The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-11-21

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Early in the hearing today Sherl-
dan said: ~
THE question to be determined
here is whether dealing in cattle is
farming"
Cattle Business Farming.
You have used the term farm ac-
tvities' many times. What does that
mean? Sheridan asked McCray.
Everything connected with farm
ing"
DO you include buying and selling
cattle?"
Yes"
You also have used the term pure
bred cattle Were you engaged in the
pure bred cattle business?"
Yes. extensively"
ITO what extent?"
That is hard to say. Farming and
fcattle raising go hand in hand We
sold as high as 100000 worth Of cattle
year"
Did part of the indebtedness you
listed here arise out Of that business2'
Yes"
Did you give it gssat deal of your
timer
II gave Il ALMOST all my time"
did you raise or buy cattle?"
Both"
Did you specialize in this?"
$50 Calves eYare
Yes, at times we raised as many as
$50 calves a year"
McCray told the story Of his start
In raising pure bred cattle.
/ IL
CATTLE ne said. II bought, five head
in 1903 or 1904 I realized 1 had to
, have a very good bull. was not sat
isfied with the bull I had so in 1905
bought a 1000 bull and more COWS.
! In 1908 told my manager to buy the
best bull he could find and we bought
| Perfection Fairfax and herd of
thirty-eight cattle. This finally grew
! to a herd of 1900 herd of cattle
'In 1909 we held the first public
sale. Every year after that we held
sales. The climax was reached in
1919 when we sold 120 cattle at an
average of SO. $50"
'IE the money you made from 1915
to 1919 can you divorce the cattle
business from farming and say which
made the most money!" Sheridan
asked.
"It is hard to say" yMcCray an
swered. THE two are too closely
linked There is no Such thing as
perfect agriculture without livestock
and vice versa. I could not nave
raised the cattle without feed raised
on the farm"
Later Sheridan said there is no
question that McCray is a farmer.
"The law makes certain exceptions
for persons who are engaged prin-
cipally in farming, in tilling of the
soil" he said. THAT is what I must
find out about in this case"
Stock Increased Losses
He made the same answer when
asked about losses incurred from 1919
to the present time.
He admitted that his losses would
not have been so great in the past
few years had 1t not been for the cat
tie business.
About rs or 80 per cent of his cat
tie were raised and not purchased,
he said.
Operating losses were suffered Nc
Cray In his business transactions dur
ing every year beginning with 1920,
he testified.
He listed his losses. to which he re-
ferred as debtor balances" as fol
lows: $76.771, In 1920; $260.O00, in
1921; $192.4S6, in 1922. and $209,272,
from Jan. 1 to Aug. Is, 1928.
Shortly after the session opened this
morning, Referee Sheridan said: THE
question to be determined here is
whether dealing in cattle really is
farming"
McCray listed the sources of his
Indebtedness from 1915 to Aug. Is,
1928, as follows:
Mortgage indebtedness. 1915. s$2O5,-
900.
Mortgages represented by preferred
stock, $3.50 900.
Cost OF floating preferred stock, |
sos, 900.
Loss on customers. $91 ,S31.
Mortgages Total S45S,OOO
Additional mortgage Indebtedness at
present time, $45S,000.
Campaign expenses, $50 900
/ Loss on Chicago apartment build
ing, 1885.
Purchase price of farms: 's6S2,977.
Improvements and equipment: $780,
coo.
Debtor balance, 1920: s76,771.
/ Debtor balance, 1921: $260.070. .
/ Debtor balance, 1922: s1s2,4S6.
| Debtor balance, Jan. Aug. .t15.
1928: s209, ,2T2.
CONTINUED on Pase III q