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CAMDEN BANK OFFICIALS ARE INDICTED
Charged With Receiving Deposits in an Insolvent BankOut on Bond
Camden, Ark., April 20.-W. W. Brown and C. C. Ramsey, former president and active vice president respectively of the defunct Ouachita Valley bank, were indicted by the Ouachita county grand jury here today on charges of assenting to the receipt of deposits in an insolvent bank. The indictments were returned this afternoon following a two-day investigation into affairs of the institution which was closed and placed in the hands of the State Banking Department, three days afer Mr. Brown resigned as president. Both Mr. Brown and Mr. Ramsey were served with the indictments by Sheriff Arthur Ellis tonight and made bond. Mr. Brown executed bond for $10,000 signed by J. T. Wright and Dave Reynolds of Camden. Mr. Ramsey executed a bond of a similar amount signed by B. C. Powell of Little Rock, T. T. Hilderbrand and L. M. Stern of Camden. Another indictment returned by the Grand Jury said to have a connection with the bank failure, was the indictment of R. T. White, head of the R. T. White Motor company here which has been placed in the hands of a receiver. Mr. White is charged with embezzlement and selling mortgaged property. He was required to make bond of $7,500. He is said to have been financially interested with Mr. Ramsey in the Arkansas Investment Company which handled the legal paper on the cars sold by the White Motor Company. Judge Britt dismissed the Grand Jury, which returned a total of 24 indictments during the week, until May 21. L. E. Wilson, foreman, said tonight that the investigation into the affairs of the bank would be continued at that time. He said that the work had been delayed due to the absence from the state of several important witnesses. Brown resigned as president of the bank on March 23, and the directors elected Ed F. Graves as his successor. Retirement of Brown caused a slight run on the bank and, three days after his retirement, directors voted not to open the bank and place it in the hands of the Banking Department. W. L. Gatz. special bank commissioner, has been in charge of liquidating the bank affairs and arranging for the opening of a new institution here, which, it is believed, will be headed by W. C. Ribenack, president of the Little Rock Chamber of Commerce. The Ouachita Valley bank was one of the oldest in South Arkansas. It had deposits of more than $1,500,000 when it closed.
Camden, April 21.-Four indictments in connection with the probe of the defunct Ouachita Valley bank by the Grand Jury have been made public, Arthur G. Frankel, local attorney, who is in Little Rock, was under technical arrest today following the issuance of a warrant. He is charged with embezzlement. Frankel is said to have been connected with C. C. Ramsey, vice president of the bank, and R. T. White motor car dealer in the Arkansas Investment Company, which handled the legal paper for White's cars. W. W. Brown, former president, and Mr. Ramsey are facing charges of assenting to receipt of deposits when the bank was insolvent. White is held for embezzlement and selling mortgaged property. All are at liberty on bond. White made bond of $7,500 last night. Bondsmen are R. K. Mason and M. V. Rogers, both of Camden.
