J. F. Wild & Company State Bank (Indianapolis, IN)

Episode Information

Episode UID
7798624191523
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
779862419 hash
Start Date
November 17, 1926
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
33d3ad365f2b95ca

Response Measures

None

Description

Receivership and liquidation followed the state-ordered closing; stolen bonds cited as a contributing factor.

Events (3)
1. November 17, 1926 Other
Newspaper Excerpt
the $271,000 in negotiable bonds stolen from the J. F. Wild & Co. State Bank, Nov. 17, 1926, will be recovered is entertained by receivers for the bank, now defunct ... The theft was one of the factors in the bank's crash, July 31, 1927.
Source
newspapers
2. July 30, 1927 Suspension
Cause
Government Action
Cause Details
Closed by State Banking Commissioner Luther F. Symons after examiners found the bank in failing/insolvent condition.
Newspaper Excerpt
the closing Saturday noon of the J. F. Wild & Co. State Bank
Source
newspapers
3. August 1, 1927 Receivership
Newspaper Excerpt
A receiver must be appointed to wind up affairs of the J. F. Wild & Co. State Bank, State Bank Commissioner ... declared today. Examiners continued to work today on the check-up following the closing Saturday noon of the J. F. Wild & Co. State Bank, 123 E. Market St.
Source
newspapers

Newspaper Articles (19)
1. August 1, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 1, 1927

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WILD BANK IS BEING CHECKED State Commissioner Confers With President. BULLETIN A receiver must be appointed to wind up affairs of the J. F. Wild & Co. State Bank, State Bank Commissioner Luther F. Symons declared today. State examiners have not determined how much depositors will lose, but they should be prepared to suffer some loss, Symons' statement said. Examiners continued to work today on the check-up following the closing Saturday noon of the J. F. Wild & Co. State Bank, 123 E. Market St. A conference, was. held this morning between State Banking Commissioner Luther F. Symons, who ordered the bank closed, and J. F. Wild, founder and president of the institution. It was announced by Symons that a joint statement of the bank officials and the State banking department would be forthcoming. Patrons having safety deposit boxes at the bank will be permitted to obtain their contents soon, Symons declared. The closing of the institution will in no way affect persons having valuables stored for safe keeping.

2. August 2, 1927 The Daily Republican Rushville, IN
Article from The Daily Republican, August 2, 1927

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WILD BANK RECEIVER Coleman Mustard Indianapolis, Ind., Aug 2-(U.P.)- Curry Powder Eugene H. Iglehart, Indianapolis Saccharine Red and Black Pepper attorney, newly appointed receiver Mixed Spices Salicylic Acid of J. F. Wild and Co., State Bank, conferred with officers of the Tumeric Parafin state banking department today regarding steps to protect the bank's Every Commodity, Pure and Fresh, depositors. He was named by Judge Mahlon E. Bash on petition of Lu- Insuring the Best Results. ther F. Symons, state banking commissioner, who closed the $7,000,000 bank Saturday, and qualified at Johnson's Drug Store once by providing bond of $500,000.

3. August 4, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 4, 1927

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WILD BANK LOSS OF 20 PER CENT SEEN posits, pending settlement of the Depositors in the J. F. Wild & bank affairs, it was learned. Co. State bank, closed by the The audit being made by the State banking department Saturbanking department continues, day, will suffer a 20 per cent loss, State Bank Commissioner Luther F. or possibly slightly less, bankers in Symons announced today that it touch with the Wild Bank situation was unlikely that it would be combelieved today. pleted until the first of next week. Other Indianapolis banks are Attorney E. H. Iglehart, receiver loaning the Wild institution deposifor the institution, declared that he tors up to 60 per cent of their dewould make a statement to depositors as soon as he received the audit. "This probably will be in the midJURORS PROBE dle or latter part of next week,'.' Iglehart, said. He knew nothing of a meeting of depositors to be held GRADER LOAN in Superior Court, Room 1, Friday night. According to announcement, the meeting will be for the purpose of Contractor That Hear organizing depositors to protect their interests, but names of the Used County Machine. organizers have not been made public. The Marion County grand jury There are approximately 18,000 stopped its investigation of political accounts at the bank and the total corruption today long enough to deposits are a little less than $4,000,look into alleged irregularities by 000. he reported. county officials. "Our work at the bank is being The jury investigated alleged retarded some what by the many inloaning of a county road grader to quiries which we receive," Symons Smith Hawkins, Shelby County conasserted. "Should we assume a tractor. It was said Commissioner high-handed atitude toward the George Snider, minority member, public we might progress more found the grader on a road south of rapidly, but it is the department's Shelbyville. policy to be courteous and to give Luther Tex, road superintendent, information to all legitimate insaid Hawkins had previously loaned quirers." the county some equipment. The general banking situation in Snider, Tex, John Carlisle, counthe city has not been affected. ty auditor's office employe. and

4. November 15, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 15, 1927

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PLAN WILD PAYMENTS Depositors to Get Cash From Early Assets Sales. Probate Judge Mahlon E. Bash today said he will name a date for first payments on accounts of depositors of the defunct J. F. Wild and Company State bank soon. The distribution will not be the entire amount to be received by depositors, Judge Bash said. About $1,300,000 of the $3,650,000 worth of assets of the institution have been liquidated. Judge Bash pointed out that this amount includes cash received for sale of bonds to the Union Trust Company and $400,000 worth of notes that have matured since Eugene H. Iglehart and Richard Lowther became receivers.

5. December 5, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 5, 1927

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STOLEN BONDS OF WILD BANK MAY BE FOUND Receivers Hope to Recover Part of $271,000 Loot, Long Gone. GRAND JURY ON PROBE Investigation Being Made; Depositors' League Is Ready to Act. Hope that some of the $271,000 in negotiable bonds stolen from the J. F. Wild & Co. State Bank, Nov. 17, 1926, will be recovered is entertained by receivers for the bank, now defunct, Richard O. Lowther, one of the receivers, said today. The Marion County grand jury has had the bond theft under investigation from time to time ever since the bonds disappeared. The theft was one of the factors in the bank's crash, July 31, 1927. The grand jury now has before it testimony given in Superior Court Three last Friday, disclosing that the bank officials diverted $171,000 from "profit and loss account" to pay dividends upon preferred stock of a subsidiary realty firm and retire some of the stock, when the subsidiary failed to make a profit itself. Lowther said that the receivers had been conducting a quiet search for the bonds and hoped soon to compel the return of some of them. Several months after the bonds disappeared, $51,000 worth of them were traced to a man in Minneapolis. He was arrested. He said he obtained them from a garage owner. He, too, was held. Local detectives, however, failed to bring the men here, because they obtained their liberty on a writ of habeas corpus, the judge holding the evidence against them insufficient. Joseph R. Williams, attorney for the Wild Depositors' League, attempting to aid the receivers to get as much out of the bank assets as possible, said: "We will ingist that Probate Court compel the receivers to file such suits as the law will sustain against present officers of the bank and those who have been connected with it in an official capacity since 1921. "We also shall insist that suit be brought on the bond given by J. F. Wild, Sr., as president, and Otto P. Kern as cashier, for faithful performance of their duties." Williams stated that the receivers had told a depositors' league committee three weeks ago that they hoped to have some of the stolen bonds back within ten days. The bank had $75,000 worth of theft insurance upon the stolen bonds. Only $50,000 worth of this insurance has been paid.

6. April 20, 1928 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 20, 1928

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FOUR OFFICERS OF WILD BANK ARE INDICTED President, Directors and Cashier Charged With Embezzlement. WAS CLOSED IN JULY Charge Deposits Received Knowing Institution Was Insolvent. Four officials of the defunct J. F. 1 Wild and Company State Bank today were indicted on bank embezzlement charges by the Marion County grand jury. Those indicted: John F. Wild, Sr., president, College Ave. Rd. Otto P. Kern, cashier, 5310 Broadway. John Craig Fisher, vice president and director, 2723 N. Pennsylvania St. William F. McNairy, Sr., vice president and director, 3220 Broadway. Bonds of each were set at $1,000. The indictment is based on allegations that the indicted officials knew of the insolvency of the bank, but accepted deposits on the day it was closed. Depositors ost Money The fourteen counts are based on deposits accepted from individuals and a music company. They are: Paul Bisesi, 211 E. Maryland St., $4,041; Walter C. Stedfeld and Georgia Stedfeld. 4901 N. Pennsylvania St., $10,681.90; Stephen M. Davis, 4189 Ruckle St., $252.93; Theodore Losche, 33 S. Delaware St., $518.80; the Wilking Music Company and Frank C. Wilking, president, 20 E. Ohio St., $1,846.93, and Edward Ludwig, 17 E. Le Grande Ave., $70. It is charged that all but $6,000 of these deposits was lost to the depositors. The depositors named in the counts and Bank Examiners Luther Symons and Thomas D. Barr were named as witnesses on the indictment. Bank embezzlement carries a sentence. on conviction, of two to fourteen years in State prison. Wild Makes Statement Wild. commenting upon the indictment. said: "The J. F. Wild and Company State Bank was solvent when it was closed and I hold a certified public accountant's report to that effect." McNairy said his relations with the bank had been in the bond department and that he was deluctant to discuss the predictment until fully informed of the charge. "They've got to show me first," he said, "that the bank was insolvent." Kern is ill at his home and unable to make a statement, Mrs. Kern said. The Wild bank was closed by State examiners July 30, 1927. It was carried into receivership through Probate Judge Mahlon E. Bash. Eugene Iglehart and Richard L. Lowther, attorneys, are receivers for the defunct institution. Subsidiary Benefits Several months ago it was predicted that the bank would pay 93 cents on the dollar to depositors. Since then, one dividend of 40 per cent has been declared and paid. The receivers have made an investigation of the company's property in Florida and are attempting to sell this and realize as much money as possible on these investments, made during the boom period of the southern State. Suits are pending in Superior Court Two on notes amounting to $100,000 that were advanced to the bank. Efforts were made by the receivers to have these classes as assets of the institution, but rulings were given against this procedure in the county courts. In December it was revealed in a court case before Superior Judge William O. Dunlavy that the Elevator Realty Company, subsidiary firm of the bank, operating a grain elevator in Beech Grove, had benefited from several thousad dollars transferred to its books. Robbery Blamed The last statement of the bank showed total resources, $6,537,535.80; savings deposits, $1,276,721.49; bonds on hand, $7,107.70; special deposits, $7,559.61, and demand deposits of $2,577,997.73. The paid-in capital. stock was $100,000, with a surplus of $25,000, and $145,359.93 in undivided profits. The bank was holding $1,800,000 in first mortgage certificates. At the time the doors were closed bank officials stated that the bank's assets would probably be liquidated without loss to depositors, and they also declared that they attributed the condition of the bank partially to the robbery, Nov. 19, 1926, in which $271,500 worth of bonds were lost. Only a small part of the bonds were recovered.

7. January 16, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 16, 1929

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# WILD CASE RULING # WILL COME SOON Ruling on the suit in which Richard L. Lowther, receiver for the defunct J. F. Wild & Co. State bank, seeks to have $100,000 worth of "accommodation notes," donated to the institution by Indianapolis business men, declared salable assets, is expected to be given soon by Superior Judge Linn D. Hay. The court took the matter under advisement Tuesday afternoon, after several hours argument by attorneys on each side. He indicated that he would rule as soon as he had reviewed the evidence. The men who gave the notes were Robert I. Todd and John J. Appel, both of whom have died since the bank was closed, and Frank M. Millikan. Attorneys for Lowther declared the bank was insolvent several months before it was closed, and that the bank examiner was misled by the presence the "accommodation paper" in the bank which, he alleged, was published as assets of the institution. Attorneys for the deceased men and Millikan asserted the bank was solvent and that it was closed without consideration of assets actually held.

8. February 6, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 6, 1929

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# POSTPONE SUIT TO # RECOVER BANK FUNDS Tral Date in Defunct Wild Bank's Petition Set Feb. 15. Hearing on the suit of Richard L. Lowther, receiver of the defunct J. F. Wild & Co. State bank, to collect $152,313, from the Elevator Realty Company, a subsidiary firm of the bank, was postponed Tuesday by Superior Judge William O. Dunlavy when attorneys for Lowther were unable to appear. The court tentatively set the trial date for Feb. 15. Lowther alleged that the bank "loaned" the realty company this money over a period of five years to keep the company, which owned a grain elevator near Beech Grove, functioning. He is seeking to collect the amount for bank depositors from stockholders in the realty company and through sale of the company's assets. U. S. Lesh, realty company receiver, is resisting the petition.

9. February 28, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 28, 1929

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STUDY RULING HOLDING WILD BANK SOLVENT Bank Commissioners Are Scored by Judge for Closing Doors. County prosecutors today scrutinized the ruling of Superior Judge Linn D. Hay, in which he held the J. F Wild & Co. State Bank sol- vent when the doors were closed by state bank examiners in July, 1927. Hay's opinion on the solvency of the institution was contained in his dec. ee given Wednesday on the $100,000 in "accommodation notes" made by three Indianapolis business men, two of whom have since died. In this case Richard L. Lowther, receiver of the bank, was seeking to have the court declare the notes assets, to be sold in liquidating the bank's debts, but Hay held the makers of the notes were not liable. Bank Commission Scored Prosecutor Judson L. Stark, who, with Homer Elliott, special prosecutor, is conducting a second investigation into the bank's closing, said that since the first question to be decided in this probe was whether or not the bank was insolvent, the court's ruling "will be interesting to us." Hay criticised bank commissioners for not "giving more consideration" to the situation before demanding a receiver. "It would have been better for depositors and creditors of the bank, had a receiver not been appointed and officers and directors of the bank been given more time to work out the condition of the bank without the sacrifice necessary to liquidate the receivership," the court said. "The bank might have tided over the condition if a little more consideration had been given by the bank examiners to the interest of creditors and depositors." Surplus Was Possible Lowther brought the suit to collect the notes from the estate of the late Robert I. Todd and John J. Appel, and Frank M. Millikan. Lowther maintained that the bank would have been closed, had not the notes been used to "bolster" the bank's assets. Frank B. Ross, attorney for Lowther, said within a few days a new trial will be asked and added that the court's ruling will have no effect on the receivership which was granted in probate court. Hay also held that if $100,000 in city school bonds, that were transferred to another local bank on order of bank examiners, had been retained in the Wild bank there would have been no danger of insolvency. He said these would have balanced the $100,000 in "accommodation notes" and the bank, according to testimony given in the case "should then have had a surplus of at least $38,000." Note Makers Not Liable The court pointed out that the surplus figure might have been as high as $96,000, if other items had been considered. The makers of the notes could not be held liable for any alleged attempt to defraud depositors by boosting the bank's assets with the notes, the court said, because the notes, when made with John F. Wild, president, were "merely for accommodation purposes and for no other." Luther F. Symons, state bank examiner, stated, following the ruling. that there was "no question that the bank was in a failing condition when it was closed." Oral arguments on the petition of Mrs. Frieda P. Harrington, Evanston, Ill., a preferred stockholder, to remove Lowther as probate court receiver for the J. F. Wild Realty Company will be heard in federal court at 11 a. m. Friday.

10. March 30, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 30, 1929

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GRANT WILD HEARING Plea for New Bank Trial to Be Heard in April. Oral arguments in support of a new trial motion in the suit brought by Richard L. Lowther, receiver for the J. F. Wild & Co. state bank, against three Indianapolis business men, two of whom now are dead, to collect $100,000 worth of accommodation notes, will be made in April. Attorneys for Lowther filed a petition asking permission to argue the new trial motion and Hay granted it, announcing that a date will be set later. Three weeks ago Hay held that although the men had signed the notes to the bank they could not be held liable. Lowther contended that since they put up the notes, they should pay the amount as assets of the bank. Robert I. Todd and John J. Appel signed two of the notes several years before their deaths and Frank M. Milliken signed another.

11. April 4, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 4, 1929

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# WILD BANK ASKS # RETIREMENT OF # REALTY STOCK Remuneration to Depositors Depends on Petition Filed Today. Preferred stockholders in the J. F. Wild Realty Company today filed in probate court a $760,000 stock claim against Richard L. Lowther, receiver for the defunt J. F. Wild & Co. state bank, which, if granted will cripple all future hopes of bank depositors receiving any additional dividends from the money they had in the bank when it was closed. The claim was filed in the form f an intervening petition by the stockholders committee of the realty company and asked Judge Mahlon E. Bash to order the bank to retire the preferred stock of the realty company and to pay interest of almost $40,000 that has been accrued in the last year. Depositors Received Dividends Lowther, following filing of the twenty-page petition, declared all future remuneration to depositors depended on the "settlement of the intervening petition." Up to this time, depositors have received dividends aggregating 62½ per cent. According to the petition, the bank, although a tenant in the Wild Realty Company's building, 123 East Market street, on which the stock was issued, handled the financial operation of the structure and was to retire the preferred stock. Thirty thousand dollars worth of the original issue already has matured and been paid. A petition for a federal receiver for the realty company was filed before Federal Judge Robert C. Baltzell in February, but he dismissed the action because of lack of jurisdiction. Have no Claim on Property Another point in connection with the bank building property was uncovered by The Times today. This was that the realty company has no direct claim on the property on which the $800,000 building was bought because it was subleased for ninety-seven years and seven months from the Marcus Loew Indianapolis Realty Company, which already has failed to buy this property and adjoining theater property following the expiration of two of three options to purchase. The third is effective in 1935, it became known, and if the land is not bought then, further opportunities are denied and the entire property will revert back to the original Coleman estate when the lease terms expire. The tract on which the bank and a theater building on Pennsylvania street stands was leased from the estate of the Marcus Loew Booking Company several years ago. Then this interest was transferred to the Loew Realty Company, which subleased the bank building area.

12. April 24, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 24, 1929

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PROSECUTOR IS BRANDED 'WEAK SISTER' Actions of Stark and His Aids in Wild Bank Case Bitterly Assailed. FEEBLE AND HELPLESS' Enforcement of Law in County Is Declared Near Breakdown. down of the law enof enforcement Breaking agency the county Proseis indicated by L. government," cutor Judson Stark's statement in that he is dropping prosecution the J. F. Wild and Company State Bank failure, Joseph R. Williams, for a league dewho lost money positors attorney of 3,200 in the crash, declared in a formal paper, issued today. The prosecutor's backdown on the Wild case was printed in his personal organ, Tuesday. that the depositors, their checked Indication in movement to by ob- the tain redress for their wrongs, prosecutor's a new "break-down," procedure might seek avenue of was contained in Williams' statement. Stark Is Assailed said he is "very much at the now surprised Williams attitude asthe criticised sumed Stark by was prosecutor's severely office." for "until this late hour when of waiting the statute limitations doubtless will expire in July." statements proseapologetic "The reasons assigned of the in the a not even single cutor are witness, flimsy, indeed, the when receiver, not called before the grand jury," Williams was asserted. "We do grand not criticize the grand jury, as but six men, juries the prosecutor, usually follow the advice after of indictment was voted heretofore an heearing the that evidence, returned into open court. on the of the This inefficiency indictment, prosecutor's account of was quashed on a which nicality, office. would not legal have tech- occurred at the hands of any experienced lawyer. "Law Agencies Feeble" "Is it any wonder that the PresiUnited States has called the to dent upon of the public assist would in law suggest enforcement? We gently county a to as splendid that Marion place begin, here would seem the be law enforcement agencies to be if not very feeble. did helpless." said he not see how come to there was any sign Stark that Williams could the of conclusion solvency, of the bank's officials did its after not some deny insolvency resist and did not make any effort to the receivership. He also pointed out that personal relatives of officials friends and had removed their the finances bank's from the institution. the "Of course, depositors of have the been aware of the "passing this matter buck' in since Williams the indictment was quashed," said. One question on the announcethe prosecutor's opinion rement mained of without explanation today. not This was why the report was Criminal who ordered reCollins, made to Judge the probe James A. and who apof Homer as opened pointment approved Elliott the special deputy prosecutor. too sources of Elliott unreliable placed much information credence on in his probe, Williams said. The depositors' league will meet soon to discuss future moves.

13. April 25, 1929 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, April 25, 1929

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DISCUSS DROPPING OF WILD CHARGES Depositors' League Officials Consider New ActionStatement Scores Stark. Withdrawal of criminal charges against officials of the defunct J. F Wild & Co. State bank was discussed by officers of the depositors' league of the bank at called meeting yes. terday. The 3,200 depositors who hold membership in the organization will meet within the next few days to decide upon plan of action, Joseph R. Williams, attorney for the league, announced. Williams issued statement on behalf of the league in which he criticized Judson L. Stark, Marion county prosecutor, for dropping the charges against J. F. Wild, bank president and three other officials of the institution. Claims Evidence Lacking. Stark declared that his office dropped prosecution because of a lack of sufficient evidence to insure conviction. "It seems rather strange that after the state banking commissioner, who is the legally constituted authority to investigate the banks of Indiana, has declared that this bank was insolvent and should be closed, and after an application has been filed in Probate court and notice duly given, required by law, that such an application has been made to declare this bank insolvent and after the officers of the bank, or some of them, admitted that it was insolvent, and did not oppose of receiver the prosecutor of Marion county should now come to the conclusion that the bank was solvent at the time it closed its doors,' Williams' statement asserted 'We are very much surprised at the attitude now assumed by the prosecutor's office It appears as the law enforcement branch of our government locally has broken down, especially when this conclusion not to investigate as serious matter as this has arrived at this late hour almost two years having elapsed since the doors of this defunct bank were closed," the statement continued. Holds Statements "Flimsy." The statement charged that reasons assigned in the "apologetic" statements of the prosecutor are "flimsy, indeed, when not single witness, not even the bank receiver, has been called before the last Marion county grand jury. The paper also points to the fact that indictments against officials returned by former grand jury charging bank embezzlement were quashed by Judge James A. Collins in Criminal court because of technicality caused "by the inefficiency of the prosecutor's office, which would not have occurred at the hands of an experienced attorney. Stark termed the statement "a lot of generalities.' Prosecutor Not Surprised. "I am not at all surprised at the attitude taken by the league," the prosecutor stated. "It is just one of those things should expect while doing my duty as see it to be and assuming responsibility in reaching decisions It is the price must pay for my The prosecutor declared that his office would "gladly" order grand jury investigation if the evidence was produced or was obtainable. will order the officials prosecut ed at once have evidence to warprosecution Stark asserted He stated that Williams conversed with him several days ago but that he did not present any tangible evidence in the matter.

14. May 21, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 21, 1929

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REFUSE WILD CLAIM Bank Loses $170,000 Suit Against Realty Firm. The long-fought legal battle of Richard L. Lowther, receiver of the defunct J. F. Wild & Co. State Bank, to collect $170,000 from stockholders of the Elevator Realty Company, a subsidiary, ended today with the situation the same as it was before the suit was brought. Superior Judge William O. Dunlavy announced his ruling that disallowed the claim by Lowther and also one contained in the cross complaint of U. S. Lesh. realty company receiver. who sought $142,000 from the bank. With Dunlavy turning down both demands, neither group benefited. Lowther claimed that the realty company accepted money from the bank with which to pay dividends and that it should be repaid. Lesh contended that the bank owed the stockholders for $142.000 worth of stock purchased in 1921.

15. June 25, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 25, 1929

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# JUDGE TO RULE # ON WILD CLAIMS Ingelrose Bond Purchasers to Learn Decision. Probate Judge Mahlon E. Bash today announced he will rule this week on the $33,000 claim suits filed against Richard Lowther, receiver of the defunct J. F. Wild & Co. state bank, by purchasers of bonds of the Ingelrose Investment Company. Bash announced this after hearing oral argument Monday by attorneys for claimants and counsel for Lowther. Defense counsel argued that the claims were filed too late and that demands should have been made on J. F. Wild, bank president, and other officials of the institution. Attorneys for claimants, pounded the point that the bonds were sold by bank officials "through fraud and deceit." Witnesses have testified that purchases were made on "inducement by bank officials." Testimony also has been given that the bonds were not registered with the state securities commission, which the plaintiffs contend is a violation of the "blue sky" law. "This clearly is a violation of the law that should be taken cognizance of by state authorities," Joseph Wood, attorney representing the claimants, said.

16. June 27, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 27, 1929

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JUDGE ALLOWS $33,000 WILD BANK CLAIMS Bash Scores Unregistered Bond Sale After Collection 0. K. 'VIOLATION OF LAW' Receiver's Contention of Immunity Due to Purchase Date Is Refused. Allowing $33,000 claims against Richard Lowther, receiver for the J. F. Wild & Co. state bank, Probate Judge Mahlon E. Bash today declared the second mortgage Ingelrose Investment Company bonds sold the claimants by the bank were not registered with the Indiana securities commission. "This was a most flagrant violation of the law," Judge Bash declared. "It is safe to say that if the situation had been presented to the commission, the sale of these bonds would not have been authorized." Judge Bash allowed eight claims, ranging from $1,000 to $10,000. He held them to be general claims against the receiver, which means that holders of the bonds will get 62 1/2 cents on each $1-the same amount that had been paid depositors in the defunct bank. Frederick E. Schortemeier, one of the claimant's attorneys, said it would appear from the holding of the court that the court thought the bonds were sold illegally. He remarked that the statute of limitations has run on all but one of the claims-that of Miss Amanda Hamilton of Greensburg, Ind., who bought $2,000 of the Ingelrose bonds in July, 1928. It is understood there has been no inquiry by the grand jury or prosecuting attorney looking toward prosecution along this line. Plaintiff's attorneys contended that the bonds were not registered, and so were sold in violation of the "blue sky" law. Lowther contended he was not liable for claims on purchases from bank officials made prior to the receivership, but Judge Bash held the receiver took over the bank's liabilities as well as its assets. The $10,000 claim of Charles Schlegal, 635 West Twenty-ninth street, was the largest of the eight claimants, included one trust company, three banks and four individuals.

17. July 1, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, July 1, 1929

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# TEST WILD LEASE Refuse to Accept Savings Concern Rental. Court action to determine if the State Savings and Trust Company's lease on banking rooms of the defunct J. F. Wild & Co. State bank in the Wild building, 123 East Market street, is valid, will be filed soon, it was learned today. The lease was made by Richard Lowther, bank receiver. Circuit Judge Harry O. Chamberlin granted a petition of Edgar M. Blessing, receiver of the Wild Realty Company, which operates the building, permitting him to refuse to accept further rentals from the occupants. The petition stated that subsequent moves to determine validity of the lease will be taken, probably by the savings company. One of the foremost points of the litigation will be whether Lowther, as bank receiver, had authority to lease property of the realty company, a separate concern, operating the bank structure.

18. September 13, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, September 13, 1929

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# WILD BANK DIVIDEND # CALLED 'HAPPY DREAM' Intention of Richard L. Lowther, J. F. Wild & Co. State bank receiver, to pay depositors a final 12½ per cent dividend is a "happy dream," Joseph R. Williams, attorney for the bank's depositors' league, asserted today. Williams' opinion was voiced after Lowther filed a report on the bank's remaining assets with Probate Judge Mahlon E. Bash. Lowther's 127-page document included detailed tabulations on the general receivership for the fiscal year ending Aug. 7. Lowther said immediate payment of the final dividend was not anticipated. Received 62½ Per Cent Wild bank depositors have received 62½ per cent of their money in three dividends, which, Williams said, might be followed by another small payment "if some of the bank's spurious Florida properties can be disposed of." Referring to bank holdings on which Lowther intends to pay the final dividend, Williams said Lowther last spring was "hoodwinked" when he first surveyed the holdings. An investigation showed legal descriptions of the properties "were misrepresented after they had been compared to hundreds of photos taken by Lowther," Williams declared. Strewn Recklessly "The public ought to know the truth of the bank's Florida holdings," Williams said. "It has been found that several millions of dollars were strewn recklessly over that state by Wild bank representatives, and possibilities of realizing money for the 12½ per cent dividend are slim. "Depositors will lose in the end. Of $3,000,000 of their money in the institution when the doors closed, almost a fourth will be lost. Another $2,000,000 will be lost to stockholders. "Depositors have expected a total dividend payment as high as 93 per cent, but the Florida holdings indicate the limit is near. Lowther has exaggerated."

19. April 26, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 26, 1933

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# WILD BANK TO PAY DIVIDEND Additional 2.5 Per Cent Payment Is Ordered by Judge. Distribution of an additional 2½ per cent dividend to depositors of the defunct J. F. Wild & Co. state bank was ordered today by Probate Judge Smiley N. Chambers. With 62½ per cent previously paid, this allowance makes a total 65 per cent dividend to depositors, Receiver Richard L. Lowther told the court. "This will not be the last of the dividend," Chambers said. He directed Lowther to write each depositor explaining status of the trust. Cash on hand, available for distribution, is $93,818, Lowther's report to the court states. However, only $85,037 will be disbursed at this time. The receiver asked permission to retain part of the fund to complete operation of the receivership. Fund from which the payment is made was secured from judgments against estates of John J. Appel, Robert I. Todd and from Frank N. Millikan, former directors of the institution, the petition stated. The receiver has collected majority of the $115,000 put up by the directors on accommodation notes prior to the bank's closing, according to Chambers. Letters from Lowther accompanying the dividend checks stated that unliquidated assets left in the receivership total about $500,000. While the court and receiver desire to liquidate these assets immediately, he said, they feel that it is advisable to await better real estate market conditions.