The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-11-08
FORMER BANK
HEAD GRILLED
BY JUDGE COX
Foreclosure of Florida Prop
erty Probed in Court
Session.
/SAYS RECORD IS WRONG
Meyer Admits Speculation
Funds Were Kept in
Safety Box.

Safety Box.
Admitting a speculative account
kept in a safety deposit box in the
Meyer iser bank, and the fore
closure Of property, in which the
banks depositors are large bond
holders, without notifying the re-
ceiver, Sol Myer, former bank pres
ident. was grilled today before
Circuit Judge Earl r. Cox.
The hearing today was a re-
sumption Of a court session held
during June. and delved deeper in
to the affairs of the defunct bank,
relative to Florida realty holdings.
Mr.. Meyer admitted on the wit
ness stand that he had kept as high
as $50 900 in a safety box in the
bank for my own person account
for speculative purposes"
Margin for Brokers
Didn't you trust your own bank?
Why did you have to put it in a
safety deposit vault in that bank?"
questioned Walter Myers, attorney
for the receiver. Thomas A. Garvin.
yes, I trusted the bank, but it
was my personal money for mar
gins to brokers" Mr.. Meyer said as
he slipped a glass Of water.
He admitted that, as trustee OF
the Floridian hotel, Of Miami beach,
2 property in which the bank holds
1859 600 in bonds, he fOreclOSed on
the hotel without notifying Mr.
NGarvin. the banks receiver, and that
SEQ 600 was the foreclosure money
allowed him and Sol Kiser, and that
$500 was allowed for attorneys
fees.
Foreclosure Set Aside
In turn. itswas pointed out by Mr.
Garvin that Mi. Meyers sole fee as
trustee should have been 81 under
the trusteeShip.
The foreclosure has been set aside
through the efforts of Mr.. Garvin
on a Florida trip.
Mr. Meyer admitted that it was
planned to form a new corporation
to take over the FlOridian hotel fol-
lowing the foreclosure.
Confronted with bank records
showing that S37.411 was transferred
from stocks held by the Meyer
Kiser bank to purchase one-third
interest in the Blue Bay Corpora
ton, a holding company, and own
ers of the Floridian hotel, Mr.. Meyer
denied the accuracy of the bank
records.
Paid $4,000 for Interest
q bought and paid for the one
third interest in the Blue Jay Cor
poration. $4,000, myself. That one
,snird interest was not paid for by
Z the bank, through a stock transfer"
he testified.
Who owns that stock now, Mr.
Meyer?" queried Mr. Garvin.
I did. but decided it to my wife,
and upon her death it was given by
my wife TO my daughter" the
former bank head said.
Mr.. Meyer entered a denial to a
question whether he had ever oper-
ated the Floridian hotels casino as
2 gambling parlor.
But. it has been a gambling
place similar to Browns hotel at
French Lick. hasn't it. Mr. Meyer?"
questioned the attorney for the re-
Ceiver.
yes, sir" said Mr. Meyer, but it
was not operated last year. Oh,
they played pinochle there. and
bridge. but that's all
The former bank head admitted
that he lived in suite OF two
rooms at the Flordian for the last
four winter seasons without paying
for his room. Later, on the stand.
he said he might have paid some
thing for his room rent.
He said as hotel trustee, he stayed
at the Floridian to aid the man
agement in making money and
keeping its old clientele
But. weren't you offered SOS 900
Tor the lease ldSl NGdl Oh Vic A4OtC4s
and didn't you just accept S27.000?'
questioned Myers, attorney for the
receiver.
Spoke in Low Voice
mo. sir. We got a higher offer
than $4,000, but the man who
offered it was forced into hquida-
ton" Mr.. Meyer replied.
At this juncture, Judge Cox in
terposed." we'll Mr. Meyer, if the
Flordian hotel was offered $4,000
for the lease for the coming season.
would you consider that?"
"That would be marvellous" Mr..
Meyer replied.
Throughout the mornings cross
examination. the bank president
complained Of asthma. and resorted
TO a nearby glass Of water, as he
answered questions in tones so low
they could not be heard beyond the
court reporters chair