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FORGED PAPER IS REVEALED IN DEFUNCT GRANGE NATIONAL BANK
Receiver and Department of Justice Agents to Transmit Report to Washington for Action by Currency Chief.
LINK WALB'S COMPANY IN TANGLE
State Chairman Denies His Concern Was Tided Over by Means of Overdrafts on Institution.
Special LA GRANGE, Ind., Dec. paper totalling more than $76,000 has been found in the defunct National Bank of La Grange, by department of justice agents called here by Utt, temporary receiver, it was learned today. Reports of the department of justice agents and Utt, who came here as Federal bank examiner, will be transmitted to the comptroller of currency in Washington within few days, is understood. Probability that copies of the reports will be sent to Albert Ward, United States district attorney, for consideration of the Federal grand jury was considered very strong those familiar with the situation.
Valentine D. Weaver was of the bank until president June, 1927. Silas Weaver, brother of Valentine and former employe of the Walb Company, is ported to have thrown his personal fortune, aggregating more than into the breach to minimize the loss to depositors.
Shaky for Some Time
Closed by Utt on Oct. 1927, the bank had been in precarious condition for some time. Matters came to head in June, when one of the directors found that affairs were in bad shape and that some of the the bank was holding was paper Called into conference of direcWeaver first denied guilt and then admitted his sources it From learned that the directors the resignation Weaver and Clyde Walb, RepubWeaver lican State told the that some of the money was rectors used take care of overdrafts of the Company. Walb denied of the of that his statement had been tided over pany's paper others. He made the amount good at once.
Holds State Money
At that time the bank held $150,of money belonging to This institution was closed in before the October. Weaver had been president of the bank for four years. Years ago auditor and he had been county the bank when was entered Rose, and had owned $5,000, with surplus Walb started the La Grange Trust Company, third County nancial institution in this city inhabitants. When Rose 2,000 the capital to $100,000, changed Walb sold his interests the Trust Company and bought into the National Bank. Idolized by every man, woman and child in the also superintendent of the SunSchool and treasurer for every benevolent philanthropic here, worked in bank ganization the morning until after from each night. No one else the bank. handled ledger He never took vacation.
Loses in Hardware Firm
La ComThe Grange founded by him and believed his losses more than $15,000 before placed the hands of eciver. The Better Service Oil Company next his Grange the finest filling the country and advertising gotten out, the about cents the deficit of and the loss was about $40,Working for salary of to the Methodist Hospital. the deficit the church. band concert money, made good. had nection with every deavor in the His Silas would not perhim to discuss anything Times the weather the corn borer epidemic.
Bides His Time
"There may come time and better place for Val story," Silas said. And that ended Meanwhile, the Grange Fixture Sales closed its plant. made built-in kitchen Three grocers closed their doors. Folks here met their taxes county officials shake their about the taxes next spring. With the equity the various in by Silas Weaver, the capital stock of the bank, and 100 cent assessment enough will be realized ers, depositors 100 cents on the dollar. That will be paid if too much "frozen" paper not found. bank and temptation every banker,' way one citizen State funds placed in banks through political influence. run on the bank in October action. Utt came on the scene and the bank's closed. Shortly thereafter, several dejustice and have been since, working books of the bank, interviewing and saying nothing. Directors Also Guilty
Under national banking laws, rectors bank who have edge wrongdoing are equally guilty with the actual offender. The Weavers four shares each the Walb Construction Company, but did not buy any the stock, which recently stopped by the State Securities Commission.
