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INDIANAPOLIS, Oct. Bank Trust company closed its doors Failure of this institution the other here week. They were the and the Postal bank Luther Symons, state banking took charge, withdrawals the last few were responsible for closing the Washington bank. Symons said the Institution capitalized According last report, it had assets
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The Postal Station State bank Indianapolis, of which C. Brock, formerly of Trafalgar and Franklin, cashier, closed its doors Thursday evening to avoid, it said, heavy withdrawals that might follow the closing of the City Trust Company noon that day. Dick Miller is President of the City Trust Company and also of the Postal Station State bank. "Frozen Assets" is said to be the cause of the suspensions. Mr. Brock, it is said, thinks the Postal Bank of which he is cashier can be reorganized again, saying in fairly sound condition and he hopes to see it open again soon for business. The news of these financial verses was received with great prise by many in Johnson county. number of citizens in this county had accounts in the Postal Station bank. Besides Mr. Miller and Mr. Brock, officers of the bank are Barnard, M. Ewing, W. Fox, Sr., and Hurd. The institution capitalized at $25,000 has deposits amounting to approximately $372,000, surplus of $8,000. and undivided profits totaling about The frozen assets consist chiefly in loans on farm mortgages, it explained.
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BANK RECEIVER TROUBLES GROW Difficulties in Suits Rise Again to Puzzle Ogden. Difficulties that beset receivership suits against two Indianapolis banks last week arose again today on a lesses scale to plague the receivership action filed Monday by Luther F. Symons, state banking commissioner, against the Postal Station State bank, a City Trust Company subsidiary. Although it was announced Tuesday that Symons and AttorneyGeneral James M. Ogden were in accord on the filing of the Postal bank suit, Ogden today said he would confer with Symons looking toward dismissal of the action and refiling in the same court, superior court four, where Judge William S. McMasters presides. Calling at the courthouse this morning, Ogden found the suit entered on the file books, but it could not be found in superior court four, nor in the court's file-box in the clerk's office. No summons had been issued.
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a subsidiary of the City Trust Company, closed voluntarily with its parent organization. McMaster found the Postal subsidiary insolvent after hearing Luther F. Symons, state bank examiner, and three witnesses familiar with the smaller bank's affairs Dick Miller, president of the two institutions, stated informally that the Postal Station bank may be reorganized under receivership. Any reorganization prior to appointment of a receiver was found impossible, Miller stated. Liabilities of the smaller bank were listed at $415,913, with assets $62,000 less than liabilities. Deposits totalled $340,000, Symons testified. Accepting receivership of the City Trust Company, Rottger stated today he accepted the appointment without compensation "to show his appreciation for the kindliness of Indianapolis people" toward him. "People of this city have been mighty nice to me, so I thought acceptance of this post would give me an opportunity to show them my appreciation of this kindness. I have always felt that depositors of a defunct bank should receive every dollar that it is possible to give them, and my services will help to keep down some of the expenses which otherwise would be incurred to the financial disadvantages of depositors," he said.
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# CHURCH BACK FUND DRIVE FOR STATE COLLEGE $1,500,000 Campaign for Hanover to Be Started by Presbyterians Immediate survey of Presbyterian churches in the state, preparatory to a $1,500,000 campaign over college, was deci- possibility of reorganization under the receivership. Brown's name figured in press dispatches from Chicago last week relating testimony before the United States senate committee which is investigating alleged irregularities in postoffice leases. The committee had been told Brown had been accorded favoritism in the awards because, it was testified, he claimed a close friendship with Harry S. New, former postmaster-general. Brown ridiculed the charges. Brown resides at 3025 North Meridian street. He declined to make any statement regarding the Postal Station bank receivership. "Brown's appointment will be to the best interest of the trust," McMaster stated.
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RECEIVER FOR POSTAL STATION BANK IS NAMED Raymon D. Brown Put in Charge of Institution by Court. First steps toward liquidation of assets of the Postal Station State bank, closed Oct. 23 with the City Trust Company, parent organization, were being considered today with appointment of Raymond D. Brown, president of the United Postoffice Corporation, as receiver. Brown was appointed Thursday afternoon by Judge William S. McMaster of the superior court four and provided $50,000 bond. At a receivership hearing Monday McMaster found the bank insolvent. Dick Miller, president of City Trust, indicated there might be a
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DEPOSITORS IN DEFUNCT BANKS HAVE TO WAIT Low Market Values Hinder Liquidation, Claim Hearings Show. Settlements with depositors and nonpreferred creditors of three defunct Indianapolis banks, the Washington Bank and Trust Company, the City Trust Company and State Savings and Trust Company appeared far off today as hearings on. preferred claims against the banks were continued in circuit court. Another bank now in receivership, the Postal Station State bank, is expected to pay dollar for dollar to depositors and creditors within a few days through arrangements between the receiver, Raymond D. Brown and superior court four, in which the case is filed. Judge Harry O. Chamberlin, who is hearing petitions for preferred claims against the three banks, has announced the banks do not have sufficient funds to pay preferred claims already allowed. More than one hundred such claims are awaiting court action, it is saíd. Possibility that all payments to depositors of the three banks will be withheld until market values increase to enable the receivers to secure better prices on real estate holdings involved also has been announced. Receivers in the receiverships now in circuit court are Eben H. Wolcott, State Savings and Trust Company, Curtis H. Rottger, the City Trust Company and Brandt C. Downey, the Washington Bank and Trust Company.
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POSTAL BANK IS PAYING UP 40 Per Cent Dividend Is Sent Depositors. First dividend payment of 40 per cent to depositors of the defunct Postal Station State bank was ordered today by Judge Clarence E. Weir of superior court four. The order was issued on a petition filed by Elton F. Leffler, attorney for the receiver, Raymond D. Brown, United Post Offices Corporation president. Division with depositors has been expected for sometime, it having been announced previously the bank would pay depositors in full. It is reported this was made impossible, for the present, when a move to sell the bank did not mature. The bank was closed Oct. 23, 1930 and a receiver was appointed Nov. 17. It is said the bank has approximately $194,000 in small notes outstanding and a $23,000 preferred claim with the defunct City Trust Company, of which the postal bank was a subsidiary. It is probable other dividends will be paid depositors later. Brown announced that checks for the dividend are being mailed depositors today and probably all will be sent out by Monday.
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E. F. LEFFLER 709 Meyer Kiser Bk. Bldg. Li. 6969. # SHERIFF'S SALE By virtue of a certified copy of a decree to me directed from the Clerk of the Superior Court of Marion County, Indiana, in cause No. A-63749, wherein Raymond D. Brown, Receiver of the Postal Station State Bank, Plaintiff and Edward B. Holtam, Alma M. Holtam, et al Defendants requiring me to make the sum of Thirty-eight Hundred Seventy-four Dollars and Eighty-six Cents ($3874.86), as provided for in said decree, with interest and costs. I will expose at public sale to the highest bidder, on # SATURDAY, THE 7TH DAY OF # MAY, 1932, between the hours of 10 o'clock A. M. and 4 o'clock P. M. of said day, at the door of the Court House of Marion County, Indiana, the rents and profits for a term not exceeding seven years, of the following real estate in Marion County, Indiana: Lot No. thirty-three (33) in Eliza T. Edwards Northwestern Park Addition, an addition to the City of Indian-apolis, as per plat thereof in plat book 14, page 7, in the office of the Recorder of Marion County, Indiana. If such rents and profits will not sell for a sufficent sum to satisfy said decree with interest and costs, I will, at the time and place, expose to public sale the fee simple of said real estate, or so much thereof as may be sufficient to discharge said decree. Said sale will be made without relief from valuation or appraisement laws. CHARLES L. SUMNER. Sheriff of Marion County.
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E. F. LEFFLER 709 Meyer Kiser Bk. Bldg. Li. 6969. SHERIFF'S SALE By virtue of a certified copy of a decree to me directed from the Clerk of the Superior Court of Marion County, Indiana, in cause No. A-63749, wherein Raymond D. Brown. Receiver of the Postal Station State Bank. Plaintiff and Edward B. Holtam. Alma M. Holtam. et al Defendants requiring me to make the sum of Thirtyeight Hundred Seventy-four Dollars and Fightv-six Cents ($3874.86). as provided for in said decree, with interest and costs. I will expose at public sale to the highest bidder. on SATURDAY. THE 7TH DAY OF MAY, 1932, between the hours of 10 o'clock A. M. and 4 o'clock P. M. of said day, at the door of the Court House of Marion County, Indiana, the rents and profits for a term not exceeding seven years, of the following real estate in Marion County. Indiana: Lot No. thirty-three (33) in Eliza T. Edwards Northwestern Park Addition. an addition to the City of Indianapolis, as per plat thereof in plat book 14, page 7. in the office of the Recorder of Marion County, Indiana. If such rents and profits will not sell for a sufficent sum to satisfy said decree with interest and costs. I will, at the time and place, expose to public sale the fee simple of said real estate, or so much thereof as may be sufficient to discharge said decree. Said sale will be made without relief from valuation or appraisement laws. CHARLES L. SUMNER, Sheriff of Marion County.
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E. F. LEFFLER 709 Meyer Kiser Bk. Bldg. Li. 6969. SHERIFF'S SALE By virtue of a certified copy of a decree to me directed from the Clerk of the Superior Court of Marion County, Indiana. in cause No. A-63749, wherein Raymond D. Brown. Receiver of the Postal Station State Bank. Plaintiff and Edward B. Holtam. Alma M. Holtam. et al Defendants requiring me to make the sum of Thirtveight Hundred Seventy-four Dollars and Eighty-six Cents ($3874.86). as provided for in said decree. with interest and costs T will expose at public sale to the highest bidder. on SATURDAY. THE 7TH DAY OF MAY. 1932. between the hours of 10 o'clock A. M. and 4 o'clock P. M. of said day, at the door of the Court House of Marion County. Indiana. the rents and profits for a term not exceeding seven years. of the following real estate in Marion County. Indiana: Lot No. thirty-three (33) in Eliza T. Edwards Northwestern Park Addition. an addition to the City of Indianapolis. as per plat thereof in plat book 14, page 7. in the office of the Recorder of Marion County, Indiana. If such rents and profits will not sell for a sufficent sum to satisfy said decrée with interest and costs. I will, at the time and place. expose to public sale the fee simple of said real estate, or so much thereof as may be sufficient to discharge said decree. Said sale will be made without relief from valuation or appraisement laws. CHARLES L. SUMNER. Sheriff of Marion County.
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Closed Bank Head Admits Loaning Without Security Testimony that officials of the deended a hearing in a suit brought funct City Trust Company, prior to by Brown against Curtis H. Rotits collapse, made huge loans to a ger, City Trust Company receiver. private enterprise in which they Cox ordered attorneys to file were interested, without requiring briefs, and said he would fix a date security, was in hands of. Circuit for final arguments in the case Judge Earl R. Cox today. within a few days. Dick Miller, City Trust president, "As a matter of fact wasn't the chief witness at Wednesday's probe City Trust holding the bag for $159,of defunct banks, admitted the bank 000 for which Brown had no liacarried a loan of $159,000 on its bility at all until a settlement in books in 1927. April, 1927?" Cox asked Miller. The money was advanced to "Yes, that is right," Miller replied. finance construction of the Postal Station bank building in this city, according to testimony. Cox quizzed Miller, concerning 20% Discount Sale! deals with Raymond D. Brown, postal station bank receiver, in promotion and sale of stock for erection KAHN of the local bui'ding and in negoMADE TO ORDER CLOTHES tinlions commerning similar post offine bu in other cities. Second Floor Kahn Bldg. The bank president's testimony
BANK RECEIVER PAYS ADDITIONAL DIVIDEND The 1,700 depositors of the Postal Station State bank were paid another 5 per cent dividend yesterday by Raymond D. Brown, receiver A 40 per cent devidend was paid several months ago. total of $15,184.71 was distributed yesterday The former distribution totaled There remains in the receivership $152,274 in "face value" assets with which to pay the $167 balance due depositors, Mr. Brown's report to Judge Clarence E. Weir of Superior court, Room 4, disclosed. Actual value of the assets, however, has not been determined, although the dclared that the character of the assets is such that thre is small likelihood that any additional dividends can be paid in the near future.