The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-29
INTO A NATIONAL BANK
PRIVATE FIRM OF $. A. FLETCHER
& co. INAUGURATEs a CHANGE.
Decision of State Tax Board ns 10 As
sessing Private Banks Would
Impose Burdens.

5. A. Fletcher G. Co., one of the best
known banking concerns in the State. an
nounced yesterday the conversion of the
bank, which has heretofore been private
institution. into a national bank The fol-
lowing statement issued by the firm to the
patrons best expresses the reason for the
change:
For more than fifty-nine years this bank
has been carried on as private unlncor-
ner entirely satisfactory to those who have
dealt with US. Our preference would De 10
continue as a private bank, all Things De
ing equal, but the construction recently an
nounced by the State Board of Tax Com
missioners and county assessors as 10 the
taxation of private banks would, as applled
to this institution, result in our Delng as
sessed on a sum double our capital and In
an amount equivalent to 31s per cent. IN
terest on our capital. 1t places burden
on private banks from which natlonal
banks are free. This proposition speaks Tor
itself without further comment We nave
been entirely willing to keep our captal IN
government bonds and accept the per cent.
interest they bear, but we are not willing
to do so and pay tax on the money lnVeste9
in them, either as a private or incorporated
bank
1--WE have therefore organized a national
bank with q capital of $5OO,O0O TO De known
as The Fletcher National Bank or ln9la an
apolis,' to which all of the business Oh the
old bank has beer transferred me OWL
ership of the institution in the iuture, as IN
the past will remain in the fle' tlis ins4i
tuition will have the benefit OF the the same eA-
perience and business judgment -
The officers of the new institution are as
follows:
Presidents. ]. Fletcher.
Vice Presidential. M. Fletcher.
CaShier-Charles Latham.
The members of the firm give the reason
for the change in the above caro' :. 1a ne
stock; under the new arfaris Tanre been in
the bank. The new officers nave occuplsu
the same relative positions for years IN tne
old firm There is a change OIL name 10 tne
hank only. The assets, good will and per-
feet responsibility are all given 10 the ne"
institution. O. 10 MOS
organized by Stoughton A. Fletcner, the
father of the gentlemen now controlllng II,
in 1889, and from that day to TINS mas i Deen
a. leading factor in the banking business
not only in this city, but or the otdIe. ~
is one Of the Oldest, if not the Oldest banks BANKS
in Indiana From the day us G ooaS W o,,S
opened they have never been closeu, a any
the bank has passed triumphantly through
every panic and period OF depression. NO no
check drawn upon an eXlstlns peIat1IIU a We
ever been refused, and to-day, as Always
if deservedIy bears the reputation OF per
feet security and sound business methous
It's absolute credit ana pruueliIo 80 aInn1e,
ment has won for it a leading pace AIMING
the financial institutions OF the STATE.
Stoughton A. Fletcher, the founder OF tne
Fletcher Bank came to lnq hpa Was first first
started it occupied a site on washington .
street. opposite the present institution. I o ~,
MANY years the business was transacted IN
a room where the Progress clothing store
is now situated. During. the Garner history
of the bank it is recalled that the pro-
prietor for a long time carried the entire
assets of the institution, home with MN
each night. When the bank was mover
across the street it occupied about twelve
feet of the ground where the present build
ing stands. The business grew until hnaIly
the whole of the present site was occupied
= M Councilman was associated with Mr..
Fletcher in the management of the bank.
At the death of stoughton A. Fletcher
came into the business. His brother, Allen
M. Fletcher, became identified with the in
terests of the bank after the death OF Mr..
fhe hank for many years has owned $1,000
600 of government bonds, which have
strengthened it's resources greatly during
periods of financial depression.