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LOANS FROM RFC RELEASE Payment of Half of Frozen Deposits Planned Before Christmas-City Share Is $1,500,000. Christmas closed companies planned by Seventh Federal Indiana and the state committee is arranging frozen deposits about defunct banks through reconfinance loans. will make possible Christmas gifts by many would have small yuletide cheer It will mean business for and possible payment of debts. Details of the plan be outlined and liquidating agents banks meeting tomorthe Indianapolis Athletic Would Release Nearly Half. At the banking department yesterday it explained that the expected release about half the deposits the closed banks in the Seventh district, which comprises most liquidating agents invited to attend the meeting letters sent out by Robert R. Batton, chairman of the Federal committee and the other four members, all of whom are members the department financial instituFour closed Indianapolis banks eligible the state officials explained. half the deposits in Indianapolis institutions as approximately $1,500,000 free in the The Indianapolis banks and approximate deposits, Farmers Trust $1,Aetna Trust Company, Virginia AveState and Belmont State to Furnish Funds. Mechanics of the plan simply provide for long-term loans to the funct banks, through the receivers liquidating Existing sets are pledged collateral for the loans. funds derived from the reconstruction finance corporation. The assets be liquidated orderly fashion and the loans repaid to the Federal government by the receivers and liquidating agents. This will the flooding markets bank and prevent assets sacrifice figures. period five years the assets be advantage, it explained. Banks eligible the loans include about closed was explained banking department. Banking Department at Helm. Most of the involved be done through the state banking deThe Indiana committee will co-opwith the finance corporation and the deposit liquidation board in making the loans banks through James Leavell of Chicago and Walter W. Smith of the Seventh and Eighth Federal districts The Indiana committee. headed by Mr. Batton of includes Myron H. Gray of Muncie, Harvey Hartsock Indianapolis, Setser Columbus and Oscar Welborn of Indianapolis. one committees of bankers and business men appointed to speed the of more than $3,000,assets closed national and state banks throughout the country. Banks to Make Applications. The receive applications from closed banks for loans from the poration. The committee then will review the application and fix liquidating for the listed assets period of three to five years. The application then will be passed along to the district chairmen with for amount, less the cost determining district chairman will recomaction to the deposit liquidatBanks operating under liquidating agent of the state banking mission receiver to which the notices sent included Citizens Loan and Trust Company of Frankfort, Peoples State bank at East ChiCitizens State bank at NoblesExchange Lyons, Wabash County Loan Trust Company Trust ComIndianapolis, Valley