First Trust & Savings Bank (Hammond, IN)

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PROMINENT BANK OF NORTH INDIANA FAILS

Needs of DeposiBlamed for Closing

Ind., Feb. Trust and Savings bank Hammond, the largest bank Northwestern closed day as the result of $630,000 drawals during last 10 days. The closing caused the Hammond National bank federal institution, obtain $250,000 from Chicago meet the demands Its depositors Withdrawals from the and Savings which had resources were due pressing needs of depositors and on the bank, according President Peter W. Meyn. Thomas Barr, chief bank examiner, announced Indianathat he Intended take charge of the closed bank, the ever Deposits the First Trust and bank $1,000,000 and

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Bank Receiver Hopeful

By Times Special HAMMOND. Ind., May 8.-Hope that a dividend may be paid to positors of the closed First Trust and Savings bank in sixty days is expressed by A. Murray Turner, one of the joint receivers.

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ARGUMENT OF DEMURRERS TO BE FEATURE

No Date Has Been Set Yet for Hearing of Bank Assessment Suit

Argument of demurrers, of which based on the same points law, feature opening session in the $1,000,000 assessment the receivers the First Trust and Savings when heard by Judge Grant Crumpacker of Porter county, it indicated Crumpacker received the case yesterday venued from the court of Superior Judge Clyde Cleveland in Hammond. What is believed by most attorneys to be obstacle to which was by Attorney M. Eliott Belshaw behalf of his father, Will of the 233 Belshaw member of the Hammond firm of Belshaw, Huebner and Belshaw. His the first to be filed against the suit, declares that the receivers without right common bringing their suit; statute passed in 1915 under which the brought did not apply bank receivers; and, the statute did apply has since been expressly repealed by the legislature 1929. Other which same Tinkham Galvin, William Whinery, John Sawyer, Hammond, Draper Draper, of Gary, and Pattee and McMahon of Crown Point. No has set for the opening argument in the case. Certified copies the local court to Valparaiso, the open next

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LOCAL COURT GETS HAMMOND BANK ACTION

Argument of demurrers, nine of which are based on the same points of will feature the opening session in the $1,000,000 assessment suit of the receivers of the First Trust and Savings bank, Hammond, against the stockholders, when it is heard by Judge Grant Crumpacker in Porter circuit court, it was indicated today.

The case was sent here Saturday when It was venued from the court of Superior Judge Clyde Cleveland in Hammond. What is believed by most attorneys to be the chief obstacle to the assessment the demurrer ed to the local court, and the hearsuit is which was filed by Attorney M. ing is expected to open sometime this week. Elliott Belshaw, on behalf of his father, Will Belshaw, one of the 233 He Got His Price Belshaw is a member of the Jimmy's mother stored all the Hammond firm of Belshaw, Heub- winter bed clothing small shed ner at the back of the house. One day. and Belshaw. His on returning from downtown, the first to be filled against the sult, found that all the bed clothing had declares that the receivers are disappeared. Without delay she without right at common law in sought out Jimmy and asked him bringing their suit: that statute where they were. "Do you mean those old passed in 1915 under which the suit mattresses and things?" be asked. was brought apply to bank did not sold those old things to receivers, the 1915 statute if the man rag did apply it has since been express- His mother, aghast, asked him ly repealed by an act of the legis- how much he had received for them. lature in 1929. "Well," replied Jimmy, with Other law firms which have degreat satisfaction. "after lot of murred on the same grounds are: arguing finally got him to give me Tinkham & Galvin, William six cents. "-Indianapolls News. Whinery, John Sawyer, of Hammond; Draper & Draper, of Gary, Call 14 whenever you want quick and Pattee and MeMahon, of action-the Classifieds are sure Crown Point. and speedy. No date has been set for the opening argument in the case. Certifled copies of the Hammond court records have been forwardalready

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BANKER HELD ON SECOND CHARGE

By Associated HAMMOND, Ind., Aug. 27.-Adam Dorsch, official of the defunct $9,000,000 First Trust & Savings bank of Hammond, already under indictment with other officials alleged to have made unauthorized loans, was under arrest to-day on a forgery charge. He was placed in the county jail at Crown Point under a warrant charging forgery in connection with an $800 note he was alleged to have signed while an officer of the bank. Receivers of the bank said they discovered the note on which the forgery charge was based.

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County Council May Balk on Furnishing Funds for Bank Trial

[SPECIAL TO THE TIMES] Judge Criminal rule Wednesday morning the petition of Alderman Frank Seliger of Hammond session of for the special to duct another investigation Into the failure of the First Trust and Savbank. Preliminary hearing the peti. tion was held by Judge Smith two weeks He continued the case to Wednesday morning. Merritt Metz, Hammond attorney who represented Alderman Seliger counsel, demanded as special prosecutor. During the last hearing Prosecutor Estill fought against the Metz deputy Since that time, however, has reached an with Metz accept him his which instituted to the failure of the Hammond bank. Judge Smith announced after the hearing would council pass special appropripermit thorough probe (Continued on Page Fifteen)

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SMITH DELAYS HEARING UNTIL MEET IS HELD

[SPECIAL TO THE TIMES] CROWN Oct. Judge Martin Smith of the Criminal this granted Monday, October 26, the Alderman Frank Seliger, of for special to conduct other grand jury the failure of the First Trust and Savings Merritt D. Metz, Hammond atAlderSeliger and who is demanded special prosecutor, appeared before Judge Smith today to ask for is to be the High School Friday night permit depositors organize fund proposed investigation. therefore asked the court this had been done. He pointed the meeting being held in conformance with the request of Judge Smith, himself, last depositors to this John chief deeputy prosecutor, who represented the the hearJudge set the Monday, October Judge thus far on this petition.

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First Trust Grand Starts Jury Inquiry on Friday

FAILURE CAUSES WILL BE PROBED

New Grand Jury Expected to Deal First With Four Murder Cases

[SPECIAL THE TIMES) CROWN POINT, Ind., Oct. vigorous investigation into the causes for the failure of the First Trust and Savings bank of Hammond will be started Friday by Prosecutor Robert G. Estill, Chief Deputy John Underwood, Special Prosecutor Merritt D. Metz, of Hammond Special Prosecutor M. W. Madden of Gary.

This was made to late afternoon after Judge Martin the Lake Criminal court, had pointed Metz Estill's assistant in the proposed probe. MEDIUM OF GRAND JURY The grand jury, which convened this furnish the medium the inquiry. The jurors expect to clear the records of four murder cases Wednesday and Thursday they may ready devote all their time to the First Trust inquiry beginning Frimorning. made to prosecutor's office has buried the hatchet in its the appointment ready to the fullest inquiry made the depositors' committee, which represents, countered with the announcement that they completely the and staff of the charges of which committee members had originally made public. The joint statement of the prosecutor and the committee stated that work harmoniously toward the single tablishing responsibility for the failure the institution. ALL-DAY HEARING Metz's appointment yesterday followed all-day conducted Judge Martin into the petition Alderman Frank Seliger that the be chief of Estill's connection with the ininto all closed banks. Estill fought the but after the court had granted request Estill hold closed conference with the depositors' committee that he could place before them some pertinent information concerning Metz and connection (Continued Fifteen)

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FAILURE CAUSES WILL BE PROBED

New Grand Jury Expected to Deal First With Four Murder Cases

[SPECIAL TO THE TIMES) CROWN POINT, Ind., Oct. vigorous investigation into the causes for the failure of the First Trust and Savings bank of Hammond will be started Friday morning by Prosecutor Robert G. Estill, Chief Deputy Prosecutor John Underwood, Special Prosecutor Merritt D. Metz, of Hammond and Special Prosecutor M. Madden of Gary. This was made late yesterday after Judge Martin Smith, of the Lake had pointed Metz as Estill's assistant in the proposed probe. MEDIUM OF GRAND JURY The jury, which this furnish the medium the expect to clear the four murder cases Thursday they may be devote of time to the Trust inquiry beginning Frimorning. According the announcement the prosecutor's office buried hatchet in against the Metz is ready to with him to the fullest extent that the inquiry made Metz and the depositors' commitwhich he represents, the announcement that they the and his staff of the of inwhich the competency committee had originally The joint statement of the prosecutor stated that work harmoniously toward the single of tablishing responsibility for the failure the ALL-DAY HEARING yesterday followed all-day conducted Judge Martin Smith into the of Alderman Frank petition Seliger that the be Estill's in chief the into all closed banks. Estill and Underwood fought the petition from the outset, but after the court had granted the request of Estill hold closed with the depositors' committee that he could before them pertinent information cerning Metz and his connection (Continued on Page Fifteen)

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BOND HOLDERS FORECLOSE ON BRIDGE'S HOME

W. Norman Bridge, former assistant secretary-treasurer of the First Trust and Savings bank and one of the defendants in criminal suits which grew out of the bank failure, today was named defendant in foreclosure proceedings filed in Hammond Superior court by Katherine Mueller, et al.

The plaintiffs, who are represented by Attorney William J. Whinery, seek to collect on $10,000 worth of first mortgage bonds issued by Bridge to secure loans on his home in Hammond.

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Death Claims Young Banker

(By Associated Press) MICHIGAN CITY, Ind., Feb. 27. Walter E. Meyn, 33, former Ham. mond, Ind., bank executive died to day in the prison to which he went shield his father from similar fate. Young Meyn, a victim of pneumonia, was February to from two to 14 years in Indiana state prison here on his plea of guilty to making unauthorized loans vice president of the closed First Trust and Savings Bank of Hammond. His father, Peter Meyn, 65, head of the $8,000,000 institution, pleaded guilty to the same charge but young Meyn said the blame was all his. He had expected to return to court and plead for leniency when his father was

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PHYSICIAN FINDS HIM IN CRITICAL CONDITION

Judge of Opinion That Aged Banker Has Suffered Enough Already

BULLETIN RENSSELAER, Ind., June 24.—Judge Elmore Barce of Fowler, who yesterday gave Peter W. Meyn, Hammond banker, a suspended fine and prison sentence, returned to Rensselaer today and held a long conference with Judge Leopold of the Jasper Circuit court.

Judge Barce was taking the necessary steps to disqualify himself from further hearing of cases as special judge here. He declared his health would not permit him to undergo the strain.

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 24.—Peter W. Meyn, president of the closed First Trust and Savings bank of Hammond, who received a suspended sentence of 2 to 14 years in the state prison on a plea of guilty to unauthorized loans in the Jasper Circuit court yesterday, will be arraigned on another of the 17 pending indictments against him during the September term of the Jasper Circuit court, Prosecutor Robert G. Estill's office reported this morning.

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[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 24.—Peter W. Meyn, president of the closed First Trust and Savings bank of Hammond, who received a suspended sentence of 2 to 14 years in the state prison on a plea of guilty to unauthorized loans in the Jasper Circuit court yesterday, will be ar-

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HEAD FORMER HAMMOND BANK

Given Suspended Sentence And Fine For Making Unauthorzide Loan

RENSSELEAR, Ind., June 24(AP). Peter W. Meyn, 65, president of the First Trust & Savings Bank of Hammond until the bank was closed, was given suspended sentence of two to 14 years in prison late yesterday upon his plea of guilty to the charge of making an unauthorized loan. A fine of $3,200 was also suspended. Special Judge Elmore Barce said the penalties were suspended because of Meyn's ill health. Since March Meyn has undergone three serious operations, the judge was informed. Meyn's son, Walter E. Meyn, who also was sentenced to prison on his plea of guilty to the charge of making unauthorized loans, died of pneumonia 18 days after entering the prison last February.

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NEW CHARGE IS LODGED FOR MAKING LOANS

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 28.—Another charge of unauthorized loans was lodged yesterday against Peter W. Meyn, president of the closed First Trust and Savings bank of Hammond, by Prosecutor Robert G. Estill. Mr. Estill said he will seek to try Mr. Meyn during the September term of the Jasper Circuit court at Rensselaer, but that he will contest Judge Elmore Barce as the presiding judge.

Judge Barce last week suspended a sentence of 2 to 14 years and a fine of $3,200 against Mr. Meyn on the same charge after a physical examination of the aged defendant revealed that he was in poor health. The court intimated that he would do likewise with all other counts filed against Mr. Meyn.

The latest charge filed by Prosecutor Estill yesterday is one of the remaining 17 counts in the indictments voted against Mr. Meyn by the Lake grand jury last year.

It alleges that Mr. Meyn loaned $100,000 to the late Thomas R. Thomas, his nephew, without authorization from the board of directors.

A warrant was issued for Mr. Meyn's arrest on the charge yesterday afternoon and is to be served today. Bond has been set at $5,000.

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NEW CHARGE IS LODGED FOR MAKING LOANS

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 28.—Another charge of unauthorized loans was lodged yesterday against Peter W. Meyn, president of the closed First Trust and Savings bank of Hammond, by Prosecutor Robert G. Estill. Mr. Estill said he will seek to try Mr. Meyn during the September term of the Jasper Circuit court at Rensselaer, but that he will contest Judge Elmore Barce as the presiding judge.

Judge Barce last week suspended a sentence of 2 to 14 years and a fine of $3,200 against Mr. Meyn on the same charge after a physical examination of the aged defendant revealed that he was in poor health. The court intimated that he would do likewise with all other counts filed against Mr. Meyn.

The latest charge filed by Prosecutor Estill yesterday is one of the remaining 17 counts in the indictments voted against Mr. Meyn by the Lake grand jury last year.

It alleges that Mr. Meyn loaned $100,000 to the late Thomas R. Thomas, his nephew, without authorization from the board of directors.

A warrant was issued for Mr. Meyn's arrest on the charge yesterday afternoon and is to be served today. Bond has been set at $5,000.

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NEW CHARGE IS LODGED FOR MAKING LOANS

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 28.--Another charge of unauthorized loans was lodged yesterday against Peter W. Meyn, president of the closed First Trust and Savings bank of Hammond, by Prosecutor Robert G. Estill. Mr. Estill said he will seek to try Mr. Meyn during the September term of the Jasper Circuit court at Rensselaer, but that he will contest Judge Elmore Barce as the presiding judge.

Judge Barce last week suspended a sentence of 2 to 14 years and a fine of $3,200 against Mr. Meyn on the same charge after a physical examination of the aged defendant revealed that he was in poor health. The court intimated that he would do likewise with all other counts filed against Mr. Meyn.

The latest charge filed by Prosecutor Estill yesterday is one of the remaining 17 counts in the indictments voted against Mr. Meyn by the Lake grand jury last year.

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DATE FOR BANK AID PLAN FIXED

A date for discussing the adoption of South Bend's bank aid plan in Hammond is expected to be established today with Superior Court Judges Virgil S. Reiter and Clyde Cleveland, Horace S. French, receiver of the First Trust and Savings bank, declared today.

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BANK RECEIVER SUES.

Seeks to Recover $2,000,000 From Two Directors.

Chicago, Dec. 30.-The receiver for the First Trust and Savings Bank of Hammond, Ind., filed suit in federal court yesterday for $2,000,000 damages from Timothy W. Evans. managing vicepresident of the New York Central railroad, and Henry P. Conkey, president of the W. B. Conkey Printing company of Chicago and Hammond. The bill charged the defendants "as directors of the bank before it e losed Feb. 2. 1931, through neglect and illegal conduct. permitted Peter /w. Meyn. former president of the bank. to embezzle funds through illegal loans."

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CHIPMAN HEARS PLEAS OF LAWYERS

Indicates That He Will Grant Receiver's Right to Sue Stockholders

(SPECIAL TO THE TIMES) Ind., dicating that would grant the receivers of the defunct First Trust and Savings bank, of Hammond, the right to stockholders for 100 per stock assessment, Judge Albert Chipman, of Plymouth, this morning heard arguments in the Porter circuit court here. Attorneys for stockholders contended that the receivers right sue until they certain that all other assets meet depository and credit claims. Attorneys for the on the do time, if, when they do bring they are reasonably sure that of the bank all claims. originally brought by Belman and Murray former of the against 232 stockholders $1,000,000 assessment against stockholders. That represent 100 per cent assesment on capital stock of Now French is ceiver of the institution, he placed Belman and Turner as plaintiff in the action. He ing by Glen Peters, Dr. H. Sharrer, former vice president of the bank heavy is fighting ment. ney Charles Reed, East William Wilke, of Hammond, another stockholder of the bank, the Peter Meyn, former president the stitution, contesting the celver's Attorney Crumpacker. of Hammond, is representhim.