The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-04-01
VISIT CHICAGO
PROPERTY HELD
BY {. F. HIATT
Committee Confers with c. L.
Peck, Agent of Hiatt, and
lnspects Apartment House
Holdings.
SEE RENTAL INCOMES

company, Il. r.. 6latt, 1OrIaer preSl-
dent of the company, who was or
dered removed by the Indiana state
bank examiner: Gath Freeman. and
Mr.. Meyers visited Chicago Friday to
investigate the value of the property
held here by e. f. HIATT
After a conference in the morning
with Clyde L. Peck, sol Ashland build
ing, Hiatt's agent, the party visited
the properties.
THE men seemed well satisfied
with the value of the property after
their inspection trip and after view
ing conditions in the light of the rent
a. incomes that | showed them for the
building" said Mr. Peck in speaking
of the visit.
while | am not advising them as
10 their procedure" he said, what I
should like to see is a company to-
promote the equity interests which
Hiatt has in the properties until the
\ line that they would work to our ad-
antage. Granting preferred cumula
tive stock-bearing interest of about six
per cent to the stockholders Of the
. bank who have taken over the Hiatt
| properties, | think that the whole
thing would work out to excellent ad-
. vantage.
CHICAGO, April THE further story
Of the DEVELOPMENT of a $4,000 in
vestment in Stark county, Ird., into
assets that have been thrown out by
tie state bank examiners, comes T.,
light in the story of McNally. Peck
.sand company, of which Claude L. Peck
agent of f. F. Hiatt in Chicago, was
old newspaper friend of Peck, was
secretary
When Hiatt in 1917 sold the farm
in Stark county, which had failed as
colonization scheme, to McNally,
Peck and company, it was found that
( the land needed draining, and half
= interest in the farm was resold to Mr..
Hiatt for the money with which to
drain the land. Mr. Hiatt thus ar
quired half interest in the company
and later was made vice-presdcnt.
Acquires Control.
Later. Mr.. McNally died. Hiatt hsd
q in some manner acquired Mr. McNal-
wy interest in the company, giving
him three-feurths contol. The farm
was then traded to Martin Moehn c1
July 10, 1921 for an apartment house
in Chicago, known as the kenwood
property. There was no money passed
! in the transaction.
The Kenwood apartment house WIS
but partially occupied, in very badly
run down condition, and carried a
mortgage of $72, 900. Mr. Hiatt under
took TO remodel the building, and had
part of the alterations completed, when
Ybe applied for a loan with which to
complete the building. A loan Of $780,
900 was secured from the Peoples
Saving and Trust company on Nov. l,
1921. and l.. w. Peters, contractor
of st. Louis, was to finish the work.
Further Protection
AS an additional safeguard, mort
gage of $4,000 on the Tudor apart
ments was made in case that the
100000 should prove insufficient to
complete the job. This junior mort
gage, like the other, was payable
through Chandler, Hildreth and com
pany. who are agents for Mr. Hiatt
for the Kenwood apartments and who
collect the rents of the Tudor apart
ments. 1t was made out to Robert G
Phelps. trustee, who is Mr.. Peck's at
torney. The claim of this mortgage
has been released by document
x dated March s, 1922, and another one
dated Feb. 10, 1922 was given tc
Phelps.
The apartment when first taker
over in trade for the farm, was held
in the name of MIR Peck's wife. Eva
c. Peck. and the company which ha6
owned the farm was permitted to die
On Nov. 30, 1921, the properly was
transferred to Mr.. HATS name. Mr.
Peck states that he still holds a one
quarter interest in the apartment
house as result of the trade.
Reverts in Farm Land
= The farm in Stark county, which
1 had once been broken up for lots. ha(
reverted to farm land. The McNally
Peck and company took the land to b,
operated, Mr.. Peck stated, as it wa:
an old lake bottom.
II is said that the kenwood apart
ments will be completely remodelet
in another two weeks, and ready fo
occupancy. only two ground apart
ments remaining unfinished 1t wa
originally built about 1893, at the tim,
of the Worlds fair.
The John w. Kingsbury. who's,
name appears on the notes held b,
the Dickinson Trust COMPANY wa
formerly an agent and employe 8
: Peck. but has not been with Peck 70
some time.
Denies knowledge
4 Peck claims that he was only inter
ested in two deals which Hiatt carrie,
through in Chicago. The other nrox
erties, Peck says, were acquired with
out his knowledge, while he was i,
New York.
The Tudor apartments, at the On,
ner of Forty-third street and Fiji
avenue. was acquired by deed frou
Augusta E. Powell. divorced bpt No
remarked. The property was acoui,
/, ed for 81 and other valuable COR
sideration, and Hiatt assumed trus
deed of $4,000 and a mougaee !
!, S5S,000. Federal revenue stamns ~
500 were on the document.
Three other properties have heen |,
! HATS possession at different limo
!. in Chicago. On JAN Is. 1872 o,tr, 4
Altschul sold the Sheridan mad No.,
erty at 1915 Sheridan road to Jonr = " "
Kingsbury. On Jan. 30, 1872 he a.
his wife transferred it to Eva De- b..
for SO and other consideratjons s,,,
Continued on Page Nine,