The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-11-20

do you know how many banks
you had sold paper to in January,
1922"
Il don't know"
Were there as many as twenty7'
II cannot say y
Have you any idea how many?"
Il haven't any idea?"
Before you were elected, had YOU
offered banks any cattle paper?"
Yes, sir"
Can you tell us what banks pur-
chased the paper?"
mo, SIR
After Jan. 1, 1921, did you offer
any paper personality"
II think I did, yes, SIR"
WAS the approach made through
letters?"
by personal contact ana some let
ters."
Can you state at this time how
many banks hold your paper7'
II don't know offhand."
Quizzed on Note Dates
Summons then took up, one by one,
the obligations of the Governor to
various banks He showed, in each
case, that the loans were made since
McCray became Governor He also
endeavored to bring out the type of
paper held by the banks. In some
cases, .McCray failed to remember,
and in others, he said the paper CON
sisted Of notes signed by himself or
signed with the names of partner
ship of which he was a member and
Indorsed with his name.
Sammons next took up McCray's in
TO the First National
Bank Of Brownstown.
In what form was that indebted
ness Of SCOOP" Sammons asked.
Endorsed paper the Governor re-
piled.
How were the negotiations con
ducted?"
by mail"
What notes did they have7"
"A. Herman & Co.. $1,000; Rein
hart & Co, $500: ]. L. Morrison &
Co, $780,"
What representations did you make
to obtain this loan?"
Attorneys for McCray objected to
this question. Referee Sheridan sus-
tanned the objection.
Referee Limits Inquiry
Sheridan said: THE only questions
In which this court is Interested are
Governor McCray's occupation. wheth-
er he was a farmer engaged in tiiling
the soil. whether he committed an act
OF bankruptcy at time when he was
insolvent All we want to know is the
amount of the Indebtedness and when
created: whether the money was OBJ
tanned In transactions that were fraud
ulent or immoral is not relevant. It
is not pertinent here TO inquire wheth-
er what he did was orilninally or NOR
ally wrong"
Sammons said the reason for the
question was to show that man ene
gagged in placing 81 100000 in loans
could not give a great deal Of time
to farming.
Sammons then asked McCray:
Did your letter TO the bank First
National Bank of Brownstown) offer
cattle paper as security"
Yes"
Were the notes Of persons engaged
in Cattle-raising?
After some hesitation. McCray an
swered: NO. But l considered the
votau r~D,1 a,1 toO,,o-t,+ u v,ada no
difference as to their business"
Were the proceeds Of this loan
used in your business?"
Proceeds Used on Farms
They were used in carrying on the
business OF my farms Ninety-five
per cent Of all my activities was with
farms and allied farm industries"
Sammons then took ~ McCrays
indebtedness to the Stude6aker Bank
of Button, Ind, the amount of which
Bank OF Boonville. $3.50; the First
National Bank of Burnettsville So
600. ard the National Bank of Can
Melton, $1,000.
McCray said the proceeds of all
these loans were used 'in general.
for farming purposes" although he
was unable to state specifically where
the money went.
Summons then 'ead in evidence a
letter dated Jan 20. 1928, from Nc
Cray to the National Bank of Can
Melton.
The letter said it was the Governors
custom to take paper for cattle he
had sold when investigation showed
that the notes were good. These notes.
he said were in amounts from 81 900
to $4,000, and he asked the bank
it would take some Of the
paper.
After deep study of the letter, Mo
Crays attorneys admitted it without
One of the notes taken by the bank
was signed by he Morgan County
Stock Company.
What is this company Summons
asked
Shares Profits, If Any!
1T is a farm near Mooresville that
operate under the name Of the Morgan
COunly GbDCh Il II III COMPANY AAS-
Cray replied. 1T is operated as both
a farm and a cattle farm. The man
ager draws a salary of 500 a month
ord a share in the profits. If any"
This answer occasioned a ripple of
laughter through the room.
"Is 1t a corporatlon?" Sammons
continued the questioning.
mo; a partnership" the Governor
WHO wrote the signature to that