The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-02
THE BROKEN BANK.

THE BROKEN BANK.
Its Condition, as Shown by the Assignment
Papers-The Run on Other Banks.
The immediate effect Of the Ritzinger failure
yesterday can be measured within the limits of
furry. No decided panicky feeling was mani
tested, although class of small depositors ex-
pressed an anxiety as to their holdings. Yet
this had no visible result except in
Fletcher & Churchman's bank. If there was a
tendency to lengthen the lines Of claimants for
money from other concerns it did not receive
any force. The interest of the day
centered solely around the Ritzingers
ara Fletcher & Churchman, and as
far az other banks were concerned their
business displayed no more than ordinary feat
ures. Fletcher & Churchman came into the
center of attraction probably on account of the
rumors that prevailed during the past week.
Then there seemed to be more Of panicky
feature than yesterday, due. probably. to the diff
hculty in verifying either favorably or other
wise the various statements. The Ritzingers
condition was principally referred to in these
rumors, but they were never retaled by anyone
as conjecturcd news without the Offset, II hear,
too, Fletcher 81 Churchman are weak" Hence
il natural to expect the latter to be involved
at this time as far as public anxiety went, more
than any other concern. Yet those who have
the inside of financial information, or are
in q position to gather it from direct
sources. displayed no uneasi ness This
had q great deal to do in allaying
any fear Of great disaster. OF course the small
depositops, who are remarkably timid about their
small savings took alarm and hurried as early
as they could to Ritzingers' and Fletcher e
Churchman'S. Before banking hours a crowd of
considerable size had gathered in front of each
place. the one being but few doors distant from
tie other There was no outburst of excited ap-
prehension. At the Ritzinger bank the crowd
looked upon the closed doors and the announce
ment thereon, reading, This bank has closed
its doors and made an assignment to George B.
Yandes, trustee, for the benefit Of all its credi
tors, Feb. I, 1886" Passing through the groups
of men and women some expressions Of anger
were ceught. but these stopped short of violent
feeling Somebody told somebody else
that decisive methods Of revenge should
bs tgxers--bas all ttiE belonged to rumors
Of crowds Of any kind. A num-
Der of police kept the Washington-street walks
passable and the crowd nursed its thoughts, Cos
sip and suggestions without endangering the
conservative feeling that prevailed among those
not directly interested By the noon hour only
three or four loungers could be seen in front of
the bank.
In the meantime the scene at Fletcher g.
Churchman's was more animated. When the
doors were ready for opening, quite line Of de-
dv 70 in and Will
hour this gathering too was greatly diminished.
At no time did the line exceed hundred and
fifty, indoors and out, and when noon came the
latter portion had dwindlsd down to not
more than thirty or thirty-five. 1t was
a steady run of small depositors,
and judging from the appearances
of the people, their individual deposits would run
anywhere from $50 to $500. While this went on.
the heavier creditors of the bank appeared tran
gull, and expressed confidence as to the safety of
their deposits. Then, as noon approached, bust
ness men hurried to the bank with their pack
ages of money and left thsm there. Thus,
while the small creditors were maintaining their
steady demand for an output of cash, the heavier
depositors stepped in to increase the banks re-
sources. 1t is hard to say to what extent the
it was nevertheless large. A prominent lawyer,
one whose business tends largely in the settle
ment of financial interests, was visited by a
former client He had in the bank that was re-
ceiving the steady demands of the small creditors
some $S, 900 or $4,000 "What shall dot" he
anxously inquired.
don't be disturbed. Let your money stay in
the bank. 1t is safe' was the attorneys advice.
~ was asked by claimant this morning"
said another lawyer ito advise him as to what
he shonld do. He had $5, 900 with Fletcher e.
Churchman. and told him to rest easy. My
own balance is there, and have no fears of los
ing it. he left satisfied 1t was incidents like
these that had great deal to DO in holding the
public away from an expression of intense
anxiety A party of three mer intelligent, but
who evidently carried their cash in their pocket
b9ok and had none to spare. were passing the
crowd at the bank. One said. al wish I had
$40 900 with that concern. 1t would stay II
Cons want that much" replied another. eff
had one half, this crowd might have its money.
would wait for mine" While the line of cred
itors was at its largest, VIM. Fl. English. of the
First National Bank. stood by and offered
to indorse any of Fletcher 4 Churchman's GER
given
Several accepted the Offer He promptly carried
ont promise. saying as he held the paper on the
side of the house while he wrote his name across
its back, Take this across the street to nv bank
and get your money Fletcher G. Churchman
had been dealing with scare" deposits for
week or more. They knew what to expect, and
were fully prepared to meet the demand. From
Mr.. Churchman no figures as to the amount
paid out or In could be had during the afternoon,
but the latter amount was as large as 5000. 900,
and is known to have gone into the bank from
the East. This was through an express COM
pany.
Outside of this there was no furry Other
banks held their own. and came up to the clear
ing-house with the days settlement without
ripple to report 1.-THE clearances,n said the Sec
rotary of that institution, have been very large
more than the average-while the balances
were less than usual. was surprised at the