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Indiana Ban Reopens. HAMMOND, Ind., February 28 (P).The Farmers and Merchants Bank of Highland, Ind., closed three weeks ago to preserve its assets during a run, was reopened yesterday. Grover Shinn, special bank examiner, described its condition as "fine and solvent." The bank is capitalized at $700,000.
ASK BANK RECEIVER Attorneys representing Luther F. Symons, bank commissioner of Indiana, this morning petitioned in the court of Superior Judge Clyde Cleveland asking that a receiver be appointed for the Farmers' and Merchants' bank of Highland which closed its doors recently. The petition was made returnable on Jan. 28, at which time the court will announce his appointment.
ASK BANK RECEIVER Attorneys representing Luther F. Symons, bank commissioner of Indiana, this morning petitioned in the court of Superior Judge Clyde Cleveland asking that a receiver be appointed for the Farmers' and Merchants' bank of Highland which closed its doors recently. The petition was made returnable on Jan. 28, at which time the court will announce his appointment.
ASK BANK RECEIVER Attorneys representing Luther F. Symons, bank commissioner of Indiana, this morning petitioned in the court of Superior Judge Clyde Cleveland asking that a receiver be appointed for the Farmers' and Merchants' bank of Highland which closed its doors recently. The petition was made returnable on Jan. 28, at which time the court will announce his appointment.
ASK BANK RECEIVER Attorneys representing Luther F. Symons, bank commissioner of Indiana, this morning petitioned in the court of Superior Judge Clyde Cleveland asking that a receiver be appointed for the Farmers' and Merchants' bank of Highland which closed its doors recently. The petition was made returnable on Jan. 28, at which time the court will announce his appointment.
ASK BANK RECEIVER Attorneys representing Luther F. Symons, bank commissioner of Indiana, this morning petitioned in the court of Superior Judge Clyde Cleveland asking that a receiver be appointed for the Farmers' and Merchants' bank of Highland which closed its doors recently. The petition was made returnable on Jan. 28, at which time the court will announce his appointment.
HIGHLAND BANK MAY OPEN SOON 100 Depositors and Stockholders in Court to Hear Cleveland Ruling Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank 15 additional days in which to prepare its defense against the petition of Luther Symons, Indiana banking commissioner, after Attorney William J. Whinery, representing the bank, had asked for more time. Bank officials and other interested parties believe they can raise enough money to put the institution in satisfactory condition. The bank has been closed for several weeks, having suspended business shortly after Hammond became bankless. Attorney Merle Wall, assistant to Attorney-General Ogden, refused to allow Attorney Whinery access to the report of the bank examiners whose investigations led to the closing of the institution. He agreed, however, to furnish the defense attorney individual items from the report. More than 100 depositors and stockholders in the Highland bank were in court during the brief hearing.
Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank
HIGHLAND BANK MAY OPEN SOON 100 Depositors and Stockholders in Court to Hear Cleveland Ruling Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank 15 additional days in which to prepare its defense against the petition of Luther Symons, Indiana banking commissioner, after Attorney Wil-
Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank 15 additional days in which to prepare its defense against the petition of Luther Symons, Indiana banking commissioner, after Attorney William J. Whinery, representing the bank, had asked for more time. Bank officials and other interested parties believe they can raise enough money to put the institution in satisfactory condition. The bank has been closed for several weeks, having suspended business shortly after Hammond became bankless. Attorney Merle Wall, assistant to Attorney-General Ogden, refused to allow Attorney Whinery access to the report of the bank examiners whose investigations led to the closing of the institution. He agreed, however, to furnish the defense attorney individual items from the report.
Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank 15 additional days in which to prepare its defense against the petition of Luther Symons, Indiana banking commissioner, after Attorney William J. Whinery, representing the bank, had asked for more time. Bank officials and other interested parties believe they can raise enough money to put the institution in satisfactory condition. The bank has been closed for several weeks, having suspended business shortly after Hammond became bankless. Attorney Merle Wall, assistant to Attorney-General Ogden, refused to allow Attorney Whinery access to the report of the bank examiners whose investigations led to the closing of the institution. He agreed, however, to furnish the defense attorney individual items from the report. More than 100 depositors and stockholders in the Highland bank were in court during the brief hearing.
Possibility that the Farmers and Merchants bank of Highland would reopen within the next 30 days was seen today in a decision by Superior Judge Clyde Cleveland, extending hearing on a receivership petition for the bank until Feb. 15. Judge Cleveland granted the bank 15 additional days in which to prepare its defense against the petition of Luther Symons, Indiana banking commissioner, after Attorney William J. Whinery, representing the bank, had asked for more time. Bank officials and other interested parties believe they can raise enough money to put the institution in satisfactory condition. The bank has been closed for several weeks, having suspended business shortly after Hammond became bankless. Attorney Merle Wall, assistant to Attorney-General Ogden, refused to allow Attorney Whinery access to the report of the bank examiners whose investigations led to the closing of the institution. He agreed, however, to furnish the defense attorney individual items from the report.
MUNSTER FILES SUIT TO REGAIN SCHOOL MONEY Henry Van Til, former president of the defunct Farmers and Merchants Savings bank of Highland, Nick Kirsch, Andrew Wagner, Henry and Walter Schrage, and others today were named defendants in a suit for $20,000 filed in Hammond Superior court by the board of finance of the school town of Munster. Filed for the school town by Attorney M. Elliot Belshaw, of Hammond, the suit seeks recovery of $18,341.21 which the school had on deposit in the bank when its doors were ordered closed on January 6, 1932. The defendants all signed a depository bond insuring the school of full recovery in case of loss by bank failure. They are sued jointly and severally. The bond was signed by the various defendants on December 20, 1930.
MUNSTER FILES SUIT TO REGAIN SCHOOL MONEY Henry Van Til, former president of the defunct Farmers and Merchants Savings bank of Highland, Nick Kirsch, Andrew Wagner, Henry and Walter Schrage, and others today were named defendants in a suit for $20,000 filed in Hammond Superior court by the board of finance of the school town of Munster. Filed for the school town by Attorney M. Elliot Belshaw, of Hammond, the suit seeks recovery of $18,341.21 which the school had on deposit in the bank when its doors were ordered closed on January 6, 1932. The defendants all signed a depository bond insuring the school of full recovery in case of loss by bank failure. They are sued jointly and severally. The bond was signed by the vari-
MUNSTER FILES SUIT TO REGAIN SCHOOL MONEY Henry Van Til, former president of the defunct Farmers and Merchants Savings bank of Highland, Nick Kirsch, Andrew Wagner, Henry and Walter Schrage, and others today were named defendants in a suit for $20,000 filed in Hammond Superior court by the board of finance of the school town of Munster. Filed for the school town by Attorney M. Elliot Belshaw, of Hammond, the suit seeks recovery of $18,341.21 which the school had on deposit in the bank when its doors were ordered closed on January 6, 1932. The defendants all signed a depository bond insuring the school of full recovery in case of loss by bank failure. They are sued jointly and severally. The bond was signed by the various defendants on December 20,
MUNSTER FILES SUIT TO REGAIN SCHOOL MONEY Henry Van Til, former president of the defunct Farmers and Merchants Savings bank of Highland, Nick Kirsch, Andrew Wagner, Henry and Walter Schrage, and others today were named defendants in a suit for $20,000 filed in Hammond Superior court by the board of finance of the school town of Munster. Filed for the school town by Attorney M. Elliot Belshaw, of Hammond, the suit seeks recovery of $18,341.21 which the school had on deposit in the bank when its doors were ordered closed on January 6, 1932. The defendants all signed a depository bond insuring the school of full recovery in case of loss by bank failure. They are sued jointly and severally. The bond was signed by the various defendants on December 20,
MUNSTER FILES SUIT TO REGAIN SCHOOL MONEY Henry Van Til, former president of the defunct Farmers and Merchants Savings bank of Highland, Nick Kirsch, Andrew Wagner, Henry and Walter Schrage, and others today were named defendants in a suit for $20,000 filed in Hammond Superior court by the board of finance of the school town of Munster. Filed for the school town by Attorney M. Elliot Belshaw, of Hammond, the suit seeks recovery of $18,341.21 which the school had on deposit in the bank when its doors were ordered closed on January 6, 1932. The defendants all signed a depository bond insuring the school of full recovery in case of loss by bank failure. They are sued jointly and severally. The bond was signed by the various defendants on December 20, 1930.
HIGHLAND BANK PAYS DIVIDEND Rapid and efficient liquidation of the assets of the Farmer's and Merchants Savings Bank of Highland yesterday made possible the declaration of a ten percent dividend for depositors by Harry Folk and Orvil Carpenter, co-receivers for the defunct institution. The dividend, amounting to $15,705, was ordered by Superior Judge Clyde Cleveland after the receivers had petitioned through their attorney, Harold W. Hammond. At the same time, Judge Cleveland granted a petition requesting that all claims of $2 and less, 203 in number, be paid at once. The claims aggregate only $169.49, according to the petition filed with Judge Cleveland.
BANK WILL PAY CO. FUNDS [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 9.—The Farmers and Merchants bank of Highland will pay in full the county funds amounting to more than $25,000 which were on deposit at the time the bank was forced to close. This announcement was made this morning by President Henry Van Til as he turned over to County Treasurer Herman Conter a check for $2,522.45 as the bank's first payment of ten per cent on those deposits. Treasurer Conter today sent $50,000 to the state treasurer as an advance payment on funds which the county would be called upon to pay July 1. He had already advanced $300,000 to the state. The early payments were made because of the fact that all of the banks in which the county may deposit funds are carrying the full amount authorized and no other depository is available.
Judge Harold L. Strickland, today, approved a petition of Harry E. Folk, requesting permission to pay to 9,000 depositors of the First Trust & Savings bank of Hammond an additional five per cent dividend. This dividend will amount to a cash disbursement to depositors of $160,000 and is made available from cash acquired through the liquidation of various assets of the bank together with funds borrowed from the Reconstruction Finance corporation. This will make a total of 20 per cent in dividends paid to the depositors of the First Trust & Savings bank. Of this amount, 15 per cent has been paid since Mr. Folk assumed charge of the affairs of the bank in March, 1933. The 20 per cent in dividends amounts to a total payment of cash of $675,824.95. Mr. Folk was ordered to begin payment of the dividend on Oct. 30. COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931. Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93. The last dividend of 5 per cent was ordered paid by Judge Strickland on Sept. 28. This dividend amounted to $50,500 and was paid to approximately 5,500 depositors. As yet, $8,000 remains to be paid, and depositors holding notices for this amount are urged by Mr. Folk to call for payment at his office in the First Trust building. ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000. The banking situation throughout the Calumet region has in large measure settled down. The new federal legislation upon the subject, guaranteeing deposits up to $5,000, has revived a confidence in banks that once was sorely lacking. A checkup of the local banking debacle discloses that out of approximately 31 banks operating in the Calumet district in 1930, approximately 25 have closed and suspended business. There are now two banks operating in Whiting, two in East Chicago, two in Gary and two in Hammond. The following is a list of closed banks and the amounts of dividends paid: WHITING Central State bank ........10% GARY First National bank ......41 1/2 % National Bank of America. 45 2-3% Amercian State Bank and First Indiana State bank. 10% Central Trust & Sav. bank. None The Fifth Avenue bank....25% Gary Labor bank .........24.6% Glen Park State bank......15% Mid-City State bank.......None Miller State bank.........10% First State bank..........None Peoples State bank........None EAST CHICAGO Citizens Trust & Sav. bank. None Indiana State bank........None Peoples State bank, ord....12 1/2 % East Chicago State bank...None American State bank ......None HAMMOND First Trust & Sav. bank...20% Ham'd Nat Bank & Tr. Co. 17 1/2 % Nor. Trust & Sav. bank....10% Maywood Tr. & Sav. bank..None Amer. Trust & Sav. bank...15% State Bank of Hammond...None Peo. Co-Op State bank.....29 1/2 %
Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.