The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-03-16

annapolis To-Day, said he believed their
value was very problematical"
The directors have taken no action
looking toward the election of new
president or the reorganization OF the
bank.
Reopen in 10 DAYS.
Indications, however, are that the
bank will be re-opened in 10 days and
will be doing business as usual.
Depositors were warned against ac-
cepting offers for less than the full
value of their deposits.
A small crowd gathered in front of
the bank building early today, but it
gradually dispersed. The sentiment
seemed prevalent that the interest of
the depositors was being carefully
safeguarded and that they would not
lose their money.
Reports from other banks were that
business today was normal. A large
number of residents of the rural dis
| tricts were in the city today to obtain
/ information regarding the closing of
+, the institution.
| Explains Investments
The following statement by Commits
| sioner Camp explains what became of
! the S66Q.O00, which, he says, Mr.. Hiatt
| invested in questionable securities:
THE F. Hollingsworth property,
| consisting of 14,750 acres of land at
| Somerset, La, together with four
| other pieces of property. Hiatt traded
| for this land and resold the same to
| F. Hollingsworth of Grand Rapids,
Mich, for which he had taken in pay
! ment and carried on the books of the
| Dickinson Trust company what is
! known as the Magnolia plantation
stock, consisting of four certificates
| of 200-acre units each, carried at
| $50,00O
| In addition thereto he has taken
! the notes of the Magnolia plantation
company, which are personally signed
| by DR.. f. Hollingsworth, amounting to
1925, 500, on which is a prior lien of
/ $345,000.
| in connection with these trades he
has taken the notes of A. A. Denslow
and Ex-Governor Earl Brewer of Mis-
sissippi for $4,000 each, which are
charged on the books of the bank at
S14,453,52. The bank held the mort
gage note of |. M. Allen for $1S,900,
which was mortgage on 16S acres in
Bolivar county, Mississippi, which
paper was indorsed by Carrie McLe-
more, who is reported to live in Cleve-
land, Miss.
Bought Chicago Property
"Mr. Hiatt had traded $4S,000 worth
of mortgage notes for what is known
as the Sheridan road property of Chi
cago. on which there is prior lien
of S150,O0O.
; For the fifty-six apartments the
, bank has the notes of John w. Kings
!, bury for 100000. On the apartments
there is a prior lien of S122,500. On
what is known as the Tudor building
, property of Chicago, the bank has the
note of l.. w. Peters, amounting to
$40, 1000, on which there is prior mort
gage Of $4,000.
"On what is described as the Cook
; property of 1,760 acres of land neal
, Greenville, Miss, other real estate
: was charged with S135,000, including
) the other real estate account in the
Dickinson Trust company, which wa!
formerly carried at $4,000 to $185,000
a On what is known as the Cook prop
, erty there is a prior lien of 100000
"In the combined undesirable assets
: turned into the accounts of the Dick
/ inson Trust company from Sept.
o 1871, up TO I0e SlAJH udy Ol March
. 1922, there were mortgage loans ant
r property being covered by prior lien
and amounting to $7S7,500."
INDIANAPOLIS, March ia ru
by depositors on the Dickinson Trus
company, of Richmond, that led to tn
withdrawal yesterday of $4,000
caused the state banking departmen
/ to close the institution on the groun
\ that s66OO00 of its assets were und,
sirable, according to- the statemen
made here today by Charles W. Cam
state bank commissioner, on his r,
l. turn from Richmond
g He had hoped to have the "undesi
t. able assets" replaced without closin
a. the company, but the depositors' ru
=. caused change of plan, he said.
IS Stockholders of the company, tn
e commissioner added, will be require
r at once to replace the assets whic
p were ordered removed, but the exa,
20 amount they will be required to pr
b. vide is uncertain.
Property surrendered by Edgar