The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-04-19
SUES WILD FOR
S15,OOO; STOCK
FRAUD CHARGED
Attorney Alleges He Was
MISIed Regarding Banks
Condition.

Additional data on the financial
routes followed By officials Of the
J. F. Wild &, Company State Bank,
year before it was closed in July.
1926. is scheduled to be made public
soon in the trial OF a $4,000 damage
suit filed in superior court three
Thursday afternoon by Walter
Myers. local attorney, against L. O..
Wild. former bank director
Wild was president Of the Inland
Bank d Trust Company which,
a few days ago. was absorbed by
the State Savings & Trust Com
pany. the latter organization haV-
ing leased the banking rooms Of
the cid Wild bank. 1913 East Market
street
Many Of the allegations in Myers
complaint have been aired in previ-
Gus court proceedings. while others
have been published IN The Times,
after investigation Of many OF the
banks books. Myers advanced new
allegations IN asserting that Wild
deliberately defrauded him as to the
financial condition of the Wild bank
when he induced him to buy
$4,000 worth OF bank stock in Sep
tp-h7r. 1928
-z<z-------e
Charges Misrepresentation
He said Wild showed him printed
publc statements of the inStltu-
ton which stated that the bank had
existed "thirty-four years without
loss to any investor was honestly
managed" and conducted careful
and conservative business
The suit alleged these were mis-
leading statements" and that among
others were the following:
That the bank owned its building
in fee simple while actually it was
Sub-leased with the last option to
purchase expiring March, 1885.
Bank Owned Building
That wild told him the bank had
an interest in the Coca Cola build
ing in Kansas City. operated by The
Ingelro7c Investment Company,
while. it is alleged the building was
entirely moltgaged and not dollar
i'm cash was ever paid into the in
yestment company
That various traction company
stocks. placed ON the banks books
at thousands of dollars were, III
rea 'ity, not worth 25 per cent CT
their unfinished value
That Wild did not tell him the
bank, with only 100000 capital
stock. had floatcd $4,000 worth Of
Accommodation notes" to overcome
a dedcit in the Elevator Realty
Company in April 1921
Stock Only Worth SIS
That an estimate OF the stock
value mcde on Myers request by
bank employees stated its value at
SITS and that Wild told him the
stock was worth S400 a share
That Wild also told him that
notes. including one OF 81 900 signed
by J. F. Wild Jr and another for
$4,000 signed by Minnie Wild. we're
valuable. while Minnie Wild had no
property on which an execution
could have been levied
That in selling Myers the stock,
statements were made to him that
the only doubtful securities were
notes of Warren T. IcCray, former
Governor. and Elevator Realty
Company stock which was carried
at 100000. but which was offset
BY the 100000 value of the Majestic
building which. Myers alleges, he
was told was worth 100000
Charges Laws Violated
Myers complaint also alleges that
hank officials and directors drew
high salaries and moneys not "au-
thorized by law or by directors of
the bank" and that the banking
laws were "Aagrantly and continue
ally violated
The Times revealed the procedure
through which the Wild building
was leased two weeks ago and pre-
viously has shown how the elevator
company deficit was made up to the
satisfaction Of state bank eXamin-