The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-06-16
THE FLETCHER & SHARPE SALE.
The Defunct Banking Firms Property Sold for
Much Less Than It's Appraised Va4ue.

The sale of the principal part of the real es-
state of the Fletcher & Sharpe assets took place
at the court house yesterday afternoon. A large
crowd was present, including number of we'll
known capitalists The block at the corner of
Washington and Pennsylvania streets was first
put up. The sale, it was announced, would be
made subject to a mortgage of $135, 600 upon the
building The first bid, $4,000 was made by
Oscar B. Hord in behalf of President Nj. e. In
gals, of the Big Four. Nathan Morris, in be-
half of Union City syndicate, headed
by l. Kerchebaum, bid e3o,OO0 rails
ing the bid subsequently to 100000
Hord bid $41, O00 The bids were then increased
by hundreds, occasionally raise of 5000 or ST.
600 being made. M. OConnor, representing the
Connecticut Mutual Life Insurance Company;
w. I. Steele, representing New York capital
ist, and Charles s. Willard. president OF the In
dianapolis Car Company, also took an active part
IN the bidding. The Union City syndicate, OCon-
nor and Willard dropped out early In the contest
which finally narrowed down to Steele and
Hord promptly raised each bid of his opponents
500. In this way the property was run up by
small bids to $50, 900, offered by Mr.. Hord, at
which Steele quit and the block went to ingalls,,
who for some time has been making efforts to
get it. This offer for the property, subject to
block.
The magnificent residence Of Ingram Fletcher,
No. 400 North Meridian street, appraised at $54,-
000 was started by Horace Mckay at $40. 000
The receiver was going to pass the property
without selling it, when John j. Cooper ex-
pressed desire to bid on 1t and offered $l5, 600.
w. G. DePauw, of New Albany, bid 600
Cooper raised his offer to SIG 500. DePauw Of
fered $4,000, and there being no other bids the
property was knocked down to him. The wood
work alone on this residence is said to have cost
$50 000
The late residence of Albert E. Fletcher No.
GIG North Pennsylvania street, with 153 feet
front, appraised at $6l, 500, was next offered.
John j. Cooper, who now occupies the house,
offered SIG 800 for it. Being told that 1922 600
had been offered for it at private sale, Mr.. Coop
er raised his bid to $4,000 w. G. DePauw bid
81. 000 The bids were then raised by hundreds
to $22 900, Charles S. Willard and Louis Holweg
also making bids. The contest between Cooper
and Holweg became lively, the others dropping
out The price was run up to $24 600. offered by
Holweg Cooper announced that he was done,
and the property went to Holweg.
double two-story frame house on Lexington
avenue was sold to P. III. Fitzgerald for 81 $780,
the appraisement being So, 400 A house on Hill
avenue and one in Irvngton were not sold, no
one seeming to want them.
Receiver Wallace said last evening that the
bid of Mr. ingalls, on the block would probably
be raised to $780, 900, subject to the mortgage, or
5000. 900 in ALL That amount has been offered
at private sale. 1t is thought the other sales will
not be approved by the court, though Mr. Wal
lace did not indicate what his recommendation
in the matter would be.