Jasper County Democrat, Volume 21, Number 60, Rensselaer, Jasper County, 26 October 1918 — "KEEPING IT ALL IN THE FAMILY.” [ARTICLE]

"KEEPING IT ALL IN THE FAMILY.”

The following communication thing sent out from Amboy, speaks for itself: x Amboy, Indiana, Oct. 22, 1918. The Amboy State Bank was closed on October 9, 1918, toy the officers of the State Auditor’s office, Otto L. Klauss, Auditor of State, being by virtue of his office the head of the Bank Examining department, the Amboy bank being insolvent. The bank had a capital stock of $25,000.00 and deposits of about $300,000.00. It was currently reported that the shortage was about $100,000.00. On October 17th at a hearing in the Miami circuft court a receiver was appointed. About 120 of the depositors and creditors of the Amboy bank having probably SIOO,000.00 or more at stake appeared in the proceedings and suggested the appointment of experienced, capable bankers as receivers, feeling that the situation was so complicated as to require the service's of the most skilled men available. Among the names suggested was that of a Peru ~ Trust company. However, the recommendation of the Auditor of State’s office, noted of record, was adopted and the receiver appointed as recommended by the office of the Auditor of The capital stock liability is SSO-, 000.00 and the cashier's bond is $10,000.00, making a total available amount of $60,000.00 to pay the shortage, leaving possibly $40,000.00 which the depositors may lose unless the directors are personally liable. Uz McMurtrie, State Treasurer, lives ia Marion, and is a -sbn-in-law of the business partner of the president of the bank, who is also a director. After the appointment was made this relationship and the close friendship of McMurtrie and Klauss became known. Neither McMurtrie nor Klauss consulted with the large number of men who actually had their money invested. Both McMurtrie and Klauss are candidates on the Republican ticket for re-election to their respective offices on November sth, 1918. Do you want state officials who do not consult the people who actually have their money at stake? We do not. —AMBOY STATE BANK DEPOSITORS.