2f11e4e3Full suspension, Books examined
Other: State comptroller appointed liquidator/receiver and examiner took charge; liquidation proceedings followed.
Click image to open full size in new tab
MIAMI BANK CLOSES MIAMI, Fla. May 12-(AP)-The Meyer-Kiser Bank of Miami closed its doors this morning after remaining open little more than an hour. William C. Chadwick. vice-president and manager of the bank, said the closing was caused by rumors that the closing of the Mever-Kiser Bank in Indianapolis would affect the Miami concern. He said a run began on the bank shirtly after opening time this morning.
Click image to open full size in new tab
T.LOUIS POST-DISPATCH PAGE 6A Miami, Fla., Bank Closed. By the Associated Press. FORGOTTEN VILLAGES 140 PLANES TO PASS MIAMI, Fla. May 12. - The Meyer-Kiser Bank of Miami, closed its doors this morning. William C. DISCOVERED IN ANDES ST. LOUIS THURSDAY Chadwick, vice president and manager, said the closing was caused by rumors that the closing of the ST.LOUIS POST-DISPATCH TUESDAY, MAY 12, 1931 Stringer was accused of deliberbound over to the grand jury yesMeyer-Kiser bank in Indianapolis, Held for Assaulting Ex-Senator. ately running down Stanfield with terday on a charge of assault with Ind., would affect the Miami con- By the Associated Press. an automobile following an alterBAKER. Ore., May 12. - John intent to kill Robert N. Stanfield, cern. He said a run began on the cation over a fence closing a road former United States Senator. bank shortly after opening time Stringer, sheep ranch foreman, was this morning. The bank was capi- passing through land said to leased by Stanfield near Huntin ton, riously. Ore. Stanfield was injured plus of $25,000. Deposits. Chadwick said, were approximately $174,000. Army Craft, on Way to Dayton Maneuvers, Will Spend Night at Scott Field. More than 140 army airplanes, ranging from speedy pursuit ships to lumbering multimotored bombers, will be concentrated at Scott Field Thursday in preparation for moving on Dayton, O., for the beginning of the annual Air Corps maneuvers. Flying in formations ranging up to units of 21 planes, the aircraft will pass over St. Louis at intervals Thursday on their way from fields in the Southwest and West. The maneuvers, in which a defense of the Atlantic seaboard will be simulated, will bring together almost 700 military planes, the largest concentration ever made in this country. Preparations for servicing the Thursday contingent of planes and housing their crews-180 officers and several hundred enlisted men -are in the hands of LieutenantColonel John A. Paegelow, commandant of Scott Field. The flyers will be met by a reception committee composed of representatives 01 civic organizations in St. Louis and neighboring towns, and will be entertained Thursday night at a barbecue dinner at Scott Field The visiting ships will leave early Friday morning for Dayton. takIng with them the Fifteenth Observation Squadron, which is permanently stationed at Scott Field. The contingent of the Thirty-fifth Division Air Service, Missouri National Guard-five observation planes carrying 10 officers and enlisted men-will leave Lambert-St. Louis Field at a. m. Friday, going directly to Dayton to join the Twenty-first Provisional Wing of the Air Corps, of which it will be a unit.
Click image to open full size in new tab
BANK AT DECLARES CLOSES MEASURE WOULD FOLLOWING Institution, Capital, Forced To Give Up. Miami, May The MeyerKiser Bank Miami closed shortly after 10 today after remaining open little more than hour. William Chadwick, vice ident and manager the said closing was caused that the closing of bank in Indianapolis would affect the Miami concern. began the bank shortly after opening time this Chadwick said statement of the condition of the bank would issued He added that the state comptroller had been advised of the closing. The bank was and had surplus Deposits, Mr. Chadwick said, were LIQUIDATOR State Comptroller Ernest Amos today the appointment Duncan liquidator for the bank of Miami which closed its doors earlier Duncan general liquidator defunct state banks in Dade county. CLOSED INDIANAPOLIS Indianapolis, May Assets of the bank. largest bank. placed in the hands of the state department for liquidation today. The voted meeting last night to close the bank. Meyer of the bank. 1895. The closing the the stated. result long period of of deposits which decreased the liquid resources the period three years by nearly The bank had total capital and surplus with posits of approximately Hilburn Excise Gas Tax Bill To Come Up Tomorrow Morning. proposal for state tax of six cents per package on cigarwas contained in finance and taxation committee bill introduced the Florida senate today. Senator Alfred H. Wagg Palm Beach, chairman of the commitestimated the tax would raise revenue annually. The bill was put on the senate committee reported the Andrews bill for license on chain stores, after amending to eliminate chains operating in only one county Another amendment exempted gas and stores. WOULD NET The bill. estimated Senator Andrews, Greenville to raise about would tax chains of less than five $25 store: five stores. $50 each: to 15 $100 each: 20 stores. $150 and more than 20 stores $250 each. Operation of food manufacturcanning plants in the state under direction of state board health would be required under terms bill by Watson, Miami. Permits for be issued to plants the health board. of sanitary laws prescribed the would subject plant to cancellation of permit. SERUM BILL PASSES Without vote. the senate bill to appropriate $110,000 for and maintenance of plant to manufacture anti-hog cholera serum. The would be distributed under direction of the state livestock board. Place for location the plant was not specified the bill by Senator would require all Gadsden to work county roads eight days Each man would year. allowed to hire take place, would be exempted from the road work upon of road The senate passed the bill under waiver of the rules. GAS TAX BILL CARRIED OVER The senate carried over WedSenators Hilnesday burn. Palatka, state tax of cents per gallon gasoline. placed on special Money raised the bill would returned to counties to repay them for money spent in conroads later turned over the state road SenHilburn the would raise annual- senate passed unanimously bill by Senator Bushnell, require award of contracts for public printing to firms the state. Special order was the bill proposing creation of state tax The senate again called off ha tonight for consideration of local bills.
Click image to open full size in new tab
MEYER-KISER BANK IS PUT INTO STATE HANDS Continued from Page 1, Part 1 treat all creditors alike." Decision bank the result, ing to officials. of the of stocks, estate and to in deposits. According to dispatch from Miami the Bank in that its doors to dent of the Miami institution condition bank the of posits $174,000. As the brought court, closed bank. of fixed was and after Receiver Is Appointed The suit was brought by Blessing E. Fischer, assistant to the president of the bank, herself as the holder $1,000 of issue in collateral real estate mortgage that the by large of first real estate gages, some of which are owned Meyer- Kiser The is trustee for the averred. of due May that the sufficient to the maturiheavy that its assets can not be conready cash without conThe bank was in 1895 was to and and capital with Its last ment showed to be president: Sol Ferd S. Meyer, the E. assistant to the cashier. and Ostheimer, assistant cashier and auditor. Official Statement. The following statement was issued Monday night by directors of the bank after decision to close its doors: The directors of the Kiser Bank stated that deemed the best their to liquidate banking assets of in. as as to treat all the bank from now will not be open for Their intent the consent of department and their depositors and creditors can be can wiseand to convert cash and distribute to each all of their depositors and creditors. Plan of Operation. "In their opinion, their assets exceed their liabilities to depositors and "Their plan is to continue the operation of their rental, real estate, inand departments, deposit partment is intended to be uninterrupted. action on the part of the of period deposits which the of the institution period of three years by hearly in which, the while perfectly. good by directors, were not of mediate into cash with which to depositors. pay The Bank came being years ago estate tween Sol Meyer, and Sol Kiser, vice- of the present institution. Bank Building Receiver Asked. Appointment of receivers for the owner and of the Bank building, North Meridian was asked filed the Marion circuit court by the Pierre Good Corporation Bank building. Assets of the Continental Bank were last ber by National Interests in the building and financial however, in for of American lessees of the and the Continental Building and Place Building Corporation, builders.
Click image to open full size in new tab
By The Associated Press. Home runs yesterday Phillies Indianapolis Senators Cronin. Senators The leaders: Bank Is Closed Hornsby. Cubs Klein. Phillies Stone, Tigers Indianapolis. May 12 Assets of Arlett, Phillies the Meyer-Kiser Bank one of IndianRuth. Yankees apolis largest banking titutions, Herman. Robins were the hands of the State Gehrig. Yankees Banking Department for liquidation Simmons Athletics today Lary Yankees The directors voted at a meeting Wright. Robins last night to close the bank Sol Meyer Webb. Sox is president of the bank. organized in Senators 1895. Cronin. Senators statement Issued by the directors League totals: indicated n "their National assets their liabilities to deposiAmerican tors and The closing of the bank the direcTotal 149 tors stated result of period of withdrawals of deposits which Lee Annex Loses decreased the liquid of the institution in period of three years by To Woodrow Wilson nearly The bank had total capital and surplus of $600,000. with deposits of Lee Annex dropped a 6 to 4 game to Woodrow Ison the Junior High Miami. Fla. May 12 MeyerKiser Bank Miami closed its doors this after remaining open litmore than an William C. Chadwick vice-president and manager of the bank. said the closing caused by rumors that the closing of the Meyer bank in Indianapolis affect the Miami concern He run the bank shortly after opening time this morning Chadwick said a statement of the condition the bank would be issued soon He added the State comptroller in Tallahassee had been advised of the closing The bank was capitalized at $125.000 and had a surplus of $25,000. Deposits. Chadwick said. were approximately $174,000.
Click image to open full size in new tab
MATCH TO BE IN CLEVELAND CLEVELAND, May 12.-(AP)Any doubt that the heavyweight championship fight between Max Schmeling and W. L. "Young" Stribling would not be held in Cleveland's new municipal stadium July 3 was removed today. The contract was signed last night by city officials and the Madison Square Garden Corporation of Ohio, organized by the promoters. Closiig of the deal came after the City Council passed a resolution accepting a flat guarantee of $5.000 for the boxing commission instead of the usual six per cent of the réceipts. MIAMI BANK CLOSES MIAMI, Fla., May 12 (AP) The Meyer-Kiser Bank of Miami closed its doors this morning after remaining open little more than an hour. William C. Chadwick vice-president and manager of the bank, said the closing was caused by rumors that the closing of the Meyer-Kiser Bank in Indianapolis would affect the Miami concern. He said R run began on the bank shirtly after opening time this morning.
Click image to open full size in new tab
dom. non-cyclical events were the drought. the in Germany, India. China and in parts of Latin America: fears Russia and the irritating effects of high Gradually, the combined force of management throughout the world is being directed toward the removal of trade barriers. and this invisible intellectual influence is, from the long-term standpoint, an important bull factor "their assets exceed their liabilities depositors and closing of the bank. the Direc tors "is a result of long period of of deposits which decreased the liquid resources of the institution period of three years by nearly $4,000,000." The bank has total capital and surplus of $600,000. with deposits of approximately $2,240,000. INDIANAPOLIS BANK CLOSED. Long Period Of Causes Directors To Take Action. Indianapolis, May Assets of the Meyer-Kiser Bank, one of Indianapolis's largest banking institutions. were placed the hands of the State Banking Department for liquidation today. A statement issued by the Directors indicated that in their opinion Meyer- Bank of Miami closed its doors this morning after remaining open little than an William C. Chadwick, Vice President and Manager of the bank. said the closing was caused by rumors that the closing of the Meyer Kiser Bank in Indianapolis would affect the Miami concern. He said run began the bank shortly after opening time this morning. The bank was capitalized at $125.000 and surplus of $23,000. posits, Mr. Chadwick said, were approximately
Click image to open full size in new tab
BANK RUN CAUSES CLOSING Meyer-Kiser Institution in Florida Shuts Doors Due to Withdrawals. of Miami closed its doors this morning after remainlittle more than an hour. open vice president and the rumors that the closing of affect the bank in run began Miami concern. shortly after opening this explained statement of Chadwick the would issued the had been controller advised the at was DeMr. were approximately $174,000. SEPARATE FROM LOCAL Miami Regarded vent, Expected to Pay in Full. The Meyer-Kiser bank of was closed yesterday following run bank of Indianapolis had closed with the Indianapolis Julian of the local Kiser, said those were directors the Indianapolis bank also were directors the Miami institution, but there was no financial conbelieve that the Florida bank solvent,' said, confiwas dence in was destroyed by voluntary of assets the Indianapolis bank. believe that will pay its creditors and depositors in Mr. Kiser said it was hoped to out some of liquidating the local bank in such manner to cause depositors and creditors and said that this could be done the assets are handled Julian Ralston, receiver for the MeyerKiser Corporation, subsidiary the local bank, by Judge Russell Ryan in Superior court, Room yesterday, following the filing of by Blessing E. Fischer, assistant to the of the MeyerThe receiver gave bond Kiser $50,000. of Miss Fischer The complaint stated that collateral for in estate mortgage bonds is largereal real estate, some ly mortgages on which the property the MeyerKiser bank. The complaint also the would not stated that company be in position redeem $25,000 the which become due May 15, and that the company has heavy indebtedness. Thomas D. Barr. assistant state banking commissioner, assumed charge of the Meyer-Kiser bank terday morning and that examination of the books would made. The bank was placed under the supervision the banking partment at meeting the board of directors Monday night.
Click image to open full size in new tab
MEYER-KISER BANK IN CHARGE OF STATE Examiner Takes Over Closed Institution L. Fenn. state examiner, arrived Miami this morning took charge of the Meyer Kiser bank. suspended business require about weeks complete the examination. after which bank's affairs scheduled be general liquidator for closed banks Dade county W said this morning that the bank allowed conduct liquidation. effort made pay all depositors in full within three effect of the closing banks of the which doing business today. No heavy withdrawals reported expected by Mr. said he had Ernest comptroller. the the liquidation and hopeful would given the examiners finish Closing of the bank bank in Indianap the opened for and the funds safety box and the be Mr. Chadwick The Miami Meyer-Kiser bank had deposits approximately he bank capitalized and had surplus
Click image to open full size in new tab
dom, non-cyclical events were the drought, in Ger China in parts of many, Latin Russia: the irritating effects of high tariffs. the combined force of throughout the world management directed toward the removal being of trade barriers, and this invisible intellectual influence is, from the long-term standpoint, an important bull factor. "their assets exceed their liabilities and The closing of the bank, the Direc tors result of long period withdrawals deposits which decreased the liquid of the institution period of three years by nearly $4,000,000." The bank has total capital and surplus of with deposits of approximately $2,240,000. INDIANAPOLIS BANK CLOSED. Long Period Of Causes Directors To Take Action. Indianapolis, May of the Meyer-Kiser Bank, one of Indianapolis's largest banking institutions, placed in the hands of the State Banking Department for liquidation A statement issued by the Directors indicated that in their opinion Miami, Fla., May 12-(AP)-The Meyer-Kiser Bank of Miami closed its doors this after remainopen little more an William Chadwick Vice President and Manager of the bank, said the closing was caused by rumors that the closing of the Bank in Indianapolis would affect the Miami concern. He said run began the bank shortly after opening time this morning. The bank was capitalized at $125. 000 and surplus of $23,000. Deposits, Mr. Chadwick said, were approximately $174,000.
Click image to open full size in new tab
RECEIVER PROTESTS AMOS' REMOVAL ORDER Meyer-Kiser Liquidator Says Depositors Disapproved Change Charges that had been removed office arbitrarily by Ernest state objection depositor's rep. resenting many the bank's tomers, had refused confer with the depositors, made today ceiver the bank. about replaced by Dungeneral liquidator. comptroller's demand resignation "for fit of depositors,' dated Jan. 15. referred to the which tried vain get Amos confer over the matter or definite according Sidney Weintrub, the committee. Chadwick's statement today fended his saying that he had conducted the liquidation much less overhead than custohad received nothing for services. He declared Duncan probably would the liquidation economically as he permitted. The retiring receiver out for the first time the reputed reason closing bank on last May said per cent the MeyerKiser deposits with the but closing the Bank Bay which the Kiser bank car the ried large Mr. said today would charge from the finished check which probably would He said he nothing about why Chadwick had his being complete the liquidation under the comptroller's direction.
Click image to open full size in new tab
TWO SENT TO FLORIDA IN MEYER-KISER CASE Receiver Lawyer Ordered to Attend Hearing. Thomas E. Garvin, receiver of the defunct Meyer-Kiser bank, and Frank B. Ross, local attorney, have been ordered to Miami, Fla., by Circuit Judge Earl R. Cox to take part in litigation there on affairs of the local bank. According to a petition filed by Mr. Garvin, a hearing will be held in Dade county Saturday to name trustees for the Puritan Investment Company, of which the Meyer-Kiser bank owns $421,500 first mortgage bonds. Garvin said Ferd S. Meyer, former bank official, refused to resign as trustee and is seeking to have a business associate named in his place.
Click image to open full size in new tab
TAX CONFERENCE MEYER BRINGS DEADLOCK Association Representatives Walk Out, Return to State Board Hearing. Conferences called by the Indiana state board of tax commissioners in an effort to adjust differences cerning the Indianapolis civil city's yesterday when representatives of the Indiana State Taxpayers' Association walked out. They left the city officers and the members of the state tax board settle the whether the rate should be cut. declining have any further part in the discussion. Walter Horn and William Mince, the representatives, there no possible basis for agreement tween the association and the city and they charged that the city officials had declined to co-op- Books Open for Inspection. Evans Woollen city controller and Walter president the board of public contradicted that charge and asserted that the books were open to inspection at any everything (in the gave you of information) that you asked Mr. Boetcher responded, "and thanked when you you the differences Unable adjust figures offered by Mr. Horn between Mr. Mince with those provided and Albert Walsby the city and Gaylord memman of the state tax asked bers board of accounts for the Indiana its applying the city budgfigures that in fixing the rate et, indicating they will rely upon the state's Up to State Tax Board. Following the hearing, Harry secretary of the Indiana State Taxpayers' Association, said that in far his organization concerned, all "washed with the up the state tax board." said. Later in the the two associarepresentatives returned to the tax board to discuss their differences of opinion the Indianapschool city's 99-cent tax rate. This hearing also ended agreement, although Mr. Horn and Mr. Mince did not walk out. The two cases were but little nearsettlement when the two conferences were concluded than they were week, but they probably will adjusted before the end of the week Ask Cut to $1.05. In its original case, the Indiana State Taxpayers Association tended that civil should be reduced from One of the principal differences opinion such excise building expects from during while associacontends that it should receive $646,000. the about $125,000 ON PAGE Says Securities Sent to Miami Were Not Papers of Closed Bank. Shipment of $270,000 worth of bonds from Meyer-Kiser bank Miami, made to filing of suit for foreclosing mortgage the Robert Clay hotel property Miami, officers the bank explained terday. The was brought timony Monday in hearing in cuit court the operation the bank, which closed in and its Sol president the bank Kiser and Cohn said yesterday that the bonds bonds of the but defaulted bonds on the property When the shipment hearing Monday Judge Earl ordered the ing continued until tomorrow mit Thomas bank and Walter his attorpresent the matter the court proper legal form and to vestigate the shipment further. Other Shipments Probed. Mr. Garvin announced yesterday that an alleged shipment of $150,000 worth of bonds to Ferdinand Meyer. of Sol Miami, in under investigation and that other bond shipments lesser amounts being Mr Cohn and Mr. vin checked records relative to the shipments. The ceiver that record could found concerning the $150.000 shipment and that both bank ficials assisting him in his Mr. told The Star last night that no recollection shipment.
Click image to open full size in new tab
MEYER-KISER RECEIVER SUES FOR MILLIONS Six-Paragraph Action Is Filed by Garvin, He Announces. SUM TOTAL $3,025,000 Conversion of Funds to Own Uses Is Charged to Sol Meyer. Filing of a suit to recover sums totaling more than three million dollars in assets of the Meyer-Kiser bank, alleged to have been converted to personal use of Sol Meyer, former president, featured today's activity in probe of the bank affairs in circuit court. The suit against Mr. Meyer was filed by Thomas E. Garvin, receiver, alleging in six paragraphs, various conversions of funds belonging to the bank and subsidiaries. Largest amount of damages asked is $975,000. Other paragraphs ask for $750,000, two for $500,000, one for $175,000 and one for $125,000, all amounts alleged to have been funds taken from the bank assets. Totaled, this amounts to $3,025,000. Filing Is Announced Mr. Garvin announced filing of the suit in circiut court, shortly before adjournment at noon for an indefinite period. The hearing will be resumed at a later date. with Anthony Wichmann, cashier of the defunct bank, as a witness. His presence was ordered by Circuit Judge Earl R. Cox. Howard Painter, auditor, was instructed to make a record of depositors who withdrew large sums on the closing day, although Mr. Meyer denied from the witness stand that he had advised any friends to withdraw their money. J. J. Kiser Testifies After Mr. Meyer had testified, J J. Kiser, former vice-president of the bank, stated that the closing was caused by unwillingness of other bankers in the city to loan additional money to the Meyer-Kiser. "They felt that to pledge any more of our collateral to secure additional funds to meet withdrawals by some depositors would not be fair to other depositors," Mr. Kiser said. Although considerable time was devoted to the subject, no additional information was obtained regarding the purported shipment of $150,000 in bonds to Miami from the bank here, December, 1930 Karl Steinecker, former bond clerk at the bank, whose information regarding the bond shipments precipitated the probe along this line, testified this morning that he had "disobeyed insurance company orders at the direction of Sol Meyer Given Packages, He Says Mr. Steinecker said that the insurance rules demand that at least two employes check outgoing bond shipments, but that Mr. Meyer gave him sealed packages of bonds and told him to mail them "without saying anything.' He also told the court that Mr. Meyer had talked to him yesterday. advising him to "tell the truth.' Judge Cox questioned Mr. Meyer regarding his conversation with Mr. Stienecker and alleged threats to accuse the latter of perjury Mr. Meyer was questioned at length by Walter Myers, attorney for Mr. Garvin, regarding a long list of bond shipments, but answered each query "he did not remember. Gambling in the casino of the Gloridian hotel, a bank property, was disclosed when Mr. Meyer was questioned regarding correspondence with Arthur Childers, hotel manager, Mert Wertheimer. manager of the casino, and Ferd S. Meyer, Mr. Meyer's son. According to Mr. Meyer, the bank received annual revenue of $10,000 from lease of the casino. Participation of Mr. Childers in Miami Beach politics was revealed in excerpts from letters, read by Mr. Myers to the witness. Fisher Action Cited A letter to Ferd Meyer from Childers. written on Floridian hotel stationery, said "After several attempts, I have succeeded in recovering Mert's gambling devices that were taken from his room last winter. I asked Mert approximately $6,000, since the court already had issued a destroy order on all his stuff. This favor alone should force them to forever hold their peace about the money they spent on their new rooms in the hotel. I appreciate your friendly interest in my race for city council, and I assure you that I have no intention of entering the race for mayor, although it has been suggested to me by several of the leading business men here on Miami Beach 'I have almost positive proof that Fisher Carl Fisher, former Indianapolis capitalist and Indianapolis Motor Speedway promoter) approached one of the candidates for mayor, with an offer to support him, if he would vote to close all gambling on the beach this winter "It is the general belief that his reason for doing this is the fact that Capone's lawyer made a monkey out of Fisher on the stand in the recent padlock case against Capone.
Click image to open full size in new tab
Garvin Will Ask Grand Jury Probe CONCLUDED FROM PAGE ONE. and to him about his testitalking court hearing The bank president to the court that went see the former Meyer bank employe Wednesday and Kiser that he talked to him about the hearing Stienecker testified that Meyer threatened him rested for perjury unless he told the truth' the stand. to his place of did you and on him when had not seen him for two or you three years?" Judge Cox asked wanted know the facts about the $150,000 bond shipment,' Meyer replied. mention anything to the you boy about perjury?" the court inquired. did not He told falsehood on the witness stand, Meyer "Pretty Close to Contempt." "You came pretty close to direct contempt of court You had no right whatsoever to go over there and talk to this witness,' Judge Cox said didn't know Meyer said "Oh, yes, you did. You know more than you let on and don't like one the judge countered The judge then questioned the bank executive length about affairs of the bank the day it closed its Did the closing of the MeyerKiser Miami, Fla have any thing to do with the closing of the bank the judge asked. "No. Meyer said "Then how did that both banks were closed the same Judge Cox asked. thought it advisable to close both banks Two Banks Entangled. "The truth the matter, isn't it, is that one bank had helped the other and they had helped one another to such degree that neither bank keep open any longer?" the court commented. Meyer denied this. The Meyer when he first that the local bank was insolvent. The witness replied, hours before The court then brought out the fact the bank accepted deposits closing time the day bank closed and that 3:30 and hours before closing time, bank officials were aware the bank without cash in that more checks had received from the Indiana clearing house for than was cash hand pay knew through when these checks unless could get more money," Meyer adMeyer denied, that he had advised his draw their from the bank before closed insolvHe said he had several thousand dollars on deposit at the time. Meyer said he expected to borrow money to continue operation from other bankers and capitalists. Advised Not to Borrow. The bank president's testimony was interrupted by J. J. Kiser, bank vice president, who declared that "the bankers advised us not borrow any more money and thus forced to pledge more assets the bank because would be unfair to depositors in that few thousand not have stopped the run on the Stienecker, an employe of the bond department of the Meyer Kiser bank from 1920 to 1931 testified about merous bond shipments to Florida including the has not been He identi- fied the shipment as one made by Meyer he said he violated insurance in making that Meyer ordered him not the usual procedure of the bonds by two bank was required under terms blanket insurance policy carried on bonds. Stienecker, however, was unable to give information relative to identity the bonds. Meyer previously had testified that did not recall the shipment. Other bank ficials also informed the court that they could learn nothing about from private investigation they had made. Threatened With Dismissal. The witness said that, according to his recollection, Meyer told him say nothing about the shipment to any bank official or person. He said he dismissal because he accused falsely telling bank employes about the shipment. Other facts brought out in the questioning of Meyer were The bank at Miami has dividends totaling 15 per depositors, although has been paid depositors of the institution Arthur Childers, manager of the Floridian hotel at Miami Fla. owned the was prominent in politics in the Florida city and gaged numerous tilts with Carl Fisher, former capitalgambling at Miami Beach interested in of the opposed gam bling and supported candidates for public opposed gambling, whereas Childers active in support of candidates who favored gam bling Gambling flourished the sino of the hotel and bank $10,000 year rental on the Capone Name in Testimony. Al Capone was brought the testimony with gambling Miami The lowing from Childers to Ferdinand Meyer written into the court record: have almost positive proof that Fisher approached one of the candidates for mayor an offer to support him he would vote close all gambling on the beach this winter the general belief that his reafor doing this the fact that Capone's made monkey of Fisher on the stand in the recent padlock case against Capone. Another letter from Childers to Ferdinand Meyer disclosed that Childers was candidate for city councilman and that he if elected, save the casino operator, Mert Werthemier, '$50,000 year in graft Five separate charges were made in the civil brought against Sol Meyer. The bank president charged the complaint with converting part the bank property to his own use to the Meyer Corpora tion, $200,000 to the Bank Realty Company, and using approximately various other sums in April, 1924. Meyer was accused of of the contingent fund to his use for the purchase stock in the Meyer Kiser bank of Miami in 1931. Numerous other charges Garvin that the complaint later will amended to include more specific charges.
Click image to open full size in new tab
CHADWICK IS ORDERED TO FIND BANK RECORDS Former Myer-Kiser Bank Receiver Being Sued By Liquidator Smith Judge H F. Atkinson in Circuit yesterday instructed W receiver for the Meyer Bank of Miami. to find certain records which are said to have been destroyed and turn them over to M A Smith general liquidator "If possible The order followed a hearing in which Richard H. Hunt. attorney for M. Smith liquidator sought to compel the return of the records Mr Hunt said that the missing records are 'indispensible and necessary for the proper liquidation of the bank's assets and that they last were in the possession of Mr. Chadwick A M Reder attorney for the former receiver said that E. P. Duncan, former liquidator, receipted for the records of the bank Mr Duncan testified that he had receipted for "those records which he believed to be necessary in the liquidation of the bank He was succeeded by Mr Smith as Mr. Hunt charges that deposits in the bank were loaned to employes of Meyer-Kiser interests. who gave unsecured and that approximately $60,000 was used for under the of Mr. Chadwick Among the missing records are certain deposit slips which must be available to trace renewal notes, Mr Hunt said