4968. Gary Labor Bank (Gary, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1934
Location
Gary, Indiana (41.593, -87.346)

Metadata

Model
gpt-5-mini
Short Digest
f52b25c493acfc57

Response Measures

None

Description

Articles (Sept 1933 and Mar 1934) refer to a receiver for the Gary Labor Bank and to the bank having 'closed' with deposits held by the county and later a receiver's dividend paid. No article describes a depositor run. Thus this appears to be a suspension/closure with a receiver assigned. The exact date of suspension/closing is not given in the clippings.

Events (2)
1. March 1, 1934 Receivership
Newspaper Excerpt
check for $3,200 was received from the Gary Labor bank receiver dividend $20,000 the county had on deposit there when it closed.
Source
newspapers
2. * Suspension
Cause
Government Action
Cause Details
Bank had a receiver and is described as closed; county had deposits 'on deposit there when it closed.'
Newspaper Excerpt
the receiver of the Gary Labor bank ... for the first mortgage it held on the property
Source
newspapers

Newspaper Articles (5)
1. September 15, 1933 The Times Hammond, IN
Article from The Times, September 15, 1933

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Article Text

SECOND HOME LOAN GOES TO MAN The Lake loan loan Anders Hokanson, 5640 E. 5th place, Gary, Clinn Ellyson, manager the Lake county branch of Indiana Home Owners' Loan nounced today. He said the loan totaled $2,512.71, which $2,413.30 in federal home loan bonds the receiver the Miller State bank replace the first mortgage which been in since The of the loan was distributed $10.92 for delinquent Gary city taxes; for $21 for charges; to Attorney Fred Egan. Gary, for examining abstract: and for delinquent county taxes, making total outlay The home, bungalow, appraised by Joseph Wildermuth, of Gary, $3,500. The first was authorized yesterday for William Mulligan of Hobart. amounted to of which $849.24 in home loan bonds accepted by the receiver of the Gary Labor bank the first mortgage it held the property. The was in default 18 The of the loan in taexs, recording charges, similar items. Mr. Ellyson expects to authorize large number of loans during next few received 5,000 temporary for Of that number, 1,000 of the more distressed home owners been selected for immediate consideration.

2. September 15, 1933 The Times Hammond, IN
Article from The Times, September 15, 1933

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Article Text

SECOND HOME LOAN GOES TO GARY MAN The second Lake county loan to granted under the provisions of the Home Owners' loan act went to Anders 5640 E. 5th place, Gary, Clinn of manager Lake county branch of Indiana Home Owners' Loan nounced today. He said the loan totaled which $2,413.30 in federal home bonds the receiver the Miller bank replace the first mortgage which been in default since 1929. The the loan was distributed $10.92 for delinquent Gary city for delinquent $21 abstract $7.50 to Attorney Fred of Gary, for examining abstract: and $6.39 for delinquent county taxes, maktotal cash outlay of The home, frame was appraised by Joseph Wildermuth, of Gary, $3,500. The first authorized yesterday for William Mulligan of Hobart. amounted to of which $849.24 in home loan bonds were accepted the receiver of the Gary Labor bank for the first mortgage it held on the property. was default 18 months. of the loan in edlinquent taexs, recording charges, Mr. Ellyson to authorize large number of loans during the few days. He has received temporary for aid. Of that number, 1,000 of the more distressed home owners been selected for immediate consideration.

3. September 15, 1933 The Times Hammond, IN
Article from The Times, September 15, 1933

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Article Text

SECOND HOME LOAN GOES TO MAN The second Lake county loan be granted under the provisions the Federal Home Owners' loan went to Anders Hokanson, 5640 E. 5th place, Gary, Clinn Ellyson. Hammond. manager the Lake county branch Indiana Home Owners' nounced today. He said the loan totaled $2,512.71, of which $2,413.30 in federal home loan bonds went the receiver the Miller bank replace the first mortgage which been in since of the loan distributed $10.92 for delinquent Gary city taxes for $21 for to Attorney Fred Egan, Gary, for examining the abstract; and $6.39 for delinquent county taxes, making total cash outlay of The frame bungalow, appraised by Joseph Wildermuth, of Gary, $3,500. The first loan was authorized yesterday for William Mulligan Hobart. amounted to of which in home loan bonds were accepted by the receiver of the Gary Labor bank for the first mortgage it held on the property. The mortgage was in 18 of the loan was in edlinquent taexs, recording charges, and Mr. Ellyson to authorize large number of loans during the next few He has 5,000 for aid Of that number, 1,000 of the more distressed home owners been selected for Immediate consideration.

4. March 1, 1934 The Times Hammond, IN
Article from The Times, March 1, 1934

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Article Text

MORE MONEY IN COUNTY COFFERS (SPECIAL TO THE TIMES) CROWN POINT, March Money seeping the county treasury from today and Treasurer glad old strong been empty for eral big through and made tax possible to meet the county pay except Today check $10,000 arrived the the share the auto license money applied today county highway At the check for $3,200 received the Gary Labor bank receiver dividend the posit there when closed.

5. March 1, 1934 The Times Hammond, IN
Article from The Times, March 1, 1934

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Article Text

MONEY IN COUNTY COFFERS [SPECIAL TO THE TIMES] CROWN POINT, March Money was seeping the county from today Treasurer Conter glad to greet old strong box been empty for big through early tax and made meet pay check arrived state share gasoline and auto license money That may applied today expenses At the same time check for $3,200 was received from the Gary Labor bank receiver dividend $20,000 the county had on deposit there when it closed.