The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-01-15
HEARING NEAR
END IN WILD
BANK CASE
Tell How Finance Cap
tainS' Kept Alleged In
solvent Institution Open.
INJUNCTION IS ASKED
Argue Doors Never Should
Have Been Closed by
Examiner.

finance" kept the defunct J. F.
Wild 81 Co. State bank in operation
during five months of alleged in
solvency by supplying 100000 worth
of accommodation notes." Frank
B. Ross, attorney for Richard L.
Lowther, receiver, declared today in
superior court.
Ross made the allegation in clos
ing arguments in the case in which
an injunction is sought to prevent
Lowther from selling the notes as
assets of the defunct bank.
Robert I. Todd, former Indian
apolis Street Railway Company
president and John j. Appel, former
business and real estate man both
Of whom recently died. and Frank
M. Millikan, contractor and capi-
talist. signed the notes.
Notes Kept Bank Open
Attorneys for Millikan and the
estates of the deceased men argued
before the court that the bank was
never insolvent and that bank eX-
aminerS did not take into consider
alton 100000 worth of Indianapolis
school bonds that we're placed il
escrow by John F. Wild. bank presi-
dent, on direction of the bank ex-
aminers, several months before the
BANKS doors we're closed.
Ross said Lowther took the stand
the bank was insolvent when the
receiver was named.
THE bank would have been closed
in February. 1926, instead of in
July, 1926, if these accommodation
notes had not been in the bank"
he said. These notes kept the
bank in operation. They were pub
hshed and represented as being part
Of the assets of the bank and were
permitted to remain in there.
Borrowed Millions
"These men-captainS of finance
and known as the best business men
in indianapolis those notes
could have been withdrawn. They
should be liable for these amounts.
They had more interest in keeping
the bank alive than any one else.
They we're using the bank for their
own good and profit. They we're
making money out of 1t. Why
shouldn't they keep it going?
Weren't they all intimately connect
ed with the institution"
Ross asserted Appel borrowed mil
lions of dollars from the bank over
q period of several years with which
to conduct his business and several
hundred thousand for personal use
without giving any security. He
said his company appraised all the
real estate on which the bank issued
loans and stock issues, wrote insur-
ance for the bank and collected
rent.
Bank Was Good Thing
Todd, he said, borrowed large
amounts of money without security
and used the bank, generally .'for a
good thing
And Millikan, who knows more
about banking laws than any at
torney in this courtroom was too
smart to stick his money in there, :"
Ross shouted. But he did bor-
row thousands upon thousands Of
dollars and bought securities at cost.
why, the bank even clipped his
coupons for him and gave him a
safety deposit box free
To this counsel for Millikan OBJ
jected. Ross, however, said he could
show evidence to this effect.
And furthermore" Ross con-
tinued, "I don't believe this story
Wild told about just sticking those
notes under the noses of these men
and having them sign them.
I'D like to see anyone sign for
$25, 900 or $4,000 without knowing
why and what
BlameS Bank Examiner
1t was expected the case would
be submitted to for finding by the
Judge late this afternoon.
Attorneys for the deceased men
and Millikan said bank examiners
did not take into consideration
S48, 900 worth of interest that was in
transit to the bank from its Florida
holdings, nor were the $100,000
in school bonds considered when the
bank was closed.
wild had to do many ridiculous
things the bank examiner told him
to. in order to save a perfectly
solvent institution" they told the
court
IF Wild had been let alone this
entire matter would have been
Strengthened out and all depoSitors
paid
IF these bonds in escrow had
been considered. this bank wouldn't
have been inSolvent even in face of
the examiners report"