The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-07-16
no De CONTINUED IN OUR NIxr.l
"HAILURE TO REALIzs.n

hu Indianapolis Bnuk Compelled to
Cluss Its Doors-EHect Of ahe Failure.
INDIANAPOLIS. IND, July l5.-The Bank.
ing house CT Fletcher & Sharpe did not
open theirs doors this morning. Tho fol-
lowing wEs posted on the door:
ITO OuR DEposIroRs:-Owing to inabil-
ity to realizs on securities, We regret to
say, We ara compelled 10 suspend pay
ments. Our property is ample 10 pay all
depositors as soon ss it can be converted.
(signed) FLETCHER & SHARPE"
A great deal Of excitement was created
by the announcement, and in short time
large crowd Of depositors gathered on the
side walks around the bank building.
Admission to the bank was refused the
depcsitors and reporters alike, and all
kinds Of absurd reports we're current II
The bank is the Oldest financial institu-
ton in the city, and the firm consists OF
Ingtam Fletcher, Thos. Sharpe. stoughton
A. Fletcher, Jr., and Albert E. Fletcher.
The last statement OF the bank for the six
months ending November 80, 1883, showed
q capital Of 5000 900 with monthly average
deposits OF ofSl,700,500. WI
During tho forenoon, Messrs. Hsrrlaon,
Miller and Elam, lawyere, appeared before
Judge Taylor, and on the petition OF F. II.
Fletcher, Jr, made an application for the
appointment Of a receiver Tor Fletcher (
Sharpe. The court entertained the motion
and appointed William Wallace and fixed
his bond at S500000. Wallace filed his
bond and took possession Of the bank this
afternoon. He is unable as yet to furnish
statement OF the liabilities and assets, but
he stated to an Associated Press reporter
that very cursory examination showed
liabilities to be Sl,S00,0O0 with assets Of
$2,2O0,0OO. FI'sHIS'5sI g ~ '-' s!:s==3'.'
It will be several days before detailed
statement can be- thad.,a The individual
wealth Of the owners is estimated at ST..
000. 600, and 1t is stated they will make q
personal assignment. There are many BUR.
misses as to the cause Of the failure, Among
others it is sta.ed that during the panic Of
1873 the firm vas compelled to take pos.
session of large amount OF real estate
which it held as security and which since
has shrunk in value. II is also said the
uEm mhuo lAlRe auVAuCeb u kIhln AuQ
provision dealers. The Indiana National
Bank will protect checks drawn by the
Farmers and Merchants Bank OF VIII.
chester, Indiana, on Fletcher 4 Sharp. It
will also protect the drafts drawn by the
First National Bank Of Lebanon, Indians,
on Fletcher K Sharp. .fasEi
The eiIstt OF the suspension was the
cause OF a run on two or three other banks.
The run, however, did not assume the ma
ture Of panic. There was large crowd
at the counters OF Ritzinger's bank during
the day demanding and receiving money.
The deposiors OF this bank are largely Of
the working classes, and the amounts paid
were generally small. There was also
considerable run on Fletcher 4 Church
man, but all demands were promptly met.
Both Ri.z!nger and Fletcher & ChurehmRn
received more money on deposit thsn was
paid out. Ingram Fletcher, OF the sus.
pended firm is seriously III, and the other
partners decline to talk. While there is
is some anxiety as to the outcome the gen.
eral. feeling in financial circles Is less
panicky than during the bank suspensions
laRt npuHt ,5, l.- /, D. at.. .'G.g. ZOO. .gH'