The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-10-01
3

II AGE 4 --.s.ss.s s.s.ss.ss9za.ss !.
k215, 76727 were State, county, city
school and f1reman's pension funds.
The reserve, which at one time
amounted to $4,000, had been
wiped out and a recent assessment
of 100 per cent against the directors
and so per cent of stock holdings
against shareholders had not been
met fully.
67 Are Stockholders
: The 1000 shares are held by sixty
seven stockholders, the largest Of
whom is Mrs. Lou Eta Owens, with
134 shares. Mrs. Owens is the
mother of Frank S. Owens, the
president, who succeeded his
father in-law w. H Arnold, a
former farm trader, who now lives
! ht Palatka, Florida.
The operating sheet for the banks
business in 1925 shows that it made
a profit of only $1,000 before de.
ducting losses.
The 1926 operating sheet shows a
! condition about as bad
More than $4,000 was paid out
as interest on deposits of less than
$1,000,000. In the 1000 was $4,000
paid as interest on a loan of $780,
900. which showed that deposits cost
the bank approximately 3 per cent.
Other banks pay less than 1.6 per
Snot for tl,oi,. do,oci+e
Credits Are Frozen
The credits remaining are re-
garded as frozen" Experts place
$4,000 as a high figure on the
''good paper" which has not been
hypothecated More than $1500O0 of
the banks paper has been pledged
and there remains about $225,0
of paper regarded as very SLOW"
Suit brought by Owens to obtain
possession of a safety deposit box
will be fought when it comes up for
hearing Oct. 81. Owens con-
tends that contents of the box be-
long to his father, Thomas Owens
of Bloomington, Ill. Attorneys for
the stockholders and depositors, as
well as the co-receivers, will deny
and resist this.
That the State is amply protected
is the opinion of Mrs. Urbahns.
Surety Bond Held
1--WE have a surety bond for $751;
800 and Liberty bonds in the sum
of $4,000 against our money on de-
post there If the bank pays so
cents on the dollar, as the banking
department thinks it will, we will
not lose anything.
This loan was inherited by our
administration. We sought to re-
:, duce it by every means possible and
kstill not. place the bank in pre-
$carious position Mrs. Urbahns
3said. 1--WE cut the loan to 100000
land have been trying to reduce it
lat the rate of $4,000 a month.
Il Within the last few months we
4were able to transfer $4,000 to the
Howard National Bank, which
brought the amount to 100000"
Il State Auditor Lew S. Bowman,
8also a member of the finance board
with Mrs. Urbahns, concurred in
the statement. GAS secretary of that
board, my duties are limited" said
Bowman. while we knew that the
condition there was bad, we felt
that we would make matters worse
II we tried to withdraw the whole
State deposit"
Christmas Funds Tied Up
Among the depositors who will
have to wait for dividend are the
judge with $500 on deposit and
Davies with $5756 to his credit.
Christmas savings funds, certifi-
Gates of deposit and savings &C
counts representing life time effort
and self denial are all tied up in
this crash.
Officers of the bank are: Presi-
dent, Frank S. Owens; vice presi-
dent, John T. West; secretary and
treasurer, G. w. McReynolds; CASH
ie-'. O. j. Delon.
They with the following comprise
the directorate:
j. j. Eelmuth, George Becker and
T. w. Underwood. All the directors
with the exception of Owens and
Lelon are farmers.
Was Khan Depository
When the Khan was at its power,
height, the American Trust Com
pany was the depository for all
Khan funds, in addition to taking
care of personal accounts for most
of the Klan members.
w. H. Arnold, the former presi-
dent, has personal paper in the
bank amounting to about $4,000.
Most of this is secured by Florida
real estate. He owns eighty shares
of stock, the par value of which was
800 a share.
Arnold also is surety on vast
\ amount Of other paper issued by
Amembers of his family.
a Owens has admitted that most of
U~w z -