Indianapolis Times, Volume 42, Number 190, Indianapolis, Marion County, 18 December 1930 — Page 6

PAGE 6

REPORT SHOWS SHRINKAGE AT CLOSED BANK Assets of State Savings Are Less Than Estimated, Says Receiver. Shrinkage in assets of closed State Savings and Trust Company from estimates of the state banking department when the institution closed April 25 was indicated in a partial report filed in circuit court late Wednesday by Eben H. Wolcott, receiver. The receivership has not progressed far enough to permit announcement of what payments may be made to depositors and creditors or when the first distribution may be made, the report; stated. The report covered the'period f ro m May 5 to Nov. 30; Forecast Is Impossible “This report? has been prepared for the benefit, of the court as Well as any creditor or stockholder who may be interested,” said the report. “Until preiorities all are determined and settled it will be impossible to forecast as-to when or what amount of distribution .can be made to general creditors.“Expenses are being kept as low as is consistent with handling the vast amount of detailed work that is necessary In a matter so complicated and involved as this. "In addition to services of the employes as'shown in the report this receiver has been exclusively employed in tjtjis matter since his qualification as receiver.” First Mortgages Sold A $40,000 shrinkage in assets from the banking department's earlier figures was. occasioned, the report said, by the. fact that that amount was carried on books of the bank as an asset when in reality it was a debt of'the State Property Company, a subsidiary. Trust accounts were found to be approximately 'slß,ooo less than the $112,452.55 figure set by the banking department. . The report ' further declared the receiver found the bank had pooled SIOO,OOO worth of supposedly first mortgages . on Indianapolis real estate with the power of substituting securities-of the same face value as the mortgages expired. It was found, said the report, that $50,000 of these had been sold to realize cash, blit second mortgages on Indiana farm property instead of Indianapolis real estate had been Balance Is Owed To the. $64,517.13 cash on hand 'when the receiver took charge, $95,424.50 had been added up to Nov. 30 from collection, but disbursements of $140,677.48 were made in that period, so that the receiver’s balance Nov. 30 was $19,274.15, according to the report. These did not include $128,021.78 collections made on the State Saving and Trust Company by the Indiana National bank on $280,400 notes held against the former institution, fully secured by collateral. The balance thus owed the Indiana National is $157,504.53, said the report. The sum of $18,300 owed the Fletcher American bank on a note had been reduced to $44.90 on Nov. 30, it said. Lesser Securities on Hand Difficulties of Wolcott in collecting cash on notes held by the institution also was revealed in the report to the court. According to the statement, Wolcott only has been able to collect $40,865.09, while the Indiana National bank has obtained $119,865.09 on notes and securities held by it in lieu of loans to the State Savings Company. The Fletcher American National bank has collected $18,300. it was pointed out that other banks In making loans to the State Savings, have selected the best grade of securities as collateral. This leaves the receiver only lesser grade securities on which to collect. In Spam Tuesday is considered an unlucky day for weddings.

OPEN EVENINGS UNTIL 9 O’CLOCK ~*~ \ I BUY ALL YOUR CHRISTMAS j ÜBUPTOr!! FOR LESS AT STANLEY'S i (p-! USE THIS CHECK AND SAVE! 5 \ ggj Every thrifty Christmas shopper is bound to appreciate l ■jjL?*# this marvelous offer! Present THIS GIFT ) CHECK at*the time of purchase and receive \ 1 HAVEN’T cot TIIE FIRST DOLLAR I ' _ \ I MADE—but I HAVE the first , W x ij Customer I made. ' ti\ f ?%i SlankfL neatre Baildinß I ? II -j—js.oo| i | Vu=a ss-^2si! * 1 ttt rit I t? This is my gift to the thrifty Christmas shopper. S -^ S, J- Buy the best of jewelry—the only kind that I sea {/ By presenting above check yon save $5.00. I I__* _ ' A

New Senator

Former Governor Cameron Morrison (above) of North Carolina, now will represent his home state in the United States senate. • - Long an outstanding .pemocEatac leader, he has been appointed by Governor Max Gardner to succeed the late Senator Lee S. Overman. . .'. . .7 ,

POLICE HUNT WOMAN Wife Who Went to Grocery Has Disappeared. Detectives *and police today were searching for ..Mrs, Ranslear Fuller, 29, of. 3340. North Meridian street, Apt: 306, who failed to return to her home Wednesday morning after she started to a ne?rby grocery. • The report wds given pollcfe by. her husband. Mrs.-Fuller, according to the report, weighs 140,' has blue ’eyes and brown hair. She was wearing a brown broadcloth coat, with, fur collar and cuffs. - -

SEEK BIDS ON DAM Contract on Hoover Project to Be Let in March. By Ignited Press- - -~ - LWASHINGTON, Dec. . 18.—The government today called for bids on construction of Hoover dam, huge power and irrigation project in Boulder canyon: of the - Golorado river. • ■ ■ / v;;./:. The bids will be opened: March 4, and contracts, will be . awarded as soon thereafter as possible.

Costiveness or constipation has a had and even dangerous effect if it i3 IB neglected. Always use a safe, mild, purely vegetable laxative to restore Bgßi the. normal functioning. iifelWli NATURE’S REMEDT-N? brings a bowel action by x ->- AJmH morning, as free and easy as Mature itself. £ No pain or griping. Nt Tonight— Tomorrow Alright tfatui&Rmedv g^sim EVAN S' EISLW AT ALLjGR°CERB ★ Safety for Savings Fletcher American NATIONAL BANK 4Sonthjt Cor. of Market and Pmniyivania % ON SAVINGS

MAN WHO FELL 1,000 FEET 35 YEARS AGO DIES Crippled City Printer, Hurt in Parachute Mishap, Liked Air Rides. Thirty-five years ago Jessey F. Harrell, then an enthusiastic, 21-year-old printer on Logansport Reporter, made a balloon ascension, jumped when the bag was 1,000 feet high, and the parachute didn’t open. Wednesday he died. And in that span of thirty-five years there lies a story of a will to live and a determination to succeed despite all obstacles. - His fall ended in a field. When they picked him up his back was broken along with some sixty other bones;-his body was a crushed mass. They gave Eirri six hours to meet eternity. — He laughed at them. Business Prospered “I’ll live,” he said. “I’ll put my faith in God.. I will not die.” He -did live. As days progressed he grew slightly better. Soon he was able to wheel around in a wheel chair. ' In 1896, his parents' moved to Indianapolis, to 608 North Illinois street. There Harrell opened a tiny printing shop. His business prospered. Soon he was able to employ a printer to do -the work. And since that time he has kept going—his latest business being at 134 West Fourteenth street; Enjoyed Airplane Trip Harrell took -the air again Sept. 3 at Hppsier, airport. He was taken to the field in an ambulance and flew With Bob Shank. He. liked it ; repeated the trip with several others 'all over the state. He was born in Windfall, Marsh 1, 1874, the son of T. R. and. Eliza-

Some for ■rw J6TTJK m/ Look at these oir fares Here are just a few examples of the money-saving rates quoted . by Greyhound Bus Lines. Low rates are but one feature of travel by Greyhound Lines. You see the country. You travel in hotwater heated coachos—comfortably seated in an aii-cuahioned easy chair. Go home Christmas Cincinnati $ 2.75 l^G, w bou o dUa Chicago 400 Lima $ 4.95 St. Louis 5.00 Toledo 5.00 Detroit 6 00 Dayton 3.00 Pittsburgh 8.00 Columbus 4.50 Buffalo 11.75 Rochester 13.75 I Boston ....•••• 21.75 Washington .. . 15.00 New York 18.00 Minneapolis k . . 14.00 Philadelphia ... 16.00 Chattanooga . . . 10.75 Atlanta In’en Miami 30.5 U Call or plione for complete New” Orleans. . . 20.00 inlormatlon u; . . 11.00 Traction Terminal Bus Depot Memphis O OO Illinois and Market Sts. Kansas City .... yA'U Phones: Un, 2333 or HI. 450 t Omaha. * Fletcher Savings St Trust Cos. Los Angeles. . • • 40.10 Foreign and Travel Dept. Penn, and Market Sts. Phone: Riley 1554

THE INDIANAPOLIS TIMES

REALTORS HEAR TALK Advocate of Fight for Property Tax Cut Luncheon Speaker. Arthur J. Mertzke, national educational research director of the National Association of Real Estate Boards, addressed the Indianapolis Real - Estate Board at luncheon today at the Indianapolis Athletic Club. Mertzke seeks to enlist the Indianapolis board in a move to organize real estate owners in a fight to reduce property taxation. Mertzke outlined the national association’s aims and tentative plans. City Plans Suit By Times Special PORTLAND, Ind., Dec. 18.—Robert Smith, city attorney, has been instructed by the city council to file a suit seeking to compel removal of tracks of the Muncie and Portland Interurban Company, on which service was abandoned Sept. 15. beth Harrell. He was educated at Windfall, Kokomo and Frankfort, and learned the printing trade in the latter city. Five years-after his acc. Jent he was married to Miss June Southern of Indianapolis. She survives him, together with a sister, Mrs. J. F. Knapp, Indianapolis, and a brother, C. E. Harrell, Logansport. Funeral services will be held at 9:30 Friday morning at the Hockensmith undertaking establishment. Burial will be in Crown Hill cemetery.

f We made SIGNS 1 [before we could talkj |tOSW. Mary land St, Riley Z736|

3 Booms of ?| IQ. 50 Furniture.. lit! Easy Terms! Lewis Furniture Cos. “A United Furniture Store” 844 S. Meridian St.

FIGHT TO HALT PHONE COMPANY SALEJS FUTILE Ogden Rules State Must Permit Transaction at Valparaiso. Long drawn fight of Valparaiso citizens to save their telephone service from being sold to former Governor James P. Goodrich’s Winona Telephone Company proved vain today, their efforts having been checkmated by an opinion from Attorney-General James M. Ogden. * The matter has dragged along for years in the public sendee commission and courts, and Valparaiso won in a supreme court appeal. But the result today is the same as though they had surrendered immediately:- • - •—• ■The', opinion, .written"by George W. Hufsmith, utilities deputy ‘at-tonjey-general, sets .out. that the AMUSEMENTS

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Lake circuit court’s Injunction of the public sendee commission order refusing the sale must result in Its being approved by the commission. So, while the supreme court ruled that the circuit court had no right to dictate a commission order, as was attempted by Judge Miles Norton of the Lake circuit court in this case, the commission must act as the lower court ruling implies, the attorney-general declares. The case was instituted two years ago by petition of the Winona Telephone Company and the Crown Point Telephone Company, an Illinois Bell subsidiary, to purchase the stock of the Northwestern In-

MOTION PICTURES

( Adults to 1 p. m S3 I Children, all lime* 15c I ARHO LAST 2 DAYS HE CAME TO STEAL—BUT STAYED TO LOVE! JEANETTE MACDONALD IN "OH, FOR A MAN" With BEGINALD DENNY ’ Starting - SATURDAY OUTWARD BOUND” This World Called Their Love a Sin! But eternity made it a beautiful thing. Steadfast in their devotion, they left this world in search of a better. What happened after, makes this exquisite romance the most extraordinary drama ever produced! It’s the talking picture that has caused all the talking! Heavenly Picture of a Heavenly Hell!

diana Telephone Company, operating the Valparaiso exchange. Valparaiso citizens pointing out that the Crown Point* company should take it over since most all their business was in the Calumet district and not in that served by the Winona company. The commission denied the purchase petition and an appeal was taken to the Lake circuit court, where Judge Norton, originally appointed to the bench by the then Governor Goodrich, not only enjoined the commission denial order.

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t 1 1 f J Glorious Christmas Week 4 ■ P YL. I Entertainment! ■ r ~i T ANARUS" pat. 1 SATURDAY I today and Here ’tis —Yours Very Truly • Tomorrow _ J J } pe l^ y little jack I i!Si little PERSON r IX person America’s Radio Favorite pickard's from WLW, Cincinnati [ BYXCOPATORS 5 Other ACTS RKO VAUDEVILLE [ Other EKO S&W&S. PhaploC VAUDEVILLE i Vlldllcb [ ImD FARRELL. Never Forget with “MAN 1 ®S maubeex IfPMIY t O'SULLIVAN i MAN” rggLjj<.ld Santa flan. t 4rKdher in our lobby every IFJ II I fII 11 f afternoon with • 4ld e Fp”an laJ II I I ) A3- * v gift tor ion. j TUgb , Society If ■l4Ul#r

but ordered anew opinion written approving the sale. The high court, on appeal, held that the judge had no right to dictate a commission order. Then the court wrote anew order, leaving the dictation out. Commissioner Howell Ellis asked Ogden what to do and today's opinion resulted. Christmas Lights Stolen BLOOMINGTON. Ind., Dec. 18.— Twenty-seven colored electric lights, part of a florist’s Christmas decorative scheme, were stolen.

AMUSEMENTS

iDEC. 18, 1930