5f7f71c5None
Click image to open full size in new tab
WILL ASK A RECEIVER. -- 1 The Northern State Bank of Gary was closed today by the Auditor of State pending application for receivership in the Lake Superior Court. There are sufficient assets to cover all liabilities. Bad loans are said to be the cause of the closing. All the other Gary banks are 1 nexcellent shape says Auditor Klaus.
Click image to open full size in new tab
GARY BANK CLOSES Receiver to be Named For the "Northern State." International News Service: GARY, Ind. Aug. 27.-The Northern State bank of Gary has been closed by the state auditor. A receiver will be appointed today. The auditor declares the bank's assets have been dissipated through bad loans and inefficient management. The capital stock is $100.000. the deposits $655,423 and its liabilities are listed at $822,450. It is believed there are sufficient assets, together with the stockholders' liability to pay all depositors in full. The bank is one of the oldest in the city. The institution two weeks ago caused the arrest of T. T. Snell, former president of the First National bank of Gary, on a charge that he had secured a loan of $5,000 from the bank on worthless securities. Snell's case brought about the state investigation.
Click image to open full size in new tab
ASKS RECEIVER FOR NORTHERN OF GARY State Auditor's Last Evening Takes Action to Close Gary Institution. Representing the Auditor of State, Otto Klaus, Charles W. Camp, deputy uditor, came to Gary yesterday and at three o'clock from the office of the Northern State Bank of Gary, after being in touch with the examiners, issued the following statement: Office of Auditor of State of Indiana, Otto L. Klauss, Auditor. Indianapolis, Ind., Au. 26, 1918. To the Public: A recent examination of the Northern State Bank of Gary, disclosed the fact that the bank was in an insolvent or failing condition; that the assets had been dissipated through numerous bad loans and that the present management was inefficient. In order to protect the depositors it has been deemed for their best interests to close the bank and make application to the Judge of the Superior Court of Lake county for a receiver. It is believed there is a sufficient amount of good assets, together with the stockholders double liability, to pay all depositors in full. Banks and Trust Companies shall require 30 days notice on withdrawals of Savings accounts on amounts in excess of $100.00. Dividends will be paid depositors as frequently as the Assets can be converted into cash. It is likely that the first distribution can be made within thirty days. All other banks in Gary are in good condition. OTTO
Click image to open full size in new tab
OTTO L. KLAUSS, Auditor of State. The Northern State Bank was organized by Samuel J. Watson eight years ago and he has been its president ever since, occupying rooms in the Security building for two years when SIX years ago it erected the structure it now occupies which is one of the finest banking buildings in the city of Gary. W. D. Hunter is cashier. . Application will be made to the Superior court for a receiver to take over the business of the bank. Injudicious loans are responsible for the rough sailing. Bank examiners for the state report that all the other banks in Gary are in their usual excellent shape and that the assets of the Northern State are ample for the liabilities.
Click image to open full size in new tab
IN THE LAKE SUPERIOR COURT. ROOM 3, SITTING AT GARY, INDIANA. IN VACATION, AUGUST 27. 1918. STATE OF INDIANA, COUNTY OF LAKE-SS. STATE OF INDIANA EX REL OTTO L. KLAUSS. AUDITOR OF STATE OF INDIANA, PLAINTIFF VS. NORTHERN STATE BANK OF GARY, INDIANA, A CORPORATION, DEFENDANT. NOTICE. To the Stockholders and Depositors of Northern State Bank of Gary, Indiana, a Corporation: You are hereby notified that on the 31st day of August, 1918, at 9 o'clock a. m. of said day. or as soon thereafter as counsel can be heard, the undersigned plaintiff and petitioner in the above entitled cause will make application to the Judge of the Lake Superior Court. at chambers, at the court house in the city of Gary, said county and state, for the appointment of a receiver in the above entitled cause, to take charge of the property and assets of said defendant. and to sell and dispose of its assets and property. to collect its outstanding indebtedness, and to distribute the proceeds thereof. and for such other orders as would be necessary and proper in such proceeding. OTTO L. KLAUSS, Auditor of State of Indiana. Dated August 27, A. D. 1918. 8-27-4
Click image to open full size in new tab
LEGAL NOTICES. IN THE LAKE SUPERIOR COURT. ROOM 3, SITTING AT GARY. INDIANA. IN VACATION, AUGUST 27. 1918. STATE OF INDIANA, COUNTY OF LAKE-SS. STATE OF INDIANA EX REL OTTO L. KLAUSS AUDITOR OF STATE OF INDIANA, PLAINTIFF vs. NORTHERN STATE BANK OF GARY. INDIANA, A CORPORATION, DEFENDANT. NOTICE. To the Stockholders and Depositors of Northern State Bank of Gary, Indiana, a Corporation: You are hereby notified that on the 31st day of August, 1918, at 9 o'clock a. m. of said day, or as soon thereafter as counsel can be heard. the undersigned plaintiff and petitioner in the above entitled cause will make application to the Judge of the Lake Superior Court, at chambers, at the court house in the city of Gary, said county and state, for the appointment of a receiver in the above entitled cause, to take charge of the property and assets of said defendant. and to sell and dispose of its assets and property. to collect its outstanding indebtedness. and to distribute the proceeds thereof. and for such other orders as would be necessary and proper in such proceeding. OTTO L. KLAUSS, Auditor of State of Indiana. Dated August 27, A. D. 1918. 8-27-4
Click image to open full size in new tab
LEGAL NOTICES. IN THE LAKE SUPERIOR COURT. ROOM 3. SITTING AT GARY. INDIANA. IN VACATION, AUGUST 27. 1918. STATE OF INDIANA, COUNTY OF LAKE-SS. STATE OF INDIANA EX REL. OTTO L. KLAUSS. AUDITOR OF STATE OF INDIANA, PLAINTIFF VS. NORTHERN STATE BANK OF GARY, INDIANA, A CORPORATION, DEFENDANT. NOTICE. To the Stockholders and Depositors of Northern State Bank of Gary, Indiana, a Corporation: You are hereby notified that on the 31st day of August, 1918. at 9 o'clock a. m. of said day, or as soon thereafter as counsel can be heard, the undersigned plaintiff and petitioner in the above entitled cause will make application to the Judge of the Lake Superior Court, at chambers, at the court house in the city of Gary, said county and state, for the appointment of a receiver in the above entitled cause, to take charge of the property and assets of said defendant. and to sell and dispose of its assets and property, to collect its outstanding indebtedness, and to distribute the proceeds thereof, and for such other orders as would be necessary and proper in such proceeding. OTTO L. KLAUSS. Auditor of State of Indiana. Dated August 27, A. D. 1918. 8-27-4
Click image to open full size in new tab
FINANCIAL NOTES. Didricheen & Co. have opened a Liberty bond department under the management of Samuel S. Lerner, formerly of John Muir & Co. This department will deal in all issues and denominations of Liberty bonds at Stock Exchange prices. New York Stock Exchange membership of B. G. Tallbert. deceased. has been sold to J. D. Merrimac for $53,000 and the seat of R. C. Megargel for the same price to Jesse A. Rothschild. New York branch of the Anglo-South American Bank announced yesterday that a new branch is to be opened at Vigo, Spain, early in November John Cone. F. C. Hading and W. M. Hawkins are its New York agents. Horace Howe, formerly assistant cashier. has been appointed cashier of the Gotham National Bank. The wholesale and retail prices for domestic sizes of anthracite, including pea, automatically advance next Monday thirty cents a ton in place of the customary ten cents advance each month. Judge Loring in the Massachusetts Supreme Court decided the New England Equitable Insurance Company to be insolvent and ordered receivers to wind up the business. A despatch from London says the London City and Midland Bank on completing the absorption of the London Joint Stock Bank will issue fresh capital. increasing the combined banks' paid up capital from £7,169,000 to about £8,200,000. New shares nominally of two pounds, ten shillings each will be sold at five pounds each, whereof half will be credited to reserve, increasing the combined reserve funds also to about £8,200,000. At a special meeting of the governing committee of the Chicago Stock Exchange it was voted to place on the regular list American Telephone and Telegraph Company $50,000.000 seven year 6 per cent. convertible gold bonds, due 1925. William F. Bartholomew of Tucker, Hayes & Bartholomew, Boston, was admitted to membership. It is reported that an attempt to reopen the Northern State Bank at Gary, Ind., closed last week by the State authority, will be made to-day at a depositors meet. Ing called by W. W. Miller, attorney for the institution. Mr. Miller says only $30.000 is needed to meet the State's demands. The general meeting of stockholders of the National Railways of Mexico will be held in Mexico city October 2. Among the propositions to be voted on is authorization to board of directors to issue such prior lien and general mortgage bonds as may be deemed necessary. Shareholders of rec. ord September 2 have a right to vote at the meeting. At a special meeting of stockholders of the Delaware, Lackawanna and Western Rallroad yesterday the board of directors Was authorized to negotiate the rental contract with the Federal Railroad Administration July 14 the Buenos Ayres branch of the First National Bank of Boston celebrated the first anniversary of its establishment In the Argentine capital. Albert Rathbone of New York was nominated yesterday by President Wilson to Assistant Secretary of the Treasury to succeed Oscar T. Crosby. who is representing the Treasury in France Boston Exchange has admitted to list the 65,000 common shares, par value $50. of the Gorton-Pew Fisheries Company The company reports for year ended March 31. 1918: Sales, $9,376,821 net profits, $832.078; deductions, $675,088 preferred dividends, $48,264: common dividends $100,000: surplus, $8,726 Balance surplus March 31, 1918, was $926,085. Sales in 1916-17 were $4,448,000 and in 1915-16 $3.001,000. Appointment of Robert L. Russel AS chairman of the Freight Traffic Committee of North Atlantic Ports, with headquarter at 141 Broadway, New York. has been announced by the Railroad Administration. Mr. Russel succeeds George D Ogden, chairman of the Exports Control Committee. Pennsylvania Water and Power Com pany declared a regular quarterly dividend of 1½ per cent., increasing the annual rate from 5 to 6 per cent. The divident is payable October 1 to holders of record September 19,
Click image to open full size in new tab
H.G. HAY JR. MADE RECEIVER Judge Greenwald Appoints Well Known Banker in Receivership. At a special hearing before Judge Greenwald of the Gary superior court this morning in the matter of appointing a receiver for the Northern State Bank. Gary. closed on August 5. Henry G. Hay, Jr., president of the Gary State Bank, was appointed receiver under bonds of $500,000. THU assets of the Northern State Bank are to be taken over immediately. State Bank Examiner Wilson was the only witness examined and testified at the close of the bank there were in deposits $642,029.89 with assets of $800,000. W. W. Miller, attorney for the bank, told the court there was no opposition to the appointment of a receiver and that a movement was on foot to reorganize the bank into a national bank with approved securities and that an organization meeting would be held next Tuesday night at the Gary Commercial Club. E. Miles Norton. chairman of the Lake County Republican Central Committee, was attorney for the state.
Click image to open full size in new tab
WILL TAKE BANK UP WITH COURT Depositors' Committee of Northern State Bank of Gary Back from Capitol. TIMES BUREAU. AT STATE CAPITAL. A committee representing depositors of the Northern State Bank, Gary, conferred Tuesday with Otto Klauss, auditor of state, and Charles W. Camp, head of the bank department in the auditor's office. with reference to reopening the bank which was closed in August on order of the state bank department. They presented tentative pians for rehabilitating the bank's finances, which Mr. Camp said "looked feasible." It is understood that the plan includes an arrangement whereby the stockholders in the bank will surrender their stock, or parts of it. and depositors wil Itake some of the stock for deposits. Mr. Camp directed the committee to take up the proposal also with the Lake superior court No. 2, in which receivership proceedings are hanging fire. The men on the committee were Charles A. Chase, W. W. Miller and Miles Norton, all attorneys. The bank was capitalized at $100,000. Samuel H. Watson was president of the bank at the time of its closing. He will not be connected with the reorganization of the institution, it was asserted. The bank was closed because examiners found many unsafe loans, some of which were made to officers of the institution, it is said. The reorganization and re-opening of the Northern State Bank closed at Gary a few weeks ago have been approved by the state auditor as presented to him by the organizing committee, Mayor Hodges, E. Miles Norton, W. W. Miller and Charles W. Chase. The re-organization will soon go before Judge Charles T. Greenwald of the Gary superior court and ask for the discharge of the receiver, Henry G. Hay, Jr. It is stated that more than 300 Gary citizens own stock in the new bank organization and that there will be a reserve fund of $35,000 which is more than required by the state banking law. A stockholders' meeting is soon to be held to elect directors and bank offleers. It 18 stated that all depositors of the old bank will be paid in full. A Tightwad Patriot is the worst thing that was ever made.
Click image to open full size in new tab
BANK RECEIVER FILES REPORT I H. G. Hay, as receiver of the Northern State Bank, Gary, has filed report with Judge Greenwald of the Superior court. The report shows the valuation of the bank and contents to be $573,328.58 and most of the claims against the bank have been allowed, but some have been refused payment. Re-hear-. ing of the disputed claims will be held December 26th at the bank. The report has no bearing on the re-opening of the bank which is said to be progressing finely. Vijo Lucinin, some months ago, taken into custody. charged with assault with a deadly weapon and attempted suicide in the Gary city jail, will be released this week from Mercy hospital and returned to the county jail. Deputy Sheriff Stultz announces that Lucanin will be placed under $5,000