The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-03-27
DICKINSON co.
TO OPEN AGAIN
|ON WEDNESDAY
Reorganization Regarded as
Remarkable by Banker
Trust Company in Souno
Financial Condition.
COX HIGHLY REGARDED

UUA niUHlI nEUAnUIu
The Dickinson Trust company viii
reopen for business Wednesday morn
ing. March 90, after having been closed
since March Is, on orders of Charles
w. Camp, state bank commissioner
following the discovery of irregular
tiles totalling more than s660,0O0, due
to the speculations of the former presi-
dent, Edgar F. Hiatt.
During the two weeks that have
passed since the institution was
closed, Mr.. Hiatt was deposed as presi.
dent Lowell w. Cox. the state bank
examiner who ferreted out all the un-
desirable securities, was elected presi
dent; all the unacceptable securities
| have been taken out of the trust com
panys assets by the payment of hun
dreds of thousands of dollars into the
| company by loyal stockholders; an un
precedentedly large sum of currency
| has been accumulated in the vault OF
1 the company with which to take care
of all business incident to the reopen
| ing.
| Reorganization Remarkable
| A prominent official of another To-
| cal bank has stated that in his opinion
the speed with which the reorganiza.
tion of the Dickinson Trust company
has been effected, is remarkable, and
denotes very high ability on the part
of those entrusted with executing the
reorganization. Henry C. Starr, To-
cal attorney and recently made chair
Of of "a,
Dickinson Trust company, is credited
with the leadership that has resulted
in such an early reopening of the in
stitution
The selection of Mr. Cox to be presi-
dent of the reorganized trust company
is regarded in all quarters as a mas
ter stroke of banking strategy. Mr..
| Cox was the examiner who discovered
The extent of Mr. Hiatt's impairment
of the value of the company's assets
| Under his leadership the investigation
was conducted after the closing of the
| company that resulted in the elimina-
| ton of the last penny of bad invest
| ments from the assets
n Long Experience
/ Coupled with Mr.. Coxs ability as an
| examiner is his life long training as
| banker. He comes of a banking fam
/ ny Iiiob mas ldu pi part lOI
| years in the banking history of Indi-
ana. His election as president of the
| Dickinson Trust company is regarded
as fitting promotion for his work in
! discovering its condition and protect
| ing the interests of it's stockholders
! and depositors, as well as deserved
recognition of his training and ability
as bank executive.
As result of the investigation and
work of the past two weeks. all I'M
sound investments have been removed
from the assets of the trust company
Hundreds of thousands of dollars have
been paid in to the institution by
] stockholders, repairing absolutely the
impairment of assets due to Mr.. Hiatt
In Sound Position
The large amount of new capital put
n IN the company by stockholders, to-
n gether with the severe examination of
l. all its assets and the elimination of
all questionable investments. places
Il the Dickinson Trust company in a
n very sound and strong condition
o. The officials of the trust company
. have been repeatedly assured from
/. many quarters that the loyal support
= OF the stockholders to the company
/ will be matched by the support of
n other members of the community who
have been served SO many years by
s the Dickinson Trust company Public
d confidence, in other words, remains
X with those who have so courageously
r and at great personal sacrifice protect
: ed the public against any loss.
S Issues Statement
Charles W. Camp state bank com
d missioner, issued the following state
II ment Monday:
q ITO the public:
2. The Dickinson Trust company will
D. resume business as usual on Wednes-
D. day morning at O'Clock. When. the
bank was closed nearly two weeks
ago, | issued statement to the pub
" lie In which | said it would be kept
n closed until all of the undesirable as.
IS sets had been taken out and a new
president had been installed. This
N promise has been faithfully kept The
Y stockholders, greatly to their credit
IS realizing their moral obligations to the
~ depositors, have responded to a vol
r. untary assessment, far in excess OF
Il the legal requirements with a result
N mat all questionable assets have been
removed and have been replaced with
= cash. Said questionable assets now be
= long to the contributing stockholders
r. anu viii De Iuuludleu through a truS
;, tee for their personal benefit
D. The bank is now clean and abso.
N lutely safe and will reopen with an
unimpaired capital of 100000 and a
surplus fund of $4,000. | trust the
good people of Richmond will accept
this official statement at par and Will
!. >. show their loyalty to the stockholders
u by restricting further Withdrawals OF
funds to actual needs
ne Lowell w. Cox, chief bank exam
ne iner, has been elected president Mr.
e- Cox was not chosen at my suggestion
iy nor his own, but was unanimousl,
or drafted by the board of directors or
ed account of his ability in uncoverin,
OF the situation which, if permitted tc
an continue, would have resulted in {
ne calamity sooner or later | have beer
ad intimately acquainted with Mr.. Co,
)e- for many years, during which time h.
al has been actively engaged in bankins
or as bank examiner, and will
22 marked success. | sever my officia
relations with him reluctantly, but con