The Indianapolis times., 1934-03-02

Securities Purchased in
Sc 1880 for Ill Ex-SoIdiers
J Now in Default.
STUDY COURT RECORDS
Chateau Apartment FIOta-
ton Figures in investments
for Service Men.
BY ARCH STEINEL
Times stan Writer

MARION, Ind, March 2.-Like the
"three little words" in the popular
song that meant so much, two lit
tie days" in September, 1880, were
extremely important ones to the
mentally incompetent veterans in
the Marion veterans hospital, ac-
cording to the records.
For on Sept 25 and Sept. 30 OF
1880, there was wholesale activity in
veterans gUardianships in the Grant
circuit court
If those days in September, 1890,
were red-letter days for the defunct
Grant Savings and Trust Company
of Marion. then too are they red
letter days for any one perusing
the guardianship trusts held in that
year by the Grant company.
Wholesale assignments of realty
MORTGAGES, that later have proved
in some instances as frigid collec-
tions, and equally wholesale petit
tiOns to invest in securities for in
sane war veterans were heaped on
the circuit court rostrum of Grant
county on those two red-letter days.
Now Basis for Suits
In many instances, thousands OF
dollars of the securities, which for
the most part. as records reveal,
were purchased before Sept. 30, 1880,
rDA1
orders in some instances. These
are now the basis of suits for the
recovery of thousands of dollars in
suits for depleted estates of veterans
pending against the Grant Trust
and Savings company.
Nearly one month from those
DAYS the Grant Trust, according to
state banking department records,
was merged with the First National
Of Marion.
Practically every guardianship OF
the Grant moved into the First Ma
tional with the Office furniture.
Valeted to their files in the First
National of Marion Cnow in re-
ceiverShip) by Marshall Williams,
secretary and trust officer, they be-
came part of the trust division of
the old First National without audit.
Became Trust Officer
In some of the gusrdianShips Mr..
Williams had played midwife at
birth as in Case 2O54. in which he
petitioned for declaring Case 2054
insane on Oct. 13, 1922, and then
accepted that guardianship for the
Grant Trust on Nov. 10, 1922, as
secretary of the Grant. Court re-
ports were signed in most cases by
Mr.. Williams for this ward.
In the First National of Marion
he became vice-president and trust
officer. The demise of the First
National of Marion left him, ac-
cording 70 George w. Rauch, re-
ceiver for the old institution, as
merely working for me in the old
bank"
But on the counters of the First
National in Marion (the new bank
born of the memorable March holi-
day. are folders to be picked up
and on their saffron backs is the
listing of Marshall Williams, trust
officer" among the banks new
officials.
Admits Holding Stock
Mr.. Rauch, who is a Democratic
senatorial aspirant, was quick to
line out with fountain pen the
printed words on the folder and to
assure a Times representative that
Mr.. Williams was not connected
with the new bank.
Mr. Williams did admit that he
was a 'small-very small stockhold-
er" in the new institution.
And it is the guardianships tend
ed over by Mr.. Williams through
two banks, and on occasions a third,
the Citizens Trust and Savings
Company, that are being charged in
suits filed in circuit court as
Tongfully and unlawfully, and
J without prior order of the court,
purchased and held as investments. Z"
The suits further charge that the
securities in guardianShipS were
carried "on its books at the several
face values thereof instead of the
true cash or market values .
that said securities were not safe,
sound securities and were by
them sold at a profit q. that said
former guardian (meaning Grant
TruSt) wrongfully and unlawfully
failed to make full disclosure to,
and concealed from, this court the
facts as TO the status of the in
vestmentS, but on the contrary re-
ported said investments as being of
their full face value"
Probe Report Is Studied
The suits against the Grant Trust
further charge that the bank be
came inSolvent or in a failing con-
dition" and that this condition
Turn to Page Twenty-One)