Studebaker Bank (Bluffton, IN)

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HOLD INSTITUTE AT BANK RECEIVER UNION CITY SUNDAY UNION CITY, Ind., May 20. The annual Wayne Township TO BE NAMED Leadership Training Institute will

Judge Hamilton Will Appoint Today.

BLUFFTON, May 20. After hearing evidence on the question of the solvency of the now defunct Studabaker Bank of this city, Judge A. W. Hamilton announced he would name a permanent receiver for the institution at 9 a. m., Friday. Morris E. Stults, cashier of the Citizens Bank. which is the temporary receiver. testified the Studabaker Bank is insolvent. The liquidating assets were 1,348,532.44 and liabilities are $1,563,314.32, he said. Mr. Stults said the figures on assets did not include assessment on stock and that the bank was probably insolvent in the sum of $89,781.88. The bank is capitalized at $200,000 and Mr. Stults said his estimate of assessment on stock would bring at least $125,000. be held here Sunday afternoon and At the afternoon session in the Presbyterian Church the speakers will be the Reverend A. E. Hoppes and the Reverend L. H. Graham. Conferences will be led by the Reverend A. L. Ward. In the evening session in the Christian Church the address will be delivered by the Reverend T. S. Haddock. Special music will be provided for both sessions by the Sunday schools of the township. The institute will be in charge of the township officers, Bethel McKnight, president, and Orla Bennett, secretary.

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CITIZENS BANK RECEIVER

For Studabaker Bank of Bluffton.

BLUFFTON, Ind., May A. W. Hamilton Friday named the Citizens Bank, of this city, as permanent receiver for the defunct Studabaker Bank. In explaining his action in naming the bank, that has been serving both as liquidating agent and temporary receiver, the judge said that It was best equipped institution to do the work. The judge refused to accept for filing in the case verified objection to the appointment of the Citizens Bank by several depositors in the Studakaber Bank

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NO DIVIDENDS SOON IN BLUFFTON CASE

Bluffton. Ind., Sept. Stults, cashier of the Citizens receiver for the defunct Studebaker bank. today informed Judge W Hamilton of the Wells circuit court. that no dividend could be paid to positors for some time. At present the receiver has only about enough cash on hand to make per cent dividend. and preferred claims now pending estimated $10,000 would have be paid out of that amount before dividend could be declared. Mr. Stults also reported that the defunct bank holds second mortgages on twenty to farms, which first mortgages far in excess of the value of the land. Farms held by the bank last year caused $75,000 to operate them, he said. The defunct Studebaker bank had more than deposit. About of the collectby the thus far paid to other banks on loans totaling

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BLUFFTON

Bluffton, Ind., Oct. party of 92 Wells County farmers and business men arrived home this ning from 3-day trip to points in Ohio, Michigan and Canada heavily infested with corn borers and all Ar. Macon (Cof G) are thoroughly converted the Jacksonville (ACL) am. urgent necessity of taking every Miami (FEC) Tampa (ACL) od possible to keep the borers Sarasota under control in Indiana. Judge W. Hamilton today enSt. Petersburg 6:25 pm. tered judgment in favor of the Citidescriptive literature. fares, zens Bank as receiver for the Studebaker Bank, against the CenH.M. Mounts, tral Investment Company in the Carpenter, City sum of $28,117, including attorneys Merchants Bank Building fees of $1,140. Virgil M. Simmons, Ph.Riley local attorney, was then appointed Milliken, for the defendant in the Louisville, Ky. tion, the Central Investment Company, a local corporation, with bond placed at $10,000. William Snyder, crippled farmer living near Kingsland, taken B A D into custody late yesterday and brought to the county jall here to await hearing on petition asking that he be declared of unsound mind and admitted to a state institution for A license Issued today to Mrs. Edith Mildred Lazette, 22. daughter of and Mrs. Charles Turner and her first husband, Clarence Ellsworth Wolf. She was divorced from him, married Lazette and divorced the latter and successfully wooed again by Wolf.

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BLUFFTON

Bluffton, Ind., Oct. 29.-John Flechter, Jr., and son, Ervin, 12, were recovering today from the effects of partial asphyxiation suffered yesterday afternoon while working in cistern in the basement of home five miles northeast of Bluffton. All persons in Wells County who are desirous of making borer Canada, who did not get accompany the Wells County delegation, this week, will have an opportunity to make the trip next week with an expedition from Wabash and Whitely counties, County Agent M. S. Smith announce The Citizens Bank, today receiver for the Studabaker Bank judgment in the sum 85 by Judge A. W. Hamilton in Circuit Court today. Petition for foreclosure of mortgage on defendants' was granted. Judgement sum $117.44 on an alleged unpaid note was demanded supplemental complaint filed in Circuit Court today by the Union Central Life In surance Company against Francis Gore and others. A sedan belonging to D. F. Mitzwhich was stolen from in front of the Mitzner home by joyriders night found abandoned rear school building here this morning.

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BLUFFTON

Bluffton, Ind., Feb. 23.-Morris E. Stults was appointed receiver for the Studebaker Bank this afternoon by Judge A. W. Hamilton in the Wells Circuit Court, following acceptance by the court of the resignation of the Citizens Bank as ceiver. Stults's bond was put at $50,000. Laverne Kitchen. 3. son of Mr. and Mrs. James Kitchen, of this city, suffered severe injury his right hand and forearm when his hand was caught in an electric clothes M. Walbert, local justice of the peace. sitting as special judge in Juvenile Court here, today quitted George Snow and Miss Yolande Perry. of of charges of contributing to the delinquency of 14-year-old girl. James Reynolds today filed complaint Circuit Court here against Blanche Reynolds, seeking annulment of their marriage, which took place July The Kiwanis Club voted last night to sponsor Kiwanis boys' potato club for Wells County. Each Kiwanian and will sponsor boy potato raiser assist him in procuring seed for a. quarter of an acre patch. calf club also to be organized.

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MAN, WOMAN HELD NOT GUILTY AT BLUFFTON BLUFFTON, Ind., Feb. 25.-M. W. Walbert, sitting as special Judge in the case against George Snow and Yolanda Perry of Chester Township, who were charged with contributing to the delinquency of a minor girl as the result of an auto party sometime ago, found the defendants not guilty. Judge Walbert in passing judgment in the case, said the evidence of the girl, who testified for the state, was insufficient to warrant convinction.

TAKES OATH AS RECEIVER. BLUFFTON, Ind., Feb. ris E. Stults, former cashier of the Citizens Bank, which suspended business here Wednesday, has taken the oath of office as receiver for the Studebaker Bank to which position he was appointed by Judge A. W. Hamilton following resignation of the Citizens Bank as receiver Mr. Stults furnished bond in the sum of $50,000. The court named the Wells County Bank as the depository for the receivership.

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BLUFFTON BANK RECEIVER TO PAY PREFERRED CLAIMS

Bluffton, Ind., Jan. 21.-Judge A. W. Hamilton has granted the petition of Morris E. Stultz, receiver for the Studebaker bank, to pay preferred claims in receivership totaling $33,236.92. The receiver had on hand $150,000 to pay claims at the time the petition was filed. He declared that every effort will be made to liquidate the assets of the defunct bank speedily and that expectations are 10 percent of common claims can be paid by spring. About 150 depositors will receive payments on the preferred claims.

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CREDITORS PAID TEN PER CENT

Studebaker Bank, Bluffton, in Distribution.

Bluffton, Ind., Feb. 28.-Morris E. Stults, receiver of the Studebaker Bank, this afternoon was authorized by Judge A. W. Hamilton to make 10 per cent distribution to general creditors of the bank, totaling $112.521.29. The checks were placed in the mail this evening, ready for delivery to creditors in the morning. There are about 3,000 general claimants to share in the distribution, the first that has been made to general creditors since the bank suspended business March 26. 1927. Accompanying the checks there was sent to each general creditor letter in which Receiver Stults detailed the work that has been performed in the receivership. This included the statement that the receiver had to collect and pay to banks approximately $350,000 loans. also to collect funds to pay preferred claims amounting to approximately $80,000 before he began make any accumulations towards payment of any funds to general creditors. In addition he had to pay expenses accruing that totaled about $40,000. A total of about $85 000 was settled by allowance of set-offs. The receiver shows that there remains in his custody unliquidated assets that include personal and mortgage notes totaling $435,000. also 1867 acres of land, six city properties. thirteen vacant lots and $2,500 worth of farm personal property No estimate was given as to what per cent of the remaining assets are thought collectable. Conscience Money With Interest. Fred Carnall. farmer living southeast of Bluffton. today received an anonymous letter by special delivery. in which was enclosed $25 in currency. $20 and $5 bill. with the statement that the writer desires to make restitution for keeping $15 which Mr. Carnall lost and the writer found at an unstated date. Mr. Carnall recalls that he lost $15 about nineteen years ago and had carried lingering suspicion that it had been stolen. The anonymous letter reads as follows: "Dear Mr. Carnall: Please accept this $25 for the $15 I found once. with interest. Am so sorry I did it. Please forgive me. realize if everything is not made right here, it will be too late over there Ossian Power Meeting Set. The Ossian town board today gave notice by publication that there will be a meeting of the board on March 15 to give further consideration to an ordinance contract with the Ossian Water Company for installation of a power waterworks system at Ossian early the coming summer. Tentative action was taken on February 26th for such contract. The board also gives notice of purpose to issue bonds in the sum of $11,000 to pay for stock subscribed in the water company The tentative contract calls for installation of eighteen fire hydrants at $80 each per year. with similar cost for each additional hydrant. except for one that is to be installed free of rental charge. The maximum rate to commercial users of water is to be 40 cents per 1,000 gallons.

To Improve Highway.

Arthur Glass, superintendent of the Bluffton- Wayne division of state road No. 3, stated today that the entire road between the two cities is to be treated the coming season with resurfacing material. The work will not be started for several weeks. Couple to Wed March 2.

Announcement has been made at Ossian that the marriage of Miss Arlene Vananda. teacher in the Ossian schools. daughter of Mr. and Mrs. Fred Vananda. and Ralph Archbold will take place Saturday. March 2. at Ossian. Both are graduates of the Ossian High School and the groom has made his home with an William The couple will re- side in Fort Wayne, in which city Mr. Archbold is employed as an electrician.

Bluffton Short Notes. The funeral of Lewis Hardin. who died while on a visit at Virgil, Kan., will be held at the First Baptist Church in this city, at 2 o'clock Friday afternoon. and burial will be in Elm Grove Cemetery. The city fire department was called at noon today to the residence of Perry Thompson, on East Wiley avenue, to extinguish a roof fire started by a spark from chimney. The damage was nominal. Coach Louis Means of the Bluffton High School, has issued call for applicants for a new high school honorary athletic fraternity. Prescribed athletic records in high school activities are qualifications for membership. Mrs. Ellen Kahn. living in the south part of the city, was sentenced by Judge A. W. Hamilton to tenday term in the county jail upon being found guilty of contributing to the delinquency of her minor children.

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BLUFFTON, Ind., Aug. 20.-(U.P) -For six years James R. Crosbie, 73, toiled faithfully without pay to satisfy the debt of another man. Now he is again on a payroll, having satisfied a $12,000 debt for which he went as security. This remarkable example of honesty was revealed when M. E. Stultz, receiver for the Studebaker bank, gave Crosbie a check for his work during the past month as caretaker of one of the farms owned by the defunet bank, and now in charge of the receiver. Crosbie suffered a business misfortune which turned him from affluence to poverty. Then a friend whose note he had signed for $12,000 also "went under" and creditors came to him for the money.

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BOND JUDGMENT GIVEN Receives Administrator Bluffton Award of $7,137. Award of $9,137.85 to Frank W. Gordon, Bluffton, administrator of the John Gordon estate, for Liberty bonds deposited in the defunct Studebaker bank, Bluffton, was approved today by the appellate court. The ecase was appealed from the Wells circuit court by Morris E. Stultz, bank receiver. The bonds deposited with the bank by John Gordon totaled $8,700 and were sold by the bank for $7,748. The judgment includes the value of the bonds and interest.