Indianapolis Times, Volume 44, Number 230, Indianapolis, Marion County, 3 February 1933 — Page 5

FEB. 3, 1933

BANK PROBES ‘JUST begun: ASSERTS COX Attempt to Force Quiz by Grand Jury Meets With Failure. * Investigation of affairs of three banks, that collapsed in 1930, has just begun, circuit Judge Earl R. Cox declared today after an attempt to stage a grand jury investigation of the defunct State Savings and Trust Company had failed. Meanwhile, Cox cleared his court docket of minor cases preparatory to resuming bank hearings next week. Hearing in the receivership of the defunct City Trust Company was postponed until Monday. Belief that criminal action could not be taken, under present statutes, „ 'against officials of the State Savings and Trust Company was expressed by Prosecutor Herbert E. Wilson. Paul Rhoadarmer, attorney, who requested the grand jury probe at a conference with Wilson Thursday afternoon, said he would look further into the law to determine if legal foundation for an investigation can be found. Holds Officials Not Liable According to Wilson, the present laws do not hold bank officials liable if a deposit is accepted by an employe of the institution after officials have decided to close its doors. Testimony in circuit court showed •> Arthur Lynn and Charles Hasse , gave S6OO to a teller of the State Savings and Trust Company after 4 p. m. the day the institution closed, April 25, 1930. Cox ordered the bank’s receiver to return the money to Hasse and Lynn immediately. Evidence in the City Trust case is expected to be completed Monday. Raymond D. Brown, receiver of the Postal Savings bank, testified Thursday of the plan he presented Curtis Rottger, City Trust Company receiver, for liquidation of mutual indebtedness by offsetting assets and liabilities of the two institu- * tions. Tells of Offer He told how he sought to offset personal notes, held by the City Trust Company, by offering to pay the Postal's $25,000 claim against the trust company Rottger informed him there was no law to permit such a transaction, Brown said. Brown's dealings with directors of the City Trust Company in financing a huge postal building project were recounted by him during four hours on the witness stand. Reserves of the Postal bank, totaling $25,000. were on deposit in the a trust company at the time it closed, Brown said. Four directors of the two institutions were the same men, and their affairs were common knowledgs among them, he testified. Reveals Personal Loans Browui told of personal loans amounting to $lll,OOO obtained from the City Trust. All except $26,500 had been paid back by September or October, 1932, Brown said, when his personal affairs made further payments impossible. He told how’ Dick Miller and Milton C. Kelly, City Trust officials, aided him in floating a $700,000 stock issue to finance erection of the Postal bank building. “Miller and Kelly had a contract YWith the City Trust by which they retained most of the comfnissions on all stock underwriting done by ■ the institution.” Brown said. Brown was evasive to questions asked by Henry Dowling, Rottger's’ attorney, on cross-examination. “What is it you want to know? I don't quite understand you,” Brown exclaimed. "I want you to tell the truth.” Dowling returned. Rollgcr, as receiver, now holds a $50,000 insurance policy as security for notes owed by Brown, it was disclosed.

Gone, but Not Forgotten

Automobiles reported to police as stolen belong to: Brown-Rosenberc Gravel Company. 1122 Peoples Bank building, Oldsmobile sedan. 15-285. from in front of 401 West Vermont street Donald V Scearce. 4706 Caroline street. Studebaker coach. 125-146. from Georgia and Illinois streets.

BACK HOME AGAIN

Stolen automobiles recovered bv police belong to Ora Ball 419 East North street, Oakland coach, found at St Joe and Scioto streets. W D Butler, 1960 Congress avenue. Oakland sedan, found at Maxwell and Walnut streets Edgar Holland. 4142 Caroline street. Ford roach, found at Vermont street and Capitol avenue J J. Fischer. 106 Richwine street. Buick sedan, found at 300 Indiana avenue Ford conch. 126-006, found at Primrose avenue and Sixtv-flrst street, license plates issued for a Dodge sedan k Leander King. 4317 East Washington street. Plymouth coupe, found at Cincinnati.

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Farm Foreclosure Sales Blocked by One-Cent Bids

Resistance in Midwest at High Tide: Finance Firms Thwarted. By Time* Special CHICAGO. Feb. 3 Resistance bymassed groups of farmers against foreclosyre sales of their land persisted throughout the midwest today. Wherever mortgage sales were j scheduled, farmers prepared to meet I there in a body and. after bidding in the property at penny prices, re- | turn it to the owmer. In several in- | stances, nooses were suspended from barns and trees near the auction I block, as sinister warnings to outi siders who might plan to raise the bids. Authorities in a dozen midwest ! and southern states, meanwhile, ! took action, through legislatures and | administrative channels, to effect 1 conciliatory measures between burdened farmers and their creditors. In Minnesota Governor Floyd B. | Olson prepared to appoint debts commissions in various parts of the j state to arbitrate farmers' debt I problems. Governor Olson declined jto issue a foreclosure proclamation | similar to those issued in Wisconsin and lowa. Delinquent tax sales, scheduled in lowa Thursday, wore postponed for j the second time because of absence of bidders. Groups of farmers prevented bidding, as a strategic ; method of preventing sales. Milo Reno, national president of j the farmers’ Holiday association, | announced he will address a farm- ! ors’ mass meeting in Des Moines | next Monday to discuss foreclosures and evictions. Farmers Block Bidding BY R. S. BROWN TOLEDO, 0., Feb. 3.—Farmers of northwestern Ohio are taking debt relief in their . own hands, j through the device of the penny 1 auction. Forgetting their traditional individualism, they are banding together and taking over sales of ; goods held as collateral on loans. By mere force of numbers they keep bidding down to a few cents, although the property at stake may be j worth hundreds of dollars. When the sale is over few dollars 1 have been collected to pay off the j creditor. The goods spld legally be- ! long to the neighbors who have bid | them in, but they merely return : them to tne original owner under j the fiction of a ninety-nine-year lease. Through the ‘penny auction” fore- ! closure has been defeated, the debt has been liquidated and the farmer ! still has control of his property. Twice within the last week farmers in this vicinity have followed | this "penny auction” procedure, bidding in for $16.17 chattels pledged as security on loans totaling $1,150. Bidder Is Squelched The first instance occurred at the Walace H. Kramp farm near Bowling Green. O. Kramp owed SBOO on a note to a finance company which was charging interest of 3 per cent a month. The farmer soon found he was unable to keep up his payments and agreed with the finance company to liquidate the note by disposing of his collateral, consisting of farm implements and livestock, at a public auction. The day of the sale 700 farmers gathered at the Kramp home. The auctioneer put up for sale a spring harrow on which the initial bid was 15 cents. The bid was increased gradually to $1.30. Surprised, the angry farmers collared the bidder. He admitted he | was an agent of the finance company holding the note and protested ( his right to bid. When the crowd ; started to hustle the man from the place, the sheriff interceded to proj tect him from harm, but advised I him to depart and let the farmers j run the sale. Sale Brings $2.17 The farmers did. When the aucI tioneer's hammer descended the last i time. sl4 had been taken in to pay ! off the chattel mortgage holder. No : goods were moved from the farm. Each successful "buyer” went away empty-handed, explaining that, everything had been leased to Kramp

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A noose of hemp dangled suggestively from the barn rafters of Cecil Kestner near Deshler, 0., as neighbors gathered and "bid in” his foreclosed tools and stock for him. The noose drew joshing and hilarity from the farmers, but the finance company holding the mortgage did not bid. for ninety-nine years at 1 cent a year. Two days later, when a sheriff's sale opened on the farm of Cecil Kistner near Deshler, 0., nearly 5.000 farmers were on hand, their dilapidated autos blocking the roads for tw’o miles in each direction. The second sale went off much as the first. No representative of the concern foreclosing on a $350 chattel mortgage took part in the bidding. Sensing the inevitable, the company offered, the morning of the sale, to trade the note back to Kistner for his team of horses. Kistner refused and the sale went on. The horses went at auction for 25 cents. The entire sale brought in $2.17 for the mortgage holder. 28 WIN SCHOLARSHIPS TO I. U. EXTENSION Awards Are Made Following Examinations at School. Tw’enty-eight recent high school graduates have been awarded scholarships in afternoon and evening freshmen classes of the Indiana university extension division, following competitive examinations Monday night. Exceptional grades, placing them among the highest 5 per cent of college freshmen in the country, were made by Donald Hadley, of Shortridge; William, Russell, of Cathedral, and George Hoffman, Rushville. Eight other students made grades placing them in the upper quarter of college freshmen. They are Robert Whitmoore, Zionsville; Mary Flaherty of St. Agnes academy; Alfred Kuerst, Charles Hoover, William Mellender. Norman Rinne and Gc—ding Longest, all of Technical, and Harold King, of Warren township High school. Scholarships were awarded to John Eagleson. Howard Rettig, Robert Elliot, Janet Rhoades, Clifford Hewitt, John Varley, E. Ray Moyer and Norman Reddick, all of Technical; John Canaan, John Merrick, Walter Carnahan and Esther Gabriel of Shortridge; Robert Huber of Warren. Richard Brier of Manual, Frances Atherton of Beech Grove. George Goff of Broad Ripple and Howard Unger of Wabash.

FIDELITY TRUST COMPANY FIRE INSURANCE ANI) A LI. OTHER KINDS WITH THE EXCEPTION OF LIFE INSURANCE. RI. 7471 14S E. Market St.

THE INDIANAPOLIS TIMES

ELECTRIC TAX WAR BREWS IN U. SENATE Fear That Drive Will Be Reopened Delays Gas Levy Vote. By Bcripps-Haward Newspaper Alliance WASHINGTON, Feb. 3.—Opposition to the tax itself, and fear that it would reopen the campaign of progressives to put the electricity levy on producing companies rather than consumers, is delaying senate consideration of the house bill continuing the federal 1-cent gasoline impost for another year. A week ago the house voted overwhelmingly to continue this tax. It has not yet been acted on by the senate finance committee and the belief is that if reported and brought to the floor either Senator George W. Norris (Rep., Neb.) or his colleague, Senator Robert Howell, will use it as a vehicle to put the electricity tax where they first wanted it—on the powei;. companies. It was the fear of regular Republicans that this would be accomplished late last session that deterred them from pushing certain technical amendments to the revenue act of 1932. Senators Norris and Howell have been joined by anew senator who wants this tax on producing companies, rather than consumers. He is Senator Richard B. Russell (Dem., Ga.i, who defeated ex-Representa-tive Charles Crisp (Dem., Ga.). In that Georgia campaign the electricity tax was an issue, Mr. Crisp's opponent contending that he had been instrumental in shifting the levy to consumers. CO-ED HURT IN FALL Valparaiso Student in Critical Condition After Horse-Riding Accident. By United Press VALPARAISO. Ind.. Feb. 3.—Miss Norma Kronecke, St. Louis, Mo., student at Valparaiso university, was reported in critical condition today from injuries received when she was thrown from a riding horse. She was trampled under the animal's feet after it had been frightened by an automobile. For Hard Coughs or Colds That W orry You Creomulsion is made to give, supreme help for coughs or colds that worry you. It combines seven helps in one —the best helps known to science. It is for quick relief, for safety. But careful people, more and more, use it for every cough that starts. No one knows where a cough may lead. No one can tell which factor will do most. That depends on the type of cold. Creomulsion costs a little more than lesser helps. But it means the utmost help. And it costs you nothing if it fails to bring the quick relief you seek. Your druggist guarantees it. Use it for safety!* sake, (adv.)

THEY ARE WONDERFUL | KOLOIDAL IRON & COD LIVER i OIL EXTRACT TABLETS Laura Oherton. 602 South No- If bio stroot. city, says: k§ “Regarding the merits of Ko- E| Initial Iron Tablets, after taking ■ only two boxes, I can only speak H the very highest of them: they I| not only quiet ’lie nerves, hut B five peaceful night's rest and H sleep and tilled with new life. H Their results amazed me. I ad- If vise any one troubled with norv- K ousness. nnderweiubt and loss of E l ,f M In sri'e tliem a trial, and you B will never bo without Ibis won- II derfid medicine." M KOLOIIiAL IKON AND COM K LIVER OIL EXTRACT TAM- P LETS. A m u.DICK OF NERVE | AND MFSCLE.

! Today’s I Ullifianac: February 5^ 1811 - Horace Greeley born. lQli -President Taft income tax I E. V :; 1935-Country ote serves 20t!? anniversary of i signing of income tax law t>wvvorryiti£ about proposed new income tax law.

f *V *S S TBEANS | PAPER f S&M [ ,„. lci;b. I|e IS B ”'T'J Open Until 9:30 P. M. Sat. KT|TcVT] van camp's pork Sensational Values at 6c BEANS MM A AfcSfo ~r >~Q c 5 20 hominy"* W SPANISH SALTED ciirod, skin and *| f isl ; *'"** *;' ■ '• , * * -*v fat removed, <> / 2 mii> i iii aiiiuii MS i jf p FINAL Ladies’ Fall and Winter sl-$2-$3 '''umiQr H IlkC I Searing Thread I I | ig r— ■ Dress & Work j rrpTM J^T~~ 18,000 Yards of Vat Dyed SHOES 9c Piece Goode i ® ® oHB -^— r ~—^L^L_ r CCe UOO ® S l*3Sl|Hek ~ ..-§llll Boys’sl.9s . *rf New vat dye prints. 36-In. nary' °vai'.p. BMH OXFORDS O tl l outing flannel. 36-In. ere- '■j’"- ~( " ,'1 j ' " '*' * * - tonne. Hope muslin. sale. it.- here ..'’..", " final Clearance Sale IS MftSBCBUS||. COATS &M 24 WSm cigars Main floor. wr 3, ® $ ,„ UB m SI.OO Girls’ and Misses’ JACICETS “Munsing-wear” Rayon i'o-der ~a,rJ °in ir, J V Ps to * 7 ' ilo 10 *’*' ? ° M£g?4 S& jfffiA " 1 ———*s Misses’ Camel Pile BbMS^\ rdjdllldd *JBS 20r 16-o*. BOTTI.K rr ,n <S“ C Rubb i ng £ cohol l cSa ss 2 : -= ■HI' Mrii . s 25c Size Dr. West ViII,IPS to s: ' !,l> nntl ’ s:i - os SHIRTS2Cc Tooth Paste IJ& C d&rA **<-.„ runt Bin -./..-,, ... . ;s&%■£& $ W-8g r S*%.Sol^^ GENUINE 75c ' JRfflW < for MENi —, ,~~, Wi JOHNSON'S Of' DRESS <cWORK winter coats Wj a Floor /. B ANT C | „ Ww' MOPS |' | * ® rv ;$ jt === rl||| £'0 C I I 'jS |j C IHF' TO All-Wool a6- 4M -,./"" I SM 51.9? skirts yyC QffitA | sm.-QMt n.OOK tv-., Values to Arr,..,! „f \ p „ h. p . jnit j j Main l l->'.r. ‘TfflfWlir I BLOUSES /iQc.i \ t| i.-y-iS •rmmmmmmmmnmmmmmmmammmmmmmmmmm AH color a and W \ MEN S IIKESS \M> WORK { ' : "•<■' gs ' Vassar Munsing Haca *% 1/ _ I\ ; "■'To ;:J\ and . other bra . nd M lie 900 Felt HATS nose xyqC 1 Union Suits ■§T C " I rrreulars. ' f I. ' .'MmIT •#A 7 UIIIUII WUIIO ■ colors All head j Main floor 1r - II % ; ' f-MJM: . @8 *a? *l* Brush Wool U |l //f MEN’S FINEaf *S berets II 11/1/ Garters f> c ass-.- i?:[ m" S e, a . dle Lt.d and * W\W if - "•- STRAW'HATS‘Vcc <K' colors - l\i ; BELTS <ai ssf * * m a Main Floor 11 .' I VSj Al, n.lnr Ira Cher. j| K C - ’ iATK \ \M thT .mart color..

JAIL OR ALIMONY IS LEVINE'S CHOICE First Ocean Air Passenger Far in Arrears. By Vnitcrl Prrss NEW YORK. Feb. 3.—Charles A. Levine, first trans-Atlantic air passenger. today was ordered to pay his wife $5,625 alimony, pending her suit for divorce, or go to jail. Supreme Court Justice Lydon issued the order returnable Feb. 15. Mrs. Levine was granted on Dec. 20. a weekly allowance of $135, retroactive to May 13. 1932, and Levine was given five days to pay the retroactive sum. $4,320. Mrs. Levine said that he had paid nothing and in addition is SI,OOO in debt to her lawyer. Albion Koestler. Select your next automobile from the used cars offered in classification 50 on the Want Ad Page.

SI Your Position I Is Recognized.. Pi' : W. T. Blasengym W. T. BLASENGYM FUNERAL' DIRECTOR 2226 SHELBY ST. DREXEL 2370

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