The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-07-25
FLETCHER HOLDINGS
IN BANK ACQUIRED BY
TAGGART, FAIRBANKS

INDIANAPOLIS. Ind. July 2s-
Thomas Taggart, of French Lick
Springs, Crawford Fairbanks, Terre
Haute capitalist. and group Of
wealthy men of the state have &C
quired a large part of Stoughton A
Fletcher's holdings in the Fletcher
American National bank. of Indianapo-
lis. it was announced last night.
The holdings form an important
part of the stock of the institution
Several of the banks directors also
increased their holdings Of stock as
a result of the transaction. There will
be no change in the personnel OF the
officers of the bank. but several new
members Of the board probably viii
be chosen this week.
Mr.. Fletcher will continue as presi-
dent, it was announced. The present
industrial depression, it was explained
which has affected the Midwest En-
CINE company, in which Mr.. Fletcher
is the principal owner. led him to
dispose of a large part Of his holdings
in the bank.
Then, too, unwillingness Of Mr..
any outside business to reflect in the
slightest manner against the bank was
an impelling influence that led to the
disposal of part of his bank holdings.
Mr.. Fletcher Makes Comment
Mr.. Fletcher, commenting on this
transfer of stock which has brought
new and powerful interests into the
institution, said:
| i-
| have invested a large part of nv per
| sonal worth in the Midwest Engine
i company, which, like many other large
manufacturing concerns. has had its
| share OF troubles, due to the present
| industrial depression.
while l am Of the firm belief that
it is matter of no great time until
| my investment there will be proven
! entirely sound, nevertheless. am un-
! willing to let any connection that 1
have with an outside business, reflect
in the slightest manner against the
bank which has been built up by gen
erations of my family.
| The men to whom | have given op-
| portunity of coming into partial own-
| ership of the bank at this time, are so
well known and their character and
4 Guilty 81 lUdl tnGlI
speak for themselves, and assure the
community of continuation of the con,
structive policy heretofore followed by
| this bank"
Mr.. AlIison's View
James A. Allison, speaking for the
new stockholders, declared it was
their intention to continue the same
constructive policy that has been fol
lowed by the bank.
| Upon being asked if Mr.. Fletcher
would continue as president of the
bank. Mr.. Allison replied
I'VE certainly hope and expect that
he will"
Bank Old Institution
The Fletcher American National
bank is one of the oldest banking
} houses in Indiana and also one of the
largest. Stoughton A. Fletcher. its
) president, is the grandson of the foun
der of the bank, which was organized
, in 1888. The business of the bank
was developed and handed down from
: father to son through the last eighty
| three years. In 1911, the Fletcher Ma
tional bank and the American Ma
} tional bank were consolidated. Mr.
Fletcher purchasing controlling inter
} est in the American n tional and the
, named of the merged institutions be
ing changed to the Fletcher American
: National bank. 1t has total resource.
| of S27 900 600