Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-03-03

per cent interest on the $4,000 trust
fund which would mean an additional
$500, making Sipes possible profit from
the office about $4,000 a year, if he had
administered his office economically.
In three years time he had spent $685.
900, which represents his salary, as he
asserts he has no private bank account.
Approximately he received $4,000 in in
terest and $4,000 in fees during the
three years, making a total O S11S500
received in the performance Of his duties.
He admits his losses are approximately
$4,000 which represents the total Of
the trust fund.
AS his personal account and the trust
fund both are wiped out, the total
amount spent legally and Illegally in
three years time IS about S2Os, 800, Re is
estimated on the above basis.
MONEY 81 ENT
EXCEEDS 100000.
Allowing Mr.. Sipe a salvage OF $4,000
on the stocks and other securities turned
over in an effort TO cover his shortage,
the total expenditures legally and illegal
ly, It is estimated by county officials
viii reach about sos, 800.
Friends of Mr.. Sipe declare his per
sOnal expenditures were small his
home is far from being pretentious. About
the only luxury he enjoyed was an au-
tomobile.
Mr. Coffin has recovered $4,000 of
stock which Sipe had invested in and
is holding it pending the outcome Of the
county's controversy with the Hartford
Accident and Indemnity Company over
which shall have possession OF the
former clerks sprOperty. The in
demnity company was surely on
Sipe's bond Tor 100000 and when the
crash came he made an assignment II
everything he held to the company.
9 Mr.. Coffin took up the balance due on
a note issued by Sipe and held by the
Fidelity Trust Company and thus OBJ
tanned go shares Of common stock IN
the Pivot City Reality Company, valued
at $50, 600.
sipe had issued the note when he Dor
rOwed s., 400 from the bank and had
given as collateral the 76O shares Of
stock. These shares, Mr.. Coffin said
had been given to Sipe by Edward A.
Hunt OF the Pivot City Realty Company
as security for $4,000 loan. With Sipes
collateral Mr. Coffin also found that ne
had put up Z first mortgage on To- 20,
Park subdivision in IrvingtOn, owned by
Zoe J. Stokes, and also stock in the Col.
Onial Finance Company Of par value
Of $1,000.
According to Frank Childers, deputy
clerk, Win II. Latta, vice president Of the
Pivot City Realty Company, made a de-
mand on the Fidelity Trust Company fOf
the shares Of stock. but later agreed they
should be turned over Ito the county
clerk.
SAYS sIPE HAD No
DEPOSIT ACCOUNT.
THE Fidelity Trust Company has no
deposit account with Mr.. Sipe. either as
clerk or persc naily," said William NJ
Fogarty, of the trust company. we
merely loaned him 5000 on a first mort
gage on real estate owned by him in r.
vingtcn ana executed TO him personally
in 1913, supported by additional col
lateral, the value of which was ascer-
tanned to be several times the amount Of
the loan.
"The balance due the Fidelity Trust
Company on Mr.. Sipe's note. amounting
to s66670, including interest, was, with
the approval Of the State board IF ac
counts paid yesterday afternoon and by
agreement Of all parties the collateral
held as security was delivered to Mr.
COffin as clerk
TO the best OF my knowledge" said
Mr. Latta, ''Mr. Sipe two years ago in
vested 5000 in stock In the Franklin
Stores. il which Mr.. Hunt also had an
investment and about May. 1921, he in
vested $3.50 in the Royal Theater. buy
ing half interest, Mr.. Hunt buying the
other half The 5000 invested in Frank
lin Stores was paid for in installments.
No possible loss can result from any
business Mr. Sipe has ever done with
Mr.. Hunt unless it be the $1,000 invested
in the Franklin Stores, and the Royal
Theater will pay that twice over. And
there is still hope for the Franklin
Stores.
The Royal Theater lease does not ex-
pire until May, 1924. They Royal Thea
ter beyond any question viii earn $4,000
for Mr.. Sfpe before the expiration of the
lease. He received in nine months So $50
Z from the Royal Theater. The lease, hav-
ing twenty-five months TO run. will earn
$4,000 more. without figuring on any
increase. just on past performances. So
II it should turn out that the Franklin
Stores would be an entire loss he would
still be $4,000 to the good.
AS to the statement quoting Mr.. Sipe
to the effect that he invested $500 i
garment manufacturing company, and
$500 in a fruit farm through the sOlicita-
ton Of Mr.. Hunt for the Pivot City
Realty Company. Yesterday morning two
people called me up to say they are
interested in the garment company and
stand ready to buy Mr.. Sipe's stock
The $500 investment in the fruit farm
was for the purchase Of three shares Of
q par value Of 500 per share. This
stock is worth $3.50. I would be willing
TO buy this stock myselfJ
I have written TO the prosecuting at
torney, telling him that the Pivot City
Realty Company stands ready TO give
him or a grand jury whatever informa-
ton We have as to our dealings with Mr.
Sine which shows where our compsuv