Indianapolis Times, Volume 42, Number 143, Indianapolis, Marion County, 24 October 1930 — Page 2

PAGE 2

FROZEN ASSETS GIVEN BLAME IN BANK CLOSING Inventory Begun by State; Smaller Institution Shuts Doors. Inventory was under way today by the state banking department preparatory to liquidation of assets cf City Trust Company, which closed its doors voluntarily at noon Thursday. Frozen assets and present demoralized condition of the real estate market were chief troubles of the institution, Dick Miller, president, said. Accoramg to its last statement, the City Trust Company had total assets of $5,357,881, deposits of $2,030,039, and trust investments amounting to $7,020,000. Until the audit of records is completed amount of loss will not be known. Liquidation process will be slow because of the character of the bank's assets. Liabilities of the trust company included deposits, trust investments, $1,021,427; notes rediscounted, $76,792; first mortgage certificates outstanding, $1,668,500. Bills in the sum

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of $214,792 were payable, and undivided profits, capital and surplus totaled $342,000. The company was capitalized, and under the law governing bank failures, owners of stock are liable to assessment double par value of the stock they hold. Officers, besides Dick Miller, are: H. J. Barnard, H. O. Garman, J. D. Peterson and E. H. Richardson, vice-presidents; Dwight A. Murphy, vice-president and secretary; C. Milton Kelly, vice-president and treasurer; E. w. Davey, assistant secretary, and K. E. Smith, assistant treasurer. Directors: Miller, W. F. Fox Sr., Garman, Alfred Henry. Kelly, Barnard, Murphy, James M. Ogden, Peterson, Richardson and John T. Van Zant. Postal Station State bank. 356 South Illinois street, of which Miller is president, also closed its doors Thursday afternoon, to avoid heavy withdrawals expected to follow closing of the big bank. A. C. Brock, cashier, said the institution is fairly sound, and that it

"* , gg ‘ in / * Trade In Your I Take 74 Weeks to Pay for SSO OIH And Only Sc Down! -.1 tj j . fffjjpr gg Amt. Wk. Total Amt. Wk. Total Amt. Wk. Total [Amt. AVk. Total Ju fill Jf Ol*CO ISAill * IMLaaL * ‘ m*** $ .23.. -‘ml ..S .25 $1.10.. 19th ..$13.70 $ .25. . :56th . .824.70 | S .00. .53r<l . .551.60 • r iT" J SH 1 dfeft? 8 HrWmPfMW IllrllHnV .30.. 3rd .. .55 1.t0.,30th ..13.00 .20.37t1i ..21.90 1.041..54th ..35.60 /~A a it T| I I ITulJlllfMl I Wom $9 1 3 PSil 8 1 I®% VSIIVFW BWT UStIHIIJU Ct *_. .35.. 4th .. .00 1.10.. Slat .. 11.90 .20.. Ktli ..25.10 1.10.. 55. Ii ..36.70 §,l 1| Q TOP 'I I I M.ItMMI I , (llfff IHH B W ■iC .45.„ sth .. 1.35 1.00. ,22nd .. 15.90 .25..39th .. 25.35 1.10. ,56th .. 37.80 VJM lyUlttl/Ul I, | jgfif 1 n i ntr -M A W S::?S :: iS '.:SK ::!! S::SS ::SS tS::S& ::SS save as never before ... in m Buy and Put Men ,J%M W SC SS:: ;!:£ SMS:: SB SS ’SMS :: lIS price and fuel. This powerful " 1 to Work’ a|jtWL ! ;-!v:!h :: JLIS :SS::SU!I l?;50 .-Is.'S :: l*:S :: 4j unit of the very best cast iron. |! ||J®s9JBJ 1 :'Wi We are busy! People are buying! We have l ] 5C ' 34? .75..1ath .’. 6.90 .75. noth ..22.25 .75.,47th .. 29.75 .75.,64ti. ..45.10 Circulates clear warmth all thru • M tUQtlilh>i./liiu~ ■ U 111 added'men to our force. We believe the BrlMrli l . .90.. isth .. 8.69 .50. ,82nd ..23.35 .75.,49th .. 31.25 .75..66th ..46.60 the house, odorless, consumes its rflurlllMir.nil'i4l’l < m solution to the present conomic depression ca 5C ,S::SS;:: 4SS :S::SS::S:S 3::S :: S:S j :2:Sll - I iJMgMJ.-. ■ is to urge people to buy-75% of the people -**' I.lo. .isth ..11.60 .30. 35th ..24.151 .90. .52nd .. 33.70 | .so. ,69th .. 48.45 jggf jj ||H l/MJTii! ]l| i*| i rFS ■ of this city are working .. . and should start buying ... to g Sc ■ LaiiiH ; -II help the others get back to work. 8 j - “Windsor” Bed Outfit of Style ! ** jPßiit-SlfMyM If one store gets busy, others will follow-other cities will folJ Jiiney Terms! low, factories will start and re-employ their people. ? mm - | ! I nity to buy furniture on the easiest terms ever devised. We place all our 3** - (B Graceline *Dial IKc to . resources back of you, so you can buy, and not miss paying for it. SC twiS'Syte 0.69 Use the Jitney Plan! J* ■J_ I T y[ —a gorgeous R) He.J 5c delivers your choice of articles up to $50.00 worth—and then you can jC mjji A , T’! z| bed creation, 1| J p -(J take as long as 74 weeks to pay for the balance on terms so easy you will Sc ||i ipp: n | IdldTrim |mll, r 5c I *. ip l bi illiance v % Furnish your entire bedroom in style, in splendor, with comfort and great savings, O g Qttomon to Match 975 Your choice of 3 pieces of the bedroom suite shown. . . . Boudoir chair, coil spring, *>• —*4 Open an Account! -r * ’ mattress, pair of pillows, comfort and blanket 5C 5C , , , „ , , r ,. . „ , , -'Pillow Arm'- Jacquai-d All Over Suite! _ ft Double Pedestal Diiirng lame: | -Ii rn’ i 5c Gorgeous veneers, richly finished. Expertly —-a j Choice of any size.* * j Smartly styled, extremely comfortable, 3-pc. —g ms built of walnut and other select cabinet J |/ | ! 1 pillow arm suite of luxury. Tailored in the I woods. 60-inch buffet, double pedestal exten- JK I ill j State-Wide Free Delivery! - newest style, covered all over in multi- tjp ■ f SL g sion table, host chair and five diners in b 8 \ p ‘ j colored jacquard. Pillow arm davenport, chair ~.B_ Lr jacquard. 8 pieces for W ? ... ■——and bunny chair F: Tlie HKMMCIC Mtores S 311-313 INDIANA'S LARGEST FURNITURE RETAILERS 22-24 e e 5C East Washington —■——; —-■■; —East Washington Street \ _• j Store No. 3ln Greenheld, Ind. j r Street 5c

may be reorganized and reopened soon. It was examined Friday by the state banking department, and no complaint was made concerning its affairs, he declared. Statement of Miller regarding the | condition of his bank is as follows: Protected Depositors “The City Trust Company closed its doors to afford the greatest possible protection to depositors and existing creditors. Our board of di- ! rectors decided that owing to our ; inability to secure the necessary credit to absolutely insure, an orderly liquidation of frozen assets, we should not go further into temporary credit accommodations. “It was the purpose of the board to keep our unpledged assets free, I to be ultimately liquidated for the benefit of the depositors rather than tie up additional assets by a pledge, thus making the holder of such pledged assets preferred creditors. Credit Refused “It is my opinion if we had secured the credit we believed we were

THE INDIANAPOLIS TIMES

entitled to we co ’d have successfully placed the bank in a liquid position to warrant a continuation of its business. Not being able to secure such credit, the board of directors promptly and voluntarily determined to place the trust company in liquidation and turn over its affairs to the banking department. “The City Securities Corporation will continue to operate and new quarters will be obtained at as early a date as possible. The customers of the Securities corporation will be advised of such new location.’’ Luther F. Symons, state banking commissioner, who took charge of the trust company’s affairs shortly after noon Thursday, said he would not be able to make any estimate of the probable loss to sharehcldsrs and depositors that will come because of the failure. He said: “The credit of the City Trust Company was not entirely exhausted. However, in view of their already having substantial borrowings and the apparent necessity for con-

siderable available funds in the hear future, the board of directors, in order to conserve the assets of the institution, decided to close it. Upon that showing, the department of banking of the state of Indiana took charge of the institution.’’ MEDICAL GROUP WILL ELECT NEW LEADERS Convention to Adjourn to Allow Delegates to See Grid Game. Officers for the north central branch of the American Urological Association will be elected this afternoon in the Lincoln. About 100 physicians from middle western states are attending a three-day convention of the association tyhich opened Thursday. Clinics will be held at the city hospital Saturday morning. The convention will adjourn at noon following the clinics and a majority of delegates will leave for Lafayette to attend the PurdueWisconsin football game.

NAMES LEGION AUXILIARY AIDS Mrs. Raymond Is Installed a ; State President. C&mmictees for the Indiana American Legion auxiliary were an- | nounced today by Mrs. Elizabeth ! Haymond, Edinburg, newly installed I state presidents Other officers ini stalled at Legion headquarters i Thursday are: i Mrs. Ruth McConnell. Fowler, first vicepresident; Mrs. Marearet Moreland. Muncie. second vice-president; Mrs. Cordie Stmen. third vice-president: Mrs. Edna i Kennv Werkhoff. Lafayette, secretary-Mrs. Blanche Mount. Tipton, treasurer; Mrs. I Blanche McClunc. Muncie. historian, and Mrs. Effie Kennington. Indianapolis, chaplain. Committees are: Membership—Mrs. Edna Kenny Werkhoff. Lafayette, director; Mrs. Georgia Gootee. Vincennes, chairman; Mrs. Blanche

! Mount. Tipton, and Mrs. Ruth McConnell. I Fowler, the later to have charge of Junior | membership work. I Child Welfare-—Mrs. W-Uyiamele Lemmon, Oreensburg. Miss Rosemary Ktrkhoff. Indianapolis, and Miss Aramtnta iftnf Jeffersonville. | Soldiers’ and Sailors’ Chi’dren’s Home. I Knightstown—Mrs. Mvrtle Mevers. Greenj field. Service Sales—Mrs. Margaret Moreland. Muncie: Mrs. Hulda Batchelder. LaPorte. and Miss Helen Beckman. Jasper. Rehabilitation—Mrs. Minna Bernstein.

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OCT. 24, 1930

Muncie. nd Mrs. Haael Bovle. Indianapolit. Music—Mrs. Monterev Klnnerk. Wabash, and Mrs. Elizabeth Elsenblse. Logansport. Poonv Sales—Mrs. Elmina Holtman. Evansville, and Mrs. Cordie Stcmen, Columbia Citv. 4 Americanism Miss Rubv McWeely, Fowler, ana Mrs. Jessie Moore. Brazil. Fldar—Mrs. Vina Hinshaw. Carmel, and Mrs. Garnet Lee. Ft. Wayne. Legislation—Mrs. Isabelle Hauk. Morristown. Publicity—Mrs. Ruth Innis. Indianapolis.