gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
90660f6158a4bf73
Response Measures
None
Description
Banking house suspended and placed in receivership; later receiver actions and sale of building indicate permanent closure.
Events (2)
1.July 15, 1884Receivership
Newspaper Excerpt
William Wallace was appointed assignee. William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, is busily at work straightening out affairs
Source
newspapers
2.July 15, 1884Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large advances to grain and pork dealers and inability to realize on securities led to suspension.
Newspaper Excerpt
the banking houso of Fletcher and Sharpe ... did not open its doors this morning but notice was posted on the doors stating the suspension was the result of inability to realize on securities
Source
newspapers
Newspaper Articles (14)
1.July 16, 1884Morning Journal and CourierNew Haven, CT
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Article Text
THE INDIANAPOLIS BANKS. Heavy Liabilities of The Broken Concern. INDIANAPOLIS, July 15.-All of the banks withstood the run made upon them to-day by their depositors as to the result of the suspension of Fletcher & Sharpe. Tonight they are in receipt of assurances that all the assistance needed to carry through the crisis will be -supplied. The receiver of Fletcher & Sharpe states that the liabilities of the suspended institution are $1,800,000 and the assets of the bank and individual partners are estimated at over $2,200,000. It is doubtful if the bank ever resumes business.
2.July 16, 1884Lancaster Daily IntelligencerLancaster, PA
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Article Text
Big Pork Failure. The banking house of Fletcher & Sharpe, of Indianapolis, suspended yesterday, and William Wallace was appointed assignee. The failure is ascribed to " large advances to grain and pork dealers, and inability to realize on securities." The failure caused a 110 on the other Indianapolis banks.
3.July 16, 1884St. Paul Daily GlobeSaint Paul, MN
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Article Text
Another Bank With Closed Doors. INDIANAPOLIS, July 15. The banking houso of Fletcher and Sharpe, the oldest financial institution in the city did not open its doors this mornA notice was posted on the doors stating ing. the suspension was the result of inability to realize on securities, and adding that the property when converted would be ample to pay all depositors. Wm. Wallace was appointed assignee. The firm is composed of Ingram, Fletcher, Thos. H. Sharpe, and Albert E. Fletcher. The suspension caused a good deal of excitement, and runs are progressing on other banks, none of which are specially serious, except that on Retzinger's banking instution, which has large number of small depositors. The suspension of Fletcher & Sharpe was an absolute surprize, even to bankers. and is generally supposed to be the result of large advances to grain and pork dealers and inability to realize on securities east,
4.July 17, 1884The Emporia Weekly NewsEmporia, KS
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Article Text
345 Superior Street, Cleveland, Ohio. Closed Its Doors, INDIANOPOLIS, Ind., July 15.-The banking house of Fletcher & Sharpe, the oldest financial institution of the city, did not open its doors this morning but notice was posted on the door stating that the suspension was the of result to inabilty realize on securities, adding that the property when conveyed would be ampie to pay all depositors. Wm. Wallace was appointed assignee. The firm is composed of Ingram Fletcher, Thomas H. Sharpe and Albert E. Fletcher. The suspension caused a good deal of excitementeand runs are progressing on other banks, none of which are specially serious except that on Ritzinger's bank,an institution which has a large number of small depositors.
5.July 17, 1884Omaha Daily BeeOmaha, NE
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Article Text
BANKING FIRMS. INDIANAPOLIS, July 16.-Receiver Wallace, in charge of the suspended banking house of Fletcher & Sharpe, is busily at work straightening out affairs of the firm, but it will be several days before a detailed statement of the assets and liabilities can be made. The Pendleton Banking company at Pendleton, Madison county, closed its doors today, the suspension being the result of Fletcher & Sharpe's failure.
6.July 19, 1884National RepublicanWashington, DC
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Article Text
Plan for Fletcher & Sharpe to Resame. INDIANAPOLIB, IND., July 18.-A plan for reorganizing the suspended bank of Fletcher & Sharpe was made public to-day It is proposed that the principal creditors. take stock to the amount of their claims and the smaller creditors be paid 50 cents cash, and receive certificates of deposit for the balance, payable in six and twelve months. The proposal met with considerable favor, and in a few hours creditors representing $250,000 agreed to the plan. If the arrangement be perfected Ingram Fletcher will be manager of the reorganized bank.
7.July 31, 1884Morning Journal and CourierNew Haven, CT
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Article Text
The Story of a Banker. INDIANAPOLIS, Ind., July 30.-Banker Harrison is still under arrest at his house. He was interviewed this morning by a reporter for the Indianapolis News, to whom he said in substance that last fall when he placed the funds of the Indiana Banking company in his own bank he believed his bank to be perfectly sound and safe and at no time thought otherwise and did not dream of danger till the Fletcher & Sharpe failure precipitated a run on him; also that he acted in perfect good faith and had made over more than enough property to secure his bondsman.
8.August 24, 1884St. Paul Daily GlobeSaint Paul, MN
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Article Text
Not a Bad Failure. INDIANAPOLIS, Ind., Aug. 28.-William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report shows the liabilities to be $1,942,801, actual assets $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher Jr. The nominal assets largely exceed the amount stated above. The receiver's estimate of the value of the assets is thought to be quite low, and the possibility is the depositors will be paid at least 85 per cent.
Condition of a Broken Bank. INDIANAPOLIS, Aug. 22. - William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report snows: Liabilities, $1,942,801; actual assets, $1,301,000. To the assets must be added $300,000 which can be realized from property assigned by S. A. Fletcher, Jr. The nominal assets largely exceed the amount stated above. The receiver estimates the value of the assets to be quite low and the probability is depositors will be paid at least 85 per cent.
THE RECEIVER'S REPORT. INDIANAPOLIS, IND, Aug. 23. William Wallace, the receiver of the suspended banking-house of Fletcher & Sharpe, to-day completed his examination of the affairs of the firm. His report shows the liabilities to be $194,280; the actual assets $1,301,000. To the assets must be added $800,000, which will be realized from the property assigned by S. A. Fletcher, Jr. The nominal assets largely exceed the amount stated above. The probability is that the depositors will be paid at least 85 per cent.
11.August 25, 1884St. Paul Daily GlobeSaint Paul, MN
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Article Text
Not a Bad Failure. INDIANAPOLIS, Ind., Aug. 28.-William Wak lace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed the examination of the affairs of the firm. The report shows the liabilities to be $1,942,801, actual assets $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher Jr. The nominal assets largely exceed the amount stated above. The receiver's estimate of the value of the assets is thought to be quite low, and the possibility is the depositors will be paid at least 85 per cent.
Receiver's Statement. INDIANAPOLIS, IND., August 23.William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, to-day completed examination of the affairs of the firm. The report shows liabilities, $1,942,801; actual assets, $1,301,000. To the asssets must be added $300,000, which which will be realized from property assigned by S. A. Fletcher, jr. The nominal assets largely exceed the amount stated above. The receiver's estimates of the value of the assets is thought to be quite low, and the probability is depositors will be paid at least 85 per cent.
13.September 4, 1884The Mineral ArgusMaiden, MT
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Article Text
William Wallace, receiver of the suspended banking house of Fletcher & Sharpe, Indianapolis completed his examination of the affairs of the firm. His reportshows liabilities of $1,942,801, and actual assets of $1,301,000. To the assets must be added $300,000, which will be realized from property assigned by S. A. Fletcher.
14.June 15, 1886The Indianapolis JournalIndianapolis, IN
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Article Text
Sale of Fletcher & Sharpe's Building. The Fletcher & Sharpe bank building will be sold by Receiver Wallace this afternoon, at 2 o'clock, if a fair bid is received. The receiver has been offered $200,000 for the building, but the proposition included a commission of $4,000 and other expenses, reducing the bid to $192,000, which was given no consideration.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
