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Fifth Bank Is Closed In Indiana Debacle BLUFFTON, Ind., Feb. 14 (I.N.S.). In the face of the financial hysteria sweeping Wells county which yesterday forced four banks to suspend operations, the board of directors of the Union Savings and Trust Company, a $400,000 institution, today decided to close.
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Run Forces Last Bank in Indiana City to Close Up Bluffton, Ind., Feb. Union Savings and company, the remaining bank in Bluffton, closed its doors this morning after $50,000 run The Farmers Deposit bank of Montpelier, on the WellsBlackford county with deposits $500,000 closed morning, due was an run Four banks in Wells county closed yesterday.
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INDIANA BLUFFTON, Ind., Feb. the face the financial hysteria sweeping Wells county, which terday forced banks the board of directhe Union Savings Trust todecided close the bank. This left Bluffton without bank county with only three banking institutions.
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CITY PLANNING MEET OF REALTORS AT FRESNO Feb. forty delegates attending, the fourth annual state, region and city planning conference of the California Real Estate association, began its sessions here today. RUN CLOSES INDIANA BANK Ind., Feb. (AP) Union Savings and Trust company, the only remaining bank in Bluffton. closed its doors today after $50,000 run yesterday.
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HEAVY RUNS CLOSE SIX INDIANA BANKS BLUFFTON, N. D. — (IP) — The Union Savings and Trust company, the only remaining bank in Bluffton, closed its doors Thursday morning after a $60,000 run Wednesday. The Farmers' Deposit bank of Montpelier, on the Wells-Blackford county line, with deposits of $100,000, also closed, due, it was said, to an $18,000 run Wednesday. Four banks in Wells county closed Wednesday.
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LAST BLUFFTON BANK IS CLOSED Six Institutions in One Indiana County Shut Within 24 Hours. Associated BLUFFTON, Ind., Feb 14. The Union Savings & Trust company, the only remaining bank in Bluffton, closed its doors this morning after Wednesday. The Farmers Deposit bank of Montpelier, on the Wells-Blackford county line, also closed this morning. said to Wednesday. Four in Wells county closed Wednesday Fred president of the Union Savings Trust company, and Thomas state bank examiner, said the closing was due to the run on the bank and that was entirely solvent. Officers and directors said they expected to the 60 days permitted by effect and then hoped to reopen. The Union Savings Trust had deposits of approxiWednesday the Wells County bank, with deposits of closed. few hours later the bank Uniondale closed. Petitions were filed in circuit court here asking for ceivers for both institutions, alleging they were failing and insolvent condition. The Bank Petroleum and the Liberty Center State bank also closed Wednesday. The smaller banks cleared through the Wells County Guy Bracken is president of the Farmers Deposit of Montpelier. had deposits of approximately The state banks at Poneto and Craigville and the Farmers State bank Ossian, other banks in the county, still are open. SANITARIUM SUES ACTRESS. LOS Calif., Feb. Alma Rubens. film actress. convalescing in sanitarium following nervous breakdown. has been made defendant $105 suit by another sanitarium, alleging nonpayment for
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WELLS COUNTY INSTITUTION WITHIN DAY VOLUNTARY Financial Hysteria Brings Unjustified Action Against Solvent tution BLUFFTON, Ind., face of the financial Wells county, that yesterday forced four banks to suspend operations, the of directors of the Union Savings Trust Company, stitution, today decided to close the bank. This action which followed the bank in which $50,000 paid out, left the city of Bluffton tempority mass meeting which was the auditorium the Poneto grade school last night. More than citizens attended. Mussellman made stiming plea for support of the and present promised to get behind While excited citizens were discussing the last Bluffton bank today, the state banking examinhere in force, were following tomary proceedure in taking of the closed institutions. Applications were filed ith circuit judge Hamilton here for receivers for the county state bank Bluffton and for the Uniondale state bank of Uniondale. Judge Hamilton set February 21st the date for the hearing. An application also was filed in the circuit court by officials of the bank of Petroleum, which private bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center bank Liberty Center was declared fully solvent by Barr, having received his permission to close to avoid the frenzy of however, characterized the in Wells county today situation the result of local conditions the like of which don't know of anywhere Barr said. expressed the hope that the worst Officials of the two banks for which
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State Official Asks Court To Appoint Two Receivers. BLUFFTON, Feb. 13. Following the closing of four county banks today Luther mons, state bank peared circuit court here this afternoon two petitions asking receivers appointed for the County state bank, Bluff the Bank Uniontwo of the institutions that clos The bank Petroleum and the Liberty Center State bank also sus pended operations. The petitions out that examinations by the banking showed the county state bank and the state bank Uniondale failing and insolvent Judge Hamilton February the date for hearings the petitions. Closing is The Wells county state bank did open for business today, and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells county bank was talized $100,000 and showed posits $1,250,000. president: Morrow, first Frank ond and patrick, cashier. The bank closed Thomas Barr, examiner The the Uniondale bank $25,000 and deposits $200,000. H. president and W. Brickley cash- The Union Savings and Trust Company the only bank BluffThe Studebaker failed In deposits of $1,500,000. Receivers made no payments deposits.
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FOUR INDIANA BANKS FAIL BLUFFTON. Ind., Feb. The Union Savings Trust comthe only remaining bank in Bluffton. closed its doors today ter $50,000 run The Farmers' Deposit bank of Montpelier, with deposits of $500,000, also closed today, said. to an 000 run. Four banks in Wells counhave closed.
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TWO MORE BANKS. Five Now Closed In Wells County; One In Montpelier. Bluffton. Ind., Feb. 15 closing of the Union Savings and Trust Company at Bluffton and the failure of the Farmers Deposit bank of Montpelier to open yesterday morning made a total of five banks closed in Wells county and one near the line in Blackford county in two days. A mass meeting of citizens has been called to enlist aid in opening a bank here to carry on business. A $50,000 run on the Union Savings and Trust Company was said to be responsible for the closing of that institution and an $18,000 run on the Montpelier bank prevented it opening.
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BANKS FORCED TO IN WELLS COUNTY Institutions Unable to Meet Heavy Runs: Hope Cashier Held for Embezzlement BLUFFTON, Feb. closing the Union Savings Trust of Bluffton and the failure of the Farmers' Deposit bank Montpelier to open this made total closed Wells county within two meeting of citizens has mass called aid bank here to carry on $50,000 run the Union Savand Trust company responsible for the closing that institution. and the Montpelier bank its opening SOLVENT. CLAIM Tangeman, president of the Union bank, declared that the bank entirely solvent and that hoped to reopen the institudue time without to deThe bank positors of approximately 81.deposits The Farmers' Deposit bank had Guy president Wells County with de250,000 closed yesterday on Page Three)
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FIVE BANKS CLOSE IN WELLS COUNTY Bluffton, Ind., Feb. 14-In the face of the financal hysteria sweeping Wells county which yesterday forced four banks to suspend operations, the board of directors of the Union Savings and Trust Company. a $400,000 institution, today decided to close the bank. This left Bluffion without a bank and Wells county with only three banking institutions
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CLOSED BANKS PLAN TO OPEN Wells County Crisis May Be Eased Next Week. By Times Special BLUFFTON, Ind., Feb. 16.-Wells county's banking crisis may be eased early next week when the Union Savings and Trust Company is expected to open its doors. Five financial institutions in the county closed- during the week. A mass meeting at which all parts of the county was represented was held here Friday night, several speakers expressing confidence that the situation could be relieved. There were indications that the panicky feeling which caused runs is subsiding. The Wells County State bank here was the first to close. Three other banks, which used the local institution for clearing purposes, ceased business the following day. Then the Union Trust and Savings closed as a precautionary measure, after a run had started. The three others closed were at Liberty Center, Petroleum and Uniondale. At the meeting there were indications that the Liberty Center and Uniondale banks also would re-open next week. Liquidation was reported in progress at Petroleum. The audit of the Wells County State bank has not been completed and there is no information available at this time on its condition.
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BLUFFTON BANK OPENS Resumes Business After Being Closed Since Feb. 14. By United Press BLUFFTON, Ind., March 21.-The Union Savings and Trust Company Bank, after being closed since Feb. 14 to avert an unwarranted run and to conserve resources, was reopened today. Since the close of the bank a complete check of its condition was made to reassure depositors. The reopening is expected to relieve the banking situation in this section, which had became somewhat acute, due to the closing of several institutions.
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BLUFFTON BANK AGAIN FORCED TO CLOSE DOORS BLUFTON, Ind., Mar. The Union Trust Co. of Bluffton, $400,000 which reopened its doors only last Thursday, was forced to suspend again at noon today owing to "steady on its resources. The bank closed its doors first Feb. 14, following the bank's closing was made by Tangeman, secretary of the He blamed the lack of public confidence for the second suspension.
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BLUFFTON BANK AGAIN CLOSED Lack of Public Confidence Is Cited by Official. BLUFFTON, Ind., March The Union Savings and Trust Company which was closed February 14 and re-opened Thursday, again was closed by directors today, following run. The bank, having capital of $450,000, was closed February 14, after run which had dwindled its resources. The day previous the Wells County Bank failed to open its doors, and the run on the Savings Company occurred. New Run Closes Bank. At its reopening, Thursday, directors believed that the confidence its depositors had been restored and that it could resume its busiApparently the depositors believed the institution was not good shape and another run curred today and after meeting Continued Three
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IS LUFFTON, March (UP)-The Union Savings and Trust which was February 14 and re-opened Thursday, again was closed by directors following The bank, having resources of $450,000, was closed 14 after run which had dwindled its resources. The day previous the County bank falled to its doors, and the on the occurred. At Thursday, direcbelieved the confidence of restored and that its Apparently the depositors believed the institution was not good shape run today and of depositors close believed all depositors full and that time state banking made and made public statement saying condition in today's not known pending check.
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BLUFFTON BANK CLOSES AFTER "STEADY DRAIN" BLUFFTON, Ind., March 23 (INS) Union Savings & Trust Comof Bluffton, $400,000 institupany tion, which reopened its doors only last Thursday, was forced to pend business again at today owing to "steady on its sources. The bank closed its doors first on February 14th following run on when frenzied panic swept Wells county causing seven banks to fail. Announcement of the bank's closing was made by man, secretary of the company. Tangeman blamed the lack of confidence for the second public suspension. The Union Savings Trust Company was pronounced to be solvent and in by State bank good shape examiners after it closed its doors on February 14th following in which $50,000 were paid out. Since the bank's reopening on morning, there has been Thursday withdrawal of deposits steady amounting almost to run it was said. The bank officials decided at noon today to suspend operations Just "precautionary what action they planned was not known and probably not decided upon as The run on this bank, did not extend to the First mercial Bank which is affiliated with the First National Bank of Fort Wayne, and which was opened several weeks ago.
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BANK OPENS AT BLUFFTON Old National Bank Ready for Business Today. BLUFFTON, Ind., March The Old National Bank of Bluffton. operating under recently granted state opened business here in old Studabaker Bank building recently purchased from Bank for The National Bank is capitalized at with surplus. The institution is backed by the National Fort Directors. Officers of the bank Henry C. Paul, president: Frak H. Cutshall, Hitzeman, cashier, and W. Stogassistant Paul. Cutshall. W. M. Wilson H. Bowerfind. all of The the that an would be affiliated with the local bank for the of securities in the This organization will be at $25,000. Holds Stock. further that all capital stock in the bank subscribed by Fort men and that the bank here gets fully into operation. this would have the opportunity to buy stock in the bank. Local men also will be employed in the bank, announced. First Bank Open. Following garding National Bank, officers of the First Commercial Bank, started here under state charter Wells County Bank building. announced that they had received national charter and from now on their bank would be known First National Bank Bluffton. This bank also capitalized $100,000. surplus $50,000. This institution backed by interfrom National Bank Wayne. Niezer president; Harry dent; Potthoff. cashier, R. Fitzpatrick assistant cashier. With above banks now operation financial affairs the county moving smoothly Morris Stultz, receiver Studabaker Wells County Bank, is ing his work of liquidating those stutions. Walmer charge the Union Savings Trust Company liquidation.
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EXPANSION OF PLANT PLANNED Bluffton Industry Acquires Hotel Building. Bluffton. Ind., Nov. 2.-The manufacturing firm of Patton & McCray, comprised of W. A. Patton and Morris McCray, today purchased the old Commercial Hotel building. immediately adjoining their brick factory building on the west. and will enlarge their factory. The new property doubles their space and gives the firm a plot 140x160 feet adjacent to the Clover Leaf railroad tracks. The first step in the expansion program will be the construction of a new mill room. Third Bank Distribution. The Union Savings and Trust Company. which has been in charge of a liquidating agent since last March. gave depositors a pleasant surprise when they mailed to them checks for a payment of 10 per cent of money due. The total distribution today amounted to about $26,000. This made the third distribution by the Union Savings and Trust Company, for a total of 40 per cent. A 20 per cent distribution was made May and a 10 per cent payment was made August 1. The bank was closed in a solvent condition when runs were started after other local banks had closed. The state banking department, which after an audit pronounced the trust company in solvent condition, authorized D. A. Walmer. president of the institution, to act as liquidating agent. Woman Champ Husker Named. Mrs. Dwight Reynolds. of Harrison Townships, was declared the woman champion corn husker of Wells County when she headed a list of nine women huskers who competed in a thirty-minute husking bee after the third annual husking bee for Wells County men had been held Mrs. Reynolds' record was 8.5 bushels in thirty minutes. Mrs. Mary Vickery, of Rockcreek, and Mrs. Ralph Walborn, of Harrison. were tied for second place, each husking 7.6 bushels. The other six, finishing in order. were: Mrs. Luster Yager. 7.3: Mrs. Samuel Dickason. 7.2: Mrs. Willard Jarrett.
COURT ORDERS GIRL EXAMINED Returned to Bluffton After Leaving Her Home. Bluffton, Ind., Aug John Decker of the Wells Circuit Court. has appointed Drs. Harold Cayand Nickel examining report on the condition physicians Miss Olive Harvey, daughter Millie Harvey, two miles south Mt. Zion. The girl run away and appeared Monday night three had asked to look for She fled from officers but finally captured after chase through cornfields north of She taken to the Huntington County was later brought the jail here. fought Warren officers when they tried take her into custody and has also been hard case for local officers. She has been and thought that her physical condition responsible for her actions Escaped in Auto Crash. Claude of Fiat and Lloyd Risser. of Petroleum, escaped serious injuries when their automobiles collided at road intersection, mile east of Petroleum Downing driving truck. struck by Risser's car and overturned. Groceries were scattered over the ground and were mixed with several dozen broken eggs and quantity flour. The truck out badly mob. Frank Meyers, south of reBrown, ports theft of his sedan, which ing was stolen from parking place in this city. Police in surrounding cities notified the theft. The equipped with tires. plan to ter colleges this fall, were guests of the Rotary Club at and held last evening at the Bliss Hote. Miss Blanche Karns. an instructor given in the Bluffton High School, was in charge of musical program presented by Misses Kathryn Sauer Edwinna Patton and Joseph Eichhorn. Guests of the club were Misses Jane Malcolm, June Jones, Alice Miller, cipal, Barbara Thompson, Mary Claudine Florabel music, Mary Jane Robbins. Lucille Neuhauser. Mary Brown. Harriett Swisher. Kathryn Saurer, Edwinna Patton and Eugene David third William Weisell, William Gitlin. Raymond Meyer, Mark Decker, Joseph Wendell Bank Receiver Makes Payment. Wamer, liquidating agent for the closed Union Saving Trust Company here. started today making cent distribution creditors. distribution being made totals and will bring total paid depositors since the bank closed to cent. Congressman James Farley Auhas notified of the Wells Young Voters' Club that he will attend mass meeting be held at the community building in this city Tuesday evening. New Albany, for the United State Senate, will the principal speaker.
BLUFFTON BANK TO PAY IN FULL Depositors Will Receive Final Distribution Today. Bluffton, Ind., Nov. 29.—Announcement was made today by D. A. Walmer, in charge of the liquidation of the Union Savings and Trust Company of this city, that depositors will be paid a 5 per cent distribution Saturday, which will be the final payment, making in full the sum due all depositors. The liquidating agent has paid 95 per cent previously in payments extending over a period of six years. There has been no final accounting reported, showing what balance, if any, remains for stockholders. The bank was closed in 1929, not because of its own instability, but due to a run caused by closing of another bank. The condition of the bank was found so good by the state banking department that it was permitted to reopen. A second run caused the bank officials to decide to close it for the benefit of all depositors. James O. Gordon, corn-hog contract compliance supervisor for Wells County, has issued a notice to farmers that all excess hogs produced by corn-hog signers must be delivered to the county farm Saturday. Any failing to make deliveries as stipulated will be classed in a "non-compliance" group, subject to penalties prescribed. Those having excess hogs have been directed to leave them at stockyards in Bluffton, Ossian or Keystone, whence they will be delivered to the county farm. Raise $275 for Library. Members of the city library board reported today that the sum of $275 was raised last Friday and Saturday, through tag days and contributions by federated women's clubs, and the money will be devoted to purchase of new books for the public library. Mrs. Harvey L. Garboden, 47, is dead at her home near Linn Grove, following an illness of two weeks from erysipelas and complications. She is survived by the husband, the mother, Mrs. Henry Grandlienard; three children, James Edward, Doris Maxine and Phyllis Gean Garboden, all at home; a sister, Mrs. Reuben Miller, of Domestic, and a brother, Charles Grandlienard, of west of Linn Grove. Funeral services will be held at 2 o'clock Sunday afternoon at the West Missionary Church at Berne, and burial will be in the Salem Cemetery. Mrs. Brayton Davison Dies. Mrs. Brayton Davison, 55, died today at her home, south of Ossian, following an illness of diabetes and complications. Surviving are the husband, the father, of Jefferson, O.; a son, Garth Davison, of Ossian; a daughter, Mrs. Mark Jackson, west of Ossian; a brother, Earl Shorts, of Jefferson, O., and four sisters, Mrs. Frank Mills, of Dorset, O., Mrs. Harry Carroll and Mrs. Franklin Matthews, of Ashtabula, O., and Mrs. Vernon Hughes, of Bluffton. Mrs. Davison was a member of the Ossian M. E. Church, where funeral services will be held at 2 o'clock Sunday afternoon, with burial in the Ossian Cemetery. Announcement was made today of the marriage Wednesday evening of Miss Evelyn Corll, a daughter of Mr. and Mrs. J. P. Corll, of Zanesville, and Paul Schwartz, a son of Mr. and Mrs. Henry Schwartz, near Uniondale. They were married at the Lutheran parsonage at Uniondale by the pastor, the Rev. H. L. Walmsley. The bride was graduated from the Union Center High School in 1929 and the groom graduated the previous year from the same school. The couple will reside in Zanesville.