UNDER BOND thur Ingle, cashier of the First National Bank of Sevierville which closed Friday, was under bond today on charges of embezzlement and forgery. arrested on warrants sworn out by bank officials who announced that shortage of "more than $50,000" had been found in his accounts.
Sponges are
Receiver Carpenter Shows $220,867 Total.
First National Bank of Sevierville failed last August with $220,867 in liabilities, including deposits, the first quarterly report of the receiver, O. Carpenter, shows.
Assets as of Sept. 30, have a book value of $374,090, the report
The bank closed after discovery of shortage reported to be over $50,000. Arthur T. Ingle, cashier was arrested and is now in Knox County Jail. The receiver's report does not show the amount of the shortage.
Bonding Company Resists Paying $25,000 to Bank.
Special To The News-Scntinel SEVIERVILLE The need of Arthur T. Ingle as a witness in a civil case has halted plans for his trial at this term of court on a charge of forgery and embezzlement while he was cashier of the closed First National Bank The bank's receiver notified Atty. Gen. Creswell that the bond. ing company is resisting payment of $25,000 surety. If Ingle should be convicted before the bonding case Is tried, his testimony would be infamous. So Creswell agreed to Federal Court may try him first but the state could try him afterwards anyway said Creswell Ingle is in Knox Counnty Jail.
Sevierville Banker Submits to Federal Charges.
Arthur Ingle, former cashier of the now defunct First National Bank of Sevierville, admitted charges of forgery and embezzlement amounting to "about $83, and was sentenced six years in Atlanta penitentiary by Federal Judge George C. Taylor Saturday Ingle was indicted in Chatta nooga his own quest Jack Doughty asistant disthe court The indictment contained charging totaling over $11 Hunt. Department of Justice agent inspected the bank books told the court that Ingle, however had signed affidavits confessing to other embezzlements which run the total up to "about $83,000. Accounts For $35,000
Ingle was submitted by Judge Ben Lindsay and Ray Jenkins He was unable account for more than about $35,000 of the funds taken, Judge Lindsay said, but admitted that the first misdeed was shortly after he became cashier of the bank 1923 'He tells said Judge Lindsey, "that his father, then near death, owed the bank about $13.000 and the national bank examiners had ordered the debt paid or suit would be brought Ingle began embezzling bank funds to pay off his father's debt. Judge Taylor wanted to know what became of the money counted for. Ingle. who is 42 and married. was arrested last August and has been in County Jail here since He has two children. one crippled girl of 13 and one child of 3. Lindsay said. He indicted last week in the state court at Sevierville. is likely now that that indictment will be nolled. counted said. want to find out if he has the rest of it salted somewhere O. Carpenter, bank receiver, Please Turn to Last Page)
First National Receiver Gets Loan From R. C.
Depositors in the closed First National Bank of receive this in the form of a per bank at today that first dividend would paid all depositors who claims. The dividend made possible loan from the Reconstruction Finance Corp., Mr. Carpenter said, which liquid assets of the receivership. The loan, he said, is secured lien on assets the be retired before,a second dend paid. Checks ready for Carpenter
(P)-Depositora in the closed First National bank of Sevierville will receive 20 cent payment on deposits this coming week. Carpenter bank receiver. said here today The payment, he said was made possible through loan from the ation. remaining assets of the bank being pledged.
KNOXVILLE, Feb. 25. Depositors the closed First National Bank of Sevierville will 20 per cent payment deposits coming week, Carpenter, bank receiver, said here today. payment, he said, was made possible through loan from the Reconstruction Finance Corporation, remaining assets of the bank being pledged.
Report to Congress Shows $2,576,650 of Loans and Subscriptions in Tennessee.
By HERBERT LITTLE Correspondent thorization of loans during February of to receivers of five banks, to Southern Mortgage Company of Nashville, to Eastern Dark Fired Tobacco Growers Association at Springfield, and subscription of in preferred stock in Tennessee were announced to Congress today by the Reconstruction Finance Corporation. These total loans of $2,were offset somewhat by cancellation of in loans previously authorized. Few of February authorizations were actually paid out during the month, the report showed The largest advances to bank receivers were to those of First Na. tional Bank, Murfreesboro, 000. and the First National of Setions included $26,500 previously authorized to the Murfreesboro Bank. and $17,100 for the Sevierville Bank Another tion was authorized to the Jamestown Union Bank Subscriptions by the government to five per cent preferred stock of banks, the cash not hav. ing been paid out by February 28, included: Commercial Bank and Trust Company, Knoxville Morris Plan Bank of Tenn., Bank and Trust Company, $65,000
Woman Seeks to Recover Dividends on Deposits.
Sallie L. Frazier, Sevierville, filed federal court against C. Carpenter, receiver the defunct First National bank Sevierville, to deposits $2,377 which she alleged has been her. When the bank closed, the petialleged, plaintiff certificates of to Carpenter in turn gave her ceipt. This receipt receivcertificate will be issued and mailed in course. However, she said she did not receive the certificate. While other depositors have received 60 per cent. deposits in dividends, the plaintiff declared she had received nothing. She said were no or against the deposit. Attorneys Norman Morrell and J. E. Thomason filed the suit.
Sevierville Depositor Sttes Bank Receiver for Payments.
Seeking to collect dividends 00 deposits of $2377 in the closed First National Bank of Sevierville, Sallie L. Frazier of Sevier County has filed suit in U. S. District Court here against C. O. The complainant charges that she was never issued a receiver's certificate for the deposit and has been paid no dividends while other depositors have received approximately 60 per cent.