Central Bank (Arcadia, IN)

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TALK OF A NEW BANK AT ARCADIA

Town May Have a Financial Institution In Short Time

Arcadia is without a bank since the Central Bank suspended busine 8 at noon, Wednesday, and rumors are already afloat to the effect that a new financial institution may be started there in short time and that Guy Booth, one of the wealthiest residents of the northern part of the county, may be one of the central figures around which the proposed new organization may revolve. After the failure of the First National Bank there eighteen months ago, strenuous effort was made to start another bank and Mr. Booth mentioned as being the head of the proposed institution. It is known that a number of men in that locality subscribed for stock in the institution. Nearly the required amount was subscribed but for some reason or other the bank did not start. Some thought the territory rather limited for two banks and at that time the Central Bank was going good. There are many of the most substantial residents of that community, it is said, who believe that the town should have a bank and are said to be willing not only to patronize a new institution but take stock in it as well.

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Arcadia Without Banks By Times Special ARCADIA, Ind., April 12.-With closing of the Central bank, Arcadia is without a financial institution. Continued withdrawals over a period of several months, is assigned as a reason for the closing. The bank was owned by A. E. Martz and son, Fred, both of whom were actively connected with its management. It was organized sixteen years ago with capitol stock of $10,000. A year ago the First National bank here went into the hands of a receiver.

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WEDNESDAY

Third Financial Institution In County to Quit Within Few Weeks

WITHDRAWALS

One of the Oldest of the Smaller Banks In Hamilton County

The State Bank of Atlanta, the third small financial the county to close its doors the past three weeks, not open morning for the transaction of which business, surprise business circles and among depositors of the bank the county. The officers of the institution follows: Bishop. Scully. Walton. Assistant Plain. None them could located long distance telephone Wednesday morning far known none the officials have given out any statement but that the trouble with the bank largely the result of continued withdrawals and failure realize some of the assets which held. said the closing of the Central Bank Arcadia, ten days ago, creased the from the Atlanta institution without the posits showing any material crease. known that the bank has farm on which could not and this situation made matters rather for ready money. was Wednesday morning that the State Banking Department would check up on the institution and allow the directors to make effort reorganize they felt disposed so take any other step which might help the institution community. The last official statement to the condition of this bank was published March of the present year and showed loans and discounts to the amount with bonds and the amount of and on hands. The furniture and fixtures the bank were listed at $4,350 and the banking house $15,600. The entire given The capital stock demand deposits the savings deposits and demand with surplus of $6,000. The present organization has been existence about fifteen years, the reorganization taking place soon after the death Walton, who the bank number of years owned large part of stock. The iginal bank was started by Walton, father of Ed and Shirl Walton and one of the pioneer business men of the northern part of the county Within the past few weeks the Central Bank Arcadia has closed doors the Fishers Bank was taken over the Citizens State Bank, of this city. Otto Jensen, trustee of Jackson township, who the city, said the township funds were tied the Atlanta bank and also the Central Bank Arcadia. He said he thought would be able to pay the school bills for their past month, but he did not know exacthow things would out until he took an invoice cash.

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CIRCUMSTANCES

Sheriff $195 Taken From Atlanta Girl

THE DETAILS ARE NOT DISCLOSED

Sheriff Not Sure He Will Withhold Prosecution

The $195 stolen from dresser the room of Miss Anna Bollinger, the home of Fred Leach lanta, few ago, has been found. Sheriff Ramsey, the none the of the family have disclosed where money found under what circumstances said every dollar has been returned to Miss Leach. Miss Bollinger received this money her share of estate and placed deposit Central Bank Arcadia. heard that the bank might close and withdrew short time before did suspend business and in hiding in her room. not missed until Sunday night when Miss Bollinger looked and discovered for the first time missing. Sheriff Ramsey was called into the and made two or three trips Atlanta investigate the unusual It considered unusual cause of the fact that three four persons knew that the young woman had taken out of the bank. The Sheriff's last trip to Atlanta look after the matter Tuesday said that this time noon. satisfied himself money and where could said have told the residents of would return warrant sworn out and turn to short time after arrived Sheriff says was notified the had been money Sheriff not sure that he stop with this sudden turn matter. He will likely the warant, make the get out rest and insist on the the he had in mind. party

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DEPOSITORS

Liquidating Agent Says One Paid Within Thirty Days

BEEN

Work of Closing Up Business of Institution ressing Rapidly

Cochran, of Atlanta, liquidating agent the Atlanta State Bank which closed its doors few weeks ago, was at the courthouse Wednesday attending the hearing of the State's application for receiver for the Central Bank Areadia. He reported that making gress settling up the affairs of Atlanta He thought. said, would be able to pay dividend depositors nots later than June 30 but he would not venture any information as to the amount aside from the statement that would less than fifty cent. He said had settled of the which the bank the county, also Jackson ship and the town of Atlanta. In fact said all bills payable been settled the all concerned. With work out of way Mr. Cochran said was getting things shape the which he hoped to do in way within the month. board of directors of the bank said be well with the that making. All of these settlements made without any proceedings court. The first step selection Cochran liquidating by the of directors agent their action was approved vote stockholders. Most of the bank's securities are said be exceptionally good. Mr. Cochrans' long him in hand perience handling the affairs of bank. He has been engaged business practically life and the head three lumber yards cated in Tipton, Atlanta and cadia.

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Picked From of Eight Bond Fixed at and $20,000

HEARING WEDNESDAY BEFORE

Petitions Dismissed and State's Case Only one Considered

Acting on petition filed by State and without objections from either side, Judge Hines, in the circuit court Wednesday forenoon, appointed Shirl Walton, former cashier of the Atlanta State Bank receiver for the Central Bank which closed its doors The bond the fixed at which few days. He will then provide take charge of the bank and ceed settle up the business the institution. Many of the legal complications growing out of tangled conditions this bank were cleared away Tuesday afternoon when Judge Neal, representing Fred Martz, owners nearly the stock the bank, appeared Hines and dismissed petition Fred Martz asking that he named trustee. Later, Gentry Cloe Campbell, representing filed protest against the appointment Fred Martz, withdrew their With these matters off the docket the court only to the petition pass by the state asking the appointment of Following the announcement the appointment of Walton court said might be question any receiver would accept place going plain that there would large either to the payments attorneys in the final adjustment. Luther Symons, State Bank Commissioner, and Deputy General Charles Werner, were court to sent the State. Neal Little the Martz interest and Gentry, Cloe Campbell were the attorneys for Hamilton County Board Finance and tors. stated by Mr. was bell that the county the time the bank deposit at closed. Mr. Symons the only witness examined. He said the bank closed with cash to the amount $2,300 and bank balance around $1,000. There were rediscounts the amount about told the court. He said when he assumed charge the institution called in three reputable citizens from Arcadia community and asked them over the with their opinion the assets would pay the liabilities providing the did have loans from other banks about which, of course, they Symons thought the assets of the institution good compared with other country but at the same time said might be good. He thought unfortunate that the bank on Page

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ACTS TO LOWER RECEIVER FEES Judge Opens Drive to Cut Profits in Bank Cases. A movement to halt large profits made by receivers for state banks, and attorneys hired by them, was revealed today in an action by Judge Fred E. Hines in Hamilton circuit court. Judge Hines appointed Shirl E. Walton, Atlanta, receiver for the Central bank, Arcadia, a private institution, which has been in the hands of the state department for five weeks. In his appointment, Judge Hines specified that Walton is to receive only $200 for the first month of receivership, and that thereafter he must submit a report of all his activities and expenses in carrying out the liquidation. The judge then will decide whether Walton is to receive $200 or less in subsequent months. Attorneys likewise will be required to submit vouchers, under similar conditions. The action was taken in open court, after a conference between Judge Hines and Luther F. Symonds, state bank commissioner. Previously in many cases receivers have made as high as $500 a week while liquidating assets of banks, Symonds said, and likewise they have hired attorneys who enjoyed handsome fees for long periods of time. He and Judge Hines believe that expenses will be much smaller under the new system, and that it will encourage rapid liquidation, because of the threat of meager fees.

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TRUSTEES' HEAD QUITS Official of Township in Hamilton County Silent on Reason. Bill Times Special NOBLESVILLE, Ind., June 7.Otto K. Jensen has tendered his resignation as trustee of Jackson township, Hamilton county, to A. J. Hines, county auditor, effective when his successor is appointed and qualifies. Jensen has served three years and a half of a second term. He assigned no reason for the resignation. He is a Democrat and as Auditor Hines is a Republican, it is presumed that the appointee will be a Republican. Jensen had been shier of the Central bank at Arcadia for twelve years but was thrown out of employment a few weeks ago when the bank closed. He is president of the. Indiana Trustees Association.

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Otto Jensen of Arcadia Succeeded by Clarence W. Guy

(Special to The. Tribune) Arcadia, Ind., June K. Jensen, Arcadia, Thursday handed in his resignation as trustee Jackson township, Hamilton counThe resignation was tendered to Auditor Hines of Hamilton county who then named Clarence Guy of Arcadia to finish the unexpired term Jensen. The term ends January Jensen has been trustee for more than seven years and was assistant cashier of the Central bank here until that institution closed. He said he was resigning as he had accepted position Indianapolis commercial newspaper. successor, Mr. Guy, is the Republican nominee for trustee and teacher in the Arcadia schools. He cashier formerly the Arcadia bank.

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Court Action Grows Out of Troubles of Central Bank of Arcadia

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Other Notes of the Day From the Circuit Court

The Ohio Casualty Insurance Company has filed with the court an intervening petition asking that be permitted to bring suit against Shirl Walton, receiver for the tral Bank of Arcadia, for the lection of deposit amounting to $2,500. is related in the petition of company the bank prospecial bond to the state for the payment of all when and without deduction. The company had deposit in the the time closed in April and it alleges the receiver has refused to the claim since the institution pended business. Laura Burke brought tion in court against Ralph Eiler asking the appointment of ceiver to take of the crops on her farm Fall township which the defendant is tenant. in the that not tended the place the manner and also that proper has paid the proper attention to the The farm was leased crops. Eiler early this year he came tenant in February. petition has been filed with the court for the sale of the real estate the estate E. Hammack person The acre tract land. The court has made an order for the of Owen Scripture, of Sheridan, to the Riley hospital Indianapolis for treatment. In the matter the of Donald and Grace, minor of Edith and Apgar Huffdren report has been made to the showing receipts in the sum $175.14 and the of expenses amount leaving balance of $168.14. The trust to Donald Huffman has been closed. Judge Hines Friday, would court least that next week. His present date for of for the summer adjourning August

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Among Week's Leaders

LOCAL BANK'S $10,000 SUIT VENUED TO TIPTON

NOBLESVILLE Ind., Nov. 23. The case of the Fletcher American National bank of Indianapolis against Fred M. Martz and Albert E. Martz, filed in the local court has been venued to Tipton county and set for hearing Nov. 28. The suit is based on promissory notes given by the defendants the Indianapolis bank prior to the closing of the Central bank at Arcadia which closed last April The Arcadia institution was private bank and owned by the defendants The Indianapolis bank asking judgment for $10,000 on the notes

COTTON USE SLACKENS.

LONDON Nov. 23. - (AP) The world's cotton consumption for the year ended July 31 was bales in comparison to 25,882,000 bales in the previous year. states the report of the International Fed. eration of Master Cotton Spinners and Manufacturers' Association The consumption included 13,023 000 bales in the United States, a decrease of 2,053,000. The total stocks in the mills on July 31 were 498 000 bales. against 4,863,000 in 1929. Of the total stock on hand 1,985,000 were American, against 2,129,000 in 1929.

NEW YORK. Nov 23. Total sales and net price changes for the last week sixteen active stocks listed on the New York Stock Exchange follow Net Chga American Copper Steel General Electric Nick Loew Ward Warner Pictures

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Closed Banks Pay By Times Special ARCADIA, Ind., Dec. 23.-S. S. Walton, receiver for the Central bank of Arcadia, which suspended business a year ago, announced that it will pay a dividend of 10 per cent to depositors this week, a total of $12,000. When the depositors receive this distribution, they will have been paid 55 per cent of their claims. The First National bank of Arcadia is paying an 8 per cent dividend, making a total of 88 per cent since the bank closed two years ago.