The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-04-06
HIATT'S name NOT MUCH IN EVIDENCE IN
HIS MANY TRANSACTIONS IN REAL ESTATE

|, Mississippi. called at the Brock build
ing. in Anderson, and informed Mrs.
Myrtle Cloyd, agent for the Brock
Realty company, that Mr.. McLemore
had taken over the building and that
the rental was to be paid to him.
As to Rental Money i
This rental money, It was under
stood, was paid to Mr.. McLemore up
until February /, of this year, and
since that time the rental money has
turned the building back to Mr.. Hiatt
account because Mr.. McLemore has
| turned the building BAG kto Mr.. Hiatt.
| The Dickinson Trust company was
the depository for the funds of the
Brock Realty company. The Brock
Oil Products company, of which Frank
Brock was president, is in the hands
| of a receiver, the former stockholders
of the concern having had the Ander-
son Trust company appointed to that
position.
The Wayne Apartment company Of
Richmond was originally formed by
John w. Mueller, Turner w. Hadley
and Wilfred Jessup, with capital
stock of $4,000, but few days later
the articles of incorporation were
changed to provide for 100000 OF
common stock and the same amount
of preferred stock. Edgar F. Hiatt
was stakeholder in this company
and the claim of the investigation COM
mittee is that the property was really
bought by Hiatt with the money OF
| the Dickinson Trust company, that the
expenses were kept up by funds OF
the Dickinson Trust company, that div
idends on the preferred stock issued
by the company were paid from funds
Of the Dickinson Trust company, and
that the rentals of the Wayne apart
ment went to Mr.. Hiatt, and that Mr..
/ Mueller. Mr.. Hadley and Mr.. Jessup
received no benefits from the deal
and. as far as has been ascertained,
received no money or securities that
i Trust company.
Hiatt in Background
n The same way of obtaining control
was used in getting the Maxim build
ing at Newcastle, it is said The in
J, vestigating committee has not yet
) gone far enough into the Newcastle
end of the deal to determine whether
or not Hiatt still has an interest in
|, that building or whether there is any
chance for the stockholders of the
|, Dickinson Trust company which was
reorganized and the bank reopened
last week, to be reimbursed for the
money the committee says Hiatt put
into the building.
The committee has found few in
stances where Hiatt appeared promi-
nently in these real estate deals. He
did not appear to any great extent
in the real estate deals of Indianapolis
, and for that reason he did not pay
any taxes in Marion county on the
property in which he was interested.
1t has been reported to the investi-
cation committee that on the Chicago
/, properties Hiatt received about $92,-
600 a year in rentals, and that none
of this money was turned in to the
Dickinson Trust company, although
the money and securities of the Dick
inson Trust company were ussd &C.
cording to the committees statement
in financing the Chicago deals. Be
. cause of these things, members OF
the committee believe that Hiatt still
has resources that have for some rea
: son not been turned over to the stock
!. holders of the Dickinson Trust com
pany, and a probe will be made to
: ascertain whether this condition real
ly exists. Friends of Mr. Hiatt say
that bad trades and general conditions
!, in the real estate market is the cause
! of the failure, and Mr.. Hiatt to friend
I said that he felt satisfied that if he
: had not been interferred with he would
n have been able to work out all of the
: deals and no one would have lost any
: thing. 1t is understood that Mr.. HAT
;. does not deny he used the money ant
securities of the Dickinson Trust com
pany in financing certain of these
: deals, and will, it is thought, in shor
K time make a public statement settin;
q forth all the details of his participation
e in affairs that caused the failure of tn,
S Dickinson Trust company.
II