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DII ECTORS CLOSE HAMMOND BANK Ind., Feb. (A.P. First Trust Sav. ings bank today and affairs were to the state bank The bank capitalized at $500,000. bank was formed the meri eight years the National and the Lake Cour Trust comreported to heavy cent ture in the northern townships ke county. deposits, according its last report, $5,750,of ,170,000: surplus $1.00 ,000 and undivided profits of Be Meyn was president bank Wolters was secretary treasurer.
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DEFINITE DECISION MADE TO LIQUIDATE Depositors Says Statement Will Be Paid in Full Definite decision to liquidate the defunct First Trust Savings bank, of Hammond, immediately, was reached by the board of directors in special session last night in the direcroom. Carl Kaufmann, chairman of the directors' committee, added the important statement: Depositors will undoubtedly receive payment in full." order facilitate immediate liquidation, the directors night adopted resolution calling for hearing into the petition for ceivership tomorrow morning, instead of next Tuesday as was originally planned. Judge Clyde Cleveland. of Hamconsented to the ing. The bank in charge of the also agreed to the FORM IMPORTANT In formal released by Mr. Kaufmann this morning behalf directors, the point was brought out thatform of liquidation important: liquidation by the heavy and prolonged task which they do not liquidation by receiver will be under the constant supervision and direction of the court. Moreover, all expenses will be controlled by the court, and there every reason give court the confidence of the depositors, the stockholders, all others interested, he will not permit the cost to be From paragraph, inferred that not object to receivership on the contention that such move not jeopardize, the liquidating DEPOSITORS The statement also depositors that the court points receiver, he will select the most for the the end that work credit to the and justify the judgment of the court's selection." In this paragraph points becomes the court's responsibility and the that discharge and fairly.' The entire statement, which drawn up by the committee spokesman, follows: examiner's came last Friday night. The directors could not decide before Tuesday to do with the whether to reopen liquidate. They asked for postponement for exceed court and the banking department everyone that this was the outside limit. The delay was solely the request of the rectors, and not the banking departwhich apparently has followed its legal duty. COURT CONSENTS "At directors' meeting held last night, definitely decided to liquidate the bank, and ask that hearing held Friday. The banking department agreed the form liquidation not important: liquidation by the directors, and longed responsibility, which they not seek: liquidation will be under the and direction of court. Moreover, all expenses will be controlled by the court, and there every reason to give the court the confidence the depositors, the stockhloders and all others knowing that will not permit the to "Without doubt, if the court points receiver, he select the for the the that the work credit the justify the of the tion. the court's the know that discharge and directors of the bank call the attention the depositors the fact there surplus of one million the depositors and any loss. Depositors, by waiting tiently, and depending on action court their protection, undoubtedly receive full, without spending dollar to collector seeking corral the accounts of the small depositors.'
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DEFINITE DECISION MADE TO LIQUIDATE Depositors Says Statement Will Be Paid in Full Definite decision to liquidate the defunct First Trust Savings bank, of Hammond, immediately, was reached by board of directors in special session last night in the direcroom. Carl Kaufmann, chairman of the directors' committee, added the important statement: Depositors will undoubtedly receive payment in full. order immediate the directors last night adopted for hearing into the petition for ceivership stead next Tuesday as origiplanned. Judge Clyde Cleveland, of Hamthe morning. The bank examiners in charge the institution also agreed to the FORM NOT IMPORTANT In the formal released by Mr. this morning in behalf directors, the point brought form of liquidation is deemed important: liquidation by the directors, and longed task which they do liquidation be the stant direction of all there the court the confidence of the depositors, the and all others interested, knowing that not permit the cost to be unreasonable." From this paragraph, may be inferred directors tention that such ASSURES DEPOSITORS The statement also assures the depositors that "if the court points receiver, he select the competent the end that work credit to the and justify the judgment of the court's selecthis paragraph points out becomes the court's responsibility and the people that he discharge The entire statement, which drawn up very by the committee spokesman, follows: examiner's report in last Friday night. The directors could decide before Tuesday what to do with the bank, whether to reopen and operate, or liquidate. They asked for for exceed court the banking department everyone understanding this limit. The delay solely rectors, not the banking departapparently has followed its legal COURT CONSENTS held night, definitely decided to liquidate bank, and that the court hearing held Friday. banking department agreed the consented. form liquidation deemed important; the and longed which they receiver will be under stant supervision direction the court. Moreover, all expenses will controlled by the court, there every reason court the confidence depositors, the stockhloders others knowing that will not permit cost to "Without court receiver, select to the end that work will be the justify the judgment the selecmatter becomes the court's and the ple know he discharge it and fairly. "The directors the again the attention the depositors to the fact that there surplus million lars, the Depositors, by waiting tiently, and depending action of court for will full, and without spending dollar to any collector corral accounts of the depositors."
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DEFINITE DECISION MADE TO LIQUIDATE Depositors Says Statement Will Be Paid in Full Definite decision to liquidate the defunct First Trust Savings bank, of Hammond, immediately, was reached by the board directors in special session last night in the director room. Carl Kaufmann. chairman of the committee, added the important statement: 'Depositors will undoubtedly receive payment in full. order facilitate immediate liquidation, the directors night adopted calling for hearing into the for stead Tuesday as was originally planned. Judge Clyde Cleveland, of Hammond Superior court No. consented hold the hearing morning. agreed to the FORM NOT IMPORTANT In the formal by Mr. Kaufmann this morning of the point brought out "The form of liquidation not deemed important: liquidation by the with heavy and prowhich they do by receiver be under the stant supervision and direction of the court. all will be controlled by the there every reason the court the confidence of the tors, the all others permit the cost to be unreasonaFrom this paragraph, it that the directors not object the tention that such will jeopardize, the liquidating the ASSURES DEPOSITORS The statement assures the depositors that the court points he select most man for the to the end that work done credit to the and justify the judgment of the court's selection." In conclusion, this points out that: becomes people know that he discharge it conscientiously and fairly." The entire statement, drawn up very the "The examiner's in Friday The directors could not decide Tuesday what do with the bank, and They asked for postponement for not week. court and the banking department that this the outside limit. The delay solely at the request of the rectors and the banking depart me which apparently has followed its legal CONSENTS "At held last night, it decided to liquidate the bank, ask that the hearing be on Friday The banking agreed the form of liquidation not deemed important: by the directors, heavy and prolonged task which by be of the court. Moreover, all expenses will be controlled by the court, and there every to the confidence of tors, the stockhloders all others interested, knowing that he will not permit cost to unreasonable. "Without doubt, if the court points receiver. select the for the the that work credit to the receiver and justify the of the selecThe the the ple that he discharge it and "The directors of the bank again attention the depositors to the fact there parent between the and loss. Depositors, waiting tiently, and depending on action of the court for their protection, receive payment in full, and without spending to collector solicitor seeking corral the accounts the small depositors.
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Bank Receiver Chosen United HAMMOND Ind., Clyde Cleveland superior court here appointed Murray Turner Belman receivers the $7,000,000 First Trust Savings Bank which closed Feb. Until year Turner and Belman They to be full.
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FIRST REPORT OF RECEIVERS IN 15 DAYS Initial Payment to Depositors Will Depend on the Report to Court The first report of the receivers for First Trust Savings bank, Hammond, made Judge Clyde Hammond superior court No. 15 according to A. Murray Turner, one of the joint This report, Mr. Turner stated, is mandatory under the will outline the results the prelimwhich the receivership staff now is If the conversion of assets by that time has advanced sufficiently justify an initial positors, the court, doubt, will order Mr. Turner that the receivership has collected about $100,000 cash. the in bank owes approximately $700,000 Chicago banks this amount will have to be first in order to collect twice that amount. collateral will be and from that amount will be paid the initial to "The Mr. Turner stated pay the possible, and at the Collection interest on first mortgages and the payment of first (Continued on Page Eight)
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RECEIVERS ASKED TO COLLECT Receivers the First Trust bank pieces owned Whinery the Bereolos brothers and to apply this money as interest on $200,000 bond issue, floated by the First Trust Savings bank property, and now held by 147 bondholders. This decision was reached by special committee the bondholdspecial meeting yesterday afternoon and this morning. Letters be each bondholder, plaining Walter Bielefeldt of the committee to permit Mr. Whinery and Bereolos of the agreement report all lected shall be forwarded to First Trust AM in of operating to applied by the bank the mortgage this interest be to retire bond coupons. pieces of property include the building and lot on the northState Hohman streets; building and lot at Fayette street, across street from Hammond Chamber Commerce building: the northwest corner State and Calumet avenue which Standard Oil filling the 53 the corner of Ridge Road and Calumet avenue, and piece property on street just east of Calumet
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TO HEAR BANK RECEIVER SUIT HAMMOND, Ind., June Grant Crumpacker, who sat on the bench Porter Circuit Court during Virgil Kirkland's two trials, today was given the suit of receivers defunct First Trust Savings Bank, Hammond, who collect from the Judge Clyde Cleveland, Lake Superior Court, today granted change of venue the court at Valparaiso, asked by attorneys for Murray Turner and W. receivers. June alization House rules the next session Congress to restrain the poer the majority party dicted Everett Sanders, Terre Haute, former representative and secretary to President Calvin Coolidge, when he addressed the IndiBar here last night. fight over rules certain cause the strength the two jor parties nearly are the same,
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FILE REPLY OF BANK RECEIVERS LATER IN WEEK Attorney for Belman and Turner Delays Answer in Suit to Oust Officials Answer to the petition of Merrit D. Hammond oust W. Beiman and A. Murray Turner receivers of the defunct First Trust Savings bank, filed "later the L. of the for the receivers, said at today. answer scheduled to be filed in Hammond Superior court today but hopes abandoned Bomberger to general of tion and made in the amended filed by Attorney The said today he would probably as quickly as possible reading plenty of Metz Judge that evidence the matter would be in the form answers and in to holiday of the question." he said denying by Metz to get tes. timony in open court
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ORDERS RECEIVERS TO SUE THEMSELVES FOR DAMAGES Hammond, Ind., Dec. 18. (AP) Murray Turner and Helman, receivers the First Trust Savings Bank, today ordered by Judge Clyde Cleveland file damage suits against They must co-defendants in suit the receivers to collect $3,000,000 or more in damages from officers, directors, and former directors of the bank, Judge Cleveland ruled. Turner and Helman must file the suit they are the and they must defendants cause they once were directors of the bank.