The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-11-22
INCOME ITEM IS
SEENAS MYSTERY
Continued From Page II

Continued From Page II
petitioners, attempted to get an esti-
mate from McCray on the decline in
farm values since 1919.
$187 an Acre Good Price
The Governor said he had no idea
just how much farm prices have
dropped. When told that farm near
his Orchard Lake Farm recently sold
at $187.50 an acre, McCray said;
That's a good price"
Vesey then referred back to an
item in the October list of assets,
which listed $50 shares of stock of
the Discount and Deposit State Bank
of Kentland at $25, 900. The bank. OF
which McCray formerly was presi-
dent, is in the hands of a receiver.
Don't you think the obligations Of
the bank will wipe that out?'' Vesey
asked.
NO" the Governor replied "The
banking department; of Indiana has
told me that that capital is unim-
paired. 1 don't believe the bank
should ever have been closed"
McCray testified that notes total
ing $4,000. signed with the name Of
-. L. Williams" and listed among
the Governors assets, would pay
about 70 cents on the dollar.
Has there not been an attachment
on your claim on Williams prop
erty?" Vesey asked.
IF anything OF that sort has hap
pened I have not heard of it," the
Governor replied.
You have listed $4,000 in notes
of NJ. L. Ainsworth. Is it not true
that he has no property?"
He is from a good family. He is
represented to me to be worth
100000"
There is $4,000 in notes signed by
value?"
Il think they are good. I have a
bill Of sale on everything he has"
Have you not issued a large
amount of paper on which you signed
Messmans name?"
Some Notes of That Kind
There are some notes of that kind"
DO they run up to S1O000O?"
II don't know how much. They
are on my liabilities"
you say you have authority to
sign Messmans name?"
Yes. sir"
vesey remarked: Then he is liable,
too"
George Barnard. attorney for Nc
Cray, objected to this remark. The
objection was sustained
You have listed paper of R. w.
Christie totaling 100000 to $4,000; is
that good?" Vesey asked.
yes. I have mortgage on his
property in Michigan" McCray re-
piled.
How long has it existed?''
1T is an accumulation"
Here is a note signed by Firman
Thompson for 10000 Do you regard
that as good?'
There will probably be a shrinkage
of $4,000 to $4,000"
I see listed notes of James L. Nor
rison. Are they good7'
Yes"
do you know he has no property"
No DO not know that. I have his
life insurance policy"
You have signed Morrison's name
to a number of notes?"
Il have signed some Of them. I
have power Of attorney"
Number Not Known
Were not six notes signed with
Morrisons name for your benefit
sold BY the Meyer-Kiser Bank?"
II don't know how many there
were.
Morrison would owe these notes,
would he not7"
81 presume So"
Morrison formerly was employed
by the building and grounds depart
ment at the Statehouse.
do you list the McCray Farm;
Realty Company note as an asset"
Vesey asked,
Il consider ii a liability and asset
both" the Governor answered. The
bank directors have taken that up"
McCray said the note was given
in August, 1929.
In your list, you have an Iowa
Cattle Company note" Vesey con-
tinued Don't you know this COM
pany is out of business?"
They are practically out Of bust
ness, but they have some land left
the Governor replied
"'Has this note any value7"
Worth so Per Cent
81 believe It is worth 60 cents on
the dollar
Referee Sheridan then asked Nc
Cray how he arrived at this Judgment
OF value.
McCray replied: 81 checked up as
closely as could"
Has 1t a market value?" Vesey
asked Can you sell it?"
II don't know. 1 never tried"
The court then took a five-minute
recess.
Ross H. Wallace, president of the
Aetna Trust and Savings Company,
took the stand in McCray's place.
The Aetna company is trustee for the
$3.50, 600 Goodrich pool formed in
August in an attempt to pay Nc
Cray's debts.
Wallace testified the Aetna Com
pany had taken control of the prop
erty which 1t holds as a result Of the
pool agreement. He said in this con-
nection $4,000 in notes had been