The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-07-25
THE BANKING COMPANY TROUBLES.
Mr.. Harrison Ordered to Make Settlement
"A Receiver for the Tile Works.

Judge Taylor did not appoint new receiver to
succeed Mr. John c. S. Harrison, for the Indiana
Banking Company yesterday, and the appointment
will probably not be made for several days, at
least until something like an exact settlement of
the condition Of the trust is. arrived at 1t is
said that Judge Rand, who has been agreed upon
by the depositors for the receivership, will not
accept it. Yesterday Mr. Harrison offered his
resignation, which was in the following words:
INDIANAPOLIS, July 81, 1884.
Hon. N. B. Taylor, Judge ETC.
y hereby tender to you my resignation as receiver
OF the Indiana Banking Company TO take effect when
you see proper to appoint my T. successor e !,
The following order was made by the court
relative to this matter:
And now said judge takes said resignation under
consideration and orders that said John G. S. Harri
clerk of this court full detailed report of his actions
and doings receipts and disbursements in said trust
and It Is further ordered by the said judge that said
John " y Harrison, receiver etc. do forthwith pay
over to the clerk of this court all moneys with which
ne Is chargeabe in the premises and file inventory
OF all the remaining assets of said trust and that
copy OF this order be forthwith served said John
VI y Harrison by the sheriff
1t is evident that this order means business
and its result will be that Mr.. Harrison will be
compelled to give an accurate account of his
stewardship.
|
In the Superior Court, yesterday, James G..
Douglas. John Dunlap and Isaac N. Pattison,
instituted proceedings in the Superior Court
against the United States Encaustic Tile Com
pany, looking to the appointment of receiver
for the works. The complaint states that James
G. Douglas is the owner of 474 shares of stock
of the Tile Company. John Dunlap the owner of
% shares, and that |. N. Pattison is the owner
of three promissory notes Of So, 600 each, made
by the defendants. 1t is further stated that the
company is indebted in the sum of about 5000,
600 to divers persons; that more than 100000
of the Indebtedness is in the form of commercial
paper, some Of which has matured and is I'M
matured paper and will be unable
to meet, in the due course of business,
as it natures, its other outstanding notes, and
is in imminent danger of insolvency. that the
company is employing large number of hands
IN the manufacture of tile; that it has many val
liable contracts outstanding. and has on hand
large stock of manufactured tile that it would
be very disastrous to the business of the corpor-
alton and to its creditors and stockholders if the
operations of the factory should be stopped; that
if receiver is not appointed to take charge of
its assets the same will be wasted and dissipated
by sales upon execution, and large amounts of
unnecessary costs will be made and the inter-
ests of the creditors and stockholders sacrificed.
Plaintiffs therefore ask that receiver be APP
pointed to take charge of the works aud the
company's affairs.
The complaintwas taken before Judge Lewis G.
Walker, and defendants filed an answer, admit
ting the allegations of the complaint and con-
Tossing that q receiver ought to be appointed
After some consultation between the attorneys
Of the plaintiffs and defendants it was agreed
to recommend John l.. Mothershead for the re-
ceivership, and an order was entered appointing
him as receiver, giving him, control of the man
agement of the works. He is to continue the
business, and SHALL as early as practicable, file
an inventory of the property which comes into
his possession, and report to the court the con-
dition of affairs
Mr.. Mothershead filed bond in the sum of
| $50, 900, with l. N. Pattison, James q. Douglas,
William w. Lyon, W. r. Clinton, Henry G, Ad-
ans, w. H. Allen, James w. Morris, w G. Was
son, Franklin Landers and John Landers as
sureties
MR. FIiETCHER's ASSIGNMENT.
Late yesterday afternoon Stoughton A. Fletch-
er, jr., filed with the county recorder deed of
assignment, conveying to Harry ]. Milligan all
his property, real and personal that the proceeds
may be applied to the payment of his debts
The deed is an exceedingly lengthy document
Briefly stated, it conveys the following real es-
tate situated in the counties and States here
named Two hundred and eighty eight lots (de-
scribedl in S. a. Fletcher's northeast addition;
in A. E. Fletchers second addition; six lots in
outlot 96, etc, Fletcher ct al Is subdivision: part
of lot II in square SO; two lots in Ingram Fletch
ers first addition; part of outlot 160; one lot in
Woodlawn; one lot in Hubbard ct al s southeast
addition, part of lot IA in outlot 168; seventeen
lots i'll S. K. Fletchers South Brookside addition
one lot in Woodruff Place Also his resi-
dence property adjoining the city, together
with T709 acres, rs. 10 acres 1882 acres IL
acre, 2.43 acres, all in Marion county Ind
In Allen county Ind, 1886 acres; in
Reynolds county, Mo-, so acres; various lands in
Owen county, Ind; lands in Cavendish and
Ludlow, and near those towns, in Windsor coun-
| ty, Vermont; lands in FL Paso county. Col:
property in Mattoon H., and all his personal
estate, goods chattels, rights, credits and effects
| save what is set aside to him by law. In addi-
ton to the foregoing the deed conveys to Harry
j. Mnligan, as assignee
Notes Of the Atlas Engine Works amount
ing 1925, 900
tional Church. .......-.....e. 4,6oo
light & Coke Company. ......4........--. 1000
| Notes OF s. X. Fletcher. Observation-Disclosures $500
| Notes of E. B. Fletcher. $3.50
Notes of A. E. Fletcher. 5000
| Stock in Hayerly Mining Company (no value
given) ---.s--
gins works, par value. ,;s;..s. go 100000
| Thirty three shares in the Electric Gas
pany, PAL value 81. $500
/ Unmatured claim against II. n. Hanna
upon contract + or sale Of Atlas Engine
Works stock observation-disclosures. SO, 500
And sundry other notes and claims, stock TOOLS farm
machinery and household goods making. with the
notes enumerated exclusive Of the value Of the lands
| houses, etc, about 81 ], 5S6.
| There is no way of arriving at the grand total