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# Meyer-Kiser Bank to Pay Only 25 Per Cent, Is Word Depositors to Suffer Substantial Loss, Is Prediction of Garvin, Receiver. BY JAMES A. CARVIN Times Staff Writer Prediction that the thousands of depositors of the Meyer-Kiser bank will receive approximately 25 cents on the dollar of their deposits was made today by Thomas E.
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# $50,000 FRAUD IS CHARGED IN BANK TRANSFER Suit Declares Meyer-Kiser Officials Attempted to Bilk Creditors. Officials of the defunct Meyer-Kiser bank today were charged with transferring $50,000 worth of property "to evade stockholders' liability and defraud creditors" in a suit filed in superior court two. Russell Newgent and William B. Miller, attorneys for creditors, and Chalmers Schlosser, receiver of stockholders' liability, climaxed a year's court battle to collect $300,0000 from the bank's stockholders. Legal battle also was started today in circuit court to prevent former liquidating agents of the bank from obtaining records of the receivership with which to operate a private business. William J. Fahey, attorney for a bondholder of the bank, filed a petition to "require the receiver to give bondholders certain information." The superior court suit charges Ferdinand S. Meyer, bank official, on the day it closed, executed a quit claim deed giving his invalid mother, Florence S. Meyer, title to $30,000 worth of property. It further charges a second deed also transferred his mother's personal property, totaling $50,000, to Sol Meyer, her husband, and Ferdinand Meyer, as trustees. Stock liability of Sol Meyer, Ferdinand Meyer, and Florence Meyer amounts to $165,000 of this amount, the suit alleges. Cox Orders Inquiry "At time of the conveyance," the complaint charges, "the Meyers had no other property subject to execution to pay claims of the bank's creditors on stock liability." Circuit Judge Earl R. Cox, with whom the second petition was filed, announced at the time that ruling would not be made until an investigation had been conducted. He declared that if the petition was granted, all profitable business would be taken from the receivership. Fahey filed the petition for information in behalf of Mrs. Margaret Caito, 221 East Henry street, who owns approximately $35,000 worth of mortgage bonds issued by the bank. Claim Payment Default Charge is to be made in the petition that payment on the bonds "long has been in default," and that the petitioner "has not received any payments due under said bonds for more than two years." Failure on the part of the bank officials to give information to Mrs. Caito regarding the bonds also is to be charged in the petition. ANNOUNCEMENTS 4 Lost and Found REWARD TO FINDERS LOST ARTICLES that have been advertised as lost in this column will receive two guest tickets To See "ADORABLE" at APOLLO THEATER When you have returned the article to it owner, ask him to call Miss Joe, RI-5351, at TIMES WANT AD HEAD-QUARTERS and say that you have returned the articles and tickets will be mailed at once. CHOW PUPPY LOST—3 months old, red-dish brown color, wearing red harness; name Mickey; return to 933 N. Riley Ave. for reward. MAN'S WALLET, containing currency, identification. Owner needs badly. Reward. IR-5701. WRIST WATCH, White gold, with bracelet, lost downtown Friday. Reward. IR-6317. 5 Personals Real Treat Miss Sue Carolyn, the radio artist, will plan a request program during dinner hours every Saturday night. Come bring your favorite numbers. Evening dinners, 35c and 40c. BRUCE TEA ROOM, 137 N. Pennsylvania. RENT A MAYTAG $1 per week. L. S. AYRES & CO. INSURE your property. We pay your loss in case of fire or tornado. McCLURE REALTY CO., RI-5431. WE know you'd like to save 30% to 40% on your gas bill. Phone RI-1146. Will tell you how! JUDY PETERS—The true story of the little girl in "Bondage" will thrill every heart. See the Fox Movietone news at the LYRIC, starring Dorothy Jordan. 6 Transportation Travel by Bus Low rates, fast, safe schedules, porter service en route. 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JUDGE SELECTS NEW BONDHOLDER Wabash, Ind., June Acting on petition filed by Charles E. Cook of North Manchester. Judge Hurd J. Hurst today named the Indiana Lawrence and Trust Co. of North Manchester trustee to succeed the bankrupt Meyer-Kiser bank of Indianapolis bondholders for the Thomas R. Marshall grade school building North Manchester. The building was constructed eral years ago and the Meyer bank was named trustee and bond holder collect for and pay outstanding bonds. When the Indianapolis bank failed the receiver was asked to transfer the trust the North Manchester bank on the grounds that it would be handled better there. He approved the change and members of the town school board yesterday consented to the appointment and a petition was filed in court Friday afternoon asking that it be made.
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# Meyer-Kiser Bank 'Family Affair,' Run by Two Men Disclosure that the Meyer-Kiser bank was "a family affair," operated by a two-man partnership, was made from the witness stand in circuit court today by Sol Meyer, former president of the defunct institution. Under questioning by Thomas E. Garvin, bank receiver, and Walter Myers, his attorney, Meyer revealed that a partnership known as Meyer & Kiser paid all operating expenses of the bank. In a six-year period, from 1924 to 1930, more than $1,737,000 was drawn from the bank funds by the partnership to meet expenses of salaries and operation, Meyer said. The hearing was conducted before Circuit Judge Earl R. Cox, after Garvin had invoked a seldom-used state law requiring officials of defunct banks to give sworn statements of assets and liabilities. Other officers of the bank are expected to testify later in the hearing, which will continue this afternoon. From the witness stand, Meyer related a story of a crumbled financial structure similar to the disaster which other financial institutions met under depression conditions. He related how the partnership with his cousin, Sol Kiser, had been formed in 1897 and built up $500 capital to a surplus of $600,000. He testified that all income and profits from the partnership activities were turned into the Meyer-Kiser bank and that, as needed, funds were drawn for payment of officers' salaries, employes' wages, and operating expenses. Highest salary paid was to Meyer himself in 1923, an amount of $65,358. Sol Kiser in the same year was paid $21,345. J. J. Kiser and M. S. Cohn were paid their peak salaries of $20,221 in 1927, according to the records. Garvin elicited from Meyer the declaration that all assets of the partnership belonged to the bank. "The bank and the partnership practically were the same," Meyer said. "We regarded it a family affair."
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GARVIN PROBE BANK CASE TODAY Audit Shows Meyer-Kiser Institution Insolvent Long Before Close. When the hearing on activities of the bank resumed in Circuit court today Thomas A. Garreceiver will attempt obtain detailed relative bank and its subsidiaries in Florida real subpenaed testify in the hearing by the the last hearing in June an bank been pleted which disclose the bank was insolvent more before closed the banking Three Factors in View. The new hearing requested by Garvin determine three things he as follows determine much money taken from funds deposited the bank and placed companies and turn paid out Florida the money vested in Florida real estate positors money money the sale of preferred stock the subsidiary companies determine salaries drawn from bank by officials stock dividends the said can not declare dividends. Seldom Used Statute Invoked. Approximately $2,000,000 18 said to been taken from bank deposits Florida real the Floridian hotel Miami numerous apartment properties The Puritan Investment Corporation subsidiary comthe major part Florida Sol Meyer president the funct be first witness testify The hearing will conducted under seldom used Indiana statute that gives bank receiver the legal right question officials relative the financial of the institution The receiver also will inquire into financial of the Chase National bank of New York the diana and the former the bank at the time of its closing Grand Jury May Be Called The officials be questioned whether any committed that would warrant grand investiKiser Kiser presidents of the also testify hearing the receiver obtained considerable to operation of the reality Meyer and Sol Kiser Little however given on the Florida investments Garrecently returned from Florida where he defended merous behalf depositors of bank
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FORMER BANK HEAD GRILLED BY JUDGE Foreclosure of Florida Property Probed in Court Session. SAYS RECORD IS WRONG Meyer Admits Speculation Funds Were Kept in Safety Box. Admitting specualtive account safety deposit box in the and the foreclosure of in which the are large bondholders, without notifying the ceiver. Sol Myer. former bank president. grilled today before Circuit Judge Earl Cox. The hearing today session held during and deeper affairs the defunct bank Mr the stand that he had kept safety the person account for purposes. Margin for Brokers trust your own bank? Why did have to put deposit vault that Walter attorney questioned the receiver. Thomas Garvin trusted the bank, but money for marpersonal Mr. Meyer said sipped glass water. admitted trustee Floridian Miami beach, which bank holds bonds, foreclosed without notifying Mr the allowed Sol and allowed for attorney's Foreclosure Set Aside In turn, pointed out by Mr Garvin that Meyer's fee trustee should have been under The has been set aside through the of Mr. Garvin Meyer admitted that was the hotel folforeclosure bank records that transferred stocks held the MeyerKiser bank to purchase interest the Blue Bay Corporation. holding and ownthe Floridian Meyer denied the accuracy of the bank records. Paid $33,000 for Interest bought and paid for the third interest Blue Jay Cormyself. That interest was not paid for by bank, through stock transfer. owns that stock queried deeded wife and death my daughter. the bank head Meyer entered denial whether Floridian hotel's casino parlor gambling place hotel French Mr. Meyer? questioned the attorney for the said Mr. Meyer Oh pinochle former head admitted lived suite two that rooms the Flordian for winter seasons paying room. the paid something for his rent. trustee stayed Floridian the money and agement keeping its you for lease hotel the didn't just attorney for the receiver. Spoke in Low Voice "No. We got higher offer than $27,000. the man who offered forced into liquidaMeyer replied Judge Cox terposed. Mr Meyer Flordian offered the coming you be Mr replied. the morning's examination. bank president complained resorted nearby glass as tones they could beyond the reporter's chair
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Probe Fund Transfer in Bank Case Erasure in Private Ledger Draws Garvin's Fire in Court. Erasure of an entry in private bookkeeping ledger the MeyerKiser bank drew the spotlight of the probe of Thomas Garvin, bank receiver, in circuit court today affairs bank Sol Meyer, former president the bank, questioned the erasure of fund book the transferring that entry from the bank alleged purchase of stock Florida Meyer denied knowledge of entry the erasure. He said the entry must have been made by other bank employes. notice there's not any erasure the page where transferred, defended Mr Meyer. He explained that auditors for the could made the mistake and yesterday that paid for stock the Blue Bay out of his priin bank's and that showing that the bank's contingent fund had paid for the stock must didn't you from the posed Judge Earl Cox never dollar from the said. The bank head declared that the private book which Mr. Garvin alleged had found reference book never suspected get difficulties the he continued Judge Cox "the depositors gave you money. They "They helped lot but we always the bank as ours, torted Mr wish we had not taken deposits but had on our added Judge Cox then questioned, "Did much Only $50 $75 and sometimes as high he torted. Later Mr. Meyer shown entry bank's fund book showing personal transaction of the bank head with the notation "profit in "You weren't gambling the on bank's money this transaction asked Judge Cox. personal transacreplied Mr Meyer this and other amounts used swell the profits of the probed Judge Cox. figured bank family replied Meyer.
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# Disclosure Is Made Through Audit Showing $263,000 Carried as Private Deposit, Judge Cox Reveals. # CITY DEALINGS PROVE PROFITABLE # Institution Heavy Loser in Florida and Gary Investments, Sol Meyer Admits During Testimony. Annual tax revenue loss of $7,500 to Marion county through "bookkeeping methods" of the defunct Meyer-Kiser Bank was revealed today in circuit court. Temporarily taking the questioning from Walter Myers, attorney for Thomas E. Garvin, bank receiver, Circuit Judge Earl R. Cox forced an admission from Sol Meyer, former bank president, that taxes had not been paid on approximately $263,000.
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OF BONDS CLEARED Continued from Page of Mrs. Sol Meyer to be her personal which, said, customary ship Florida for her season. Melville Cohn recalled that the of bonds to York was in order that the might be protect surety bond posted for public deposits. Regular Incident. Meyer that shipment of by mail was regular cident the of department and that when such the bank on the department for an escort to the postoffice was by the bank's special policeman. employe the bank, questioned receiver concerning the recalled one shipment that said had been prepared by Sol Meyer and which he was addressed to Sol Meyer in Florida. He he was escorted to the detail tectives was Date Not Fixed. He could not, however, fix the exdate and he failed to find of insurance of the package that Judge Cox the recess in being the had reached him that large securities were from the MeyerKiser Bank closed. He instructed the to these stories, that they might either be discarded or ascertained to be based on fact. Barber Shop Item. The that Garvin, of the now has barber shop the building, conMonday hold item among the losses of the bank designated as "on the Glass. Sol Meyer explained that it purchase price fixtures the barber shop that was known as "the Looking Glass" and which charged the bankbooks said fixtures were the property of the bank. Other Bank Losses. Other of the bank from 1924 to the total to only about short of the capital. Meyer asked the receiver to take that the profit account of the bank that period greatly its losses. Among the losses item charged against James Goodrich, former Governor, who, Meyer said, supposed be very wealthy.' the transaction something to with the efforts WarMcCray. former Governor, from admitted McCray's debacle had cost the bank approximately $13,000. Purpose of Consolidation. The purpose, Meyer said, of consolidation several realty corporations into Pilgrim Properties, Inc., enable the Meyer and Kiser families place their holdings the down $300,000 profits in the transaction. Examined by Little. Over his objections, Meyer examination by Edward W. Little, which the torney both the Meyer and Kiser families. In course of the examination, Kiser got permission of the court explain cerning which Little was asking Kiser said Little had posted collateral for the Kiser bond and that the was changed from bonds to stock in plan which the of the holder the consented under court order. To Return Thursday. Little to that without notice had the he owned. Kiser the substituwith consent of the holder the collateral notice to Little not necessary. Meyer, anxious for Florida, where his son, in business, was ordered to court for examination with the that he would not be tained longer.
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Mr. Kelly was on the stand as a state witness as the state continued its drive to prove charges that bank funds were used to pay dividends to stockholders of realty companies in receivership. In a letter dated April 8, 1929, Mr. Cohn stated that the bank had $99,140 tied up in the realty company and that the bank had paid $6,750 to real estate company stockholders as dividends. ### Tells of Receivership The realty company went into receivership in 1928 and according to Mr. Kelly's testimony, he was appointed receiver to look after the bank's interests. He testified that the Fralich company was insolvent during most of the time that the bank was paying dividends to stockholders. Mr. Kelly said that rent from an apartment building owned by the realty company was used to repay the bank, but that the funds were insufficient. A letter dated July 12, 1929, from Mr. Cohn stated that the bank had a delinquent balance of $8,050 on the realty company's account. Mr. Kelly said that in the time that he was receiver that he had never paid any dividends to stockholders or retired any stock. Cross-examination by defense attorney began shortly before noon recess. ### Lawyers Clash Frequently Yesterday's session was marked by frequent clashes between state and defense attorneys with the latter objecting to the procedure adopted by Mr. Mattice. State witnesses included Thomas E. Garvin, receiver for the bank; Miss Grace Jackson, a former bank vice-president; Albert Blue, 4550 North Illinois street, a preferred stockholder in the Fralich Realty Company, and Mr. Kelly. Miss Jackson declared she signed official Meyer-Kiser checks and other bond documents requiring signature of an officer. She identified her signature to a Fralich dividend check for $37.50 made out to Mr. Blue by the bank "in lieu of dividends of the Fralich Realty Company." "I had no specific authority to sign the check to Mr. Blue," Miss Jackson replied to questions by Mr. Mattice. ### Mr. Blue Identifies Check "Whatever was placed on my desk I signed," she added to the astonishment of the court. "Even though thousands of dollars of checks came to your desk you would not ask anybody about them?" Judge Cavins asked the witness. "No, I would not," Miss Jackson replied. "It was not my business to." Mr. Blue followed Miss Jackson to the stand and identified the check made out to him. He testified that he received the check and then deposited it to his account in another bank.
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# MEYER-KISER WILL # DISTRIBUTE $36,000 Cash Available, Times Learns From Court. More than $36,000 in cash is available for distribution to depositors and other creditors of the defunct Meyer-Kiser Bank, and is being held up now only until Superior Judge Joseph R. Williams decides which of two men now handling bank affairs shall distribute it, The Indianapolis Times learned this afternoon. The money is in the possession of Chalmer Schlosser, trustee, appointed by Judge Williams during a stockholders' liability suit. Payment has been held up for two reasons, records in Judge Williams' court indicate. The first of these is that all creditors and depositors have not yet filed their claims. The second is that Thomas Garvin, receiver for the bank, appointed by Circuit Judge Earl R. Cox, has filed an intervening petition asking that the money collected by Mr. Schlosser be given to Mr. Garvin for distribution. Judge Williams has before him both the petition and Mr. Schlosser's answer, setting forth why the latter believes he should distribute the money. The bank had deposits of more than $1,500,000 when it closed.
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3 DEFUNCT CITY BANKS DECLARE YULE DIVIDENDS $141,000 Is Distributed to Depositors in Time for Christmas. Depositors of three defunct Indianapolis banks have received Christmas presents of dividends in excess of $141,000, it was announced today by the receivers. The City Trust Co. declared a 5 per cent dividend amounting to $80,000 last Saturday, Oren S. Hack, receiver, said. A similar dividend payment was made in October, 1934. The Aetna Trust & Savings Co., declared a 7½ per cent dividend amounting to $60,000 last month, officials said. A 2 per cent dividend was paid this week by Maple-rd State Bank, E. Kirk McKinney, receiver, said. The amount paid was $1534 and brings the total dividend payment up to 39½ per cent. Litigation prohibits the. Washington State Savings & Trust Co., Farmers Trust Co. and Meyer-Kiser Bank from declaring dividends at this time, receivers said. Receivers for the J. F. Wild & Co. State Bank and State Savings & Trust saw no prospect of dividend payments, and the Belmont State Bank anticipates a dividend payment soon after the holidays.