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Newspaper
Delphi Citizen
Location
Delphi, Indiana, United States of America
Date
Aug 02, 1928
Page
1
In Delphi the Carroll County Loan and Trust Co with $25 000 capital was closed by L K Billings deputy bank examiner amid talks of consolidating the trust with other city banks. Audits are ongoing with depositors unsure of payouts while optimism grows for possible consolidation after a full review.
Bank officials Harry E. Reed and Yantis Wells announce the closure by the bank examiner Billings due to depositor withdrawals and circulating rumors. They express hope no material loss to depositors or stockholders and assert all books are in balance with no irregularities.
Carroll County Democrats plan a Young Voter's Club meeting at the County headquarters on East Main Street Millinery Shop at 7 30 Friday evening. Dick Heller of Decatur will address the group and explain the club's purpose to involve ages 21 to 30 in Democratic campaign work.
Financial statement for Carroll County Loan and Trust Company as of June 30 1928 shows total resources of 457 293 32 with assets including cash accounts loans and mortgages and other holdings. Figures include 419 111 38 cash 1 013 10 deposits 100 00 and 1 015 49 other assets totaling 457 293 32.
County Chairman John W. Kerlin led a meeting at the Bowen bank building with nearly all county candidates and precinct committeemen. Reports from all parts of the county showed optimism for county, state, and national ticket success with soon announced speaker itineraries and township meetings planned. Ralph E. Hanna read a state letter announcing Dick Heller of Decatur will speak in Delphi next Friday to discuss Young Voters clubs and statewide organization.
A report from The Citizen states negotiations near completion for Flora Press to be taken over by Hoosier-Democrat owners F. A. Moss & Son. The plant would shift from Republican to Democratic alignment, with a $400 price difference cited for the transfer. The Press, edited by B. R. Keyes and Burnell Keyes, has run as a Republican paper for ten years.
The article warns that a bank failure devastates plans and obliges unlikely bondsmen to cover deficits. It explains bonds for public funds, risks to stockholders and directors, and the cascading impact on local officials, trustees, and individuals with deposits across several banks including Carroll County Loan & Trust.
Arthur Kinzie of Camden died at St. Josephs hospital Logansport from injuries after his car collided with a car driven by Mrs Walter Cripe in Flora on East Columbia street. Kinzie 38 lived near Camden with remains taken there. Mrs Kinzie hurt but not severely. Gipe of Greentown slight injuries as both cars damaged.
County Treasurer William H. Ashba sold two sets of gravel road bonds totaling 20400 dollars. Vaughn road in Tippecanoe township received 11600 dollars and Flora road in Carrollton 8800 dollars with premiums of 16.65 and 11.75 from local buyers Dr J J Schultz and William H Bradshaw respectively. Bond sales reflect a national slump with government bonds down. Old Settlers Day at Delphi announced for Saturday August 11.
Donald Day, 16, and Edward Sales, 20, were taken into custody by Sheriff Riley Sink and Marshal Doxey Moore on a charge of stealing fourteen chickens from Earl Robinson near the Boyd Martin boat factory. They were arraigned before Judge E. E. Pruitt with bonds set at $500 each, and Sales has prior trouble including a theft at the boat factory.
A city businessman borrowed 800 dollars and left the funds in his bank for business use as the institution closed. Depositors from Flora bank moved to Delphi and opened accounts, only to face a second closure. L. K. Billings, a Williamsport resident and son of Judge Billings, closed the Trust company, with Judge Pruitt visiting Williamsport for overruns. Billings followed John Sanders as bank examiner. Sanders later faced indictment over deposits after insolvency, lost his state job, and shifted to the A T Bowen Co in Lafayette. Public opinion linked politics to job loss.
The city council demands compliance with the twelve mile per hour speed limit inside city lines. Indiana Service Corporation is to meet with officials as Henry Beecher of the railway department plans a 10 o clock conference in Delphi. Officials consider automatic safety gates for all crossings, with factory inspection trips to Wabash planned soon.
City council faces selecting a three member armory control board with the captain as a member. The group will plan interior setup, stage gear, seating, and finances for the armory building, then name a manager to handle debt payment and taxpayer safeguards.
A trust company as administrator of an estate is not required as are National banks, to carry a reserve fund for protection of heirs at law. When the Flora bank closed there was quite a sum of money in the institution belonging to heirs. Delphi Trust company was custodian of several funds of this nature and these will have to take their pro rata of disbursements. All banks, like those of Nationals, should be required by law to carry a reserve fund for the protection of estate monies.
John Whitlock of Terre Haute was arrested by game wardens for fishing without a license in the Tippecanoe river at Oakdale dam. He was arraigned before Squire C L Wilkison in Delphi and fined 10 dollars plus costs totaling 22 50. his brother, with a valid license, was present.
A Citizen report notes ongoing bank turmoil with counter accusations arising after the bank’s doors closed. A man who requested information is mentioned amid the emerging dispute.
William Jennings Bryan is praised for urging Nebraska to require banks to carry depositors insurance. The piece notes that depositors in failing banks in Indiana and other states would not object to such a law, which protects Nebraska depositors.
Dale Clark, 26, died at his home east of Flora at 1 30 oclock Tuesday morning after more than a year of tuberculosis. He was a farmer and held in high esteem in his community.
Anthony Kroeger and Minnie Kroeger sue John Stewart and others to quiet title. George M. Smith acts as attorney for the plaintiffs in the case. Farmers State Bank of Camden sues Guy Coplin and others on a note for 710 dollars. Pollard Cartwright Wason and Gus A Hall serve as attorneys for the plaintiff.
Manthe Smith of Cutler, hurt in a wreck a week ago, was able to leave bed on Tuesday. He suffered cuts and bruises, needing a physician's care for several days.
Quality comes first we have it service comes next we give it satisfaction is our motto Pearson's Meat Market Phone 162.
Attorney George Julien of Boyd & Julien is critically ill at home with heart trouble. A Lafayette specialist consulted Dr. C. C. Crampton and a trained nurse remains at his side.
Pood Kirk of Burlington town ship is in serious condition after a mid afternoon crash on the Michigan road north of Burlington. His car flipped after a collision with a Ford occupied by unnamed travelers. Claude Miller and another man were pursuing suspects in a stolen boat case. Kirk suffered a punctured lung and a broken rib and is receiving care at Roy Bowmans home.
Mrs Catherine Brackenridge on Wednesday succeeded Walter H Cas ad as county attendance officer for a one year term appointed by the board of education. Her election fits due to wide county acquaintance and charitable activity. The office is in the third floor courthouse adjacent to the county superintendent.
A Ford touring car owned by Eldo Clawson was stolen from Roy Erb's barn in Madison township around 10:30 Monday night. The occupants heard the car start and chased it toward Burlington but could not catch the thief. The car had no license plates.
County records show real estate values in Carroll County dropped from 20 934 185 in 1927 to 17 371 500 in 1928, a loss of 3 562 685 and 17.5 percent, the highest in the state. Personal property also declined by 611 475, while autos and grain shifted values.
County Superintendent C A Bailey has arranged a speakers list for the county teachers institute in Delphi from Monday, August 27, to Friday, August 30. Roy P Wisehart, Republican candidate for state superintendent, will address the teachers. John A Linebarger, Democratic candidate, may also visit. Other speakers include Dr Alfred H Pitken of DePauw and Arthur W Evans of Wales, Evans being nephew of Lloyd George. Marjorie Smith of Indianapolis, tuberculosis association worker, and W H Stout of Greenwood are on the program.
The city of Delphi failed to attract bids for a $30,000 bond issue intended for armory and city building payments. Officials will re advertise with a lower rate, targeting four to four and a half percent, to attract local financiers and resellable margins.
Joseph Kingery of Bringhurst was taken to St Elizabeth's Hospital Lafayette Monday for an operation on an inward goitre. He was among several examined at the recent clinic in Delphi. he is brother of County Commissioner Jacob Kingery.
Gasoline rose by one cent per gallon in Delphi and across the state. The previous price of 19.2 cents is now 20.2 cents per gallon.
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