1.
October 23, 1930
The Times
Hammond, IN
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IMPORTANT BANK CLOSED
INDIANAPOLIS, Ind., Oct. The City Trust company, with deposits of one of the most important financial institutions in Indianapolis, closed by the state banking department here this afternoon.
Luther F. Symons, state banking took personal of the Neither Symons Thomas Barr, deputy state bank commissioner, would reason for the closof the institution. make Barr mons may issue statement night." was believed that preliminary check of the bank's would by before he the Dick Miller, former president of the Indianapolis Chamber Commerce, president of the City Trust company. He built the bank from small institution important unit of this city's financial structure.
2.
October 23, 1930
The Times
Hammond, IN
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IMPORTANT BANK CLOSED
INDIANAPOLIS, Ind., Oct. The City Trust company, with deposits of one of the important financial institutions in closed by the Indianapolis, banking department here this afternoon. Luther F. Symons, state banking commissioner, took charge of the bank's Neither Symons nor Thomas Barr, deputy state bank commissioner, would reason for the closing of the institution. "We no statement to make at this Barr said. Systatement night."
It was believed preliminary check the bank's would afternoon by Symons before issues the statement. Dick Miller, president of the Comthe City Trust company. He built up the bank from institution an important unit of this city's financial structure.
3.
October 28, 1930
Muncie Evening Press
Muncie, IN
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BANK FAILS INDIANAPOLIS
Heavy Run Closes Third
Oct. of the Washington Bank and Trust Company closed the institution today and placed its affairs the hands of the state banking partment. Heavy withdrawals yesterday caused the closing, was announced this morning by Luther Symons, banking The institution was capitalized and had surplus of
Barr Assumes Charge. Thomas Barr, assistant state banking took personal charge of the institution. of the bank are Edward Morris, president; Clifton Fields, Francis Payne, Pearcy, secretary; Calvin Clymer, assistsecretary. The bank was the third in Indianapolis to be closed in the past week. Others City Trust Company and the State Savings and Trust Company.
4.
October 30, 1930
Franklin Democrat
Franklin, IN
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The Postal Station State bank Indianapolis, of which C. Brock, formerly of Trafalgar and Franklin, cashier, closed its doors Thursday evening to avoid, it said, heavy withdrawals that might follow the closing of the City Trust Company noon that day. Dick Miller is President of the City Trust Company and also of the Postal Station State bank. "Frozen Assets" is said to be the cause of the suspensions. Mr. Brock, it is said, thinks the Postal Bank of which he is cashier can be reorganized again, saying in fairly sound condition and he hopes to see it open again soon for business. The news of these financial verses was received with great prise by many in Johnson county. number of citizens in this county had accounts in the Postal Station bank. Besides Mr. Miller and Mr. Brock, officers of the bank are Barnard, M. Ewing, W. Fox, Sr., and Hurd. The institution capitalized at $25,000 has deposits amounting to approximately $372,000, surplus of $8,000. and undivided profits totaling about The frozen assets consist chiefly in loans on farm mortgages, it explained.
5.
November 7, 1930
The Indianapolis Times
Indianapolis, IN
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BATTLE IS STARTED OVER TWO BANK RECEIVERSHIPS; COURT CHANGE IS FOUGHT Ogden Denies He Approved Attempt by Commissioner Symons to Shift Suits Away From Judge Chamberlin. SUDDEN, MYSTERIOUS MOVE PROBED State Official Declares He Has Right to Dismiss Washington and City Trust Cases, Refile in Other Tribunals. BY DANIEL M. KIDNEY Receivership suits against two Indianapolis banks were at a deadlock today with refusal of Circuit Judge Harry O. Chamberlin to approve their dismissal and transfer to probate and superior courts as sought, without explanation by Luther F. Symons, state banking commissioner. Thousands of depositors and stockholders in the Washington Bank and Trust Company and the City Trust Company were left to wonder why the transfer was sought, as Attorney-General James M. Ogden and Judge Chamberlin stated their disapproval of the switch. "Any statement to the contrary, I did not approve the dismissal of these receivership suits," the attorney-general told The Times today.
6.
November 10, 1930
The Indianapolis Times
Indianapolis, IN
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Jess Murden, state highway commissioner and sometimes termed "unofficial Governor of Indiana."
Murden denied he had interested himself in the City Trust suit, but Symons previously had confided that Murden had suggested getting the suit before Milner if possible.
This also was said to have been suggested by Governor Harry G. Leslie in a telephone conversation with Symons last week.
McTurnan, who appeared as Symons' counsel today, is known to have conferred with Thomas D. Barr, Symons' assistant, at Barr's home Friday night.
Barr originally was reported to be slated for one of the receiverships, but vigorously denied any such intention. He has been with the department many years and was chief before Symons was appointed by former Governor Ed Jackson.
### Symons' Term Ended
Symons' term expired Oct. 1, and Barr was reported in line for the chieftainship again, but Leslie, following his policy, neither reappointed Symons nor appointed any one else to the place. Under these circumstances, the present office holder stays on without reappointment.
Affirming jurisdiction of probate court in the appointment of receivers, a jurisdiction questioned by Ogden, Probate Judge Mahlon E. Bash issued a lengthy statement today in defense of his position.
The statement cites statutory provisions as well as decisions in superior courts throughout the state. Among them is listed the receivership action against the Tuxedo State bank, which was prosecuted through the probate court and in which Attorney-General Ogden represented a creditor and obtained a judgment on a claim.
### Another Suit Entered
Ogden is a director of the defunct City Trust Company.
Erve Hanford, attorney, 511 Meyer-Kiser Bank building, contended today that he has a suit for receiver filed in circuit court against the City Trust Company, which takes priority over all of them. It was filed Oct. 29 by Hanford as guardian for Richard Hinton Menges, who had $428.25 in the City Trust bank when it closed.
Hanford contends that the state banking department has no exclusive right to ask for a receiver and he wants his suit pressed.
Should Barr be given a receivership, he would not be the first graduate of the department to receive one. Two former examiners are receivers in bank suits now pending in the supreme court, the record discloses.
### Parker Is Rebuffed
One is Morris E. Stults, receiver for the Studebaker State bank, Bluffton, and the Lynn Grove bank in Wells county, and the other is Kenneth Kunkle, receiver for the Poneto State bank.
When the State Savings and Trust bank closed here, Charles R. Parker, clerk in the banking department, is reported to have gone to Governor Leslie to ask if it would be all right for him to be made receiver.
The Governor is reported to have said "no," in no uncertain way.
7.
November 10, 1930
The Indianapolis Times
Indianapolis, IN
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Some Light on City's Closed Bank Tangles Events which preceded today's court action in the receivership battle involving the City Trust Company, Washington Bank and Trust Company, the state banking commissioner, attorney-general and county courts were: Oct. 23-City Trust Company closes its doors, its directors blaming frozen assets, placing company's affairs in hands of state banking department. Oct. 28-Washington Bank and Trust Company closed by its directors after heavy run Oct. 27; state banking department takes charge. Nov. 5-Attorney-General James M. Ogden, through his chief deputy, Charles Werner, files suits in Marion circuit court (Harry O. Chamberlin, judge) asking appointment of receivers for both the City Trust Company and Washington Bank and Trust Company. Nov. 6.-Luthe F. Symons. state banking ocmmissioner, without Judge Chamberlin's approval, withdraws the suits from circuit court. paying costs by personal check, and refiles them, designating City Trust Company receivership suit for probate court (Mahlon E. Bash, judge) and Washington Bank and Trust Company suit for superior court five (Joseph M. Milner, judge). Nov. 7-Attorney-General Ogden and Circuit Judge Chamberlin declare attempted transfer was without their approval. Symons refuses explanation of action. Thomas D. Barr, deputy banking commissioner, denies he is interested in being appointed receiver for either institution. Nov. 8-Symons asserts that Jess Murden, Peru. state highway commisisoner, talked to him about transferring the suits from circuit court. Reported that Murden's interest was inspired by Arthur B. Ayres, Newcastle capitalist and heavy donor to Republican state campaign funds, who, with George Marott, Indianapolis merchants, owns City Trust building, where City Trust Company pays $25,000 annual rent. Murden denies Symons assertion and disclaims acquaintance with Ayres. Ayres denies having asked Murden or Governor Harry G. Leslie to act. Report persists that Governor advised Symons by telephone to make the transfer if it could be done without embarrassment. Symons issues statement upholding his right to choose the courts, defends his action as intended for best interests of depositors. Attorney-general admits Symons' charges that he (Ogden) filed the suits in circuit court despite the fact Symons intended them for superior and probate courts. Ogden explains he did this because Judges Milner and Bash leave office Jan. 1, 1931, and probate court lacks jurisdiction. Ralph Kane. attorney. announces his firm is entering appearance for City Trust Company in circuit court and in superior court five. Although suits. when refiled by Symons. bore penciled notation sending City Trust action to probate court and Washington Bank and Trust Company suit to superior court five, they now are found to be on file in just the opposite position, City Trust in superior court five and Washington Bank and Trust in probate court. Ogden's chief deputy filed motion in circuit court to dismiss Symons' motion for dismissal (filed when the transfer was sought).
8.
November 11, 1930
The Indianapolis Times
Indianapolis, IN
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AGREEMENT ON BANK RECEIVER SUITS REACHED Cases Will Be Called This Week in Circuit Court by Chamberlin. Armistic day brought cause for celebrating to the thousands of depositors of the City Trust Company and the Washington Bank and Trust Company, for armistice has been reached between AttorneyGeneral James M. Ogden and Luther F. Symons, state banking commissioner, in the bank receivership suits. As a final gesture Monday, Symons filed for receiver for the Postal Station State bank, a City Trust subsidiary, in superior court four, but agreement was reached on the filing by the two departments, both Symons and Ogden explained. The attorney-general will appear in the case and "sign the papers if propertly filed," Ogden asserted today. "The matter of jurisdiction in selection of the courts is not involved," Ogden explained. "That was ruled upon definitely in circuit court Monday." Ogden Wins Point Circuit Judge Harry O. Chamberlin, in taking over the City Trust Company and Washington Bank and Trust Company receivership suits, and overruling Symons' motion to dismiss, held that the attorney-general represents the state in the matter. Ogden and Symons had been at loggerheads for a week over the cases. Symons attempted to have the suits dropped in circuit court and filed in probate and superior court 5. Hearing on the City Trust suit will be in circuit court Wednesday and on the Washington bank suit Friday. Ogden is a director of the City Trust Company. Cases Are Recalled Having scored a victory in circuit court Monday morning, he returned to the courthouse with Symons in the afternoon and had the cases recalled in probate and superior court five. This action was agreed upon following a conference with Governor Harry G. Leslie. Symons, although defeated in circuit court, refused to have his probate and superior court filings dismissed without seeing the Governor. Leslie was reported to have interested himself in seeing that the City Trust suit was taken into superior court five, presided over by Judge James M. Milner. The Times reported that "from a reliable source" it had learned that the Governor had called Symons and told him that if he could do so without embarrassment to withdraw the circuit court suit and take it to Milner. Leslie Denies Report Upon his return to the statehouse Monday afternoon, Leslie vehemently denied that he ever had talked to Symons about the case, either in conference or by phone, and never had suggested either court, judge or receiver. Symons told The Times that Jess Murden, state highway commissioner and sometimes termed "unofficial Governor of Indiana," had talked to him about getting the suit in Milner's court, but Murden immediately denied it, also. Symons never admitted to The Times that the Governor had called. "I am leaving these matters up to the state banking commissioner, in whose integrity I have faith," Leslie said at the Monday conference. "I never have nor never will try to dictate in the matter of receiverships. "The only possible interest I might have is to urge that every possible saving be made for the sake of the depositors and the funds be not expended in excessive fees to receivers and attorneys." Symons, Ogden, and his assistant, Charles F. Werner, were at the conference when this assertion was made. Asked by The Times today why he had refused to dismiss the suits without seeing the Governor, if Leslie was not interested, Symons explained that he had done so in the interest of "common justice." When Symons and Ogden appeared to quash the case in Milner's court, they were rebuked severely.
9.
November 13, 1930
The Indianapolis Times
Indianapolis, IN
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COMMITTEE TO WEIGH ASSETS OF CITY TRUST Judge Chamberlin Defers Action on Receiver Pending Report. Naming of a committee to fix the appraised value of assets of the City Trust Company, closed voluntarily Oct. 23, confronted directors and interested parties today after Circuit Judge Harry O. Chamberlin deferred acting on a petition for appointment of a receiver, The committee, to be named following conferences probably this afternoon between state officials, heads of the bank, and attorneys for depositors, will lay their findings before Chamberlin Nov. 20. Hearing evidence on the receivership petition Wednesday, ChamberJin indicated a liquidation of assets may fall to either a receiver of a liquidating agent. Witnesses said the institution's creditors, stockholders and depositors may not sustain heavy losses if ample time is allowed for the liquidation.
10.
November 18, 1930
The Indianapolis Star
Indianapolis, IN
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BANK RECEIVER
Chairman of Bell Board to Serve City Trust Without Pay.
Curtis H. Rottger, chairman of the board of the Indiana Bell Telephone Company, yesterday was named receiver of the City Trust Company by Judge Harry O. Chamberlin of Circuit court. Mr. Rottger accepted the appointment upon the express understanding that receive no compensafor his services. He explained that he felt he owed civic duty to this to undertake liquidation of the trust assets greatest financial advantage to depositors and creditors Mr. Rottger also declared that exhorbitant paid receivers in Marion courts prompted him to a decision to serve without pay.
Postal Bank Insolvent. Another development in affairs of the City Trust Company came yesterday when Judge William S. McMaster of Superior court, Room found the Postal State bank, sidiary the company, insolvent. His finding was receivership petition filed by Luther Symons, state banking examiner. Judge McMaster deferred naming of receiver until later this He set the bond of the receiver $50,000 receiver for the City Trust Company was to have been appointed until Friday, but investigation revealed that unless receiver named immediately certain securities held by the financial institution would materially value, Judge Chamberlain explained. An appraisal of assets of the bank have been underbut this was dropped appointment the receiver. The court held the bank to be insolvent hearing last week Mr. Rottger has lived in Indianapolis ten years. He to this city from Springfield, III., to accept post vice president of the Indiana Bell Telephone Company. was general manager of the Central Union Company in city. Mr. Rottger was elected of the Bell pany 1921 and served until April this year, when he resigned to devote his time to personal business. High Compensation Cited. "There have been great many receivership in Marion county courts where the receiver has been given high compensation, he said. has been great deal of talk about this people have most kind to me during the ten years have resided in this They have been mighty nice, so thought the acceptance of this post would give me an opportunity my for this kindness, and material way show them how feel toward them have always felt that the depositor defunct bank should receive every dollar that is possible give him and my service will help the expense which otherwise would be incurred
11.
November 18, 1930
The Indianapolis Times
Indianapolis, IN
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C. H. ROTTGER RECEIVER FOR CITY TRUST CO. Bell Telephone Chief to Handle Bank Position Without Pay. Liquidation of assets of the City Trust Cotipany, closed voluntarily Oct. 23, is expected to begin immediately, with the appointment of Curtis H. Rottger, chairman of the board of the Indiana Bell Telephone Company, as receiver. Rottger was appointed Monday by Circuit Judge Harry O. Chamberlin under the express agreement that he is to receive no pay for his services. Chamberlin made the appointment unexpectedly, diverging from a plan to continue the receiversnip hearing Nov. 20, when appraisers were to submit a statement of the bank's assets. Chamberlin said the Thursday hearing was abandoned and the receiver appointed to facilitate immediate liquidation of certain securities held by a Chicago firm. Incident with the appointment Monday, Superior Judge William S. McMaster heard evidence in a petition for appointment of a receiver for the Postal Station State bank,
12.
November 21, 1930
The Indianapolis Times
Indianapolis, IN
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ORDERS TAXES PAID $4,813 Must Go to County From City Trust. First step in the receivership of the City Trust company was entered today in circuit court records where Judge Harry O. Chamberlin directed Curtis H. Rottger, receiver, to pay the Marion county treasurer $4,813.98 taxes collected by the bank as treasurer's agent. City Trust Company, according to Rottger's petition, as a designated agent for County Treasurer Clyde R. Robinson, turned none of the fall tax revenue over to Robinson before it's doors were closed v)Juntarily Oct. 23. A similiar petition, seeking to pay from receivership funds other county tax collections totalling $1,405, was approved by Chamberlin.
13.
November 21, 1930
The Indianapolis Times
Indianapolis, IN
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# C. OF C. NOMINATES
# FOURTEEN DIRECTORS
Seven Will Be Chosen at Election
to Be Held Dec. 9.
Fourteen business men were nominated and approved as members of the board of directors of the Indianapolis Chamber of Commerce at the monthly meeting of the board Thursday.
Annual election will be held Dec. 9, when seven of the fourteen will be elected for terms of three years each. The nominees:
Louis J. Borinstein, partner and general manager of A. Borinstein Company; Joe Rand Beckett, attorney; H. G. Munro, merchandise manager of Pettis Dry Goods Company; John Smith, former president of Central Labor Union; W. H. Trimble, vice-president, Trimble Realty Company; John A. Brookbank, branch manager, International Harvester Company; Samuel A. Mueller, secretary-treasurer, Great Western Furniture Company; Henry L. Dithmer, president, Polar Ice and Fuel Company; Theodore B. Griffith, second vice-president, L. S. Ayres & Co.; M. D. Lupton, vice-president, Beveridge Paper Company; John Lauck Jr., Lauck Manufacturing Company; Frank J. Horuff, president, Horuff Shoe Company; C. V. Spickelmier, general manager, Spickelmier Fuel and Supply Company, and H. L. Cantelon, district manager, Sun Life Insurance Company.
Commendation of the action of Curtis H. Rottger in giving his services as receiver for the City Trust Company without fee was expressed in resolutions by the board.
14.
January 14, 1931
The Indianapolis Times
Indianapolis, IN
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# SUES BANK OFFICERS
# FOR COLLECTED FUNDS
Sinker-Davis Co. Head Charges City
Trust Chiefs Withheld Money.
Charge that officers of the defunct
City Trust Company withheld funds
collected on a promissory note for
a client is made in a suit today in
superior court one by Henry W.
Bliss, secretary-treasurer of the
Sinker-Davis Company.
In the suit, Bliss avers he placed
eleven promissory notes totaling
$678.16 with the trust company for
collection in November, 1929.
Bank officers collected the notes,
but failed to keep the money sepa-
rate from the bank's funds, the suit
charges.
Curtis H. Roettger, receiver for
the bank, said he had handled
nothing in connection with the notes
described, and had heard of no
such transaction.
15.
April 21, 1933
The Indianapolis Times
Indianapolis, IN
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# REPORT FILED
# ON CITY TRUST
Final Accounting Made by
Receiver 24 Hours Before Deadline.
Final report of the receivership of Curtis Rottger, formerly in charge of liquidation of the defunct City Trust Company, was filed in circuit court today, twenty-four hours before the deadline established by Judge Earl R. Cox.
Cox ordered the report held, subject to audit, and said that Rottger's resignation also would be subject to approval of the final report.
According to the balance sheet contained in the report, which comprised several hundred pages, assets are listed at $1,005,598.47 against liabilities of $2,000,787.79.
The appraisal of assets is from Rottger's figures, which have not (Turn to Page Four)
16.
June 6, 1933
The Indianapolis Star
Indianapolis, IN
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Elliott Is Not Receiver for Washington Bank
Homer Elliott, president the Indianapolis Bar Association, was not appointed receiver for the defunct Washington Bank and Trust Company reported in The Star yesterday morning. Oren Hack sole for the Mr Elliott said that he had many and personal visits from seeking formation regarding the bank's fairs he has referred them to Mr. Hack. have nothing whatever to do with Elliott said. this order that the of the Washington Bank and Trust Company and the City Trust which Hack also receiver, may not be confused.
17.
February 21, 1934
The Richmond Item
Richmond, IN
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FOUR OFFICERS OF INDIANAPOLIS BANK INDICTED
Affidavits Charging Criminal Actions Signed by Bank Receiver
INDIANAPOLIS, Feb. 20. (P) Affidavits charging four officials of the defunct Meyer-Kiser bank with criminal actions were presented today to Prosecuting Attorney Herbert E. Wilson by Alvah J. Rucker, special investigator for the circuit court. The affidavits were signed by Thomas Garvin, receiver for the closed bank. The officials named were the president, Sol Meyer, and three vice presidents, Julian J. Kiser, Melvin Cohen and Fred S. Meyer. The affidavits were first placed before Judge P. Baker of the criminal court. Wilson, notified that the affivavits had been prepared, said: "It has not been the spirit of our lawmakers to have the prosecutor file affidavits when the grand jury is in session. The matter is of such grave importance I think it should go before the grand jury. Rucker reported to Circuit Judge Earl R. Cox earlier in the day that he had found ample evidence in the records the bank for prosecution of the officials on felony charges. Rucker at the direction of Judge Cox has been making an investigation of the affairs of several closed banks here including the City Trust, the Washington Bank and Trust and the State Savings and Trust. In his report to Judge Cox Rucker advanced the theory that the active officers of the Meyer-Kiser bank knew of its insolvency before the institution was closed and despite this knowledge continued to accept deposits.
18.
June 15, 1934
The Indianapolis Times
Indianapolis, IN
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COX ASKS REPORTS ON DEFUNCT BANKS Probability of Dividends Is Sought. Letters asking receivers of four Indianapolis banks in receivership to inform the court as to the probability of early dividends for depositors were sent yesterday by Circuit Judge Earl R. Cox. Judge Cox asserted that bank depositors are entitled to know whether they are going to receive any dividends soon. Banks in receivership in circuit court are the Washington Bank and Trust Company, City Trust Company, State Savings and Trust Company and the Meyer-Kiser bank.
19.
June 26, 1934
The Indianapolis Times
Indianapolis, IN
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# CITY TRUST'S DEPOSITS WASTED,
# CHARGES BANK PROBER IN REPORT
WHEN THE HELMSMAN OF SHIP OF STATE GOES TO SEE
When the U. S. S. Houston, above, heads out from Annapolis, President Roosevelt will embark on a cruise that will carry him more than 7,000 miles before be-
Suit Asking $500,000 From Directors Filed Within Hour of Time Alvah J. Rucker's Findings Are Presented Court.
# PROSECUTOR WILSON IS UNDER FIRE
Officers of Closed Institution Accepted Funds While Knowing Firm Was Insolvent, Investigator Says.
Conduct of affairs of the defunct City Trust Company was criticised severely in a report filed today with Circuit Judge Earl R. Cox by Alvah J. Rucker, special investigator for the court in bank matters.
Within an hour of the time Mr. Rucker's report was filed, ten directors of the bank were sued for $500,000 by Oren S. Hack, receiver, on the ground that illegally they had declared dividends out of the bank's capital and reserve.
Just before Mr. Hack's suit was filed, Judge Cox had assured Mr. Rucker, whose report also contained forthright criticism of Prosecutor Herbert Wilson's action in bank matters, that it would be given to Criminal Judge Frank P. Baker, to Prosecutor Wilson and to the new grand jury.