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ASK RECEIVER FOR AMERICAN TRUST BANK Luther F. Symons, Indiana banktoday filed in the court of Superior Judge Virgil S. Reiter in which he asks the appointment of receiver for the American Trust bank which failed open its doors Wednesday Argument heard on the 30, by Reiter shortly after the filed. The closed by order of directors. The today liquidation ceedings supervision the state banking department.
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ASK RECEIVER FOR AMERICAN TRUST BANK Luther F. Symons, Indiana banktoday filed tion the court of Judge Virgil Reiter which he asks the appointment of receiver for the American Trust and Savings bank which failed open its doors Wednesday morning. Argument be heard the matter Dec. according decision made by Judge Reiter shortly after the petition filed. order of The day to put liquidation proceedings under the supervision of the banking department.
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INDUSTRIAL SURVEY BEGAN YESTERDAY David manager of the Hammond: Delaney Printing comresearch department for Pace, Inc., pany, of Hammond: Chicago, started Gary, Garman's Chicago dustrial survey for the proposed indus- North Publishing trial expansion the for class started next spring by the its bid This Times' printed porter, Mr. Taylor explained that forms, Other bidders were the East will remain in Hammond until the Chicago Printery, with bid study is completed. Then he will and the Franklin Press, his findings Chicago office of Pace, final the of Com- Delaney Printing company, merce, he Hammond, for He expects to complete his work two on its low bid of $1,702.12. the fore part next This class blanks may be Publishing explained, by Ben Franklin Press; the East Chicago ing has selected Ham- Printery, and $2,915.50 by the Calualso met Press Gary. for its plant to learn sources their Tribe received the their fin- (Continued Page ished products, the labor and general tax structure affects industries in city. My ASK RECEIVER report, when completed, consensus of the economic structure of Hammond. statistical and economic FOR AMERICAN study will be made reduce my findings and analysis all factors that make TRUST BANK status. that analysis the negative of the indusLuther F. Symons, Indiana bankthat information at hand, filed definite in of Superior Judge tions the Chamber of Commerce Reiter which he the the best methods to pursue for appointment of receiver for the the proposed expansion of American Trust and Savings bank chamber. which its doors follow Wednesday morning. in the Argument heard on the of 30, according haps in Monthly. Personal made by Judge Reiter shortly after and all the filed. of the other factors that The bank was closed by order of cluded its The worked out detail to support the day put liquidation ceedings supervision Mr. Taylor said his firm has the state banking department. highly in promoting such throughout the tion during the 20 years of its TWO FIRMS TO istence.
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ASK RECEIVER FOR AMERICAN TRUST BANK Luther Symons, Indiana banktion the of Judge Virgil Reiter which the appointment of receiver the American Trust and bank which failed open its doors Wednesday morning. Argument will heard on the matter Dec. 30, according decision made Judge Reiter shortly after the petition filed. bank closed by order of day to put liquidation the state banking department.
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ASK RECEIVER FOR AMERICAN TRUST BANK Luther Symons, Indiana banking today petition in the court of Superior Judge Virgil Reiter which he appointment of American and Savings bank which failed to open its doors Wednesday Argument heard on the made by Reiter after the filed. The bank closed by order of directors. day liquidation under of the state banking department.
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Defunct Hammond Bank Receiver Makes Report AMERICAN TRUST AND SAVINGS BANK BARED Story of Juggled Assets And Other Irregularities Is Told The frenzied, extra-legal attempts of officers of the defunct American Trust and Savings bank, of Hammond, to stave off insolvency are revealed in the 72-page report which Receiver John Rippe filed with Superior Judge Virgil S. Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months. Between the dry, crisp, legal minology of the report may read dramatic story by the initiated It is age-old story juggled assets, concealed liabilities, entries, and similar irregularities. To start the the 15, with reported total assets of $888,742.53. that amount, $157,727.51 were listed trust securities and first trust BONDS In of estate the shows that sold these bonds the bank. In words, the institution guaranteed them. The receiver estimates that approxiof those bonds were sold. That almost equals the total Receiver Rippe states that nuactions pending against the because those bond assignments. He said they they will crease liabilities materially. Another indication of the method used conceal liabilities is contained in the receivership statement that bills payable, amounting $12,403 liabilities bank at the time of Furthermore, the bank officers on November 6, 1930, charged off $3,336 Inactive accounts placed them in undivided of the bank; the of these accounts still are proper claimants against the assets, though disthe the of closing. taxes due delinquent estate: on the bank buildprop(Continued Page Ten)
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Defunct Hammond Bank Receiver Makes Report AMERICAN TRUST AND SAVINGS BANK BARED Story of Juggled Assets And Other Irregularities Is Told The frenzied, extra-legal attempts of officers of the defunct American® Trust and Savings bank, of Hammond, to stave off insolvency vealed in the volumious 72-page report which Receiver John Rippe filed with Superior Judge Virgil Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months. Between the dry, crisp, legal terminology the report may be read dramatic story by the initiated It is age-old story of juggled concealed liabilities, entries, and similar irregularities. To start the beginning, the bank closed December 15, 1931, with reported total assets of $888,742.53. that amount, $157,727.51 were listed trust securities and first lien trust BONDS the bonds, shows that this bank sold bonds absolute recourse the bank. In other words, the institution guaranteed them. receiver estimates that approxithose sold. That equals the total assets of the institution. Receiver Rippe states that nuactions now are pending against receivership those bond assignments. He said they allowed, they will increase the method to is contained in the that payable, to $12,403 as liabilities the bank at the time of its Furthermore, the bank officers on November 6, accounts placed them undivided profit count the bank; the owners these still proper against the assets, even their names not disclosed on the bank records. On the date of closing, taxes due delinquent totaled $13,000 on real on the bank build$4,927.40 on personal prop(Continued on Page Ten)
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Defunct Hammond Bank Receiver Makes Report AMERICAN TRUST AND SAVINGS BANK BARED Story of Juggled Assets And Other Irregularities Is Told The frenzied, attempts of officers of the defunct American Trust and Savings bank, of Hammond, to stave off insolvency revealed in the volumious report which Receiver John Rippe filed with Superior Judge Virgil S. Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months. Between the dry, crisp, legal terread dramatic story by the initiated is the age-old story of juggled false similar To start the beginning, the bank 15, 1931, reported total assets of $888,742.53 Of that amount, $157,727.51 listed trust securities and first trust BONDS the of real estate bonds, this other words, the institution guaranteed The receiver estimates approximately of those sold. That almost equals the total of the institution. Receiver Rippe states that nupending against the receivership of those assignments. He said allowed, will inliabilities materially. Another indication of the method to conceal liabilities is contained in the receivership statement that payable, amounting to $12,403 as liabilities bank at the time of its closing. Furthermore, the bank officers November 1930, charged off $3,336 accounts placed them in the undivided profit count the bank; the owners of these accounts still proper claimants against the assets, though their names not disclosed on the records. On the of closing, taxes due delinquent on the bank buildpersonal prop(Continued Page Ten)
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Defunct Hammond Bank Receiver Makes Report AMERICAN TRUST AND SAVINGS BANK BARED Story of Juggled Assets And Other Irregularities Is Told The frenzied, extra-legal attempts of officers of the defunct American Trust and Savings bank, of Hammond, to stave off insolvency revealed in the volumious 72-page report which Receiver John Rippe filed with Superior Judge Virgil S. Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months. Between the crisp, legal terthe report read dramatic story by the initiated It is the story of juggled assets, concealed liabilities, entries, and similar irregularities. To the closed December 15, 1931, reported total assets of $888,742.53. that amount, were listed trust securities and first trust BONDS In the matter of estate bonds, report shows these bonds absolute recourse the bank: In other words, the institution guaranteed them. The estimates that approximately of those bonds sold. That almost equals the total assets of the institution. Receiver Rippe states that nuactions now pending against receivership of those bond assignments. He said they allowed, they will increase liabilities materially. Another of the method used liabilities contained the that bills payable, to $12,403 bank at the time of its closing. Furthermore, the bank officers November charged off $3,336 of inactive accounts placed them the undivided profit count the bank: yet, the owners these accounts still proper claimants against the assets, though their not disclosed on the records. On the date of closing, taxes due delinquent totaled $13,000 on real on the bank buildand $4,927.40 on personal prop(Continued on Page Ten)
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PROSECUTOR TO SCRUTINIZE BANK REPORT [SPECIAL TO THE TIMES] CROWN Ind., Jan. thorough investigation into the defunct American Trust and Savings bank, of Hammond, made mediately and findings be submitted jury, cutor Robert G. Estill day. He said the first step in the Inquiry of the report which Receiver John Rippe filed Judge Virgil S. Reiter Hammond Superior court yesterday Mr. Rippe's outlined the of the prior to its closing 15, It revealed allegedly legal activities by officers liabilities juggle The will apply to Rippe the port today that he may study in detail. "If any criminal irregularities are Mr. Estill said, grand jury will be asked to return ments. However, it must borne in mind that of these irregularities by our state banking laws. Morally, they may be wrong, but legally, they shall to determine the legal violations first before take any action that might be necessary. Swanson, former county of the bank and Matt vice president. The bank had assets of $886,000 at the time of