National Bank of America (Gary, IN)

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STOCKS LOWER the Chicago stock exchange tended generally downward today Profit taking wiped out the vances registered during year end window dressing Acme against the trend and advanced Demand for stock based on expectation enlarged by the Gypsum dipped

LOUIS BANK CLOSED ST Bank St. Louis with $250,000 and closed by its board directors today and an assistant National Bank examiner asked take charge There had been run on the bank for several weeks, the directors said.

GRAIN SUPPLY NEW YORK Jan. ible supply of American grain shows the following changes in bushels wheat 604,000 increased 8,000; decreased 41,000; barley decreased 54,000.

PEORIA GRAIN PEORIA Cash low mixed mixed white 24 while

CLOSE GARY BANK was left with two banks today the National Bank America closed H. Hay chairman of the board of directors said the bank closed to had protect depositors' assets deposits $800,000 Federal Bank Examiner Robinson took charge

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GARY BANK CLOSES. tional Bank of America today succumbed to run of frightened depositors and closed its doors. The closing Saturday of last last two banks in the neighboring city of Hammond caused an uneasiness that spread to this city. Confronted with heavy withdrawals National Bank of America closed doors and its affairs were turned over to national bank The tank capitalized at $150,000 and assets of deposits had been reduced by with drawals weeks to approxmately $245,000.

TRUST COMPANY FAILS.

Ind., Jan. Peoples Loan and Trust Company of this city was closed today for liquidation. Directors met yesterday and decided to liquidate the bank's affairs. The bank capitalized at $25,000 and its last report total of $269,282.64 and deposits of $217,510.27

ONE AT ST. LOUIS.

ST. LOUIS, Mo., Jan. The Vandeventer National bank of St. Louis, with capital stock of $250, 000 and deposits of approximately was ordered closed by its board of directors early today and an assistant national bank examiner was asked to take charge. There had been slow run on the bank for several weeks, the directors said. W. C. Johnson is president of the institution.

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Two Day Run Closes Second Bank In Gary Gary, Ind., Jan. 6 (LP)-The First National Bank, a $4,500,000 institution, closed at 1:30 p. m. Tuesday after two day run on deposits. Gary was left with only one bank, the Gary State, the National Bank of America closed Monday and the run on the First National followed. Closing of the last bank in Hammond to weather the financial pressure in the Calumet district on Saturday was believed partly responsible..

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COUNTY IS RICHER BY $25,000

[SPECIAL TO THE TIMES] CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.

The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.

The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.

Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.

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COUNTY IS RICHER BY $25,000

[SPECIAL TO THE TIMES] CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.

The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.

The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.

Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.

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[SPECIAL TO THE TIMES] CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.

The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.

The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.

Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.

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LAKE COUNTY GETS $25,000 SURETY FEES

CROWN POINT, May county treasurer was richer $25.000 Monday when two bonding companies paid in that amount monon surety bonds which they had underwritten for couny deposits in defunct banks. The Fidelity Deposit company, of Maryland, forwarded check $10,000 cover the surety bond which had underwritten county deposits in the closed Naon tional Bank of America at Gary. The other check of $15,000 came the United States Fidelity and from Guaranty of Maryland, for its surety bond payment county deposits in the defunct Commercial Trust company, of Gary. companies paid their surety Both in full. The county strivbonds obtain additional ing to sureties underwritten by these companies in other closed banks Lake county.

MUST SHOW FLAG REDS munists and other radicals the American flag at display cannot use Detroit their schools for their gatherings public resolution under the board of education. adopted

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$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.

The stock put up as security has now been sold and the proceeds have been turned over to the county.

Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.

PROMISE LOWER TEMPERATURES

CHICAGO, July 22. — (I.N.S.)—Slightly lower temperatures were promised by the government weather bureau today for heat oppressed Chicago and most sections of the middle west.

The peak of the torrid spell was passed yesterday when thunderstorms, showers and high winds visited many areas of the Great Lakes region, pushing the mercury downward.

The relief brought by the storms, however, was tempered with tragedy. In Chicago Peter Campbell, 28, was killed by a bolt of lightning as he lay on a Lake Michigan beach.

Fourteen persons were feared to have drowned in Pontiac Lake near Pontiac, Mich., when their small boats were believed to have capsized in a sudden squall and rainstorm. Officials, dragging the lake, recovered the body of William Burns whose death brought the nationwide toll of fatalities from the current heat to an established 60.

The temperature will continue to recede gradually today and over the week-end comfortable weather will prevail.

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[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.

The stock put up as security has now been sold and the proceeds have been turned over to the county.

Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.

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$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.

The stock put up as security has now been sold and the proceeds have been turned over to the county.

Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.

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$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.

The stock put up as security has now been sold and the proceeds have been turned over to the county.

Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.

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$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

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[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.

The stock put up as security has now been sold and the proceeds have been turned over to the county.

Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.

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$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.

Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.

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JENNINGS IS POINTING THE WAY

Report Shows He Collected Near $2,500,000 From Two Closed Banks

David Jennings, receiver of Gary's suspended banks, pointing the for other bank of the Calumet district in point of rapid liquidation. According his report for 1932, he collected nearly $2,500,000 assessments of the The banks the First National and the National Bank of America. Total from the two for 1932 849,518. this sum, $762,039 paid general depositors two dividends declared by each bank. The remainder, $2,087,479. was paid to secured or preferred claimof the institutions. The totals cash on shown of 1933, First National, $36,614, and Bank of America, $12,684. REPAY $42,000 ON LOAN. the First wiped $42,000 its to the tion which vided the funds for payment of the bank's The Bank America paid its $85,300 for the purpose. the reports, Jennings pointed out will able cash of third dividends both banks' the federal agency has been paid off. which the government repaid, will depend upon his success in remaining assets, he pointed out. PROFIT OF $14,207. Liquidation each institution has Continued Page Five

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Report Shows He Collected Near $2,500,000 From Two Closed Banks

David Jennings, receiver of Gary's suspended National banks, pointing way other bank receivers of the Calumet district in point of rapid liquidation. According his report for 1932, he collected nearly $2,500,000 from assets and stock assessments of the The banks the First National and the National Bank of America. Total collections from the two institutions for 1932 amounted $2.849,518. this sum, $762,039 was paid to general depositors two dividends declared each bank. The remainder, $2,087,479, paid secured or preferred claimants totals hand January First National, $36,614, and Bank of America, $12,684. REPAY $42,000 ON LOAN. The reports First $42,000 of its debt the tion which provided the funds for payment of the bank's second dividend. The Bank America has paid $9,000 its $85,300 R. loan, for accompanying the reports, Jennings pointed will able start cash toward payment third dividends soon both banks' indebtedness the federal agency has been paid off. The which the government loans are repaid, pend upon his success in liquidating remaining assets, he pointed out. PROFIT OF Liquidation each institution has Continued Page Five

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BANK RULING.

Judge Slick Makes Ruling Regarding Trust Funds.

(ny United Press). Souht Bend. Sept. 15. National bank receivers have no authority to class as assets funds held In trust or an agent agreement, federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.

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COURT RULES TRUST FUNDS NOT ASSETS

SOUTH BEND. Ind., Sept. 15.(U.P)-National bank receivers have no authority to class as assets funds held in trust or an agent agreement, Federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company,

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GARY BANK

National Bank Receivers May Not Appropriate Trust Fund Accounts

SOUTH BEND, Ind., Sept. decision denying the authority of receivers of closed national banks to appropriate as part of bank's assets funds held in trust or as an agent for another handed person down by Federal Judge Thomas W. Slick in an opinion in the suit of the United States Fidelity and Guaranty company to recover from the National Bank of America of Gary. The the retention by the Gary bank the amount sought after closed its doors January 1932. amount according to the original represented check paid the Guaranty the Trust pany pany Gary. livered plaintiff deposited the Trust The bank turn dethe AmerNational for collection. The Fletcher bank sent the check the National Bank of America Gary collection January the day Gary institution closed its doors. Attorneys for the bank argued that the Indiana banking statutes in with federal governing the question of agency. Judge Slick in opinion, ruled that there was no conflict that the banks are amenable the laws of the state which they operate, except such instances when the Federal law. In the judge the federal

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BANK RULING.

Judge Slick Makes Ruling Regarding Trust Funds.

(By United Press). Souht Bend, Sept. 15. National bank receivers have no authority to class as assets funds held in trust or an agent agreement, federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.

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RULING HITS RECEIVERS

Agents Held Without Authority to Class Trust Funds as Assets.

By United Press SOUTH BEND. Ind., Sept. 15.National bank receivers have no authority to class as assets funds held in trust or an agent agreement, Federal Judge Thomas W. Slick ruled Thursday. His ruling was in case in which the United States Fidelity and Guaranty Company sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.