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INDIANA BANK IS CLOSED Institution Once Headed by Governor May Reorganize. KENTLAND, Ind., Oct. 13.—The Discount & Deposit State bank of this city, of which Governor McCray was president until shortly before his financial difficulties became public, was closed today. Judge Darroch, who succeeded the governor as president, said a reorganization was contemplated.
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go out and investigate the Governor's financial status, bank by bank?" we knew nothing about embezzlement. we any "Of alleged course, ourselves. If had we would have been stuck Federal investigation of the affairs of the Discount and Deposit State Bank of Kentland will be made "in all probability," Homor Elliott, United States district attorney, said today. Meanwhile, a State investigation is under way of the affairs of the bank, which closed its doors Saturday. Governor McCray formerly was president of the institution. The Governor still was out of the city and persons close to him continued their refusal to tell where ne is. His absence led to persistent rumors that he was dead. "The Governor left Indianapolis at 3 p. m. Saturday," William P. Evans, Marion County prosecutor and son-inlaw of the Governor, said. "I know where he is, but I do not care to tell. He will be back in the city this afternoon." Prosecutor Is Still III Charles W. Moores, special prosecutor in charge of the Marion County grand jury investigation of McCray's affairs, still was confined to his home by illness. At his home it was said he was much better, but that the date for resumption of the grand dury investigation is Indefinite. In connection with the probability of a Federal investigation, Elliott dictated this brief statement "In view of the closin of the bank and the assertions made by some of its present officers in all probability a Federal investigation will be made." "I am not going to say another word about/it," he declared. McCray Paper Cared For The Discount and Deposit State Bank is a Federal reserve depository and as such would come under Federal as well as State jurisdiction. The investigation, if any, is expected to be made by agents working directly under the Department of Justice at Washington. William Darroch, president of the bank, said the situation concerning that institution is unchanged. "I have no idea when the bank will be reopened," he said. Darroch said, when the bank was closed, that it was closed for reorganization. Thomas D. Barr and Elmer Johnson, State bank examiners, are in charge of the investigation of the bank's affairs. The bank had a large amount of McCray paper, but it was understood this was taken care of through the "pool" headed by James P. Goodrich. Twenty-Three Suits, New Total It is, alleged in the bankruptcy petition now pending in Federal Court against McCray that the bank was made a preferred creditor. If the bankruptcy action is successful, it is believed the payment of money to the bank win be declared an act of bank. ruptcy. Under these circumstances the bank is in a position to lose heavily. It is understood the closing of the bank resulted from the withdrawal of deposits, including $60,000 of State money, since that institution became a storm center in the McCray tangle. Two more suits on notes have been filed against McCray at Kentland. One for $10,000 was field by the Delaware County National Bank of Muncie, and one for $3,500 by the Grand View Bank of Grand View. This brings the total of suits to twentythree and the amount involved to $116,000.
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PETITIONS TURNED OVER TODAY TO STATE BANKING DEPARTMENT INDIANAPOLIS, Oct. 16.—Petitions for a receiver for the Discount and Deposit State bank of Kentland, from which Governor Warren T. McCray resigned as president recently, were turned over to the state banking department today by Edward M. White, deputy attorney general.
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BANK RECEIVER SOUGHT McCray Institution Named in Commissioner's Petition KENTLAND, Ind., Oct. 17.—Petition for a receiver to take charge of the assets of the Discount and Deposit Bank, of this city, of which Governor McCray was president until recently, was filed in the Newton Circuit Court today by E. H. Wolcott, State Banking Commissioner. The bank closed its doors last Saturday. The court set October 24 for a hearing on the petition. The petition alleges that the bank is either insolvent or in danger of becoming insolvent and that the Commissioner believes a receiver should be appointed.
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BANK RECEIVER SOUGHT McCray Institution Named in Commissioner's Petition KENTLAND, Ind., Oct. 17.—Petition for a receiver to take charge of the assets of the Discount and Deposit Bank, of this city, of which Governor McCray was president until recently, was filed in the Newton Circuit Court today by E. H. Wolcott, State Banking Commissioner. The bank closed its doors last Saturday. The court set October 24 for a hearing on the petition. The petition alleges that the bank is either insolvent or in danger of becoming insolvent and that the Commissioner believes a receiver should be appointed.
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McCRAY BANK SHAKY. KENTLAND, Ind., October 18.Petition for a receiver to take charge of the assets of the Discount and Deposit Bank of this city, of which Gov. McCray was president until recently, has been filed in the Newton circuit court by E. H. Wolcott, state banking commissioner. The bank closed its doors last Saturday. The court set October 24 for a hearing on the petition. The petition alleges that the bank is either insolvent or in danger of becoming insolvent and that the commissioner believes a receiver should be appointed. All the world loves a lover. And all the world hates a hater.
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KENTLAND BANK RECEIVER CASE HEARING OCT.24 Next Step in McCray Money Tangle Is Answer in Federal Suit, Hearing on a suit for a receiver for the Discount and Deposit State Bank of Kentland will be held in the Circuit Court at Kentland next Wednesday. The suit was filed by the State banking department. In the petition for a receiver it is charged the bank either is insolvent or in danger of insolvency. The institution closed its doors last Saturday. Governor McCray resigned as president of the bank recently after the institution had become involved in the Governor's personal affairs. The next step in the McCray financial tangle will be filing of an answer by McCray's attorneys in the bankruptcy suit pending in Federal Court. The answer will be filed with the United States commissioner at Ft. Wayne. The Circuit Court at Kentland will hear suits on notes against McCray Oct. 29, 30 and 31.
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Bank Receiver Suit Hearing to Be Oct. 24 United Press Leased Wire INDIANAPOLIS, Ind., Oct. 18.—Hearing on a suit for a receiver for the Discount and Deposit State bank of Kentland, of which Gov. McCray formerly was president, will be held in circuit court at Kentland Oct. 24, it was stated today at the office of the state banking commission. The petition charges that the bank is either insolvent or on the verge of insolvency. The institution closed its doors last Saturday.
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KENTLAND BANK RECEIVER CASE HEARING OCT. 24 Next Step in McCray Money Tangle Is Answer in Federal Suit. Hearing on a suit for a receiver for the Discount and Deposit State Bank of Kentland will be held in the Circuit Court at Kentland next Wednesday. The suit was filed by the State banking department.
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Hearing on a suit for a receiver for the Discount and Deposit State Bank of Kentland will be held in the Circuit Court at Kentland next Wednesday. The suit was filed by the State banking department. In the petition for a receiver it is charged the bank either is insolvent or in danger of insolvency. The institution closed its doors last Saturday. Governor McCray resigned as president of the bank recently after the institution had become involved in the Governor's personal affairs. The next step in the McCray financial tangle will be filing of an answer by McCray's attorneys in the bankruptcy suit pending in Federal Court. The answer will be filed with the United States commissioner at Ft. Wayne. The Circuit Court at Kentland will hear suits on notes against McCray Oct. 29, 30 and 31.
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McCRAY BANK RECEIVER GIVEN PERMANENT JOB KENTLAND, Ind., Oct. 25.—William Darroch Wednesday was appointed permanent receiver for the Discount and Deposit State Bank of this city, which closed its doors Oct. 13. The appointment was made by Judge George A. Williams on application of the state banking department. Mr. Darroch became president of the bank following the resignation of Gov. Warren T. McCray several weeks ago and last week was appointed temporary receiver. The publicity given Gov. McCray's financial difficulties and his connection with the institution resulted in a lack of public confidence which forced it to close, according to a statement made by Mr. Darroch when the bank first suspended business.
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M'CRAY BANK RECEIVER NAMED Man Who Succeeded Indiana Governor as President To Serve By The Associated Press Kentland, Ind., Oct. 24.—William Darroch today was appointed permanent receiver for the Discount and Deposit State bank of this city which closed its doors October 13. The appointment was made by Geo. A. Williams of the Newton circuit court on application of the state banking department. Mr. Darroch became president of the bank following the resignation of Governor Warren T. McCray several weeks ago and last week was appointed McCray's financial difficulties and temporary receiver. The publicity given Governor his connection with the institution resulted in a lack of confidence which forced it to close, according to statement made by Mr. Darroch, when the bank first suspended business.
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PERMANENT RECEIVER FOR KENTLAND BANK KENTLAND, Ind., Oct. 24.—William Darroch today was appointed permanent receiver for the Discount and Deposit State bank, of this city, which closed its doors Oct. 13. The appointment was made by Judge George A. Williams, of the Newton circuit court on application of the state banking department. Mr. Darroch became president of the bank following the resignation of Gov. Warren T. McCray several weeks ago and last week was appointed temporary receiver. The publicity given Gov. McCray's financial difficulties and his connection with the institution resulted in a lack of confidence which forced it to close, according to a statement made by Mr. Darroch when the bank first suspended business.
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REACHES NO DECISION ON KENTLAND DEPOSIT State Finance Board Hears Bank May Pay 75 Per Cent. WILL LOOK TO BONDSMEN What action is to be taken by the state board of finance or the state treasurer to recover $90,000 of state money on deposit in the Discount and Deposit State Bank of Kentland, now closed, has not yet been determined by the board or the treasurer, according to Ora Davies, state treasurer. Governor McCray was president of the bank, which the directors announced was
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A new bank to be known as the Newton County State Bank has been organized at Kentland and, it is reported may take over some of the assets of the closed bank. The new bank received a charter on the same day a charter was requested and on recommendation of the Governor.
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M'CRAY LAND ATTACHED Kentland Bank Gets $42,358 Judgment Against Governor. All of Governor McCray's land in Chippewa County, Michigan, has been attached by the Discount and Deposit State Bank of Kentland, of which the Governor formerly was president. The bank, in receivership, has closed its doors. The land was seized for judgment of $42,358.11 granted the bank on notes owed by McCray. The land is valued at between $85,000 and $40,000. Opinion was expressed here that judgment could not be executed pending settlement of the bankruptcy case against McCray.
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BANK ASSESSMENT CUT McCray Bank Receiver Says $95,000 Figure Is Too High. Assessment of $95,000 placed on the Discount and Deposit State Bank of Kentland, now defunct following financial difficulties of Governor McCray, has been reduced to $3,000, William Darroch, receiver, told the State tax board that the financial condition of the bank was not shown accurately in its 1923 statement.
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BANK ASSESSMENT CUT McCray Bank Receiver Says $95,000 Figure Is Too High. Assessment of $95,000 placed on the Discount and Deposit State Bank of Kentland, now defunct following financial difficulties of Governor McCray, has been reduced to $3,000, William Darroch, receiver, told the State tax board that the financial condition of the bank was not shown accurately in its 1923 statement.
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KENTLAND BANK AIDED Tax Assessment Set at $110,000 Removed by State Board. Tax assessment of the Discount and Deposit State Bank of Kentland, Ind., in receivership, was entirely removed today following a hearing before the State tax board. The valuation had been set at $110,000. The board found stock to be valueless. Assessment of the Ft. Wayne Ave. State Bank was reduced from $28,700 to $25,000. Bond issues denied by the board: Emanuel Dobbs Rd., Van Buren township, Kosciusko County, $16,720; Sugar Creek School township, Clinton County, District Three School, $45,000; improvement of streets in Fremont, Steuben County, $18,000; Jesse avHens Rd., Rush County, $47,640.