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

drawn their balances, few or none of the larger
ones have, and several of our friends have de- |
posted large amounts. Although the amount |
checked out has been drawn by an unusually |
large number of people, it is true that the aggre
gate amount Of our business has not far ex-
ceeded that Of ordinary Saturday, which is |
accounted for by the fact that the depositors |
have in very few instances had more than few
dollars in our keeping. We shall be able to
meet all demands and any person having money
in our possession who desires to withdraw it
can avail himself Of an opportunity to do 50
in the morning, for the house will be open for
business as usual at the old stand"
AT THE INDIANA NATIONAL
President Malott was out Of the city, but
Vice-president William Coughlin thought that
the effects of the failure the other banks would
not be so serious as upon business generally.
He thought all the banks were in condition to
meet all outstanding obligations. "As for the
Indiana National said he, 1--WE are well pre-
pared for any emergency likely TO arise. have
been aware for some time that Fletcher 81
Sharpe were making no loans, and thought it
possible that they might be embarrassed but
did not apprehend anything serious at all. Our
deposits to-day have been somewhat larger than
our disbursements. The principal trouble now
will be with the business men, great many OF
whom will be put to serious inconvenience by
! being unable to get their money
MERCHANTS NATIONAL.
At this bank John P Frenzel, the president
said There has been no run upon us to-day,
and I am not expecting one, although, if it
should come, we are in condition to meet it cred
itably. We have been drawing in ever since the
May failures in New York, and our assets are
available and our deposits of such character
that we have no fear of their being disturbed
| The banks here should learn one thing by past
experiences, and that Is, to pay no interest on
| deposits. tits from depositors who leave their
| money in a bank for the interest they may OBJ
/ tain on it that they meet with trouble in an
| emergency.
ON SOUTH MERIDIAN STREET.
Among the business men of South Meridian
street the failure created great impression
Journal representatives conversed with num-
Der of them during the day, and while none of
them anticipated or predicted serious trouble,
all agreed that it would make retail dealers ex-
tremely cautious for time. Collections will be
made closer and money will be close until after
general movement of the crops. By all it was
regarded as particularly unfortunate that the
/ failure should have occurred just at this time.
| The impression prevailed, however, that conf
dence would soon be restored and business affairs
resume their customary frmness.
i NOTES.
i The German friends of the Ritzingers came to
their relief nobly yesterday
i President Haughey last night received dis
patch from Winslow, Lanier & Co., proffering
him all the financial aid he wanted.
It was told on good authority last night. that
i Fletcher & Churchman will have 100000 in
/ currency here from the East to day.
The annual rental value of Fletcher & Shapes
Block is said to be between $25 600 and $50, coo.
/ 1t has mortgage on it for about $3.50, 000.
/ The inevitable Spectator made his appearance
on the street soon after the news of the failure,
but claims against Fletcher 6 Sharpe were not
offered
Judge Pierce Norton did much to reassure the
| excited depositors who crowded Ritzinger's yes
terday afternoon. He himself had an account
| Of 81 200 there.
j upon the streets yesterday was that Fletcher s.
Sharpe have been investing heavily in Montana
mining property.
Drafts on Fletcher 8 Sharpe drawn by the
Farmers and Merchants Bank of Winchester,
and the First National Bank, of Lebanon will
be paid by the Indiana National Bank
twas officially stated last night that the part
| ners in the bank would make assignments of
their individual property to Receiver Wallace
to-day. and their wives will join them in this ac-
| ton.
One Of the noisiest and most troublesome men
4 about Fletcher q Churchman's Bank who was
| most importunate about his account, went away
quietly when informed that it was overdrawn
/ &c. no.
Mr. G. E. Reynolds, the real estate and rental
/ agent is not embarrassed by the suspension in
any way. He has his account with the Meridian
/ National Bank and his business proceeds with
i out interruption or delay.
W. H. H Miller said that their firm had no
| idea of the suspension until yesterday morning
and they were themselves depositors to the
amount of 81 900 with Fletcher & Sharpe Sena-
tor Harrison said that he also had an account
i there.
/ S. J. Fletcher, of Fletcher & Co.'S Bank, is
not, as many persons suppose, the s. A. Fletch-
| er, jr., president of the Atlas Works, who ap-
piled for a receiver for Fletcher & Sharpe They
are not only different persons, but are in no way
connected in business
Among the thousand rumors on the street was
one that the Atlas Engine Works had drawn
] heavily upon Fletcher & Sharp adding
| greatly to the serious embarrassment Of
| the bank. 1t is absolutely true that there is no
| connection between the Atlas works and the
bank, beyond the fact that the works had an
! ordinary account with Fletcher & Sharpe. The
Atlas Engine Works is doing business on its own
capital, and that business is safe, conservative
and profitable.