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ASK RECEIVER FOR AMERICAN TRUST BANK Luther F. Symons, Indiana banktoday filed in the court of Superior Judge Virgil S. Reiter in which he asks the appointment of receiver for the American Trust bank which failed open its doors Wednesday Argument heard on the 30, by Reiter shortly after the filed. The closed by order of directors. The today liquidation ceedings supervision the state banking department.
ASK RECEIVER FOR AMERICAN TRUST BANK Luther F. Symons, Indiana banktoday filed tion the court of Judge Virgil Reiter which he asks the appointment of receiver for the American Trust and Savings bank which failed open its doors Wednesday morning. Argument be heard the matter Dec. according decision made by Judge Reiter shortly after the petition filed. order of The day to put liquidation proceedings under the supervision of the banking department.
ASK RECEIVER FOR AMERICAN TRUST BANK Luther Symons, Indiana banktion the of Judge Virgil Reiter which the appointment of receiver the American Trust and bank which failed open its doors Wednesday morning. Argument will heard on the matter Dec. 30, according decision made Judge Reiter shortly after the petition filed. bank closed by order of day to put liquidation the state banking department.
ASK RECEIVER FOR AMERICAN TRUST BANK Luther Symons, Indiana banking today petition in the court of Superior Judge Virgil Reiter which he appointment of American and Savings bank which failed to open its doors Wednesday Argument heard on the made by Reiter after the filed. The bank closed by order of directors. day liquidation under of the state banking department.
[SPECIAL TO THE TIMES] CROWN POINT, Ind., March 25.—Clarence Eder, deputy county highway superintendent for District 1, which includes Hammond and nearby territory, today filed suit in the Circuit court to compel the county commissioners to reimburse him for money he lost through the closing of the American Trust & Savings bank of Hammond. He had presented a claim of $193 to the commissioners but the board refused to allow it. Eder says that the board has been turning over to him the amount due his employes and that he had been issuing checks to them on the American Trust & Savings bank. He says he warned them to cash the checks at once but that several failed to do so and it was necessary for him to make the checks good after the bank closed
EDER CARRIES CASE TO COURT [SPECIAL TO THE TIMES] CROWN POINT, Ind., March 25.—Clarence Eder, deputy county highway superintendent for District 1, which includes Hammond and nearby territory, today filed suit in the Circuit court to compel the county commissioners to reimburse him for money he lost through the closing of the American Trust & Savings bank of Hammond. He had presented a claim of $193 to the commissioners but the board refused to allow it. Eder says that the board has been turning over to him the amount due his employes and that he had been issuing checks to them on the American Trust & Savings bank. He says he warned them to cash the checks at once but that several failed to do so and it was necessary for him to make the checks good after the bank closed
EDER CARRIES CASE TO COURT [SPECIAL TO THE TIMES] CROWN POINT, Ind., March 25.—Clarence Eder, deputy county highway superintendent for District 1, which includes Hammond and nearby territory, today filed suit in the Circuit court to compel the county commissioners to reimburse him for money he lost through the closing of the American Trust & Savings bank of Hammond. He had presented a claim of $193 to the commissioners but the board refused to allow it. Eder says that the board has been turning over to him the amount due his employes and that he had been issuing checks to them on the American Trust & Savings bank. He says he warned them to cash the checks at once but that several failed to do so and it was necessary for him to make the checks good after the bank closed
IT MIGHT EASILY BE ADOPTED IN HAMMOND Civic Leaders Studying Plan Impressed With Its Practical Value Hammond may very easily adopt the South Bend plan for stimulating business and liquidating closed banks, a committee of Hammond civic leaders reported today after spending yesterday in South Bend studying the plan in detail. Mayor Charles O. Schonert, who headed the committee, was particularly impressed with practical value of the plan. Other members of the committee who asserted that the scheme may be adopted in Hammond, were Ed Simon, president of the Manufacturers' association; Irving Chayken, president of the Merchants' association, and John H. Rippe, receiver of the American Trust and Savings bank. The committee now proposes to report their findings to all bank receivers in Hammond and then to Superior Judges Virgil S. Reiter and Clyde Cleveland, who maintain supervision over receiverships of closed state banks in this city.
RIPPE WILL DISCUSS WITH RECEIVERS Receiver of American Trust Will Give So. Bend Plan in Detail to Them Receivers of closed banks in Hammond will be called into special session soon by John H. Rippe, receiver of the American Trust and Savings bank, to listen to details of the South Bend plan for liquidating closed banks and stimulating business. Mr. Rippe is acting for Mayor Charles O. Schonert, who headed a committee that went to South Bend Wednesday to study the plan in detail. Mayor Schonert believes the plan may be adopted in Hammond with beneficial results for depositors and business men alike. After the bank receivers have
John H. Rippe, receiver of the American Trust and Savings bank, of Hammond, is arranging for the appearance of the South Bend men. Mr. Rippe was a member of Mayor Charles O. Schonert's committee which investigated the South Bend plan in person last Wednesday. Mayor Schonert is highly in favor of introducing the plan in Hammond. He has delegated Mr. Rippe to arrange for a complete discussion of the enterprise with local bank receivers and Superior Court Judges Virgil S. Reiter and Clyde Cleveland.
ORDER CONTER TO PAY EDER [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 28.—A judgment of $127 was obtained against Lake county by Clarence Eder, of Hammond, former assistant highway county superintendent, in the Lake circuit court this morning. Judge E. Miles Norton instructed the county treasurer to pay Eder that amount of money. Eder testified that he signed a salary pay check for John Basler, of Hobart, on Dec. 23, 1931, as payment for Basler's services under him while he, Eder, was assistant county highway superintendent. Basler held the check five days. It was drawn on the American Trust and Savings bank, of Hammond, which had failed in the meanwhile. Eder sued for recovery. Now, Basler will have to stand the loss, or wait until the bank pays a dividend.
ORDER CONTER TO PAY EDER [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 28.—A judgment of $127 was obtained against Lake county by Clarence Eder, of Hammond, former assistant highway county superintendent, in the Lake circuit court this morning. Judge E. Miles Norton instructed the county treasurer to pay Eder that amount of money. Eder testified that he signed a salary pay check for John Basler, of Hobart, on Dec. 23, 1931, as payment for Basler's services under him while he, Eder, was assistant county highway superintendent. Basler held the check five days. It was drawn on the American Trust and Savings bank, of Hammond, which had failed in the meanwhile. Eder sued for recovery. Now, Basler will have to stand the loss, or wait until the bank pays a dividend.
LET OFFICIALS SETTLE WITH BOND SIGNERS Board of Finance Approves Steps Taken With American Bank Sureties The Board of Finance of Hammond last night extended to Mayor Schonert, City Controller William Spellman and the council finance committee full power to accept or reject (with the council's approval) cash settlements or equivalents on the bonds of sureties of city funds impounded in the closed American Trust and Savings bank. A motion that the committee must act unanimously on any offer made by the individual sureties was made by Alderman William M. Thompson and passed by the board. Alderman John F. Laws declared that he would not vote to accept any settlement other than cash, negotiable or collectible securities. He voiced disfavor of accepting any note regardless of how many co-signers had affixed their signatures. "We must have something tangible, something that we can sell," he said. Thirteen sureties of the bank are to pay $8,750 in cash or equivalent before January 6, according to an agreement with the board made early this month. Each is to pay $673.08. Attorney William J. McAleer and E. C. Minas, merchant, have already made settlement and have been released by the city. Two of the others have come forward with offers of settlement, it was said, but have not yet been accepted. The city had $180,000 on deposit in the bank when it closed a year ago. The $8,750 represents 35 per cent of the bond signers' liability, and leaves 65 per cent unpaid. Liberty bonds sold some time ago brought $63,150 to the city.
LET OFFICIALS SETTLE WITH BOND SIGNERS Board of Finance Approves Steps Taken With American Bank Sureties The Board of Finance of Hammond last night extended to Mayor Schonert, City Controller William Spellman and the council finance committee full power to accept or reject (with the council's approval) cash settlements or equivalents on the bonds of sureties of city funds impounded in the closed American Trust and Savings bank. A motion that the committee must act unanimously on any offer made by the individual sureties was made by Alderman William M. Thompson and passed by the board. Alderman John F. Laws declared that he would not vote to accept any settlement other than cash, negotiable or collectible securities. He voiced disfavor of accepting any note regardless of how many co-signers had affixed their signatures. "We must have something tangible, something that we can sell," he said. Thirteen sureties of the bank are to pay $8,750 in cash or equivalent before January 6, according to an agreement with the board made early this month. Each is to pay $673.08. Attorney William J. McAleer and E. C. Minas, merchant, have already made settlement and have been released by the city. Two of the others have come forward with offers of settlement, it was said, but have not yet been accepted. The city had $180,000 on deposit in the bank when it closed a year ago. The $8,750 represents 35 per cent of the bond signers' liability, and leaves 65 per cent unpaid. Liberty bonds sold some time ago brought $63,150 to the city.
LET OFFICIALS SETTLE WITH BOND SIGNERS Board of Finance Approves Steps Taken With American Bank Sureties The Board of Finance of Hammond last night extended to Mayor Schonert, City Controller William Spellman and the council finance committee full power to accept or reject (with the council's approval) cash settlements or equivalents on the bonds of sureties of city funds impounded in the closed American Trust and Savings bank. A motion that the committee must act unanimously on any offer made by the individual sureties was made by Alderman William M. Thompson and passed by the board. Alderman John F. Laws declared that he would not vote to accept any settlement other than cash, negotiable or collectible securities. He voiced disfavor of accepting any note regardless of how many co-signers had affixed their signatures. "We must have something tangible, something that we can sell," he said. Thirteen sureties of the bank are to pay $8,750 in cash or equivalent before January 6, according to an agreement with the board made early this month. Each is to pay $673.08. Attorney William J. McAleer and E. C. Minas, merchant, have already made settlement and have been released by the city. Two of the others have come forward with offers of settlement, it was said, but have not yet been accepted. The city had $180,000 on deposit in the bank when it closed a year ago. The $8,750 represents 35 per cent of the bond signers' liability, and leaves 65 per cent unpaid. Liberty bonds sold some time ago brought $63,150 to the city.
LET OFFICIALS SETTLE WITH BOND SIGNERS Board of Finance Approves Steps Taken With American Bank Sureties The Board of Finance of Hammond last night extended to Mayor Schonert, City Controller William Spellman and the council finance committee full power to accept or reject (with the council's approval) cash settlements or equivalents on the bonds of sureties of city funds impounded in the closed American Trust and Savings bank.
PROSECUTOR SCRUTINIZE BANK REPORT CROWN POINT. thorough into the funct American Trust and Savings of made mediately and the findings will be submitted the grand jury. Prosecutor Robert G. Estill announced to. said the first step in the Inquiry which Receiver John Rippe filed with Judge Virgil S. Reiter in the Hammond Superior yesterday Rippe's report outlined the the bank prior its closing December 1931. vealed number of allegedly extralegal activities officers to conand juggle will apply to Rippe copy the port today so that may study it in detail. any criminal irregularities are found," Estill grand will asked return indictments. However, must in that some are sanctioned by banking they the shall to determine the legal violations first before can any action that might be Swanson, former county treasurer, the bank Dan Hammond, was vice president. The bank had assets of $886,000 at the time of its failure.