The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-12-13

1amlllaf WlLn CHS SlIudIlOu.
Valentine D. Weaver was
president Of the bank until
June, 1927.
Silas D. Weaver, brother Of VAL
entine and former employe of the
Walb Construction Company, is re-
ported to have thrown his personal
fortune, aggregating more than
$25,OOO into the breach to minimize
the loss to depositors.
Shaky for Some Time
Closed by UT on Oct. "a, 1927, the
bank had been in precarious con-
dition for some time. Matters came
to a head in June, when one Of the
directors found that affairs were
in bad shape and that some of the
paper the bank was holding was
not genuine.
Called into a conference of direc-
tors, Valentine Weaver at first de-
MED guilt and then admitted his
shortcomings.
From reliable sources 1t was
learned that the directors demand
ed the immediate resignation OF
Weaver and Clyde A. Walb, RepIb-
lican State chairman. Weaver is
said to have told the assembled di-
rectors that some Of the money was
used to take care of overdrafts OF
the Walb Construction Company.
Walb denied knowledge Of the
statement of Weaver that his COM
pany's paper had been tided over
by forging names of others. He
made the amount good at once.
Holds State Money
At that time the bank held $780,
900 of money belonging to the state.
This amount was reduced to $4,000
before the institution was closed In
october.
Weaver had been president OF the
bank for four years. Years ago
he had been county auditor and
entered the bank when 1t was
owned by Leon Rose, and had cap
atal Of $1,000, with a surplus OF
SIS, 900.
Walb started the La Grange
County Trust Company, third f.
nancial institution in this city OF
1000 inhabitants. When Rose
changed the capital to 100000,
Walb sold his interests in the Trust
Company and bought into the Ma
tional Bank.
Idolized by every man, woman
and child in the community, Weav-
er. also superintendent of the Sun
day School and treasurer for every
benevolent and philanthropic or
ganization here, worked in the bank
from 6 in the morning until after
10 each night. No one else ever
handled the note ledger in the bank.
He never took a vacation.
Loses in Hardware Firm
The La Grange Hardware Com
pany was founded by him and 1t
is believed his losses in that concern
were more than $4,000 before 1t
was placed in the hands OF a re-
eciver. n
The Better Service Oil Company
next attracted his attention. La
Grange got one of the finest filing
stations in the country and remark
able advertising was gotten out,
but the distribution Of gas, entailed
deficit Of about 3 cents on the
gallon and the loss was about $4O,-
900.
Working for salary Of $500 a
year, Weaver made donation OF
$1,000 to the Methodist Hospital.
He met the deficit at the church.
If q band concert lost money,
Weaver made good. He had a con-
nection with every worthwhile en-
deavor in the community.
:. His brother Eilas would not per-
init him to discuss anything with
THE Times correspondent, save the
weather and the corn borer cpl
denic.
Bides His Time
Srhere may come q time and per-
haps q better place for Val to tell
his st0fy," Silas said. And that
ended the interview.
Meanwhile, the La Grange Fix
ture Sales Company closed its plant
Ht made built-in kitchen cabinets.
Three grocers closed their doors.
Folks here met their taxes this
gear, but county officials shake theil
heads about the taxes next spring
With the equity in the various
aageZ h0ldlngs the $4,000 throw