briefly to reorganize the
bank as a joint stock concern the heavy de-
positors to take stock equal in amount to their
claims, IN addition to some outside capitalists
who have expressed willingness to go in. The
small deposltors, whose necessities are most ur-
gent are to be paid 80 cents ON the dollar im1ne-
diatey, and to receive certificates Of deposit for
the remainder. payable in six and twelve months
The old partners are to turn over their real es-
tate to cover the amount of the total deposits
and if their property exceeds this in value they
are to receive the amount of the residue in
stock. Under this arrangement it is expected
that Mr.. Ingram Fletcher, whose honesty and
ability is questioned by no one, is to have
the active management of the new concern. Mr.
M q. De Paw is talked of as being party to
the proposed reorganization. Such scheme
has been found to be practicable and to work ad-
vantageously in other cities, and there is reason
to believe that it viii here. There is a very
strong desire among the depositors that some
such action should be taken. A number of the
heaviest creditors, representing claims amount
ing to $250,000, have already signifed their
Willingness to abide by such an arrangement,
and the prospects Of its contamination seem to
be favorable.
THE FEELING ON THE STREET.
The failure OF Harrison's bank does not seem
to have created any apprehension Of further dis
aster. The suspension was not unexpected, and
as the bank had no large number of depositors
as compared with similar institutions, the dis
tress caused by its failure will not be so wide
spread. The other bankers of the city who were
hended nofurther trouble, and that their bust
ness was moving along as usual
PAYING OFF IN TRADE DOLLARS
On Thursday morning a man entered Har-
rison's bank and presented check drawn in his
favor on that bank for $40.
Il won't pay it, I saidsJ. G. S. Harrison.
u need the money badly" the check-holder
insisted, land hope you'll pay it."
'fWill you take trade dollarsp said Harrison
What are they worthF was the inquiry.
sEighty-fve cents on the dollar and I'll give
you ten of 'em for the check
The check holder hesitated moment and then
passed the paper over the counter, receiving
therefor s.. 80 III trade dollars, ard other small
checks were paid in like coin.
On showing to the drawer of the check the ten
pieces OF deprecated silver, that gentleman
promptly made up the deficit and charged the
amount to profit and loss. Mr.. Harrison has
placed this community under great obligations
to him for his recent innovations on old fogy
methods Of banking.