The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-03-29
IND|ANAP' Oils.
ONE CENTER OF
H|ATT'S DEALS
Held Title to at Least 100
Properties for Trading Pur-
poses, Capital Real Estate
Men Say.
METHOD IS OUTLINED


deposed president of the. Dickinson
Trust company, can now be traced
even more completely over the whole
state of Indiana in a tangled maze
that reached it's elimination in the
large southern trades that resulted in
his retirement.
For more than 20 years this trading
has been going on, beginning with the
amassing of small pieces of property,
the trading of several small pieces into
larger ones, the consolidation of still
larger units. until the final result is
a single building or property of sub
stantial worth
indianapolis Holdings
In indianapolis alone, realty dealers
say. he has possessed more than 100
separate pieces of property, all of
which have been used, and some OF
them reused again and again in trades
for higher values.
The method of procedure was
simple In one case a farm was re-
oeived in trade for two lots in Rich
mond, plus $500 in cash. The farm
was valued at $4,000, but carried
mortgage of $1,000 This farm later
was traded for business block, the
farm being counted in the trade as
having valuation of $4,000.
Added to other small properties,
and the business block was traded
for other properties until the net re-
suits from the trade had netted Mr..
Hiatt, in the opinion of the same real
ty men, about $4,000.
Little Money Used
Very little money was transferred in
such deals, the transactions being for
the most part straight trades. Mr.
Hiatt traded when he found that he
could get property for considerable
under it's real worth. Whether these
transactions were for the bank or for
himself could not be said Mr.. Hiatt
made no comments on his trades,
merely giving orders which were obey
ed to the letter by agents who had
complete confidence in the integrity of
Mr.. Hiatt
Records of the trades made by Mr..
Hiatt are not always to be found in
connection with his name. A property
which had been held by Mr.. Hiatt on
q verbal contract with a dealer might
be traded again, and the deed when
finally recorded be made to read di-
rectly from the original owner to the
final buyer.
s No Name Used
This accounts for the absence of Mr..
Hiatt's name from the transfer records
of the Marion county recorders Office
in the last two years and for the fact
that Mr.. Hiatt did not pay taxes on
any property owned in Indianapolis
since 1919, although he is credited with
owning several pieces during that
time.
In the case of properties which were
transferred to Incorporated companies
the disappearance of the Hiatt name in
The transaction was more complete
The favorite method was to have rep
resentatives of Mr. Hiatt act as com
mon stockholders to vote three of four
shares of common stock issued by the
company.
The building or company would then
be financed by the sale Of preferred
stock that had no voting power, but
drew the income. These shares ot
stock would be registered through the
Dickinson Trust company, the dummy
stockholders having no knowledge OF
The actual owners of the securities.
WiImour Company
The Wilmour building company was
stock by Clarence G.. Brown. Albert w
Gregg and Lawrence A. Handley. Ac
cording to the first annual report o
the company $4,000 in preferred stool
was issued and $500 in common stock
just enough to qualify three officers
which were given as president, A. w
Gregg; secretary and treasurer, R.
Buck, and as a director Wilfred Jes
sup.
In the second annual report made
July Is, 1921, l.. Handley was given a
director of the company. The frs
annual report was signed by 'E. f
Hiatt, agent" and, as if by an after
thought, by r. ]. Buck, secretary.
The Wayne Apartment company wa
originally formed by John w. Mueller
Turner w. Hadley and Wilfred Jessu
with capital stock of $4,000. bu
eight days later. Sept. s, 1921, the al
ticles of incorporation were change
to provide for 100000 of common stocl
and the same amount of preferre
stock. At this meeting Edgar F. Hiatt
was present as a stakeholder
Officers of Company.
BY the first report of the company
made July 30. 1921, $4,000 in pre-
ferred stock had been issued and $50
in common stock, Just sufficient [
care for the necessary officers. job
w. Mueller is given as president, an
Turner w. Hadley as secretary an
treasurer.
The Brock Realty company of Al
derson. Ind. was organized by NJ
Hiatt in 1919, Albert w. Gregg, Law
renee A. Handley and Robert J. Buc
being the incorporators. Provisio
was made for the issuance of $4,000
in preferred stock and $4,000 of con
mon stock On motion seconded b
Mr.. Hiatt, on Nov. 30, 1920, the stoi
of the company was revised to 90
shares of preferred and LOO share
of common stock bearing a par valr
of S100.
Brock Deal.
Of this company Mr.. Gregg ws
"a president, and Mr.. Buck secretar
. while the first annual report We
signed by T.. F. Hiatt. agent. and agai
signed by Mr.. Buck as secretary.
The Brock building owned by I'll
reality company was said to haN
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