The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-04-25

The letter also stated that
an investigation by Cox
clearly indicates from the
documents themselves that
not only have funds been mis-
stated as to ownership, but
false statements have been
made to the bank examiner"
These statments, had they been
true and presented in the proper
light undoubtedly would have closed
this bank very appreciate length
of time before it was closed by the
bank commissioner" Cox stated.
Letter Sent to Baker
Cox also offered to place the re-
suits of probes by him and a de-
positors committee in Wilson's
hands for presentation to the grand
jury.
Criminal Judge Frank P. Baker
likewise received a letter from Cox
today which contained practically
the same information.
Although it is not fitting that I
discuss this case, or have knowledge
OF any evidence before it is pre-
sented to me by the grand jury. I
Will say that Judge Cox will receive
complete cooperation in his investi-
cation of the affairs of the State
Savings and Trust Company Baker
said
Baker Lauds Cox Action
Cox initiative in pursuing an
investigation to tear the veil of
secrecy from local bank receiver
ships was lauded by Baker.
BY calling an investigation in his
own court and obtaining testimony
from sworn witnesses, Judge Cox is
rendering great assistance to the
prosecutors office" Baker declared.
The open court probe by Cox
probably will be held within a few
days. Subpenas will be issued for
officers Of the bank.
Wilson said he planned to invite
Cox to submit the records to the
grand jury at any time designated
by Cox.
DepOsitOrs Push Action.
Since Judge Cox feels that the
information revealed to him war
rants investigation, 1 will give him
every cooperation in getting to the
bottom of this situation" Wilson
said. Judge Cox can appear per
Sonally before the grand jury, or
my office will gather the evidence.
When he gives us his records"
The spark which precipitated the
order for grand jury Investigation
hared Monday at hearing in cir
cult court, when representatives of
the State Savings depositors' COM
mlttee made sensational disclosures
At conclusion OF the hearing Mon
day, Cox reiterated his determine
ton to foster an investigation. with
each move announced to the public
and with the hearings conducted in
open court.
Refunded commissions. real es-
tate deals and abandonment Of re-
ownership funds were cited in the
charges to Cox from K. I. Hannil-
ton, auditor Of the committee.
Mckinney on Commission
E. Kirk Mckinney, president of
the city works board, today asserted
that he was manager of the real
estate department of the State Saw
ings and Trust Company and did
not receive any pay from the bank.
worked on commission basis"
he said. Il paid rent to the bank
as manager of the real estate de-
partment. Some people should take
time to look at the banks records
before they talk"
On numerous occasions Cox has
expressed the opinion that at least
three Of the closed banks will pay
little or nothing to depositors.
Unpleasant as it is to contem-
plate, it certainly is more bearable
than ignorance of what has taken
place or what to expect" he de-
clared The money belonged to
the public and the public is en-
titled to know what became Of It.
Assets Are Low
Reports filed by former receivers
of the State Savings and Trust
Company, Washington Bank and
Trust Company, and City Trust
Connanv reveal little cash. with