Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-07-25
FLETCHER PARTS
WITH MAJORITY
BANK INTEREST
Taggart, Allison, Fairbanks
and Other Indiana Capital
lists Purchase Control.
STATEMENT BY BANK

The controlling interest Of the Fletcher
American bank, which has been hold
since its organization by Stoughton A
Fletcher, has been transferred to a group
of Indiana men, including Thomas Tag
CART, James A. Allison, Crawford Fair
banks and a number Of others who are
closely identified with the business In
terests Of Indianapolis.
Announcement of the transfer was made
today following reports which have been
current in financial circles for some time
that Mr. Fletcher was diverting his re-
sources to the support Of industrial en-
| terprises in which he has long taken
the lead.
With the transfer Of the control Of the
Fletcher American Bank both the fnan-
cial institutions bearing the Fletcher
name pass under the control of others,
Mr.. Fletcher having disposed of the con-
troll Of the Fletcher Savings and Trust
Company more than year ago.
FLETCHER WILL
CONTINUE AT HEAD.
/ 1t is announced Mr.. Fletcher will con-
/ tinue as president of the bank, and that
/ there will be no change in the personnel
/ Of the officers Of the bank, but that sew
/ eraI new members Of the board will be
/ chosen at the next meeting, early this
/ week.
! It IS explained the present industrial
/ depression which has affected the Mid
/ west Engine Company, in which Mr.
/ Fletcher is a large holder, led him to
/ dispose of a part Of his holdings in the
/ bank, and that also Mr.. Fletcher's un-
willingness to let any connection with
any outside business reflect in the slight
/ est manner against the bank was an i'm
pelling influence that led to the disposal
/ of part Of his bank holdings.
BANK ISSUES
/ FORMAL STATEMENT.
The following statement was made by
/ the Fletcher American National Bank:
IAN important interest in this bank
/ has been acquired by a group Of men.
/ including James A Allison, president
! Allison Engineering Company; Frederic
! NJ. Ayres president /. $. AFres & Co;
Hervey Bates Jr, president Ameri'
can Homiuy Company; Arthur R. Bax-
/ ter Of the Kevless Lock Company; 7.
/ S. BIsh. president Bnsh Milling Com
pany Seymour, Ind; James l. Dis
( settle, vice president State Life Insur-
ance Company: Carl G. Fisher, presi'
dent Indianapolis Motor Speedway
Walter Marmoa, president Nordyke-
Marmon Company; L. c.. Huesmanna
president Central Supply Company
/ Crawford Fairbanks, capitalist, Terra
Haute: Ed Jackson and c. \. Elliott OF
the Indiana Fuel supply Company; Nor
ton L. Gould, president Linton Coal
Company; William J. Mooney, presi-
dent Mooney Mueller Ward COmpanyi
Joy Morton. president Morton salt Com
pany. Chicago G. Barrel Monkey, vice
president Kiefer- Stewart Company; Nor
ris o'Connor, N. J. Ready and associates
Of II. O'Connor & CO.; Charles S. Rauh,
president f. Rauh IL Sons Fertilizer Com
pany; Albert NJ. RosenthaI, president
Stoddard Paper Company Gustave
Schnull, George and William Griffin OF
Schnuu & Co: Charles B. Somers, nresi-
dent ~. Somers X Co; Edward &. SGur-
bier president Stuts Fire Engine Com
pany: Thomas Taggart, president French
Lick Springs Hotel Company; James d.
Irimbie. president Western Oil Refin-
ing Company: Lucius NJ. Wainwrigh hit,
president Diamond Chain and Manu-
featuring Company.
g. ssrs Allison, Blisb, Fairbanks
Moo. Y. Rosenthal and Taggart Will be
adde TO the banks board Of directors"
MR.. FLETCHER
MAKES STATEMENT.
In commenting on the deal, Mr. Fletch-
er said:
1t is common knowledge that have
invested a large part of my personal
worth in the Midwest Engine Company,
which, like many other large manufac-
turing concerns. has had its share of
troubles, due to the present industrial de-
preston.
While I am Of the firm belief that
It is a matter of no great time until
my investment there will he proven en-
tirely sound, nevertheless, 1 am unwilI-
ing 10 let any connection that 1 have
with an outside business, reflect in the
slightest manner against the bank which
has been built up by generations Of my
family.
The men TO whom I have given OPP
portunity of coming into partial owner
/ ship of the bank at this time are so well
known and their character and ability SO
pronounced that their names speak for
themselves. and assure the community
Of continuation Of the constructive policy
heretofore followed by this bank"