A. & J. C. S. Harrison (Indianapolis, IN)

Episode Information

Episode UID
5979728691015
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
trust
Bank ID
597972869 hash
Start Date
July 17, 1884
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9a8fc13f1c152546

Response Measures

None

Events (3)

1. July 17, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors believed the bank was in distress and began withdrawing funds, leading to partial payments of checks and refusal of clearing-house checks.
Measures
Paid depositors 'percentage demands' and honored limited checks for immediate needs; refused some clearing house checks.
Newspaper Excerpt
a small run on the private banking house of A. & J. C.S. Harrison.
Source
newspapers
2. July 18, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cash resources were so reduced by withdrawals that the partners alleged insolvency and petitioned the court for a receiver.
Newspaper Excerpt
The banking house ... did not open its doors this morning. A petition was filed by Alfred Harrison ... asking for the appointment of a receiver.
Source
newspapers
3. July 19, 1884 Receivership
Newspaper Excerpt
Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust, filed a bond ... and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.
Source
newspapers

Newspaper Articles (16)

Article from St. Paul Daily Globe, July 18, 1884

Click image to open full size in new tab

Article Text

The Indianapolis Banks. INDIANAPOLIS, July -There was a mild renewal of the financial excitement here to-day, resulting in a small run on the private banking house of A. & J. C.S. Harrison. It was understood the bank was in distress, and a meeting of the clearing house was held for the purpose of determining whether assistance should be extended. Before action could be taken J.C.S. Harrison arose and in positive terms declined assistance. He then returned to his place of business, where quite a crowd of depositors had assembled. Harrison made an address, saying the bank's resources were ample to pay all debts, avowing wiilingness to pay percentage demands where money was absolutely needed, and declaring he would not be driven to the wall. Payments were made during the day in accordance with this rule, and while unsatisfactory the depositors were compelled to be content. During the afternoon Harrison announced that to-morrow all checks will be honored. If not for their full face, at least sufficient for immediate needs. Harrison to-day refused payment of clearing house checks to the amount of $26,741. The checks were provested, and the bank ruled out of the association. The bank is comparatively a small concern.


Article from Alexandria Gazette, July 18, 1884

Click image to open full size in new tab

Article Text

RUN ON A BANK. INDIANAPOLIS, Ind., July 18.-There was a run yesterday on the small banking house of A. & J. C.S. Harrison. The depositors were paid only a portion of their checks. Harrison refused payment of clearing house checks to the amount of $27,000 and was ruled out of the association. Ingram and A. E. Fletcher, of Fletcher & Sharpe, have deeded property to trustees for the benefit of their creditors to the amount of $450,000.


Article from St. Paul Daily Globe, July 18, 1884

Click image to open full size in new tab

Article Text

The Indianapolis Banks. INDIANAPOLIS, July 17.-There was a mild renewal of the financial excitement here to-day, resulting in a small run on the private banking house of A. & J. C.S. Harrison. It was understood the bank was in distress, and a meeting of the clearing house was held for the purpose of determining whether assistance should be extended. Before action could be taken J. C. S. Harrison arose and in positive terms declined assistance. He then returned to his place of business, where quite a crowd of depositors had assembled. Harrison made an address, saying the bank's resources were ample to pay all debts, avowing willingness to pay percentage demands where money was absolutely needed, and declaring he would not be driven to the wall. Payments were made during the day in accordance with this rule, and while unsatisfactory the depositors were compelled to be content. During the afternoon Harrison announced that to-morrow all checks will be honored. If not for their full face, at least sufficient for immediate needs. Harrison to-day refused payment of clearing house checks to the amount of $26,741. The checks were protested, and the bank ruled out of the association. The bank is comparatively a small concern.


Article from National Republican, July 19, 1884

Click image to open full size in new tab

Article Text

MORE BANK FAILURES. Another Indianapolis Firm Goes Under-Chicago Brokers Get Left on Corn. INDIANAPOLIS, IND., July 18.-The private banking house of A. & J. C. S. Harrison, notwhithstanding the assurances given by the latter gentleman yesday, did not open its doors this morning. Before the hour for opening the sidewalk in front of the building was blocked by a crowd of depositors seeking payment of the balance due. them, but they were disappointed. Duting the morning Atfred Harrison, by his attorneys, appeared before Judge Walker and asked for the appointment of a receiver. Judge Walker named John Claypool, but he declined to act. The name of John S. Shann was then proposed, but he also declined, and under orders from the court the sheriff took possession pending the appointment of a receiver. The bank has from 300 to 400 depositors, and the amount of the deposits is variously estimated at from $500,000 to $600,000. A considerable portion of this money is trust and municipal funds, City Treasurer Pattison having $40,000 on deposit with the firm. Mr. Pattison, it is understood, will be fully secured. Friends of Mr. Harrison say that he confidently expected assistance this morning, and claim that he depositors was honest that yesterday they would in lose assuring nothing. the There is a general belief that the failure is a bad one and that the depositors will realize but little. The failure has had effect upon the other city banks, the effect of it having been discounted by the partial suspension yesterday. J. C. Harrison is receiver for the Indiana Banking company, which failed last August for $750,000. Up to April 1 he had collected $123,000. and since that date a 10 per cent. dividend has been paid. There is an impression that the accounts of this receivership and of the Harrison bank are badly confused. Harrison is supposed to have at present about $60,000 in money belonging to the depositors of the banking company. CHICAGO, July 18.-Harmon Spruance & Co., one of the oldest and most conservative houses on the board of trade, announced its suspension this afternoon, and stated that the differences against it would be adjusted as soon as its trades could be transferred. The firm is understood to have been short about 1,000,000 bushels of corn, and to have lost both on the ascending and descending market. It declines to make any statement, but the liabilities are estimated at $100,000. The firm has been in existence twentyfive years. Harmon Spruance, the head of the house, was once the president of the board of trade, and wasrated as worth $200,000.


Article from The Democratic Leader, July 19, 1884

Click image to open full size in new tab

Article Text

Indianapolis Hit Again. INDIANAPOLIS, July 18.-The banking house of A. and J. C. S. Harrison did not open its doors this morning. A petition was filed by Alfred Harrison, the senior partner, asking for the appointment of a reciever and the court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C. S. Harrison in the receivership of the Indiana Banking Company. Mr. Claypool filed a bond at once and took charge of the bank. No statement is obtainable yet. There are about 400 depositors, some for considerable sums, among them $60,000 of the city funds.


Article from The Indianapolis Journal, July 19, 1884

Click image to open full size in new tab

Article Text

His Banking-House Suspends Operations and Asks for a Receiver. Nobody Found to Accept the Trust-Details of the Bank's Affairs-Proposed Reorganization of Fletcher & Sharpe's. The repeated assertions of Mr. John C.S. Harrison, on Thursday, that his bank would not suspend, and that depositors would be paid yesterday, proved to be, in gambler's parlance, "a great big bluff," as was suspected at the time. If he had confidence in his ability to make pay ments yesterday, in the expectation of reeeiving financial aid from the East, he must have been grievously disappointed, and if he knew, which is more probable, that he could not fulfill his promises, his conduct was not in strict accordance with some people's idea of honesty and veracity. The present opinion prevails that he succeeded in standing off for a single day that disaster that he must have known was inevitable. At the beginning of business hours, yesterday morning, there was a crowd of depositors around Harrisons' bank, anxiously awaiting the opening of the doors. If, on that eventful day, they await as vainly the opening of the golden gates, theirs will be an unhappy fate, indeed. The bank was not opened at all during the day, and no intimation of the intentions of the partners was given to the creditors, in the form of a notice on the door, as is usually the case. Those who had relied upon Mr. Harrison's promises were particularly indignant that he should have deceived them, and threats of vengeance were numerous and vehement. That gentleman was fortunate, perhaps, in having business that called him to another part of the city at that time, for he certainly could not be found down town. Very soon it became known that an application for a receiver for the bank had been made and granted by the court. THE LEGAL PROCEEDINGS. Before Judge Walker, sitting in special ses sion, Messrs. Harrison, Miller & Elam and Claypool & Ketcham, attorneys for the Harrisons, appeared at 9 o'clock in the morning, and filed the following complaint: Alfred Harrison vs. John C.S. Harrison. The plaintiff complains of the defendant and says that the parties are partners doing business, as bankers, at Indianapolis, under the firm name of A. &J. C.S. Harrison, and have been, as such partnership, doing such business for twenty years last past. The plaintiff further avers that run has been going on by their depositors against their said bank for several days last past, wherebyltheir cash resources have been so much reduced that they are unable longer to continue said banking business, and said firm is therefore insolvent. That in order to prevent multiplicity of suits and thereby cause great expense in litigation,and in order to save said estate for the creditors, it is important that & receiver of the said firm be appointed for said firm, to take posession and control of the assets of the firm and administer the same under the order of the court That a dissolution of said partnership be had and an accounting between the parties, wherefore plaintiff prays the court that a receiver be appointed to take possession and control and management of the assets of said firm and wind up its affairs. that said firm bedisolved. an accounting be had between the parties and for all other proper relief. HARRISON, MILLER & ELAM. CLAYPOOL & KETCHAM, 8 Attorneys for Plaintiff. To this an answer was filed by the defendant, admitting the facts set forth in the complaint. Mr. John Claypool, son of the senior member of the law firm of Claypool & Ketcham, was suggested for the position, but declined it, and by mutual consent Mr. John S. Spann was appointed, his bond being fixed at $300,000, and the court took a recess for him to secure the necessary securieties. Mr. Spann, however, did not want the position, for personal reasons, as it is stated, and when this became known, late in the afternoon, when it was too late to select another gentleman, the following order was issued by the court: Alfred Harrison vs. John C.S. Harrison. Comes now the plaintiff and files his complaint, asking the appointment of & receiver, which complaint is, in these words [Here follows the complaint given above], and said defendant files his answer, admitting the allegations of said complaint. And now Hon. Lewis C. Walker, one of the judges of the Superior Courts of Marion county, being satisfied that such reeeiver ought to be appointed, does, with a view to such appointment, take the custody and control of all the property and assets of said partnership firm of A. &J. Harrison, plaintiff and defendant, and does now, preceding the selection and qualification of such receiver, order and direct that the sheriff of Marion county do take possession and control of said prop. erty, including the banking house of said firm, with safes, vaults, and all books, papers, money and assets of every description, and said sheriff is directed safely to keep the same until the further order of said LEWIS C. WALKER, judge. Judge Superior Court. The bank and all the property was there fore turned over to the charge of Sherift Hess, who at once took possession. In all probability some self-sacrificing gentleman will be found this morning who is willing to be the receiver and is able to give the required bond. THE CONDITION OF THE BANK. It is next to impossible to obtain any accurate information regarding the real condition of the bank. Both of the partners declined to make any statements for publication yesterday. In fact, they even refused to see the reporters who called at their houses. An enterprising News reporter did get to see Mr. Alfred Harrison yesterday morning, and his account of the interview is as follows: He was in a crusty humor, and when the re porter requested a statement concerning the bank's condition and an approximate of its as sets and liabilities, he turned white with rage and burst forth vehemently, Young man, I had rather have you to come here to burglarize my house than to catechise me about my business. It is an insult for you to enter my door on that kind of a mission. Put that in your paper if you want to. The young man mildly suggerted that the depositors considered it their business as well as his, and were anxious to hear something authentic touching the suspension, where upon he again exploded with still greater fury, saying: won't tell you anything You can't catΓ©chise me about my business. It is insulting for you to come here now. Put that in your paper; every word of it, I say The old gentleman could searcely retain himself in his arm chair, on account of his indignation, and the re porter, unable to make himself heard, perempsorily retired. Mr. John C. S. Harrison could not be found by the reporters, and at his house they were told that he would see nobody. Mr. Watson, the cashier of the bank, said that he thought its de-


Article from Richmond Dispatch, July 19, 1884

Click image to open full size in new tab

Article Text

Monetary Troubles in Indianapolis. (By telegraph to the Dispatch.] INDIANAPOLIS, July 18.-Ingram & A. E. Fletcher & Sharpe have deeded property to trustees, for the benefit of their creditors. to the amount of $450,000. There was a run yesterday on the small banking-house of A. & J. C. S. Harrison. Depositors were paid only a portion of their checks. Harrison refused the payment of clearing-house checks to the amount of $27,000 and was ruled out of the Association. The house did not open its doors this morning. A petition has been filed by Alfred Harrison, the senior partner, asking the appointment of receiver. The court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C.S. Harrison in the receivership of the Indiana Banking Company. Claypool filed his bond at once and took charge of the bank. No statement is obtainable yet. There are about four thousand depositors, some for considerable sums. among them $60,000 of city funds.


Article from The Salt Lake Herald, July 19, 1884

Click image to open full size in new tab

Article Text

Business Failures. Indianapolis, 18.-The banking house of A. and J. C. S. Harnison, did not open its doors this morning. A Petition was filed by Alfred Harrison, senior partner, asking the ap. pointment of a receiver and the court appointed John Claypool, son of Hon, Solomon Claypool, who is attorney for J. C. B. Harrison in the receivership of the Indiana Banking Co. Mr. Claypool filed & bond at once and took charge of the bank. No statement 18 obtainable, yet there are about 400 depositors, some for considerable sums, among them 660,000 of the city funds. Ovid, Michigan, 18. - Cotter, Beattie & Co., general merchandise and lumber manufacturers, made an assignment to-day. The firm was a heavy one. This is the third failure here within twenty days. New York, 18.-Schedules in the assignment of Carbart, Whitford & Co., clothiers, to Nathaniel Whitman, was filed to-day. Liabilities $1,556,497; contingent liabilities, $189.898; nominal assets, $1,516,184; actual assets, 911,562. The princi pal creditors are Marlin & Leak $266,660; Lasher, Whitman & Co., $48,381; National Citizens' Bank, $20,000; Estate of Thos. Caroart, $361,059; among the contingent liabilities are National Broadway Bank, $43,438; Ninth National Bank, $82,246; National Citizens' Bank, $45,124.


Article from St. Paul Daily Globe, July 19, 1884

Click image to open full size in new tab

Article Text

Another Indianapolis Banking House INDIANAPOLIS, Ind., July 18.-The banking house of A. & J. C.S. Harrison, did not open its doors this morning. A petition has been filed by Alfred Harrison the senior partner, asking the appointment of a receiver, and the court has appointed John Claypool son of Hon. Solomen Claypool, who is attorney for J. C. S. Harrison in the receivership of the Indian a banking company, Mr. Claypool filed his bond at once and took charge of the bank. No statement is obtainable yet. There are about four hundred depositors, some for considerable sums, -among them $60,000 of city funds.


Article from St. Paul Daily Globe, July 19, 1884

Click image to open full size in new tab

Article Text

Another Indianapolis Banking House INDIANAPOLIS, Ind., July 18.-The banking house of A. & J. C.S. Harrison, did not open its doors this morning. A petition has been filed by Alfred Harrison the senior partner, asking the appointment of a receiver, and the court has appointed John Claypool son of Hon. Solomen Claypool, ho is attorney for J. C. S. Harrison in the receivership of the Indiana banking company, Mr. Claypool filed his bond at once and took charge of the bank. No statement is obtainable yet. There are about four hundred depositors, some for considerable sums, -among them $60,000 of city funds.


Article from Savannah Morning News, July 20, 1884

Click image to open full size in new tab

Article Text

A Receiver for Harrison's Banking House. INDIANAPOLIS, July 19.-Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust, filed a bond in the sum of $100,000 and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.


Article from The Sun, July 20, 1884

Click image to open full size in new tab

Article Text

A Receiver Appointed. INDIANAPOLIS, July 19.-Judge Robert N. Lamb was to-day appointed receiver of the suspended banking house of A. & J. C. S. Harrison. Judge Lamb accepted the trust. filed a bend in the sum of $100,000, and at once took charge of the bank, relieving the Sheriff, who has had charge since the suspension.


Article from Watertown Republican, July 23, 1884

Click image to open full size in new tab

Article Text

Financially Embarrassed L. A. Engelhardt, merchant, London, failed on the 19th. Liabilities $270,000. The failures of the seven days ending on the 18th, were; United States, 192; Canada, 23; total, 215: against 198 last week. The increase was in the Western and Middle States. Tne banking-house of A. & J. C.S. Harrison, of Indianapolis, did not open its doors on the morning of the 18th. A receiver has been appointed. There are about 400 depositors. R. B. Sowers and F. B. Finsthwaite, members of the Pittsburg Petroleum Exchange, have failed. Wm. Parks & Son, proprietors of the New Brunswick cotton mills, St. John, N. B., failed on the 17th. Liabilities $225,000. The Pendleton Banking Company, Pendle ton, Ind., suspended on the 17th. owing to the fallure of Fletcher & Sharpe, at Indianapolis. Levi Hart & Co., of Halifax, have settled with their creditors on a basis of 75 cents on the dollar. Liabilities $104,000. The Whissemore Manufacturing Company, Mansfield, o., failed on the 16th. Liabilities not stated. Edward Yard, Jr., lace manufacturer, New York, assigned on the 16th. Preferences $550,000. Julius Wettman, a Massillon, o., brewer, failed on the 16th. Liabilities $10,000; assets $12,000. The establishment of J. B. Piet & Co., Catholic publishers, Baltimore, is in the hands of a receiver. Liabilities, $40,000. Dawson Bros., manufacturers of mill machinery, Wilmington, Del., failed on the 15th. Liabilities, $60,000. The senior member of the firm has absconded. The plow manufacturing firm of D. B. Buford & Co., at Rock Island, Ill., assigned on the 14th inst. Liabilities $500,000; nominal assets $800,000. Burgert & Hart, shoe dealers, Toledo, o., suspended cn the 14th. The firm's liabilities are placed at $100,000.


Article from The Superior Times, July 26, 1884

Click image to open full size in new tab

Article Text

GENERAL MRS. F. H. HOPKINS, who was one of the heirs of Mark Hopkins, the California millionaire, died at Baraboo, Wis., from fragile bones. Her entire frame lost its organic elements, and became as brittle as chalk. COTTER, BEATTIE & Co., general merchandise and lumber manufactures at Ovid, Mich., made an assignment on the 18th. MATTHEW ARNOLD'S youngest daughter is engaged to Fred K. Whiteridge, a New York lawyer. HARMON SPRUANCE, an old Chicago commission merchant failed on the 18th inst. Shorting pork the cause. THE banking-house of A. & J. C.S. Harrison of Indianapolis, did not open its doors on the morning of the 18th. A receiver was appointed. THE failures during the week ending on the 18th inst., numbered 215, against 198 the week previous. THE Postal, Bankers' & Merchants' and the Baltimore & Ohio telegraph companies have formed a pool for twenty-five years. R. B. SOWER and F. B. Finsthwaite, members of the Pittsburg Petroleum Exchange, failed on the 17th. As the season advances, the contest for supremacy in the Northwestern League becomes closer and more exciting. Grand Rapids is still champion, but the men from Michigan are sorely pressed by the Quincys, who are only one game behind the leaders Bay City has fallen to third place and Siginaw has been displa ced by Peoria, falling back to fifth position. Milwaukee is slowly yet surely improving and is in hot pursuit of Saginaw. Minneapoiis, Muskegon and Fort Wayne are now tied for seventh place, and Stillwater, St. Paul and Terre Haute follow in the order named. The schedule is as follows:


Article from Wessington Springs Herald, August 8, 1884

Click image to open full size in new tab

Article Text

Bank Fa.lure. INDIANAPOLIS, July 18.-The bankinghouse of A. & J.C. S. Harrison did not open its doors this morning. A petition was filed by Alfred Harrison, the senior partner asking for the appointment of a receiver, and the Court appointed John Claypool, son of Hon. Solomon Claypool, who is attorney for J. C. S. Harrison, in the receivership of the Indiana Banking Company. Mr. Claypool filed a bond at once, and took charge of the bank. No statement is obtainable yet. There are about four hundred depositors, some for considerable sums, among them $60,000 of city funds.


Article from The Indianapolis Journal, September 6, 1884

Click image to open full size in new tab

Article Text

Suit in New York Against the Harrisons. The following dispatch came from New York last night: "The Indianapolis Brush Electric Light and Power Company to-day obtained from the Superior Court an attachment against the property in this city of Alfred Harrison and John C. S. Harrison, comprising the firm A. & J. C. S. Harrison, of Indianapolis, who suspended payment last July. Plaintiff had their bank. ing account with Harrisons. It is charged that the defendants are about to dispose of their property and defraud creditors, and to this end made an assignment."