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


many Of them joined the crowds about the other
banks and thus added to the general excite
FLElcHER q CHURCHMAN'S BANK
The news Of the failure caused an increased
demand upon all the other banks of the city and
decided run upon Fletcher & Churchman'S and
Ritzingers. The former has no connection at
all with Fletcher& Sharpe, but the similarity Of
the names was principally instrumental in caus-
ing the run. It was met promptly and disposed
of effectively If the crowd had been allowed
to have had its own way, the bank would have
beeen compelled to shut up, as the crush was so
great that no business could be transacted. The
police, under the direction Of Superintendent
Lang, were stationed at the doors and
allowed only a few to enter at time.
The demand was principally from creditors Tor
small amounts mostly women, and they We're
paid promptly. A double line was formed st the
door and those who wanted to get inside were
compelled to wait for their turn. No checks
were presented for large amounts and the crowd
was treasured in the afternoon by the action Of
leading business men who came IN and made
large deposits as usual The crowd and excite
ment were so great that several women tainted
and had to be carried out, and one business
man, who was under the influence OF
liquor, became so noisy and obstreperous that
w
up. The bank remained open as usual until 4
o'clock and after the doors were closed, D. ).
Fletcher, one of the partners, said they had met
and would continue to meet all obligations
promptly, and any depositor who wanted his
money could get it,
THE RUN ON OTHER BANKS.
The most formidable run was on Ritzinger's
bank. Its depositors are mostly Germans,
and, with a few exceptions, their ac-
counts are small From 9 o'clock in
the morning until about 8 o'clock in the after
noon the crowd of people here was very great
and many of them were disposed to be unman-
ageable and unreasonable The excitement was
greatly allayed, however, by a number of in1u-
| entail Germans remaining in the bank all day
and reassuring their fellow countrymen who
came in to withdraw their deposits. The conf
dence was much increased in the afternoon,
when the heavy customers of the bank came In
and made their deposits. The German Insur-
! ance Company, which has about $4,000 In
cash and securities there, deposited So 600 dur
| ing the day, and among the many others who
did likewise were Mr.. George Pfngst, of the
Grand Hotel; H. Herman, Philip Boettieher
| and others Judge Norton, who had 81 200 on
deposit, used his influence to prevent a panic.
/ George A. and William T. Dickson voluntarily
! bought certificates of deposit at their face value
from several poor people, who were carried
away By the general clamor. During the after
L
as much as 1t paid out, for the
deposits were generally large and the
Withdrawals small All those who de-
manded their money were paid in full. Towards
evening the crowd perceptibly decreased and the
excitement abated The Ritzingers' personal
friends and heavy. depositors stood with them
throughout and helped them through rather
dubious condition of affairs
EFFECT UPON THE BANKS
The panic had but little perceptible effect upon
the other banks. The demand upon all was a
little greater than usual, but not enough to
cause any alarm. EARLY in the morning the rumor
became prevalent that the Indianapolis National
| would be affect because of the understanding
that Fletcher & Sharpe held much of their stock.
Later, however, it was learned that this was only
for a small amount, and that it had been disposed
i of to other parties as collateral security Presi
j dent Haughey treasured all depositors who came
i in, and the excitement died out At the First
4 National, Merchants National, the Meridian,
IndianaNa National Harrisons' and other banks there
were no indications of any special rush. Several
of these received offers of help from frieds in
other cities and but few were accepted The
First National kept open until 6 o'clock in the
evening In interviews with the officers of these
/ institutions, but one was found who said that
he had any suspicion that Fletcher d Sharpe
4 were not sound, financially Several said that
had they known of the real condition of affairs,
they could and would gladly have Afforded help
i
president of the First National is credited with
having said: II could have made them loan
of 5000. 600 if they had only intimated that they
wanted it,
THE CAUSES OF THE FAILURE.
In a general way it may be said that there is
not the slightest suspicion that there has been
any crookedness or dishonest practice on the
part of Fletcher & Sharpe or their employees. 1t
\ is extremely difficult to ascertain the immediate
cause that led to the failure. It is known that
some very pressing demands have been made
1npon them recently which they were unable to
meet Those who,are informed say that Wins
4 low, Lanier & Coz who have been carrying them
4 for some time past, have recently refused
to extend further favors and have demanded
4 large payments from them, which they were un-
\ able to make Fletcher & Sharpe have been do
4 ing a very extensive business with country
banks, farmers, and produce and grain dealers.
A just at this season Of the year the demand for
money from these sources is much greater than
at othersv and this year it particularly large.
They have been called upon to make other large
payments which were unexpected, and
these, have seriously crippled them It
months ago they failed to pay the
interest on the $3.50, mortgage on the block
in which the bank is located, and which is very
valuable property The principal cause of the
! failure, however, was the inability of the firm
to realize upon their extensive real estate III
vestments. They own a very large amount of
valuable property in this city and throughout
i the State, and when the financial pressure came
upon them they were unable to convert their
assets into cash. None Of the parties interested
| in the bank would talk to the reporters
who called upon them last night so
4 an official statement of the causes
of the suspension could not be obtained. Mr.. S.
A. Fletcher, jr., is at present in Vermont but
has been summoned here by telegraph. The
other partners are in the city.
THE ASSETS AND LIABILITIES.
Mr. William Wallace. the receiver, took charge
of affairs yesterday afternoon Later in the day
he said that he could only state approximately
the assets and liabilities. In hasty examlna.
ton of the accounts he thought that
the total indebtedness, from all sources,