Hammond National Bank & Trust Company (Hammond, IN)

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STATE BANK EXAMINER IS PLACED IN CHARGE

Calumet City State Bank Closes After Run Is Started This Morning

The First Trust and Savings bank, of Hammond, closed its doors this morning pending an examination by representatives of the state banking commissioner. This action was voted yesterday at a special meeting of the board of directors. Following the closing of the First Trust, which is expected to be temthe Calumet City State bank, the only bank in this Illinois suburb its funds were on deposit in the First Trust. John Carroll, cashier of the Calumet City State bank. told The Times that representative of the auditor of public accounts of IIIIexpected to charge of bank today, probably operate Indiana banking thorities in working out the uation.

President of City bank of Calumet City and former Cook (III.) bank capitalized sources the only bank at Calumet City. Withdrawals mond banks diately of the closing of the Trust current. In order prepared for the emercalls to Chicago and these promptly met. President H. Tapper and other officials of the Hammond bank no cause alarm in spite of the withdrawals from their accounts. "Our bank in sound condition this storm," Mr. Tapper at noon. "We had an immediate of currency from Chicago dent banks back People not to this situation which demands thought.' Louis vice president of Hammond said this morning's situation broke without warning but found his bank well prepared ready cash to meet depositors' demands and furof money shipther ments from Chicago reserves were ordered at once. DIRECTORS OPTIMISTIC Available the reinforced by delivery of $250,000 at noon. This sufficient to tide over the than Similar expressions of optimism the situation by William Leo Dr. Ostrowski G. Paxton, diO. rectors of the Hammond National. pointed out that most of the It visiting the had small people accounts and the total be great as might be would not expected from size of the crowd. In fact who waited line for time, stepped home they realized that being made the could handle NOT TO ON BANK Withdra from the First Trust and which had were due to resources needs of depositors and pressing not to on the bank, according to President Peter W. Meyn. Thomas D. Barr, chief state bank (Continued on Page Six)

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IS PLACED IN CHARGE

The bank is capitalized has resources $500,000. the only Calumet from other Hammond banks heavy immediately of the closing of the First Trust In order to be for the emergency, cash were sent to Chicago and these were promptly met. President A. H. Tapper and other officials the National bank no cause for alarm in spite of the withdrawals from their "Our is in sound condition and this storm," said Mr. Tapper at "We had an immediate of currency from Chicago dent banks stand back of People should not allow to become this situation which demands thought." Louis Klitzke, vice president of the Hammond National, said this morning's situation without warning but it his bank well prepared to meet depositors' further of shipments from Chicago were ordered once. DIRECTORS OPTIMISTIC Available the bank reinforced by delivery $250,000 at noon. This was considered more than sufficient to tide over the emergency. Similar expressions of optimism the situation made by William Ahlborn, Leo Wolf, Dr. R. and G. Paxton, diO. of the National. It pointed out that of the people the bank had small accounts and the total withdrawals would not great might the size the expected from crowd. fact many persons waited in line time, stepped and returned when realized that being the clerks could handle NOT TO ON BANK Withdrawals the First Trust and bank, which had resources of were due to pressing needs of depositors and on the bank, accordnot to to President Peter W. Meyn. ing Thomas D. Barr, chief state bank (Continued on Page Six)

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STATE BANK EXAMINER IS PLACED IN CHARGE

Calumet City State Bank Closes After Run Is Started This Morning

The First Trust and Savings bank, of Hammond, closed its doors this morning pending an examination by representatives of the state banking commissioner. This action was voted yesterday at a special meeting of the board of directors. Following the closing of the First Trust, expected to be temporary, the Calumet City State bank, the bank in this Illinois suburb also closed, since some its funds were on deposit in the First Trust. John Carroll, cashier of the Calumet City State bank, told The Times that the auditor of public accounts of IIIInois was expected to take charge of bank today, and probably operate Indiana thorities in working out the situation.

PRESIDENT President of the Calumet bank John mayor of Calumet City and former Cook county, The sources of $500,000. is the only bank at Calumet City. from other Hammond banks became heavy immediately after of the closing of the First In order be for the gency, were sent to Chicago and these were promptly met. President A. Tapper and other officials of the National bank saw no alarm in spite of the withdrawals from their "Our bank is in sound condition and will weather this storm," Mr. Tapper at noon. an immediate delivery of currency from Chicago and our dent banks stand back of us. People should not to this situation which Louis Klitzke, president of the National, morning's situation without warning but found his bank well prepared with ready cash to meet depositors' demands as further measure of safety, money shipments from Chicago reserves were ordered at once. DIRECTORS OPTIMISTIC Available of the bank was reinforced by delivery of $250,000 at noon. This sufficient to tide over the than emergency. Similar expressions of optimism the situation made by William Ahlborn, Leo Wolf, Dr. R. Ostrowski G. diO. rectors of the Hammond National. It pointed out that most of the visiting the bank had small people accounts and the total be great as might be would not from of the expected crowd. fact many persons waited in line time, they realized that being made the clerks as could NOT TO ON BANK First Trust and Savings bank, which had resources of $9,400,000, were due to needs of depositors and pressing not to on the bank, according to President Peter W. Meyn. Thomas D. Barr, chief state bank (Continued on Page Six)

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BOOSTS HAMMOND BANK & TRUST BUSINESS

ACQUIRES Hammond Unemployment Body Swarms Before Trustee DEPOSITS ALLEGED Will R. Wood Continues to Stick By Lake County OF PEOPLES TEMPERATURE RED HELD Rockne Air Enthusiast DEPOSITORS' HOPES HINGE READS OF BODY FOR REGION POPULAR STATE BANK FOUND IN LAKE; BY POLICE ON BANK DECISION MONDAY LAWMAKER

YESTERDAY

County Commisioner Investigates the Case of John Hopkins

Frank alleged by Trustee Myrtle last Lund for This Ando refused have angered alleged parents of Ando's wife, been Meara's fice. arrested yesterday after he Inflammathe Unemployment been resident this country only seven years and citizen.

Meeting at 121 State street, Hammond, to voice their complaints against the office of North Township Trustee Myrtle Meara, about 85 members of Council of Hammond yesterday aired alleged grievances for several hours. One the chief complainants John Hopkins, 26 Douglas street, Hammond, the whose township poor relief case fully investigated this week Charles Gary. According Mr. Baran's investiHopkins receives township aid for himself, his wife, and an adopted at the rate His and daughter, who live with him and his wife, receive township aid at the Mr. Baran investigated the this tertaining and the latter's two from Detroit. IT DOING In other words, the township to two families living at the and was feeding Hopkins' relatives from Detroit. Mr. Baran asked Hopkins had against the relief, replied that he satisfied the butter, which he termed salty. And at the meeting yesterday, Hopkins voiced long list of grievances for the edification of the Unemployment Mrs. Meara pointed out this mornthat Hopkins and his family, including his and daugh(Continued from Puge Seven)

Arrangements Between Two Institutions Consummated Today

Providing stronger banking foundation Hammond, the Hammond National Bank and Trust company today aquired all the deposits of the new Peoples State bank of Hammond and thus boosted the deposits of the Hammond National approximately $3,000,000. The between two Institutions this morning after agreements had signed by the officers and directors both banks. The Hammond National bank now becomes one of the strongest institutions in this part of the state. listed the largest bank in township. PEOPLES DISCONTINUES marks the end begun about by the officers and directors of the Peoples State bank that inability their part to make satisfactory rangement for the completion their capital structure made It advisable to discontinue operations. A plan action then was agreed and after hours today, all the of the Peoples bank, sufficient its liquid assets to secure deposit liabilities, turned to the Hammond National Bank Trust company morning, officers the Hammond National Bank and will positors of the new Peoples State bank. They likewise have made rangements to honor checks drawn against accounts Peoples State pass books and check books will be these at once by the Hammond National. NO in changes the status of the Peoples Co-Operative State bank, ship. It involves only the new Peoples State bank, which acting receiver the old Co-Operative institution. The Peoples State bank, which is now by National, and to do on 11, 1930, and receiver the Peoples Co-OperaState The arrangement requires that the Peoples State bank be charged as and that Clyde appoint ceiver Monday morning carry the liquidation of the assets of the Peoples Co-Operative State bank. NEW RECEIVER MONDAY A receiver, is the report the Peoples State bank, liquidation from October 14, 1930, the present time, will be filed then. H. Sharpe, executive ident the Hammond National Bank and Trust company this morning said: "The officers directors of the Hammond National and Trust company public pleased to been of some help in this "Customers of the Peoples State bank be cordial interruption to their but with considerable augmented facilities at their "These times of mergers and consolidations in interest of the public quite much as for the benefit of business itself. We happy Peoples 'family' join family at this time." Donald Gavit, cashier the Peoples "We believe arrangements which made with the Hammond National Bank and Trust company only the best interests the depositors of the Peoples State bank, but for the best of the community as whole. "The directors of the Peoples State bank have utmost confithat their action in ring the deposit to the National Bank Trust company will meet with the approval of the Officers the Peoples State bank, will relinquish their positions the transfer today, are Stinson, Frank Mull, vicepresident; Ryan, vice president, and Donald E. Gavit, cashier. No transfer of employes from the Peoples the Hammond bank involved in the ment.

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BANK REPORT AS TO OPENING PREMATURE

No Definite Plans Perfected to Reopen State Bank of Hammond

Published reports that the State Bank of Hammond is to be reopened Feb. 1, were branded as premature and unfounded by Theodore Moor, cashier, this morning.

He said no definite plans have been perfected yet to reopen the institution and that just as soon as they are, they will be released officially by Anton Tapper, president of the institution.

The bank was closed by order of the board of directors on Jan. 2 when the Hammond National Bank and Trust company failed. This step was taken by the directors of the State Bank of Hammond to conserve assets.

The reported at the time that in their opinion the State Bank of Hammond was solvent and that steps would be taken immediately to reopen the bank.

According to published reports, Thomas D. Barr, of Indianapolis, deputy state banking commissioner, has approved the reopening plan.

This announcement followed the release of the report which the appraisers, L. R. Hutchinson and John Rohde, of Hammond, had made. The appraisal reported the bank to be in sound condition at the time of closing.

President Tapper and Mr. Moor are declared to have raised $150,000 to fortify the bank when it is reopened, but Mr. Moor refused to comment on this today.

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BANK REPORT AS TO OPENING PREMATURE

No Definite Plans Perfected to Reopen State Bank of Hammond

Published reports that the State Bank of Hammond is to be reopened Feb. 1, were branded as premature and unfounded by Theodore Moor, cashier, this morning.

He said no definite plans have been perfected yet to reopen the institution and that just as soon as they are, they will be released officially by Anton Tapper, president of the institution.

The bank was closed by order of the board of directors on Jan. 2 when the Hammond National Bank and Trust company failed. This step was taken by the directors of the State Bank of Hammond to conserve assets.

The reported at the time that in their opinion the State Bank of Hammond was solvent and that steps would be taken immediately to reopen the bank.

According to published reports, Thomas D. Barr, of Indianapolis, deputy state banking commissioner, has approved the reopening plan.

This announcement followed the release of the report which the appraisers, L. R. Hutchinson and John Rohde, of Hammond, had made. The appraisal reported the bank to be in sound condition at the time of closing.

President Tapper and Mr. Moor are declared to have raised $150,000 to fortify the bank when it is reopened, but Mr. Moor refused to comment on this today.

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BANK REPORT AS TO OPENING PREMATURE

No Definite Plans Perfected to Reopen State Bank of Hammond

Published reports that the State Bank of Hammond is to be reopened Feb. 1, were branded as premature and unfounded by Theodore Moor, cashier, this morning.

He said no definite plans have been perfected yet to reopen the institution and that just as soon as they are, they will be released officially by Anton Tapper, president of the institution.

The bank was closed by order of the board of directors on Jan. 2 when the Hammond National Bank and Trust company failed. This step was taken by the directors of the State Bank of Hammond to conserve assets.

The reported at the time that in their opinion the State Bank of Hammond was solvent and that steps would be taken immediately to reopen the bank.

According to published reports, Thomas D. Barr, of Indianapolis, deputy state banking commissioner, has approved the reopening plan.

This announcement followed the release of the report which the appraisers, L. R. Hutchinson and John L. Rohde, of Hammond, had made. The appraisal reported the bank to be in sound condition at the time of closing.

President Tapper and Mr. Moor are declared to have raised $150,000 to fortify the bank when it is reopened, but Mr. Moor refused to comment on this today.

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BANK REPORT AS TO OPENING PREMATURE

No Definite Plans Perfected to Reopen State Bank of Hammond

Published reports that the State Bank of Hammond is to be reopened Feb. 1, were branded as premature and unfounded by Theodore Moor, cashier, this morning.

He said no definite plans have been perfected yet to reopen the institution and that just as soon as they are, they will be released officially by Anton Tapper, president of the institution.

The bank was closed by order of the board of directors on Jan. 2 when the Hammond National Bank and Trust company failed. This step was taken by the directors of the State Bank of Hammond to conserve assets.

The reported at the time that in their opinion the State Bank of Hammond was solvent and that steps would be taken immediately to reopen the bank.

According to published reports, Thomas D. Barr, of Indianapolis, deputy state banking commissioner, has approved the reopening plan.

This announcement followed the release of the report which the appraisers, L. R. Hutchinson and John L. Rohde, of Hammond, had made. The appraisal reported the bank to be in sound condition at the time of closing.

President Tapper and Mr. Moor are declared to have raised $150,000 to fortify the bank when it is reopened, but Mr. Moor refused to comment on this today.

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BANKLESS CITY USES ANCIENT MONEY PLAN

HAMMOND, Ind., Jan. 19 (AP).—An ambitious young bank teller, thrown out of a job by the closing of his bank, has reached back through the centuries for a method to furnish this bankless city with a financial house.

He is Eddy Groth, who was employed in the closed Hammond National bank.

Youth Groth, much like financiers of old, has set himself up as a money changer, cashing checks and changing money for fees, but keeping within the law by not actually accepting deposits.

"We did $20,000 business the first day," he proudly relates.

The townspeople's faith in Groth's system is evidenced by the names of prominent men on his directorate.

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BANKLESS CITY USES ANCIENT MONEY PLAN

HAMMOND Ind., Jan 19 An young out of by the his bank reached back through furnish this bankless city with financial house He Eddy Groth who employed in the closed Hammond National Groth much like financiers of old has set himself up as cashing and changing money for fees but ing within the law by not actually "We did $20,000 business the first day. he proudly The townspeople's faith in Groth's evidenced by the of men on his director-

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Hammond school teachers will receive part of their current pay checks within the next few days, L. L. Caldwell, superintendent of schools, announced this morning following the regular meeting of the board of education last night.

He said that sufficient money has been collected to meet part of the payroll and that more is expected soon to assure future payments.

The current payroll will be met just as soon as a depository for school funds has been selected by the board of education to confirm with statutory requirements, Mr. Caldwell asserted.

He explained that inasmuch as Hammond has no banks now, the board of education must select a bank in a neighboring city as a depository for school funds.

Approximately $30,000 was received by the board this week from the state. This money represents Hammond's share of taxes collected here for school purposes. Under the law, the state makes distribution of school taxes on the basis of the number of children between the ages of six and 21 residing in each school city or district.

The board of education now is striving to obtain Liberty bonds valued at $50,000 which the closed Hammond National Bank and Trust company deposited to guarantee school deposits.

The board is also cooperating with the civil city to sell $225,000 in time anticipation warrants with which to meet payrolls and current expenditures until spring taxes are collected next May. Mr. Caldwell expressed the opinion this morning that the financial difficulties of the school and civil cities will soon be eliminated.

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He said that sufficient money has been collected to meet part of the payroll and that more is expected soon to assure future payments.

The current payroll will be met just as soon as a depository for school funds has been selected by the board of education to confirm with statutory requirements, Mr. Caldwell asserted.

He explained that inasmuch as Hammond has no banks now, the board of education must select a bank in a neighboring city as a depository for school funds.

Approximately $30,000 was received by the board this week from the state. This money represents Hammond's share of taxes collected here for school purposes. Under the law, the state makes distribution of school taxes on the basis of the number of children between the ages of six and 21 residing in each school city or district.

The board of education now is striving to obtain Liberty bonds valued at $50,000 which the closed Hammond National Bank and Trust company deposited to guarantee school deposits.

The board is also cooperating with the civil city to sell $225,000 in time anticipation warrants with which to meet payrolls and current expenditures until spring taxes are collected next May. Mr. Caldwell expressed the opinion this morning that the financial difficulties of the school and civil cities will soon be eliminated.

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LOOMIS WAITS FOR ACTION BY BANK PATRONS

Expresses Willingness to Go Into Hammond National Bank Investigation

[SPECIAL TO THE TIMES] SOUTH BEND, Ind., Feb. 26.—No federal investigation will be made into the affairs of the defunct Hammond National Bank & Trust Co. until depositors formally file sufficient evidence to justify such an inquiry, United States District Attorney Oliver Loomis informed The Times this morning.

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NEW TRAIL LEADS TO DETROIT

Hammond National Bank Receiver in Statement

DISCHARGES

TEMPERATURE FOR REGION

CROWN POINT CARPENTERS

MERCHANT MACK CASE

Quizzed for Kidnaping Clue

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NEW TRAIL LEADS TO DETROIT

Hammond National Bank Receiver in Statement

TEMPERATURE FOR REGION

Temperature in Hammond today was 19 degrees above zero at 7:30 a. m.—22 degrees above zero at noon. Weather fair at noon.

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NEW TRAIL LEADS TO DETROIT

Hammond National Bank Receiver in Statement

DISCHARGES

TEMPERATURE FOR REGION

CROWN POINT CARPENTERS

MERCHANT MACK CASE

Quizzed for Kidnaping Clue

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In order to speed up the filing of claims by depositors in the old Hammond National bank, the receiver, George J. Nattkemper, has arranged to keep the bank open every Friday evening until 8 o'clock. This will be continued until the time for filing expires.

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SUIT AGAINST HAMMOND NATIONAL

Suit for $5,550 was filed in United States District court today by the United Trust Company, of Indianapolis, which seeks a preferred claim against the assets of the defunct Hammond National Bank and Trust company, which failed to open on January 2.

George J. Nattkemper, receiver, is made a defendant in the action. Nattkemper refused previously to give the claim a preference, thus forcing the plaintiffs to bring action in Federal court.

The plaintiffs allege they held Hammond school city bonds in the amount of $5,550 which were sent to the defunct bank on December 21, 1931, five days after they had matured. It is alleged that an officer of the bank had been given a draft for $23,000 on the same day to use in payment of the matured bonds, but that this officer withheld the money.

Finally on December 31, the bank's agent drew a draft on a Chicago bank for payment of the plaintiff's claim, but the draft was not cleared before the bank's doors were closed two days later.

The plaintiffs allege that the bank became a constructive trustee by its acts: First, because the bank was insolvent at the time it accepted the matured bonds; and secondly, because the bank failed to remit the payment until ten days after it had received the money to do so.

The complaint was filed for Jones, Hammond, and Bushman, Indianapolis attorneys by the Hammond firm of Belshaw, Huebner & Belshaw.

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SUIT AGAINST HAMMOND NATIONAL

Suit for $5,550 was filed in United States District court today by the United Trust Company, of Indianapolis, which seeks a preferred claim against the assets of the defunct Hammond National Bank and Trust company, which failed to open on January 2.

George J. Nattkemper, receiver, is made a defendant in the action. Nattkemper refused previously to give the claim a preference, thus forcing the plaintiffs to bring action in Federal court.

The plaintiffs allege they held Hammond school city bonds in the amount of $5,550 which were sent to the defunct bank on December 21, 1931, five days after they had matured. It is alleged that an officer of the bank had been given a draft for $23,000 on the same day to use in payment of the matured bonds, but that this officer withheld the money.

Finally on December 31, the bank's agent drew a draft on a Chicago bank for payment of the plaintiff's claim, but the draft was not cleared before the bank's doors were closed two days later.

The plaintiffs allege that the bank became a constructive trustee by its acts: First, because the bank was insolvent at the time it accepted the matured bonds; and secondly, because the bank failed to remit the payment until ten days after it had received the money to do so.

The complaint was filed for Jones, Hammond, and Bushman, Indianapolis attorneys by the Hammond firm of Belshaw, Huebner & Belshaw.

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SUIT AGAINST HAMMOND NATIONAL

Suit for $5,550 was filed in United States District court today by the United Trust Company, of Indianapolis, which seeks a preferred claim against the assets of the defunct Hammond National Bank and Trust company, which failed to open on January 2.

George J. Nattkemper, receiver, is made a defendant in the action. Nattkemper refused previously to give the claim a preference, thus forcing the plaintiffs to bring action in Federal court.

The plaintiffs allege they held Hammond school city bonds in the amount of $5,550 which were sent to the defunct bank on December 21, 1931, five days after they had matured. It is alleged that an officer of the bank had been given a draft for $23,000 on the same day to use in payment of the matured bonds, but that this officer withheld the money.

Finally on December 31, the bank's agent drew a draft on a Chicago bank for payment of the plaintiff's claim, but the draft was not cleared before the bank's doors were closed two days later.

The plaintiffs allege that the bank became a constructive trustee by its acts: First, because the bank was insolvent at the time it accepted the matured bonds; and secondly, because the bank failed to remit the payment until ten days after it had received the money to do so.

The complaint was filed for Jones, Hammond, and Bushman, Indianapolis attorneys by the Hammond firm of Belshaw, Huebner & Belshaw.

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SUIT AGAINST HAMMOND NATIONAL LEGAL STEPS LOOM 'GAINST LIBERTY PLANS

Suit for $5,550 was filed in United States District court today by the United Trust Company, of Indianapolis, which seeks a preferred claim against the assets of the defunct Hammond National Bank and Trust company, which failed to open on January 2.

George J. Nattkemper, receiver, is made a defendant in the action. Nattkemper refused previously to give the claim a preference, thus forcing the plaintiffs to bring action in Federal court.

The plaintiffs allege they held Hammond school city bonds in the amount of $5,550 which were sent to the defunct bank on December 21, 1931, five days after they had matured. It is alleged that an officer of the bank had been given a draft for $23,000 on the same day to use in payment of the matured bonds, but that this officer withheld the money.

Finally on December 31, the bank's agent drew a draft on a Chicago bank for payment of the plaintiff's claim, but the draft was not cleared before the bank's doors were closed two days later.

The plaintiffs allege that the bank became a constructive trustee by its acts: First, because the bank was insolvent at the time it accepted the matured bonds; and secondly, because the bank failed to remit the payment until ten days after it had received the money to do so.

The complaint was filed for Jones, Hammond, and Bushman, Indianapolis attorneys by the Hammond firm of Belshaw, Huebner & Belshaw.

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Concerning claims filed by depositors and creditors before the deadline Wednesday, Mr. Nattkemper stated that the percentage is not what it should be, but that considering the returns received by other bank receivers in Hammond, those filed with the Hammond National

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DEPOSITORS IN LINE TO DRAW FIRST DIVIDEND

A long line of happy depositors filled the lobby of the Hammond National Bank and Trust company all day today to receive their share of the 10 per cent cash dividend which the receiver, George J. Nattkemper, started to pay this morning. The dividend totals about $200,000.

Mr. Nattkemper and his staff were swamped with the rush of participating depositors just as soon as the bank was opened at 9 o'clock this morning.

A waiting line filled the lobby for the remainder of the banking day.

The dividend was authorized by the national comptroller of currency at Washington, D. C. It is the first which the receiver has paid since the bank suspended operations last January.

Mr. Nattkemper predicts additional dividends in the future. He was appointed receiver of the bank about three months after it failed.

He stated this morning that only those depositors who have filed proper proof of claim are eligible to receive their 10 per cent share of the current dividend.

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Receiver to Pay Dividend

HAMMOND Ind., Sept. George Nattkemper, receiver for the Hammond National Bank Trust closed last February, announced would start distributper cent dividend today depositors amounting to $200,000.

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BANK RECEIVERS PAY MILLIONS

Depositors of 59 Closed Institutions Get $8,500,000 for Christmas.

WASHINGTON, Dec. 23.-(P)-The controller of the currency played Santa Claus today, ordering more than $8,500,000 distributed immmediately the depositors of fifty-nine closed national banks. The amount was the largest disbursed in any month in recent times and compared with $3,000,000 in November. It brought the total for the year paid to to $106,000,000. The of the institutions will make the payments.

One Indiana Bank Listed. The only Indiana institution listed was the Hammond National bank of The making special efforts to give merry Christmas the some of the money from the reconstruction finance corporation. This was done by pledging good assets of some of the suspended banks. The money will be repaid when the affairs of the banks are further liquidated. The money available for distribution and should be paid the depositors by tomorrow night. F. G. Awalt, the acting controller, said that any of them did not get would be because the depositor failed to call for his check. But he did not the location of the banks, nor the amounts being paid by each of them. The fifty-nine institutions among 1,000 suspended national banks being liquidated by the controller's office.