Indianapolis Times, Volume 44, Number 241, Indianapolis, Marion County, 16 February 1933 — Page 13

FEB. 16, 1933_

BANK RECEIVER LAYS CRASH TO OFFICERS’ ACTS Deposits Were Loaned to Subsidiary Firms, Says Brandt Downey. Report of Brandt C. Downey, receiver of the Washington Bank & Trust Company, charging acts of the bank's officials caused Its collapse in 1930, was kept secret two months after it was filed in circuit court, it was disclosed today. Apparently the only statement of the receiver’s financial operations since his appointment Nov. 14, 1930, the report was filed Dec. 1, 1932. The twenty-eight-page document alleges actual cause of the bank's failure was loaning of the bank's deposits to subsidiary companies dealing in real estate. Downey reported these subsidiaries owed the bank $718,842 when the institution closed. The report, found by The Times Thursday, charges the bank’s securities wrongfully had been diverted by certain officers of the bank. A statement, purporting to explain secrecy alleged to haVe surrounded the receiver s affairs, was contained in the report. It follows: ’’Appraisement of assets of the Washington Bank and Trust Com pany are on file with the receiver and have not been filed with this court for the reason that it was thought more expeditions and desir-

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able not to disclose said appraise-' ments to the general public.” After reading the report. Cox asserted he would have public accountants audit three bank receiverships pending in his court. “No receivership will receive my approval until the audit is completed,” he declared. Downey's financial report, covering the period from Oct. 27, 1930, to Oct. 31. 1932. revealed disbursements by the receiver totaling $651,353. This figure included office salaries. $28,886; allowance to the receiver and attorney Earl Conder, $32,827; telephone and telegraph bills, $1,306; receiver's traveling expenses. $1,222; building expenses, interest, taxes and maintenance, $49,503. and $25,025 to save 113 pieces of real estate in Bloomington, appraised at only $30,510. Downey reported that, income from real estate, owned by the bank, now is less than expenses. Less in operation of the receivership is estimated at $5,000 monthly. He asserted he had been unable to collect money due the bank because of economic conditions. BANK BANDIT IS SLAIN Teller Is Wounded, Perhaps Fatally, by Policeman's Shot. Fiji Cnitcil Prat x SAN DIEGO, Cal., Feb. 16.—A middle-aged bank bandit was killed and a teller was wounded possibly fatally, Wednesday during a holdup of the United States National bank here. The unidentified bandit was killed by James L. Russell, bank cashier and son of its president. Warren L. Meade, a clerk, was shot in the lung by a policeman who mistook i him for an accomplice in the hold--1 up.

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THE INDIANAPOLIS TIMES

NOTICE To Indianapolis Landlords Who Have Vacant Houses Located in Center Township The appeal of the Emergency Housing Committee asking that private landlords furnish vacant houses to provide shelter for needy Indianapolis families is meeting with favorable response. Many landlords have offered their houses for this purpose and the Emergency Housing committee is hoping that others will do likewise, not only in a spirit of co-operation, but in order to avoid having their property remain idle, thereby being a possible prey to vandalism. How The Plan ¥/orks Landlords furnishing houses will be reimbursed through Center township poor relief funds, this reimbursement offsetting taxes on the property. In addition, repairs will be made on houses in need of repair wherever landlords supply the material. There will be no labor charge. Services of expert carpenters, plumbers, masons and plasterers will be free. > Landlords furnishing houses will receive trustee orders each month that the properties are occupied by families approved by the trustee for housing relief. Each trustee order will be equal to one-twelfth of the taxes for one year on any property appraised not to exceed $1,500 net. Properties of a higher net valuation will be paid for at not to exceed the tax rate times $1,500 of assessed value. There will be no lease arrangement between landlord and trustee. The landlord will continue to maintain the relationship of landlord and tenant with the family in his house. No “back rent” will be paid as the plan applies only to payment of rent after the township trustee accepts a house and assigns a family. Use This Coupon

Mail This Coupon If you are the owner of a vacant house located in Center Township and are interested in the plan developed by the Emergency Housing committee, please Ell in this coupon: Name of owner ..... tI . Owner’s residence . Address of vacant House Number of rooms Is house double or single? Is there city water? Is house for white or colored family? Net assessed value of vacant house? Mail to Haney E. Berry, Union Trust Cos., or E. Kearsley McComb, Center Township Trustee office, 216 North Senate Avenue.

Emergency Housing Committee

Miss Hannah A. Noone George Gill Lawrence G. Holmes Fermor S. Cannon Arthur V. Brown Mrs. Rhoda M. Morrow William H. Insley

Mrs. Robert F. Scott Jr., Chairman

J. W. Fesler William H. Book Walter C. Clarke Mansur B. Oakes Mrs. Elliott R. Hooton William H. Trimble

? Mail coupon to Haney E. Berry, Union Trust Cos., or E. Kearsley McComb, Center Township trustee office, 216 North Senate Avenue.

Francis Ohleyer Haney E. Berry David Liggett John W. Twitty Hugh McK. Landon Norman E. Metzger

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