Indianapolis Times, Indianapolis, Marion County, 11 June 1937 — Page 16
EA A BE A ST A BA A SARE THR Nb St
PAGE 16
THE INDIANAPOLIS TIMES
STATE SUES FOR
“ UNPAID PORTION
OF ITS/DEPOSITS
Claims Fletcher American National Trustees Are Liable.
Superior Judge Herbert E. Wilson today had been asked to determine whether the State can recover deposits in a closed bank plus funds gained in the sale of collateral set up to guarantee the deposits. The decision was asked in a suit filed yesterday by Atty. Gen. Omer S. Jackson on behalf of the State Board of the Department of Treasury, against Otto J. Feucht, John P. Collett and William N. Fleming Jr. Fletcher American National Bank liquidating trustees.
Four bonding companies also were named defendants. These companies wrote bonds in the amount of $385,000 to cover State deposits in the bank. Additional deposits were ~ guaranteed by collateral furnished by the bank to the State.
Two Million on Deposit
According to the suit, the State had a total of $2,458,362.15 on deposit in thé bank when it closed Feb. 25, 1933. Later reorganized as the American National Bank, the new institution assumed and paid 50 per cent of all deposits of the former bank. The State received as a result, $1,229,181.07, leaving a balanc: due amounting to $1,229,191.18. The State soid the. collateral, | which ‘had guaranteed the deposits, for $832,035.45, the suit claimed. The liquidating trustees, according to the suit, assumed an obligation of $397,145.63, the difference between the 50 per cent still owing to the State in deposit money and sale of the collateral. Twenty certificates of benefit payable in 5 per cent dividends for 10) per cent liquidation of the $397,145.63 was issued to the State by the trustees. To date the State has received five payments, or $99,286.40.
Claim Disallowed
The suit contended that the certificates of benefit should have been based on the $1,229,191.18 due to the State after the new bank had assumed 50 per cent of the total obligation. The complaint claimed that although the State had realized on the collateral it did not relieve the trustees from the liability of paying the entire 50 per cent of the de-
posit money still due. A claim of $1,229,191.18 has heen | filed by the Treasury Board with trustees but has been disallowed, according to the suit.
SCIENCE PRAISED TO RELIGIOUS. STUDENTS
Social, economic and governmental problems should be "ap-; proached in the same manner as | scientists approach those in ‘the scientific world, Dr. Carl H. Griffey, Central Normal College president, told Butler University College of Religion seniors. He spoke last night following a dinner in their honor. Dr. James W. Putnam, university = president, paid tribute to faculty members.
AWARD PLANE CONTRACT By United P WASHINGTON. June 11. — The War Department today awarded its largest peace-time airplane contract —for 177 planes—to the Douglas Aircraft Co. of California for. $11,651,943. The planes are twinengined Douglases, capable of flying 225. miles and hour and carrying a larger load of bombs than present Army ships. They will be equipped with machine guns, two-way radio equipment and deicing apparatus.
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FEEE PARKING
Murat Club to Attend Convention
The Murat ore Gun Club
June 24.
TRAINING SHIPS SHUN
‘MEDITERRANEAN SEA
Naval School Alters Cruise Due to Spanish War.
By United Press WASHINGTON, June 11.—The Mavy had decided today to keep American naval training ships out of the Mediterranean Sea during.the present tense’ situation resulting from the Spanish Civil War. The department cancelled sched-
luled visits of the battleships Ar-
kansas, Wyoming and ‘Texas, carry-
ing midshipmen from the Naval Academy on their annual training
cruise to the ports of Athens, Greece,
and Laverno, Italy, The ships were scheduled to visit Athens on July
| 14 and Laverno on July 20.
Navy officials declined to comment
on the reasons behind ihe cancella-
tion of the proposed visits. They [said definitely, however, that the | ShiDe would not enter the Mediterranean and that visits to other European ports would be substituted.
(above) is one of the uniformed organizations, which with Murat Temple Shriners and officers, is to attend the 63d annual ‘Shrine convention in Detroit June 22 to The delegation is to leave on a special train June 20. Following the convention it is to par-
member.
Ka-
Choo!
Central States Hay Fever Group To Meet At Richmond.
Times Special
RICHMOND, June
11.—“Ka-
choo, folks, the meezing will now —ka-choo—come to order.”
With those
words, or some ap-
‘proximating them, the annual reunion and outing of the Central States group of the National Hay Fever Association will be opened Sunday at Glenn Miller Park. Verne Reed, Richmond, president of the Ceniral States group, will utter—or sneeze—them.
Approximately 500 hay in Ohio,
victims
fever Indiana and
Kentucky are expected to attend the reunion, according to an estimate from Reed and Mrs. Ber-
tha Simpson,
Portland, secretary.
But the program will be nothing to sneeze at, officials ¥eport. The highlight will be a humorous sketch in which the lighter side of the members’ afflictions will be
portrayed.
ticipate in .a tour of New England, the East and Washington and will return here July 3. Murat delegates are Dr. C. E. Cox, past potentate; Charles S. Barker, recorder; potentate, and Carl Frederick, Murat Arabic -Patrol
Edwin E. Temperley,
12 DU PONT OFFICERS MAKE OVER $125,000
By United Press i WASHINGTON, June 11.—A registration statement filed with the. Securities and Exchange Commission by E. I. Du Pont de Nemours & Co., disclosed today that 12 officers received more than $125,000 each in 1936. The officers and their salaries are: I. Du Pont, president, $129,406; J. Thompson Brown, vice president, $137,785; W. S. Carpenter Jr., vice president, $155,545; J. E. Crane, vice president, $137,220; A. B. Eckols, vice president, $137,365; T. S. Grasselli, vice president, $144,228; W. F. Harrington, vice president, $137,240; J. W. McCoy, vice president, $137,480; C. M. A. Stine, vice president, $137,200; William Richter, director, $126,995; E. G. Robison, director, $126,775, and L. A. Yerkes, director, $133,605.
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PLEA FOR MORE VESSELS BRINGS NEW PROBLEMS
U. S. Tied Up, Survey Discloses.
Times Special WASHINGTON, June 11.— The Maritime Commission's $150,000,000 plan to build 95 merchantmen in three years raises the problem of where the ships can be built. Most of the major American yards are tied up with naval building. According to the commission there are 67 shipways in the country, but many of these are not in going condition and their restoration would require private builders to spend large sums. Whether they will do it is a serious question. The shipbuilders are limited to a 10 per cent profit under the Mariime Act, and several of them have indicated that 10 per cent in so speculative a business is not enough to inspire a general rehabilitation
been in disuse since the war. Another Obstacle
Another major obstacle “acing the commission is the questionable ability of private ship operators to finance the 25 per cent of construc-
up. Many of the shipping companies are in financial straits. And the commission cannot by law accept borrowed funds as payment. The Government is said to have no desire to go back into the shipping business, but if the operators lack the resources then the commission will have to build the ships itself. This can be done under the bill. Government operation also can be undertaken, and it is believed here that both Government construction and operation will have to be undertaken on at least a part of the program unless. generous concessions are made—and Chairman Joseph P.
"By United Press
of shipyards, many of which have |
VALUE OF STERLING STABILIZED BY FUND
LONDON, June 11.—The British Exchange fund is being maintained to check undue fluctuations in the exchange value of sterling and not to maintain a fixed price for gold, £ John Simon, Chancellor of The Exchequer, reiterated in the House of Commons today.
. Another flood of questions was presented the new chancellor on the gold situation, but he maintained the same front that he and his
Atkins,
predecessor, Neville Chamberlain, have in the recent controversy.
ATKINS’ EMPLOYEES PICNIC TOMORROW
Employees of E, C. Atkins & Co. are to hold their annual picnic at Garfield Park tomorrow. Heading a parade to the park are to be H. C. Atkins, president; K. W. Atkins, first vice president; first vice president; H. C. Atkins Jr., superintendent; Gardner, secretary-treasurer; Atkins and F. R. Weaver, directors.
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